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WestJet, Delta sign preliminary deal to deepen cross border partnership + MORE Dec 6th
WestJet and Delta Air Lines plan to form a joint venture that will enhance transborder service and deepen the relationship between the two companies.
They said in a statement early Wednesday that the joint venture, which has yet to be approved, would increase travel choices between Canada and the Un.... More »
Ford government threatens to take control of real estate watchdog as realtors call for answers - CTV News Aug 31st
Ford government threatens to take control of real estate watchdog as realtors call for answers CTV NewsCanada’s largest private landlord often dramatically increases eviction applications after acquiring buildings, study finds Toronto StarOntario real estate agency has accoun.... More »
Fintech platforms outpace bank brokerages in new survey + MORE Apr 9th
Fintech companies are leading in client satisfaction compared with self-directed brokerages at traditional banks, a new report shows. A JD Power survey on investor satisfaction found fintechs aren’t just winning on consumer satisfaction but are also perceived to be more innovative and equally .... More »
Oil prices rise above $100, North American stock market holds steady as U.S.-Iran tensions continue - CBC + MORE Apr 13th
Oil prices rise above $100, North American stock market holds steady as U.S.-Iran tensions continue CBCOil prices jump on US plans to blockade Iranian ports in Strait of Hormuz CNNPrice at the pump in Toronto could soon eclipse $2 a litre amid U.S threat to blockade Strait of H.... More »
5 ways to invest sustainably for Canadian investors + MORE Apr 21st
Sustainable investing means different things to different people. For some it is about avoiding certain activities or industries. Others see it as a more proactive approach—making a positive difference. Not just “do no evil” but being a force for change.
A helpful way to think about the ran.... 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…
