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Toronto Stock Exchange’s main index hits record high, loonie rises
– canadianbusiness.com
TORONTO _ The Toronto Stock Exchange’s main index set a new record Wednesday, while indices on Wall Street slipped for a second consecutive day after the U.S. Congress passed a tax bill that’s anticipated to boost corporate profits.
The S&P/TSX composite index gained 26.32 points to 16,159.67.
In New York, the Dow Jones industrial average shed 28.10 points to 24,726.65, the S&P 500 index fell 2.22 points to 2,679.25 and the Nasdaq composite index lost 2.89 points to 6,960.96.
The Canadian dollar closed at an average trading price of 77.87 cents US, up 0.27 of a U.S. cent.
The February crude contract advanced 53 cents to US$58.09 per barrel and the January natural gas contract retreated about six cents to roughly US$2.64 per mmBTU.
The February gold contract rose US$5.40 to US$1,269.60 an ounce and the March copper contract gained about five cents to roughly US$3.20 a pound.
The post Toronto Stock Exchange’s main index hits record high, loonie rises appeared first on Canadian Business – Your Source For Business News.
The S&P/TSX composite index gained 26.32 points to 16,159.67.
In New York, the Dow Jones industrial average shed 28.10 points to 24,726.65, the S&P 500 index fell 2.22 points to 2,679.25 and the Nasdaq composite index lost 2.89 points to 6,960.96.
The Canadian dollar closed at an average trading price of 77.87 cents US, up 0.27 of a U.S. cent.
The February crude contract advanced 53 cents to US$58.09 per barrel and the January natural gas contract retreated about six cents to roughly US$2.64 per mmBTU.
The February gold contract rose US$5.40 to US$1,269.60 an ounce and the March copper contract gained about five cents to roughly US$3.20 a pound.
The post Toronto Stock Exchange’s main index hits record high, loonie rises appeared first on Canadian Business – Your Source For Business News.
Liberals look to put stamp on CMHC with new board focused on social housing
– canadianbusiness.com
OTTAWA _ Canada’s housing agency is getting a makeover as the Liberals look to cement the Canada Mortgage and Housing Corp. as a vehicle to deliver more affordable housing to millions of Canadians.
The federal Liberals have named seven new members to the CMHC board of directors this week as they look to leave their stamp on the organization that has for decades been largely out of the social housing business.
A one-time head of Toronto’s social housing agency will become chairman of the board, two more appointments come from the world of co-operative financial institutions, and another member will be the current chancellor of Simon Fraser University.
All will take their place on the board between now and the end of April, when Derek Ballantyne officially takes over as chairman.
Ballantyne said the makeup of the board means that different parts of the housing sector will have a voice in implementing the national housing strategy that has CMHC as a key player.
The CMHC was at one time a focus of federal efforts in the social housing sector, but saw its role shift as the federal government scaled back its involvement and funding for affordable units…
The federal Liberals have named seven new members to the CMHC board of directors this week as they look to leave their stamp on the organization that has for decades been largely out of the social housing business.
A one-time head of Toronto’s social housing agency will become chairman of the board, two more appointments come from the world of co-operative financial institutions, and another member will be the current chancellor of Simon Fraser University.
All will take their place on the board between now and the end of April, when Derek Ballantyne officially takes over as chairman.
Ballantyne said the makeup of the board means that different parts of the housing sector will have a voice in implementing the national housing strategy that has CMHC as a key player.
The CMHC was at one time a focus of federal efforts in the social housing sector, but saw its role shift as the federal government scaled back its involvement and funding for affordable units…
The Toronto Stock Exchange’s main index set a new record Wednesday, while indices on Wall Street slipped for a second consecutive day after the U.S. Congress passed a tax bill that’s anticipated to boost corporate profits.
Major tax bill passes in U.S.: big consequences, big debates ahead for Canada
– canadianbusiness.com
WASHINGTON _ The United States Congress has adopted a major tax bill that has sweeping implications for the American economy, politics, national debt, and its neighbour, Canada.
The bill that just passed its final vote in the House of Representatives provides the biggest U.S. tax cuts in decades and it already has policy analysts debating whether Canada should respond to retain corporate investment.
It cuts personal taxes for most Americans for a few years, entrenches corporate tax cuts for the long term, gives President Donald Trump his first major legislative win, and it erodes a key pillar of Barack Obama’s health reform.
The bill is deeply unpopular for other reasons: It’s projected to increase the U.S. national debt by five per cent over a decade; Republicans are already hinting they might need to cut social programs to pay for it and its greatest benefits flow to the wealthy.
It reduces American corporate taxes, which were among the highest in the industrialized world, down to levels equivalent to Canada’s when combined with state and provincial rates…
The bill that just passed its final vote in the House of Representatives provides the biggest U.S. tax cuts in decades and it already has policy analysts debating whether Canada should respond to retain corporate investment.
It cuts personal taxes for most Americans for a few years, entrenches corporate tax cuts for the long term, gives President Donald Trump his first major legislative win, and it erodes a key pillar of Barack Obama’s health reform.
The bill is deeply unpopular for other reasons: It’s projected to increase the U.S. national debt by five per cent over a decade; Republicans are already hinting they might need to cut social programs to pay for it and its greatest benefits flow to the wealthy.
It reduces American corporate taxes, which were among the highest in the industrialized world, down to levels equivalent to Canada’s when combined with state and provincial rates…
Deloitte liable for some, but not all, of Livent’s 1990s losses: Supreme Court
– canadianbusiness.com
OTTAWA _ The firm that audited the accounts of Garth Drabinsky’s Livent should be held financially responsible for some _ but not all _ of the failed theatre company’s losses two decades ago, the Supreme Court of Canada says.
In a 4-3 ruling Wednesday, the high court found Deloitte was liable for negligently auditing Livent’s 1997 financial statements, though not for other conduct.
The court concluded that an audit firm can only be held responsible where a company’s financial losses relate to the actual purpose of the auditors’ work.
Lower court decisions left Deloitte on the hook for almost $85 million, but the Supreme Court ruling reduces the damages award to $40 million.
In the 1990s, Livent brought live theatrical productions such as “Phantom of the Opera” and “Joseph and the Amazing Technicolor Dreamcoat” to audiences across North America.
Drabinsky, a colourful impresario and public face of the company, was suspended as Livent’s vice-chairman and chief creative director in 1998 amid allegations of accounting irregularities…
In a 4-3 ruling Wednesday, the high court found Deloitte was liable for negligently auditing Livent’s 1997 financial statements, though not for other conduct.
The court concluded that an audit firm can only be held responsible where a company’s financial losses relate to the actual purpose of the auditors’ work.
Lower court decisions left Deloitte on the hook for almost $85 million, but the Supreme Court ruling reduces the damages award to $40 million.
In the 1990s, Livent brought live theatrical productions such as “Phantom of the Opera” and “Joseph and the Amazing Technicolor Dreamcoat” to audiences across North America.
Drabinsky, a colourful impresario and public face of the company, was suspended as Livent’s vice-chairman and chief creative director in 1998 amid allegations of accounting irregularities…
