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GiveLife.ca

    
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PRINT EDITION
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Globe Columnists
Wednesday, December 13




  Brian Milner
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Taking Stock



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A dangerous complacency space
Bull market may not end in 2018, but investors should prepare for an inevitable reversal
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By BRIAN MILNER
Tuesday, December 12, 2017 – Page B11
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-- As we draw closer to the 10 year anniversary of the global financial meltdown, a lot of investors seem convinced we won't be revisiting anything remotely resembling that period of extreme wealth destruction any time soon. And who can blame them?  FULL STORY arrow
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Pity the franchisee space
The promise is that you'll be your own boss and run your own business. But as hundreds of Tim Hortons franchisees are discovering, head office has all the power--and they set the rules
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By BRIAN MILNER
Friday, November 24, 2017 – Page P7
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-- When Harland Sanders decided to sell his Kentucky Fried Chicken business for $2 million (U.S.) in 1964, he worried about what might happen to the franchise operators who had played an essential role in turning his modest endeavour into one of the world's great franchising success stories. In fact, it was his first franchisee, a restaurant owner in Utah, who came up with the name and invented the cardboard bucket.  FULL STORY arrow
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THE CRYPTO BUBBLE? space
As detractors and skeptics become converts, cryptocurrency enthusiasts say these digital assets could have a big advantage over traditional investments, Brian Milner writes
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By BRIAN MILNER
Thursday, November 16, 2017 – Page E4
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-- Raj LalaPresident and CEO of Evolve Funds Group Inc. in TorontoRaj Lala discovered the value of cryptocurrencies through personal experience. His Venezuelan-born wife was having a tough time getting money to her hard-pressed relatives facing a collapsed economy, massive shortages, runaway inflation, a broken financial system and severe restrictions on currency transactions.  FULL STORY arrow
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Digital coins: On verge of going mainstream? space
Enthusiasts see it as the future of money
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By BRIAN MILNER
Thursday, November 16, 2017 – Page E1
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-- Legendary investor Warren Buffett once described it as a ''mirage'' to be avoided by any sensible investor.JP Morgan Chase chief executive Jamie Dimon has famously described it as a ''fraud'' and last month warned that if ''you're stupid enough to buy it, you'll pay the price for it one day.''  FULL STORY arrow
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DOS AND DON'TS OF CRYPTO-INVESTING space
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By BRIAN MILNER
Thursday, November 16, 2017 – Page E5
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-- Any asset class that involves complex technologies, faces an uncertain future and lacks the regulatory oversight needed to protect ordinary investors is bound to be fraught with risks. Here's how some experts suggest investors should navigate the tricky terrain.  FULL STORY arrow
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Pot investing: 'It's not a game for the timid' space
For the high-net-worth investor, the real opportunity lies in smaller companies supplying the growers - not the growers themselves
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By BRIAN MILNER
Thursday, July 27, 2017 – Page B10
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-- The cannabis retailer from Vancouver makes a strong pitch to a group of wealthy investors for capital to expand his budding business.Charts highlight solid growth and healthy sales projections in what is expected to be a booming market. Upscale stores will be designed to appeal to baby boomers and younger consumers with high disposable incomes. We could be looking at a pot version of Starbucks in the making.  FULL STORY arrow
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Reform plans breathe new life into France space
From real estate to equities, the Macron effect is spurring a renewed interest in the country's assets by foreign investors
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By BRIAN MILNER
Thursday, June 29, 2017 – Page B9
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-- Wealthy foreigners are returning to their favourite French haunts, driving up occupancy rates at luxury hotels and crowding into upscale restaurants and spas after a decline in the past couple of years triggered partly by terrorism concerns and labour strife. They are also putting more of their cash to work in France, lured by an improving economy, stronger corporate earnings, reviving property markets and now the prospect of genuine economic and fiscal reforms.  FULL STORY arrow
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You can't say we weren't warned space
Daniel Kahneman and Amos Tversky's 1960s work on busting the myth of rationality is still applicable in today's markets
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By BRIAN MILNER
Tuesday, March 7, 2017 – Page B9
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-- The diehard economists and financial pros who still cling to the tattered notion that people and markets tend to behave rationally must be having a hard time explaining the peculiar words and actions of U.S. President Donald Trump in his first weeks in office.  FULL STORY arrow
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INVEST LIKE A LEGEND space
Marilyn Cohen
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By BRIAN MILNER
Friday, January 27, 2017 – Page P34
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LOS ANGELES -- If the strongest bond bull market in history has finally been undone by the prospect of faster growth and rising inflation risks, Cohen ought to be well prepared. She has become one of the leading bond managers in the U.S. through Envision Capital Management, which she founded 20 years ago; it has $395 million (U.S.) in assets.  FULL STORY arrow
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Reading one's way to Buffett-size earnings space
Oracle of Omaha's sage advice is to acquire knowledge every day: 'It builds up, like compound interest'
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By BRIAN MILNER
Thursday, January 5, 2017 – Page B9
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-- Warren Buffett had a pretty good year in 2016. The world's greatest value investor boosted his personal fortune by about $12-billion (U.S.) and expects 2017 to be even better for his brand of patient, fundamental investing, regardless of what policies Donald Trump ends up pursuing.  FULL STORY arrow
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Bracing for the economic impact of Donald Trump space
