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July 21, 2014

Former Sino Forest CFO barred from serving as director of public company

Filed under: business, mortgage — Tags: , , , — Snowman @ 11:08 am

The Ontario Securities Commission has permanently banned the former chief financial officer of Sino Forest Corp. from serving as a director or officer of a public company.

David Horsley, who served as CFO from 2005 until 2012, has also agreed to pay a $700,000 fine and testify in the ongoing Sino Forest case.

Sino Forest once had a high-flying stock that traded on the Toronto Stock Exchange with a market capitalization of more than $6 billion, until in 2011 short seller Muddy Waters suggested the forestry company’s sales were a fraud.

The company, which was listed in Canada, had all its operations in China, selling standing timber.

“This is a significant settlement and a significant admission by Mr. Horsley,” said OSC lawyer Hugh Craig at a hearing on Monday.

“This should serve as a message to CFOs operating in unfamiliar business environments” of the need to be vigilant, Craig added.

“He simply didn’t do his job,” he said. “Operations may be over there, but they are regulated under the Ontario Securities Act.”

Panel vice-chair James Turner said chief financial officers play a critical role in the financial reporting of companies.

Horsley failed in his role as CFO, and failed investors and capital markets, Turner said.

In approving the deal, Turner said it was contingent on the settlement of a separate class action lawsuit involving both securities and bond holders.

Judges in Ontario and New York state are scheduled to hear that settlement proposal that Horsley has offered to pay $5.6 million.

Horsley’s lawyer Peter Wardle noted that OSC investigators concluded that his client is not accused of perpetrating any alleged frauds involving Sino Forest.

“These sins, if I can put it that way, are sins of omission as opposed to sins of commission,” Wardle added.

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July 19, 2014

NBA: Cavaliers now willing to include Andrew Wiggins in Kevin Love trade talks

Filed under: loans, technology — Tags: , , , — Snowman @ 4:20 pm

The Cleveland Cavaliers have finally shown a willingness to put Andrew Wiggins in a trade for the Minnesota Timberwolves’ Kevin Love, a person familiar with the situation told USA TODAY Sports.

While no deal is imminent, this development jump-starts the conversation between the two teams.

Minnesota has been adamant that any deal with the Cavs for Love include Wiggins. Cleveland had been reluctant to include the No. 1 overall pick in June’s draft in trade talks. It remains unclear what else the T’wolves would want in a trade and whether that will be enough to get a deal done.

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Right now, the T’wolves are playing hardball for teams who want the all-star power forward. Cleveland has numerous young players and several future draft picks to offer, but Wiggins is high on Minnesota’s priority list. USA TODAY Sports previously reported the Golden State Warriors balked at including shooting guard Klay Thompson in a trade for Love, but their interest remains.

Love is coming off the best season of his career, averaging 26.1 points and 12.5 rebounds a game. He can opt out his contract after this season, meaning teams that look to trade for him may want a commitment that he won’t leave after one year. That option also puts pressure on the T’wolves to trade him before losing him for nothing.

But Wiggins was drafted No. 1 with considerable hype. He is averaging 13.7 points, 1.7 steals and 1.7 blocks in summer league action the past week and is expected to play well with LeBron James, who signed with the Cavs last weekend.

Love also would be a great fit with James, replicating the stretch big man role played so well by Chris Bosh for James’ Miami Heat’s four consecutive NBA Finals runs. Love played with James for Team USA at the 2012 London Olympics.

As for Wiggins, the 19-year-old Canadian is receiving a crash course in the NBA rumour mill.

Since he arrived in Las Vegas and found out LeBron James was coming to Cleveland with him, Wiggins has heard his name brought up in possible trade scenarios as the Cavaliers pursue Love. Two people familiar with the situation told The Associated Press that the Cavaliers’ position has remained unchanged despite the reports Thursday and that no offer including Wiggins has been made to Minnesota.

“Rumours are rumours. That’s why they call them rumours,” Cavs coach David Blatt said. “Sooner or later in one’s career, you’re going to have to deal with it. If he has to deal with it now, then so be it. It’s summer league. He’s learning everything as he goes along.”

