Wednesday, May 27, 2015

Business

Canada Post, city in court

HAMILTON, Ont.—Canada Post and the City of Hamilton are off to court this afternoon in a fight over the placement of large community mailboxes.
The Crown corporation is in the process of installing super mailboxes as part of its plan to stop home mail delivery.

Many hope to hike TFSA contributions

TORONTO—Ten percent of Canadians surveyed in a new poll say they typically contribute the maximum amount to their Tax-Free Savings Account and now will invest $10,000.
The poll done for CIBC found an additional 17 percent said they will try to increase their contributions above $5,500.
The federal government increased the annual contribution limit to $10,000 as part of this year’s budget.

10 per cent of those surveyed plan to max out new TFSA annual limit: CIBC poll

TORONTO — Ten per cent of Canadians surveyed in a new poll say they typically contribute the maximum amount to their Tax-Free Savings Account and will now invest $10,000.
The poll done for CIBC found an additional 17 per cent said they will try to increase their contributions above $5,500.

4 big banks fined $2.5 billion and will plead guilty to rigging global currency markets

WASHINGTON — Four big banks will pay $2.5 billion in fines and plead guilty to criminally manipulating the global currency markets going back to 2007.

Hydro One sale slammed

TORONTO—Ontario’s independent legislative officers have banded together in a rare move to condemn the Liberal government’s plan to sell a majority of Hydro One, warning it will shield the company from public scrutiny.
The eight officers, including the auditor general and the ombudsman, call on the government to reverse its plan.

Lucian Freud painting sells for $56.2 million at auction; Bacon nude sells for $47.8 million

NEW YORK — In the past three days, Christie’s in New York City has sold over $1 billion worth of art, a frenzied spectacle that showcases the world’s rising class of uber-wealthy and its appetite for trophy art.
Wednesday’s bidding was spirited at Christie’s contemporary art auction highlighted by iconic works by Lucian Freud, Francis Bacon and others.

Bombardier confirms 1,750 job cuts due to soft demand for business jets

MONTREAL — Bombardier confirms it will cut 1,750 employees in Montreal, Toronto and Belfast over the coming months to adjust for weak demand for some of its business jets.
About 1,000 of the lost jobs will be in Montreal where Bombardier has its main operations while 480 are in Toronto and 280 are in Belfast.
The cuts will begin in June and continue until the first quarter of 2016.

Geoduck farming takes off as demand grows in Asia for the tender, odd-looking giant clam

HARSTINE ISLAND, Wash. — John King plunges his arm up to his shoulder into the mudflats of Puget Sound, roots around and soon pulls from the muck the world’s largest burrowing clam. The mollusk squirts water from its long obscene-looking neck. King dodges the spray, already using a water hose to loosen sand and harvest the next one.

U.S. bank reform violates NAFTA, Finance Minister Joe Oliver says

NEW YORK — Canada’s finance minister says sweeping American bank reforms introduced in the aftermath of the financial crisis violate the North American Free Trade Agreement.
In prepared remarks of a speech delivered Wednesday in New York City, Joe Oliver calls on the U.S. government to change the policy known as the “Volcker rule.”

Judges make decision on fate of remaining US$7.3 billion of Nortel assets

TORONTO — The scraps of bankrupt Nortel Networks, once considered the powerhouse of Canada’s tech sector, will be split between the various subsidiaries it once operated around the world, according to decisions released Tuesday.

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