Daniel Tencer

Entries by Daniel Tencer

LIBOR Lawsuits Could Have Bankrupted RBC, Says U.S. Court

(0) Comments | Posted May 26, 2016 | 12:04 AM

The Royal Bank of Canada is among 16 multinational banks that have to face lawsuits in the U.S. over their role in an interest rate rigging scandal.

The U.S. Court of Appeals for the Second Circuit in Manhattan cleared the way for the suits in a ruling Monday, the

Read Post

Target May Have Violated Securities Laws In Canadian Expansion, Law Firm Says

(4) Comments | Posted May 25, 2016 | 3:08 PM

More than a year after Target abruptly announced it’s leaving Canada, the Minneapolis-based retailer continues to face fallout from its northern misadventure.

A California law firm says it has launched an investigation into “possible violations of [U.S.] federal securities laws” in Target’s Canadian expansion. It doesn’t allege the retailer broke...

Read Post

Canadian Content Quotas Should End, Foreign Ownership Should Be Allowed: C.D. Howe

(0) Comments | Posted May 25, 2016 | 8:29 AM

New media like Netflix and YouTube have made Canada’s telecom rules obsolete, says a new report from the C.D. Howe Institute that urges the government to ditch Canadian content (CanCon) quotas.

The report also urged the government to wrest some regulatory power from the CRTC and loosen foreign ownership restrictions...

Read Post

Canadian Debt Survey Finds Many Risk Becoming House-Rich, Cash-Poor

(0) Comments | Posted May 24, 2016 | 4:43 PM

More than one-third of Canadian households were unable to pay their bills at some point in the past year, a sign that rising housing costs are biting into Canadians’ finances, Manulife Bank says.

Ever-larger mortgages mean many Canadians are at risk of retiring house-rich but cash-poor, Manulife said in a...

Read Post

Canada's Economy Shrinking Right Now, Economists Warn

(16) Comments | Posted May 24, 2016 | 9:15 AM

Canada’s economy is likely shrinking right now, some economists at the big banks are warning, following a recent run of worse-than-expected economic data.

“While we now suspect the economy will contract by a 1-per-cent (or more) annual rate in [the second quarter], it will likely rebound strongly” in the third...

Read Post

Canada's Most Incredible New Buildings Are More Than A Pretty Facade

(1) Comments | Posted May 21, 2016 | 1:05 PM

Toronto and Vancouver may be building condo towers like crazy, but Canada's new architectural marvels apparently aren't among them.

The country's condo boom was not present in this year's Governor General's Medals in Architecture. The biennial award, run by the Royal Architectural Institute of Canada (RAIC) and the Canada...

Read Post

Commuting By Plane? Niagara Proposes 8-Minute Flights To Toronto

(11) Comments | Posted May 20, 2016 | 2:40 PM

Traffic jams in the Toronto region can be epic, but are they bad enough to convince people to fly to work?

Officials in Niagara Region hope so. They're working to sell Porter Airlines on the idea of running a commuter flight from Niagara District Airport to Toronto’s downtown Billy Bishop...

Read Post

Canadian Food Prices Fall As Stronger Loonie Takes The Pressure Off

(2) Comments | Posted May 20, 2016 | 11:52 AM

Canadians were seeing red earlier this year as grocery prices shot up, thanks to a sliding loonie. But the loonie’s bounce-back in the past few months is now taking the pressure off food prices — at least for the moment.

Statistics Canada reported Friday that fruit, vegetables and...

Read Post

Walmart Grocery Store Chain Could Soon Come To Canada: Analyst

(11) Comments | Posted May 19, 2016 | 1:09 PM

Walmart Canada is expanding its grocery selection in an effort to take some market share from the likes of Loblaws and Sobeys.

But a retail analyst at Desjardins says Walmart could soon take the supermarket fight to the next level, and open an actual grocery store chain in Canada.


Read Post

SNC-Lavalin Named In Panama Papers

(4) Comments | Posted May 18, 2016 | 6:35 PM

Canadian construction and engineering giant SNC-Lavalin, already embroiled in corruption scandals in numerous countries around the world, can add one more black mark to its reputation: It has been named in the Panama Papers leak of offshore accounts, according to news reports.

Among the 11.5 million files in the Panama...

