Hurting Canada’s reputation – Castanet.net

The Canadian Press – Nov 25, 2016 / 5:57 am | Story: 181916

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Canada’s pipeline gridlock is harming its global reputation as an attractive place to invest in oil and gas projects, says a leading industry group.
Tim McMillan,…

Tyson Foods says CEO will step down at end of year

SPRINGDALE, Ark. – Tyson Foods said Monday that CEO Donnie Smith will step down at the end of the year and be replaced by the meat producer’s president, Tom Hayes.

The company, which makes Tyson chicken, Jimmy Dean sausage and Ball Park hot dogs, also reported disappointing earnings results for the fourth quarter and weak outlook for the year.

Its shares fell 15 per cent in morning trading.

Smith, who is 56, has been CEO of Tyson since 2009 and has worked for the company for 36 years. He will step down on Dec. 31 and will be available to consult with Tyson for three years, the company said.

Hayes, 51, was named president in June and will continue to hold that title when he becomes CEO.

Tyson reported fiscal fourth-quarter earnings of $391 million, or $1.03 per share.

Earnings, adjusted for pretax gains, were 96 cents per share. The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.24 per share.

The Springdale, Arkansas, company posted revenue of $9.16 billion in the period, down from $10.51 billion a year ago.

For the year, the company reported profit of $1.77 billion, or $4.53 per share. Revenue was reported as $36.88 billion.

Tyson said it expects earnings for the full year ending September 2017 to be between $4.70 per share and $4.85 per share. That’s below the $4.99 per share analysts expected, according to FactSet.

Shares of Tyson Foods Inc. fell $10.13, or 15.1 per cent, to $57.23 in morning trading Monday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TSN at https://www.zacks.com/ap/TSN

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Keywords: Tyson Foods, Earnings Report

Bank regulator imposes tighter restrictions on Wells Fargo

WASHINGTON – A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions.

The Office of the Comptroller of the Currency, which oversees national banks, announced the action in a statement late Friday.

The OCC will require the bank to get prior approval before making changes in its board of directors and senior executive officers and also before making “golden parachute” payments to departing executives.

In a brief statement, the OCC did not offer any explanation of why it was altering the terms of the agreement it had negotiated with the bank in September. In that document, Wells Fargo agreed to pay $185 million fine to settle charges involving unauthorized customer accounts.

In a statement concerning the new restrictions, Wells Fargo said it would comply with all requirements imposed by its regulators.

“This will not inhibit our ability to execute our strategy, rebuild trust and serve our customers, and continue to operate the company for the benefit of all our stakeholders,” the bank said.

On Thursday, Wells Fargo disclosed signs that customers are pulling back from doing business with the bank following the disclosures of the sales practices scandal in which bank employees opened up to 2 million bank and credit card accounts without customer authorization.

After the practices came to light, the San Francisco company has been reporting monthly customer traffic figures at its branches, something a bank typically would never share. The goal was to provide the public, and more importantly investors, a look into how Wells was being affected by the scandal.

In its latest report, new customer account openings fell 44 per cent in October from a year earlier, while account closures rose 3 per cent from the previous year. The bank saw a 50 per cent drop in credit card applications. Wells’ own customer service metrics also plunged, with “customer loyalty” scores dropping to 52.3 per cent, down more than 10 per cent from a year earlier and from August, the month right before the settlement was announced.

The sales practices scandal led to the abrupt retirement this month of the bank’s CEO, John Stumpf. The bank also faces several lawsuits, as well as criminal investigations by the Department of Justice and the California Attorney General’s Office.

Bank regulator imposes tighter restrictions on Wells Fargo

WASHINGTON – A federal banking regulator has imposed tighter restrictions on Wells Fargo & Co., requiring the banking giant to get advance approval from regulators before making a wide range of business decisions.

The Office of the Comptroller of the Currency, which oversees national banks, announced the action in a statement late Friday.

The OCC will require the bank to get prior approval before making changes in its board of directors and senior executive officers and also before making “golden parachute” payments to departing executives.

