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Trump back in court as fraud trial probes who was responsible for his financial statements

Published Tue, 24 Dec 2024 18:09:23 GMT

NEW YORK (AP) — The fraud trial that could block former President Donald Trump from doing business in New York drilled down Wednesday into the question of who — his company or hired accountants — bore responsibility for financial statements that the state calls fraudulent.With accountants on the witness stand and Trump at the defense table for a third day, his attorneys tried to pin blame on accounting firms for any problems with the statements. But lawyers for New York Attorney General Letitia James sought to show that the accountants relied entirely on information supplied by Trump and his company.Outside the courtroom, meanwhile, Trump’s lawyers appealed a key pretrial ruling: that he engaged in fraud by puffing up the values of prized assets. The trial concerns six claims that remain in the lawsuit after that ruling. Trump denies any wrongdoing. The trial comes as he leads the race for the 2024 Republican presidential nomination, and the stakes are high for him and the rea...

3 New England states join together for offshore wind power projects, aiming to lower costs

Published Tue, 24 Dec 2024 18:09:23 GMT

Massachusetts, Connecticut and Rhode Island will procure future wind energy projects together rather than separately as part of a joint agreement the states’ governors announced Wednesday — the first such multi-state agreement in the nation.The partnership could lead to the three states acquiring clean energy at more competitive and affordable rates, Connecticut Gov. Ned Lamont said. Energy from off-shore wind projects is seen as key to meeting each states’ climate change goals.“We can go further when we work together,” said Lamont, a Democrat.The new multistate agreement, which could become a model for other parts of the country, comes as some offshore wind developers are seeking to renegotiate contracts they signed with states in 2019 and 2020 when costs were lower. Those costs include the price of steel needed for wind turbines and higher interest rates.This week, electric utility Avangrid announced it was pulling out of Connecticut’s largest offshore wind proje...

Costco is seeing a gold rush. What’s behind the demand for its 1-ounce gold bars?

Published Tue, 24 Dec 2024 18:09:23 GMT

NEW YORK (AP) — Looking for something to add to your Costco cart along with the 30 rolls of toilet paper? How about a bar of gold? While not a typical outlet for the sale of precious metals, the members-only warehouse chain has seen its 1-ounce gold bars sell out faster than discounted 170-ounce jugs of laundry detergent.In a company earnings call last week, CFO Richard Galanti said the gold bars, sold exclusively online, are “typically gone within a few hours” of appearing on Costco’s website — adding that there’s a two-bar limit per member. As of Wednesday, they remained sold out.Unlike some other discount finds at the retail giant, gold bars come with hefty price tag. No prices were listed Wednesday because of the bars’ unavailability, but multiple media outlets reported last week that the 1-ounce gold pieces — offered in two designs — were selling for just below $2,000 each.That’s slightly higher than the current market price of gold, which stood at about...

AI pioneer Geoffrey Hinton says the world is heeding warnings about the technology

Published Tue, 24 Dec 2024 18:09:23 GMT

TORONTO — Months after artificial intelligence luminaries began ringing alarm bells about the technology’s risks, one of the field’s pioneers says he feels like people are listening.Geoffrey Hinton says he’s optimistic people are heeding his concerns about the deep risks advances in AI could cause.The British-Canadian computer scientist, often called the godfather of AI, says those risks include joblessness, fake news, discrimination, bias, battle bots and existential risk.Hinton shared his thoughts Wednesday evening at a Toronto talk put on by AI funding firm Radical Ventures at the MaRS Discovery District. Though some have downplayed his warnings about existential risk, Hinton says that any AI made by humanity that is smarter than us will create sub-goals to achieve efficiency.He says the most obvious sub-goal is to attain more power, which could lead to immortality for AI and to existential risk for humanity.Earlier the same day, Cohere CEO Aidan Gomez released a blog sayin...

TSX ekes out small gain despite energy losses as price of oil falls; U.S. markets up

Published Tue, 24 Dec 2024 18:09:23 GMT

TORONTO — Canada’s main stock index eked out a small gain Wednesday as broad-based gains led by utility and technology stocks outweighed losses in energy and battery metals, while U.S. markets rose, led by technology. The S&P/TSX composite index closed up 13.89 points at 19,034.81.In New York, the Dow Jones industrial average was up 127.17 points at 33,129.55. The S&P 500 index was up 34.30 points at 4,263.75, while the Nasdaq composite was up 176.54 points at 13,236.01.Investors are continuing to digest the idea that interest rates will remain higher for longer, a hard pill to swallow for the stock market, said John Zechner, chairman and lead equity manager at J Zechner Associates.But a pair of economic reports showing some cooling helped release the pressure Wednesday, with 10-year U.S. Treasury yields retreating throughout the day from their highest level since 2007.One report showed private sector hiring slowed by more than economists expected last month, while ano...

