Target profits dragged down by Canadian expansion, wary shoppers + MORE Aug 22nd

BANGKOK – Asian stock markets fell Thursday after the Federal Reserve made it known that its top officials were leaning toward phasing out its massive stimulus program.
The Fed released minutes of its July policy meeting Wednesday that showed most members want to slow down the pace of a massive bond-buying program. The U.S. central bank has been purchasing $85 billion of financial assets a month, which was intended to push down interest rates and spur borrowing and growth.
However, U.S. economic data in recent months has been strong enough to stir some Fed officials to call for a winding down of the asset purchases. That has sparked a sell-off in stock markets, which had been pumped up by the low interest rate policy, with some weaker Asian economies such as India and Indonesia particularly hard hit. India’s rupee continued to post fresh record lows, with the dollar buying more than 65 rupees Thursday.
Critics have said the program has raised the risk of igniting inflation by pumping up the money supply and also could create asset bubbles in assets such as stocks…

TORONTO – An Ontario court has certified a class action against BMO Nesbitt Burns Inc. involving unpaid overtime, the latest in several such actions against Canadian banks that seek hundreds of millions of dollars.
Lawyers say the latest class action covers more than 1,500 current and former investment advisers, associate investment advisers and investment adviser trainees employed by Nesbitt Burns since 2002.
Koskie Minsky LLP and Eli Karp at Merchant Law are representing the plaintiff in the action.
They say Justice Edward Belobaba of the Ontario Superior Court of Justice certified the class action after finding that all three of the employee groups were “excluded from overtime under the Nesbitt overtime policy because they are paid in whole or in part on commission.”
The plaintiff alleges that Nesbitt Burns, owned by the Bank of Montral (TSX:BMO) breached its duties to the class members by systematically and improperly denying overtime to the class.
The allegations have not been proven…

This GIC rate is offered by Outlook Financial and was updated on 2013-03-14. Click on the link above to get more details or apply online.

Target Corp. is reporting a 13 per cent drop in second-quarter earnings as the discount retailer spent money on opening stores in Canada and dealt with cautious shoppers in the United States.

This GIC rate is offered by Outlook Financial and was updated on 2013-03-14. Click on the link above to get more details or apply online.