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By BRIAN MILNER
Tuesday, November 22, 2016 – Page B2
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-- Famed Harvard University economics professor Kenneth Rogoff's latest book, The Curse of Cash, makes a strong case for what he calls a ''less cash'' society. He advocates ditching all but the smallest banknotes to make it harder for tax evaders, corrupt officials, drug smugglers and other miscreants to operate.  FULL STORY arrow
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Leaders scramble for window into Trump's White House space
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By BRIAN MILNER
Monday, November 14, 2016 – Page B1
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-- Coming into the watershed U.S. election, most foreign governments were expecting Hillary Clinton to defeat Donald Trump and continue on roughly the same policy trajectory as the Obama administration. Now, presidents and prime ministers are scrambling for face-time with a victor about whom they know little, beyond his bellicose declarations and intemperate outbursts on the campaign trail.  FULL STORY arrow
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Debt, growth troubles await the winner space
Whether it's Clinton or Trump, the U.S. will face persistent deficits and unfavourable demographics
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By BRIAN MILNER
Monday, November 7, 2016 – Page B1
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-- As Hillary Clinton, Donald Trump and their allies work frenetically to shore up support ahead of Tuesday's U.S. presidential election, the candidates have ratcheted up their nasty personal attacks and ignored their policy playbooks.  FULL STORY arrow
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Currency with a rich history space
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By BRIAN MILNER
Wednesday, November 2, 2016 – Page A10
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-- The world's oldest currency still in use traces its origins back to the 8th century, when silver pennies were first introduced by Anglo-Saxon rulers. They became a convenient means of paying troops to fight Viking raiders or hand the money directly to the invaders to stop pillaging their realms.  FULL STORY arrow
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Pound under pressure: Where Britain's currency crunch is taking its toll space
While Britain's post-Brexit economy has some relative bright spots, the pound isn't one of them: The currency has never been weaker. Brian Milner, Richard Blackwell and Paul Waldie take stock of what it means for Britons and their trading partners - from importers to tourism to the property market
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By BRIAN MILNER, RICHARD BLACKWELL, PAUL WALDIE
Wednesday, November 2, 2016 – Page A10
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-- Well before Britons stunned the world by narrowly voting to quit the European Union, analysts had been warning that the first victim of a Leave victory would be the British pound. Its dramatic plunge since the June 23 referendum is one of the few dark forecasts that has turned out to be accurate so far.  FULL STORY arrow
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Toronto Stock Exchange opens for business space
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By BRIAN MILNER
Tuesday, October 25, 2016 – Page A2
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-- Oct. 25, 1861 Like most other venerable stock exchanges, Toronto's began modestly when a handful of businessmen got together in 1852 to trade the few securities available to them. The group would later expand to 24 people, including such prominent figures as distiller and banker William Gooderham.  FULL STORY arrow
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Chinese tycoon broadens focus for investments in Canada space
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By BRIAN MILNER
Monday, October 24, 2016 – Page B2
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-- Chinese property tycoon Peter Wang had a bitter experience when he first poured some of his cash into the Canadian market, suffering hefty losses from bad resource bets. And he's determined not to repeat the experience with his latest venture, which focuses on financing for young companies largely operating in emerging industries.  FULL STORY arrow
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China lauds coming 'golden era' of trade space
Economist and former bank star urges definitive action between Ottawa and Beijing, suggests a road map to bilateral growth
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By BRIAN MILNER
Friday, October 21, 2016 – Page A4
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-- Chinese business leaders are confident that China and Canada are embarking on a ''golden era'' between the countries that will boost trade ''exponentially,'' says Ma Weihua, president of the China Entrepreneur Club.  FULL STORY arrow
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South Korea will feel the pain of troubles at Samsung, Hyundai space
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By BRIAN MILNER
Monday, October 17, 2016 – Page B7
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-- South Korea's central bank kept its key interest rate unchanged Thursday at a record low 1.25 per cent after assessing such risks to the recovering economy as slowing export demand, soaring household debt and a likely rate hike later this year by the U.S. Federal Reserve.  FULL STORY arrow
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Central banks and their unconventional tool kits space
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By BRIAN MILNER
Saturday, October 8, 2016 – Page B7
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-- U.S. Federal Reserve BoardThe Fed has been a staunch advocate of unconventional measures since turning to aggressive quantitative easing and other tools to stave off a second coming of the Great Depression in 2008-09. The Fed chief at the time, Ben Bernanke, vowed not to repeat those errors. Today, a weakerthan-expected U.S. recovery coupled with risks ranging from China's slowdown to a sluggish global economy to Brexit have kept U.S. interest rates close to zero. But even the policy doves, led by current Fed chair Janet Yellen, worry about the risks of keeping policy loose for so long. A tightening looms just around the corner.  FULL STORY arrow
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Why this election could roil markets again space
Trump's attacks on the Fed and NAFTA, and musings on U.S. debt, make him a risky choice for investors
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By BRIAN MILNER
Monday, October 3, 2016 – Page B1
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-- Global markets always pay close attention to U.S. presidential elections for hints about possible shifts in key policies or the public mood. But few contests have mattered so much to so many as the battle between free-swinging Republican candidate Donald Trump and Hillary Clinton, his more temperate Democratic opponent.  FULL STORY arrow
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Fed holds rates - for now space
