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National Business

Canada Post returns to profit in 2014; revenue higher, costs lower than 2013

OTTAWA — Canada Post Group returned to profitability last year as the postal service cut costs and raised revenue with higher stamp prices and increased demand from Canadians having their online purchases shipped to them.

The group that includes Canada Post, Purolator and other businesses had a $198-million net profit, compared with a $29-million net loss in 2013. READ

Nexen, owned by China’s CNOOC, to cut 400 jobs amid industry downturn

CALGARY — Nexen Energy ULC, the Canadian company acquired by China’s CNOOC Ltd. more than two years ago, is cutting 400 jobs. It says 340 of those will be in North America and the rest are with its U.K. North Sea operations. And of the North American job cuts, 300 are in Canada, where Nexen is active in the oilsands and in Western Canadian shale fields. READ

Number of foreign workers in Canada tripled between 2002 and 2012: PBO

OTTAWA — The number of foreign workers in Canada tripled between 2002 and 2012 — although they still made up less than two per cent of the overall labour force, the parliamentary budget office reported Thursday. READ

Latest wireless spectrum auction raises $2.11B, Industry Canada says

Wind Mobile was one step closer to its goal of becoming a national telecommunications player on Friday, by winning key wireless spectrum licences in southern Ontario, Alberta and British Columbia in the latest federal auction. READ

Canadian job quality hits 25-year low due to structural decline: CIBC

The quality of jobs in Canada has dipped to its lowest level in a quarter century, revealing a structural issue that could prove difficult to reverse, says a new study by CIBC. READ

Bank of Canada keeps its trendsetting interest rate at 0.75%

The Bank of Canada maintained its key interest rate Wednesday as it credited global economic conditions and its January cut for helping the country weather the bruising oil slump. READ

Warren Buffett criticizes Keystone XL delay, says U.S. ’thumbing nose’ at Canada

The Keystone XL pipeline got an emphatic endorsement Monday from a powerful backer of President Barack Obama who questioned the handling of the file. 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

Business to have role in Arctic debates, says Aglukkaq

Creating a bigger presence for industry at the world’s premiere international forum on northern issues won’t distract from its work on environmental problems, says the Conservative cabinet minister about to lead the group. READ

Volatile gasoline prices head lower after recent spike

Pump-panicked motorists in Canada might be breathing a little easier after this week’s sudden spike in gasoline prices — but experts fear price shocks will continue in coming days as commodity traders speculate about economic stimulus south of the border. READ

Bank waiting for better times

The Bank of Canada is hinting it will need to keep interest rates at super-low levels for a while longer, saying stronger economic growth isn’t in the cards for the country until next year. READ

Labrador Trough miners optimistic about future despite falling iron ore prices

Canada’s mining industry remains confident about the Labrador Trough’s long-term prospects even though waning iron ore prices could prompt some companies to delay their massive development projects in Quebec’s northern region. READ

Quarterly measure of home affordability deteriorates

It’s getting more difficult to pay for the costs of owning a home in Canada and the situation will likely worsen, the Royal Bank said Tuesday. READ

Businesses should be confident to invest: Carney

Bank of Canada governor Mark Carney says growing access to capital should make Canadian businesses confident to invest, despite the financial chaos that has rocked Europe and troubling signals out of the United States. READ

Canadian dollar falls sharply

The loonie closed sharply lower Wednesday amid a strong indication that the damage from Europe’s debt crisis is spreading to the heart of the eurozone and the region’s biggest economy — Germany. READ

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