CIBC signs deal to sell CIBC Caribbean for US$1.6B, reports Q2 profit up
TORONTO — CIBC announced a deal to sell its 91.67 per cent interest in CIBC Caribbean to the Bank of N.T. Butterfield & Son for a total of US$1.6 billion in cash and stock as it reported its second-quarter profit rose compared with a year ago.
Under the CIBC Caribbean agreement, the bank says it will receive US$1 billion in cash and 52.1 million Butterfield common shares, which will represent about a 22 per cent stake in the
Chinese online retailer Temu hit with $232 million fine over illegal products
Temu was hit with a 200 million euro ($232 million) fine after an investigation by European Union regulators found the Chinese online retailer didn’t do enough to protect consumers from illegal products.
The 27-nation EU’s fine follows preliminary findings that Temu was exposing consumers to a high risk of products sold on its platform like baby toys and small electronics that didn’t comply with EU consumer safety rules.
The bloc’s executive arm issued the penalty under the Digital Services Act
Union Station security targeting homeless people ahead of World Cup, Toronto group says
Community advocates allege homeless people have been facing escalating violence at the hands of security guards at Toronto’s Union Station in the run-up to the FIFA World Cup tournament.
Members of the rallied Tuesday at Berczy Park near Canada’s largest transit hub to protest what they called a pattern of displacement and intimidation.
The group that includes people facing homelessness and their supporters said it interviewed about 50 people at Union Station, some of whom reported being beaten by security guards, dragged out of bathroom stalls and were subjected
Toronto man gets 33 years in U.S. prison over ‘sextortion scheme’ targeting children
American authorities say a Toronto man has been sentenced to 33 years in prison in what they describe as a “prolific sextortion scheme” that targeted more than 100 children across the United States.
The U.S. Attorney’s Office for the District of Columbia says the sentence comes after 40-year-old Ramanan Pathmanathan pleaded guilty in January to one count each of production of child pornography and coercion and enticement of a minor.
that the prison term will run after the 12-year sentence
Blue Jays calling up infield prospect Charles McAdoo
The Toronto Blue Jays are calling up one of their best minor-league bats.
Infielder Charles McAdoo is being called up to the majors, on Wednesday.
McAdoo is the 26th-ranked prospect in the Blue Jays system and has spent time playing first, second and third base throughout his career.
The 24-year-old has a slash line of .250/.356/.436 with a .792 OPS in 49 games at Triple-A
Report: Maple Leafs to interview Jay Woodcroft for head coach
A name has finally emerged in the Toronto Maple Leafs’ coaching search.
Former Edmonton Oilers head coach Jay Woodcroft will interview with the Maple Leafs this week, NHL insider Frank Seravalli reported on Wednesday.
Woodcroft, 49, also interviewed with the Los Angeles Kings last week and is “one of the front runners” for the Maple Leafs gig, per Seravalli.
The ex-Oilers boss, a Toronto native, spent two-plus seasons in Edmonton before he was fired 13 games into the 2023
Little has changed since Kenneth Law’s arrest, says father whose son died by suicide
TORONTO — Years after Kenneth Law’s arrest, a father who holds the Ontario man responsible for his son’s death by suicide says little has been done to rein in the online trade of lethal substances that continues to claim lives in Canada and abroad.
David Parfett, whose 22-year-old son Tom took his own life in 2021 after allegedly purchasing a substance from a website linked to Law, says he is concerned authorities have not learned from the case that has cast an international spotlight
‘Letting it rip’: Beyblade fanatics are giving childhood craze another spin
RICHMOND — At Imperial Hobbies in Richmond, B.C., the air is filled with the sounds of battle.
“Three, two, one — shoot!”
The combatants unleash their weapons, setting off high-pitched whirring, and clashes of plastic and metal.
Beyblades — the spinning battle-top craze that whirled through playgrounds around the world in the early 2000s — are back. This time, it’s not just kids — adults including millennials who grew up with Beyblades a quarter
As governments pour billions into new affordable housing, existing units in disrepair
MONTREAL — Mercedes Rodriguez says she and her seven kids struggle to sleep at night because of the sounds of mice scurrying in the walls in her apartment in Montreal’s east end.
In addition to a mice infestation, her social housing building in the city’s Hochelaga-Maisonneuve district is also plagued by mould, she said. Her clothes dryer once caught fire because of poor ventilation in the bathroom.
The single mother is impatient for long-promised renovations.
“It’s frustrating, really,” she said
As World Cup nears, intelligence agency warns of increased human trafficking risk
OTTAWA — As Canada prepares to host World Cup soccer, the federal financial intelligence agency is warning that major sporting events can heighten the risk of vulnerable people being exploited by human traffickers.
A new bulletin from the Financial Transactions and Reports Analysis Centre of Canada advises businesses to look out for signs of money transactions that could be linked to trafficking for the purpose of sexual exploitation or forced labour.
The agency, better known as Fintrac, identifies cash linked to money laundering by filtering through millions of pieces of information each year from banks