Wiggins scored 21 points in 31 minutes on Thursday night in a loss to the Houston Rockets. He showcased his superior athleticism by creating mismatches and getting to the free throw line at will, making 15 of 20 free throws and getting one jaw-dropping, chase-down block in transition.

Several fans made remarks during the game about the Cavaliers getting Love, but Wiggins was unfazed. He was unavailable to reporters after the game, but Blatt said he felt no need to talk to him about the speculation.

“What you’ve got to like about the kid is that it doesn’t make a difference if it’s the fourth game of summer league in seven or eight days, or if people are keying on him or the crowd has funny things to say to him,” Blatt said. “He goes out there and really plays and has a nice calm about him and a real good demeanour. Andrew’s going to be a high-level player. It’s good to see.”

The Cavaliers and Timberwolves have been engaged in discussions since before the draft for Love, who can opt out of his contract next summer. That stipulation gives Love tremendous influence on where he ends up, and he initially balked at joining a Cavaliers team that appeared to be in rebuilding mode after missing the playoffs and firing coach Mike Brown.

That all changed when James decided last week to leave the Miami Heat and return to Cleveland, where the Akron native played for the first seven seasons of his career. James’ signing changed Love’s mind about going to Cleveland and the Cavaliers again started conversations with the Wolves.

General manager David Griffin, Blatt and owner Dan Gilbert have to this point refused to include Wiggins in any offer.

That has been a deal-breaker for the Wolves, who want Wiggins to headline any package that the Cavs would offer.

It’s not known if James would prefer the Cavs to hold onto Wiggins in any deal for Love, his U.S. Olympic teammate. But what’s certain is that the Cavaliers will take James’ feelings into consideration before making any move. The four-time MVP is hugely influential, and his return to the Cavaliers has restored hope in a franchise that has been down and out since he left for Miami in 2010.

Wiggins has yet to sign his rookie contract, which has led to speculation that the Cavaliers were stalling on that front to make it easier to execute a trade. The minute Wiggins does sign the deal, he cannot be traded for 30 days under league rules.

But keeping him unsigned also gives the Cavaliers more flexibility to pursue free agents. They have already agreed to terms with veteran shooters Mike Miller and James Jones, and have reached out to Ray Allen as well.

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July 18, 2014

Greece Seen in Third Bailout as Bond Return Not Enough - Bloomberg

Filed under: legal, online — Tags: , , , — Snowman @ 5:12 am

Greece

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July 16, 2014

U.S. homebuilder confidence surges in July

Filed under: canada, technology — Tags: , , , — Snowman @ 3:32 pm

U.S. homebuilders’ confidence in the housing market surged this month to the highest level since January, reflecting a pickup in sales of new homes and heightened expectations for sales the second half of the year.

The brighter sales outlook suggests home construction could pick up in coming months after a sluggish start this year.

The National Association of Home Builders/Wells Fargo builder sentiment index released Wednesday rose this month to 53, up four points from a revised reading of 49 in June.

Readings above 50 indicate more builders view sales conditions as good, rather than poor. The latest reading is the first above 50 since January, when it was 56.

Builders’ view of current sales conditions for single-family homes, their outlook for sales over the next six months and traffic by prospective buyers each increased since June.

Higher mortgage rates and the bad weather weighed on home sales in late 2013 and early this year. Harsh winter weather also contributed to a sluggish start to this year’s spring home-selling season.

But sales of new homes have picked up in recent months.

New home sales jumped 18.6 percent in May to a seasonally adjusted annual rate of 504,000, the highest level in six years. That followed a 3.7 percent increase in April. The gains came after declines in February and March.

Even with the big overall gain, sales of new homes are still running at just about half the pace of a healthy real estate market.

Still, the recent pickup in sales suggests that the housing recovery may be regaining its footing after slowing earlier this year.

Economists say there is significant pent-up demand for homes as many potential buyers put off purchases over the past few years because of concerns about the economy paydayloans.

Solid job gains this year also bode well for housing.

Employers added 288,000 jobs last month, the fifth straight month of gains above 200,000. The national unemployment rate has slid to 6.1 percent, a 5 1/2-year low.