Latest decision from the U.S. central bank comes hours after its Japanese counterpart reboots its monetary-easing policy
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By BRIAN MILNER
Thursday, September 22, 2016 – Page B1
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-- U.S. Federal Reserve Board policy makers held interest rates at a record low in the face of weakerthan-expected economic growth, but left little doubt that an increase in its benchmark rate is in the offing, possibly before the end of the year.  FULL STORY arrow
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China's economy the No. 1 global concern, Poloz says space
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By BRIAN MILNER
Thursday, September 15, 2016 – Page B2
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-- China tops Stephen Poloz's list of global concerns that could put a dent in Canada's economic recovery.The world's biggest resource importer is wrestling with widening economic imbalances and stresses in its financial system that could stall Chinese growth.  FULL STORY arrow
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China's 'new normal' should be embraced space
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By BRIAN MILNER
Tuesday, September 13, 2016 – Page B2
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-- The collapse of Hanjin Shipping Co., a major South Korean container line, underscores the gloomy outlook for shipping and other logistics providers stuck with considerable excess capacity in the face of faltering global trade.  FULL STORY arrow
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HOW TO DIVERSIFY AN ECONOMY space
FOUR LESSONS FOR CANADA
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By BRIAN MILNER
Saturday, August 27, 2016 – Page B8
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-- This is part of an occasional series on Canada's economy and its shift away from resources. Catch up on previous stories at tgam.ca/neweconomy.When the commodity boom collapsed, the Bank of Canada and private sector economists looked for potential rays of sunshine amid the gloom.  FULL STORY arrow
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We've seen the Vancouver housing movie before space
Cheap, easy credit will keep bubble aloft a while longer, even if foreign buyers start looking elsewhere
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By BRIAN MILNER
Monday, August 15, 2016 – Page B2
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-- Real estate peddlers in Canada's hottest housing markets chalked up another remarkable month in July, as prices surged in Vancouver and Toronto and some nearby communities.Vancouver housing prices climbed for the 18th month in a row, with increases topping 2 per cent in each of the past six months, according to the latest Teranet-National Bank house price index. Prices were 24.3 per cent higher than a year earlier, nearly double Toronto's rise and the biggest jump since the national tracking service was launched in 1999.  FULL STORY arrow
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CLINTON'S PLAN space
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By BRIAN MILNER
Friday, August 12, 2016 – Page A8
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-- Democratic presidential nominee Hillary Clinton broke no new ground in a major speech on the economy at an aerospace plant in Warren, Mich., preferring to stick with her existing script. This includes an emphasis on job creation, higher taxes on the rich, tougher rules for the financial industry and stronger environmental protection. Brian Milner looks at key parts of her economic blueprint  FULL STORY arrow
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AMPLE TALK, LITTLE SUBSTANCE space
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By BRIAN MILNER
Tuesday, August 9, 2016 – Page A8
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-- Donald Trump laid out a revised tax reform plan, renewed his assault on NAFTA and other major free-trade deals, and vowed to ditch an array of federal energy measures in a major economic speech to the Detroit Economic Club. It was an effort to reboot his struggling presidential campaign by focusing on his perceived strength as a business operator and convince mainstream Republicans he's their best hope of achieving their cherished goals of lower taxes, less onerous regulations and smaller government. Brian Milner looks at some of his comments and key parts of his ''economic vision,' which remains big on rhetoric and light on detail  FULL STORY arrow
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BoE launches aggressive stimulus measures space
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By BRIAN MILNER
Friday, August 5, 2016 – Page B1
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-- Bank of England Governor Mark Carney has launched the most aggressive monetary stimulus Britain has seen since the depths of the Great Recession seven years ago to cope with a deteriorating economic picture and a dramatic drop in confidence in the wake of Britain's shocking Brexit vote.  FULL STORY arrow
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From success story to shattered dream space
As the Olympics begin in Rio, the state's economy is in shambles. It has only its reliance on a single trading partner, China, and a failure to make itself competitive to blame. Brian Milner reports on the recession gripping the country, the effect the Games will have on it and how the decline of key exports will continue to batter the economy for years
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By BRIAN MILNER
Thursday, August 4, 2016 – Page A8
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-- When Rio de Janeiro won the rights seven years ago to play host to the 2016 Olympic Games, Brazilians were eager to trumpet their economic success story to the rest of the world. While major industrial countries were still reeling from the effects of the global financial crisis and the worst recession since the 1930s, Brazil's economy was growing at an impressive clip. Demand for its oil, minerals and agricultural exports seemed insatiable, unemployment fell to a record low and an increasingly affluent middle class flooded into new upscale shopping malls.  FULL STORY arrow
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BoE ready to cut rates for first time since 2009 space
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By BRIAN MILNER
Monday, August 1, 2016 – Page B1
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-- The Bank of England is poised to ease monetary policy this week in response to weaker economic signals, corporate spending cuts and plunging business and consumer confidence since the shocking Brexit vote in June.  FULL STORY arrow
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The fiscal hawk at No. 11 Downing St. space
New Chancellor of the Exchequer seen as a steady hand at the tiller
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By BRIAN MILNER
Monday, July 18, 2016 – Page B1
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-- When freshly minted British Prime Minister Theresa May cobbled together her first cabinet last week, one of her easiest decisions was to axe Chancellor of the Exchequer George Osborne.The scare tactics he employed as a high-profile leader of the ''remain'' camp had angered the Brexit crowd and his tough austerity cuts were blamed for leaving voters in a foul mood.  FULL STORY arrow
