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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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Advice for a 20-year-old With $40,000 a Year to Save: Mayers

Anthony Molinaro has a problem most people his age would envy. He’s 20, a full-time student and also working a full-time job that pays him $50,000 a year. The problem? What to do with the cash. At a time when young people find it hard to pay for their education and find work, Anthony is a good example of how …

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Winning Over the Savvy Shopper

It’s no secret that Canadians love deals. The chaos of Black Friday and Boxing Day are prime examples, but everyday sales and special promotions can be an irresistible draw for shoppers as well. In fact, according to a recent survey commissioned by Queen’s University’s Smith School of Business, 91 per cent of Canadians admit they receive “great happiness or pleasure” …

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We Don’t Need to Die a Little When Others Succeed: Mayers

Every time a friend of mine succeeds I die a little, goes a saying often attributed to the American writer Gore Vidal. The quip is about the nature of jealousy and the psychology of insecurity among successful people, but I’ve seen it applied over and over in this small corner of the world that relates to personal finance. It most …

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David Cameron Paid the Price For His Bad Bet

A politician seemingly possessed of a shrewd calculating nature, British Prime Minister David Cameron must have decided with intent that the London headquarters of Bloomberg would be the appropriate venue to commit to an in-out referendum. Yet for all his political wiles (now shredded), Cameron exposed himself as a business neophyte in an arena noted for its ruthless hunting down …

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Volkswagen Reaches $14.7B Deal to Settle Emissions Scandal: Reports

SAN FRANCISCO—Volkswagen would repair or buy back polluting diesel vehicles and pay each owner as much as $10,000 (U.S.) under a $14.7 billion deal the carmaker has reached to settle lawsuits stemming from its emissions cheating scandal, a person briefed on the settlement talks said Monday. The figure would be the largest auto scandal settlement in U.S. history and a …

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Volkswagen Agrees to Landmark $15.3-Billion Emissions Settlement in U.S.

Volkswagen AG has agreed to pay as much as $15.3 billion (U.S.) to settle consumer lawsuits and U.S. government allegations that it used illegal software to defeat emissions testing — while, in Canada, parties to class actions are expected to offer a progress report to the courts by July 29. “Our hope is to provide remedies to Canadians on pace …

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