“An improving job market goes hand-in-hand with a rise in builder confidence,” said David Crowe, the NAHB’s chief economist. “As employment increases and those with jobs feel more secure about their own economic situation, they are more likely to feel comfortable about buying a home.”

That optimism is reflected in the latest NAHB index, which is based on responses from 241 builders.

In the latest survey, builders’ view of current sales conditions for single-family homes rose four points to 57. A measure of traffic by prospective buyers increased three points to 39. And builders’ outlook for sales of single-family homes over the next six months jumped six points to 64, the highest level since September.

Housing, while still a long way from the boom of several years ago, has been recovering over the past two years.

Though new homes represent only a fraction of the housing market, they have an outsize impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to NAHB data.

The builder confidence survey sent shares in U.S. homebuilders higher in morning trading Wednesday. M/I Homes Inc., based in Columbus, Ohio, led the pack. The stock rose 72 cents, or 3.1 percent, to $23.63.

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July 14, 2014

Murder charges to be laid in case of missing Calgary boy, grandparents

Filed under: loans, marketing — Tags: , , , — Snowman @ 9:00 pm

CALGARY—Calgary police say two charges of first-degree murder and one charge of second-degree murder are pending in the disappearance of a five-year-old boy and his grandparents.

Chief Rick Hanson says a man was arrested early Monday but he can’t identify him because the charges were not going to be laid until later in the day.

Nathan O’Brien and his grandparents, Kathryn and Alvin Liknes, haven’t been seen since June 29 after what police say was a violent incident in the Liknes house.

Hanson says their bodies have not been found, but investigators have enough evidence to conclude that they are dead. An Amber Alert issued shortly after the family members were reported missing has been cancelled.

Shortly after the three disappeared, Nathan’s parents issued a tearful plea through the media asking for their return and urging their “superhero” son to be brave.

As the search for a missing boy and his grandparents continues, Calgary police say they’re looking into business dealings involving the family. Officers are also searching landfills and a property near Airdrie, Alberta.

Hanson says that hope is now gone.

“Even as the days went by there’s always a hope, there’s always a glimmer of hope. And unfortunately with the laying of the charges, we’ve taken that hope away from the family. So they are devastated.”

He says the case is not closed and investigators will continue to search for their bodies. He asked rural property owners to search their land for anything that appears out of the ordinary.

More than 200 officers and analysts worked on the complex and heart-breaking case, he says. There were about 900 tips from the public guaranteed cash advance.

The chief says the man arrested is from Airdrie, a community north of Calgary, and investigators are not looking for any other suspects.

He would not confirm that the suspect is Douglas Garland, who lives on an Airdrie acreage with his parents and has been identified as a person of interest in the case.

Garland was first questioned more than a week ago and was released from custody last Friday on unrelated identity theft charges.

Media reports citing police sources say it’s Garland who has been re-arrested.

Hundreds of people attended a vigil Thursday for a missing Calgary boy and his grandparents. The mother of five-year-old Nathan O’Brien told the crowd the community’s support is keeping her family strong.

Garland, who is 54, has ties to the Liknes family.

Police have said his sister is in a relationship with a family member and there have been reports he had business dealings with Alvin Liknes as well.

Investigators have been searching the Garland acreage northeast of Airdrie where since he was initially questioned.

Over the past two weeks RCMP and Calgary police have searched several fields, sloughs and stands of trees on the acreage and in an area nearby.

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July 13, 2014

Israel widens air assault, UN calls for ceasefire as Gaza death toll tops 125

Filed under: business, online — Tags: , , , — Snowman @ 5:52 am

GAZA, PALESTINE—Israel widened its air assault against the Gaza Strip’s Hamas rulers on Saturday, hitting a mosque it said was hiding rockets, as Palestinians said their death toll from the five-day offensive rose to over 125.

The military said it has struck more than 1,100 targets, including Hamas rocket launchers, command centres and weapon manufacturing and storage facilities, in a bid to stop relentless rocket fire coming Gaza. Officials in the territory said that besides the mosque, the strikes also hit Hamas-affiliated charities and banks, as well as a home for the disabled, killing two women.

