Financialpost

  • Time running out to reach NAFTA deal, senior GOP congressman...
    Ever since the U.S. struck a surprise, wide-ranging trade deal solely with Mexico last month, defenders of Canadian negotiating tactics have argued there was little to worry about. After all, they reasoned, Congress would never approve a bilateral NAFTA update that left out its northern neighbour. But that security blanket… ... more
    Financailpost1 day ago
  • You’ll be paying more at the grocery store soon, supermark...
    The CEOs of three of Canada’s major grocery chains doubled down on their expectation that food prices will soon rise at their stores. Recent cost pressures on the industry, including rising minimum wages in some provinces, increased fuel and transportation costs and an ongoing trade war with the U.S., will… ... more
    Financailpost1 day ago
  • Time running out to reach NAFTA deal, U.S. congressman says ...
    WASHINGTON — Republicans in the U.S. Congress are ratcheting up pressure on Canada to get a deal done on the North American Free Trade Agreement. House of Representatives majority whip Steve Scalise, who represents the state of Louisiana, delivered a stern warning Tuesday about “growing frustration” in Congress with what… ... more
    Financailpost1 day ago
  • The impact of the Pacific trade deal on NAFTA
    Flavio Volpe, president of the Automotive Parts Manufacturer’s Association, speaks with Larysa Harapyn about what the CPTPP and NAFTA means for the auto sector as well as governments. ... more
    Financailpost1 day ago
  • ‘An evolution, not a revolution’: Apple’s new iPhones ...
    The absence of a striking new feature left major tech blogs and newspapers lukewarm on the new XS range of Apple Inc’s iPhones in the first batch of reviews on Tuesday, although most praised the improvements to a wide range of standard features. The new iPhones have subtle additions to… ... more
    Financialpost -Tech2 days ago
  • Trump vows retaliation after accusing China of targeting tar...
    WASHINGTON — President Donald Trump on Tuesday threatened further retaliation against China if Beijing targets U.S. agricultural or industrial workers amid a trade dispute, and accused China of trying to sway the U.S. election by targeting farmers. Trump made the accusations in a pair of Twitter posts as the two… ... more
    Financailpost2 days ago
  • Will ‘flying cars’ take off? Japan’s government to tur...
    TOKYO — Electric drones booked through smartphones pick people up from office rooftops, shortening travel time by hours, reducing the need for parking and clearing smog from the air. This vision of the future is driving the Japanese government’s “flying car” project. Major carrier All Nippon Airways, electronics company NEC… ... more
    Financailpost2 days ago
  • OSC has little recourse to salvage plan to scrap embedded fe...
    The Ontario Securities Commission will have little recourse to salvage a plan to scrap embedded fees tied to mutual fund sales if the provincial government maintains its opposition to the proposal, according to industry watchers. “The Minister of Finance has the final say on rules that the OSC proposes,” said… ... more
    Financailpost2 days ago
  • Trade war between U.S. and China could last 20 years, warns ...
    Billionaire Jack Ma sent out a grave warning regarding the trade war between the U.S. and China: It’s going to last longer and have a bigger impact than most people think. China’s richest man said the dispute could last 20 years and persist beyond the presidency of Donald Trump, as… ... more
    Financailpost2 days ago
  • Deloitte sounds alarm about Canada’s ‘zombie’ companie...
    Canada’s economy is in the throes of a zombie outbreak and it’s threatening to devour the country’s productivity. That, more or less, is the conclusion of a new report from Deloitte, which found that at least 16 per cent of publicly traded firms here could be classified as “zombies” —… ... more
    Financailpost2 days ago
  • Rethinking our global ambitions, starting with the ‘call t...
    The most important line of Jim Carr’s speech in Parliament on Monday came at the very end.   “We are naturally global, but we haven’t always been actively global,” the new trade minister said as he introduced legislation to ratify the 11-country Trans-Pacific Partnership. The TPP, he added, “is a… ... more
    Financailpost2 days ago
  • Chrystia Freeland to return to Washington this week to resum...
    OTTAWA — High-level meetings are set to resume this week in Washington in an effort to bring Canada into a revised North American Free Trade Agreement. The renewed effort comes as the Opposition Conservatives criticize Prime Minister Justin Trudeau for the tactics his government has been using to get a… ... more
    Financailpost2 days ago
  • Forget Canada’s dairy producers, the U.S. ‘sugar cartel...
