Tuesday, October 21st14.0°C

China's economic growth falls to 7.3 per cent in 3Q, lowest in 5 years

Oct 21, 2014 / 11:20 am

BEIJING, China - China's economic growth waned to a five-year low of 7.3 per cent last quarter, raising concerns of a spillover effect on the global economy but falling roughly in line with Chinese leaders' plans for a controlled slowdown.The third-quarter figures, released Tuesday, put China on...

New US rules on banks taking risk in mortgage bonds are eased to spur wider lending

Oct 21, 2014 / 11:14 am

WASHINGTON - Banks will get a break in easier rules for packaging and selling mortgage securities and fewer borrowers will have to make hefty down payments under actions taken by federal regulators.The regulators have dropped a key requirement: a 20 per cent down payment from the borrower if a bank...

New York warns that Ocwen may have misled "hundreds of thousands" of subprime borrowers

Oct 21, 2014 / 11:08 am

The nation's largest servicer of subprime mortgages has engaged in abuses that could potentially harm hundreds of thousands of borrowers, according to the New York Superintendent of Financial Services.The state regulator issued a letter Tuesday to Ocwen Financial Corp., documenting the same kinds...

Ottawa should be wary of turning surplus into tax cuts: budget watchdog

Oct 21, 2014 / 10:06 am

OTTAWA - Canada's budget watchdog says the country is on track to run a $3.6-billion surplus in 2014-15, delivering a balanced budget a year earlier than government predictions.However, a report released Tuesday by Parliamentary Budget Officer Jean-Denis Frechette urges Ottawa to proceed with...

Unemployment rates fall in 31 US states, most gain jobs in final pre-election report

Oct 21, 2014 / 10:04 am

WASHINGTON - Unemployment rates fell in 31 U.S. states in September, including in many where incumbent governors and senators face tough re-election campaigns. The report is the final data on state unemployment before the Nov. 4 elections.Tuesday's data may quickly find its way into late campaign...

NTSB: Pilot errors caused deadly Georgia jet crash; lack of sleep called contributing factor

Oct 21, 2014 / 9:24 am

ATLANTA - Federal investigators say a pilot failed to follow procedures during landing, and that fatigue from lack of sleep contributed to a fiery jet crash that killed a Georgia vascular surgeon and four colleagues from a vein care practice.In a report released Tuesday, the National Transportation...

Google's music subscription service seeks to remain in tune with its listeners' shifting moods

Oct 21, 2014 / 9:08 am

SAN FRANCISCO - Google's music-subscription service will try to anticipate its listeners' mood swings as it amplifies its competition with Pandora, Spotify and other popular services that play tunes over the Internet. Starting Tuesday, the $10-a-month All Access service will make music...

Ottawa issues new guidelines on licensing and operation of drones

Oct 21, 2014 / 8:52 am

TORONTO - Federal Transport Minister Lisa Raitt has launched a public campaign to help make sure Canadians are flying drones safely. Raitt announced new guidelines for the increasingly popular unmanned aircraft, and trumpeted the Transport Canada website, which gives operators of drones an...

Staples investigating potential credit card data breach, contacts law enforcement

Oct 21, 2014 / 8:48 am

NEW YORK, N.Y. - Staples is looking into a potential credit card data breach and has been in touch with law enforcement officials about the issue. The office supplies retailer said Tuesday that if it turns up any data discrepancies during its investigation, customers won't be responsible for...

Canadian dollar, commodities rise as markets relieved over Chinese growth data

Oct 21, 2014 / 8:42 am

TORONTO - The Canadian dollar jumped almost half a U.S. cent late morning Tuesday while commodity prices headed higher in the wake of Chinese growth data that came within expectations. The dollar gained 0.44 of a cent to 89.06 cents US as China's economic growth slowed to a five-year low of...

TSX advances on strong earnings reports, 'decent' Chinese growth data

Oct 21, 2014 / 8:24 am

TORONTO - The Toronto stock market racked up a solid gain for a fourth session Tuesday, supported in part by a well-received earnings report from Canadian Pacific Railway and data that shows Chinese economic growth slid to a five-year low in the latest quarter but was within expectations. The...

BC to announce tax rate for LNG

Oct 21, 2014 / 8:08 am

The British Columbia government will reveal its anticipated tax rate on the proposed liquefied natural gas industry today. Provincial Finance Minister Mike de Jong says he can't say much about the proposed law, except that it will be a two-tiered tax recognizing the significant capital...

Canadian Pacific Q3 profit, revenue up from a year ago but below estimates

Oct 21, 2014 / 7:50 am

CALGARY - Canadian Pacific Railway (TSX:CP) had $400 million of net income in the third quarter — up 23 per cent from last year on higher revenue and improved efficiency but short of the profit growth that analysts had been anticipating.Its revenue for the three months ended Sept. 30...

US existing home sales up 2.4 per cent in Sept. to fastest rate in 2014; still lags 2013 pace

Oct 21, 2014 / 7:36 am

WASHINGTON - U.S. homes sold in September at their fastest clip this year, yet the housing market has yet to fully shake off a slowdown that began in the middle of 2013.The National Association of Realtors says sales of existing homes rose 2.4 per cent to a seasonally adjusted annual rate of 5.17...

Kimberly-Clark to eliminate up to 1,300 jobs as part of restructuring efforts

Oct 21, 2014 / 7:26 am

DALLAS - Kimberly-Clark plans to eliminate up to 1,300 jobs as part of restructuring efforts aimed at reducing costs and making its business more efficient.The consumer products company has 58,000 workers worldwide, according to its website.Kimberly-Clark Corp. said Tuesday that it anticipates...

Ontario Teachers to buy stake in North American laundry service operator

Oct 21, 2014 / 7:22 am

TORONTO - The Ontario Teachers' Pension Plan has agreed to buy a 29.7 per cent interest in CSC ServiceWorks, which operates laundry equipment and services for apartments, colleges and universities, from Pamplona Capital Management.Terms of the deal were not disclosed.CSC ServiceWorks includes...

Turner Broadcasting channels disappear from Dish as deadline passes to renew contract

Oct 21, 2014 / 7:18 am

ENGLEWOOD, Colo. - Channels such as Cartoon Network and CNN are no longer part of Dish's programming lineup as a deadline has passed for the satellite TV provider and Turner Broadcasting to renew their distribution agreement.Dish Network Corp. said Tuesday that Turner refused to extend the overall...

Snowplow hits plane, 4 dead

Oct 21, 2014 / 6:39 am

The CEO of French oil giant Total SA was killed at a Moscow airport when his corporate jet collided with a snowplow whose driver was drunk, Russian investigators said Tuesday. Total confirmed "with deep regret and sadness" that Chairman and CEO Christophe de Margerie died in the crash...

Amazon.com and Simon & Schuster reach multiyear agreement for print and digital books

Oct 20, 2014 / 6:54 pm

NEW YORK, N.Y. - Amazon.com and Hachette Book Group remain in a months-long standoff, but the online retailer has reached a multiyear agreement with another major New York publisher, Simon & Schuster.Amazon and Simon & Schuster both expressed satisfaction Monday with the deal, which covers...

N.B.'s new premier to oilpatch: support for Energy East has not wavered

Oct 20, 2014 / 6:24 pm

CALGARY - New Brunswick's new premier said Monday he's looking to assure Alberta's oilpatch that even though the government has changed, its support for the Energy East pipeline has not.Brian Gallant is visiting Calgary this week in his first official visit since being elected premier about a month...

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Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...

Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...


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