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Volkswagen faces billions in penalties as U.S. sues for environment violations

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WASHINGTON — The U.S. Justice Department on Monday filed a civil lawsuit against Volkswagen AG  for allegedly violating the Clean Air Act by installing illegal devices to impair emission control systems in nearly 600,000 vehicles. The allegations against Volkswagen, along with its Audi and Porsche units, carry penalties that could …

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General Motors Co. invests $500 million in Lyft Inc, signalling new era of partnership between auto makers, Silicon Valley

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General Motors Co. is investing US$500 million in ride-sharing company Lyft Inc. to create a network of on-demand, self-driving cars — another signal that traditional auto makers aren’t prepared to sit idly by while Silicon Valley eats their lunch. The move comes at a time of major flux in the …

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5 policy risks to watch in China after a year of living dangerously

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Economic policy missteps loomed large over China’s economy this year, ranging from a controversial stock market bailout, to a yuan devaluation that roiled global markets to a financing crunch for local governments triggered by fiscal reforms that had to be eased. Next year may be no different. “Policy continues to …

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Brookfield Asset Management Inc files for US$525M spinoff of private equity arm

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Brookfield Asset Management Inc., Canada’s biggest alternative asset manager, plans to pay a special dividend of about US$525 million from the spin out of its private equity arm, according to a regulatory filing, more than originally planned. Toronto-based Brookfield intends to issue 21 million limited partnership units in  Brookfield Business Partners …

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Canada’s incumbent airlines have little to fear from new startup NewLeaf Travel

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Canada’s incumbent airlines have little to fear from a new, ultra-cheap competitor that will begin flying next month, according to an analysis by National Bank. NewLeaf Travel Company Inc. on Wednesday opened its website for bookings, with its first flight planned for February 12. To keep prices low, the airline’s …

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Oil plunge spurs bold call that Bank of Canada will cut rates next week

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Oil’s plunge to below $31 Monday has spurred a bold call from one financial giant that the Bank of Canada will cut rates on Jan. 20. Things are falling apart, said Bank of America Merrill Lynch in a note to investors Monday. “Recent data suggest that economic weakness is spreading …

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New exempt market rules take effect in Ontario with harmony across most of the country

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For years, investors in Ontario have suffered in relation to their counterparts in Western Canada for access to certain types of investments. That will change Wednesday when a new set of rules governing access to private capital investment opportunities, the exempt market, comes into effect in the country’s largest province. …

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Oil plunge spurs bold call that Bank of Canada will cut rates next week

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Oil’s plunge to below $31 Monday has spurred a bold call from one financial giant that the Bank of Canada will cut rates on Jan. 20. Things are falling apart, said Bank of America Merrill Lynch in a note to investors Monday. “Recent data suggest that economic weakness is spreading …

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Equitable launches ’digital bank’ with 3% interest savings account to lure deposits from Canadian rivals

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Equitable Bank, the Canadian alternative-mortgage provider, is jumping into the online banking business with a savings account that pays more than triple the interest rate of other branchless rivals. Equitable started signing up customers this week for its EQ Bank, offering 3 per cent interest on savings with no fees …

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The trouble with Statistics Canada’s solar and wind energy data

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TORONTO • Is Ontario generating less electricity from solar panels and wind turbines than it did years ago, despite billions in subsidies to the renewable energy sector? Statistics Canada data suggest so. But the province maintains it gets a growing share of its power from the wind and the sun, …

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