Take Stock – September 4

Suncor Energy Inc. (TSX:SU) says it expects to shed 1,000 workers as a result of last month’s union with Petro-Canada.

Suncor expects to shed 2,000 jobs after merger

Suncor Energy Inc. (TSX:SU) says it expects to shed 1,000 workers as a result of last month’s union with Petro-Canada.

All staff affected by the move are expected to be gone by mid-October through a combination of layoffs, retirements and discontinuation of contract positions.

Most of the layoffs have already taken place, and Suncor says it is committed to letting employees know their status by the middle of this month. The job cuts are part of efforts to cut costs across the company, now Canada’s largest energy name. Suncor says it’s on track to meet its target of saving $300 million in operating expenditures and $1 billion in capital spending.

Suncor has also proposed moving its international and offshore business to Calgary from London.

Trochu farmer may tour Versatile factory

Trochu grain grower Jamie Christie’s intimate knowledge of his Versatile tractor and its daily maintenance needs have won him a trip to the company’s factory in Winnipeg. Christie won first place out of 400 entries in the 2008 Versatile Heavy Metal Tour’s five-minute challenge. Competitors were tested on their knowledge of the tractor’s service points and grease zerks, a type of fitting named for inventor Oscar Zerk. Allowed five minutes, Christie completed the test in two minutes and 28 seconds — with a perfect score.

The tour travelled across the Prairie provinces, offering farmers at its various stops the rare opportunity to test drive a 535-horsepower Versatile HHT Series tractor.

Christie said in a news release that he has been a Versatile owner for years and has always wanted a tour of the Winnipeg plant. Versatile, a division of Buhler Industries, is the only company in Canada that still makes farm tractors. Its Winnipeg facility includes a 700,000-square-foot plant and a 40-acre test site.

Commodity prices demand caution: CWB

EDMONTON — The chief executive of Canadian Western Bank (TSX:CWB) says lower commodity prices have left the bank feeling cautious about its short-term outlook for the economy in Western Canada, even though profits rose nine per cent in the latest quarter.

Larry Pollock, the Edmonton-based bank’s president and CEO, said Thursday that oil and gas industry growth has been stalling, and that has impacted a major part of its business. The bank provides loans to companies looking to start up new energy projects.

“We don’t think anybody is going to go looking for gas where (the price) is today,” he said.

“The strengthening dollar has reduced the profit on oil.”

The reluctance of business investors has left the bank concerned about the short-term direction of the Western Canadian economy. New projects for condominiums have stalled and other business plans have been put on the backburner.

On Thursday, CWB reported that its net income for the May-July quarter rose to $28.7 million, up nine per cent from $26.3 million in the year-earlier period and up nearly 33 per cent from $21.58 million in the February-April quarter.

Revenue for the fiscal third quarter was $83.3 million, up 11 per cent from $74.9 million a year earlier and up 13 per cent from $73.7 million in the second quarter ended April 30.

Just Posted

Avid Penhold climber Catlin Hannah’s death a reminder of the dangers of scrambling

Hannah never returned from his Mount Smuts attempt on Aug. 12.

Children, elderly at risk as smoke from distant fires hangs over parts of B.C.

VANCOUVER — Thick smoke blanketing British Columbia communities far from any flames… Continue reading

Trudeau: no apologies for heckler encounter, pledges to call out ‘hate speech’

OTTAWA — Hate speech and the politics of division are creating a… Continue reading

Rocky Mountain House RCMP charge woman with drug trafficking

Rocky Mountain House RCMP have charged a woman with drug trafficking after… Continue reading

Anti-poverty strategy will aim for 50 per cent cut in low-income rates: source

OTTAWA — A new plan to help low-income Canadians will set a… Continue reading

WATCH: Medicine River Wildlife Centre opens new playground

The grand opening of the playground was Saturday morning

Police chiefs want new data-sharing treaty with U.S. as privacy questions linger

OTTAWA — Canada’s police chiefs are pressing the Trudeau government to sign… Continue reading

Pope on sex abuse: “We showed no care for the little ones”

VATICAN CITY — Pope Francis issued a letter to Catholics around the… Continue reading

Ottawa announces $189M to extend employment insurance for seasonal workers

ESCUMINAC, N.B. — Ottawa has announced $189 million for an employment insurance… Continue reading

Trudeau formally announces he’ll run again in next year’s election

MONTREAL — Justin Trudeau will run again in the 2019 federal election.… Continue reading

Smoke from B.C. wildfires prompts air quality advisories across Western Canada

VANCOUVER — More smoky, hazy air is expected to blanket much of… Continue reading

Anti-pipeline protesters released days before weeklong jail sentences end

MAPLE RIDGE, B.C. — Several pipeline protesters were released from a British… Continue reading

All eyes on Andrew Scheer as Conservative convention set for Halifax

OTTAWA — After a week of internal caucus squabbles, Conservative Leader Andrew… Continue reading

Trump says his White House counsel not a ‘RAT’ like Nixon’s

BRIDGEWATER, N.J. — President Donald Trump insisted Sunday that his White House… Continue reading

Most Read

Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month