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Steel manufacturing plant to close in Nova Scotia after $56-million investment
– canadianbusiness.com
TRENTON, N.S. – A heavy steel manufacturing facility in northeastern Nova Scotia that received $56.3 million of provincial money is shutting down.
Business Minister Mark Furey says in a statement today that the board of directors for DSME Trenton has informed government the company is ceasing operations permanently.
The decision comes less than a month after the province said it wouldn’t put any more public money into the manufacturing plant that had hoped to develop the capacity to produce 250 wind turbine towers and 200 blade sets per year.
At the time, the company said it was trying to secure orders in heavy steel fabrication in the wind, oil and gas and rail sectors.
Furey’s statement says the company was in maintenance mode at the time of the shutdown and had 19 active employees.
The previous NDP government announced in 2010 it had taken a 49 per cent equity stake in the firm, committed $60 million to the manufacturing plant and predicted 500 jobs would be created within three years…
Business Minister Mark Furey says in a statement today that the board of directors for DSME Trenton has informed government the company is ceasing operations permanently.
The decision comes less than a month after the province said it wouldn’t put any more public money into the manufacturing plant that had hoped to develop the capacity to produce 250 wind turbine towers and 200 blade sets per year.
At the time, the company said it was trying to secure orders in heavy steel fabrication in the wind, oil and gas and rail sectors.
Furey’s statement says the company was in maintenance mode at the time of the shutdown and had 19 active employees.
The previous NDP government announced in 2010 it had taken a 49 per cent equity stake in the firm, committed $60 million to the manufacturing plant and predicted 500 jobs would be created within three years…
Friday's analyst upgrades and downgrades
– theglobeandmail.com
Prior to the release of its fourth-quarter 2015 financial results, “the writing was on the wall” forFinning International Inc.( FTT-T ), according to Raymond James analyst Ben Cherniavsky.
Bad news for stock markets is often a good time for one of the world’s oldest commodities, and this year is no exception as gold has rallied almost 20 per cent since the start of 2016.
Toronto Stock Exchange and Canadian dollar fall in early trading Friday
– canadianbusiness.com
TORONTO – North American stock markets fell in early morning trading today, with the Toronto Stock Exchange dropping more than its U.S. counterparts.
The Toronto Stock Exchange’s S&P/TSX index was down 164.10 points or 1.3 per cent after 10 minutes of trading at 12,767.26.
The Canadian dollar also took a step down, dropping to 72.33 cents US, down 0.4 of a U.S. cent from Thursday’s close.
In New York, the major U.S. indexes showed less drastic declines.
The Dow Jones industrial average was down 88.48 points or 0.54 per cent at 16,324.95.
The broader S&P 500 composite index fell 14.49 points or 0.8 per cent to 1,903.34 and the Nasdaq composite index dropped 28.61 points or 0.6 per cent to 4,458.92.
On the commodity markets, the March crude contract was down $1.20 at US$29.57 per barrel and the March contract for natural gas was down two cents at US$1.91 per mmBtu.
The April gold contract rose $1.80 to US$1,228.10 an ounce.
The post Toronto Stock Exchange and Canadian dollar fall in early trading Friday appeared first on Canadian Business – Your Source For Business News.
The Toronto Stock Exchange’s S&P/TSX index was down 164.10 points or 1.3 per cent after 10 minutes of trading at 12,767.26.
The Canadian dollar also took a step down, dropping to 72.33 cents US, down 0.4 of a U.S. cent from Thursday’s close.
In New York, the major U.S. indexes showed less drastic declines.
The Dow Jones industrial average was down 88.48 points or 0.54 per cent at 16,324.95.
The broader S&P 500 composite index fell 14.49 points or 0.8 per cent to 1,903.34 and the Nasdaq composite index dropped 28.61 points or 0.6 per cent to 4,458.92.
On the commodity markets, the March crude contract was down $1.20 at US$29.57 per barrel and the March contract for natural gas was down two cents at US$1.91 per mmBtu.
The April gold contract rose $1.80 to US$1,228.10 an ounce.
The post Toronto Stock Exchange and Canadian dollar fall in early trading Friday appeared first on Canadian Business – Your Source For Business News.
Global stock markets, oil price turn lower
– canadianbusiness.com
NEW YORK, N.Y. – U.S. stocks are opening lower as another drop in the price of oil and some weak corporate earnings got trading off to a gloomy start.
Oil companies sank along with the price of crude early Friday. Chevron fell 1 per cent.
Several companies were also falling after releasing weak earnings or outlooks. Deere & Co. and Nordstrom sank after their forecasts disappointed investors, and Ameren and VF Corp. fell after their results came up short of estimates.
The Dow Jones industrial average gave up 103 points, or 0.7 per cent, to 16,301 as of 9:35 a.m. Eastern time.
The Standard & Poor’s 500 index lost 14 points, or 0.8 per cent, to 1,902. The Nasdaq composite lost 29 points, or 0.7 per cent, to 4,457.
===
Global stock markets turned lower on Friday on lingering concerns about the slump in oil prices and uncertain prospects for the global economy.
KEEPING SCORE: France’s CAC 40 was down 1 per cent to 4,198.62 and Germany’s DAX fell 1.1 per cent to 9,366…
Oil companies sank along with the price of crude early Friday. Chevron fell 1 per cent.
Several companies were also falling after releasing weak earnings or outlooks. Deere & Co. and Nordstrom sank after their forecasts disappointed investors, and Ameren and VF Corp. fell after their results came up short of estimates.
The Dow Jones industrial average gave up 103 points, or 0.7 per cent, to 16,301 as of 9:35 a.m. Eastern time.
The Standard & Poor’s 500 index lost 14 points, or 0.8 per cent, to 1,902. The Nasdaq composite lost 29 points, or 0.7 per cent, to 4,457.
===
Global stock markets turned lower on Friday on lingering concerns about the slump in oil prices and uncertain prospects for the global economy.
KEEPING SCORE: France’s CAC 40 was down 1 per cent to 4,198.62 and Germany’s DAX fell 1.1 per cent to 9,366…
