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Oct 8, 2013

Canada blocks network sale to Egypt’s Sawiris, citing security

TORONTO, Oct 7 (Reuters) – The Canadian government said on
Monday it blocked a bid from a company controlled by Egyptian
telecom tycoon Naguib Sawiris to buy a fiber optic network,
citing national security concerns.

The surprise move by the country’s Conservative government
was made with little explanation and comes as many question its
appetite for foreign investment in sectors ranging from
telecommunications to oil sands.

Sep 11, 2013

Documentary ‘Jodorowsky’s Dune’ argues case for lost masterpiece

TORONTO, Sept 11 (Reuters) – In 1974, cult director
Alejandro Jodorowsky set out to make a film of the science
fiction novel “Dune,” with music by Pink Floyd, a cast that
included Mick Jagger, and the goal of letting the audience
experience an LSD hallucination without drugs.

The movie was never made. But “Jodorowsky’s Dune,” a
documentary shown at the Toronto International Film Festival on
Tuesday, argues the film is not only a lost masterpiece, but
that it helped spawn the popular “Alien” movie franchise and
left its mark on many science-fiction film classics.

Sep 11, 2013

Canada, Ontario sell part of GM stake for about $1.1 bln

TORONTO, Sept 10 (Reuters) – The Canadian and Ontario
governments said on Tuesday they would sell nearly a quarter of
their common shares in General Motors Corp, part of a
longer-term plan to shed the stock they acquired in 2009 when
they helped the U.S. government bail out the automaker.

The two governments will sell 30 million GM common shares in
a block trade to Bank of America Merrill Lynch and RBC
Capital Markets, a unit of Royal Bank of Canada.

Sep 10, 2013

Canada sells part of its GM stake for about $1.1 billon

TORONTO (Reuters) – The Canadian government said on Tuesday it had a deal to sell nearly a quarter of its common shares in General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), part of a longer-term plan to shed the stake it acquired when it helped bail out the automaker.

The government said in a statement it will sell 30 million GM common shares in a block trade to Bank of America Merrill Lynch (BAC.N: Quote, Profile, Research, Stock Buzz) and RBC Capital Markets, a unit of Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz).

Sep 8, 2013

Firth tackles story of torture, forgiveness in ‘Railway Man’

TORONTO, Sept 7 (Reuters) – Actor Colin Firth said on
Saturday he felt a special sense of obligation portraying the
true story of a British soldier who was tortured and then
suffered for decades before finding the strength to forgive his
captors.

In “The Railway Man,” which had its world premiere at the
Toronto International Film Festival on Friday, Firth portrays
World War Two veteran Eric Lomax, who was captured by the
Japanese and spent years as a prisoner of war.

Jul 9, 2013

Canada housing starts top forecast in latest sign of rebound

TORONTO, July 9 (Reuters) – Canadian housing starts were
stronger than expected in June and May figures were revised
higher, according to data released on Tuesday, the latest report
to show the property market rebounding from last year’s
government-induced slowdown.

The seasonally adjusted annualized rate of housing starts
was 199,586 units in June, according to data from the Canadian
government’s housing agency. Analysts polled by Reuters had
expected 187,000 starts in June.

Jun 10, 2013

Canadian May housing starts suggest boost for economy

TORONTO, June 10 (Reuters) – Canadian housing starts jumped
much more than expected in May from April, the Canada Mortgage
and Housing Corp said on Monday, in the latest sign that the
broader economy is gaining momentum in the second quarter.

The seasonally adjusted annualized rate of housing starts
was 200,178 units in May, an increase from 175,922 in April. The
April figure was revised upward.

Jun 5, 2013

Fed poised to evaluate bond buys, ‘fine tune’ tactics: Fisher

TORONTO (Reuters) – The Federal Reserve is poised to evaluate and potentially make changes to its massive monetary stimulus, a top Fed official who is critical of the Fed’s bond-buying program said on Tuesday.

To counter the financial crisis, the Fed dropped short-term interest rates to zero in late 2008 and has since bought more than $2.5 trillion in bonds to bolster what has been an anemic economic recovery. Financial markets have been increasingly on edge on expectations that the Fed is ready to start scrolling back on its stimulus.

Apr 8, 2013

Canada to probe report RBC outsourcing work to iGate

TORONTO (Reuters) – Canada is investigating a report that its largest bank is using temporary foreign workers hired by outsourcing company iGate,which has most of its operations in India, to effectively replace existing staff, a situation the government said it would not accept.

A Conservative government minister revealed the probe on Saturday after a report from the Canadian Broadcasting Corporation. The CBC story said Royal Bank of Canada (RY.TO: Quote, Profile, Research) was planning to eliminate about 50 employees in its investor services division in Toronto and have the work done by outsourcing company iGate Corp (IGTE.O: Quote, Profile, Research).

Apr 8, 2013

Canada to probe report that RBC outsourcing work

TORONTO (Reuters) – Canada is investigating a report that its largest bank is using temporary foreign workers hired by an outsourcing company to effectively replace existing staff, a situation the government said it would not accept.

A Conservative government minister revealed the probe on Saturday after a report from the Canadian Broadcasting Corporation. The CBC story said Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) was planning to eliminate about 50 employees in its investor services division in Toronto and have the work done by outsourcing company iGate Corp (IGTE.O: Quote, Profile, Research, Stock Buzz).

    • About Jeffrey

      "I am based in Toronto and lead a five-person team covering Canadian financial markets, the economy and central bank policy. I joined Reuters in 1996, starting in Toronto and later moving to London and Hong Kong. In that time I've covered stock, bond and currency markets, banking, fund management, the technology, media and telecom sectors, as well as general, political and entertainment news."
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