    Given the frequency and ferocity of the Trump administration’s attacks on dairy supply management, one might think Canada was the only NAFTA country clinging to controversial agricultural protections. Yet, if the perennial target for free trade advocates in Canada is milk, in the U.S. it is sugar: one of the… ... more
    Financailpost2 days ago
  • U.S. to spare some Apple products from latest round of China...
    The Trump administration will spare a category of high-tech products that includes the Apple Watch and AirPods headphones from the next round of tariffs it’s imposing on Chinese goods, according to two people familiar with the matter. The government is expected to release as early as Monday the final list… ... more
    Financialpost -Tech2 days ago
  • Mall retailers want their rent cut after Sears Canada exit
    Two retail companies want an Ontario court to allow them to exercise their co-tenancy rights and change their rental agreements at malls where failed anchor tenant Sears Canada left a vacancy. Gap Inc., which owns Gap, Banana Republic and Old Navy, and the Children’s Place filed notices of motion earlier… ... more
    Financailpost3 days ago
  • What will spark the next financial crisis? Here’s one cand...
    Now that everything has been said about the 10th anniversary of the Lehman Brothers bankruptcy, it’s worth asking how close we are to the next crisis. In the market for corporate loans, investors have fulfilled at least one prerequisite: They’re dropping their guard. The financial cycle has a lot to… ... more
    Financailpost3 days ago
  • Can Canada’s relationship with the U.S. survive President ...
    Former finance minister Michael Wilson and Stephen LeDrew reflect upon a time when diplomacy mattered between Canada and the U.S. and how NAFTA can survive the Trump administration. ... more
    Financailpost3 days ago
  • A&W sold out of its new plant-based burger all across Ca...
    After more than 60 years of dishing out beef burgers, a Canadian fast-food chain has found new success in an unexpected product: a patty made from peas, mung beans and beets. A&W Food Services of Canada Inc., the country’s second-largest hamburger chain, is tapping into growing demand for plant-based protein… ... more
    Financailpost3 days ago
  • Trump plans to slap 10% tariff on $200 billion of Chinese go...
    The Trump administration will announce as early as Monday that it’s imposing a 10 per cent tariff on US$200 billion of Chinese goods, which Beijing has already said it will retaliate against, according to three people familiar with the decision. The rate is less than half of the 25 per… ... more
    Financailpost3 days ago
  • U.S.-Canada NAFTA talks are poised to come to a head this we...
    U.S.-Canada trade talks are poised to come to a head this week, as negotiators bear down on their next deadline amid President Donald Trump’s threats to cut his largest export market out of the deal. High-level negotiations are expected to resume this week in a bid to reach a deal… ... more
    Financailpost3 days ago
  • 10 things people still get wrong about the Financial Crisis
    One of the most intriguing aspects of the 2007-09 financial crisis is how little understanding there is of what actually occurred. Some of this has to do with the complexities of the event, as well as how hard it is to identify forces lurking below the surface that had built… ... more
    Financailpost5 days ago
  • Millions of Americans are still trapped in debt-logged homes...
    EAST STROUDSBURG, Pa. — School bus driver Michael Payne was renting an apartment on the 30th floor of a New York City high-rise, where the landlord’s idea of fixing broken windows was to cover them with boards. So when Payne and his wife Gail saw ads in the tabloids for… ... more
    Financailpost5 days ago
  • Canada dodged the worst of the Financial Crisis, and it wasn...
    Tiff Macklem processed many emotions on Sept. 15, 2008, the day Lehman Brothers Holdings Inc. ended and one of history’s most severe financial crises began. One was relief. Yes, relief. Over the preceding six months, Macklem, who was the Finance official in charge of staying abreast of what… ... more
    Financailpost5 days ago
  • The mystery of the $2-billion Bitcoin whale that fuelled a s...
    When Bitcoin plunged as much as 15 per cent over two days last week, a theory emerged — where else? — on the Internet: a whale was on the move. Speculation mounted that a major holder of cryptocurrency with an electronic wallet that dated back to 2011 — long before… ... more
    Financialpost -Tech5 days ago
  • Trump gives go ahead to impose $200 billion more in China ta...
