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A Choice for Wall Street + MORE Jun 9th
The House votes for a sturdier, less politicized financial system..... More »
5 phishing scams targeting young Canadians (and how not to fall for them) + MORE Apr 17th
Young Canadians aged 18 to 34 report that, despite being raised in the digital era—where smartphones were toys before they could even talk—they are now the target of online fraudsters. And, nearly one-third of have taken the bait.
With 41% of scams happening on dating and social apps, why a.... More »
How AI is helping Canadians budget, save, and tackle debt Aug 1st
Canadians are increasingly turning to artificial intelligence for help with their money. From smart budgeting tools to automated investing apps, AI is quickly becoming part of how we manage our finances.
According to research by Ipsos Canada, commissioned by BMO, 33% of Canadians use AI tec.... More »
Saving money is no joke for Kathy Griffin + MORE Dec 9th
(Illustration by Lauren Tamaki)
The credo I live by is, if you can’t afford to buy something, don’t buy it. The super-wealthy people I know don’t care about appearances; they couldn’t care less about having an emblem on a handbag or making it rain in the club. I even have an iPod in my c.... More »
Before the Bell: Stocks set to rise on strong earnings + MORE Oct 18th
A look at overnight markets and what's ahead this trading day in North America
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Venezuela’s president says he’ll cut government’s spending in response to oil price plunge
– canadianbusiness.com
CARACAS, Venezuela – President Nicolas Maduro is ordering a cut in government spending as Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy.
Speaking on television Friday, Maduro said that under no circumstances will social programs be affected by the belt tightening.
Maduro didn’t say where he’ll find fat to cut. But the socialist leader offered up his own paycheque for the culling and said a special commission he’s named will look at reducing salaries at state companies and ministries.
More than 95 per cent of Venezuela’s export earnings come from crude oil exports, and economists say the recent decline in prices will reduce the amount of dollars available for imports when Venezuelans are already suffering from widespread shortages and the world’s highest inflation.
The post Venezuela’s president says he’ll cut government’s spending in response to oil price plunge appeared first on Canadian Business.
Speaking on television Friday, Maduro said that under no circumstances will social programs be affected by the belt tightening.
Maduro didn’t say where he’ll find fat to cut. But the socialist leader offered up his own paycheque for the culling and said a special commission he’s named will look at reducing salaries at state companies and ministries.
More than 95 per cent of Venezuela’s export earnings come from crude oil exports, and economists say the recent decline in prices will reduce the amount of dollars available for imports when Venezuelans are already suffering from widespread shortages and the world’s highest inflation.
The post Venezuela’s president says he’ll cut government’s spending in response to oil price plunge appeared first on Canadian Business.
Alberta Utilities Commission approves Altalink-Berkshire Hathaway Energy sale
– canadianbusiness.com
CALGARY – The Alberta Utilities Commission has approved the sale of a regulated power utility that owns about half of Alberta’s electricity transmission grid.
The deal announced in May involves SNC-Lavalin (TSX:SNC) selling Altalink to a subsidiary of Berkshire Hathaway Energy, a holding company run by U.S. financier Warren Buffett.
In July, Industry Canada approved the $3.2 billion deal on the condition that the new owner maintain jobs and be managed in Alberta.
Industry Canada also said all of AltaLink’s earnings must be invested in the company, or elsewhere in Canada, for at least five years.
The commission said Friday that it approved the sale because the deal will not negatively affect customer power rates and service quality.
Jim Law, a commission spokesman, says Altalink will continue to be regulated in same way it was before the sale.
He said the deal comes as Altalink is raising money to expand its electricity transmission network.
“The commission found the purchase of Altalink should be a net benefit to ratepayers from a financing perspective,” he said Friday in a release…
The deal announced in May involves SNC-Lavalin (TSX:SNC) selling Altalink to a subsidiary of Berkshire Hathaway Energy, a holding company run by U.S. financier Warren Buffett.
In July, Industry Canada approved the $3.2 billion deal on the condition that the new owner maintain jobs and be managed in Alberta.
Industry Canada also said all of AltaLink’s earnings must be invested in the company, or elsewhere in Canada, for at least five years.
The commission said Friday that it approved the sale because the deal will not negatively affect customer power rates and service quality.
Jim Law, a commission spokesman, says Altalink will continue to be regulated in same way it was before the sale.
