Category: Technology

Investigation of QuadrigaCX cryptocurrency debacle turns up $28 million in assets

CanadianInvestor
Investigation of QuadrigaCX cryptocurrency debacle turns up $28 million in assets
HALIFAX — The accounting firm trying to recover more than $200 million owed to users of the now-defunct QuadrigaCX cryptocurrency platform has turned up only $28 million in assets — virtually all of it in cash. Ernst and Young, which is overseeing bankruptcy proceedings, has issued a preliminary report saying it may not be possible to complete a full review of QuadrigaCX’s finances, given the poor... Read More

Amazon offers to help employees start delivery business

CanadianInvestor
Amazon offers to help employees start delivery business
NEW YORK — Amazon, which is racing to deliver packages faster, is turning to its employees with a proposition: Quit your job and we’ll help you start a business delivering Amazon packages. The offer, announced Monday, comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. The company sees the new... Read More

San Francisco may ban police, city use of facial recognition

CanadianInvestor
San Francisco may ban police, city use of facial recognition
San Francisco is on track to become the first U.S. city to ban the use of facial recognition by police and other city agencies, reflecting a growing backlash against a technology that’s creeping into airports, motor vehicle departments, stores, stadiums and home security cameras. Government agencies around the U.S. have used the technology for more than a decade to scan... Read More

Space-tourism dream edges toward reality in New Mexico

CanadianInvestor
Space-tourism dream edges toward reality in New Mexico
SANTA FE, N.M. — British billionaire Richard Branson is taking another concrete step toward offering rides into the close reaches of space for paying passengers. Branson announced Friday that Virgin Galactic will immediately begin shifting operations from California to a spaceport and specialized runway in the New Mexico desert in final preparations for commercial flights. He says Virgin Galactic’s development... Read More

Bombardier facing World Bank ban over Azerbaijan corruption allegations

CanadianInvestor
Bombardier facing World Bank ban over Azerbaijan corruption allegations
MONTREAL — Bombardier Inc. is facing a possible ban from World Bank-financed projects after it received a show-cause letter related to a rail equipment deal plagued by corruption allegations. The letter is the latest development in an ongoing investigation into a roughly $340-million contract awarded to a Bombardier-led consortium in 2013 to supply signalling equipment for a 500-kilometre section of... Read More

Your Uber has arrived, on Wall Street

CanadianInvestor
Your Uber has arrived, on Wall Street
SAN FRANCISCO — Uber’s next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits. The world’s largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage... Read More

Auto parts maker Magna International reduces profit guidance for 2019

CanadianInvestor
Auto parts maker Magna International reduces profit guidance for 2019
AURORA, Ont. — Magna International Inc. cut its outlook for the year as it lowered its expectations for auto production and reported sales in its latest quarter fell compared with a year ago. The auto parts company, which reports in U.S. dollars, says it now expects a profit this year between US$1.9 billion and $2.1 billion, compared with earlier expectations for... Read More

Just add water: Salt battery could help renewable energy use

CanadianInvestor
Just add water: Salt battery could help renewable energy use
BERLIN — Amid the hum and heat of Berlin’s Reuter thermal power station stands a shining contraption that looks out of place in the decades-old machine hall. Its silver pipes and vats contain a substance that Vattenfall, the plant’s operator, says could become a key ingredient for a fossil fuel-free future. The energy company, together with a Swedish start-up, is... Read More