Business

Rich man, poor man: A closer look at Oxfam’s inequality figures

A combination of static disposable incomes and rising costs has created a feeling among many middle-class Canadians that they are falling behind. Reports point out the declining quality of our jobs and that the top CEOs earn 193 times what the average worker earns. Oxfam tells us the wealth of two Canadian billionaires equals that of the 11 million least-wealthy Canadians, ...

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Luxottica to join with Essilor in $70B merger of two eyewear giants

A global eyewear colossus worth almost $70 billion Canadian is set to be created as Italy’s Luxottica — owner of Ray-Ban and Oakley glasses — merges with France’s Essilor, owner of Crizal, Transitions, Clearly Contacts and other brands. Essilor said it had reached an agreement with Luxottica’s owners for an all-share deal to combine the two lens companies. Shares jumped in both Luxottica, which is ...

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IMF expects Canada’s economy to expand by 1.9% this year

The International Monetary Fund is projecting strengthening world growth in 2017 and has upgraded its estimates of Canada’s economic potential. However the Washington-based agency says any moves by the incoming Donald Trump administration to restrict trade could dampen the improving outlook. In its report released Monday, the IMF says it estimates the Canadian economy will grow by 1.9 per cent ...

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OPEC cuts, while the U.S. turns on the oil taps

It’s been a few weeks since members of OPEC started cutting production. Saudi Arabia said last Wednesday that its production is the lowest it’s been in two years, Iraq said that it had made cuts, as did Kuwait. While there are no firm numbers for Organization of the Petroleum Exporting Countries production, optimism is growing that the majority of members will actually make ...

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Former Alberta oilpatch workers hesitant to return as activity picks up

John Fodchuk says life is good for him and his family in Weyburn, Sask. There’s no carbon tax, and there’s plenty of optimism and opportunity — a sharp contrast to the Alberta he left behind. “Southeast Saskatchewan reminds me of the way Alberta used to be,” says Fodchuk, 34. Born and raised in Brooks, Alta., Fodchuk was working as a journeyman instrumentation technician ...

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Trump may be inaugurating an era of market failure in economics and ideas: Don Pittis

Cynics may believe that business is based on a pack of lies, but at every level of business, from buying a used car to a billion-dollar stock deal, truth is precious. Investors have been pouring their money into stock markets on the assumption that U.S. president-elect Donald Trump has been telling the truth. They may be disappointed. There is increasing evidence ...

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Samsung Group chief faces arrest, accused of paying millions in bribes

South Korea’s special prosecutor’s office said on Monday it was seeking a warrant to arrest the head of Samsung Group, the country’s largest conglomerate, accusing him of paying multi-million dollar bribes to a friend of President Park Geun-hye. Samsung Group chief Jay Y. Lee was questioned for 22 straight hours last week as investigators probed a corruption scandal that resulted ...

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