Top Business Headlines
 

January 23, 2019

 
 
Top news
 
Frank Stronach’s ventures lost $800-million, daughter Belinda alleges in court filing
  Frank Stronach’s ventures lost $800-million, daughter Belinda alleges in court filing
 

Andrew Willis

Industrialist Frank Stronach is alleged to have lost $800-million on several misguided investments, a track record that daughter Belinda Stronach says should prevent the 86-year-old from taking back control of the businesses he built over a lifetime.

 
In the latest salvos of a two-year battle for control of their family fortune, which totalled $1.6-billion eight years ago, Ms. Stronach alleged in a court filing Monday that the founder of auto-parts company Magna International Inc. has lost his entrepreneurial touch. She said that since cutting ties with Magna in 2011 and selling his stake in the business, her father has bankrolled a series of money-losing ventures, including an organic cattle ranch, electric bicycles, a pumpkin seed oil business and a Florida golf course. The investments total US$846-million, and include US$55-million for two massive bronze and steel sculptures of the winged horse Pegasus, one of which is at the Stronach’s Florida racetrack, and a second that’s still in storage in China.

 
 
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Editor's picks
 
 
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Swiss Railways won’t take new Bombardier trains until it fixes those already in use
  Swiss Railways won’t take new Bombardier trains until it fixes those already in use
 

John Miller and Allison Lampert

 
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Latest posted news
 
Former Wells Fargo executive to helm BMO Global Asset Management
  Former Wells Fargo executive to helm BMO Global Asset Management
 
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Tesla shares fall as it cuts production hours for Model S and X
Tesla shares fall as it cuts production hours for Model S and X
 
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Unifor head rules out GM boycott in campaign to save Oshawa plant
Unifor head rules out GM boycott in campaign to save Oshawa plant
 
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Opinion
 
Membership in the Davos billionaires' club now comes with a stigma
  Membership in the Davos billionaires' club now comes with a stigma
 

Eric Reguly

 
European bureau chief
On Tuesday, as they have every year since 1971, the world’s richest and most influential industrialists, bankers, oligarchs, tech kings, politicians and economists gathered in Davos, Switzerland, for the five-day World Economic Forum (WEF). They say they are part of the solution, not the problem, to some of the world’s greatest ailments.

 
Perennially high on the list of ailments, along with climate change and the need for sustainable economies, is the growing wealth divide. The rich apparently are getting richer at the expense of everyone else – we all know that. What we don’t know is what the rich plan to do about it, and Davos is supposed to be all about fixing things; it defines itself as “committed to improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.”

 
We can all agree that the wealth numbers for the wealthy have gone from the annoying (viewed from the bottom 99 per cent, that is) to the obscene, and by now, many of us can agree that the ever-widening wealth divide is stoking populism. At some point, a backlash will come. One may have started already.

 
 
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Michael Babad's Business Briefing
 
Why markets are suddenly spooked again (and why it may not end here)
  Why markets are suddenly spooked again (and why it may not end here)
 

Michael Babad

 
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From energy and resources
 
  Russia says oil price war with U.S. would be too costly
 
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From financial services
 
Deutsche facing questions from multiple authorities about Danske money-laundering scheme
 
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Inside the Market
 
  Three top REIT ETFs for Canadians - and the one I like the most
 
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From economy
 
  Cannabis sales jump 25 per cent in first full month of legalization as retail sales slip 0.9 per cent
 
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From technology, telecom and media
 
  Women in Canadian tech jobs make nearly $20,000 less a year than men, study finds
 
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From international business
 
China says it can achieve sustainable economic development in face of ‘a lot of uncertainties’
 
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From small business
 
  Tight labour market contributing to rise in employee benefit costs
 
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From careers
 
Finding work-life balance when your business partner is your spouse
 
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In case you missed it
 
Why Trump’s wall is an economic loser
  Why Trump’s wall is an economic loser
 

Barrie McKenna

 
Economics Reporter
 
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