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“Post-IPO, our Canadian business will trade exclusively on the Toronto Stock Exchange, and our U.S. business will trade exclusively on a U.S. exchange,” said CEO Kurt MacAlpine, seen here on Dec. 20, 2019. Tijana Martin/Tausi Insider CI Financial Corp. says it plans to file for a stock offering for its U.S. wealth-management business later this month, the next step in a plan to divide the company into two businesses, one on each side of the border. The plan includes delisting the current company’s shares from the New York Stock Exchange, chief executive officer Kurt MacAlpine told CI investors Thursday as part of the company’s earnings call. “Post-IPO, our Canadian business will trade exclusively on the Toronto Stock Exchange, and our U.S. business will trade exclusively on a U.S. exchange,” Mr. MacAlpine said. “The listings will be reflective of the primary market that each business operates in.” CI said the plan also may include selling a larger proportion of the U.S. business th...

The stunning implosion of FTX Ltd. has derailed its plans to officially launch in Canada, but it’s unclear if regulators in this country were even able to peer into the books of the cryptocurrency exchange as part of their due diligence on the company that now faces potentially criminal liability. Months before it filed for bankruptcy amid a scandal that continues to reverberate across the global crypto industry, FTX was on course in June to acquire Bitvo Inc., a Calgary-based crypto exchange regulated by all 13 provincial and territorial securities commissions in Canada. It was one of several opportunities Canadian regulators were ostensibly provided to look closely at FTX’s finances. Bahamas-based FTX had already been operating in Canada, despite not having regulatory approval. Retail investors were able to hold digital wallets on FTX’s platform to store their crypto, with many using VPN technology, which anonymized their Canadian location and created a private network from a publ...

After five days of testimony, including three hours from Elon Musk, a Delaware judge will now decide whether Musk’s $56-billion pay package from Tesla Inc was justified by the company’s explosive growth or undermined by a flawed process. Musk and the Tesla directors named as defendants repeatedly testified that the package achieved what it set out to do – deliver 10-fold growth in the company’s stock price, enriching investors and Musk. “We thought if we could pull this off, if this plan was executed, Tesla would be one of the most valuable technology companies,” Antonio Gracias, a Tesla board member from 2007 to 2021, told the Delaware Court of Chancery on Wednesday. “It was a great deal for the shareholders.” The trial seeks to resolve claims by shareholder Richard Tornetta that the 2018 pay package was dictated by Musk, the world’s richest person, to subservient directors and approved by a vote of shareholders who were misled by Tesla. The trial wrapped up on Friday, as Musk strug...

Ontario Premier Doug Ford sits in the Ontario Legislature during Question Period on Nov. 1. Frank Gunn/The Canadian Press Benjamin Dachis is associate vice-president of public affairs at the C.D. Howe Institute. From 2018 to 2019, he worked in the Ontario Premier’s Office and helped develop the Ontario government’s Housing Supply Action Plan and related legislative and regulatory changes. On Oct. 25, Ontario’s Ford government announced its More Homes Built Faster Act , which would allow the province to rewrite municipal plans, with the aim of allowing more land for development. These and many more recent changes have been controversial. And more such plans are expected. Premier Doug Ford has been accused of trampling upon democracy and the environment. But the bottom line is that Mr. Ford’s plans are going to have a substantial beneficial effect on prices for home buyers. Amid a housing crisis, this is what really matters, and Mr. Ford’s moves are necessary because, otherwise, Ontari...

After a decade of false starts, a federal bill to give pension plan members the highest priority when plan funding falls short in a company bankruptcy has unanimously passed a vote in the House of Commons, pushing a long-debated protection for pensioners closer to becoming law. MPs voted 318 to 0 on Wednesday in support of Bill C-228, a private member’s bill sponsored by Conservative MP Marilyn Gladu, sending it to the Senate for review. If passed, it would change bankruptcy and insolvency law to give pensioners superpriority for unfunded liabilities in private-sector, defined benefit company pension plans. That would put the pension liability ahead of secured and unsecured creditors, improving the chances plan members would be made whole in an insolvency. But even as the bill won support from all parties, it has vocal detractors. It has sparked a debate about whether superpriority for pensioners is a vital protection, or a misguided policy that could unintentionally hasten the demis...

