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Government spending $13.5-million in ad blitz in April and May

New documents reveal the Conservative government has booked $13.5-million for an all-out blitz in April and May to advertise its 2015 pre-election budget.

The Canada Revenue Agency is spending $6-million on a concentrated TV bulk buy this month that includes pricey NHL playoff spots in what internal …

Government Spending

Senate rules didn’t define primary or secondary residences: official

The Senate’s top finance official says there were no criteria or definitions of what constituted primary and secondary residences at the time Mike Duffy was making expense claims.

As the fourth week of the suspended senator’s trial begins, Duffy defence lawyer Donald Bayne is continuing his …

News (Canada)

Torc to buy light oil properties for $430-million

Torc Oil & Gas Ltd. agreed to pay $430-million for a chunk of light oil properties in southeast Saskatchewan and Manitoba in a deal that features a stepped-up investment from the Canada Pension Plan Investment Board.

Torc said it is picking up properties that pump about 4,700 barrels per day of …

News (Canada)

Love ’em or hate ’em, China stocks are red hot in options market

China’s world-beating stock rally is dividing traders in the U.S. options market.

Demand has exploded in the past month for contracts that protect investors against losses as well as for those that profit from more gains in the largest U.S. exchange-traded funds tracking Chinese companies. It …


Harper is not funding science, he’s subsidizing business

Last December, the federal government unveiled its $1.5-billion science and technology strategy. In the foreword to the document, with the flowery title “Seizing Canada’s Moment: Moving Forward in Science, Technology and Innovation,” Prime Minister Stephen Harper said this:

“The success of our …

Emerging Technology

Mourners attend funeral for Baltimore man who died in police custody

Mourners lined up on Monday before the funeral of a Baltimore black man who died in police custody, a death that has led to protests in the latest outcry over U.S. law enforcement’s treatment of minorities.

The long line stretched out of the front door of the New Shiloh Baptist Church for the …


Google looks to buy patents in experiment to lessen lawsuits

Google Inc. is shopping for patents.

The largest Internet search company said it’s taking applications next month from patent owners willing to sell. After reviewing submissions, Google will pick the patents it wants, negotiate a sale and shell out the money by August.

The program is an experiment to …


Victims wait to be evacuated at airport in Kathmandu

Chaos has reigned at Kathmandu's small airport since the earthquake, with the onslaught of relief flights causing major backups on the tarmac.

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Air Travel

Clinton Foundation admits making mistakes on taxes

The Clinton Foundation’s acting chief executive officer admitted on Sunday that the charity had made mistakes on how it listed government donors on its tax returns and said it was working to make sure it does not happen in the future.

The non-profit foundation and its list of donors have been under …

Clinton Foundation

Love criticizes Olynyk for ‘bush-league’ play that resulted in injury

Kevin Love dislocated his left shoulder Sunday on what he said was a “bush-league” play.

Cleveland’s power forward was injured in the first quarter of the Cavaliers’ 101-93 victory that completed a four-game sweep when he and Boston’s Kelly Olynyk chased a loose ball into the left corner after Jae …

Kevin Love

Top soldier in Islamic State mission named Canada’s next defence chief

A former combat commander who has led operations at home and overseas has been appointed to the country’s top military job.

Prime Minister Stephen Harper and Defence Minister Jason Kenney say Lt.-Gen. Jonathan Vance will be the next chief of defence staff, replacing the soon-to-retire Gen. Tom …


Albuquerque police are seeking UFC champion Jon Jones for questioning in hit-and-run

Albuquerque police are searching for UFC light heavyweight champion Jon Jones on Sunday night in connection with a hit-and-run accident.

Police spokesman Officer Simon Drobik said Jones is wanted for questioning about the crash, which occurred earlier in the day. No charges have been filed, but a …


Mylan rejects Teva’s hostile $40-billion offer as too low

Mylan NV rejected Teva Pharmaceutical Industries Ltd’s unsolicited $40-billion takeover offer, saying it “grossly undervalues” the company.

The offer, announced last week, will expose Mylan to a “problematic culture and leadership with poor record of delivering shareholder value,” Mylan said on …


Canadian in Nepal says Ottawa not doing enough to help citizens get out

A Montreal woman trying to get home from Nepal after Saturday’s magnitude 7.8 earthquake says Ottawa isn’t doing enough to help expats and travellers stranded in the stricken country.

Emilie-Anne Leroux says that while other countries have pulled out all the stops to get their citizens home, she and …


Canadian author Ondaatje to boycott PEN gala over Charlie Hebdo honour

Michael Ondaatje, Francine Prose and at least four other writers have withdrawn from next month’s PEN American Center gala, citing objections to the literary and human rights organization’s honouring the French satirical magazine Charlie Hebdo.

PEN announced Sunday that the writers were upset by …

Canadian Literature

Chipotle says GMO removal complete

Chipotle says it has completed phasing out genetically modified ingredients from its food.

