Top Business Headlines
 

January 24, 2019

 
 
Top news
 
Hydro One pays US$103-million termination fee to kill Avista takeover
  Hydro One pays US$103-million termination fee to kill Avista takeover
 

Andrew Willis

Hydro One Ltd. formally called off its planned $4.4-billion takeover of Avista Corp. on Wednesday and will pay the U.S. utility a US$103-million termination fee for a deal that failed due to perceived political interference from Ontario’s Progressive Conservative government.

 
The decision to kill the takeover ends a U.S. expansion strategy championed by former Hydro One chief executive Mayo Schmidt, who struck an agreement to buy Spokane, Wash.-based Avista in the summer of 2017. The takeover required approval from regulators in states such as Washington and Idaho, where Avista runs electricity and natural gas transmission networks. As part of the transaction, Hydro One agreed to pay Avista a predetermined fee if the deal did not close by March, 2019, to cover legal and investment banking expenses and the opportunity costs that come with a failed transaction.

 
The two companies, which together would have had two million customers and ranked among the 20 largest North American utilities, said Wednesday that they “mutually agreed” to call off their merger. Paul Dobson, acting president and CEO of Hydro One, said in a news release: “Hydro One’s Board, management and employees remain focused on delivering safe and reliable power, providing exceptional customer service and driving shareholder value.”

 
 
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Editor's Picks
 
Tim Hortons' parent company names new CEO; plans to open first outlet in China
  Tim Hortons' parent company names new CEO; plans to open first outlet in China
 

David Ebner

 
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Canadian Pacific revenue jumps as railroads strain to keep up with demand
  Canadian Pacific revenue jumps as railroads strain to keep up with demand
 

Eric Atkins

 
Transportation Reporter
 
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Why investing in the Canadian stock market is riskier than you think
  Why investing in the Canadian stock market is riskier than you think
 

Ian McGugan

 
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Latest posted news
 
The fragmented future of work: What’s your gig?
The fragmented future of work: What’s your gig?
 
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Supreme Court to decide whether Canada’s Nevsun can be sued in Canada for actions abroad
  Supreme Court to decide whether Canada’s Nevsun can be sued in Canada for actions abroad
 
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Toronto’s office vacancy rate hits new low as companies flock to downtown core
  Toronto’s office vacancy rate hits new low as companies flock to downtown core
 
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Michael Babad's Business Briefing
 
Why markets are suddenly spooked again (and why it may not end here)
  Why markets are suddenly spooked again (and why it may not end here)
 

Michael Babad

 
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Opinion
 
U.S. government shutdown muddies Canada’s data pool
  U.S. government shutdown muddies Canada’s data pool
 

David Parkinson

 
Economics Reporter
One of the ironies (and there are many) of the U.S. government shutdown is that we’re pretty sure it’s having a serious economic impact – but the people whose job it is to measure that impact aren’t at work. Because they work for the government. Which is shut down.

 
As President Donald Trump’s impasse with Congress over funding for his border wall drags into its second month, one of its notable casualties of the resulting shutdown has been the usual flow of key government-administered data on the U.S. economy. The empty statistical pit that is normally filled with important, carefully scrutinized facts and figures is getting deeper by the week.

 
This is no small matter for the many experts who track the economy – and not just in the United States, but in Canada, too. For the central banks on both sides of the border who have stressed that their path of interest rate increases has become highly “data dependent,” the shutdown could soon become a serious impediment to rate policy.

 
 
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Energy and resources
 
  Russia says oil price war with U.S. would be too costly
 
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financial services
 
  Former Wells Fargo executive to helm BMO Global Asset Management
 
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Inside the Market
 
Asian shares subdued as U.S. political standoff, ECB decision eyed
 
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Economy
 
Canadian dollar hits two-week low as some economists see Nov GDP decline
 
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Technology, telecom and media
 
  Verizon cutting around 800 jobs in media division
 
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International business
 
  Ford’s fourth-quarter results dragged down by overseas losses
 
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Small business
 
  Tight labour market contributing to rise in employee benefit costs
 
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Careers
 
Finding work-life balance when your business partner is your spouse
 
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In case you missed it
 
A natural gas crisis: Canadian producers are reeling, with no recovery in sight
  A natural gas crisis: Canadian producers are reeling, with no recovery in sight
 

Tim Kiladze

 
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new subscriber call-in
 
With the federal election around the corner, our political experts will be discussing the biggest issues on the minds of Canadian voters today. Join Campbell Clark, Robert Fife & John Ibbitson on January 30 at 12 p.m. EST to hear their views.
 
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