In a brief statement, the OCC did not offer any explanation of why it was altering the terms of the agreement it had negotiated with the bank in September. In that document, Wells Fargo agreed to pay $185 million fine to settle charges involving unauthorized customer accounts.

In a statement concerning the new restrictions, Wells Fargo said it would comply with all requirements imposed by its regulators.

“This will not inhibit our ability to execute our strategy, rebuild trust and serve our customers, and continue to operate the company for the benefit of all our stakeholders,” the bank said.

On Thursday, Wells Fargo disclosed signs that customers are pulling back from doing business with the bank following the disclosures of the sales practices scandal in which bank employees opened up to 2 million bank and credit card accounts without customer authorization.

After the practices came to light, the San Francisco company has been reporting monthly customer traffic figures at its branches, something a bank typically would never share. The goal was to provide the public, and more importantly investors, a look into how Wells was being affected by the scandal.

In its latest report, new customer account openings fell 44 per cent in October from a year earlier, while account closures rose 3 per cent from the previous year. The bank saw a 50 per cent drop in credit card applications. Wells’ own customer service metrics also plunged, with “customer loyalty” scores dropping to 52.3 per cent, down more than 10 per cent from a year earlier and from August, the month right before the settlement was announced.

The sales practices scandal led to the abrupt retirement this month of the bank’s CEO, John Stumpf. The bank also faces several lawsuits, as well as criminal investigations by the Department of Justice and the California Attorney General’s Office.

World leaders at APEC summit take aim at Trump over trade

LIMA, Peru – Several U.S. allies took aim at Donald Trump’s views on global trade, while China’s president made an impassioned call against the sort of protectionism favoured by the president-elect at a summit of Asian-Pacific leaders on Saturday

The Asia-Pacific Economic Cooperation forum is taking place in Peru as world leaders are on edge over Trump’s campaign pledges to protect U.S. jobs by backing out of the not-yet-implemented Trans-Pacific Partnership and renegotiating the North American Free Trade Agreement.

Mexican President Enrique Pena Nieto said NAFTA benefits workers and companies on both sides of the border. Still, he expressed concern that the U.S. could be turning its back on a bilateral trade relationship responsible for moving $1 million worth of goods every minute.

“In the face of Trump’s positioning, we’re now in a stage of favouring dialogue as a way to build a new agenda in our bilateral relationship,” Pena Nieto told business leaders. “Mexico, like the entire world, is about to initiate a new stage with the U.S. and in commercial terms we want to give the right value to this strategic relationship between Mexico and the U.S.”

New Zealand’s Prime Minister John Key spoke more bluntly, saying the “tremendous despair” triggered by Trump’s trade views can’t be allowed to slow down economic integration by the rest of the world.

“Even if the United States doesn’t want to engage in free trade, President Trump needs to know other countries do,” said Key.

He said it’s still possible to save the 12-nation TPP negotiated by the Obama administration by introducing cosmetic changes making it acceptable to Trump or carving out a less ambitious pact among TPP signatories that leaves out the U.S.

“I personally think that President Trump will be very much like chairman of the corporation Trump is,” he said. “He’s a flexible business guy. He’s going to realize he has a role to play.”

Chinese President Xi Jinping delivered perhaps the most-forceful defence of free trade, given the size of his economy. In his kickoff speech from Peru he said the best response to rising protectionism would be for APEC’s 21 members to negotiate a free trade area encompassing the entire Pacific Rim.

“Closed and inclusive arrangements are not the right choice,” Xi said, taking a veiled stab at the TPP, which excludes China and is widely seen as an attempt to reassert U.S. dominance in Asia. “Building a free trade area of the Asia-Pacific is a strategic initiative critical for long-term prosperity.”

Xi’s remarks came as Chinese state media blasted Trump for “trade-bashing” rhetoric that threatens global economic stability.

“The billionaire-turned-politician needs to prove that derailing the global economy has not been one of the reasons why he ran for U.S. president,” official Xinhua news agency said in a commentary piece published Saturday.

President Barack Obama warned against a rush to judgment on Trump, saying at a town hall on the margins of the summit that it’s too early to conclude that the new administration will wipe out trade deals and create international problems.