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Investors drive S&P 500 to record high space
Healthy jobs report stokes hopes that U.S. economy is on the rebound and Fed will not hike interest rates
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By BRIAN MILNER
Tuesday, July 12, 2016 – Page B1
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-- Investors continue flocking to U.S. equities, driving the SandP 500 to a record high Monday.The immediate driver was the healthier-than-expected American jobs report Friday, fanning hopes that a rejuvenated economy could boost U.S. earnings and sustain the aging bull run without triggering an interest rate hike by the cautious Federal Reserve.  FULL STORY arrow
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Chevrolet's first Corvette rolls off the assembly line in Flint, Mich. space
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By BRIAN MILNER
Thursday, June 30, 2016 – Page A2
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-- June 30, 1953 It's been 63 years since a white, two-seat sports convertible rolled off the line at a General Motors plant in Flint, Mich., the first of only 300 scheduled for manufacture that year. The Corvette was GM's first sports car, and it had flaws. Important bits, such as the engine and transmission, came straight from the mass-produced Chevrolet sedan. Detachable plastic curtains replaced side windows and there were no outside door handles. Worse, it came equipped with a feeble two-speed automatic transmission, something no self-respecting MG or Porsche owner would have been caught dead driving.  FULL STORY arrow
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Anxiety rising space
Brexit's impact has spread far beyond Britain's borders, engulfing Europe and affecting markets around the world, Brian Milner reports
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By BRIAN MILNER
Tuesday, June 28, 2016 – Page A6
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-- Unanswered questions L eading Brexit backers made it sound easy for Britain to walk away from the European Union, yet keep such valuable benefits of club membership as free trade, unrestricted investment and open access for its banks. There was also an assumption that a disgruntled Scotland and Northern Ireland, which supported staying in the EU, would grudgingly fall into line after the vote.  FULL STORY arrow
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Mark Carney's future up in the air space
In the wake of Leave vote, central banker's tenure may be called into question
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By PAUL WALDIE, BRIAN MILNER, RACHELLE YOUNGLAI
Saturday, June 25, 2016 – Page B5
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MANCHESTER, TORONTO -- Bank of England Governor Mark Carney is facing the toughest test of his career after Britain voted to leave the European Union.Mr. Carney, Canada's former central banker, had been outspoken in his belief that Brexit would be harmful to the British economy, angering many on the Leave side who saw it as blatant political interference.  FULL STORY arrow
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When the unthinkable becomes the norm space
Capital preservation is paramount as fearful investors pile into the government bonds ahead of Brexit vote
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By BRIAN MILNER
Wednesday, June 15, 2016 – Page B7
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-- Economic Insight Rising fear and uncertainty in global markets have morphed into something close to panic, as the Brexit vote draws near, economies continue to sputter and central bankers run out of easy-money tricks to stimulate lending and spending.  FULL STORY arrow
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Yellen remains coy, but U.S. Fed rate is likely to stay put space
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By BRIAN MILNER
Monday, June 13, 2016 – Page B2
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-- Central bankers have been known to pull surprises out of their hats on occasion, stunning pundits and punters alike with unexpected policy changes.Bank of Canada Governor Stephen Poloz did just that with an interest rate cut in January, 2015, which prompted some observers to warn that he was putting the bank's credibility at risk.  FULL STORY arrow
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Money, politics and a touch of romance space
Mervyn King Ex-governor, Bank of England
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By BRIAN MILNER
Saturday, June 4, 2016 – Page B3
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TORONTO -- I would never have pegged former Bank of England governor Mervyn King as a warm-andfuzzy romantic.During his long tenure, he displayed little patience with those who didn't share his views or lacked his grasp of economic history. He set off financial tremors with his tart-tongued assault on big-bonus bankers behaving badly. And you can cut the gloom with a knife when he talks about how vulnerable the world is to another major economic crisis.  FULL STORY arrow
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Don't fix what's already broken in auto industry: Musk space
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By BRIAN MILNER
Tuesday, May 24, 2016 – Page B2
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-- Executive Insight Streetwise E lon Musk doesn't really need any more publicity for his much ballyhooed electric-car maker, Tesla Motors, and its drive toward mass production. But the auto industry's old guard is handing it to him anyway, thanks to a deepening diesel emissions scandal that has rocked leading European and Japanese manufacturers, put a serious dent in their reputations and hammered their market value.  FULL STORY arrow
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GDP, industrial data to offer clearer picture of Japan's woes space
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By BRIAN MILNER
Monday, May 16, 2016 – Page B2
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-- When Japanese Prime Minister Shinzo Abe swept into power in late 2012 with a bold strategy to revive the sputtering economy, growth was flat, inflation was non-existent, the yen was too strong and the Bank of Japan was reluctant to pursue more aggressive monetary measures.  FULL STORY arrow
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Mine That Bird wins the Kentucky Derby against 50-to-1 odds space
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By BRIAN MILNER
Monday, May 2, 2016 – Page A2
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Brexit debate is too black and white, former Bank of England governor says space
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By BRIAN MILNER
Tuesday, April 26, 2016 – Page B2
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-- Both sides in the Brexit debate owe it to their fellow Britons to stop exaggerating the benefits and risks of leaving or staying in the European Union, says Mervyn King, former governor of the Bank of England.  FULL STORY arrow
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BRICS space
Battered. Routed. In limbo. Chilled. Sinking. Have the BRICS hit bottom?
