Canada News
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The Canadian dollar touched the weakest level in a year against its U.S. counterpart amid investor concern that gains in riskier assets have outpaced global economic growth.
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Valeant Pharmaceuticals International Inc., Canada’s largest drugmaker, is close to acquiring Bausch & Lomb Holdings Inc., the eye-care company owned by Warburg Pincus LLC, for about $9 billion, said a person with knowledge of the negotiations.
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Warburg Pincus LLC would reap more than a threefold return on its $1.7 billion equity investment in Bausch & Lomb Inc. if talks to sell the eye-care company for $9 billion bear fruit, a person with knowledge of the matter said.
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Egyptian billionaire Naguib Sawiris, who has said in the past that he regretted investing in Canada, is giving it another go.
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The Canadian dollar dropped for a third week against its U.S. counterpart amid investor concern that gains in riskier assets have outpaced global economic growth.
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Deep Earth Energy Production Corp., a closely help developer, is planning Canada’s first geothermal power plant that will tap into heat resources underneath oil and natural gas fields in Saskatchewan, according to Chief Executive Officer Kirsten Marcia.
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Loblaw Cos., Canada’s largest grocery chain by market value, is seeking to raise about C$400 million ($387 million) in an initial public offering of its Choice Properties Real Estate Investment Trust, according to two people familiar with the transaction.
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Ista Pharmaceuticals Inc., a unit of Bausch & Lomb Inc. that makes medicine to treat eye ailments, agreed to pay $33.5 million to resolve federal claims of misbranding and paying kickbacks related to the drug Xibrom.
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Spot gasoline in Los Angeles declined against futures for a third day to the lowest level in more than six weeks as refineries restored production after repairs.
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Canadian stocks rose, erasing earlier losses of as much as 0.3 percent to clinch a fifth week of gains, as a surge in Valeant Pharmaceuticals International Inc. offset a slump in oil and gold producers.
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