Oil producers weigh heavily on Toronto stock index, loonie remains buoyant + MORE Jun 14th

Shares of major oil companies including Encana, Canadian Natural Resources and Suncor fell Wednesday after U.S. government statistics showed crude oil inventories fell less than estimated last week.

A Montreal startup said Thursday it is getting US$102 million from Microsoft, Intel and several other investors to fund the company’s goal of becoming a leader in artificial intelligence, an industry seen as becoming an increasingly important part of the Canadian economy.
The financing, which comes eight months after Element AI launched, is expected to create 250 jobs in Toronto and Asia by January, CEO Jean-Francois Gagne said.
Gagne said Element AI’s goal is to create a Canadian publicly listed company that brings AI capabilities to traditional industries, such as manufacturing and financial services.
As an example, Gagne said AI can use vast amounts of data from sophisticated cameras and sensors to make robotic manufacturing more aware of its surroundings and easier to adapt to changes.
“Which means that you can then personalize and adapt products faster and cheaper. We’re pretty excited about what’s going to happen there,” Gagne said.
“As they depend and run their business more and more on artificial intelligence, that advantage will become a key critical factor of their success in the market in the very near future…

Q: I’m a Canadian citizen, but a non-resident living and working in South Korea. I am 47-years-old, and recently received a settlement from a motorcycle accident and now, along with my previous savings, I have about $125,000+ to invest. I have previous RRSPs, but I know that I cannot invest any further in those. I do not feel comfortable leaving such a significant amount of money in South Korea considering the volatile nature of the North.
I would like put a significant piece of that money into a passive investment such as a Vanguard index fund and do some more active investing with the rest. However, I do not want to lose my non-resident status. Would I be better off investing in Canada, the U.S., or elsewhere? I’m not sure I will be moving back to Canada when I retire but have no plans on giving up my Canadian citizenship. I’d appreciate any advice you could give me.
— Brian W.
A: I’m sorry about your accident Brian. You will certainly want to discuss your investment options with an investment advisor but I can provide some information on your tax questions…

Oil stocks and crude prices are weighing heavily on Toronto’s main stock index.
The Toronto Stock Exchange’s S&P/TSX composite index was down 125.47 points to 15,254.28, after 90 minutes of trading.
Shares of major oil companies including Encana, Canadian Natural Resources and Suncor dropped to morning lows after U.S. government statistics showed crude oil inventories fell less than estimated last week.
The July crude contract was down $1.57 at US$44.89 per barrel, the lowest since early May.
In New York, the Dow Jones industrial average lost 13.22 points to hit 21,315.25. The S&P 500 index shed 3.81 points to 2,436.54, and the Nasdaq composite index was down 3.62 points at 6,216.75.
The Canadian dollar was trading at 75.72 cents US, up from Tuesday’s average price of 75.54 cents US.
The August gold contract was up $11.10 to US$1,279.70 an ounce. The July copper contract was down two cents at US$2.58 a pound, and the July natural gas contract was down one cent at US$2…

Norsat International Inc., which is subject to a controversial takeover bid from a Chinese firm, says it may accept a better offer from an American investment fund.