Last weeks biggest business, currency, and travel stories: the CAD falls against the USD, Mackenzie Financial buys into China in massive deal, US stocks fall but London hits a new high, Qualcomm faces a huge fine in Korea.
Winnipeg-based Mackenzie Financial Corp, a subsidiary of IGM Financial Inc., will pay $468 million for 10% of China Asset Management Co., Ltd. China AMC has $215.2 billion worth of assets. The deal will go through in early 2017 once Chinese regulators approve the deal.
CAD down despite oil rise
The Canadian dollar fell against the USD, down 00.7 cents to 73.81 cents US on Wednesday. This is despite February light sweet crude contacts rising 16 cents to 54.06.
US Stocks fall
US stocks also fell on Wednesday. Citigroup fell by 1.7% and Mosaic dropped 3.3%. Trading volume has been light over the festive period.
London shares hit record level
The FTSE 100 index rose 14.18 points to 7,120.26, hitting a record high for the second time this week. The gains are attributed to strong precious metal performance. The GBP fell 0.7% against the euro to EUR 1.166, but stays relatively stable against the USD remaining at $1.2232.
Qualcomm fined again
California based Qualcomm has been fined by the Korean Fair Trade Association for unfair practices relating to its patent licensing and chip sales. The allegations suggest the company restricted access to vital technology and unfairly pressured phone makers. The company will have to pay $854 million. Qualcomm was fined $975 million last year in China as a result of an antitrust probe.
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