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Five things you should know before you start your work day on July 27

Good morning! Editor Nicole MacAdam (@nicole_mac1) here. Facebook continues to dominate mobile ad space, Loblaw considers Amazon’s latest purchase, and the Supreme Court provides some clarity on how energy companies should consult with Indigenous people. FACEBOOK REPORTS A 45% JUMP IN REVENUE Facebook continues to find ways to profit from mobile, reporting a nearly 45 per cent increase in revenue, …

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Is there anywhere to hide in Toronto’s falling housing market? Just maybe

Is there anywhere to hide in Toronto’s falling housing market? Just maybe. A report from RE/MAX INTEGRA Ontario-Atlantic Region out Thursday looked at just detached homes in 65 neighbourhoods in the Greater Toronto Area over the first half of 2017, comparing the first quarter to the second quarter. The second quarter was impacted by Ontario’s 16-point housing plan. “This is …

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Sears Canada common shares to be delisted from TSX

Sears Canada Inc. says it has received notice that its common shares will be delisted from the Toronto Stock Exchange at the close of market on July 28. The retailer, which is restructuring under court protection from creditors, says it does not intend to appeal the decision, as its shares remain suspended from trading. Sears Canada has piled up losses …

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Elite food festivals offer unique experiences for the wealthy

Those who can afford it demand celebrity chefs and private wine tastings in rarely visited cellars and other experiences that are off the menu to most of the public. ASPEN, Colo.—Kristine Price Dozier squealed when she saw the email. Dozier, an international trade consultant, her husband and another couple had already spent around $20,000 on hotels, travel and tickets to …

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Asanko Gold CEO claims Muddy Waters report uses outdated and dubious data

Muddy Waters is using outdated information and “dubious drone technology” as the basis for its decision to short Asanko Gold Inc.’s stock, with the sole goal of trying to make the shares worthless, the Canadian miner’s chief executive officer said. The activist short-seller Muddy Waters, founded by Carson Block, issued a report last week saying it was shorting Asanko, which …

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Boost in Canada’s borrowing cost unlikely

OTTAWA—The old debate about whether central banks should raise rates to counteract housing bubbles is finding new life in Canada as the country copes with runaway prices in its two biggest real estate markets. Home prices in Toronto are up 32 per cent over the past year and have more than doubled since the recession. In Vancouver, which is an …

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WestJet Pilots Vote to form Union

CALGARY—The Air Line Pilots Association, International says more than 1,400 WestJet pilots have voted 62 per cent in favour of forming the first union at Canada’s second-largest airline. The ALPA says that once the results are certified by the Canada Industrial Relations Board, it will be the exclusive bargaining agent for WestJet pilots. WestJet chief executive Gregg Saretsky said in …

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Amazon Leans into Tipping Point for Online Apparel

SEATTLE—If future anthropologists want to study the rubble of early-21st-century retail, a good place to start will be what Amazon.com did to apparel shopping in the few years before and after 2017. The outlook for physical retailers is grim, the sector roiled by store closings, layoffs and bankruptcies. This year, Amazon will surpass Macy’s, which last year announced it would …

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UPS Profit Slips in U.S Package Division

ATLANTA—United Parcel Service Inc. continued to struggle to get the most out of residential deliveries, as efficiency dropped in the key U.S. market. First-quarter operating profit slipped 2.4 per cent in the U.S. package division even as revenue rose 5 per cent from a year earlier, Atlanta-based UPS said in a statement Thursday. That signalled continued challenges in the company’s …

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The Body Shop Attracts Bids from 15 Firms

LONDON—L’Oreal SA drew bids from around 15 private equity firms and companies, including CVC Capital Partners, Carlyle Group LP and South Korea’s CJ Group, for its Body Shop division, said people familiar with the matter. Bidders for the next round will be shortlisted this week, the people said, asking not to be identified as the details aren’t public. BC Partners, …

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