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By BRIAN MILNER, GEOFFREY YORK
Saturday, April 16, 2016 – Page B6
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-- When Wall Street powerhouse Goldman Sachs brought the BRIC concept to the investing world in 2001, it was more than a catchy acronym for the world's largest developing economies - Brazil, Russia, India and China.  FULL STORY arrow
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Chinese checkmate space
Poring over our trade deal with China, Gus Van Harten finds Canada gave up plenty for nothing in return
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By BRIAN MILNER
Friday, April 1, 2016 – Page P9
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-- Gus Van Harten doesn't look or sound like a firebrand waging war on a lucrative corner of the law game--and trying to save our cherished democratic values in the process. But don't be fooled by the Osgoode Hall law professor's mild manner and deep respect for the legal system. He would like nothing more than to blow up the burgeoning business of private arbitrations that hand foreign investors a remarkable weapon in disputes with governments--and huge fees to a coterie of international lawyers.  FULL STORY arrow
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Brazil: Games providing no relief space
Olympics no saviour for worst public swindle in country's history - yet, markets are optimistic
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By BRIAN MILNER
Thursday, March 31, 2016 – Page B13
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-- bmilner@globeandmail.comEconomic InsightThe Olympic Games have had more than a passing acquaintance with corruption scandals related to their ridiculous costs and the white-elephant structures left in their wake. Most of the financial fiascos surface only after the athletes have packed up their gear and the Grand Pooh-bahs have departed from their free luxury hotel suites.  FULL STORY arrow
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Marriott's deal for Starwood derailed by Chinese binge buying space
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By BRIAN MILNER
Tuesday, March 29, 2016 – Page B1
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-- When Marriott International Inc. reached a friendly deal to acquire rival Starwood Hotels and Resorts Worldwide Inc. last November for $12.2-billion (U.S.), most analysts assumed that the only hurdles on the way to creating the world's largest hotel operator might come from regulators in certain markets.  FULL STORY arrow
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Daimler introduces the Mercedes during auto races at Nice, France space
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By BRIAN MILNER
Friday, March 25, 2016 – Page A2
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-- March 25, 1901Just a year after the death of founder Gottlieb Daimler, his eponymous German car company caused a sensation at Nice racing week, scoring easy victories in distance, climbing and speed events with a radical new model that was faster, lighter, more stylish and more powerful than anything else on the road. Its top speed was almost 90 kilometres an hour. This was the first Mercedes, which got its name from Austrian businessman Emil Jellinek, a Daimler importer on the French Riviera who had pushed for the car's development and attached his pet name for his oldest daughter to all his ventures, including his racing team. The car's success sparked demand from wealthy customers with names such as Rockefeller, Morgan and Rothschild, establishing an iconic brand (the three-pointed star would come later) and paving the way for the modern auto industry.  FULL STORY arrow
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No immediate end in sight to Japan's winter of discontent space
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By BRIAN MILNER
Tuesday, March 22, 2016 – Page B2
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-- Economic InsightHere's what Japan has to show for three years of Abenomics and its focus on unprecedented monetary and fiscal stimulus: an overvalued currency, weak domestic demand, faltering exports and the spectre of crippling deflation still hovering over the economic landscape.  FULL STORY arrow
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Federal Reserve bides its time on a rate hike space
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By BRIAN MILNER
Thursday, March 17, 2016 – Page B1
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-- Economic InsightA cautious Federal Reserve left interest rates unchanged Wednesday, acknowledging global risks but still setting the stage for tighter monetary policy in response to a stronger U.S. labour market and rising inflation.  FULL STORY arrow
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Bank of Japan's latest move merely delaying the inevitable space
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By BRIAN MILNER
Wednesday, March 16, 2016 – Page B2
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-- Economic InsightThe Bank of Japan will not open the stimulus taps wider or take interest rates further into negative territory, despite gloomier economic prospects. At least, not yet.Coming in the wake of the market-rattling shift to negative interest rates at the end of January, the BoJ's decision to keep monetary policy unchanged at its latest meeting Tuesday should come as no surprise. But it likely marks only a brief respite in the central bank's continuing struggle to keep deflation at bay and resuscitate an economy that seems perpetually on the brink of recession.  FULL STORY arrow
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Markets betting that divided Fed will stand pat on rates space
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By BRIAN MILNER
Monday, March 14, 2016 – Page B2
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-- Economic InsightU.S. Federal Reserve Board Chair Janet Yellen and her policy-setting colleagues find themselves in a familiar quandary heading into their two-day policy meeting Tuesday. Should they raise interest rates in response to improving labour, consumer spending, inflation and other data? Or should they hold their fire as they monitor the fallout from the global slowdown and further intervention by their counterparts in Europe, China and Japan?  FULL STORY arrow
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A sunnier view on economic growth space
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By BRIAN MILNER
Tuesday, March 8, 2016 – Page B2
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-- Economic InsightPlenty of economists look to the past to guide their assessments of the future, which these days tend to be coloured in dark hues of chronically slow growth, weak demand, stagnant incomes, rising inequality, falling productivity and worsening trade and currency friction.  FULL STORY arrow
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China...s pending five-year plan could see million of workers in state-run ...zombie... companies laid off space
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By BRIAN MILNER
Friday, March 4, 2016 – Page A8
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--   FULL STORY arrow
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U.K. gambles on Brexit vote space
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By BRIAN MILNER
Tuesday, February 23, 2016 – Page B1
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-- Economic InsightBritish Prime Minister David Cameron left Brussels Friday with a package of modest European Union concessions to show for six months of heavy lobbying and 32 hours of tough bargaining for a new deal for Britain.  FULL STORY arrow
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Stakes high as Cameron seeks new deal to keep Britain in EU space
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By BRIAN MILNER
Friday, February 19, 2016 – Page A1
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-- British Prime Minister David Cameron will find out at the end of a crucial two-day European Union summit in Brussels on Friday whether the other 27 members are ready to embrace tough immigration, economic and other reforms he insists are essential to keep Britain from bolting the bloc.  FULL STORY arrow
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'Brexit' threat a big test for EU space
Cameron to learn Friday what kind of deal he can offer in a plebiscite on bloc membership later this year
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By BRIAN MILNER
Friday, February 19, 2016 – Page A10
