Linamar signs deal to buy assets in U.S. from Mobex for US$70 million
By The Canadian Press on September 21st, 2023
GUELPH, Ont. – Linamar Corp. has signed a deal with automotive parts supplier Mobex Fourth and 1 to buy a substantial portion of its U.S.-based assets for US$70 million in cash. The assets to be acquired by Linamar Structures include manufacturing operations for propulsion-agnostic chassis and suspension modules and components, such as steering knuckles, control ... Read More »
Be the first to comment!Fraud in auto, credit card, mortgage sectors rise amid interest rate hikes: study
By The Canadian Press on September 21st, 2023
TORONTO – New data suggests an uptick in fraud in the auto, credit card and mortgage sectors is driven by growing financial pressures on consumers and by fraudsters using bold schemes. An Equifax Canada report shows fraud in the automotive sector has surged 28 per cent, year-over-year, while the credit cards saw a jump of ... Read More »
Be the first to comment!First private US passenger rail line in 100 years is about to link Miami and Orlando at high speed
By Terry Spencer And Daniel Kozin, The Associated Press on September 21st, 2023
MIAMI (AP) – The first big test of whether privately owned high-speed passenger train service can prosper in the United States will launch Friday when Florida’s Brightline begins running trains between Miami and Orlando, reaching speeds of 125 mph (200 kph). It’s a $5 billion bet Brightline’s owner, Fortress Investment Group, is making, believing that ... Read More »
Be the first to comment!Self-driving tech company Waabi strikes partnership with Uber Freight
By The Canadian Press on September 21st, 2023
TORONTO – Self-driving tech company Waabi says it has struck a partnership with Uber Technologies Inc.’s freight division to accelerate autonomous trucking adoption. Toronto-based Waabi says the partnership will combine its core self-driving technology with Uber Freight’s logistics platform and marketplace tech. It says that over the next 10 years the combination of Waabi tech ... Read More »
Be the first to comment!As ‘perfect storm’ pushes more to the brink, here’s what to know about bankruptcy
By Rosa Saba, The Canadian Press on September 21st, 2023
With Canadians’ debt on the riseas they deal with surging pricesand interest rates, experts say many people are in the dark about the insolvency process, even though it could help those in dire straits get a clean slate. The mounting pressure is on display in consumer insolvency numbers, which rose significantly in the second quarter, ... Read More »
Be the first to comment!S&P/TSX composite down nearly 300 points, U.S. stock markets also fall
By The Canadian Press on September 21st, 2023
TORONTO – Losses in the base metal and technology stocks helped lead a broad-based decline as Canada’s main stock index fell nearly 300 points in late-morning trading and U.S. stock markets also tumbled. The S&P/TSX composite index was down 285.36 points at 19,929.33. In New York, the Dow Jones industrial average was down 190.40 points ... Read More »
Be the first to comment!Alex Murdaugh pleads guilty to financial crimes – the first time he’s admitted blame to a judge
By James Pollard And Jeffrey Collins, The Associated Press on September 21st, 2023
CHARLESTON, S.C. (AP) – Convicted murderer Alex Murdaugh did something Thursday he hasn’t done in the two years since his life of privilege and power started to unravel – plead guilty to a crime. Murdaugh admitted in federal court to 22 counts of financial fraud and money laundering. Murdaugh, 55, is serving life without parole ... Read More »
Be the first to comment!Most of Nova Scotia’s lobster fleet well-suited to go electric: study
By The Canadian Press on September 21st, 2023
HALIFAX – An environmental group has concluded that about 2,300 lobster boats operating off Nova Scotia are suitable candidates to switch from diesel to electric motors. A report released today by Oceans North says the province’s lobster fishery is positioned to lead the way toward zero-emission fishing – if governments assist the boat building sector ... Read More »
Be the first to comment!Freeland introduces bill to remove GST off rental developments, amend competition law
By The Canadian Press on September 21st, 2023
OTTAWA – Finance Minister Chrystia Freeland introduced legislation this morning that would remove GST charges from new rental developments and update the country’s competition law. Prime Minister Justin Trudeau promised the new legislation earlier this month to address the housing crisis and affordability crunch. Experts have called on the federal government to remove GST charges ... Read More »
Be the first to comment!Rupert Murdoch, the creator of Fox News, is stepping down as head of News Corp. and Fox Corp.
By David Bauder, The Associated Press on September 21st, 2023
NEW YORK (AP) – Rupert Murdoch, the 92-year-old Australian media magnate whose creation of Fox News made him a force in American politics, is stepping down as leader of both Fox’s parent company and his News Corp. media holdings. Fox said Thursday that Murdoch would become chairman emeritus of both companies, effective at board meetings ... Read More »
Be the first to comment!Cisco buying cybersecurity firm Splunk for $28 billion, bolstering defenses as use of AI widens
By Michelle Chapman, The Associated Press on September 21st, 2023
Cisco is buying the cybersecurity firm Splunk in a $28 billion deal as it bolsters its defenses against potential security threats that may be heightened by the widening use of artificial intelligence. The Silicon Valley networking tech giant will pay $157 per Splunk Inc. share. “Our combined capabilities will drive the next generation of AI-enabled ... Read More »
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