Tag: business news today

CIBC agrees to settle Cerberus lawsuit for US$770 million – Business News

CIBC settles for US$770M

The Canadian Press – | Stories: 412161

CIBC says it has entered into an agreement to settle a lawsuit filed against

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Prominent Chinese investment bank says its founder is unreachable

Shares of the company that operates one of China’s top investment banks, China Renaissance, plunged Friday after the firm said it had lost touch with its founder, Bao Fan, one of the country’s most high-profile bankers and a top tech-sector dealmaker.

China Renaissance Holdings said in a filing to Hong Kong’s stock exchange Thursday that it had been unable to contact Bao, who has worked on major deals including e-commerce company JD.com’s $2-billion US initial public offering and the public listing of short video Kuaishou platform in Hong Kong.

The company said it was “not aware of any information that

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Indigo’s ‘cybersecurity incident’ stretches into third day as the website is still offline

Indigo Books & Music Inc. is dealing with what it calls a “cybersecurity incident” that has affected customer orders in-store and online.

It started at the Toronto-based retailer on Wednesday. As of Friday afternoon, Indigo’s website was still offline.

“We are working with third-party experts to investigate and resolve the situation,” the company said in a message posted on its website.

“Our hope is to have our systems back online as soon as possible.”

Indigo says it can’t process electronic payments, accept gift cards or deal with returns. But at one location in Toronto on Friday, the store was able

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Who is Hindenburg, the firm targeting India’s Adani? – Business News

Hindenburg Research, the financial research

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Fed lifts rate by quarter-point and signals more hikes ahead

The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. And the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes.

Though smaller than its previous hike — and even larger rate increases before that — the Fed’s latest move will likely further raise the costs of many consumer and business loans and the risk of a recession.

In a statement, Fed officials repeated the language they have used since March that says, “ongoing increases in the (interest

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Legal Documents for Your Graduating Senior

If you are a parent with a child who will graduate from high school soon, now is a good time to start planning what documents the child will need moving forward.

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If you have a child who recently turned 18, you need to start thinking about the potential legal implications and how best to protect your child’s interests. Estate planning is not always about planning for death, but it is

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Relief for homebuyers in 2023? Mortgage rates at lowest levels since September

A dip in mortgage interest rates is spurring demand from homebuyers, according to a new report from the Mortgage Bankers Association, or MBA.

Mortgage applications last week jumped 28% from the week prior, according to seasonally adjusted data. The MBA’s refinance index also spiked 34% from the previous week.

“As we enter the beginning of the spring buying season, lower mortgage rates and more homes on the market will help affordability for first-time homebuyers,” MBA chief economist and senior vice president Mike Fratantoni said in a Wednesday statement.

The report noted that mortgage rates are at their lowest level since

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List of states banning TikTok grows – Business News

Wisconsin and North Carolina have joined at least 22 other states in banning the popular social media app TikTok on state-owned devices, including Mississippi, Indiana, Louisiana and South Dakota.

Congress also recently banned TikTok from most US government-issued devices over bipartisan concerns about security.

TikTok is owned by ByteDance, a Chinese company that moved its headquarters to Singapore in 2020. It has been targeted by critics who say the Chinese government could access user data, such as browsing history and location. US armed forces also have prohibited the app on military devices.

TikTok is consumed by

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