The central Gaza mosque was being used to conceal rockets like those militants have fired nearly 700 times toward Israel over the past five days, the military said. However, the strikes in the densely populated Gaza Strip show the challenge Israel faces as it considers a ground operation that could potentially pose further dangers to civilians.

While there have been no fatalities in Israel from the continued rocket fire, Gaza Health Ministry spokesman Ashraf al-Kidra said overnight Israeli strikes raised the death toll there to over 125, with more than 920 wounded.

Hamas militants have been hit hard. Though the exact breakdown of casualties remains unclear, dozens of the dead also have been civilians.

The UN Security Council called for a ceasefire on Saturday, and a resumption of direct negotiations between Israel and the Palestinians aimed at achieving a comprehensive peace agreement based on a two-state solution.

The press statement, which is not legally binding, expresses “serious concern regarding the crisis related to Gaza and the protection and welfare of civilians on both sides.” It is the first response by the UN’s most powerful body, which has been deeply divided on the Israeli-Palestinian conflict.

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In Ottawa, Foreign Affairs Minister John Baird says the UN High Commissioner’s criticism of Israel’s response to rocket attacks from Gaza are uncalled for.

Navi Pillay said this week that there should be an immediate ceasefire, citing reports of many civilian casualties.

In a statement issued Saturday, Baird accused Pillay of focusing her comments on Israel and said that is neither “helpful nor reflective of the reality of this crisis.”

Baird says there can’t be any “moral equivalence” between a democratic state like Israel and Hamas, which he calls a listed terrorist organization with a blatant disregard for human life.

Prime Minister Stephen Harper has been a fervent supporter of Israel and a long-time critic of the United Nations and its officials.

Meanwhile in Gaza, the offensive showed no signs of slowing down Saturday as Israeli Defence Minister Moshe Yaalon said his country should ready itself for several more days of fighting.

“We have accumulated achievements as far as the price Hamas is paying and we are continuing to destroy significant targets of it and other terror organizations,” Yaalon said after a meeting with top security officials. “We will continue to punish it until quiet and security returns to southern Israel and the rest of the country.”

Hamas said it hoped the mosque attack would galvanize support for it in the Muslim world.

“(It) shows how barbaric this enemy is and how much it is hostile to Islam,” said Husam Badran, a Hamas spokesman in Doha, Qatar. “This terrorism gives us the right to broaden our response to deter this occupier.”

The Israeli military released an aerial photo of the mosque it hit, saying Hamas hid rockets in it right next to another religious site and civilian homes. It said Hamas, Islamic Jihad and other Gaza militant groups use this tactic of abusing religious sites to conceal weapons and establish underground tunnel networks, deliberately endangering civilians.

“Hamas terrorists systematically exploit and choose to put Palestinians in Gaza in harm’s way and continue to locate their positions among civilian areas and mosques, proving once more their disregard for human life and holy sites,” said Lt. Col. Peter Lerner, an Israeli military spokesman payday loans for bad credit.

Critics though say such allegations are too sweeping, and that Israel’s heavy bombardment of one of the densely populated territories is itself the main factor putting civilians at risk.

Sarit Michaeli of the Israeli human rights group B’Tselem said that while using human shields violates international humanitarian law, “this does not give Israel the excuse to violate international humanitarian law as well.”

Israel issues early warnings before attacking Gaza targets and the military says it uses other means to do its utmost to avoid harming bystanders. But Michaeli said civilians have been killed when Israel bombed family homes of Hamas militants or when residents were unable to leave their homes quickly enough following the Israeli warnings.

“Justifying all Israeli attacks that lead to civilian casualties by saying Hamas is using human shields is factually incorrect,” she said.

The rocket fire from Gaza militants appeared to tail off somewhat Saturday, with a new round resuming later in the day. The “Iron Dome,” a U.S.-funded, Israel-developed rocket defence system, has intercepted more than 130 incoming rockets, preventing any Israeli fatalities so far. A handful of Israelis have been wounded by rockets that slipped through.

The most seriously wounded Israeli resulted from a rocket that struck a gas station Friday in the southern city of Ashdod, setting off a huge explosion. A house in Beersheba suffered a direct hit though the family living there was not home.

