Business

Trump plans to slash U.S. corporate tax rate to 15%

President Donald Trump plans to stick with his campaign pledge to slash the corporate tax rate from 35 per cent to 15 per cent, but the dramatic cut raises a problematic question for the White House: How can the president deliver the “massive” tax cut he promised without also blowing a massive hole in the budget? A senior administration official ...

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Wells Fargo shareholders disrupt meeting as fate of board members awaited

Wells Fargo & Co.’s annual meeting turned raucous when it was repeatedly interrupted by angry shareholders on Tuesday as the bank’s chairman and chief executive tried to calm nerves ahead of a vote that could oust the majority of its board. At least one shareholder was removed and the meeting went into recess after he made what chairman Stephen Sanger ...

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New Ontario rent control rules may prompt some condo owners to sell: report

New rent control measures unveiled last week by the Ontario government could wind up pushing some small investors out of the condominium market, according to a new report. Urbanation, a research and consulting firm specializing in the Toronto condominium market, said the imposition of rent control by the government on recently built units is the “single biggest and potentially most harmful ...

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McCain hash browns in U.S. recalled due to presence of ‘extraneous golf ball materials’

The American division of McCain Foods is recalling several brands of frozen hash browns because they may be contaminated with “extraneous golf ball materials.” The Food and Drug Administration says the company — a division of Canadian food conglomerate McCain Foods Ltd. — is recalling several brands of hash browns, all of which were made on Jan. 19, 2017. Affected products ...

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Canadian dollar falls in face of U.S. softwood lumber duties

The value of the Canadian dollar tumbled on Tuesday morning after news that countervailing duties of up to 24 per cent will be placed on Canadian lumber exports to the U.S. The loonie briefly fell to its lowest point against the U.S. dollar since February 2016, then recovered somewhat. As of 10:14 a.m. ET, the loonie was trading at 73.55 U.S. cents, down ...

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Great-West Lifeco to lay off 13% of its Canadian workforce

Insurance conglomerate Great-West Lifeco plans to lay off 1,500 Canadian workers this year and next year as part of a cost-cutting plan. “Reductions will come from reducing the temporary workforce, a voluntary retirement program and eliminating positions through a severance program,” the Winnipeg-based company said in a release. “These are difficult but necessary decisions that we are not taking lightly,” ...

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Basic income finds support on right as ‘most transparent’ form of redistribution

One might assume that the Ontario Liberal government’s pilot project to provide a guaranteed basic income would be roundly dismissed by those on the political and economic right as yet another government-led social welfare scheme doomed to failure. But the policy has adherents among some free-market economists and libertarian thinkers who believe this type of program is the most efficient way to provide assistance ...

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‘Get lined up’: Alberta gas producer’s demise leaves long list of creditors and costly messes

Maureen and Wendell Strong started hearing the rumours early in 2016: Alberta landowners with Lexin Resources natural gas wells on their property weren’t getting paid. The Strongs, who had two Lexin wells on their land south of High River, and decades of experience dealing with the energy industry, waited anxiously to see if they’d receive their money. In Alberta, most ...

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Barrick Gold sees profits rise in quarter but misses analyst expectations

The Canadian Press Posted: Apr 24, 2017 5:57 PM ET Last Updated: Apr 24, 2017 5:58 PM ET Barrick Gold’s first quarter results fell short of expectations despite swinging to a profit of $679 million US compared to a net loss of $83 million US in the same quarter last year. The gold mining giant said that once adjusted, net ...

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CN raises 2017 outlook on record Q1 volumes, helped by higher grain

Canadian National Railway raised its outlook for the year after profits increased 12 per cent on record first-quarter volumes, helped by an increase in Western Canadian grain. The Montreal-based railway said Monday it expects to earn between $4.95 and $5.10 per adjusted diluted share for the year, an increase of eight to 11 per cent from last year. In January ...

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