A settlement has been reached to end years of court battles over how to divvy up US$7.3 billion raised in Nortel Networks Corp.’s liquidation. Under a deal which requires final approvals, Nortel’s Canadian debtors will receive about US$4.1 billion, American debtors will get about $1.8 billion and the remainder is expected to be paid to debtors in Europe. Nortel giant filed for bankruptcy in 2009 after an accounting scandal.
Samsung says Canadians with Galaxy Note 7 smartphones can start returning the devices today as part of a global safety recall following reports of overheating batteries that pose a fire hazard. Samsung Electronics Canada Inc. of Mississauga, Ont., has advised consumers to return the phones to the stores where they were bought.
When Finance Minister Bill Morneau meets a group of private-sector economists today to ask about their economic forecasts, he may be encouraged to offer his own. In its March budget, the Liberal government included new spending commitments aimed at helping the economy grow. The document predicted five-straight budgetary deficits that could add more than $110 billion to Canada’s public debt, beginning with a $29.4-billion shortfall this year.
New Brunswick’s cross-border beer battle returns to court today. Provincial government lawyers are seeking leave to appeal an April ruling that effectively threw out limits on cross-border alcohol imports. Judge Ronald LeBlanc tossed out all charges against Gerard Comeau, who was charged with illegally importing 14 cases of beer and three bottles of liquor from a Quebec border town in 2012.
A study by Canadian Centre for Policy Alternatives ranks Victoria as the best city to be a woman in Canada for a second year in a row, while Windsor, Ont., rated last among 25 metropolitan areas. The study examined gaps between men and women in several areas, including access to economic security, personal security, education, health, and positions of leadership.
Comedian, musician and pot activist Tommy Chong is scheduled to appear today at the two-day International Cannabis Business Conference in Vancouver. Chong, 78, said the introduction of legislation promised for next spring to legalize recreational marijuana in Canada could set an example for the United States, where a state-by-state approach isn’t ideal.
ALSO IN THE NEWS TODAY:
— Defence Minister Harjit S. Sajjan travels to UN headquarters in New York to discuss peacekeeping operations.
— A federal-provincial-territorial meeting of ministers responsible for justice and public safety will be held in Halifax.
— Statistics Canada will release the housing price index for August.
— Prime Minister Justin Trudeau will hold a rally ahead of a byelection in the Medicine Hat, Alta., area.
— A memorial will be held in Ottawa for Inuit artist Annie Pootoogook.
— Blue Rodeo will be in Toronto to announce a new album and tour.