Business

Chris Erb of C&M Developments is the new chairman of the Vancouver Island Construction Association - and the first since industry groups in Victoria and Nanaimo officially merged operations.

Prime Minister Stephen Harper is promising to issue new guidelines on foreign takeovers amid growing unease over the government's surprise rejection of a Malaysian state-owned oil company's bid for a Canadian resource firm.

The Toronto stock market closed lower Monday, weighed down in part by energy stocks after Ottawa rejected a planned takeover in the sector. Traders also took in mixed U.S.

Pipeline operator Enbridge Inc. is buying assets from natural gas giant Encana Corp. in northwestern Alberta as it looks to grow its presence in the natural gas gathering and compression business.

CPP Investment Board is investing $300 million in a U.S. company to help it fund a major acquisition in the Bakken formation, an emerging source of light oil underlying the Prairie provinces and mid-western U.S. states.

Russian state-owned oil giant Rosneft strengthened its hold on the country's lucrative oil industry when it sealed a $61-billion deal, buying TNK-BP, the joint venture between a group of Russian oil oligarchs and a British oil giant.

Research In Motion has struck an agreement to help manage security technology that will make it possible for many Canadians to pay with their smartphones through "mobile wallets.

The Globe and Mail reports Finance Minister Jim Flaherty would like to privatize Canada Mortgage and Housing Corp. within five to 10 years.

A trip to France and a taste of small-batch yogurt inspired a Royston husband and wife to try their hand at producing their own yogurt using local, natural ingredients. The result, Tree Island Gourmet Yogurt, will be in stores on November 1.

Genealogy website Ancestry.com has agreed to be acquired by a group led by European private equity firm Permira Funds in a cash deal valued at about $1.6 billion.