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-- British Prime Minister David Cameron will find out at the end of a crucial two-day European Union summit in Brussels on Friday whether the other 27 members are ready to embrace tough immigration, economic and other reforms he insists are essential to keep Britain from bolting the bloc.  FULL STORY arrow
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China's central banker seeks to defuse market jitters space
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By BRIAN MILNER
Wednesday, February 17, 2016 – Page B2
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-- Economic InsightWhile most central bankers have been devoting considerable effort to publicly explaining their various moves in these troubled times, one powerful monetary policy figure has been conspicuous by his silence.  FULL STORY arrow
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Amid panic, a blame game begins space
FEAR AND THE FLIGHT TO SAFETY
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By BRIAN MILNER
Friday, February 12, 2016 – Page B1
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-- FINANCIALS Worldwide, shares of banks have been particularly hard hit as investors worry about energy-sector loans and fallout from the weak global economyAs panic rampages through global markets, driving frantic investors to the traditional safe harbour of top-rated government bonds and cheering up depressed gold bugs, the blame game is in full swing.  FULL STORY arrow
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WHAT THE INVERTED YIELD CURVE REALLY MEANS space
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By BRIAN MILNER
Wednesday, February 10, 2016 – Page B16
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-- The yield on the five-year Canadian government bond briefly slid below the level for shorter-term debt Tuesday - an inversion that signals deepening concerns about the economy and the likelihood of further rate cuts by the Bank of Canada.  FULL STORY arrow
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Venezuela's misery will only worsen space
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By BRIAN MILNER
Tuesday, February 9, 2016 – Page B2
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-- Economic InsightIf Venezuelan oil minister Eulogio del Pino seems more than a little harried these days as he trudges from Moscow to Riyadh in search of a deal to trim oil production, it is understandable.  FULL STORY arrow
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State assets for sale in tough times for petrocrats space
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By BRIAN MILNER
Thursday, February 4, 2016 – Page B2
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-- Economic InsightAs their vital oil revenues sink to intolerable levels, hardpressed governments from Riyadh to Moscow are looking to peddle some of the family jewels to fill gaping holes in their budgets. Most of the proposed deals should come with flashing signs reading: Beware of autocrats who embrace capitalism when the cash stops pouring in from their usual channels.  FULL STORY arrow
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Japan's move to negative rates underscores failure of Abenomics space
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By BRIAN MILNER
Saturday, January 30, 2016 – Page B1
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-- It's been a bad week for Abenomics, the stimulus strategy that propelled Japanese Prime Minister Shinzo Abe to power three years ago with the promise of defeating entrenched deflation, reviving Japan's moribund economy and restoring its lustre as a global power.  FULL STORY arrow
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INVEST LIKE A LEGEND space
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By DAVID BERMAN, JOHN DALY, NIALL MCGEE, BRIAN MILNER, TIM SHUFELT, SEAN SILCOFF, DOUG STEINER, SHIRLEY WON
Friday, January 29, 2016 – Page P25
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-- Welcome to our sixth annual guide to making money. This year, we turned to the hedge fund manager who inspired a blockbuster and one whose hobbies are as extreme as his investing style; a surrealist aficionado and stalker of distressed assets; Canada's answer to Buffett (and owner of Sinatra's Palm Springs pad); and the man in charge of your retirement fund. PLUS Michael Bloomberg on how to save the world, and more.  FULL STORY arrow
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The oil glut's big opportunity: Cutting tyrants' cash supply space
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By BRIAN MILNER
Thursday, January 28, 2016 – Page B2
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-- Economic InsightFalling oil prices are making life miserable for Canadian producers and everyone else connected to the energy sector.But the global glut and continuing price weakness may have a silver lining: It makes it easier for Western governments to wean themselves off the crude pumped out of the ground by authoritarians, despots and armed thugs. And one of the key beneficiaries would be Canada.  FULL STORY arrow
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U.S. Fed rate watchers wait to see what happens when doves cry space
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By BRIAN MILNER
Wednesday, January 27, 2016 – Page B2
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-- Economic InsightWhen Federal Reserve chief Janet Yellen and her fellow policy-setters finally ended months of uncertainty and raised interest rates by a slim quarter of a percentage point in midDecember, they knew they were taking a divergent path from other major central banks.  FULL STORY arrow
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Russia's roughed-up ruble makes loonie look stable space
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By BRIAN MILNER
Monday, January 25, 2016 – Page B1
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-- Economic InsightBank of Canada Governor Stephen Poloz may not be having much fun minding monetary policy these days as the economy stumbles and his options narrow.But things could always be worse, as his embattled Russian counterpart, Elvira Nabiullina, can no doubt attest.  FULL STORY arrow
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Gloomy predictions could vindicate the legion of doom space
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By BRIAN MILNER
Monday, January 18, 2016 – Page B2
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-- Inside the MarketNow that investor fears have morphed into outright panic over the fragile state of the global economy, once-lonely bears are finding plenty of company in their winter lairs.  FULL STORY arrow
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Hedge your bets against the riyal space
Despite the Saudi currency's plunge to record lows, experts say it's unwise to gamble on its decline
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By BRIAN MILNER
Wednesday, January 13, 2016 – Page B2
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-- Economic InsightAs commodity-linked currencies around the world falter in the face of slumping resource prices and sliding economies, speculators are betting heavily that the last major holdout - the Saudi riyal - will inevitably be joining them. But they may be in for a long and ultimately futile wait.  FULL STORY arrow
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Shootings, crackdowns - and rising gun stocks space
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By BRIAN MILNER
Wednesday, January 6, 2016 – Page B1
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-- bmilner@globeandmail.com StreetwiseInsight EconomicHere's a surefire investing strategy, even for a troubled stock market: Every time there's a mass shooting in the United States or a politician muses about making it a teensy bit more complicated to acquire deadly weapons, load up on the shares of the publicly traded firearms manufacturers.  FULL STORY arrow
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Economy's naysayers are doubling down space
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By BRIAN MILNER
Wednesday, December 30, 2015 – Page B2
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-- bmilner@globeandmail.comEconomic Insight That slow, grinding noise you hear is coming from a sputtering global economy that seems to be losing traction again seven years after sliding into the ditch during the Great Financial Crisis.  FULL STORY arrow
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The Fed did its part - will U.S. economy respond? space