“Don’t just assume the worst,” he said. “Wait until the administration’s in place” before drawing conclusions.

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Associated Press writers Darlene Superville, Franklin Briceno and Paul Traynor contributed to this report.

World leaders at APEC summit take aim at Trump over trade

LIMA, Peru – Several U.S. allies took aim at Donald Trump’s views on global trade, while China’s president made an impassioned call against the sort of protectionism favoured by the president-elect at a summit of Asian-Pacific leaders on Saturday

The Asia-Pacific Economic Cooperation forum is taking place in Peru as world leaders are on edge over Trump’s campaign pledges to protect U.S. jobs by backing out of the not-yet-implemented Trans-Pacific Partnership and renegotiating the North American Free Trade Agreement.

Mexican President Enrique Pena Nieto said NAFTA benefits workers and companies on both sides of the border. Still, he expressed concern that the U.S. could be turning its back on a bilateral trade relationship responsible for moving $1 million worth of goods every minute.

“In the face of Trump’s positioning, we’re now in a stage of favouring dialogue as a way to build a new agenda in our bilateral relationship,” Pena Nieto told business leaders. “Mexico, like the entire world, is about to initiate a new stage with the U.S. and in commercial terms we want to give the right value to this strategic relationship between Mexico and the U.S.”

New Zealand’s Prime Minister John Key spoke more bluntly, saying the “tremendous despair” triggered by Trump’s trade views can’t be allowed to slow down economic integration by the rest of the world.

“Even if the United States doesn’t want to engage in free trade, President Trump needs to know other countries do,” said Key.

He said it’s still possible to save the 12-nation TPP negotiated by the Obama administration by introducing cosmetic changes making it acceptable to Trump or carving out a less ambitious pact among TPP signatories that leaves out the U.S.

“I personally think that President Trump will be very much like chairman of the corporation Trump is,” he said. “He’s a flexible business guy. He’s going to realize he has a role to play.”

Chinese President Xi Jinping delivered perhaps the most-forceful defence of free trade, given the size of his economy. In his kickoff speech from Peru he said the best response to rising protectionism would be for APEC’s 21 members to negotiate a free trade area encompassing the entire Pacific Rim.

“Closed and inclusive arrangements are not the right choice,” Xi said, taking a veiled stab at the TPP, which excludes China and is widely seen as an attempt to reassert U.S. dominance in Asia. “Building a free trade area of the Asia-Pacific is a strategic initiative critical for long-term prosperity.”

Xi’s remarks came as Chinese state media blasted Trump for “trade-bashing” rhetoric that threatens global economic stability.

“The billionaire-turned-politician needs to prove that derailing the global economy has not been one of the reasons why he ran for U.S. president,” official Xinhua news agency said in a commentary piece published Saturday.

President Barack Obama warned against a rush to judgment on Trump, saying at a town hall on the margins of the summit that it’s too early to conclude that the new administration will wipe out trade deals and create international problems.

“Don’t just assume the worst,” he said. “Wait until the administration’s in place” before drawing conclusions.

___

Associated Press writers Darlene Superville, Franklin Briceno and Paul Traynor contributed to this report.

Opponents say barring pot use in Denver businesses unwise

DENVER – Opponents of a state ruling that would prevent bars and many restaurants in Denver from offering on-site marijuana consumption said the ruling would overturn a law approved by voters and force people to sneak around while they use pot and consume alcohol.

The new rule announced Friday bars liquor-license holders from apolplying for a permit to allow the consumption of pot. The Colorado Department of Public Health and Environment said using alcohol and marijuana together increases impairment.

Mason Tvert, a spokesman for the national Marijuana Policy Project, said the measure approved by voters this month would allow servers to keep track of customers who drink and consume pot products instead of forcing them to go outside or hide behind closed doors.

“Under the new law, people would be wearing a green wristband that would identify them. Our alcohol policies already rely on the judgment of the server,” Tvert said.

Daniel Landes, owner of the City O’ City restaurant and bar in Denver, which has a fully stocked bar that includes chai infused rye whiskey and a vegetarian menu, said he wants the option of holding special events where marijuana is allowed, including cannabis conventions in Denver.

