CI Financial scoops up ETF provider First Asset Capital + MORE Oct 23rd

WASHINGTON – Congressional Republicans say they are short of the votes for raising the debt limit and avoiding a first-ever government default, lacking a plan barely a week from the deadline and creating problems for House Speaker John Boehner and his successor-in-waiting, Rep. Paul Ryan.
GOP leaders are promising to act next week — just days before a Nov. 3 deadline. Increasing the government’s $18.1 trillion borrowing cap so that it can continue to pay its bills in full and on time would reassure nervous financial markets and save the Republican Party from presiding over a default on U.S. obligations.
Treasury Secretary Jacob Lew says that the government’s ability to use accounting steps to pay its bills for veterans, Social Security recipients, federal employees and others will run out early next month.
The post Republican leaders labour for votes to up debt limit, avoid market-shaking government default appeared first on Canadian Business – Your Source For Business News.

(Kevin Van Paassen/Bloomberg/Getty Images)
OTTAWA – The Liberal party spent more money than ever before to secure victory in Monday’s election — but it still didn’t come close to the $54 million it could have spent.
Liberal national director Jeremy Broadhurst estimates that the final bill will tally a little more than $40 million.
He suspects the deeper-pocketed Conservatives — who had hoped the longest campaign in modern Canadian history would give them a financial advantage — spent about $50 million.
The length of the 11-week marathon campaign boosted the legal spending limit for each party to an all-time high of $54 million, more than double the limit that would have applied for a more typical five-week race.
Even without spending the maximum, the Liberals borrowed heavily to finance their campaign; but Broadhurst says the party should emerge with, at worst, a small short-term debt after accounting for donations and rebates for election expenses.
He says there’s no way the party could have spent the maximum without jeopardizing its long-term survival…

Deal gives CI access to an ETF platform

After laying off eight per cent of the Twitter workforce in his first weeks as CEO, Jack Dorsey has decided to give a third of his stake in the company back to employees.

Apple Pay is expected to arrive in Canada before end of the year, allowing Canadians to make small purchases up to $100 with their iPhones and delivering Apple as a potential financial rival to the big banks