Read Post

LinkedIn Hack: 117 Million Usernames, Passwords Being Shopped Around Online

(0) Comments | Posted May 18, 2016 | 3:38 PM

If you had a LinkedIn account in 2012 or earlier, make sure you’ve changed your password.

The social site on Thursday confirmed a report that some 117 million email addresses and passwords to LinkedIn accounts have made their way to hacker websites following a hack attack in 2012.

“We are...

Read Post

Sweden: We Cancelled Our Saudi Arms Deal, And We Didn't Suffer

(9) Comments | Posted May 18, 2016 | 12:11 PM

As Canada’s Liberal government pushes forward with a controversial $15-billion arms export deal with Saudi Arabia, a spokesperson for Sweden’s government says cancelling its own Saudi arms deal didn’t hurt the country.

“We have not experienced any economic effects due to [the cancellation] and our bilateral relations with Saudi Arabia...

Read Post

Subprime Lending, Which Wrecked U.S. Economy, Becoming A Problem In Canada

(44) Comments | Posted May 18, 2016 | 7:22 AM

If the term “subprime” means anything to you, it likely conjures up images of the U.S. debt crisis of 2008-09, when subprime borrowers, unable to pay their loans, helped push the financial system to the brink of collapse.

So it probably isn’t good news to hear that subprime lending is...

Read Post

Toronto House On Sale For $1, And Owner 'MUST SELL'

(17) Comments | Posted May 17, 2016 | 2:34 PM

There is a house in Toronto that won’t sell.

You’ve already stopped believing this story, haven’t you?

But it’s true. Apparently. The rowhouse at 11 Edith Ave., near the city’s trendy-but-downscale Junction neighbourhood, is on sale with an asking price of $1, and an MLS listing declaring that...

Read Post

Bell Mobility's Fee For A Nonexistent 911 Service Will Cost It $1 Million

(0) Comments | Posted May 17, 2016 | 12:52 PM

For years, Bell Mobility charged residents of Canada’s northern territories 75 cents a month for 911 services.

There was only one problem: There was no access to 911 services in the territories, outside of Whitehorse. To this day, calling 911 will get you a recorded message.

Now, a nine-year-long...

Read Post

George Soros Just Made A Huge Bet On Canada (And Against Stock Markets)

(41) Comments | Posted May 17, 2016 | 11:40 AM

Billionaire investor George Soros believes the stock market is headed for a 2008-style meltdown, so he’s betting on Canadian gold instead.

Soros, who became famous overnight in 1992 with a huge bet against the British pound, disclosed Monday that he bought 19 million shares of Toronto-based Barrick Gold...

Read Post

Macy's, JCPenney To Take Loonie At Par In This U.S. Mall

(0) Comments | Posted May 16, 2016 | 2:53 PM

The low loonie means fewer Canadians are crossing the border to shop in the U.S., and one mall in Washington state wants to reverse that trend.

Participating stores at Bellis Fair Mall, in Bellingham, Wash., will be taking the dollar at par during Canadian long weekends this summer, the mall...

Read Post

Toronto, Vancouver Housing Markets Have 'Topped Out': Real Estate Association

(22) Comments | Posted May 16, 2016 | 1:17 PM

The wild ride in the Toronto and Vancouver housing markets may be over. Either that, or it’s taking a breather right in the middle of the hot spring home-buying season.

After several years of rapid growth, home sales in both cities have flatlined and even shrunk mildly over the past...

Read Post

1 Big Sign North America Has A Recession Incoming

(98) Comments | Posted May 14, 2016 | 2:41 PM

When unsold goods start piling up in warehouses, that’s a pretty good sign the economy is slowing down. And that’s what’s happening in the U.S. right now.

The ratio of business inventories to sales has risen to near recessionary levels, according to data from the Commerce Department released Friday.


Read Post

Conrad Black's Toronto Mansion Caught Up In Dispute Over Unpaid Taxes: Report

(22) Comments | Posted May 13, 2016 | 11:28 AM

Lord Conrad Black can't seem to stop running headfirst into the law.

The latest to stand in his way? Canada Revenue Agency, which The Globe and Mail reports has put a hold on the sale of his Toronto mansion over claims of unpaid taxes.

The CRA put two...

Read Post