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By BRIAN MILNER
Saturday, December 19, 2015 – Page B1
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-- Economic InsightNow that the U.S. Federal Reserve has finally lifted its key interest rate above zero for the first time since the Great Financial Crisis of 2008, the question is whether the U.S. economic recovery is sturdy enough to handle a return to more normal monetary policy in the months ahead.  FULL STORY arrow
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Fed rate hike first since economic crisis space
Slim 0.25-per-cent increase signals confidence in resurgent U.S. economy that could translate into a boost for Canadian exports
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By BRIAN MILNER
Thursday, December 17, 2015 – Page A1
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-- The U.S. Federal Reserve signalled its confidence in a resurgent U.S. economy with a historic hike in interest rates - the first since the world plunged into the worst financial and economic crisis since the Great Depression.  FULL STORY arrow
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Sandy Hawley becomes first jockey to win 500 races in one year space
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By BRIAN MILNER
Tuesday, December 15, 2015 – Page A2
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Weakness in China rattles world markets space
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By BRIAN MILNER
Wednesday, December 9, 2015 – Page B1
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-- Economic InsightFresh signs of economic weakness in China deepened the global commodity slump, hammered the Canadian dollar and other resource-linked currencies and drove equity investors to the exits in markets around the world.  FULL STORY arrow
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Bank of England likely to hold steady as Fed plots rate hike space
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By BRIAN MILNER
Monday, December 7, 2015 – Page B1
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-- Economic InsightAs the U.S. Federal Reserve plots a return to tighter monetary policy and the European Central Bank searches for creative ways to continue easing, a handful of other major central banks are still treading water.  FULL STORY arrow
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Yuan to join elite benchmark basket space
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By BRIAN MILNER
Tuesday, December 1, 2015 – Page B1
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-- Economic InsightChina's yuan is gaining admittance to an exclusive club of global reserve currencies in a nod to its growing economic and financial clout.The International Monetary Fund will add the yuan to its basket of currencies that set the value for its special drawing rights, joining the U.S. dollar, euro, British pound and Japanese yen.  FULL STORY arrow
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Abenomics to be rejigged as Japan's financial rut deepens space
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By BRIAN MILNER
Monday, November 30, 2015 – Page B3
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-- Economic InsightJapanese Prime Minister Shinzo Abe is shifting gears and spending priorities in his latest effort to get Japan's fading economy out of the critical-care unit.But it's mostly a case of the government spinning its wheels as the economic rut deepens.  FULL STORY arrow
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All fed up space
Ben Bernanke dishes on the fallout from his gutsy rescue plan (and why he quit the Republican Party)
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By BRIAN MILNER
Friday, November 27, 2015 – Page P9
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-- During Alan Greenspan's 18-year tenure at the helm of the Federal Reserve, the central banker once dubbed ''The Maestro'' was so revered by Republicans and Democrats alike in Congress that they practically genuflected in his presence--even when they didn't have a clue what he was talking about. His successor, Ben Bernanke, a low-key, collegial academic with a penchant for speaking plainly, would have settled for a little more public civility and a lot more help in combatting a meltdown that triggered the worst global economic slump since the Great Depression.  FULL STORY arrow
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A nerd's life: From baseball to QE space
Ben Bernanke, former Federal Reserve chairman
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By BRIAN MILNER
Saturday, November 21, 2015 – Page B11
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TORONTO -- In the midst of a hectic day promoting his new memoir, Ben Bernanke decides he needs a respite from his heavy schedule of public appearances and media interviews. So he cancels one of his morning TV commitments and turns our planned lunch into a 25-minute chat in the lobby of a trendy boutique hotel in downtown Toronto.  FULL STORY arrow
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Sun has finally set on BRICS funds space
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By BRIAN MILNER
Wednesday, November 11, 2015 – Page B2
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-- Economic Insight The BRICS are dead as an investment concept and their days as an influence-wielding bloc of key emerging countries may also be numbered. It's been long overdue.  FULL STORY arrow
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BERNANKE DISPELS FOG space
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By BRIAN MILNER
Monday, November 9, 2015 – Page B2
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-- Ben Bernanke has no trouble pinpointing the worst days of his eight years as Federal Reserve chairman - the bleak period in September and October of 2008, when a rapidly spreading crisis engulfed the financial world in flames. The trigger was the controversial collapse of Wall Street heavyweight Lehman Brothers Inc.  FULL STORY arrow
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Bernanke warns of outside threats space
Former Fed chairman says interest rate raise would be a tougher call than analysts expect
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By BRIAN MILNER
Monday, November 9, 2015 – Page B1
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-- When Janet Yellen leads the Federal Reserve to its first interest rate hike in nearly a decade, widely expected as early as next month, she can count on at least one prominent economy watcher to avoid second-guessing the decision.  FULL STORY arrow
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Canadian troops take Passchendaele village in final stages of the Third Battle of Ypres space
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By BRIAN MILNER
Friday, November 6, 2015 – Page A2
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-- Nov. 6, 1917No battle epitomized the brutal and senseless nature of First World War trench warfare better than Passchendaele, the rain-drenched moonscape in Flanders where Canadian soldiers confirmed, at great cost, that they were among the world's finest fighting forces. By the time they clawed their way through mud to seize their final objective, Passchendaele ridge, on Nov. 10, the Allies and the Germans combined had suffered almost half a million casualties - for a piece of land with no military value. Nine Canadians were awarded Victoria Crosses. More than 4,000 died, and almost 12,000 others were wounded - roughly what their commander, Lieutenant-General Arthur Currie, had predicted, after his objections to the assault were overruled by British commander Sir Douglas Haig. In his memoirs two decades later, British Prime Minister David Lloyd George would describe Passchendaele as one of the war's worst disasters.  FULL STORY arrow
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Ending one-child policy won't help China space
The demographic and economic impact of scrapping the ill-conceived experiment in family engineering will be barely discernible
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By BRIAN MILNER
Friday, October 30, 2015 – Page B5
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-- Economic InsightWhen Deng Xiaoping, then China's paramount leader, issued his edict in the late 1970s that families could have no more than one child, the architect of China's transformation into an economic powerhouse could not have known that the measure would unleash a demographic time bomb that threatens to undo that achievement.  FULL STORY arrow
