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  • 25 Jun 2019 13:23 | Divjot S. Mehton (Administrator)

    Lawyers for Huawei Technologies Co.’s chief financial officer urged Canada’s justice minister to end extradition proceedings, arguing that he has the power to withdraw a process that’s been politicized by the U.S.

    Meng Wanzhou’s defense wrote to Minister of Justice David Lametti, saying it’s in Canada’s national interest to reject the U.S. request and to free Meng, who’s been living under house arrest in Vancouver since her detention last December.

    Under Canada’s extradition law, Lametti has the discretion to withdraw the proceedings against Meng at any time, the lawyers say. Doing so would be an extremely rare intervention and would effectively abort a lengthy court process that usually ends up with the person being handed over.

    https://www.bloomberg.com/news/articles/2019-06-24/huawei-cfo-s-lawyers-urge-canada-to-end-extradition-process?srnd=premium-canada


  • 05 Jun 2019 13:13 | Divjot S. Mehton (Administrator)

    Nokia Oyj is aiming to score a 5G win in Canada as Huawei Technologies Co.faces increased scrutiny over its move into the superfast network.

    The Finnish company is working with telcos including BCE Inc., Telus Corp. and Shaw Communications Inc., to demonstrate its 5G capability and get selected for a field trial, lab trial, or contract, according to Richard Herald, president of the Canada division. Rogers Communications Inc. has already chosen Ericsson AB as its partner for 5G.

    While it will strictly be a government affair determining whether Huawei can proceed, it helps that the telcos are looking to evaluate possible options in the face of a potential ban, Herald said.

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  • 05 Jun 2019 13:12 | Divjot S. Mehton (Administrator)

    The type of securities blamed for triggering a credit crisis in the U.S. a decade ago could now be part of the solution in Canada, where a cooling housing market is a key risk to its $1.7 trillion economy.

    The Bank of Canada is discussing ways to encourage a more robust market for residential mortgage-backed securities with potential investors. Only about C$1.5 billion ($1.1 billion) of Canadian uninsured mortgages have been pooled in RMBS deals, or about 0.1% of the country’s mortgage debt, according to rating company DBRS Ltd. No lender has widely marketed such a deal since September, when private lender MCAP sold C$254 million of the notes.

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  • 30 May 2019 15:50 | Divjot S. Mehton (Administrator)

    When Venezuela suddenly dumped years of unpublished economic data onto its central bank’s website late Tuesday night, the most glaring trend that emerged was a slowdown in hyperinflation this year.

    Venezuelans immediately scoffed at such a notion, and the skepticism is understood, of course, given how little credibility the embattled Nicolas Maduro regime has at this point.

    But the odd thing is that the central bank report actually appears to be right in broad brush strokes: Inflation is slowing. Not only does the Bloomberg Cafe Con Leche Index show this -- the annual rate is down to 99,900% from 224,900% at the end of last year -- but so does the currency market, where the pace of the bolivar’s plunge against the dollar has eased markedly.

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  • 28 May 2019 16:51 | Divjot S. Mehton (Administrator)

    A decline in global car sales likely reduced world gross domestic product by 0.2% last year, and a flat auto market will continue to dampen global manufacturing indicators in 2019, according to a report by Fitch Ratings on Tuesday.

    Demand for autos declined in 2018 for the first time since 2009 and while the 0.1% drop was modest, it compared to an average annual increase of 4.1% in prior years. Softness in the car industry ripples across the economy more than some other sectors because of the wide array of industries 

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  • 22 May 2019 14:16 | Divjot S. Mehton (Administrator)

    It takes a trauma to shake up economics. After the Great Depression, and again during the stagflation of the 1970s, new orthodoxies emerged. Something similar may be under way now, a decade after the financial crisis, as economists and investors start to wonder if it’s time for a different approach.

    At the Start of the Central Bank Era, Inflation Was The Enemy

    For a half-century or so, there’s been broad agreement in developed countries that monetary policy is the most effective tool for managing the economy.

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  • 21 May 2019 15:50 | Divjot S. Mehton (Administrator)

    Adam Neumann runs one of the few startups on Earth for which $2 billion of fresh funding was, or ever could be, terrible news. Just before last Christmas, Masayoshi Son, Neumann’s most important investor, called to say that was his final offer and that their negotiations over an additional $16 billion for Neumann’s WeWork were over. Shares of Son’s SoftBank Group Corp. stock had dropped sharply a few days earlier along with the rest of the stock market, and Son had decided the $8.5 billion he’d already invested wasn’t worth more than doubling, even to take a majority stake. With a cash infusion almost an order of magnitude less than it had expected, WeWork Cos. would have to figure out on its own how to stop losing $1.9 billion a year.

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  • 17 May 2019 13:49 | Divjot S. Mehton (Administrator)

    In what seems like an scene from Groundhog Day, Facebook executives are once again on the apology-and-promises tour about the company's lax attitude towards privacy and security.

    On Friday, Facebook COO Sheryl Sandberg appeared on CNBC interviewed by Julia Boorstin and was asked about calls to break up the company, sparked by Facebook co-founder Chris Hughes last week. This comes after the revelation that a vulnerability in WhatsApp allowed some users' phones to be infected by a sophisticated snooping tool that's been used to target political dissidents.

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  • 16 May 2019 12:36 | Divjot S. Mehton (Administrator)

    The race to lead the Bank of England could turn on who heads the government by the time the decision is made in October.

    Much has been made of Chancellor the Exchequer Philip Hammond’s comments that he seeking a governor with international stature, prompting a flurry of speculation around former Reserve Bank of India chief Raghuram Rajan. Still, the precarious state of British politics means that the U.K could have a new prime minister any day now.

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  • 16 May 2019 12:34 | Divjot S. Mehton (Administrator)

    Beijing’s main defense against trade-war fallout this year is more likely to come from the finance ministry than the central bank, no matter what President Donald Trump says.

    If tariffs begin to really hurt China’s growth this year, there’s plenty of direct fiscal firepower left to stoke the economy before the People’s Bank of China would have to cut interest rates, according to an analysis of government spending by Bloomberg. Data released Wednesday showed an across-the-board slowdown in April.

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