“I’m in the hospitality business, and there is no place like this to use marijuana. That is inhospitable,” he said.

On Nov. 8, Denver voters approved a first-in-the-nation law allowing willing bars and restaurants to give people the option to use marijuana alongside a cocktail or meal. Smoking pot would not be allowed inside, and the locations would have to first get the approval of neighbours or business districts. Bars and restaurants would not be allowed to sell marijuana products, and people would have to bring their own.

The ruling by the by the Liquor Enforcement Division of the Colorado Department of Revenue would not apply to pot clubs or coffee shops.

Tvert said the ruling was pushed by the liquor industry trying to protect its turf because they wanted people drinking alcohol and not using other products. The liquor industry and other groups, including Mothers Against Drunk Driving, expressed concerns over safety and liability.

The Colorado Department of Revenue issued a statement saying it was primarily a safety issue.

“After carefully considering all impacts to Coloradans and industry, this rule is in the best interests of public health and safety resulting from public and dual consumption,” said Barbara Brohl, executive director of the Department of Revenue and State Licensing Authority for both the Liquor Enforcement Division and the Marijuana Enforcement Division.

Dr. Larry Wolk, executive director and chief medical officer at the Colorado Department of Public of Public Health and Environment, supported the ruling.

“There is substantial evidence that combined use of marijuana and alcohol increases impairment more than use of either substance alone. If marijuana use is allowed in establishments that hold a liquor license, dual use certainly would occur regularly and present a danger to public health and safety,” Wolk said in a statement.

Pawnee Nation lawsuit asks that drilling permits be voided

TULSA, Okla. – The Pawnee Nation of Oklahoma has filed a lawsuit against the federal government to void drilling permits for oil and natural gas wells on tribal land that the tribe alleges cause earthquakes in northern Oklahoma.

The lawsuit was filed in U.S. District Court in Tulsa on Friday, a day after Pawnee residents filed a separate lawsuit in state court against 27 companies they allege operate wastewater injection wells although they know the method causes earthquakes, the Tulsa World reported (http://bit.ly/2eQX5dj ).

The federal lawsuit claims drilling permits and leases on tribal-owned lands held in trust have been improperly approved by the Interior Department, the Bureau of Indian Affairs and the U.S. Bureau of Land Management.

“In doing so, BIA and BLM also have run roughshod over Pawnee natural resource protection laws, disregarded a tribal moratorium on new oil and gas approvals, and violated the agencies’ trust responsibilities to the Pawnee,” the lawsuit alleges.

A 5.8-magnitude earthquake on Sept. 3 was centred about nine miles northwest of Pawnee. The earthquake damaged structures in Pawnee, including many of the Pawnee Nation’s administrative buildings, the lawsuit alleges. It also prompted the Oklahoma Corporation Commission to order 37 injection wells near the quake epicenter to temporarily shut down.

The approval of the challenged oil and gas drilling permits has occurred despite an October 2015 tribal ban on new wells in Payne and Pawnee counties, the lawsuit states.

The tribal resolution adopting the moratorium described hydraulic fracturing as a “new, vastly different, and highly destructive land use posing threats of earthquakes, water pollution and impacts to Indian water rights,” according to the lawsuit.

“The subsurface pressures from that injected waste have caused a wave of disposal-induced earthquakes in northern Oklahoma,” it says.

The Pawnee Nation, headquartered in Pawnee, has about 3,200 members.

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Information from: Tulsa World, http://www.tulsaworld.com

The Latest: Philippine leader looks to China-led development

LIMA, Peru – The latest on the summit of the 21-nation Asia-Pacific Economic Cooperation summit in Peru (all times local):

6:50 p.m.

Philippine President Rodrigo Duterte has promised his Chinese counterpart that he will align his foreign policy toward China-led Asian economic development, further reinforcing his shift toward China amid his hostile stance toward the U.S.

Duterte met with Chinese leader Xi Jinping on the sidelines of the APEC summit in the Peruvian capital of Lima. He also talked to Russian leader Vladimir Putin, whom he has called his political idol.