The German government plans to impose a levy to skim off electricity companies’ windfall profits from Dec. 1, 2022, scrapping a previous plan to apply the tax retroactively from September this year, government sources told Reuters. The tax is to expire by the end of April 2024, the sources said, confirming a report published first by Frankfurter Allegemeine Sonntagszeitung newspaper, citing sources. Berlin had originally planned to possibly extend the levy until the end of 2024. The economy ministry was not immediately available for comment. Germany’s traditional and renewable energy lobbies criticized applying the levy retroactively as too bureaucratic and hardly feasible. https://www.tausiinsider.com/german-government-to-impose-electricity-windfall-tax-beginning-dec-1-sources-say/?feed_id=332701&_unique_id=64628cadc5e61

Performers entertain visitors at Cinderella Castle, at Walt Disney World Resort, in Lake Buena Vista, Fla., on April 18. Ted Shaffrey/The Associated Press Florida lawmakers are mulling plans to reverse a move that would strip Walt Disney Co. DIS-N of its right to operate a private government around its famous theme-parks, the Financial Times reported on Friday, citing people briefed on the plan. In April, lawmakers had given their final approval to a bill ending Walt Disney’s designation as a self-governing entity, in an apparent response to its opposition to a state law limiting the teaching of LGBTQ issues in schools. The new law would also mean that Disney would have to pay more taxes, state Gov. Ron DeSantis had said in April when he signed the bill. The state lawmakers are working on a compromise that would allow Disney to keep the arrangement largely in place with a few modifications, the FT report said. A spokesperson at DeSantis’ office said that the governor “does not make U...

Children's backpacks and shoes at a CEFA (Core Education and Fine Arts) Early Learning daycare franchise, in Langley, B.C., on May 29, 2018. DARRYL DYCK/The Canadian Press At a time of rising interest rates and rampant inflation, the move toward $10-a-day child care is a rare bit of financial good news for new and aspiring Canadian parents. But, as Ottawa has rolled out the plan, it’s become clear that many families will likely end up paying far more than 10 bucks per day. As it negotiated separate deals with the provinces and territories, the federal government always intended $10 to be the average – not the maximum. We should all work to make $10 per day into more than just a guideline. Childcare is a huge expense for young families each month, often amounting to a second rent- or mortgage-sized payment. Young people must pay for this cost on top of housing prices that are frighteningly higher than when baby boomers started their families. Today’s home prices more often require...

A delivery person for DoorDash, on Nov. 13, 2020. CARLO ALLEGRI/Reuters DoorDash DASH-N is changing the way it charges commission to Canadian restaurants with a new, tiered model. The San Francisco-based food delivery service announced the switch Tuesday, saying it will offer restaurants more “flexibility” and help them take advantage of digital growth opportunities. “Part of the thinking … was to give them that transparency of the available value proposition that we have to offer,” said Shilpa Arora, DoorDash Canada’s general manager. The model resembles one launched in the U.S. last year and has three tiers starting with the basic plan, which charges a 20 per cent commission on deliveries and 10 per cent on orders picked up by diners and comes with the smallest delivery radius. Beyond that, restaurants can choose plans with additional features. One step above the basic plan is DoorDash Plus, which involves a 25 per cent commission on deliveries and eight per cent on pickups. This p...

An Exxon gas station in Upper Darby, Pa., on April 26. Matt Rourke/The Associated Press Exxon Mobil Corp XOM-N on Thursday said it will lift capital spending next year by about 10%, to between $23 billion and $25 billion, and boost share buybacks. Exxon led rivals with record profits in the second and third quarters of this year, aided by its highly criticized decision during the COVID-19 pandemic to double down on fossil fuels as European competitors shifted to renewables. Wall Street on Thursday cheered the increase in buybacks. Exxon shares rose more than 1% even as most other oil stocks fell on weaker oil prices. Exxon is up 65% so far this year. Share buybacks will average $17.5 billion annually for the next two years, from $15 billion this year, the company said. Exxon is distributing more cash to shareholders than it is investing in new production – $30 billion between share buybacks and dividends this year. It kept unchanged its annual capital investment range of $20 billion-...

