Aecon extends deadline to complete CCCI deal as federal review continues + MORE Mar 29th

If there’s any way to describe the 2018 Ontario budget, it’s the word “free”. From free preschool daycare to free university tuition, to free drugs for those age 65 and over, there’s freebies for everyone—and lots of tax credits too.
Low-income earners and social assistance recipients

For those on social assistance, limits on savings in TFSAs and RRSPs will be eliminated and new applicants will not have to spend down these accounts before qualifying for payments.
Allowable limits on cash and other liquid assets (outside of TFSAs and RRSPS) for those receiving social assistance will now increase from $10,000 to $15,000 for singles, and from $15,000 to $20,000 for couples.
The amount of time that qualifies as “living together” for the definition of a “spouse” will change from three months to three years. As a result, someone receiving social assistance will be able to live with a partner they’re not married to for three years before the income and assets of the partner are taken into account in determining eligibility for social security…

The deadline for Aecon Group Inc. to complete its sale to a Chinese state-owned business has been extended to July 13 as Ottawa continues its national security review of the $1.5-billion deal.
The Calgary-based construction company and acquirer CCCC International Holding Ltd. (CCCI) had faced a self-imposed deadline of Friday to close the controversial transaction.
“The parties chose to extend the outside date because of the ongoing review of the proposed transaction under the Investment Canada Act,” Aecon said in a brief statement on Wednesday.
“As Aecon previously disclosed in February, its expectation is that, assuming approval under the Investment Canada Act and the satisfaction of other customary closing conditions for a transaction of this nature, the transaction will close before the end of the second quarter and before the July 13, 2018, outside date of the arrangement agreement.”
The national security review ordered by Ottawa in February was to wrap up within 45 days, or late this week, but Navdeep Bains, minister of Innovation, Science and Economic Development, wouldn’t say Wednesday if it was being extended…

TORONTO _ Canada’s main stock index closed down as commodity prices slipped while U.S. markets dropped as major technology stocks faced increased scrutiny.
The S&P/TSX composite index closed down 46.24 points to 15,169.94, driven by base metals and materials.
In New York, the Dow Jones industrial average closed down 9.29 points to 23,848.42. The S&P 500 index closed down 7.62 points to 2,605.00 and the Nasdaq composite index was down 59.58 points to 6,949.23.
The Canadian dollar closed at 77.51, down 0.2 of a US cent.
The May crude contract ended down 87 cents to US$64.38 per barrel and the May natural gas contract was down two cents to US$2.69 per mmBTU.
The June gold contract closed down US$17.90 to US$1,330.00 an ounce and the May copper contract was even at US$3 a pound.
The post Materials and energy stocks weigh on Toronto market, loonie ends lower appeared first on Canadian Business – Your Source For Business News.

TORONTO _ Hudson’s Bay Co. earned $84 million in its latest quarter compared with a loss a year ago, but fell short of expectations Wednesday as sales at its European and discount operations struggled.
The retailer said the profit amounted to 39 cents per share for the quarter ended Feb. 3 compared with a loss of $152 million or 83 cents per share in the same quarter last year.
The results included a $181-million tax gain resulting from the recent U.S. tax reforms.
On a normalized basis, HBC says it earned $20 million or nine cents per share in its most recent quarter compared with a normalized profit of $2 million or a penny per share a year ago.
Analysts on average had expected a profit of 60 cents per share, according to Thomson Reuters.
“While we are not pleased with our recent performance, we continue to capitalize on the value of our real estate portfolio and are taking action to improve our operating results,” HBC executive chairman Richard Baker said in a statement…

If there’s any way to describe the 2018 Ontario budget, it’s the word “free”. From free preschool daycare to free university tuition, to free drugs for those age 65 and over, there’s freebies for everyone—and lots of tax credits too.
Low-income earners and social assistance recipients

For those on social assistance, limits on savings in TFSAs and RRSPs will be eliminated and new applicants will not have to spend down these accounts before qualifying for payments.
Allowable limits on cash and other liquid assets (outside of TFSAs and RRSPS) for those receiving social assistance will now increase from $10,000 to $15,000 for singles, and from $15,000 to $20,000 for couples.
The amount of time that qualifies as “living together” for the definition of a “spouse” will change from three months to three years. As a result, someone receiving social assistance will be able to live with a partner they’re not married to for three years before the income and assets of the partner are taken into account in determining eligibility for social security…