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Malaysia says Goldman Sachs must pay, apology not enough Jan 18th
Malaysia's finance minister says 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 as compensation..... More »
Stock news for investors: Air Canada Q3 profit plunges to as strike weighs on results Nov 7th
Here’s a round-up of news for Canadian investors this week.
Air Canada
Fortis
Thomson Reuters
Suncor
Cameco
Maple Leaf Foods
Sun Life Financial
Cineplex
Corus Entertainment
Xanadu Quantum Technologies
Featured RRSP Accounts
.... More »
Making sense of the markets this week: May 28, 2023 + MORE May 26th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
Hitting our head on the U.S. debt ceiling
By far, the dominant force influencing markets this week was the completely illogical far.... More »
The tax implications of transferring a stock between spouses + MORE May 9th
My wife and I are joint owners WROS (with right of survivorship) of a stock we have owned for many years. If the ownership of the stock is changed to just her name, individually, no death involved, does her cost basis of the shares remain the same as it was when it was in our joint names?—Joe
T.... More »
Can I withdraw from RRSPs to pay bills? + MORE Apr 13th
What are the cons to withdrawing RRSP savings of $25,000 to pay off some unexpected bills I have incurred?—Anonymous
Withdrawing RRSPs when you’re not retired
Ahh, the unexpected bills.
Anonymous, I’ll give you my initial thoughts first, and then I’ll review the cons of withdrawing .... More »
Britain's Monetary 'Stimulus' Has Fed the Pension Crisis
– online.wsj.com
Ultralow interest rates widen the gap between assets and liabilities as expected returns plummet.Connacher wins court approval to seek bidders for its oilsands assets
– canadianbusiness.com
CALGARY _ Oilsands producer Connacher Oil and Gas Ltd. has won court approval for a process to find a buyer or investor that could allow it to emerge from Companies’ Creditors Arrangement Act protection after nearly two years.
A court ruling Wednesday approves the Calgary-based company’s agreement with its first lien lenders to launch a process that envisions a May 23 initial bid deadline and court approval of a transaction in July.
Connacher says in a news release it has appointed investment bank Houlihan Lokey Capital Inc. to solicit proposals that will provide net sale or investment proceeds of at least $90 million, plus an amount sufficient to pay claims with similar ranking to the first lien debtholders.
If no qualified bidder emerges, the company would be sold to its lenders in return for cancellation of a portion of what they are owed.
An attempt to sell the company soon after it filed for court protection from creditors in 2016 attracted several bids, but the company and its lenders ruled none was acceptable…
A court ruling Wednesday approves the Calgary-based company’s agreement with its first lien lenders to launch a process that envisions a May 23 initial bid deadline and court approval of a transaction in July.
Connacher says in a news release it has appointed investment bank Houlihan Lokey Capital Inc. to solicit proposals that will provide net sale or investment proceeds of at least $90 million, plus an amount sufficient to pay claims with similar ranking to the first lien debtholders.
If no qualified bidder emerges, the company would be sold to its lenders in return for cancellation of a portion of what they are owed.
An attempt to sell the company soon after it filed for court protection from creditors in 2016 attracted several bids, but the company and its lenders ruled none was acceptable…
Energy and materials lead stocks in Toronto higher, U.S. markets also surge
– canadianbusiness.com
TORONTO _ A broad rally in Toronto allowed Canada’s main stock index to close the quarter with a triple-digit gain as U.S. markets also posted strong results.
The S&P/TSX composite index closed up 197.35 points at 15,367.29, led by rebounding energy and materials stocks.
In New York, the Dow Jones industrial average closed up 254.69 points at 24,103.11. The S&P 500 index ended up 35.87 points at 2,650.87 and the Nasdaq composite index was up 114.22 points at 7,063.45.
The Canadian dollar closed at 77.56, up 0.05 cents US even as the Canadian economy posted lower-than-expected January GDP numbers.
The May crude contract closed up 56 cents at US$64.94 per barrel and the May natural gas contract was up three cents at US$2.73 per mmBTU.
The June gold contract ended down US$2.70 at US$1,327.30 an ounce and the May copper contract was up two cents at US$3.02 a pound.