    President Donald Trump instructed aides on Thursday to proceed with tariffs on about US$200 billion more in Chinese products despite his Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war, according to four people familiar with the matter. But an announcement of the new round of… ... more
    Financailpost6 days ago
  • What the financial crisis should have taught us: A look at t...
    Ten years ago, on Sept.15, 2008, Lehman Brothers declared bankruptcy. At the time, it was the fourth-largest investment bank in the United States. That made its bankruptcy by far the largest in history, and its demise sent shock waves not only through the global financial industry, but the real global… ... more
    Financailpost6 days ago
  • Canadians’ household debt is creeping back up again
    OTTAWA — Statistics Canada says the amount households owe, measured as a proportion of their income, rose in the second quarter. The agency says credit market debt as a proportion of household disposable income increased to 169.1 per cent as growth in debt outpaced income. In other words, Canadians owed… ... more
    Financailpost6 days ago
  • Toronto will know by the end of the year whether it’s the ...
    WASHINGTON — Amazon.com Inc chief executive Jeff Bezos said on Thursday that the company would announce a decision on where it would build a second headquarters before the end of the year. Amazon previously announced 20 finalists in North America, including Toronto, for its planned investment of $5 billion and… ... more
    Financialpost -Tech6 days ago
  • What the Big Short’s Steve Eisman thinks of the financial ...
    Steve Eisman saw it coming. A decade ago, he was among the few who figured out something was amiss in the U.S. housing market, and famously found a way to bet against it, earning him a prominent role in Michael Lewis’ financial crisis classic The Big Short. Now a fund manager… ... more
    Financailpost6 days ago
  • Tim Hortons says it has reached agreement with franchisee af...
    TORONTO — The parent company of Tim Hortons says it has reached an agreement with the head of an unsanctioned franchisee group who had his four restaurants seized after he allegedly leaked sensitive corporate news to the media. “Both parties have agreed that Mr. (David) Hughes has left the Tim… ... more
    Financailpost6 days ago
  • DavidsTea reports $10 million net loss in first results sinc...
    MONTREAL — DavidsTea has reported a $10 million net loss in the first results since founder Herschel Segal took back control of the company’s board. The Montreal-based retailer said Thursday the results for the quarter that ended Aug. 4 works out to a loss of 39 cents per share, compared… ... more
    Financailpost6 days ago
  • Alberta’s economy is improving, but recovery ‘not heroic...
    CALGARY — TD Bank says Alberta’s battered economy is headed in the right direction, but warns there are still a number of hurdles that could hinder recovery. A report released Thursday by deputy chief economist Derek Burleton is predicting economic growth between two and 2 1/2 per cent for Alberta… ... more
    Financailpost6 days ago
  • Possible expansion of OBSI’s role in investigating complai...
    Bank of Nova Scotia’s announcement this week that it will stop using a not-for-profit watchdog to investigate the most stubborn of customer complaints came after the watchdog prompted concern in the financial industry by proposing changes to the document outlining its purpose and powers that some felt could give it… ... more
    Financailpost6 days ago
  • $2,000 iPhone — gulp. We break down the features and price...
    Tech Reporter Josh McConnell has all you want to know on the specs of the Apple iPhone XS and Apple Watch Series 4 ... more
    Financialpost -Tech6 days ago
  • ‘Buyer beware’: European cheesemakers complain Canada no...
    TORONTO/BRUSSELS — A trade deal meant to give European cheesemakers more access to the Canadian market is falling short of its promise in its first full year, government data show, frustrating the European industry, which blames a year-old Ottawa quota system. Under the Comprehensive Economic and Trade Agreement (CETA) with… ... more
    Financailpost7 days ago
  • Canada’s market watchdogs propose ban on some embedded com...
    TORONTO — The Canadian Securities Administrators has proposed changes that would prohibit certain embedded commissions paid to dealers in a bid to address investor protection concerns. The umbrella organization of the country’s provincial securities regulators has published a notice with its proposal, which includes banning investment fund managers from paying… ... more
    Financailpost7 days ago
  • Dollarama enters unfamiliar territory — a sales slowdown a...
