EDMONTON – A U.S. insurance company has agreed to pay US$219 million to finish a category action lawsuit for allegedly making false and misleading statements in regards to a group that includes the Alberta Investment Management Corp. The agreement in principle from Genworth Financial requires approval from a U.S. district court in Virginia, where the insurance provider has its own ...

U.S. hotel operator Starwood Hotels & Resorts Worldwide Inc received a higher buyout offer from a consortium led by China’s Anbang Insurance Group that could derail Marriott International Inc’s planned takeover of Starwood. Marriott said it remained committed to the offer, which would create the world’s largest hotel chain with top brands including Sheraton, Ritz Carlton and the Autograph Collection. ...

Iranian oil production climbed recently through the most in almost two decades following the end of international sanctions, according to OPEC. Iran increased output by 187,800 barrels a day to 3.13 million a day in February, the largest monthly gain since 1997, the Organization of Petroleum Exporting Countries said in the monthly report. Supply from Saudi Arabia, Qatar and Venezuela ...

Aubrey McClendon’s car was traveling 78 miles per hour when it crashed, killing him on March 2, the Oklahoma City police said Monday. The shale oil pioneer’s 2013 Chevy Tahoe hit a wall and burst into flames on the two-lane road close to the city. McClendon tapped on the brakes many times, but didn’t act to slow the automobile in the ...

It’s not standard but it is generally the norm when an acquisition doesn’t close. We are referring to events at Madalena Energy, a TSX-Venture listed company, which announced Monday that due to “prevailing market conditions,” it has elected not to proceed with the purchase of an additional 10 % working curiosity about the Coiron Amargo block in Argentina and the ...

Airfares are falling around the world but that isn’t affecting the financial performance of North America’s airlines, based on a new report by the International Air Transport Association. Average global airfares fell 4.5 per cent in 2015 when adjusted for the higher U.S. dollar and are likely to still decline this year as fuel hedging contracts unwind, said IATA, the ...