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Development plan would chart different course for Glen Abbey space
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By BRIAN MILNER
Wednesday, October 28, 2015 – Page A1
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-- Glen Abbey - home to 27 Canadian Opens and site of one the most famous shots in this country's golf history - could become a huge housing and commercial project if its owner follows through on a preliminary proposal to redevelop the prime property.  FULL STORY arrow
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Out of the rough: Golf's changing approach space
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By BRIAN MILNER
Tuesday, October 27, 2015 – Page B1
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-- Former PGA Tour player Ian Leggatt has no trouble pinpointing what's wrong with the sport he loves: It costs too much, takes too long and is difficult to play.  FULL STORY arrow
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Extreme athlete, steady-handed strategist space
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By BRIAN MILNER
Saturday, October 17, 2015 – Page B8
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-- Kara Lilly, investment strategist at Mawer K ara Lilly is attracting attention in the investment world these days for a popular blog she co-writes called the Art of Boring.  FULL STORY arrow
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For the Japanese economy, this pact is no panacea space
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By BRIAN MILNER
Tuesday, October 6, 2015 – Page B1
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-- bmilner@globeandmail.comEconomic InsightThe historic Trans-Pacific Partnership has long been a key plank of Japanese Prime Minister Shinzo Abe's strategy to reignite the stagnant Japanese economy, widen the country's regional influence and add impetus for badly needed reforms of agriculture and other sectors largely insulated from the chill winds of competition.  FULL STORY arrow
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Market panic might be overblown in this low-growth era space
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By BRIAN MILNER
Thursday, October 1, 2015 – Page B2
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-- Economic InsightChina's deteriorating economy, deepening troubles across much of the rest of the emerging markets, more easing by a rash of central banks and mixed signals even in recovering economies like the United States have heightened fears that the world is plunging toward another global recession.  FULL STORY arrow
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A bellwether's gloomy read of the global economy space
Heavy equipment maker Caterpillar sheds thousands of jobs even as the U.S. economy shows signs of life
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By BRIAN MILNER
Friday, September 25, 2015 – Page B1
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-- Executive InsightIt must have seemed like a good idea when Caterpillar Inc. forked out $7.6-billion (U.S.) in 2011 to acquire mining machinery heavyweight Bucyrus International Inc.  FULL STORY arrow
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What did VW CEO know and when? space
It's hard to believe Winterkorn was in the dark about a decision to evade the rules and peddle more powerful, pollution-spewing cars
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By BRIAN MILNER
Wednesday, September 23, 2015 – Page B7
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-- bmilner@globeandmail.comExecutive InsightThe ancient Greeks called it hubris when people of power and influence displayed such overweening pride that they angered the gods. Bad things always followed.  FULL STORY arrow
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On the lookout for a U.S. consumer comeback space
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By BRIAN MILNER
Monday, September 21, 2015 – Page B2
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-- bmilner@globeandmail.comEconomic InsightCan the American consumer ride to the rescue of a troubled global economy? Consumers remain the key to a sustained rebound by the world's largest economy. And with recent employment gains, rising disposable incomes, lower household debt and increased optimism, they appear poised to return to the malls in force.  FULL STORY arrow
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Canadians fret over economy as vote nears space
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By BRIAN MILNER
Monday, September 14, 2015 – Page B1
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-- The Globe and Mail is hosting a debate on the economy among the leaders of the three main political parties on Thursday at 8 pm (ET). Watch for more economic news in the days ahead.  FULL STORY arrow
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Abe tax cut is no elixir space
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By BRIAN MILNER
Thursday, September 10, 2015 – Page B1
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-- Economic InsightJapanese Prime Minister Shinzo Abe is promising to forge ahead with deeper corporate tax cuts in his latest effort to bolster flagging business confidence and revive a stagnating economy.  FULL STORY arrow
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Canada remains an innovation laggard, Conference Board says space
Latest mark a slight improvement, but business community fails badly on R&D
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By BRIAN MILNER
Friday, September 4, 2015 – Page B3
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-- Canada gets slightly higher marks in the latest report card on global innovation, but it remains a laggard in certain key measures and is no candidate for any gold stars. The Conference Board of Canada gives Canada a mediocre C grade, ranking it only ninth among 16 peer industrial countries, well behind the likes of class leaders Sweden, Denmark and Finland, each of which took home top marks. But Canada improved from its dismal D in the board's previous assessment, when it placed only 13th.  FULL STORY arrow
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As BRICs falter, India rises space
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By BRIAN MILNER
Wednesday, September 2, 2015 – Page B1
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-- Economic InsightAs China sputters, Brazil remains stuck in reverse gear and Russia drives right off the road, India has emerged as a rare beacon of growth and stability among major emerging economies.  FULL STORY arrow
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Lessons learned in last disaster are working to avert another one space
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By BRIAN MILNER
Tuesday, August 25, 2015 – Page A1
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-- bmilner@globeandmail.comLess than a month before the seventh anniversary of the collapse of Wall Street heavyweight Lehman Brothers, which triggered a global financial meltdown, world markets are again in turmoil. And the question now is whether we are heading off the same steep cliff despite strenuous efforts by governments, central bankers and regulators to erect suitable safety barriers.  FULL STORY arrow
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U.S. housing's slow recovery finds its legs space
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By BRIAN MILNER
Monday, August 24, 2015 – Page B1
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-- Housing was a major engine of U.S. economic growth before the bubble burst, triggering the worst recession in decades and wiping out trillions of dollars of home value. The battered sector has been struggling to regain solid footing ever since, typically losing ground again after some hard climbing.  FULL STORY arrow
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BUILT FOR A STORM space
Norway's unusual handling of its gusher of resource riches
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By BRIAN MILNER, JEFF LEWIS
Saturday, August 15, 2015 – Page B6
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OSLO, CALGARY -- As world oil production outstrips demand, China's outlook darkens and prices plumb levels not seen since the Great Recession, energy-exporting countries around the world face a prolonged period of thinner revenues and deepening economic woes.  FULL STORY arrow
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Complete Index of Today's Print Headlines
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