Caldwell Investment to pay $1.8 million penalty for breaking rules: OSC

Caldwell Investment to pay $1.8 million penalty for breaking rules: OSC
TORONTO — The Ontario Securities Commission says Caldwell Investment Management Ltd. has agreed to pay a $1.8-million administrative penalty for executing most of its clients’ trades through an affiliated company rather than making reasonable efforts to find the best alternative. The financial regulator says the Toronto-based investment firm has also agreed to pay a further $250,000 towards the cost of the OSC’s... Read More

B.C. Securities Commission reaches deal with Genus Capital Management

B.C. Securities Commission reaches deal with Genus Capital Management
VANCOUVER — The B.C. Securities Commission has reached a settlement with a Vancouver-based investment management firm that misused client brokerage commissions. Genus Capital Management Inc. has agreed to repay $1.67 million to current and former clients and an additional $350,000 to the provincial securities regulator. The firm’s current clients will be repaid in the form of management fee credits, while former... Read More

Materials sector helps lift Toronto stock market, loonie edges lower

Materials sector helps lift Toronto stock market, loonie edges lower
TORONTO — Gains in the materials sector helped boost Canada’s main stock index higher in late-morning trading, while U.S. stock markets also gained ground. The S&P/TSX composite index was up 17.78 points at 16,512.01. In New York, the Dow Jones industrial average was up 71.16 points at 27,294.13. The S&P 500 index was up 4.33 points at 2,999.44, while the... Read More

West Fraser results far below expectations as lumber prices, duties bite

West Fraser results far below expectations as lumber prices, duties bite
VANCOUVER — West Fraser Timber Co Ltd. reported a loss in its second quarter as it saw a substantial reversal compared with a year ago as lower lumber prices and export duties cut into its results. The Vancouver-based company says it lost $58 million or 85 cents per share in the quarter compared with earnings of $346 million or $4.52... Read More

Bank of Canada lowers qualifying rate used in mortgage stress tests

Bank of Canada lowers qualifying rate used in mortgage stress tests
OTTAWA — The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.14 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since September 2016, when it dropped... Read More