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Canada's Lexin Oil Firm In Receivership After Licenses Suspended

A Canadian court has placed the privately held Lexin Resources Ltd oil company in receivership to sell off its assets after an unprecedented application by the Alberta Energy Regulator (AER), the agency said on Tuesday, Reuters reported. The AER's s ...

Daily Headline - global.abi.org - 03/22/2017 - 08:49 - 0 comments

Canadian Banks Push Back Against Taking on More Mortgage Risk

Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible -- calling it one of the biggest shakeups to hit housing finan ...

Daily Headline - global.abi.org - 02/28/2017 - 23:24 - 0 comments

Essar Looking for Competitive Boost

Rolling back wages 10 per cent is one of five priorities to ensure Essar Steel Algoma is competitive after its restructuring ends, the company's president and chief executive officer says. The steelmaker, under Companies' Creditors Arrangement ...

Daily Headline - global.abi.org - 02/27/2017 - 22:03 - 0 comments

'We've Got to Fight': Wabush Mine Pensioners Hope Courts Will Restore Benefits

Three years after the shutdown of Wabush Mines by Cliffs Natural Resources, former workers and retirees are looking to a Quebec court to help them recover some of what they lost, CBC News reported. "We're all in this together now," said Ri ...

Daily Headline - global.abi.org - 02/23/2017 - 22:51 - 0 comments

Cameco ‘Surprised’ After Tepco Cancels $1.3-Billion Uranium-Supply Contract

The CEO of Cameco Corp. says the decision by a Japanese utility to terminate a uranium-supply contract worth about $1.3-billion in revenue from now through 2028 came “out of the blue.” Tim Gitzel said Tokyo Electric Power Co. sent a notice on Jan. 24 say ...

Daily Headline - global.abi.org - 02/01/2017 - 23:17 - 0 comments

Nortel Networks Wins Approval to Distribute $7.3 Billion to Creditors

Nortel Networks Corp. won approval to start distributing $7.3 billion to creditors, a major step in the long-running demise of the telecommunications company, The Wall Street Journal reported. Judges in Canada and the U.S. on Tuesday cleared Nortel t ...

Daily Headline - global.abi.org - 01/24/2017 - 22:44 - 0 comments

Postmedia Posts Profit, Boosted By Debt Restructuring Deal

Postmedia Networks Corp. reported a profit in its latest quarter, boosted by a debt restructuring negotiated by the struggling media company and its major creditors, however revenue fell nearly 15 per cent, The Globe and Mail reported. The Toronto-ba ...

Daily Headline - global.abi.org - 01/13/2017 - 00:10 - 0 comments

Canadian Apparel Maker Gildan Wins Auction To Buy American Apparel

Canadian apparel maker Gildan Activewear Inc said it had won a bankruptcy auction to buy U.S. fashion retailer American Apparel for about $88 million in cash. The deal is subject to approval from a bankruptcy court on Thursday, the company said. Under th ...

Daily Headline - global.abi.org - 01/11/2017 - 00:26 - 0 comments

Ottawa Projects Decades Of Deficits As Federal Finances Worsen

The federal government is projecting decades of deficits as a new Finance Canada report shows Ottawa’s long-term finances have deteriorated considerably over the past two years, The Globe and Mail reported. The government’s latest long-term fiscal fo ...

Daily Headline - global.abi.org - 01/05/2017 - 22:13 - 0 comments

Canadian FIs — Start Collecting Non-Resident Account Details

Canadian financial institutions will soon have to collect information on financial accounts held by tax residents of jurisdictions outside of Canada and the United States and provide these details to the CRA. This requirement is part of an international ...

Resource Article - twallace@abiwor... - 12/29/2016 - 14:48 - 0 comments - 0 attachments

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