Business

China’s Xi defends global trade at World Economic Forum in Davos

Chinese President Xi Jinping on Tuesday trumpeted the need for free trade and urged the world to “say no to protectionism,” delivering a strong rebuke to isolationist tendencies that helped fuel Donald Trump’s presidential election victory. Focusing on the “double-edged” impact of economic globalization in a speech that alluded variously to Charles Dickens, Greek mythology and Chinese proverbs, the leader ...

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CMHC to hike mortgage insurance premiums by an average of $5 a month

The Canada Mortgage and Housing Corporation will charge borrowers a few dollars more every month to insure their mortgages starting in March. The housing agency made the announcement in a release Tuesday. Starting March 17, CMHC will charge mortgage holders slightly more every month to insure their loans. By law, anyone putting down less than 20 per cent of the purchase price ...

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Theresa May spells out plans for ‘hard Brexit’

Britain will not seek a Brexit deal that leaves it “half in, half out” of the EU, Prime Minister Theresa May will say on Tuesday in a speech setting out her priorities for divorce talks which indicates she is prepared to leave the single market. The pound, which has traded at the lowest levels against the U.S. dollar for more than three decades, recovered slightly on ...

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Theresa May spells out Brexit plan, free trade but a clean break from EU

Prime Minister Teresa May on Tuesday promised a parliamentary vote on Britain’s final deal to leave the European Union and stressed it would seek to remain a key European partner as she set out her priorities for divorce talks. May outlined “a comprehensive and carefully considered” framework, with 12 objectives, which she said would “leave the EU a success” through a new free trade agreement with the United Kingdom. However, she said the ...

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Top-down solutions from Davos elite out of step with populist anger: Don Pittis

In the Swiss resort town of Davos amid the glare of media attention, movie stars, billionaires and politicians have gathered once again to tell us what we are doing wrong and how to start doing things right. It’s like the Oscars in the Alps, a glimpse of the one per cent in their opulent element taking their mittens off to shake their fingers at us. This year’s theme for the ...

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Why the Dow Jones hitting 20,000 is meaningless

There are few things economic experts agree on. That the Dow Jones Industrial Average is ridiculous as an economic indicator is one. That its milestones are meaningless is another. For weeks now, headlines have been breathlessly anticipating the Dow breaking through the 20,000-point mark. Never mind that the much broader S&P500 has hit new all-time highs since Donald Trump was elected, as has the ...

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Internal document raises possibility of ‘Netflix tax’

The Liberal government is reviewing whether to enforce a so-called Netflix tax on the digital services Canadians buy from foreign-based firms over the internet. A high-profile example is U.S.-based Netflix, which does not apply federal or provincial sales taxes to monthly billings sent to Canadian customers for its streaming service. At the same time, Canadian firms selling digital services within the ...

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GM, Hyundai said to be announcing U.S. auto plant investment

General Motors will announce a $1 billion US investment in its factories that will create or keep around 1,000 jobs, a person briefed on the matter said Monday. The Detroit automaker will make the announcement Tuesday morning. The investment is part of the normal process of equipping factories to build new models, and it’s been planned for months, the person ...

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Layoffs begin as Gildan backs away from American Apparel factories

American Apparel LLC said it had started to lay off staff on Monday, after Canadian apparel maker Gildan Activewear Inc. withdrew its initial plan to acquire some of the bankrupt U.S. fashion retailer’s manufacturing operations. Gildan won the rights to American Apparel’s brand with an $88 million US bid in a bankruptcy auction last week. It had previously indicated it ...

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Trump threatens 35% border tax on German autos

U.S president-elect Donald Trump warned German car companies he would impose a border tax of 35 per cent on vehicles imported to the U.S. market, a plan that drew sharp rebukes from Berlin and hit the automakers’ shares. In an interview with German newspaper Bild, published on Monday, Trump criticized German carmakers such as BMW, Daimler and Volkswagen for failing ...

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