Wednesday, December 11, 2019

 


Canadian Press
Alberta slump cited in court process to sell dozens of office buildings

CALGARY — A major player in Calgary's depressed office real estate industry is putting dozens of Alberta office buildings under court protection from creditors while it tries to sell them.

Riaz Mamdani, CEO of Strategic Group, says the move is being made because of a prolonged downturn in the Alberta economy over the past five years that has resulted in office vacancy rates of around 25 per cent in Calgary, Canada's major oil and gas hub.

The company says it has lost 78 tenants — some of which are no long (full story)

 
Washington state OKs some of the nation's toughest OT rules
SEATTLE — Washington state is adopting some of the nation's most aggressive overtime rules, restoring protections for hundreds of thousands of salaried workers and taking what supporters say is a crucial step toward rebuildi (full story)
How major stock indexes fared Wednesday
Stocks closed modestly higher on Wall Street Wednesday after the Federal Reserve left interest rates unchanged and signalled that it expects to leave them alone in 2020. (full story)

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Associated Press
Saudi stock offering creates world's most valuable company

RIYADH, Saudi Arabia (AP) — Saudi Arabian oil company Aramco surpassed Apple as the world's most valuable public company Wednesday when its shares made their debut on the Saudi stock exchange, part of an ambitious shift away from the very fossil fuels the country's economy depends on.

The shares' 10% rally brought state-owned Aramco's value to $1.88 trillion. The 1.5% of the company that is listed has raised $25.6 billion, a record for an initial public offering. As of Tuesday's close in the U.S., Apple was value (full story)

 
Leaders scramble for final votes as UK's ugly election ends
LONDON (AP) — Britain’s election has been like the country’s late-autumn weather: chilly and dull, with blustery outbursts. (full story)
Fed leaves low rates alone and foresees no moves in 2020
WASHINGTON (AP) — The Federal Reserve left its benchmark interest rate alone Wednesday and signaled that it expects to keep low rates unchanged through next year. (full story)
FAA analysis predicted many more Max crashes without a fix
After the first crash of a Boeing 737 Max last year, federal safety officials estimated that there could be 15 more fatal crashes of the Max over the next few decades if Boeing didn’t fix a critical automated flight-control (full story)

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