Environment Minister Steven Guilbeault said in a statement Thursday that he met with U.S. climate envoy John Kerry at COP27 in Sharm el-Sheikh, Egypt, to discuss how to cut methane from their countries’ oil and gas operations. After the meeting, Guilbeault’s department published proposed amendments to existing regulations that would further restrict methane output. (The Logic)
The Vancouver-based operator of health clinics and provider of software for medical practices booked nearly $145.8 million in revenue in its last quarter, an increase of 47 per cent from the same period in 2021. It also reported net income of $611,000, for its first profitable quarter since 2020. (The Logic)
The pandemic slashed the migration Canada needs to replenish its aging workforce, the governor of the Bank of Canada said in a Toronto speech, and quickly making up the 100,000-worker shortfall from 2020 is an important part of combating inflation by addressing the excess demand for labour. Macklem said that’s on track to happen in 2023. (The Logic)
The federal government and Cement Association of Canada have a joint target of net-zero emissions from the construction material by 2050. To achieve it, Ottawa is proposing to disclose the carbon content in its building projects starting this year and cut it by 30 per cent from 2025 onwards; to fund and work on the development of standards and data for measuring and using low-carbon concrete; and to back R&D. (The Logic)
The cuts represent about 13 per cent of the company’s staff and are its largest layoffs since its 2012 IPO. The company is also cutting discretionary spending and extending its hiring freeze through the first quarter of 2023. (The Logic)
The Vancouver-based biotech reported third-quarter net earnings of US$26.6 million compared to a net loss of US$21.4 million in the same three months last year, with nearly all of its US$101.4 million in revenue coming from royalties for one of its COVID-19 antibody therapies, bebtelovimab. (The Logic)
The Toronto-based quantum computing company said the round lifted its valuation to US$1 billion and total financing to US$250 million. Other investors include BDC Capital and Bessemer Venture Partners. (The Logic)
Ottawa is negotiating agreements with 10 companies for contributions from the Strategic Innovation Fund’s Net Zero Accelerator (SIF-NZA), Innovation Minister François-Philippe Champagne said Tuesday. The firms include Capital Power; ATCO and Suncor; Dow Chemical; and Stelco. (The Logic)
The Canadian satellite company reported revenue of $180.1 million in the last quarter, down from $192.3 million in the same three months of 2021. Unfavourable foreign-exchange rates took its net loss to just over $228.7 million. CEO Dan Goldberg told analysts he’s still expecting to conclude deals to pay for Telesat’s multibillion-dollar constellation of low Earth-orbit satellites by the end of the year. (The Logic)
Health Minister Jean-Yves Duclos kicked off a ministerial summit by saying the federal government will boost transfers to provinces and territories if they agree on common health indicators for comparisons and on standards for exchanging patient medical information. (The Logic)