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$2.08 Trillion Brexit Meltdown Was Markets’ Biggest Loss Ever, Worse Than Lehman Bros and Black Monday

NEW YORK — The $2.08 trillion wiped off global equity markets on Friday after Britain voted to leave the European Union was the biggest daily loss ever, trumping the Lehman Brothers bankruptcy during the 2008 financial crisis and the Black Monday stock market crash of 1987, according to Standard & Poor’s Dow Jones Indices. Global markets skidded following the unexpected …

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William Watson: Brexit is One Battle in the War on Gargantuan Government

The 52 per cent of British voters who opted for Brexit can’t all be bigoted, ignorant, embittered ex-factory workers. The British are the people who gave us “fair play,” after all. We inevitably project our own prejudices onto such things but my guess is “getting control back” was crucial in many Brits’ decision to vote Leave. But is their sense …

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CSA to Consult Mutual Fund Industry on Banning Embedded Commissions

The days could be numbered for “embedded commissions” and trailer fees in the Canadian mutual fund business. Canadian Securities Administrators, an umbrella group that coordinates policy among the country’s patchwork of provincial and territorial securities regulators, says it will circulate a consultation paper in the Fall that will seek comment on a policy that could include “discontinuing” embedded commissions. Embedded …

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Canadian Oil Patch Welcomes ‘Level Playing Field’ From North American Energy, Climate Change Agreement

CALGARY – Domestic oil and gas companies are not worried about a new, North America-wide energy and climate change strategy that contains aggressive emissions reduction targets. Prime Minister Justin Trudeau, U.S. President Barack Obama and Mexican President Enrique Pena Nieto committed to chopping methane gas emissions from the oil and gas industry by 40 to 45 per cent as part of …

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Biggest Diamond in More Than a Century Fails to Sell After Auction Falls Flat

A Canadian miner’s attempt to auction off the second largest gem-quality diamond ever found turned out to be a letdown. Lucara Diamond Corp. said it will hold onto its legendary “Lesedi La Rona” diamond after it failed to achieve the minimum selling price at an auction in London on Wednesday. The highest bid was US$61 million, which fell well below …

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Sobeys Parent Empire Posts Massive $942.6-million Loss Amid Safeway Struggles

TORONTO — The parent company of grocery retailer Sobeys Inc. has a lingering, severe case of indigestion in the wake of its acquisition of the Western Canadian Safeway chain three years ago, posting a huge quarterly loss Wednesday, taking a $1.3-billion impairment charge and sending its stock into a tailspin. At the end of the day, Empire Co. Ltd. shares …

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CIBC’s big $4.9-billion deal to buy PrivateBancorp has a payoff worth waiting for

Canadian Imperial Bank of Commerce has finally made its long-awaited U.S. acquisition. Canada’s fifth-largest bank agreed to buy Chicago-based PrivateBancorp for $4.9 billion, spending more than double the previously guided $2 billion price tag that CEO Victor Dodig had suggested he’d commit to a U.S. wealth-management and private-banking deal. His decision to go above and beyond has a simple rationale: There’s more growth potential in …

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‘Some Crash, Some Crisis’: It Was a Great Media Ride, But Brexit is no Market Killer

As the world marks the first week anniversary of last Thursday’s Brexit vote, it’s time for a review of the carnage — the record-setting demolition of trillions in market value, the Lehman Brothers-like tipping point to financial meltdown, the currency devaluations, the portents of recession and global economic crises — all the stuff that didn’t happen. It was a great …

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