    Dollarama Inc. is hitting a slow patch. The Montreal-based dollar store, which has gotten investors used to a regular stream of good news, lowered its forecast for comparable store sales this year after a second-straight quarter of below-expectations growth. It now expects sales to rise about 2.5 per cent to… ... more
    Financailpost7 days ago
  • Uber to add hundreds of jobs in Canada, launch new express c...
    Uber CEO Dara Khosrowshahi announced in Toronto on Thursday expansion plans for the ride-sharing company’s operations in the city. Uber is launching a new product for Toronto — dubbed “Express Pool” — and the company plans to ramp up its workforce in Canada, from around 200 people today to 500… ... more
    Financialpost -Tech7 days ago
  • Who has leverage at the NAFTA table? Hint, it isn’t just D...
    From day one, President Donald Trump has imposed his will on talks to overhaul the North American Free Trade Agreement. But as his administration tries to seal the deal, it’s not clear he holds all the cards. Trump’s repeated threats to pull out of the pact have kept Mexico and… ... more
    Financailpost7 days ago
  • CIBC’s $1-billion gender bond paves the way for more socia...
    Canadian Imperial Bank of Commerce broke ground with that nation’s first bond sale that will advance gender diversity in the corporate world. The bank on Wednesday sold $1 billion (US$769 million) of three-year deposit notes, which will support lending to companies committed to promoting women to executive positions. “The framework… ... more
    Financailpost7 days ago
  • OMERS’ Oxford unit sweetens bid for Australia’s Investa,...
    A unit of Ontario Municipal Employees Retirement System sweetened its bid for Australian property company Investa Office Fund to A$3.35 billion (US$2.4 billion), escalating a bidding war with Blackstone Group LP. The Canadian pension fund’s Oxford Properties Group real estate unit raised its bid to A$5.60 a share, topping Blackstone’s… ... more
    Financailpost7 days ago
  • America’s president and its most powerful banker are fight...
    WASHINGTON — The nation’s top elected leader and its most powerful banker are fighting over who is smarter. Really. President Donald Trump early Thursday scoffed at JPMorgan Chase CEO Jamie Dimon’s claim that he could “beat” Trump and is just as tough and smarter than the president. The… ... more
    Financailpost7 days ago
  • How the iPhone Xs Max compares to Samsung’s Galaxy Note 9
    Apple Inc. introduced the world to its largest-ever smartphone Wednesday, the iPhone Xs Max. With a 6.5-inch screen, it dwarfs the 3.5-inch display on the original iPhone that Steve Jobs unveiled to the world in 2007. It’s also one of the biggest and most costly phones to hit the market,… ... more
    Financialpost -Tech7 days ago
  • Turkey just hiked its interest rate 625 basis points to 24%,...
    Turkey’s central bank raised its benchmark interest rate by the most since Recep Tayyip Erdogan came to power 15 years ago, countering the president’s call for lower borrowing costs just two hours before the decision was announced. The currency rallied. The Monetary Policy Committee led by Governor Murat Cetinkaya on… ... more
    Financailpost7 days ago
  • Walmart teams up with Instacart to bring same-day grocery de...
    Walmart Inc said on Thursday it has teamed up with U.S. home delivery company Instacart to bring some Canadian customers same-day grocery deliveries, raising the stakes in the country’s hotly contested retail space. Walmart’s Canada unit said the service, which is part of a pilot program with Instacart, will be… ... more
    Financailpost7 days ago
  • ‘A concern’: Canada falling behind on business investmen...
    Canada has a problem with business investment, and it’s threatening our economic competitiveness, according to a new report by the C.D. Howe Institute. And the trend looks like it’s getting worse. The report, titled “Tooling Up: Canada Needs More Robust Capital Investment” finds that Canadian businesses will make capital… ... more
    Financailpost7 days ago
  • Procurement dinosaurs targeted by U.S. firm buying Waterloo ...
    Waterloo-based procurement software startup Bonfire Interactive Ltd. is being acquired for US$108 million by an American firm with plans to create new publicly traded entity focused on the growing market for “GovTech.” Bonfire announced Wednesday that it had been bought by GTY Technology Holdings Inc., a special acquisition vehicle that… ... more
    Financialpost -Tech1 week ago
  • BlackBerry CEO John Chen warns driverless cars could turn in...
