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Bombardier acquires Global 7500 business jet wing program from Triumph Group - BNNBloomberg.ca + MORE Jan 24th
Bombardier acquires Global 7500 business jet wing program from Triumph Group BNNBloomberg.caMONTREAL -- Bombardier Inc. (BBDb.TO) has signed a deal to acquire the Global 7500 wing manufacturing operations and assets from Triumph Group Inc., ...View full coverage on Google News.... More »
Aritzia’s profit soars in Q3 Jan 11th
Aritzia Inc.’s net income jumped by almost 72% over the last year as the company’s e-commerce and U.S. revenues soared, but some of its financial figures also showed softness in the Canadian market.
The Vancouver-based apparel retailer announced Wednesday that its third-quarter net income tot.... More »
Debt is another four-letter word for most of us + MORE Nov 30th
Learn, save, invest and prosper with My Own Advisor.
A while back on this site I wrote about my distaste for debt. For example, our bank owns close to half our home. Sure, there is “good debt” such as borrowing money for an appreciating asset (like a house) but a mortgage limits our cash flo.... More »
Are you really ready to retire? Why many Canadians are struggling with retirement planning Mar 24th
Despite best intentions, many Canadians are not financially prepared for retirement. This reality is driven by a combination of factors: rising costs of living, growing debt levels, insufficient personal savings, and a lack of proper planning. Unexpected life events such as health challenges, job lo.... More »
Making sense of the markets this week: May 10, 2021 May 7th
Each week, Cut the Crap Investing founder Dale Roberts shares financial headlines and offers context for Canadian investors.
Wealthsimple taps celebrities and nets a $5-billion valuation
In October of 2020, we reported on a previous round of financing for Wealthsimple. At that time, valuation estima.... More »
Ernst & Young found liable for over $10 million in Madoff losses in Washington state
– canadianbusiness.com
SEATTLE – A jury in King County Superior Court has found the firm of Ernst & Young negligent and liable for half of more than $20 million lost by a Washington state investment company in the wake of Bernie Madoff’s multi-decade investment scam.
Friday’s verdict pins responsibility on Ernst & Young for damages during the four years it audited funds managed by Tremont Partners, according to FutureSelect Portfolio Management attorney Steven Thomas. FutureSelect, of Redmond, and some related firms, lost a total of about $129 million in Tremont funds that sent money to Madoff.
“It’s very significant that they were found negligent,” Thomas said. “This jury has affirmed no, auditors are the gatekeepers.”
FutureSelect sued the auditing firm in 2010 for about $100 million of its losses. They alleged Ernst & Young would have uncovered the Madoff fraud if it had taken basic steps to verify his assets.
The amount awarded by the jury Friday covers money lost during the time Ernst & Young worked as an auditor for Tremont Partners…
Friday’s verdict pins responsibility on Ernst & Young for damages during the four years it audited funds managed by Tremont Partners, according to FutureSelect Portfolio Management attorney Steven Thomas. FutureSelect, of Redmond, and some related firms, lost a total of about $129 million in Tremont funds that sent money to Madoff.
“It’s very significant that they were found negligent,” Thomas said. “This jury has affirmed no, auditors are the gatekeepers.”
FutureSelect sued the auditing firm in 2010 for about $100 million of its losses. They alleged Ernst & Young would have uncovered the Madoff fraud if it had taken basic steps to verify his assets.
The amount awarded by the jury Friday covers money lost during the time Ernst & Young worked as an auditor for Tremont Partners…
China’s currency gets backing from IMF head, staff to join exclusive currency club
– canadianbusiness.com
WASHINGTON – The head of the International Monetary Fund says she supports adding China to an exclusive club of the world’s top currencies.
Christine Lagarde said Friday that she supports findings by staff at the IMF that China’s currency, the yuan, meets the criteria for inclusion in the basket of currencies used in the fund’s operations.
China has wanted to join the club known as the IMF’s Special Drawing Rights basket. It’s a virtual currency the IMF can use for emergency loans and IMF member countries can use to bolster their own reserves in times of crisis.
Joining the basket would give the yuan the IMF’s seal of approval and might encourage foreigners to use the Chinese currency more and to have more confidence in China’s financial markets.
The yuan would join the U.S. dollar, euro, British pound and Japanese yen. Unlike those currencies, the tightly managed yuan does not trade freely.
Earlier this month, however, China announced it will allow the yuan to trade freely by 2020, potentially easing trade tensions with the United States and other nations…
Christine Lagarde said Friday that she supports findings by staff at the IMF that China’s currency, the yuan, meets the criteria for inclusion in the basket of currencies used in the fund’s operations.
China has wanted to join the club known as the IMF’s Special Drawing Rights basket. It’s a virtual currency the IMF can use for emergency loans and IMF member countries can use to bolster their own reserves in times of crisis.
Joining the basket would give the yuan the IMF’s seal of approval and might encourage foreigners to use the Chinese currency more and to have more confidence in China’s financial markets.
The yuan would join the U.S. dollar, euro, British pound and Japanese yen. Unlike those currencies, the tightly managed yuan does not trade freely.
Earlier this month, however, China announced it will allow the yuan to trade freely by 2020, potentially easing trade tensions with the United States and other nations…
