Category Archives: Financial News

Financial News

Facebook slammed for breaching Canadian privacy laws — and then refusing to fix it

Facebook slammed for breaching Canadian privacy laws — and then refusing to fix it

Privacy watchdogs are accusing Facebook Inc. of “serious contraventions” of Canadian law in the Cambridge Analytica scandal. In a joint report released Thursday, the Privacy Commissioner of Canada and the Privacy Commissioner of British Columbia said the Menlo Park, California-based technology giant didn’t obtain proper consent from users to disclose their personal data, didn’t have…

If you disagree with the CRA’s assessment of your tax return, make sure you file a notice of objection

If you disagree with the CRA’s assessment of your tax return, make sure you file a notice of objection

By now, most of us have likely filed our 2018 tax return. Tax filing data released by the Canada Revenue Agency on Monday shows that as of this week, the CRA has received just over 18.4 million of the estimated 30 million personal tax returns it expects to receive during the 2019 tax filing season.…

Posthaste: Bombardier warning, big tech triumphs … and uh-oh, $100 oil

Posthaste: Bombardier warning, big tech triumphs … and uh-oh, $100 oil

Good morning! Bombardier is the big news this morning as the plane and train maker slashed its full-year revenue outlook by US$1 billion dollars and warned on profit. Tesla is another stock to watch after the electric-car maker released earnings that were as ugly as the market had expected — a US$700 million loss in…

Bombardier cuts financial outlook, full-year revenue down by $1 billion

Bombardier cuts financial outlook, full-year revenue down by $1 billion

Canada’s Bombardier Inc cut its full-year profit and revenue forecast on Thursday, as delays in some large projects hit its dominant transportation unit that makes rail cars. The forecast cut comes as the plane-and-train maker nears the end of a five-year turnaround plan after a round of heavy investment in plane production drove the company…

Stephen Poloz inverts Canada’s yield curve by removing rate-hike bias

Stephen Poloz inverts Canada’s yield curve by removing rate-hike bias

Stephen Poloz has inverted Canada’s yield curve. The central bank’s decision to remove a bias to higher interest rates pushed longer-term government bond yields lower, dropping them below short-term debt. The 3-month government bill yields about 1.68 per cent, compared with 1.67 per cent for the 10-year note, according to data compiled by Bloomberg. An…

Dramatic dilution at Prometic Life Sciences draws ire of shareholders

Dramatic dilution at Prometic Life Sciences draws ire of shareholders

Some shareholders of a Quebec-based biotechnology company are objecting to a dilutive restructuring that wipes out most of their equity in Prometic Life Sciences Inc., a transaction they didn’t get to vote on because the Toronto Stock Exchange granted the company’s application to go ahead without a shareholder vote due to “financial hardship.” “We’re being…

Posthaste: With central banks in dovish mode, the bulls are in charge in a ‘late cycle’ market rally

Posthaste: With central banks in dovish mode, the bulls are in charge in a ‘late cycle’ market rally

Good morning! How long can the gravity-defying rally continue, investors are asking, as Canadian and U.S. markets scale new heights? Investment bank UBS Group AG believes while the U.S. business cycle has transitioned to the late stage, “the good news is that the economy can be late cycle for a long time.” Robust Facebook and…

Down to Business podcast: Innovation and disruption in Canada — with guest Michele Romanow

Down to Business podcast: Innovation and disruption in Canada — with guest Michele Romanow

Welcome to Down to Business, a weekly podcast from the Financial Post. Our first episode covers innovation and disruption in Canadian business — with our guest Michele Romanow, tech entrepreneur and Dragons’ Den judge. You can listen below — or on Apple Podcasts, Stitcher and Google Play, where you can also subscribe to get new…

What to watch for in Lululemon’s first analyst day in five years — and why you should care

What to watch for in Lululemon’s first analyst day in five years — and why you should care

Lululemon Athletica Inc. has given investors reasons to jump on board. Now it wants to give them reasons to stay. The upscale yogawear maker is hosting its first analyst day since 2014 on Wednesday, when it’s expected to share its strategy for the next few years and disclose new financial targets. Key for investors will…

Foreign investments by pension funds protect Canada’s triple-A credit rating

Foreign investments by pension funds protect Canada’s triple-A credit rating

Canada’s trove of overseas assets, including airports and roads owned by pension funds, is helping to protect the country’s top credit rating, according to Fitch Ratings. Foreign assets held by Canadians reached $3.71 trillion US at the end of 2018, exceeding foreign liabilities by $528.6 billion US$ and making the country a net creditor to…