MSCI delays adding Chinese stocks to emerging markets index + MORE Jun 14th

KANSAS CITY, Kan. – Two owners of a longtime Kansas City-area roofing company forced workers who are in the U.S. illegally to either pay kickbacks and obey other demands or be reported to immigration authorities, an indictment unsealed Tuesday alleges.
Tommy Frank Keaton, 70, of Shawnee, Kansas, and Graziano Cornolo, 55, of Lenexa, Kansas, are charged in the 17-count federal indictment with labour trafficking, conspiring to harbour aliens for commercial advantage or private financial gain, and transporting, harbouring and encouraging aliens not lawfully in the country to stay. The two are co-owners of Canadian West Inc. and RAM Metal Products — both of which also are named as defendants in the indictment — doing business as Century Roofing.
The crimes go back at least to 2009, prosecutors said.
Also charged is Alberto Diaz-Hernandez, a 33-year-old Century Roofing employee who is a citizen of Mexico. He’s charged with one count of transporting, harbouring or encouraging people who are unlawfully in the country to stay…

Q: My wife moved to the U.S. for work last year and I am in the process of moving next week.
Following are the questions we have:
We have rented our house in Canada and we are renting an apartment in the U.S. (California). Since housing is very expensive in California, we will rent for a while before we decide to buy. When we decide to buy we will sell the house in Canada and use the funds for a down payment towards the home purchase in the U.S. In this situation, what do I need to be aware of from a tax implication standpoint such as capital gains taxes and others.
Just recently, I topped up my TFSA account in time before my move. This did not happen with my wife. What options does she have now to contribute towards a TFSA (she has lots of room) given she is not a resident for tax purposes?
—Rajesh
A: Generally, Rajesh, when real estate changes from personal use to a rental or from a rental to personal use, there is a deemed disposition for capital gains tax purposes. It’s as if the property was sold and immediately reacquired at the fair market value…

Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (13,884.23, down 109.65 points):
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 60 cents, or 6.84 per cent, to $8.17 on 8.9 million shares.
Penn West Petroleum Ltd. (TSX:PWT). Oil and gas. Up seven cents, or 4.35 per cent, to $1.68 on 8.4 million shares.
B2Gold Corp. (TSX:BTO). Miner. Up two cents, or 0.72 per cent, to $2.81 on 7.8 million shares.
Yamana Gold Inc. (TSX:YRI). Miner. Down four cents, or 0.64 per cent, to $6.20 on 7.6 million shares.
Twin Butte Energy Ltd. (TSX:TBE). Oil and gas. Down half-a-cent, or 7.69 per cent, to six cents on 7.1 million shares.
Kinross Gold Corp. (TSX:K). Miner. Down five cents, or 0.76 per cent, to $6.55 on 7.1 million shares.
Companies reporting major news:
Cenovus Energy Inc. (TSX:CVE). Oil and gas. Down 18 cents, or 0.95 per cent, to $18.76 on 1.3 million shares. Cenovus is planning a $32-million project that aims to restore the habitat of dwindling caribou populations around its oilsands sites in northeastern Alberta over the next 10 years…

Global stock benchmark provider MSCI has decided to delay including stocks listed in mainland China in its widely followed Emerging Markets Index, saying China has to take further steps toward making its market more accessible and closer to international standards.
MSCI said Tuesday that while Chinese authorities have introduced significant improvements in the accessibility of the yuan-denominated “A-shares” market, global investors want to see more progress.
“International institutional investors clearly indicated that they would like to see further improvements in the accessibility of the China ‘A-shares’ market before its inclusion in the MSCI Emerging Markets Index,” said Remy Briand, MSCI’s managing director and global head of research.
The company did not rule out a potential decision on the matter sometime before June 2017, if more progress is made.
“This is certainly a setback for Beijing,” said Jack Ablin, chief investment officer, BMO Private Bank in Chicago…

Penn West has begun the latest chapter of its lengthy rebirth by selling off major assets