    Driverless cars could be hacked and deployed as “fully loaded weapons,” according to the chief executive of BlackBerry. Best known for its smartphones, the company is developing software for driverless cars in partnership with Baidu, the Chinese web search giant. John Chen, BlackBerry’s chief executive, said driverless cars were programmed… ... more
    Financialpost -Tech1 week ago
  • Apple unveils biggest iPhone yet, health-focused Apple Watch...
    CUPERTINO, Calif. — Apple Inc introduced its largest iPhone ever and a new line of watches that can detect heart problems on Wednesday as it looks to get users to upgrade to more expensive devices in the face of stagnant global demand for smartphones. The relatively small changes to its… ... more
    Financialpost -Tech1 week ago
  • How trade, inflation and debt are influencing the Bank of Ca...
    Purpose Investments CEO Som Seif talks with Larysa Harapyn about the state of the economy in the wake of the Bank of Canada’s decision to hold rates steady. ... more
    Financailpost1 week ago
  • Google is as big as Big Banks to Canada’s economy, but bef...
    Bank of Canada Governor Stephen Poloz is a decent media critic. “In the process of creative destruction, destruction gets more headlines than creation does,” Poloz observed last month at the annual central banking conclave in Jackson Hole, Wyoming. So true. One of the reasons for that is human… ... more
    Financailpost1 week ago
  • Canada planning measures to boost competitiveness, but no br...
    Canada’s government is planning targeted measures to boost competitiveness rather than a broad, across-the-board cut to the nation’s benchmark corporate tax rate, according to an official familiar with the plans. Finance Minister Bill Morneau intends to address business concerns around competitiveness in his fall economic update. He downplayed the likelihood… ... more
    Financailpost1 week ago
  • Jamie Dimon immediately regrets bragging he could beat Donal...
    JPMorgan Chase’s Jamie Dimon picked a fight with President Donald Trump — and immediately regretted it. “I think I could beat Trump” in an election, the Wall Street executive said at an event Wednesday morning that was supposed to celebrate his firm’s philanthropy. “I’m as tough as he is, I’m… ... more
    Financailpost1 week ago
  • Hudson’s Bay Co shares climb after CEO vows changes at und...
    TORONTO — Canadian department store operator Hudson’s Bay Co said on Wednesday its second-quarter loss widened due to lower sales at its Lord & Taylor and Saks OFF 5th divisions. Chief Executive Officer Helena Foulkes said the company, which announced a joint venture in Europe with Austrian rival Signa Holding… ... more
    Financailpost1 week ago
  • The biggest name in cannabis is taking a tech venture public
    The man behind the world’s biggest publicly traded pot company has taken another venture public. Bruce Linton, co-founder of Canopy Growth Corp., the Smith Falls, Ontario-based cannabis company with a market value of $14.9 billion (US$11.4 billion), is also co-chairman of Martello Technologies Group Inc. The software-services company, which began… ... more
    Financialpost -Tech1 week ago
  • The Great Crypto Crash of 2018: Cryptocurrency’s 80% plung...
    The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 per cent. The tumble has now surpassed the Nasdaq Composite… ... more
    Financialpost -Tech1 week ago
  • Canada is ready to allow U.S. dairy access in NAFTA talks, s...
    OTTAWA/WASHINGTON — Canada is ready to offer the United States limited access to the Canadian dairy market as a concession in negotiations to rework the North American Free Trade Agreement, two Canadian sources with direct knowledge of Ottawa’s negotiating strategy said on Tuesday. U.S. President Donald Trump said at the… ... more
    Financailpost1 week ago
  • Intel, Microsoft announce plans to expand in Toronto’s whi...
    Toronto’s tech ecosystem is receiving endorsements from two of the world’s largest technology companies, with both Intel Corp. and Microsoft Corp. unveiling plans to expand in the city. Chip-maker Intel is getting back into making dedicated graphics processing units (GPUs) for the first time in two decades, and on Wednesday… ... more
    Financialpost -Tech1 week ago
  • Here’s the one Ottawa policy in NAFTA that even Canadian f...
    Revamping a long-held agricultural policy that unfairly penalizes American wheat could give Canada a bargaining chip in the NAFTA talks and settle an old grievance between farmers on either side of the border, industry leaders say. At issue is Canada’s system for grading American wheat imports — or rather refusing… ... more
    Financailpost1 week ago
  • Canada proposes alliance to buffer World Trade Organization ...