As a precaution, the U.S. Embassy in Tel Aviv relocated its personnel assigned to Beersheba. However, militant rockets have reached further into Israel than ever before, with air raid sirens sounding even in the northern city of Haifa, 100 miles (160 kilometres) away.

The frequent rocket fire has disrupted daily life in Israel, particularly in southern communities that have absorbed the brunt of it. Israelis mostly have stayed close to home. Television channels air non-stop coverage of the violence and radio broadcasts are interrupted live with every air raid siren warning of incoming rockets.

The frequent airstrikes have turned the normally frenetic Gaza City into a virtual ghost town, emptying streets, closing shops and keeping hundreds of thousands of people close to home where they feel safest from the bombs.

The offensive is the heaviest fighting since a similar eight-day campaign in November 2012 to stop Gaza rocket fire. The outbreak of violence follows the kidnappings and killings of three Israeli teenagers in the West Bank, and the kidnapping and killing of a Palestinian teenager in an apparent revenge attack.

Israel has pummeled Gaza at twice the rate of the 2012 operation and Israeli Prime Minister Benjamin Netanyahu has vowed to press on with the campaign until there is a complete halt to rocket attacks from the seaside Palestinian territory. Israel has massed thousands of troops along the border in preparation for a possible ground invasion, with soldiers atop vehicles mobilized and ready to move into Gaza if the order arrives.

A senior military official said Saturday that Israel estimated Hamas still had thousands of rockets in its arsenal and it would take Israel more time to eliminate the threat to its civilians.

“There is no knockout. It is more complicated,” he said, speaking on condition of anonymity because of military guidelines.

Israel has begun coming under international pressure as Palestinian casualties have grown. The United States and European leaders have stressed Israel’s right to defend itself, but the United Nations says it is concerned over civilian deaths in Gaza, and anti-Israel protests have taken place in Europe. In the West Bank, Hamas supporters clashed with Israeli troops over the Gaza offensive.

The Arab League said foreign ministers from member states will hold an emergency meeting in Cairo on Monday evening to discuss the continued Israeli offensive and measures to urge the international community to pressure Israel.

Egypt, which historically has served as a mediator between Israel and Hamas, appears less eager to help out this time. Hamas was particularly close to the Muslim Brotherhood, who the current leadership banned after driving it from power last year.

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July 11, 2014

Person of interest gets bail in case of missing Calgary boy

Filed under: finance, technology — Tags: , , , — Snowman @ 6:44 pm

CALGARY—A Calgary judge has granted bail to a man police call a person of interest in the disappearance of a 5-year-old boy and his grandparents.

Douglas Garland, appearing in court via video, was to be released Friday on $750 bail.

He was ordered to live in transitional housing such as a hotel, motel or a homeless shelter and must report to authorities three times a week.

He is not allowed to return to his home northeast of Airdrie, which is still being searched by police.

He was being held on identity theft charges unrelated to the disappearance of Nathan O’Brien and his grandparents Alvin and Kathy Liknes.

The three family members were last seen on June 29, after what police say was a violent incident in the Liknes home.

The couple had an estate sale at their home before they disappeared and Nathan was there for a sleepover. When his mother went to pick him up the next day, no one was home.

About 500 people turned out Thursday night for an emotional candlelight vigil at a nearby community centre.

Nathan’s mother, Jennifer O’Brien, said there’s no doubt in her mind that the three are out there somewhere.

“We’ve just got to find them and the police are doing everything they can do,” she said. “I’m hopeful in every way and we all are. I hope this turns out to be a happy story and I think it’s going to.”

Garland was taken in for questioning in the case last weekend and kept in custody on the unrelated charges. Officers have said they have other leads in their investigation, but he’s the only person of interest police have spoken about publicly.

Police have said Garland’s sister is in a relationship with a Liknes relative.

Court documents show he has a criminal history involving drugs and identity theft.

In 2000, he was sentenced to 39 months for making amphetamines at his parents’ farm. Before he went to prison, he jumped bail and lived for several years in Vancouver using the identity of a dead person.

Records show he also has a history of mental problems and breakdowns.

Police have also said they are looking into business dealings involving the Liknes family.

Alvin Liknes was involved in several oil and gas companies, including Winter Petroleum Ltd., which media reports say was forced to close a few weeks ago.