The Denver-based chain had already been using mostly non-GMO ingredients, but said in late 2013 it was working on transitioning to a tortilla that did not use them.

Most of the country’s corn and soybean crop …

Food (Canada)

Indonesia rejects Australia's plea to delay executions of drug traffickers

Indonesia said the execution of nine drug traffickers would go ahead this week, rebuffing last-minute appeals from Australia and the Philippines to spare their nationals and ignoring a decision by the Constitutional Court to hear a final challenge.

Australia began the day with a plea for a stay in …


Polls show little to choose between Conservatives and Labour ahead of May 7 vote

With less than two weeks to go before the May 7 election, the latest opinion polls show voters fairly evenly split between Britain’s two main political parties.

The two main parties have been neck-and-neck in most opinion polls since the start of the year, with neither establishing a sustained lead …


Man accused in deaths of two boys killed by python to be tried by jury

A man accused in the deaths of two boys killed by a python in New Brunswick has elected to be tried by a jury.

Jean-Claude Savoie is charged with criminal negligence causing death after the two young brothers were asphyxiated by an African rock python in Campbellton.

Lawyer Leslie Matchim appeared in …

News (Canada)

Combined Tim Hortons, Burger King results miss analyst estimates

The parent of Tim Hortons and Burger King missed analyst estimates for first-quarter revenue and adjusted earnings.

Restaurant Brands International says it had US$932-million of total revenue for the three months ended March 31, little-changed from what it would have had last year if the two …

Tim Hortons

HSBC jumps most in a year after retail spinoff plan report

HSBC Holdings Plc’s shares jumped the most in more than a year in London after a newspaper report saying the lender may spin off its U.K. consumer bank as the company pledged to review its domicile.

Europe’s largest lender surged as much as 4.6 per cent, the most since January 2014, and traded 2.7 …

News (Canada)

GRI looks to Richard Nesbitt to expand global reach

Toronto-based Global Risk Institute in Financial Services is bringing on a banking veteran to help expand the international reach of its research.

Richard Nesbitt, former chief operating officer of CIBC, will take up the role of chief executive at the not-for-profit financial education group on …

News (Canada)

Top links: Top picks from hedge fund heavyweights

A roundup of what The Globe and Mail’s market strategist Scott Barlow is reading this morning on the Web.

Business Insider wrote a post contending that the Canadian consumer is “falling off a cliff.” The piece contained some valid points, notably on our country’s growing shadow banking industry:

“The …

News (Canada)

Stephen Poloz’s ‘quixotic quest’: JPMorgan calls Bank of Canada boss an Optimist-in-Chief

These are stories Report on Business is following Monday, April 27, 2015.

Follow Michael Babad and The Globe's Business Briefing on Twitter.

Poloz as optimist
Ignore for a moment the fact that Stephen Poloz referred to first-quarter economic growth as “atrocious.” To JPMorgan Chase & Co., the Bank of …

Finance (Canada)

Greece reshuffles EU/IMF negotiating team after Riga debacle

Greek Prime Minister Alexis Tsipras on Monday reshuffled his team handling talks with European and IMF lenders, after his finance minister was sharply criticized for his performance at a euro zone meeting last week.

Athens is dangerously close to bankruptcy and is scrambling to find a deal with …


Volkswagen shares jump on Piech exit as investors await change

Investors hope that Volkswagen will be able to revive profitability at its core division, cure underperformance overseas and bury lingering plans for acquisitions after the resignation of Chairman Ferdinand Piech.

Piech, the mastermind of VW’s global expansion and a towering figure at the German …


Precision Drilling profit plunges 76%

Precision Drilling Corp , Canada’s largest drilling contractor, reported a 76.3 per cent drop in quarterly profit as weak oil prices curtailed activity in North America.

Calgary-based Precision Drilling said it had 2,200 fewer employees on April 24 than it had at the end of 2014, when its work force …


Deutsche Bank pledges huge overhaul, shares slide

Deutsche Bank will cut €200-billion ($217.5-billion) in investment bank assets and exit a tenth of the countries in which it operates as part of a restructuring program designed to boost earnings and cut risk.

After sticking with its costly universal banking model in the aftermath of the financial …


Oil’s harsh bite on the economy not yet felt: CIBC economist

How long will lower oil prices leave the Canadian economy reeling? The question, to be sure, is an open one, and a matter of contentious debate.

Bank of Canada Governor Stephen Poloz has been unequivocal: He believes oil prices will serve as a severe drag on activity in the first quarter of the …


Public transit and the rush-hour commute now federal issues

Milton, Ont., used to be a small town outside Toronto. Now it’s a sprawling suburb of new subdivisions, Canada’s fastest-growing community. The big issue, as in towns around it, is the commute.

Traffic bottlenecks at James Snow Parkway by 7 a.m. Gridlock on Highway 401 used to start in Mississauga, …

Transportation (Canada)