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Already stung by UberX, traditional cabs may face new challenge with Téo — Canada’s first electric taxi fleet


MONTREAL — Canada’s first electric taxi service will be out on the streets of Montreal next week, though some worry this green innovation may only add to the struggles for traditional cab owners already hit hard by the UberX car-sharing app. Montreal entrepreneur and investor Alexandre Taillefer presented the new company, called …

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Sun Life CEO to Trudeau government: Go easy on CPP reforms


TORONTO — The chief executive of Sun Life Financial says Canada’s new federal government should go easy in proceeding with promised changes to the country’s public retirement system, the Canada Pension Plan. “CPP was designed to provide basic income replacement, not to be a panacea,” Dean Connor, CEO of Sun …

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A diamond is forever. Demand, not so much: The strange economics behind a rock’s worth


A young couple passes an elderly one on a walking path, as an acoustic guitar plays the melody to “Stand By Me.” The younger woman turns around and smiles. Her fiancé closes his hand around hers, which sparkles with a whopping diamond ring. They look at each other and smile again. …

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Three Financial Post journalists and National Post nominated for investment reporting awards


The National Post and three of its journalists have been nominated for investing reporting awards by the Chartered Financial Analyst Society Toronto. The National Post is up for Publication of the Year, competing against Canadian Business and MoneySense Magazine. Financial Post reporters Drew Hasselback and Barbara Shecter are both up …

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Bank of Canada willing to resort to below-zero interest rate in face of major economic crisis, Poloz says


TORONTO — The Bank of Canada would be willing to cut its benchmark interest rate to below zero per cent if the country is faced with a major economic shock, says Stephen Poloz, governor of the Bank of Canada. People in Sweden are hiding cash in their microwaves because of …

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Stock up on your maple syrup: El Nino could spell a bad year for sap


MONTREAL • A late spring caused Canada’s maple syrup production to fall for the second consecutive year in 2015 — and El Nino is threatening to put a dent in next spring’s output as well. The warmer El Nino weather is expected to have an impact on a number of …

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Renewed oil price rout makes Suncor Energy’s hostile takeover bid for Canadian Oil Sands difficult to predict


CALGARY – The renewed fall in oil prices is making it difficult to predict the outcome of Suncor Energy Inc.’s hostile takeover offer for Canadian Oil Sands Ltd. “The change in the oil price makes this an interesting poll to call,” Brendan Wood International managing director Jordan Novak said in …

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Grocery and restaurant costs to gobble up your budget next year, study says


GUELPH, Ont. — A new report says the average household in Canada will spend $8,631 on groceries and restaurant meals next year, up by $345 because of food inflation. The University of Guelph’s latest forecast estimates that food inflation could be between two and four per cent in 2016 — …

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Chipotle restaurant shut down in Seattle for food-safety violations, adding to woes after E. coli outbreak


A Chipotle restaurant in Seattle was shut down for repeated food-safety violations, bringing a fresh headache to a chain reeling from norovirus and E. coli outbreaks. The public-health department for Seattle and King County closed the restaurant, which was located in the city’s South Lake Union neighborhood, according to a …

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B.C. oil commission confirms 4.6-magnitude earthquake in August caused by fracking


FORT ST. JOHN, B.C. — The British Columbia Oil and Gas Commission has confirmed that fracking caused a 4.6-magnitude earthquake in August — the largest linked to the industry in the province to date. The commission says an investigation has determined that the Aug. 17 quake in northeastern B.C. was …

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