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National Bank fourth-quarter Net Income Drops 11 Per Cent to $307M

MONTREAL—National Bank says its fourth-quarter net income was down 11.5 per cent from the same time last year, falling to $307 million from $347 million, as it recorded a number of higher expense items. Canada’s sixth-largest bank says the quarter included $96 million of restructuring charges, up from $62 million recorded a year earlier. The Montreal-based bank announced a few …

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Air Miles Collectors Stuck with Redeemed Rewards

Air Miles Canada says it won’t reimburse collectors who spent their points in anticipation of an expiration policy that will no longer take effect at the end of the year. The company that runs the Air Miles loyalty points program, LoyaltyOne, announced Thursday it was cancelling plans that would have seen collectors lose miles older than five years. While some …

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Stelco Starts Hiring as it Prepares to Operate Independently

HAMILTON—The Stelco name is back and the southern Ontario steelmaker says it has launched a hiring program as it prepares to resume functions that have been performed outside the country while it has been a subsidiary of U.S. Steel. Stelco spokesman Trevor Harris says the recruitment drive is currently focused on roles in information technology, finance, sales and procurement. The …

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Former Bank of Canada Governor Says Higher Interest Rates is Good for Global Economy

OTTAWA—Former Bank of Canada governor David Dodge says the world economy might be better off if policy-makers bumped interest rates a little bit higher. In prepared remarks for a speech today, Dodge says boosting borrowing costs would help promote price and financial stability under current global conditions, which include historically low interest rates and stagnant growth. He says rate increases …

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OPEC Momentum Pushes Oil Higher But TSX Weighed Down

Oil prices rose another three per cent to sit at just over US$51 a barrel as investors stayed optimistic about the outlook for crude after OPEC agreed to cut production. January crude contracts rose $1.62 to US$51.06 a barrel, the highest it’s been since mid-October. The increase follows a one-day gain of US$4.21, or nine per cent, when OPEC announced …

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Bank of England Remedying Use of Animal Fat in New £5 Notes

The Bank of England is searching for a potential solution to the use of animal fat in its new polymer banknote after days of controversy. Innovia, the printer of the £5 bill, “is now working intensively with its supply chain and will keep the bank informed on progress toward potential solutions,” the central bank said in a statement. “The issue …

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TD Bank Hikes Rates for Longer Mortgages and Rental Properties

TORONTO—TD Bank is hiking rates for fixed mortgages with longer amortizations and all mortgages on rental properties. Effective Dec. 1, the lender is charging an additional 10 basis points to their overall rate for all new fixed amortizations of 25 years or more. That same day, all new mortgages on rental properties will have 25 basis points added to their …

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Donald Trump Nominates NAFTA Critic Wilbur Ross to Head U.S. Commerce Portfolio

WASHINGTON—A vocal critic of the North American Free Trade Agreement will be in charge of the U.S. commerce portfolio, with the nomination Wednesday of Wilbur Ross, a billionaire investor who condemns foreign sales taxes as a backdoor tariff on American goods. The 79-year-old investor in manufacturing companies helped write Donald Trump’s trade platform — which accused U.S. trading partners of …

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Airbnb Tightens Home Sharing Limits in London, Amsterdam

Airbnb Inc. has set an automatic limit to the number of nights hosts can rent out their homes, at a time when the platform faces increasing pressure from cities and governments. Hosts will now need a licence to rent their homes in London for more than 90 days a year, and for 60 days a year in Amsterdam, according to …

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Canada Loses 80,000 Working Days a Year Due to Sleep Deprivation

Ever wish your employer allowed daytime naps? Here’s some good ammunition to show the boss: a new study has found that a lack of sleep among Canada’s working population is costing the economy up to $21.4 billion (U.S.) a year — which is 1.35 per cent of the country’s gross domestic product (GDP). According to non-profit research group RAND Europe, …

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