The $9-million investment decision was typical of dozens made every business day in Canada—all-important to the investor, all but routine for the country’s six biggest banks. But the decision’s timing—and the forces that helped the municipal administrators of Burnaby, B.C., to reach it—was a far-from-routine situation: Canada’s multibillion-dollar banking industry was in the throes of a crisis in confidence, with potentially far-reaching financial and political consequences.
It was one of the most elaborate Ottawa parties in a remarkable political era. An Edwardian-period dress ball at the posh Royal Ottawa Golf and Country Club last December attracted the stars of Ottawa’s political and bureaucratic society.By MICHAEL CLUGSTON8 min
The Canadian government has identified a requirement for a low-level air defence system to protect Canadian troops in Europe. Since industry in Canada does not make the required defence system, the government has turned to international companies.
For the past two years James Davis and the 3,000 bureaucrats who work for him have led highly unpredictable—and hectic—professional lives. Davis is director of the division of liquidation at the U.S. Federal Deposit Insurance Corp., the Washington-based agency that is responsible for closing down failed U.S. banks.By IAN AUSTEN6 min
After a private meeting with his cabinet last week in the austere grey government building known as The Bunker in Quebec City, Premier Pierre Marc Johnson placed a telephone call to Liberal Leader Robert Bourassa. Bourassa chatted briefly with Johnson, who tipped his political adversary to an important announcement he planned to make later that evening.By Anthony Wilson-Smith6 min
As wave after wave of photographers swept through the 12th-floor penthouse party room in the United States mission to the United Nations in New York, the five Western leaders present for a working lunch with President Ronald Reagan seemed subdued.By MARCI MCDONALD6 min
The image is startling: a three-ton unmanned machine moves slowly across a rugged landscape, scanning the terrain with infrared eyes. But instead of moving on tracks or wheels, the huge robot walks on six legs. For almost 20 years researchers around the world have been trying to develop such walking machines.By PEETER KOPVILLEM5 min
Thirty years ago Franco Modigliani, this year's winner of the Nobel Prize in economics, said that, even if a company were burdened with a lot of debt, it could still be attractive to investors if its shares cost less than those of a company with little debt.By Dian Cohen5 min
At the height of its prosperity in the late 1970s, 2,500 people lived in the Yukon town of Faro—and their standard of living was one of the highest in Canada. That good fortune changed in mid-1982 when Cyprus Anvil Mining Corp., the town’s main employer, closed a lead-zinc-silver mine originally opened in 1970, because costs were skyrocketing and metal prices were plummeting.
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