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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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Suncor, Cenovus launch $100 million cleantech fund

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

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

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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

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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

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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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Alberta unveils $500 million subsidy for companies building petrochemical processing plants

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CALGARY – Petrochemical companies have begun lining up to apply for the Alberta government’s new $500-million subsidy program intended to bring more “value-added” jobs to the province. Alberta Economic Development and Trade Minister Deron Bilous and Energy Minister Marg McCuaig-Boyd announced the new program Monday, which would give companies building …

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Chipotle Mexican Grill Inc launching $10-million program to help farmers ensure safety of food

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Chipotle Mexican Grill Inc., seeking to recover from an E. coli crisis that dragged down sales and profit, will start a program aimed at helping suppliers maintain food-safety standards. Chipotle is spending as much as $10 million to fund the effort, co-Chief Executive Officer Steve Ells said during a meeting …

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CI Investments to return $156 million to ‘harmed investors’ in OSC settlement

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CI Investments Inc. has entered a no-contest settlement with the Ontario Securities Commission that will see the fund management firm return $156.1 million to “harmed investors” after self-reporting errors in calculating fund unit values. The regulator said Wednesday it is the largest amount of investor compensation to date in a no-contest settlement …

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CPP Investment Board invests US$555 million in Aston Gardens retirement properties in Florida

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TORONTO — The CPP Investment Board and a partner are jointly buying six seniors housing properties in Florida for US$555 million. The Toronto-based retirement fund manager will own 45 per cent of a new joint venture that will buy the Aston Gardens properties, which have a total of 1,930 rental …

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