Tuesday, July 27

Canada

BLOOM, Canada, PMN Business

CN Rail Gets Revenue Boost from Mining, Oil and Lumber Shipments

Article content (Bloomberg) — Canadian National Railway Co. is cashing in on a commodities boom that's fueling demand for exports from Canada. Strong orders for goods such as metals, lumber and oil gave Canada's largest railway a boost in the second quarter, with total freight revenue jumping 14% from a year earlier. That helped the Montreal-based company post profit that was almost double that of a year ago, when the Covid-19 pandemic took hold. The positive earnings report came as the company pursues a takeover of Kansas City Southern. It's awaiting a decision by the Surface Transportation Board that will determine whether it can proceed with a deal. Article content "We should know in a couple of weeks, sometime in late July or early August, when the STB has had the time to reflect o...
Anthony Di Iorio, Blockchain, Canada, crypto, Crypto assets, Crypto billionaire, Cryptocurrencies, Decentral, Ethereum, Markets, MI Exclusive

Ethereum’s co-founder says he’s done with crypto because it’s too risky-and only represents a small bit of what the world needs

Anthony Di Iorio, co-founder of ethereum. Decentral Anthony Di Iorio, a co-founder of the ethereum blockchain, is wrapping up his time in the cryptocurrency world due to personal safety concerns, and because he no longer wants to be known as the "crypto guy."He recently told Bloomberg he wasn't too encouraged by the risk profile attached to the industry."I don't feel necessarily safe in this space," he said. "If I was focused on larger problems, I think I'd be safer."The 48-year-old Canadian has had a security team since 2017, and mostly been accompanied on his travels, Bloomberg said. He soon plans to sell his current blockchain venture Decentral to focus on philanthropy and other projects unrelated to crypto. Decentral, founded in 2014, is a Toronto-based wallet and cryp...
BLOOM, Canada, PMN Business

Facebook Extends Pushback on Biden Criticism of Social Media

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Shamim Adam Publishing date: Jul 17, 2021 • 11 minutes ago • 2 minute read • Join the conversation Article content (Bloomberg) — Facebook Inc. expanded on its pushback to President Joe Biden's comment that social media networks enabled the spread of misinformation about vaccines, saying that it won't take the blame for the administration missing its target to get 70% of Americans inoculated by July 4. Biden said Friday that social media networks are “killing people” by allowing the spread of misinformation about coronavirus vaccines, saying that “the only pandemic we have is among the unvaccinated” after he was asked about his message for tech companies. Advertisement This ...
BI Commentary, Canada, Commentary Freelancer, Genocide, Indigenous People, Opinión, Politics

The revelation of Canada’s cultural genocide against native people should shake the world into a historical reckoning that extends beyond empty apologies

751 unmarked graves of indigenous Canadians were uncovered weeks after another mass grave was found. The shocking news should jolt not just Canada, but the entire global community into reckoning with their own histories of cultural genocide. From Australia to China and a number of nations in between, policy and not apologies are what marginalized communities need to heal. Parisa Hashempour is a freelance journalist and International Studies lecturer living in the Netherlands. This is an opinion column. The thoughts expressed are those of the author. Weeks after a mass grave of 215 children was uncovered at t...
BLOOM, Canada, PMN Business

Indonesia’s Wealth Fund Runs ’36-Hour’ Days to Bridge Trust Gap

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Fathiya Dahrul Article content (Bloomberg) — Indonesia's new wealth fund has been working “36-hour” days to translate the investment potential of Southeast Asia's largest economy to foreign investors, said its new chief. Indonesia Investment Authority's team of 20 is currently studying 50 companies for potential funds, said Ridha Wirakusumah, president director at the fund known as INA. The challenge is in building trust in the still uncertain world of doing business in Indonesia, where policies can change rapidly and companies may not stick to stated timelines. Advertisement This advertisement has not loaded yet, but your article continues below. Article content “We need to be abl...
BLOOM, Canada, PMN Business

China Tech’s Trillion-Dollar Stock Slump Signals Buyer Beware

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Ishika Mookerjee Article content (Bloomberg) — For weeks now, optimists have said China's tech crackdown has been priced in by the stock market. A fresh round of regulatory angst has shaken that thesis to its core. The market capitalization of shares in a gauge of China's internet sector dropped by about $200 billion this week alone, as Beijing vowed to increase scrutiny over data collection and overseas listings. It has slumped by more than $1.1 trillion since a Feb. 17 peak, with the index down some 35%, according to calculations by Bloomberg. Advertisement This advertisement has not loaded yet, but your article continues below. Article content China's pivot to data-amassing tita...
BLOOM, Canada, PMN Business

Seoul Social Distances, Australia Gets More Shots: Virus Update

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Bloomberg News Article content (Bloomberg) — South Korea is tightening curbs on social distancing rules in the greater Seoul area for two weeks starting July 12, Yonhap News reported. Growing concern that vaccines deployed across much of the developing world aren’t capable of thwarting the delta variant has prompted some countries to look at offering third doses. Australian Prime Minister Scott Morrison said his government has negotiated with Pfizer Inc. for millions of vaccine doses to be delivered ahead of previous schedules. Meanwhile, Pfizer plans to request U.S. emergency authorization in August for a third booster dose of its vaccine. Advertisement This advertisement has not loaded yet...
Canada, Finance, Labor law, Law, Lyft, Markets, Tax Avoidance, Taxes, Tech Insider, Transportation, Uber

Uber and Lyft could be avoiding $135 million in Canadian taxes every year by relying on contract workers, report says

Uber and Lyft could avoid a combined $135 million in taxes annually in Canada, a new report claims. Canadians for Tax Fairness blamed lax disclosure laws and companies classifying drivers as contractors. Uber and Lyft both disputed the findings, telling Insider they paid all required taxes in Canada. See more stories on Insider's business page. Uber and Lyft could be avoiding a combined $135 million in taxes every year in Canada, according to a new report from the nonprofit Canadians for Tax Fairness (C4TF).The report estimated Uber and Lyft avoid $53.9 million in corporate taxes as well as $81.3 million in unemployment insurance a...
BLOOM, Canada, PMN Business

Nordic Region, Arctic Circle Feel the Heat as Brutal Summer Hits

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Laura Millan Lombrana and Lars Paulsson Article content (Bloomberg) — Record-high temperatures from Canada to Scandinavia and intense wildfires flaring up from California to Russia's Far East are adding to extreme weather events recorded at the start of the summer in the Northern Hemisphere. Temperatures in several towns in the north of the Nordic peninsula reached record highs over the weekend, according to local meteorological agencies. At the same time, unusual smoke and heat intensity from blazes in eastern Russia, the western US and British Columbia are being monitored by Europe's Copernicus agency. Advertisement This advertisement has not loaded yet, but your article continues be...
BLOOM, Canada, PMN Business

Business Sentiment Rises to Record in Canada on Vaccine Rollout

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Shelly Hagan Article content (Bloomberg) — Business sentiment has risen to record levels as an accelerating vaccine rollout bolsters confidence in the recovery, according to the Bank of Canada. The Ottawa-based central bank's latest quarterly survey of executives shows businesses continue to report improving conditions, with positive sentiment more widespread than it was three months ago. Senior managers reported strong sales outlooks, elevated investment intentions, record hiring plans, capacity constraints at all -time highs and rising expectations for inflation and wages. Advertisement This advertisement has not loaded yet, but your article continues below. Article content The c...