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'A sour result’ as economy shrank in May, fifth consecutive monthly decline

OTTAWA — The Canadian economy contracted in May, the fifth consecutive monthly decrease, increasing the possibility the country slipped into a recession in the first half of the year.

Real gross domestic product fell 0.2 per cent in May due mostly to weakness in manufacturing, mining, quarrying and oil and gas extraction as well as wholesale trade, Statistics Canada said Friday. READ

Oilpatch pain persists as Cenovus to cut 300 to 400 more jobs this year

Cenovus Energy says 300 to 400 workers will be let go from its Calgary office by year end as hopes for a quick recovery in oil prices evaporate. READ

White House: Keystone XL decision will come before Obama goes

The White House says a decision will be made on the Keystone XL pipeline while President Barack Obama is still in office, as rumours swirl that the long-delayed project is on the verge of rejection. READ

Big banks may not follow Bank of Canada if central bank cuts rate

Canada’s big banks may resist the urge to pass on to borrowers the full benefit if the Bank of Canada decides to reduce its key interest rate on Wednesday, a reluctance that could anger borrowers. READ

Canada’s two largest railways report job cuts as falling shipments take toll

CALGARY — Canada’s two largest railways are reporting job cuts of up to 900 people as falling shipments of oil, grain and coal take a toll on their industry. Canadian Pacific Railway Ltd. (TSX:CP) said Tuesday it plans to slash 200 to 300 jobs later this year as the sector faces lower than expected freight volumes. READ

Notley hopeful Quebec will warm to Energy East if environment protected

Alberta Premier Rachel Notley is hopeful Quebec will get behind the Energy East oil pipeline, provided her province does its part to fight climate change and protect the environment. READ

Canada and Ukraine sign free trade agreement, discuss Russian aggression

Canada has reached a trade agreement with Ukraine that will eventually see a near elimination of duties on goods coming into Canada from Ukraine. READ

Economy lost 6,400 jobs in June; gain in full-time jobs offset part-time losses

Canada suffered a net loss in jobs last month but overall performance on the employment front was better than expected in a result that did little to shed light on what the Bank of Canada will do on interest rates next week. READ

Trade deficit due to circumstances beyond government control: trade minister

Federal Trade Minister Ed Fast says Canada’s near-record trade deficit in May was due to circumstances in the global market beyond the government’s control. READ

Canada clashes with UN rights panel over resource company behaviour abroad

The federal government clashed with a United Nations panel this week over whether a major international treaty applies to potential human rights violations by Canadian resources companies operating abroad. READ

SNC-Lavalin says Ottawa not going far enough in changes to anti-corruption rules

SNC-Lavalin says the federal government’s softening of anti-corruption rules doesn’t go far enough and raises new legal questions. READ

Canada, Japan at odds over B.C. timber in TPP trade talks, documents show

One of Canada’s most protected industries — British Columbia timber — has been targeted by Japan in the massive Trans-Pacific Partnership trade talks, The Canadian Press has learned. READ

Bank of Canada survey points to regional divide in confidence amid low oil

There is a divide in business confidence across the country as low oil prices weigh on the outlook for some regions more than others, according to the latest reading from the Bank of Canada. READ

Importers of Greek food stockpiling products amid economic turmoil

Major Canadian importers of olive oil, sea salt, preserved vegetables and other delicacies from Greece say they’ve been stockpiling goods in their warehouses in anticipation that the economic turmoil overseas will get worse. READ

EU leaders say trade deal with Canada is done

The European Union leadership presented a united front on their trade agreement with Canada on Friday in an attempt to dampen concerns that some European countries might still scuttle the deal. READ

Nortel not just Canadian company, IP not solely created in Canada: U.S. lawyer

TORONTO — It’s a fallacy to think of Nortel Networks as just a Canadian company and that its intellectual property was created solely in Canada, a lawyer for its U.S. subsidiary said Tuesday at a cross-border bankruptcy trial that will decide how remaining assets are shared among creditors. READ

Oliver rejects report calling for spending to create jobs, less focus on deficit

Finance Minister Joe Oliver is rejecting a recommendation from a report issued by the C.D. Howe Institute that he focus more on creating jobs than eliminating a tiny deficit. READ

Wave of smarter data collection could transform how business works

A new wave of intelligent sensors, cameras and tracking devices is expected to sweep across Canada over the next few years, quickly transforming how business is done — much as smartphones took communications to a new level of performance. READ

Former ambassador not confident Keystone will be approved

MONTREAL — A former Canadian ambassador says he’s less confident now than he was a few years ago about the U.S. giving the Keystone XL pipeline project the green light. READ

Canada Post reports Q1 loss

OTTAWA, Ont. — Canada Post had a $27-million loss before taxes in the first quarter of this year amid an overall drop in revenue as it handled lower volumes of bills and statements delivered by mail. READ

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