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National Business

Calgary man on lam in Mexico sentenced to 3 years in $27M mortgage fraud

CALGARY — A Calgary man who was arrested after being on the lam for two years in Mexico for his part in a $27 million mortgage fraud has been sentenced to three years in prison.

Alberta sees another credit rating downgrade on rising debt levels

EDMONTON — Alberta's credit rating has once again been knocked down over concerns of rising debt levels and unbalanced budgets.
Company faces backlash for pulling Hannity ads

Company faces backlash for pulling Hannity ads

NEW YORK — Financial services firm USAA, facing a backlash to its decision to pull advertising from Sean Hannity's show on Fox News Channel, says it is withdrawing from other opinion-based television programs.

North American stock indices relatively flat ahead of Memorial Day weekend

TORONTO — North American stock markets were relatively flat Friday, while the price of oil rebounded after dropping nearly US$2.50 a barrel the day before. The S&P/TSX composite index inched forward 6.20 points to 15,416.

Most actively traded companies on the TSX

Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange (15,416.93, up 6.20 points): Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up seven cents, or 3.21 per cent, at $2.25 on 7.
Jay Z's Tidal streaming service loses its 3rd CEO in 2 years

Jay Z's Tidal streaming service loses its 3rd CEO in 2 years

NEW YORK — Jay Z's Tidal streaming service has lost its third CEO in two years. Tidal said Friday that Jeffrey Toig has left the company, which was launched in 2015. Toig joined Tidal in January 2016.
Trump ruffles feathers by calling Germans 'bad'  -  on trade

Trump ruffles feathers by calling Germans 'bad' - on trade

TAORMINA, Italy — President Donald Trump has criticized Germany's trade surplus with the United States, drawing attention to a contentious issue at a summit of world leaders where trade is already a sticking point.
White House adviser differs with coal-loving president

White House adviser differs with coal-loving president

WASHINGTON — President Donald Trump has vowed to revive the coal industry and regularly promises to "put our miners back to work." But one of his top White House advisers apparently does not share Trump's affinity for coal.

Nortel Canada to start paying billions to creditors; first instalment by July

TORONTO — Nortel Canada's long-suffering creditors will finally begin to receive their share of more than US$4 billion to be distributed under a plan approved in January, eight years after the former technology titan began bankruptcy proceedings.

Restructured and much smaller Penn West proposes name change to Obsidian Energy

CALGARY — Penn West Petroleum Ltd. (TSX:PWT) wants to change its name to Obsidian Energy Ltd. after surviving an accounting scandal, debt crisis and commodity price crash over the past three years.