He said the deal comes as Altalink is raising money to expand its electricity transmission network.
“The commission found the purchase of Altalink should be a net benefit to ratepayers from a financing perspective,” he said Friday in a release…
Life ban for mutual fund salesman Paul Yoannou convicted in $6.6M fraud
– canadianbusiness.com
TORONTO – The Ontario Securities Commission has banned former mutual fund salesman Paul Yoannou from the financial industry for life, citing his conviction and sentencing last year in a multimillion-dollar fraud case.
Yoannou, a former salesman at Investor Group Financial Services in Toronto, was sentenced to six years in prison and ordered to make restitution of $6.6 million in February 2013 after pleading guilty to 15 counts of fraud over $5,000.
The offences committed by Yoannou, who had been employed by Investors Group as a financial consultant for 14 years, occurred between 2004 and 2006.
In a statement issued Friday, the OSC said Yoannou approached 30 of his clients with three new investment strategies that he misrepresented as being Investors Group certified.
The clients, having dealt with Yoannou for many years, authorized transfers from their accounts or borrowed money to invest with Yoannou, making cheques out to him personally at his request.
According to evidence submitted in court, many of the victims were elderly persons who had worked all their lives to put away money for their retirement or as an inheritance for their children…
Yoannou, a former salesman at Investor Group Financial Services in Toronto, was sentenced to six years in prison and ordered to make restitution of $6.6 million in February 2013 after pleading guilty to 15 counts of fraud over $5,000.
The offences committed by Yoannou, who had been employed by Investors Group as a financial consultant for 14 years, occurred between 2004 and 2006.
In a statement issued Friday, the OSC said Yoannou approached 30 of his clients with three new investment strategies that he misrepresented as being Investors Group certified.
The clients, having dealt with Yoannou for many years, authorized transfers from their accounts or borrowed money to invest with Yoannou, making cheques out to him personally at his request.
According to evidence submitted in court, many of the victims were elderly persons who had worked all their lives to put away money for their retirement or as an inheritance for their children…
60 days – 2.00%
– ratesupermarket.ca
This GIC rate is offered by Oaken Financial and was updated on 2014-10-06. Click on the link above to get more details or apply online.
Most actively traded companies on the TSX
– canadianbusiness.com
TORONTO – Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (14,744.70, down 177.74 points):
Penn West Petroleum Ltd. (TSX:PWT). Oil and gas. Down 14 cents, or 3.33 per cent, to $4.07 on 6.4 million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up one cent, or 0.23 per cent, to $4.36 on six million shares.
Talisman Energy Inc. (TSX:TLM). Oil and gas. Down 15 cents, or 2.68 per cent, to $5.45 on 5.8 million shares.
Suncor Energy Inc. (TSX:SU). Oil and gas. Down 75 cents, or 2.03 per cent, to $36.11 on 5.6 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Oil and gas. Down 49 cents, or 1.27 per cent, to $37.96 on 4.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Oil and gas. Down five cents, or 1.93 per cent, to $2.54 on 4.5 million shares.
Companies reporting major news:
BCE Inc (TSX:BCE). Communication services. Up one cent, or 0.02 per cent, to $53.34 on 1.3 million shares. The company plans to buy wireless phone retailer Glentel Inc…
Toronto Stock Exchange (14,744.70, down 177.74 points):
Penn West Petroleum Ltd. (TSX:PWT). Oil and gas. Down 14 cents, or 3.33 per cent, to $4.07 on 6.4 million shares.
Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up one cent, or 0.23 per cent, to $4.36 on six million shares.
Talisman Energy Inc. (TSX:TLM). Oil and gas. Down 15 cents, or 2.68 per cent, to $5.45 on 5.8 million shares.
Suncor Energy Inc. (TSX:SU). Oil and gas. Down 75 cents, or 2.03 per cent, to $36.11 on 5.6 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Oil and gas. Down 49 cents, or 1.27 per cent, to $37.96 on 4.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Oil and gas. Down five cents, or 1.93 per cent, to $2.54 on 4.5 million shares.
Companies reporting major news:
BCE Inc (TSX:BCE). Communication services. Up one cent, or 0.02 per cent, to $53.34 on 1.3 million shares. The company plans to buy wireless phone retailer Glentel Inc…
