September 24th, 2016

Business

Outsider status, politics shields Trump from House oversight

By Richard Lardner, The Associated Press on September 24th, 2016

WASHINGTON – Donald Trump’s status as a Washington outsider fuels his fiery populism and also is helping to shield him from the scrutiny House Republicans are devoting to Hillary Clinton, a former U.S. senator and secretary of state. The GOP-led, subpoena-wielding Oversight and Government Reform Committee isn’t investigating Trump’s business dealings, his charitable foundation or ... Read More »

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Mayor says over 200 sawmill job losses in Merritt just before Christmas tough

By The Canadian Press on September 23rd, 2016

MERRITT, B.C. – The mayor of Merritt, B.C., says he’s angry about Tolko Industries’ decision to close a sawmill that employs 200 people in his community. Neil Menard says the company had set up a meeting with city officials last week but cancelled it, and now he knows why. Tolko says the mill will be ... Read More »

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Depressed crude prices push North American markets to a lower close

By The Canadian Press on September 23rd, 2016

TORONTO – Reports that Saudi Arabia and Iran are making little progress on a deal to cut oil production deflated energy prices, sending North American markets into the red. The Toronto stock market’s S&P/TSX composite index dropped 99.25 points to 14,697.93. The loonie was down 0.64 of a cent at 75.92 cents US. In New ... Read More »

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OSFI changing rules for mortgage insurers and update capital requirements

By The Canadian Press on September 23rd, 2016

OTTAWA – Canada’s federal financial regulator is proposing new rules for mortgage insurance companies to better assess the risks of borrowers and deal with hot real estate markets. The Office of the Superintendent of Financial Institutions released its draft advisory for public consultation on Friday. The regulator has proposed a new standard approach to assessing ... Read More »

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High River launches campaign to shift public perceptions away from the flood

By Bill Graveland, The Canadian Press on September 23rd, 2016

CALGARY – Jodi Dawson thinks it’s high time people stopped talking about High River’s soggy history. The town of 12,000 just south of Calgary gained an international profile three years ago when flooding in parts of southern Alberta resulted in billions of dollars in damage. High River was one of the hardest-hit communities. Entire neighbourhoods ... Read More »

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Essar Steel Algoma lenders to invest US$425 million in struggling steelmaker

By The Canadian Press on September 23rd, 2016

SAULT STE MARIE, Ont. – Essar Steel Algoma Inc., which is operating under court protection from creditors, has submitted a restructuring plan that would see its lenders invest up to US$425 million in the financially strapped steelmaker. The company says the plan involves reducing its debt by approximately US$1.15 billion, with annual interest expense savings ... Read More »

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Ontario considers new rules to put community needs ahead of bottled water firms

By Keith Leslie, The Canadian Press on September 23rd, 2016

TORONTO – The bottled water industry in Ontario is coming under renewed government scrutiny after a small township was outbid by multinational giant Nestle in its attempt to purchase a well to secure water supply for its growing community. Premier Kathleen Wynne said Friday her government will look for ways to put community needs ahead ... Read More »

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Air Canada launching daily flights to Shanghai from Montreal next February

By The Canadian Press on September 23rd, 2016

MONTREAL – Air Canada is launching daily service to Shanghai from Montreal in February, giving travellers another direct route to China from Quebec. Airline partner Air China last year began three flights a week to Beijing from the province. Montreal-based Air Canada (TSX:AC) already offers direct flights to Shanghai from Toronto and Vancouver. The airline ... Read More »

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Canadian economy pumps out disappointing inflation, retail trade numbers

By Andy Blatchford, The Canadian Press on September 23rd, 2016

OTTAWA – The Canadian economy produced two batches of disappointing numbers Friday that experts said were certain to catch the Bank of Canada’s attention. But despite unexpectedly weak inflation and retail sales data released by Statistics Canada, economists predicted the central bank will refrain from touching its benchmark interest rate any time soon. The country’s ... Read More »

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Ontario real estate associations oppose taxing foreign buyers in Toronto

By The Canadian Press on September 23rd, 2016

TORONTO – Two Ontario real estate associations have voiced opposition against following in Vancouver’s footsteps and implementing a tax on foreign homebuyers, saying that such a “knee-jerk reaction” could have negative implications for the economy. In letters penned to the provincial and municipal governments last month, the Toronto Real Estate Board and the Ontario Real ... Read More »

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Loonie loses ground against U.S. dollar after weak inflation report, stocks fall

By The Canadian Press on September 23rd, 2016

TORONTO – The Canadian dollar lost ground today after an unexpectedly weak inflation report for August. Statistics Canada says the consumer price index was up 1.1 per cent in August compared with a year ago. Economists had expected a gain of 1.4 per cent, according to Thomson Reuters. The loonie was down 0.41 of a ... Read More »

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