Duterte first met Xi in a state visit to Beijing last month, where their governments forged mostly trade and economic accords. They also discussed longstanding territorial disputes in the South China Sea. After his China trip, Filipinos were allowed back to fish in the disputed Scarborough Shoal, which Chinese coast guard vessels have guarded since seizing the rich fishing area in 2012.

In their meeting in Lima, Duterte told Xi that “we will co-operate with you.”

He added: “With my thrust of an independent foreign policy, we will find ourselves mutually agreeing in so many things and align our foreign policy towards the development of Asia, strengthening of ties among the countries in the region, with China leading the way in the economic development.”

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5:50 p.m.

APEC summit host Pedro Pablo Kuczynski has managed to win a smile from the normally stern-faced Vladimir Putin by speaking to the Russian president in a foreign language the two leaders share: German.

With cameras rolling at the start of their one-on-one meeting, Kuczynski asked the Russian leader: “In what language should we speak?” Putin suggested the two speak in their native languages and use translators.

Kuczynski replied, “But you speak German.” That got a gleeful Putin to say, in fluent German, “Then we can speak Deutsch, if you prefer.”

Putin worked for the KGB in East Germany before the collapse of the Soviet Union, while Kuczynski is the son of Jewish doctor from Germany.

___

5:30 p.m.

Peru’s almost octogenarian president, Pedro Pablo Kuczynski, has had his first experience with virtual reality, trying it out during the annual meeting of the 21-nation Asia Pacific Economic Cooperation Forum in Lima.

As he emerged groggy-eyed, he told Facebook CEO Mark Zuckerberg: “I didn’t like the Tyrannosaurus Rex.”

Kuczynski tried out Facebook’s Oculus Rift virtual reality device headset in which dinosaurs, debris and crashing cars jump out at the participant.

It was an “incredible” experience, according to Kuczynski, who is better known for more sedate tastes like playing the classical flute and reading history books.

A video of the encounter posted by Kuczynski’s office on his social media site has gone viral, attracting more than 368,000 views. That is the most replays of any video provided by the president since he took office in July.

Afterward Kuczynski and Zuckerberg posed for a selfie, with the Facebook founder promising to help Peru boost internet connectivity in far-flung, rural parts of the South American country.

___

5 p.m.

And they’re off to Vietnam.

President Tran Dai Quang of Vietnam closed a meeting of business leaders in Peru by inviting them to his Southeast Asian nation in 2017 for the next meeting of the Asia Pacific Economic Cooperation Forum nations.

Leaders from APEC’s 21 nations have finished their speeches for Saturday and will gather later for a dinner at a downtown Lima park. But with the closure of the APEC CEO summit, most leaders will hide themselves in bilateral meetings and Sunday’s closed-door sessions.

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12:15 p.m.

New Zealand’s Prime Minister John Key says that if Donald Trump tries to withdraw the U.S. from trade deals, he shouldn’t expect the rest of the world to follow suit.

Speaking to business leaders, Key said he had sensed “tremendous despair” among attendees of the APEC summit about Trump’s position on trade. He said it’s still possible to save the 12-nation Trans-Pacific Partnership negotiated by the Obama administration by introducing cosmetic changes making it acceptable to the incoming U.S. president or crafting a more limited pact among willing signatories that leaves out the U.S.

“Even if the United States doesn’t want to engage in free trade, President Trump needs to know other countries do,” said Key.

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12 p.m.

Mexico’s president is taking a cautious approach to Donald Trump’s pledges to break up the North American Free Trade Agreement and build a wall to keep out millions of Latino immigrants.

Addressing business leaders at APEC, President Enrique Pena Nieto refused to antagonize the incoming U.S. president even as he strongly defended trade between the two countries.

He said the United States and Mexico ship to each other $1 million worth of goods every minute, generating benefits to companies and workers on both sides of the border that must not be jeopardized.

“In the face of Trump’s positioning, we’re now in a stage of favouring dialogue as a way to build a new agenda in our bilateral relationship,” Pena Nieto said. “Mexico, like the entire world, is about to initiate a new stage with the U.S. and in commercial terms we want to give the right value to this strategic relationship between Mexico and the U.S.”

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10:30 a.m.

