Founders of mortgage investment firm Fortress Real Developments Inc. charged with fraud

Founders of mortgage investment firm Fortress Real Developments Inc. charged with fraud

Vince Petrozza, chief operating officer of Fortress Real Developments, leaves the company offices in Richmond Hill, Ont., in 2017.CHRIS HELGREN/Reuters The co-founders of the failed Fortress Real Developments Inc., one of the first Canadian companies to offer higher risk, syndicated mortgage products to retail investors, have been charged with fraud. Jawad Rathore, Fortress’s former chief … Read more

Monthly payments on variable-rate mortgages could increase as borrowers near their ‘trigger rate’

Monthly payments on variable-rate mortgages could increase as borrowers near their ‘trigger rate’

An obscure feature of variable-rate mortgages may push up the monthly payments for an increasing number of borrowers as the Bank of Canada aggressively hikes interest rates. It’s called the “trigger rate” – the interest rate level that, when surpassed, causes a mortgage holder’s monthly payments to change. The trigger rate has been largely ignored … Read more

Russia claims 162 Canadian foreign fighters have been killed in Ukraine. There’s no evidence to back that up

Russia claims 162 Canadian foreign fighters have been killed in Ukraine.  There’s no evidence to back that up

Ukrainian soldiers and foreign fighters wait before advancing in the streets during a clearing-out operation of remaining Russian forces in Irpin, Ukraine, March 29, 2022.DANIEL BEREHULAK/The New York Times News Service Jordan Mullins doesn’t know exactly what hit him – he only remembers the pain he felt when shrapnel punctured his left calf. Mr. Mullins, … Read more

Workers at Canadian National Railway go on strike in move that could further threaten Canada’s supply chains

Workers at Canadian National Railway go on strike in move that could further threaten Canada’s supply chains

CN Rail locomotives are moved on tracks past cargo containers sitting on idle train cars at port in Vancouver, on Friday, February 21, 2020.DARRYL DYCK/The Canadian Press Workers in signals and communications have gone on strike at Canadian National Railway Co. in a development that threatens to exacerbate transport bottlenecks across the country in the … Read more

Canadian billionaire Barry Zekelman’s company received millions to help build Trump’s border wall

Canadian billionaire Barry Zekelman’s company received millions to help build Trump’s border wall

Barry Zekelman, chief executive of Zekelman Industries, at the Atlas Tube steel plant in Ontario on April 29, 2019.MARK FELIX/The New York Times A company controlled by a Canadian steel billionaire involved in illegal donations to a Donald Trump campaign group received at least US$58-million in contracts to help build the former president’s wall along … Read more

China launches high-tech aircraft carrier Fujian, the country’s third and most advanced

China launches high-tech aircraft carrier Fujian, the country’s third and most advanced

This screen grab made from video released by Chinese state broadcaster CCTV shows the launch ceremony of the Fujian, a People’s Liberation Army aircraft carrier, at a shipyard in Shanghai, on June 17.-/AFP/Getty Images Beijing reached a major naval milestone Friday, launching the country’s third aircraft carrier, one both designed and built in China and … Read more

Wall Street braces for possible Fed interest rate hike not seen since 1990s

Wall Street braces for possible Fed interest rate hike not seen since 1990s

Traders work on the floor of the New York Stock Exchange in New York City on June 14.Spencer Platt/Getty Images Investors are betting the US Federal Reserve will announce its first 75 basis point interest rate hike since 1994 on Wednesday – a sharp shift in market expectations in recent days as inflation proves more … Read more

What is stagflation, and does it lead to a recession? What you need to know as global economic worries grow

What is stagflation, and does it lead to a recession?  What you need to know as global economic worries grow

There are growing concerns worldwide that ‘stagflation’ could push many countries towards recession.Christopher Katsarov/The Canadian Press The world economy is being hammered on all sides. Russia’s invasion of Ukraine, soaring inflation and rising interest rates are weighing on global growth and pushing many countries towards recession. That’s reviving concerns about “stagflation” – a noxious combination … Read more

How Hong Kong could become the next hot place for Russian oligarchs to store their wealth

How Hong Kong could become the next hot place for Russian oligarchs to store their wealth

A man takes a photo with his phone on a promenade next to Victoria Harbor during a day of heavy rain in Hong Kong on June 8.ISAAC LAWRENCE/AFP/Getty Images In the weeks after Russia’s invasion of Ukraine, British lawmakers revived and rushed through a long-delayed economic crime bill to target Russian assets, President Joe Biden … Read more

How Canada’s regulated dairy prices have milked consumers

How Canada’s regulated dairy prices have milked consumers

Milk and dairy products at a grocery store in Aylmer, Que., on May 26.Sean Kilpatrick/The Canadian Press The cost of milk is rising at its fastest clip in years, propelled by a big annual hike in the benchmark regulated price in Canada’s supply management system. And now, dairy farmers are asking for an unusual mid-year … Read more