The post Energy and materials lead stocks in Toronto higher, U.S. markets also surge appeared first on Canadian Business – Your Source For Business News.
The S&P/TSX composite index closed up 197.35 points at 15,367.29, led by rebounding energy and materials stocks.
In New York, the Dow Jones industrial average closed up 254.69 points at 24,103.11. The S&P 500 index ended up 35.87 points at 2,650.87 and the Nasdaq composite index was up 114.22 points at 7,063.45.
The Canadian dollar closed at 77.56, up 0.05 cents US even as the Canadian economy posted lower-than-expected January GDP numbers.
The May crude contract closed up 56 cents at US$64.94 per barrel and the May natural gas contract was up three cents at US$2.73 per mmBTU.
The June gold contract ended down US$2.70 at US$1,327.30 an ounce and the May copper contract was up two cents at US$3.02 a pound.
The post Energy and materials lead stocks in Toronto higher, U.S. markets also surge appeared first on Canadian Business – Your Source For Business News.
Dollarama to join e commerce rush, with plans to sell its low cost wares in bulk
– canadianbusiness.com
Dollarama Inc. plans to add bulk purchases of its low-priced offerings to the e-commerce rush later this year as it looks to capitalize on the success of its bricks-and-mortar discount stores, the company said Thursday as it reported fourth-quarter earnings were up 17 per cent.
But as competitors, including Candian grocers scramble to launch online sales to compete with online shopping behometh Amazon, CEO Neil Rossy tempered expectations about the extent of the rollout and its profit potential.
“By no means are we e-commerce experts,” he said. “We’re taking our time and doing lots of data testing and we’re somewhat introducing a new concept.”
He hopes to launch the platform by the end of the year and might first offer it in “a province or two” to get more feedback before it becomes available nationally.
So far, he said the system is “up and running internally,” but is still being tweaked.
Dollarama plans to use it to sell items from all of the categories of products it stocks in its 1,160 stores, but Rossy warned that there will be some limitations…
But as competitors, including Candian grocers scramble to launch online sales to compete with online shopping behometh Amazon, CEO Neil Rossy tempered expectations about the extent of the rollout and its profit potential.
“By no means are we e-commerce experts,” he said. “We’re taking our time and doing lots of data testing and we’re somewhat introducing a new concept.”
He hopes to launch the platform by the end of the year and might first offer it in “a province or two” to get more feedback before it becomes available nationally.
So far, he said the system is “up and running internally,” but is still being tweaked.
Dollarama plans to use it to sell items from all of the categories of products it stocks in its 1,160 stores, but Rossy warned that there will be some limitations…
Statistics Canada says economy pulled back 0.1 per cent in January
– canadianbusiness.com
OTTAWA _ The Canadian economy contracted 0.1 per cent in January, hurt by unscheduled maintenance shutdowns in the oilpatch and weakness in the real estate sector following mortgage rule changes, Statistics Canada said Thursday
The agency said the drop in real gross domestic product for January compared with growth of 0.2 per cent in December.
Economists had expected an increase of 0.1 per cent for the first month of the year, according to Thomson Reuters.
“This year started off with more of a whimper than a bang, at least from a growth perspective,” TD Bank senior economist Brian DePratto wrote in a report.
“As usual though, the trend is more important than the noise. Clearly the pace of economic activity has moderated from last year’s red-hot first half performance, but this is to be expected in an economy with little slack remaining.”
Goods-producing industries fell 0.4 per cent in January, while services-producing industries was essentially unchanged for the month…
The agency said the drop in real gross domestic product for January compared with growth of 0.2 per cent in December.
Economists had expected an increase of 0.1 per cent for the first month of the year, according to Thomson Reuters.
“This year started off with more of a whimper than a bang, at least from a growth perspective,” TD Bank senior economist Brian DePratto wrote in a report.
“As usual though, the trend is more important than the noise. Clearly the pace of economic activity has moderated from last year’s red-hot first half performance, but this is to be expected in an economy with little slack remaining.”
Goods-producing industries fell 0.4 per cent in January, while services-producing industries was essentially unchanged for the month…
