Business

Deutsche Bank Settles U.S. Mortgage Probe for $9.75B

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Deutsche Bank AG said it reached a $9.75-billion agreement to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities, removing a legal hurdle that fuelled investor angst. Deutsche Bank will pay a $4.2-billion civil penalty and provide $5.55 billion in relief to consumers under a settlement in principle with U.S. authorities, according to a statement early Friday. The ...

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Fiat Chrysler Recalls 50,000 SUVs Due to Possible Engine Malfunctions

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DETROIT—Fiat Chrysler is recalling nearly 50,000 small SUVs worldwide because the engines could stall while being driven. Transport Canada says the recall affects about 3,400 Dodge Journey, Jeep Compass and Jeep Patriot vehicles in Canada. The company says a sensor connector in the engine can malfunction. That can cause the SUVs to either stall or fail to start. Fiat Chrysler ...

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GM and Fiat Chrysler Cut Jobs in US and Canada as Consumers Turn to SUVs, Pickups

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For unionized autoworkers, even amid a booming U.S. market, the only safe jobs of late have been building pickups and sport utility vehicles. Within the next month, General Motors plans to permanently cut about 3,300 employees at three car plants, as the largest U.S. automaker slashes production of models including the Chevrolet Cruze compact. The Detroit-based company also plans to ...

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TSX up For Fourth Straight Day, Dow Inches Closer to 20,000

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Strength in metals and materials stocks elevated Canada’s largest stock market for a fourth straight day on Tuesday, while markets in New York set new records. In Toronto, the S&P/TSX composite index climbed 23.11 points at 15,292.96. The Canadian dollar was up 0.28 of a U.S. cent at 74.81 cents US. On Wall Street, indexes were helped by rising shares ...

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How Federal Politicians Sheltered Asbestos Industry: Jennifer Wells

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Has the phrase “better late than never” ever stood on a weaker truss than the Government of Canada’s decades-late decision to ban the manufacture, use, import and export of asbestos? Successive federal governments — Liberal and Conservative — provided political shelter to companies mining chrysotile asbestos in Quebec, going so far as to fund the Chrysotile Institute whose purpose was ...

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VW Offers to Pay Canadian Owners $2.1B Over False Diesel Claims

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Volkswagen has reached a tentative settlement for compensating Canadian owners of VW-made diesel vehicles caught in a global scandal over rigged emissions data. The proposed agreement, covering about 105,000 vehicles across the country, could cost Volkswagen $2.1 billion if accepted by courts in Ontario and Quebec. “Volkswagen’s primary goal has always been to ensure our Canadian customers are treated fairly, ...

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Airbnb May Break Into flight-booking to Rival Expedia, Priceline

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Airbnb Inc. is developing a service for booking air travel as the home-rental startup looks to compete with Priceline Group Inc. and Expedia Inc. for more of people’s online travel spending. Development of the flight-booking feature is early, and the company is considering various routes to break into the business, said people familiar with the plans. Airbnb may acquire an online travel agency or license data from a provider, ...

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Disney in Hot Seat Over ESPN’s Losing Streak

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ESPN was once considered the crown jewel of Walt Disney Co., the gem in a TV line-up that generated more than 70 per cent of the company’s annual operating profit. Now the sports network is headed for a second straight year of falling profit, according to RBC Capital Markets analyst Steven Cahall, and has almost single-handedly delivered the worst annual ...

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BlackBerry Opens self-driving Car Research Centre

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TORONTO—BlackBerry Ltd. and the Canadian government are opening a research centre for self-driving cars that raises the possibility of government backing for the former smartphone maker’s automotive software unit. Chief executive officer John Chen and Prime Minister Justin Trudeau announced the centre at QNX’s headquarters near Ottawa, where it will be based. BlackBerry’s QNX unit has been building software to ...

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Not Even Donald Trump Can Pull Twitter Out of its Slump

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So far this month, the man who will become the next president of the United States has turned to Twitter to announce his pick for secretary of state, declare Saturday Night Live “unwatchable” and to defend a phone call with Taiwan’s president. His tweets have sent Lockheed Martin’s stock price plunging, dredged up conflicts with China and led to the ...

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