The CBC has quoted a police source as saying Garland and Alvin Liknes had a dispute over a patent for a gas device. Online records with the Canadian Intellectual Property Office show Liknes filed a patent in 2000 for a “method and apparatus for de-watering producing gas wells.”

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July 10, 2014

Hong Kong Buyers Queue for New Homes After Prices Plunge - Bloomberg

Filed under: business, online — Tags: , , , — Snowman @ 1:16 am

On a Saturday morning in mid-June, thousands wait, crammed into Hong Kong

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July 8, 2014

Former city official picked for council seat

Filed under: canada, economics — Tags: , , , — Snowman @ 9:04 am

A retired City of Toronto official has been picked as interim councillor in Ward 20, Trinity-Spadina, filling a vacancy created by Adam Vaughan’srecent election to federal office.

Ceta Ramkhalawansingh, 62, will take over the councillor duties in the busy downtown ward until the current term of office ends Nov. 30.

The former head of diversity and community engagement for the city won on the second ballot with 22 votes. Retired Peel police chief Robert Lunney placed second with 18 votes.

There were initially 29 candidates for the job but with withdrawals, the field had narrowed to 21 hopefuls.

Councillors earn $105,397 a year, making the five-month interim appointment worth about $43,000. Ramkhalawansingh, who receives a pension from the city, said she will donate part of her council salary to charity.

“I’ll be donating some of it, not all of it, because I think you should be paid for the work you do,” she said.

The biggest ward issue at the moment is the massive Mirvish development at King and John Sts., Ramkhalawanasingh said, adding she served on a working group that proposed changes.

The revised plan, which saves the Princess of Wales theatre, and reduces the project to two condo towers from three is a “significant improvement,” she said.

Ramkhalawansingh said she will decide in September which candidates she favours for mayor, and waffled on whether she plans to tussle with Mayor Rob Ford.

“I intend to focus on issues in the ward,” she said. “As long as the mayor supports the initiatives in Ward 20, I’ll be satisfied with that.”

Since retiring four years ago, Ramkhalawansingh said she has done volunteer work and on local development issues that has brought her frequently to city hall.

Councillor Mike Layton, Ward 19, Trinity-Spadina, said Ramkhalawansingh is known to councillors on the Toronto and East York community council because of her attendance at meetings.

“I think she’ll do a great job,” Layton said. “There’s two months (of council meetings) left and so it’s a pretty steep learning curve. I think we made a good choice with someone that has experience working with issues at city hall and in the community.”

Ramkhalawansingh said she has no interest in running for the job permanently.

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July 6, 2014

Brampton man charged in death of pedestrian in St. Catharines

Filed under: canada, mortgage — Tags: , , , — Snowman @ 4:53 pm

A Brampton man has been charged in the death of a 67-year-old St. Catharines woman, who was struck by a pickup truck early Saturday morning.

Niagara police say that around 4 a.m. Saturday, the OPP were called with a complaint that a 2012 Dodge pickup truck was speeding and being driven erratically.

The truck was travelling eastbound on the QEW near Seventh St., west of St. Catharines, and was stopped by an OPP officer on Highway 406. But, as the officer approached the vehicle, it took off again, at a very high speed.

The OPP officer pursued the truck, believing the driver was impaired, but lost sight of it after abandoning the chase for safety reasons (the truck was driving too fast to safely follow). The truck was last seen at the off ramp at Highway 406 and Fourth Ave.

Shortly afterwards, Niagara Regional Police received another 911 call. Niagara Police and the OPP arrived at the site of a collision near Welland Ave direct payday lenders. and Queen St. in St. Catharines. Police said the truck struck the woman and a building on the southeast corner of the intersection.

Witnesses told police the driver allegedly reversed the vehicle, drove into a tree and fled on foot without stopping to help the victim.

The woman was taken to a local hospital in critical condition, then transferred to Hamilton Health Sciences General Hospital, where she was pronounced dead.

Pirasath Aiyathurai, 30, was arrested after an hour-long search by police. He faces five criminal charges including flight from police, criminal negligence causing death, impaired driving and failing to remain at the scene.

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