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Miles Nadal sheds more than $100 million in MDC stock amid SEC probe


Miles Nadal has drastically reduced his equity in MDC Partners, the company he once controlled, amid an ongoing investigation by the U.S. Securities and Exchange Commission into the company and the former CEO’s expenses. A filing last week with the SEC showed that Nadal had reduced his holdings in MDC …

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Sears Canada Inc faces another $100-million class action lawsuit from its dealers


TORONTO • Sears Hometown store dealers have filed a second $100-million class action suit against Sears Canada Inc., its biggest shareholders and board of directors, alleging they approved hundreds of millions of dollars in special dividends in 2013 that would only benefit the big shareholders. Sears Canada decided to liquidate …

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RBC loses bid to overturn US$76 million judgment over sale of ambulance company Rural/Metro


The Delaware Supreme Court upheld on Monday a ruling that RBC Capital Markets is liable for US$76 million for its role in the 2011 sale of ambulance company Rural/Metro, which was found to have shortchanged investors. The case has been closely watched on Wall Street because the 2014 ruling by …

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Fission Uranium nears landmark $82-million investment from state-owned Chinese giant CGN Mining Company Ltd


Fission Uranium Corp. is closing in on a landmark deal with a Chinese company that would represent China’s first direct investment into a Canadian uranium firm. ‘This one is special’: Fission Uranium’s monster resource estimate rekindles takeover chatter The monster resource estimate announced by Fission Uranium Corp. has boosted takeover …

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


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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Robots, new working ways to cost 5 million jobs over next five years, Davos study says


DAVOS, Switzerland — Disruptive labour market changes, including the rise of robots and artificial intelligence, will result in a net loss of 5.1 million jobs over the next five years in 15 leading countries, according to an analysis published in Davos on Monday. The projection by the World Economic Forum …

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Suncor, Cenovus launch $100 million cleantech fund


The oilsands is tapping Silicon Valley talent to tackle some of its biggest environmental challenges. Oilsands companies Suncor Energy Inc. and Cenovus Energy Inc. are set to launch a $100 million Evok Innovations fund in Vancouver Thursday in collaboration with BC Cleantech CEO Alliance. U.S. technology entrepreneur Marty Reed will …

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Liberal tax changes to drain $100 million a year more than expected from Ottawa’s coffers, budget watchdog warns


OTTAWA — The federal budget watchdog says the Liberals’ tax-bracket changes will drain on average about $100 million more per year from the public treasury than the government expects. Since winning the election, the Liberals fulfilled their campaign vow to cut federal income taxes for middle-income earners by raising the …

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Ottawa runs $400 million surplus in November; so far $1 billion in the black for 2015-16


OTTAWA — The federal government ran a budgetary surplus of $400 million in November — thanks in large part to a boost in corporate tax revenues compared to a year earlier. The Finance Department’s monthly fiscal monitor also says Ottawa had a surplus of $1 billion over the first nine …

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Brookfield, Starwood said to plan US$785-million German Interhotel sale


Brookfield Property Partners LP and Starwood Capital Group plan to sell German hotels valued at as much as 700 million euros (US$785 million), according to two people with knowledge of the matter. The owners have hired JLL and Eastdil Secured LLC to advise on the sale of the 10 hotels, …

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