    The Canadian government is poised to release a blueprint to reform the World Trade Organization as countries adjust to a newly protectionist America that has threatened to leave the organization entirely. Canadian trade officials, who spent August working on a draft of the reform proposal called “Strengthening and Modernizing the… ... more
    Financailpost1 week ago
  • Canada Goose to spend $15.8 million on new Winnipeg factory,...
    WINNIPEG — The Manitoba government says it will spend up to $1.48 million to help luxury jacket maker Canada Goose expand its Winnipeg manufacturing operations. Premier Brian Pallister says the $15.8 million expansion will create about 700 jobs. He says the province’s contribution will be spent to help train sewing… ... more
    Financailpost1 week ago
  • CIBC CEO pushes for tax changes to keep Canada competitive i...
    The head of the Canadian Imperial Bank of Commerce is calling on Ottawa to mirror the Trump administration on at least one part of its tax reforms. CIBC president and chief executive Victor Dodig said Tuesday that the federal government should allow companies to write off capital investments within a… ... more
    Financailpost1 week ago
  • Sears Canada’s court monitor opposes priority for pensione...
    TORONTO — A court-appointed monitor for the Sears Canada bankruptcy process says it opposes a proposal that would effectively allocate all the failed retailer’s remaining assets to the company’s underfunded pensions. FTI Consulting argues in a Sept. 7 filing to Ontario Superior Court that the pension proposal should be dismissed… ... more
    Financailpost1 week ago
  • Hudson’s Bay Co. shares surge on news of partnership with ...
    TORONTO — Hudson’s Bay Co. has completed a deal with an Austrian retail heavyweight that will see the two firms create a joint venture to operate existing businesses in Germany, Belgium and elsewhere in Europe. The Canadian retailer announced the agreement in a statement early Tuesday, saying it’s formed a… ... more
    Financailpost1 week ago
  • What is Amazon delivering now? Coming this November, fresh, ...
    NEW YORK — Watch out for the 7-foot box on the doorstep. Amazon plans to sell and ship fresh, full-size Christmas trees this year. But a live tree is no paperback book. Amazon says the Christmas trees, including Douglas firs and Norfolk Island pines, will be bound and shipped without… ... more
    Financailpost1 week ago
  • Mark Carney extends Bank of England stay again to lead econo...
    Mark Carney agreed to remain at the helm of the Bank of England for an additional seven months, extending his stay for a second time to help steer the U.K. economy through the Brexit transition. Chancellor of the Exchequer Philip Hammond ended days of speculation on the governor’s future, telling… ... more
    Financailpost1 week ago
  • Trade war with U.S. likely to cost China 700,000 jobs — pl...
    The tariff battle with the U.S. will probably cost China 700,000 jobs, or more in the event of further escalation. The job losses would come if the U.S. imposes 25 per cent tariffs on US$200 billion in Chinese exports and China retaliates by devaluing its currency by 5 per cent… ... more
    Financailpost1 week ago
  • Bank of Montreal profits in U.S. poised to keep climbing, ev...
    Bank of Montreal’s chief executive officer says he doesn’t need to make another acquisition to meaningfully lift earnings from the U.S. “If we continue doing the things that we’re doing organically, I could see a third of the bank coming from U.S. earnings,” Chief Executive Officer Darryl White, 47, said… ... more
    Financailpost1 week ago
  • Belleville transit pilot project ditches fixed routes for bu...
    Next week the City of Belleville, Ont., will partner with Toronto-based Pantonium to conduct an experiment in public transit, making the city’s bus service act a little bit more like a ride-hailing service. Starting on Sept. 17, night bus service will no longer operate along defined routes; instead, riders will… ... more
    Financialpost -Tech1 week ago
  • Toronto miner unearths boulder that contains 9,000 ounces of...
    Rare is the story of a modern mining company that unexpectedly strikes a mother lode of gold. But Toronto-based junior mining company Royal Nickel Corp. announced Sunday night that its employees in Australia at the Beta Hunt mine — which the company has been trying to sell since April —… ... more
    Financailpost1 week ago
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