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Finance

Linamar plant getting $101M in government funding

Taxpayers will invest $101 million into a Guelph-based auto parts manufacturer that is promising to create 1,200 new full-time jobs as part of an overall $507-million venture to build a more fuel-efficient vehicle transmission.

Premier Kathleen Wynne announced the province will provide a $50.25-million grant to Linamar Corporation out of the government's new $2.5-billion Jobs and Prosperity Fund.

"It will secure investments that focus on job creation here at home but at the same time improve the productivity of Ontario businesses and encourage homegrown enterprises to expand globally," Wynne said Monday of the fund.

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Wynne's Liberals are nincompoops

In the wake of Ontario auditor general Bonnie Lysyk's report on the wanton spending of the Kathleen Wynne government, we have to ask one question.

Is there anything the Liberals spend our money on that doesn't turn into a financial sinkhole?

In Lysyk's latest report on government misspending, the Liberals' smart meter, MaRS and other public-private partnership fiscal disasters, in which billions of tax dollars have been wasted, join a long list of previous fiscal disasters documented by the AG's office.

These include the Liberals' eHealth, Ornge, gas plants and Green Energy Act spending disasters.

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Leak: Bank of Montreal now requiring business partners to conform to its pro-gay 'diversity' standards

The Bank of Montreal, Canada's fourth largest bank, has begun a process of requiring the businesses with which it works to conform to its pro-homosexual "diversity" standards.

In an October 9th email to its legal suppliers, leaked by the Institute for Canadian Values, the Bank of Montreal (BMO) wrote that to show its "commitment to diversity and inclusion" it will no longer do business with law firms whose diversity standards are "not compatible" with the bank's.

However, the bank indicated that law firms were only the first among many groups it does business with to face the sanctions, stating: "The bank is starting with legal suppliers and going from there."

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Crumbling of Canada's 3 stock pillars fuels concern about the economy

Oil, bank and raw-materials are the biggest laggards in Canada for the first time since at least 1988, fueling concern the nation's economy is fading just as the U.S. is taking off.

The three industries, which collectively account for two-thirds of the Standard & Poor's/TSX Composite Index, are the worst performers among 10 groups this year, according to data compiled by Bloomberg. The nation's largest banks joined oil and materials in a rout that erased 4.1 per cent from the benchmark index in three days, including the biggest one-day retreat since June 2013.

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Ontario responds to failing economy with tried-and-true happy dance routine

Many observers wondered how Ontario's Liberal government managed to pull of a surprise re-election last May - and a majority at that - given the party's unimpressive record and ten years of accumulated baggage. The answer was relatively straightforward: they put on a happy face and spun a tale of better times ahead, which resonated with voters even though it was preached from atop a growing mountain of debt and unemployment.

Though dubious at best, it went over much better than the dire warnings the opposition Conservatives were issuing. Against all evidence, voters chose to go with what they were told rather than what they could see.

Six months later, the tale is unraveling fast. That shouldn't come as a surprise: the story concocted by Premier Kathleen Wynne and Finance Minister Charles Sousa was designed to get them through an election. If they won, they'd worry about the fallout later. And it worked: they have four years to pray that a solution presents itself, since they don't have any workable answers themselves.

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