Yahoo! News Canada - Tax Headlines

Corruption trial of Canadian trader ends in Cuba, with verdict soon

Fri, 24 May 2013 21:49:28 -0400

By Marc Frank HAVANA (Reuters) - The trial of a Canadian businessman who bribed Cuban officials ended on Friday after two days of testimony, but there was no word on the outcome in a case closely watched by Havana's foreign business community. Sarkis Yacoubian, originally from Armenia and the owner of import firm Tri-Star Caribbean, was expected to plead guilty and hope for leniency for his cooperation with investigators after his July 2011 arrest. The five-judge panel was expected to announce its verdict within 10 days. ...

MTS to sell Allstream to Egyptian investment group, focus on Manitoba market

Fri, 24 May 2013 18:32:14 -0400

WINNIPEG - Manitoba Telecom Services Inc. has agreed to sell its Allstream business telecommunications arm to an Egyptian investment group and use about half of the $405 million in proceeds to reduce its pension obligations and debt.

Valeant shares soar amid report drug firm near $9B deal to buy Bausch and Lomb

Fri, 24 May 2013 18:27:57 -0400

MONTREAL - Valeant Pharmaceuticals shares hit an all-time high Friday amid reports that it is in talks to expand its eye-care business by buying Bausch and Lomb.

Business Highlights

Fri, 24 May 2013 18:22:18 -0400

Summer travel forecast: Better, but no blowout

Police agency Interpol quashes Russian bid to hunt down UK investor

Fri, 24 May 2013 16:42:32 -0400

PARIS - The international police agency Interpol has rejected a Russian push to locate and arrest a Britain-based investor who is a vocal critic of President Vladimir Putin's regime.

HSBC calls for faster banking reforms

Fri, 24 May 2013 12:13:24 -0400

By Steve Slater and Matt Scuffham LONDON (Reuters) - HSBC called on regulators to speed up industry reform as its shareholders urged Europe's biggest bank to take a lead in cutting pay and criticized it for compliance failings and aiding tax avoidance. HSBC Chairman Douglas Flint told around 400 shareholders at the bank's annual meeting that the fallout from recent scandals had created a "once-in-a-generation" opportunity to reform banking and the broader financial industry. "As a first priority we need to speed up the reform process. ...

Americans plan summer vacations, but with incomes stagnant some families keep trips modest

Fri, 24 May 2013 11:12:10 -0400

NEW YORK, N.Y. - The forecast for summer travel, 2013: Partly sunny.

Slovenia approves cap on public spending to shore up market confidence, avoid bailout

Fri, 24 May 2013 10:36:43 -0400

LJUBLJANA, Slovenia - Slovenia's parliament on Friday adopted a cap on public spending to try to convince foreign investors that the small eurozone country will not need an international bailout.

US orders for durable goods rise 3.3 per cent in April, helped by gain in business investment

Fri, 24 May 2013 09:26:09 -0400

WASHINGTON - U.S. orders for long-lasting manufactured goods rebounded in April, buoyed by more demand for aircraft and stronger business investment. The gains suggest economic growth may be holding steady this spring.

As France tries to woo disillusioned companies, finance minister backs off bid to cap CEO pay

Fri, 24 May 2013 08:51:35 -0400

PARIS - The French government is trying to woo executives and entrepreneurs, amid concerns that it has antagonized the businesses needed to reinvigorate the economy.

Switzerland's top tax negotiator steps down as showdown with US looms

Fri, 24 May 2013 07:46:41 -0400

GENEVA - Switzerland's top negotiator in talks to resolve disputes over tax evasion with Europe and the U.S. is stepping down.

Canadian businessman goes on trial in Cuba for corruption

Thu, 23 May 2013 21:31:49 -0400

By Marc Frank HAVANA (Reuters) - A Cuban court on Thursday wrapped up the first day of testimony in the graft trial of a Canadian businessman whose prosecution is part of a corruption crackdown that has shaken the country's foreign business community. The trial of Sarkis Yacoubian, originally from Armenia and the owner of import firm Tri-Star Caribbean, was expected to end on Friday. An associate of Yacoubian, Lebanese citizen Krikor Bayassalian, is a co-defendant. Canada's ambassador to Cuba, Matthew Levin, attended the trial but did not speak to reporters. ...

Sears reports bigger-than-expected loss for 1st quarter

Thu, 23 May 2013 21:08:41 -0400

NEW YORK, N.Y. - It was another ugly quarter for Sears Holdings Corp.

Hands-off investor? Experts suggest making periodic adjustments to 401(k); avoid market timing

Thu, 23 May 2013 19:34:33 -0400

The run-up in stock prices this year could tempt even the most hands-off investor to wade into their 401(k) and make some changes.

Money fund assets rose by $19.53 billion to $2.601 trillion in most recent week

Thu, 23 May 2013 18:30:46 -0400

NEW YORK, N.Y. - Total U.S. money market mutual fund assets rose $19.53 billion to $2.601 trillion for the week that ended Wednesday, according to the Investment Company Institute.

Obama's commerce secretary pick, Penny Pritzker, gets smooth confirmation hearing in Senate

Thu, 23 May 2013 16:53:27 -0400

WASHINGTON - President Barack Obama's nominee for commerce secretary was questioned briefly about her ties to a subprime mortgage lender that failed in 2001 and her role as a beneficiary of family offshore trusts in the Bahamas, but those were minor bumps in an otherwise smooth Senate confirmation hearing Thursday.

Obama approval ratings remain steady, riding through the ups and downs of economy, controversy

Thu, 23 May 2013 12:47:40 -0400

WASHINGTON - The economy is recovering, the White House is dealing with multiple controversies, and President Barack Obama appears generally unaffected either way.

US new home sales rise 2.3 per cent in April while median home prices hit record high

Thu, 23 May 2013 12:24:16 -0400

WASHINGTON - U.S. sales of new homes rose in April and nearly matched the fastest pace in five years, driving the median price to a record high. The gains suggest the housing recovery is strengthening.

Can't tax reforestation, top court rules; case could affect oil, gas transfers

Thu, 23 May 2013 11:41:19 -0400

OTTAWA - A Japanese-based forestry company has won a long-running tax battle with Ottawa over how reforestation obligations should be handled when harvest rights are sold.

Quebec's separatist government highly unpopular: poll

Thu, 23 May 2013 11:27:38 -0400

(Reuters) - Quebec's separatist government is highly unpopular in the wake of several missteps since taking power last September and would be swept from office if an election were held now, a poll published on Thursday found. The Parti Quebecois (PQ), which wants the resource-rich mainly French-speaking province to break away from Canada, vows to protect Quebec companies from takeovers and make foreign mining companies pay more in fees and royalties. ...