HBC shareholders challenge $29.4M CEO pay amid privatization deal

HBC shareholders challenge $29.4M CEO pay amid privatization deal
Roughly one-quarter of Hudson’s Bay Co. shareholders voted against a $29.4-million total compensation package for the struggling retailer’s top executive at an unusually secretive annual general meeting on Wednesday. Nearly 26.5 per cent of shareholders cast a ballot against the retailer’s approach to executive compensation, according to company documents. That amounts to about 47.9 million negative votes. The company’s highest paid executive, CEO Helena Foulkes,... Read More

Walmart to pay $282 million over foreign corruption

Walmart to pay $282 million over foreign corruption
ALEXANDRIA, Va. — Walmart agreed Thursday to pay $282 million to settle civil and criminal allegations of overseas corruption, including payment through a Brazilian subsidiary of more than $500,000 to an intermediary known as a “sorceress” for her uncanny ability to make permit problems disappear. The settlements include civil charges filed by the Securities and Exchange Commission as well as... Read More

Markets Right Now: S&P 500 index closes at a record high

Markets Right Now: S&P 500 index closes at a record high
NEW YORK — The latest on developments in financial markets (all times local): 4 p.m. The S&P 500 is closing at a record high and has erased all of a steep pullback it suffered in May. The rally Thursday came as investors balanced optimism over the possibility that the Federal Reserve could cut interest rates in response to a slowing... Read More

Canopy to launch edibles in December but with smaller range, select markets

Canopy to launch edibles in December but with smaller range, select markets
TORONTO — Canopy Growth Corp. aims to have cannabis-infused beverages and edibles in market by December in time for the holidays or New Year’s Eve celebrations, but starting with select markets and a smaller range of products at the outset. Canopy co-chief executive Bruce Linton says the company expects to be ready with ingestible pot products, but the launch timing will depend on logistics and provincial... Read More

Energy stocks help lift main Toronto stock index, Canadian dollar rises

Energy stocks help lift main Toronto stock index, Canadian dollar rises
TORONTO — Canada’s main stock index has advanced moderately, with energy stocks providing some of the lift. The S&P/TSX composite index was up 73.55 points at 16,585.34 after 90 minutes of trading. In New York, the Dow Jones industrial average up 172.24 points at 26,676.24. The S&P 500 index was up 18.38 points at 2,944.84, while the Nasdaq composite was up 54.77... Read More

Canada at risk of falling behind in open banking innovation: Senate report

Canada at risk of falling behind in open banking innovation: Senate report
A Senate committee has recommended that Ottawa push forward with a framework to facilitate open banking, a concept that would allow third-parties like financial technology startups access to banking data to develop innovative services. The Standing Senate Committee in Banking, Trade and Commerce said in its newly-released report that Canada runs the risk of falling behind other countries if it... Read More

QuadrigaCX founder transferred customers’ money to his own accounts: report

QuadrigaCX founder transferred customers’ money to his own accounts: report
The accounting firm investigating the unseemly demise of Canada’s QuadrigaCX cryptocurrency exchange is accusing the company’s late founder of transferring customer funds into his personal accounts, where the money was used for high-risk margin trading. The bombshell allegation, contained in a report from Ernst and Young, draws into sharp focus several questionable business practices that preceded the shutdown in January of QuadrigaCX. At the time, it... Read More

Fontaine Sante Foods buys Campbell Soup’s Garden Fresh Gourmet subsidiary

Fontaine Sante Foods buys Campbell Soup’s Garden Fresh Gourmet subsidiary
MONTREAL — Fontaine Sante Foods is expanding in the United States with the acquisition of the Garden Fresh Gourmet, a subsidiary of Campbell Soup Co. Financial terms of the deal were not immediately available. The agreement includes Garden Fresh Gourmet’s two plants in Ferndale and Grand Rapids, Mich., where it employs more than 600 people. Garden Fresh Gourmet produces refrigerated salsa... Read More