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  • Netflix’s CFO to step down following cash-fueled expansion

    August 13, 2018 6:27 PM 14

    Netflix Inc. chief financial officer David Wells will step down after eight years on the job, during which the streaming service grew into an entertainment giant that spends more on movies and TV shows than the biggest Hollywood studios. Wells, 47, will help choose a successor and stay on until his replacement takes over to make sure the transition goes smoothly

  • Bargain hunting for school supplies starts early

    August 12, 2018 11:45 PM 18

    School supply lists are getting longer and parents can feel financially frazzled by the pressures of back-to-school shopping. The average Canadian family spent a whopping $890 on supplies and clothing, according to a recent survey by RetailMeNot Inc. Driving up those costs, which are double that spent five years ago, are tech items like software, tablets

  • Surge in part-time work in Canada offsets full-time losses as unemployment rate drops to 5.8 per cent

    August 10, 2018 1:20 PM 16

    OTTAWA—A rush of new part-time jobs offset a drop in full-time work last month to help the economy post a net gain of 54,100 positions and drop the unemployment rate to a four-decade low. The July jobless rate was 5.8 per cent, down from 6 per cent the previous month, Statistics Canada said Friday in its latest labour force survey. The country gained

  • Cineplex profit jumps in second quarter on higher attendance, more spending per person

    August 10, 2018 12:58 PM 15

    Cineplex Inc. had $24.4 million of net income in the second quarter, beating analyst profit estimates, as total revenue increased by 12.4 per cent from last year and the company made progress on its cost-reduction efforts. The Toronto-based cinema and entertainment company says revenue for the three-months ended June 30 was $409 million, a record high for the second

  • Nevsun rejects Lundin takeover as it seeks alternative buyer

    August 9, 2018 6:41 PM 18

    Last month, Toronto-based Lundin formally launched a hostile takeover bid, arguing deep pockets will be required to develop its Timok copper-and-gold project in Serbia and its Bisha mine in Eritrea. Lundin has been trying to acquire the company since October. In addition to undervaluing the portfolio, Lundin’s latest bid is lower than previous transactions

  • Ontario Power Generation buys U.S. renewable energy firm for $388M

    August 9, 2018 5:02 PM 23

    Ontario’s government-owned power company is making its first foray outside the province, announcing a deal to buy New Jersey-based Eagle Creek Renewable Energy for $388 million. Ontario Power Generation says Eagle Creek owns 63 small hydropower facilities in the United States providing a total of 216 megawatts of capacity. The privately held target company’s

  • TSX rises in widespread advance, Canadian dollar moves up

    August 9, 2018 4:22 PM 16

    The Toronto Stock Exchange’s S&P/TSX composite index was up 89.82 points at 16,404.90 after 90 minutes of trading. Among the advances were information technology and the materials sector, including silver and gold producers. In New York, the Dow Jones industrial average was down 9.28 points at 25,574.47. The S&P 500 index was up 2.05 points at 2,859.75 and the Nasdaq

  • Housing starts lower in July, fewer multiple-unit projects after busy June, CMHC says

    August 9, 2018 1:33 PM 13

    OTTAWA—Canada Mortgage and Housing Corp. says there was a slowdown in housing construction starts in July, following a near-record high in the previous month. The federal Crown corporation says the seasonally adjusted rate of housing starts dropped to 206,314 units in July, from 346,200 in June. Urban multiple-unit projects such as condos and apartments

  • Saudi Arabia reportedly planning a sell-off of Canadian assets as diplomatic dispute intensifies

    August 8, 2018 3:04 PM 19

    Saudi’s asset sales may not have a big impact on the Canadian currency, although seasonally thin trading in August could exacerbate that effect. Saudi holdings of Canadian dollar reserves are between $10 billion ($7.7 billion U.S.) and $25 billion, with the upper end of that estimate representing 10 per cent of daily Canadian dollar volumes, according

  • Pension funds are boosting bull market bets as stocks climb higher

    August 7, 2018 7:56 PM 20

    The risks to these systems are sizable losses during market downturns. Public pension funds lost hundreds of billions during the last financial crisis largely because of their exposure to public markets. They had 62% of their portfolio allocated to equities in 2007, according to Wilshire. The two largest public pensions in the U.S. — California Public