Bombardier Inc Chief Executive Eric Martel voiced concerns that Canada may be considering awarding a sole-source contract directly to Boeing. HO/The Canadian Press Bombardier Inc Chief Executive Eric Martel voiced concerns over Canada’s potential plan to buy reconnaissance jets directly from Boeing Co instead of tapping its home-grown aerospace industry through a bidding process. “As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing.” Martel’s comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing. Martel pushed for Bombardier’s jets, saying the Canadian planemaker’s Global 6500 aircraft “will be the right-sized solution and will respond to Canada’s needs.” Boeing did not immediately respond to a req...

Twitter Inc said on Wednesday it was offering an annual plan for its subscription service called Twitter Blue, which includes its sought-after “verified” badge, at a discount to its monthly price. Users can subscribe to the service for an annual price of $84, instead of a monthly subscription price of $8 on the web and $11 on Apple devices. The discount would be available in countries including United States, Canada, United Kingdom, Japan, New Zealand and Australia, Twitter said. Since billionaire Elon Musk’s takeover of Twitter for $44-billion last year, he has brought changes to the company including new subscription plans for Twitter Blue. The blue check mark was previously reserved for verified accounts of politicians, famous personalities, journalists and other public figures. But a subscription option, open to anyone prepared to pay, was rolled out last year to help Twitter grow revenue as Musk fights to retain advertisers. Earlier in December, Musk added that Twitter’s Basic b...

Amazon.com Inc AMZN-Q will cut some jobs in the United States, Canada and Costa Rica by the end of Wednesday as part of its plan to lay off 18,000 employees, the e-commerce giant said in a memo to staff seen by Reuters. The layoffs are the latest in the U.S. technology sector, with companies cutting their bloated workforce and slashing costs to reverse pandemic-era excesses and prepare for a worsening global economy. Amazon.com Chief Executive Andy Jassy said earlier this month the cuts, about 6 per cent of the company’s roughly 300,000 corporate employees, would mostly impact the e-commerce and human resources divisions. Microsoft said earlier on Wednesday it would cut about 10,000 jobs and take a $1.2-billion charge. https://www.tausiinsider.com/amazon-to-lay-off-some-staff-in-u-s-canada-and-costa-rica-by-end-of-day/?feed_id=323714&_unique_id=63e45768081db

Analysts have increased their average price forecasts for EU carbon permits for the next three years on expectations that Europe’s economies could start to improve as energy prices fall from record highs. But they warned an increase in permits sales would keep a lid on gains. EU Allowances (EUAs) are expected to average 81.40 euros a tonne in 2023 and 94.14 euros in 2024, a Reuters survey of six analysts showed. That is up 4.2% and 1.9% respectively from forecasts made in October. The analysts forecast for average prices in 2025 rose by 0.6% to 102.24 euros/tonne. The European Union’s Emissions Trading System (ETS), forces manufacturers, power companies and airlines to pay for each tonne of carbon dioxide they emit as part of Europe’s efforts to meet its climate targets. European gas and electricity prices have retreated from record highs seen last year following Russia’s invasion of Ukraine, as Europe built up large gas reserves and as milder than usual weather dented demand. The sh...

Shopify Inc. SHOP-T is raising prices for three of its service plans after they remained “largely unchanged” for 12 years. The Ottawa-based e-commerce technology company says its basic plan will now cost $51 per month, up from $38, while its mid-range Shopify plan will move from $99 per month to $132 and its advanced plan will increase from $389 each month to $517. Existing merchants that switch their plan from monthly to yearly terms will keep the current, lower monthly prices before the new rates take effect on April 23. In a blog post announcing the changes, vice-president of product and chief operating officer Kaz Nejatian says the resources needed to offer powerful, innovative and reliable tools have changed dramatically. He sees the company is increasing its prices so that it can maintain the same value to merchants. The changes come after Shopify laid off about 1,000 workers last year in the wake of its stock tumbling and customers moving back to pre-pandemic shopping habits. ...