Financing
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Ford plans US$14B cost cutting effort to woo investors
Jim Hackett, who became Ford’s CEO after Mark Fields was ousted in May, told investors he feels “a real sense of urgency” to get the company lean and flexible to help it handle the changes in the auto industry
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U.S. cuts to Energy Star program could spell trouble for Canadian climate plan
Energy Star has certified and labelled products in the U.S. since 1991. Canada joined the program a decade later and provinces now use it as a basis for almost all of their energy-efficiency programs
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Osum Oil Sands sells royalties on future production to raise cash
The privately-held company plans a 3,000-barrel-per-day expansion of its Orion project to take output to over 12,000 barrels per day by mid-2019
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Mitsubishi Heavy Industries investing $36M to expand Mississauga, Ont. plant
The upgrades at the aerospace components plant will support a pair of Bombardier business jet programs and bring work currently done in Japan to Ontario
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Tax reforms could be ‘devastating’ for small manufacturers, CME says
As blowback against the federal tax changes continues, the manufacturing and exporting association says the reforms pursue “too-narrow” a definition of tax fairness
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U.S. investigating whether Russians funded anti-oil protests in North America
Lawmakers have asked online giants Facebook, Twitter, and Google, for data on any Russian purchases of anti-oil and anti-fracking ads, saying “Russia’s meddling in the U.S. energy market is well documented”
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Quebec aerospace firm Heroux-Devtek to buy Spain’s CESA for $205M
The deal will greatly expand the company’s relationship with European plane maker Airbus and help it push beyond its core landing gear business
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Unifor negotiators call GM’s latest CAMI offer ‘fluff’
GM’s latest contract offer came on Sept. 30, but Unifor says the offer isn’t good enough because it still allows the company to shift its resources away from its Ingersoll plant
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Biggest ever failure of a U.K. airline strands 110,000 travellers
Monarch Airlines, owned by Greybull Capital LLP, collapsed Oct. 2, leaving customers scattered throughout Europe, Turkey and the Middle East
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Tooling firm J.P. Bowman launches $7.6M expansion at Brantford, Ont. plant
The project will allow the tool and die manufacturer to produce larger dies capable of stamping higher strength steels