China's legislature passes a law raising the retirement age, which is now among the lowest for major economies
BEIJING (AP) — China's legislature passes a law raising the retirement age, which is now among the lowest for major economies.
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GOBankingRatesI’m a Retired Boomer: Here Are 3 Debts You Should Definitely Pay Off Before Retirement
According to a 2023 Experian report, the average individual consumer owes $104,215. This includes all types of consumer debt, including credit cards, student loans, auto loans, mortgages and even home...
- Global News
What Canada's pharmacare plan does and doesn't cover
Canada's pharmacare bill is now law, but that doesn't mean people can expect cheap medications just yet. Mackenzie Gray reports on the final piece of the puzzle still needed; what's covered under the plan; what's not; and what could expand drug coverage.
- Reuters
Canadian natural gas firms eager for LNG boom swamp market with excess supply
A huge liquefied natural gas export terminal led by Shell, called LNG Canada, may struggle to dramatically raise Canadian natural gas prices when it starts operating next year because a flood of pent-up supply is waiting to hit the market, analysts said. Gas prices at Alberta's AECO hub hit a two-year low of 5 Canadian cents per million British thermal units (mmBtu) in late September as storage filled up. The slump has hurt producers who boosted drilling activity this year in anticipation of new demand from LNG Canada and prompted some firms to curtail production.
- Bloomberg
TD to Face US Growth Limits, $3 Billion Penalty for Money-Laundering Failures, WSJ Says
(Bloomberg) -- Toronto-Dominion Bank will pay about $3 billion in penalties and face restrictions on its US growth in a settlement with regulators over its failure to catch money laundering, the Wall Street Journal reported. Most Read from BloombergSan Francisco to Shut 9% of Public Schools Amid Budget WoesThe Cablebus Transformed Commutes in Mexico City’s Populous OutskirtsChicago’s $1 Billion Budget Hole Exacerbated by School TurmoilUrban Heat Stress Is Another Disparity in the World’s Most Un
- The Canadian Press
TD fined US$3.09B as bank pleads guilty to U.S. charges related to money laundering
TORONTO — Toronto-Dominion Bank has agreed to pay fines totalling about US$3.09 billion from U.S. regulators after pleading guilty to multiple charges related to failures in its anti-money laundering program.
- CBC
Suspended lawyer must pay $235K for 'staggering breach' of trust in sex-for-services proposal
Suspended Ottawa lawyer James Bowie has been ordered to pay a former client — and plaintiff in a civil case against him — more than $235,000 after proposing she pay for his legal services with oral sex and disclosing personal details about her online after her allegations garnered media coverage.In an Oct. 11 decision, Superior Court Justice Heather Williams wrote that Bowie's actions were "shocking" and "offend the court's sense of decency.""The lawyer-client relationship is founded on trust. T
- Fortune
Stellantis has ‘misplaced belief in its own pricing power’ as U.S. struggles continue, Bernstein says
Dealers in the U.S. say Stellantis cars are too expensive, locking out customers.
- The Canadian Press
Boeing will lay off 10% of its employees as a strike by factory workers cripples airplane production
Boeing plans to lay off about 10% of its workers in the coming months, about 17,000 people, as it continues to lose money and tries to deal with a strike that is crippling production of the company’s best-selling airline planes.
- Yahoo Finance Canada
Unemployment rate falls to 6.5% in Canada but 'mixed signals' muddy odds of a 50 bp rate cut
Canada added a net 46,700 jobs and the unemployment rate dropped to 6.5 per cent, according to Statistics Canada data released on Friday.
- BBC
How China’s crackdown turned finance high-flyers into ‘rats’
Chinese authorities have been cracking down on businesses from real estate to technology to finance.
- Bloomberg
China’s Oil Refiners Get Iranian Offers at Narrower Discounts
(Bloomberg) -- Private oil refiners in China say Iranian sellers are seeking to raise their prices by offering narrower discounts, at a time of elevated tensions in the Middle East that have global investors on edge.Most Read from BloombergSan Francisco to Shut 9% of Public Schools Amid Budget WoesChicago’s $1 Billion Budget Hole Exacerbated by School TurmoilUrban Heat Stress Is Another Disparity in the World’s Most Unequal NationShould Evictions Be Banned After Hurricanes and Climate Disasters?
- Reuters
China trade tensions cast shadow on automakers' investment plans, TomTom CEO says
Trade tensions between China and the West have put a dampener on carmakers' investment decisions and longer-term outlooks, creating a level of uncertainty in the industry, the CEO of digital mapping specialist TomTom said on Friday. The European Union is pressing ahead with hefty tariffs on China-made electric vehicles, set to be imposed from next month, while the Biden administration in September locked in steep tariff hikes on Chinese imports, including a 100% duty on EVs. "I think some of our biggest customers are struggling to find their foot and decide on the longer-term planning in this volatile environment," TomTom CEO Harold Goddijn told Reuters.
- Bloomberg
AI Is Coming for European Bank Jobs With Italy Taking a Hit
(Bloomberg) -- European banks are beginning to cut staff by deploying artificial intelligence tools, with BPER Banca SpA becoming one of the first to put hard numbers on the impact. Most Read from BloombergThe Cablebus Transformed Commutes in Mexico City’s Populous OutskirtsAs Brussels Booms, an Old Boogeyman Returns: BrusselizationSan Francisco to Shut 9% of Public Schools Amid Budget WoesChicago Marathon to Honor Kenyan Who Died After His World RecordThe Master Plan That Shaped Pakistan’s Capi
- LA Times
Ye sued by ex-'fixer' who allegedly was asked to tail Bianca Censori, look into Kardashians
Kanye West's former 'fixer' is suing the rapper for threatening to kill him and retaliating against him when he reported alleged abuses at Donda Academy.
- South China Morning Post
China-Europe trade war 'unavoidable' on current trends, EU business leader says
An EU-China trade war is "unavoidable" on current trends, according to Europe's top business leader in the country, who said that Beijing's own policies mean it could not be considered the "victim". "A full-blown trade war looks more and more likely if nothing changes," said Jens Eskelund, the chairman of the European Union Chamber of Commerce in China, in an interview in Brussels on Wednesday. Jens Eskelund said it is "very important" to stress that China is not the "victim" in the dispute. Pho
- Barrons.com
Russia’s Oil Keeps Flowing Despite Sanctions. That’s Exactly How the U.S. Wants It.
In order to avoid shocks to the energy sector, the U.S. and other Western nations maximized sanctions over the war with Ukraine without hurting Russia’s oil industry.
- Business Insider
Ye accused of threatening to kill employee he asked to investigate Kardashian family, new lawsuit says
The plaintiff says in the lawsuit he was appointed Ye's "director of intelligence" and was tasked with investigating those closest to the rapper.
- CoinDesk
Ripple Expands Custody Business to Offer 'Bank-Grade' Service to Crypto Firms
The new features could allow companies to tokenize and manage real-world assets (RWAs) as well as other cryptocurrencies on XRP Ledger.
- Barrons.com
Nike Taps Another Company Veteran as Its Management Shakeup Continues
Nike is tapping another longtime employee to help kick-start its turnaround strategy, continuing the executive shuffle that began with its recent appointment of a new CEO. The athletic-wear brand said Thursday that veteran Tom Peddie will head its business in North America—its biggest market. The announcement comes just before Nike’s new CEO Elliott Hill takes the helm on Oct. 14, succeeding current Chief Executive John Donahoe.
- The Canadian Press
Restaurant owner MTY Food sees profit, revenue slide in Q3
MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.