Malaysia says Goldman Sachs must pay, apology not enough

Malaysia’s Finance Minister Lim Guan Eng said Friday that an apology by Goldman Sachs for its role in the alleged multibillion-dollar ransacking of state investment fund 1MDB was insufficient and that it must pay $7.5 billion US as compensation. Goldman CEO David Solomon apologized Wednesday to the Malaysian people for former banker Tim Leissner’s role […]

10 years after expropriation, Abitibi waste still in the ground

A decade after the provincial government became the owner of a shuttered mill, whatever toxic mess lies beneath has yet to be cleaned up. In 2008, when Abitibi Consolidated announced it was closing its Grand Falls-Windsor paper mill, the Danny Williams government reacted by expropriating the company’s assets. Among them, the provincial government would later […]

Paul Godfrey steps down as Postmedia CEO as company announces $1.4M loss

Paul Godfrey is stepping down as CEO of Postmedia Network Canada Corp. but will remain as executive chairman of the company, which owns the National Post, other newspapers and digital publications. Andrew MacLeod, who has been Godfrey’s second in command since 2016, becomes Postmedia’s chief executive officer.   The announcements came as the owner of the National […]

Use cash to buy legal cannabis if you’re worried about privacy, watchdog says

Canada’s privacy watchdog is warning marijuana users to pay with cash rather than plastic if they’re worried about the collection of their personal information, among other guidelines published on Tuesday. In a statement posted on his website, Privacy Commissioner Daniel Therrien says pot sellers and buyers need to better understand their privacy rights and obligations […]

19% of women, 13% of men report workplace harassment in StatsCan survey

About 19 per cent of Canadian women and 13 per cent of men reported being harassed in the workplace, with the highest level of harassment in health-care jobs, according to Statistics Canada. Verbal abuse was the most common form of harassment for both men and women with 13 per cent of women and 10 per […]

Total number of new mortgages slumped in second quarter, says CMHC

Rising interest rates coupled with slower income and population growth helped temper demand for new mortgages in the second quarter, according to Canada Mortgage Housing Corp. The federal housing agency says fewer Canadians opened new mortgages in the three-month period ending June 30, even though the total number of active mortgages and the value of those […]

Sleep Country Canada buys online mattress firm Endy for $89M

Sleep Country Canada has agreed to buy online mattress seller Endy for $89 million. The two companies announced a deal Thursday evening that will see the retail mattress chain buy the Canadian mattress maker for $63.7 million in cash now, plus up to another $25 million in three years if certain growth and profitability targets are achieved. […]

Greater fool theory comes back to haunt bitcoin and tech stocks: Don Pittis

So, when a speculative investment plunges in value, where does the money go?  As bitcoin crashes to year-long lows, as tech stocks give up their entire 2018 gains and as global oil prices tumble to a level not seen since October 2017, it is common to to hear investing being compared to playing roulette. Sometimes, it’s harder […]

Fairfax buys 13.7 per cent stake in Stelco for $250M

Fairfax Financial Holdings Ltd. says it has bought a 13.7 per cent stake in steel producer Stelco Holdings Inc. for roughly $250 million. The insurance-focused financial services company says it has acquired 12.2 million common shares of the Hamilton-based firm for $20.50 each. That price represents a 4.2 per cent premium to Stelco’s closing price […]

Britain and China halt package shipments to Canada until mail strike is resolved

Canadians hoping to receive packages from international shippers while rotating strikes impact Canada Post operations may be waiting a long time. Britain’s Royal Mail says it is suspending shipments to Canada as a result of the Crown corporation’s labour dispute. Online marketing giant eBay says it has also received a similar notification from China Post. […]