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TORONTO - A gallery of political luminaries from all sides of the partisan divide gathered at a cavernous Toronto cathedral Wednesday to set aside their differences and pay final respects to former finance minister Jim Flaherty. Mourners donned green scarves, a tribute to Flaherty's Irish heritage, as they entered the downtown St. James Cathedral to remember Flaherty, 64, who died of a heart attack last week in his Ottawa condominium. Liberal Leader Justin Trudeau, NDP Leader Tom Mulcair and former prime ministers Brian Mulroney, Kim Campbell and John Turner were among those on hand, as were various federal cabinet ministers, including John Baird, Peter MacKay and Chris Alexander.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. industrial production rose at a faster-than-expected clip in March, the latest sign the economy was gaining momentum. Groundbreaking for new homes also increased but remained well below the post-recession peak hit in November, signaling the drag the housing market is placing on the economy. "We are still on track for very strong second-quarter growth." Output at the nation's factories, mines and utilities rose 0.7 percent last month after an upwardly revised gain of 1.2 percent in February, the Federal Reserve said on Wednesday. The increase in industrial production, which beat economists' expectations for a 0.5 percent gain, reflected in part a 0.5 percent rise in manufacturing output.
Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from a government website, the Royal Canadian Mounted Police (RCMP) said on Wednesday. In what appeared to be the first report of an attack using a flaw in software known as OpenSSL, the Canada Revenue Agency (CRA) said this week that about 900 social insurance numbers and possibly other data had been compromised as a result of an attack on its site. The suspect, Stephen Solis-Reyes, was arrested at his home in London, Ontario on Wednesday and faces criminal charges of unauthorized use of computer and mischief in relation to data.
By Sayantani Ghosh, Ashutosh Pandey and Euan Rocha (Reuters) - The troubles at BlackBerry Ltd, which fired more than half its staff and lost more than 90 percent of its market value as consumers shunned its smart phones, might have spelled disaster for the company's hometown of Waterloo, Ontario. More than 450 start-ups opened for business in the twin cities of Waterloo and Kitchener last year, more than four times the number begun in 2009, according to Communitech, a local company that advises them. Often, the new companies are being founded by former BlackBerry employees chasing their entrepreneurial ambitions in a community that's Canada's answer to technology hubs in California and elsewhere. "For those who are trying to get a new tech business off the ground, get it funded, and not get lost in the shadow of Silicon Valley, Waterloo can be the best place to get your company on the map," said Sean McCabe, vice-president of engineering at drone manufacturer Aeryon Labs Inc in Waterloo.
GM has said it is protected from liability for claims related to incidents that occurred before it exited bankruptcy in 2009, and has taken steps to raise those issues with the court by filing motions to stay recall-related lawsuits while it asks that bankruptcy court to clarify the extent of that protection. In a filing with the U.S. District Court for the Southern District of Texas on Tuesday, GM asked for a stay on litigation related to ignition claims until a judicial panel on multidistrict litigation decides on a motion to consolidate the case with other lawsuits and the bankruptcy court rules on whether the claims violate GM's 2009 bankruptcy sale order. The company earlier filed a similar motion with the U.S. District Court for the Northern District of California seeking a stay on pending litigation. The defect has been linked to the deaths of at least 13 people and the recall of 2.6 million GM vehicles.
By Nate Raymond NEW YORK (Reuters) - Mexican mobile phone operator Iusacell SA de CV sued IBM Corp on Wednesday, accusing the U.S. technology giant of making fraudulent representations that caused it to lose $2.5 billion in profits. The lawsuit, filed in federal district court in New York, centered on a contract that Iusacell said IBM induced it to enter into in Mexico. ...
Sixty-five years after the first Volkswagen Beetle arrived in the United States as a distinctively shaped, little car, the Beetle keeps attracting buyers with its more-spacious-than-ever, flexible interior, turbo engine power and modernized iconic look. For 2014, the Beetle lineup gets a new, performance-oriented trim name â€” R-Line â€” with beefier bumpers and a limited-edition, bright yellow GSR model. The 2014 Beetle three-door hatchback also received the top overall score of five out of five stars in federal government crash testing. Starting manufacturer's suggested retail price, including destination charge, is $21,115 for a base 2014 Beetle with 170-horsepower, 2.5-litre, naturally aspirated, gasoline four cylinder and five-speed, manual transmission, according to VW's consumer website.
LOS ANGELES, Calif. - Jay-Z is bringing his Made in America music festival to Los Angeles. The music mogul was joined by the city's mayor Wednesday at Los Angeles City Hall to announce the two-day concert, which is planned for Labor Day weekend and will be held simultaneously with one in Philadelphia. The Budweiser Made in America festival could draw 50,000 concertgoers to downtown Los Angeles.
By Louise Egan and Leah Schnurr OTTAWA (Reuters) - Canadian central bank chief Stephen Poloz said on Wednesday an interest rate cut is still a possibility even though the bank forecasts inflation will pick up speed this year and approach its 2 percent target. The Bank of Canada held its benchmark interest rate at 1 percent, as expected, extending a 3-1/2 year freeze on borrowing costs.
Bank of America Corp has held talks with the U.S. Justice Department to resolve a civil fraud probe into Merrill Lynch's sale of flawed mortgage securities ahead of the financial crisis, people familiar with the negotiations told Reuters. On Wednesday, the No. 2 U.S. bank reported it took a $6 billion charge to cover litigation expenses, a figure that far exceeded the legal settlements the bank has announced recently. The sources did not say whether Bank of America and the government have discussed a specific settlement amount to resolve the Merrill probe.