Thursday, May 28, 2015

Business

Wooden Canadian National Railway bridge burns and collapses in Minnesota; busy route shut

INTERNATIONAL FALLS, Minn. — A wooden railroad bridge near Minnesota’s northern border has burned and collapsed, shutting a busy train route that connects the Pacific Coast with Chicago.
The bridge in Koochiching County belongs to Canadian National Railway. It carried more than 20 trains over the Rat Root River daily until it collapsed early Wednesday.

Nike says it is co-operating with authorities in FIFA investigations

NEW YORK — Nike says it is co-operating with authorities in the U.S. probe into corruption of FIFA, the governing body of soccer worldwide.

Following arrest of 7 FIFA officials, sponsors of world soccer body urged to press for change

LONDON — FIFA’s sponsorship paymasters are facing mounting calls to put pressure on soccer’s global governing body to clean up its act — and fast — following Wednesday’s arrest of seven officials.

Canada Post, city in court

HAMILTON, Ont.—Canada Post and the City of Hamilton are off to court this afternoon in a fight over the placement of large community mailboxes.
The Crown corporation is in the process of installing super mailboxes as part of its plan to stop home mail delivery.

Many hope to hike TFSA contributions

TORONTO—Ten percent of Canadians surveyed in a new poll say they typically contribute the maximum amount to their Tax-Free Savings Account and now will invest $10,000.
The poll done for CIBC found an additional 17 percent said they will try to increase their contributions above $5,500.
The federal government increased the annual contribution limit to $10,000 as part of this year’s budget.

10 per cent of those surveyed plan to max out new TFSA annual limit: CIBC poll

TORONTO — Ten per cent of Canadians surveyed in a new poll say they typically contribute the maximum amount to their Tax-Free Savings Account and will now invest $10,000.
The poll done for CIBC found an additional 17 per cent said they will try to increase their contributions above $5,500.

4 big banks fined $2.5 billion and will plead guilty to rigging global currency markets

WASHINGTON — Four big banks will pay $2.5 billion in fines and plead guilty to criminally manipulating the global currency markets going back to 2007.

Hydro One sale slammed

TORONTO—Ontario’s independent legislative officers have banded together in a rare move to condemn the Liberal government’s plan to sell a majority of Hydro One, warning it will shield the company from public scrutiny.
The eight officers, including the auditor general and the ombudsman, call on the government to reverse its plan.

Lucian Freud painting sells for $56.2 million at auction; Bacon nude sells for $47.8 million

NEW YORK — In the past three days, Christie’s in New York City has sold over $1 billion worth of art, a frenzied spectacle that showcases the world’s rising class of uber-wealthy and its appetite for trophy art.
Wednesday’s bidding was spirited at Christie’s contemporary art auction highlighted by iconic works by Lucian Freud, Francis Bacon and others.

Bombardier confirms 1,750 job cuts due to soft demand for business jets

MONTREAL — Bombardier confirms it will cut 1,750 employees in Montreal, Toronto and Belfast over the coming months to adjust for weak demand for some of its business jets.
About 1,000 of the lost jobs will be in Montreal where Bombardier has its main operations while 480 are in Toronto and 280 are in Belfast.
The cuts will begin in June and continue until the first quarter of 2016.

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