China’s President Xi Jinping is calling for a free trade agreement across the Asia-Pacific region to promote more equitable global growth.

Xi made the forceful call against protectionism in a keynote address to business leaders at the Asia-Pacific Economic Cooperation forum in Peru on Saturday.

Xi said that China has contributed to 40 per cent of global growth since the global financial crisis. China’s economy is now cooling as it seeks to rebalance growth away from exports to more domestic sources of growth, but it remains an engine of global growth.

Xi said that more than 700 million Chinese tourists will fan out across the globe in coming years and the country will invest billions abroad.

Still, he said the measure of globalization has to be an improvement in peoples’ lives and a reduction of poverty. He said a proposed free trade area encompassing all 21 APEC members can contribute to that goal.

Amid wildfires, North Carolina getaway turns to ghost town

LAKE LURE, N.C. – Don Cason had his 125-year-old inn in the western North Carolina mountains booked solid for Veterans Day weekend, rooms full and restaurant reservations lined up.

Guests came to the Esmeralda Inn & Restaurant in Chimney Rock to see late fall colours in the crisp mountain air. They ended up evacuating in a smoky haze.

That Friday, Cason looked back as he drove away. Flames and plumes of smoke dwarfed the inn from the mountainside behind.

“I was looking at my inn, not knowing if I was telling it goodbye or we’d be back,” said Cason, who owns the inn with his wife, Kim.

“You’ve put blood, sweat and tears in for years, and to look back and go, ‘Lord, I don’t know if you’ve got me coming back or not’ — that’s not a good feeling.”

For about a week now, Chimney Rock, part of the Lake Lure area outside Asheville, has been virtually deserted in a smoky haze as dozens of wildfires burn an estimated 190 square miles across the Southeast. Stores and restaurants are closed and houses show no signs of life. The only visitors are firefighters from across the country. About 1,000 people were evacuated, and officials were allowing them to come back into the area Saturday afternoon.

The shroud of smoke is making a dent in the tourism economy — which thrives during the fall season in much of the affected area — but Lake Lure could be taking the most concentrated hit. Elsewhere, several officials called the smoke annoying but say it hasn’t been deterring all the visitors.

Kentucky officials said they nearly set a record for deer harvest in last weekend’s opening of the season. In Tennessee’s Great Smoky Mountains, the Dollywood theme park’s Christmas festival attendance is higher than projected, regardless of smokiness. In the north Georgia mountains, the Mountain Oasis Cabin Rentals group said there’s been essentially no effect on bookings.

On a positive note, nothing in the Lake Lure area has been burned down or damaged by the fires, said Cason, who serves as Rutherford County’s top tourism official. Still, a dry, windy weekend forecast is keeping the community watching nervously.

Most inns have closed. The 1927 Lake Lure Inn & Spa is open — but to provide shelter for firefighters who have come to the region to help. On Tuesday night, the inn fed 810 firefighters, manager Patrick Bryant said.

The inn, about 100 yards from the makeshift compound set up for firefighters and the supporting agencies, also is housing evacuees. Bryant said some people have cancelled plans, but two weddings scheduled for this weekend were still on. So is next week’s Thanksgiving buffet.

For The Esmeralda Inn, fire is a familiar foe. Almost a century ago, the inn was rebuilt from its foundation after a fire destroyed it. The inn again burned to the ground in 1997. It was rebuilt to keep its old character.

Once a late 19th century stagecoach stop, Esmeralda became a getaway for silent film stars. Some of their movies were filmed there. The area’s unique draw for the film industry is better connected with “Dirty Dancing,” which was filmed in Lake Lure.

Other innkeepers, family and friends have been opening their doors to the Casons while the fire keeps blazing.

“We have restaurants, retail shops, everybody trying to just really get back into their businesses, get things cleaned up and get back open,” Cason said.

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Mattise reported from Nashville, Tennessee.

Most actively traded companies on the TSX

Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (14,864.03, up 37.94 points):
Spartan Energy Corp. (TSX:SPE). Oil and gas. Down six cents, or 1.91 per cent, to $3.08 on 10.1 million shares. Spartan…

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