Algonquin Power & Utilities Corp to buy Missouri-based utility company Empire District Electric Co in US$2.4-billion deal


OAKVILLE, Ont. – Algonquin Power & Utilities Corp. intends to purchase the Empire District Electric Co., a Missouri-based utility, in an all-cash deal valued at US$2.4 billion, including debt. Under terms of the friendly deal, Liberty Utilities, a subsidiary of Oakville, Ont.-based Algonquin, pays US$34 per share for that company, while assuming US$900 million in Empire debt. The companies said ...

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TSX closes above 13,000 mark for first time this year


TORONTO – The Toronto stock exchange closed at its highest level this year as it found support from rising metals and gold stocks. The S&P/TSX composite index climbed 35.83 points at 13,017.93. It’s the first time the exchange has closed above the 13,000-mark since Dec. 31. The Canadian dollar declined 0.07 of a U.S. cent to 74.48 cents US. That ...

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Oil falls back below US$40 as Iran dashes hopes for quick deal on output


LONDON – Oil fell on Monday after Iran dashed about a coordinated production freeze any time soon, returning bearish sentiment to the market over a supply glut which has sent prices crashing. Global benchmark Brent crude futures fell back below US$40 a barrel, trading at US$39.70 at 1128 GMT, down 69 cents US or 1.7 per cent on Friday’s close. ...

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Canada ‘leading the charge’ as calls for more fiscal stimulus grow


OTTAWA – Canada is emerging in front of the pack as an increasing number of economic bodies all over the world are calling on governments to ramp up public spending amid stubbornly weak global economic growth. OECD sharply downgrades Canadian growth, calls for urgent action on world economy The Organization for Economic Co-operation and Development said in a report Thursday ...

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Market turmoil leads to less appetite for risk by pension funds, State Street global survey finds


For those employees with a defined benefit type of pension, the ride ahead looks enjoyable; for those having a defined contribution plan the ride is going to be less enjoyable while those without a pension plan, start saving. Those differences derive from the type of pension funds on offer by employers, and the difficult challenge for that investment managers to ...

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China battles market mistrust, but normalcy will be tough to achieve as bad data mounts


Zombie factories, toxic bank debt, unreliable economic data. These are the type of confusing and worrying terms prevalent when talking about China’s economy. It is a part of a growing mistrust investors have concerning the actual state from the country’s economy. Trust is certainly tricky to find in China, given Beijing’s tendency to announce surprise interventions in capital markets or ...

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AutoCanada’s stock slide is overdone, AltaCorp Capital analyst says


Investors are punishing AutoCanada Inc. because of its contact with Alberta, but the stock price decline is overdone also it might be time to buy shares of the dealership group, based on AltaCorp Capital. Analyst Chris Murray cut his price target on AutoCanada to $26 from $33 but upgraded the stock to outperform, citing an approaching inflection point. “The market ...

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Low loonie luring foreign buyers, but an M&A boom in Canada may prove elusive


Canadian companies are eager to make deals and international companies are looking to buy in a low-loonie environment, but don’t expect that to result in a wave of acquisitions this year. A decline of more than 30 per cent within the exchange rate from the Canadian dollar from the greenback makes it much cheaper for American firms to scoop up their ...

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