BlackBerry to separate cybersecurity and Internet of Things business units

Published Tue, 24 Dec 2024 18:09:23 GMT

WATERLOO, ONT. — BlackBerry Ltd. says it will carve its cybersecurity and Internet of Things business units into two independently operated entities. The Waterloo, Ont.-based technology company says it plans to pursue a subsidiary public offering for the Internet of Things business.BlackBerry has been evaluating a range of strategic alternatives to enhance shareholder value since May. The company lost US$42 million in the second quarter of its 2024 fiscal year as revenue from Internet of Things rose four per cent while cybersecurity revenue was down 40 per cent. BlackBerry CEO and executive chair John Chen says in a press release that the new proposed structure will increase operational agility for the two business units. The company says each business will be able to pursue its own distinct strategy and capital allocation policy.This report by The Canadian Press was first published Oct. 4, 2023.Companies in this story: (TSX:BB)The Canadian Press

Stock market today: Wall Street rises after getting some relief from the bond market and oil prices

Published Tue, 24 Dec 2024 18:09:23 GMT

NEW YORK (AP) — Wall Street rose Wednesday after getting some relief from relaxing bond yields and falling oil prices.The S&P 500 climbed 0.8% to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones Industrial Average rose 127 points, or 0.4%, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4%.Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.The yield on the 10-year Treasury, which is the centerpiece of the bond market, pulled back from its highest level since 2007, down to 4.73% from 4.80% late Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market.Yields fell following a couple reports indicating a ...

Aimia’s largest shareholder plans takeover bid for company

Published Tue, 24 Dec 2024 18:09:23 GMT

TORONTO — The largest shareholder of Aimia Inc. says it has become disillusioned and frustrated by the company’s board and management team, so it plans to make a bid to take Aimia private in a deal that would value the company at about $308 million.Under the proposal, Mithaq Canada Inc., a wholly-owned subsidiary of Mithaq Capital SPC, says it intends to offer $3.66 per share in cash for the stake in Aimia it does not already own.Aimia shares closed up 44 cents, or about 14 per cent, at $3.51 on the Toronto Stock Exchange Wednesday. Mithaq said it has tried to engage in talks with the Aimia board and management team.“However requests for such engagement have in some cases been rejected and, when discussions have taken place, any feedback that Mithaq has provided has been largely ignored,” the company said in a statement.Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as an investment holding company, said when it ...

TC Energy closes sale of 40 per cent stake in Columbia gas and gulf pipelines

Published Tue, 24 Dec 2024 18:09:23 GMT

CALGARY — TC Energy Corp. says it has closed its previously announced sale of a 40 per cent stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.3 billion. The proceeds from the all-cash sale will be used to pay down some of TC Energy’s debt.The Calgary-based pipeline company had announced an asset divestiture program last fall, stating at the time it would seek to sell off at least $5 billion in non-core assets by the end of 2023.The Columbia Gas and Columbia Gulf pipelines span more than 24,000 kilometres across North America.They deliver a substantial portion of daily U.S. natural gas demand, including approximately 20 per cent of U.S. liquefied natural gas (LNG) export supply.TC Energy will remain the operator of the pipelines, and will jointly fund their annual maintenance, modernization and growth together with Global Infrastructure Partners.This report by The Canadian Press was first p...

Toronto paramedics forced to call in back-up after running out of ambulances earlier this week: union

Published Tue, 24 Dec 2024 18:09:23 GMT

The Toronto Paramedics union says a “code red alert” issued on Monday serves to highlight the lack of resources available in the city.The alert means there were no available ambulances in Toronto and they were forced to request emergency aid from bordering municipalities on Monday.“That day was so bad, patients were waiting up to eight hours for an ambulance so they had to call on surrounding municipalities. It’s supposed to be a world-class service and you’re basically begging your neighbours for help,” said Mike Merriman, Chair of Toronto Paramedic Unit union.CODE RED ALERT! ????NO AMBULANCES AVAILABLE IN TORONTO. Yesterday, Toronto Paramedic Services requested emergency aid from more well-prepared and staffed bordering municipalities. Please be safe!#statuscodered #codered #toronto #thesix #paramedics #CUPE #local416 pic.twitter.com/ACfQDzAcJ1— TO Paramedic Union (@416TPSUnit) October 3, 2023CUPE Local 416 described the municipalities as ...