National Business

CALGARY — Athabasca Oil Corp. and Cenovus Energy Inc. have closed a previously announced deal creating a new joint venture stand-alone company called Duvernay Energy Corp.

SAULT STE. MARIE, Ont. — Algoma Steel Group Inc. reported a net loss of $84.8 million in its third quarter, compared with a net loss of $69.8 million a year earlier. The Sault Ste. Marie, Ont.-based company says revenue totalled $615.

TORONTO — It's important to develop a backstop for the insurance industry against major catastrophes like an earthquake, said the head of Canada's financial institutions regulator Tuesday.

TORONTO — Business funding for climate action needs to "rise exponentially" for Canada to be on track for net zero emissions by 2050, said a report out Tuesday from RBC.

CALGARY — Low natural gas prices significantly reduced North American drilling activity toward the end of 2023, but Canada's largest drilling rig contracting company remains confident the industry will ramp up later this year.

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange: Toronto Stock Exchange (20,957.74, up 85.85 points): Manulife Financial Corp. (TSX:MFC). Finance. Up 43 cents, or 1.45 per cent, to $30.01 on 7.

TORONTO — Strength in base metal stocks helped lead modest but broad-based gains on Canada's main stock index, while U.S. markets ticked higher. The S&P/TSX composite index closed up 85.85 points at 20,957.74.

OTTAWA — Bank of Canada governor Tiff Macklem is laying out the limits of monetary policy as he warns the central bank can’t solve problems such as housing affordability with interest rates.

TORONTO — A surge in home sales across Canada's largest markets to kick off 2024 is unlikely to prompt the Bank of Canada to delay its probable interest rate cuts later this year.

Accusations of profiteering in the Canadian grocery industry are unfounded and unsubstantiated, witnesses told a House of Commons committee studying food prices on Tuesday.