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TSX, global markets down amid Turkey economic crisis; Loonie up

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TORONTO — Canada’s main stock index was down in late morning trading as most sectors slipped and concerns over Turkey’s economic crisis rattles global markets.

The Toronto Stock Exchange’s S&P/TSX composite index was down 102.64 points at 16,314.34 after roughly 90 minutes of trading. Most sectors including materials, energy and health care were down, but gold was up slightly.

In New York, the Dow Jones industrial average was down 180.59 points at 25,328.64. The S&P 500 index was down 14.71 points at 2,838.87 and the Nasdaq composite index was down 36.052 points at 7,855.73.

The Canadian dollar was at 76.39 cents, up from Thursday’s average of 76.69 cents US.

The September crude contract was up 94 cents at US$67.75 per barrel and the September natural gas contract was down two cents at US$2.93 per mmBTU.

The December gold contract was up $3.80 at US$1,223.70 an ounce and the September copper contract was up less than a cent at $2.76 a pound.

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OLG wants out of estranged couple's fight over $6M ticket

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Handout/Chatham Daily News On Thursday, January 4, 2018, Maurice Thibeault picked up half of the just over $6-million lottery prize he won from the September 20, 2017 LOTTO 6/49 draw on a ticket he purchased in Chatham, Ont. Controversy has surrounded the lottery win since Thibeault's former common-law girlfriend Denise Robertson claimed she was owed half of the winnings, because they had been purchasing lottery tickets together.

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WINDSOR — Ontario’s lottery regulator is urging a judge to let it walk away from an ugly legal war between a $6-million Chatham lottery winner and his ex-girlfriend, saying it doesn’t care who gets the cash.

Denise Robertson is suing her former live-in boyfriend, Maurice Thibeault, for half the $6.1 million he won with a Sept. 20, 2017 Lotto 6/49 draw.

This is a classic she said, he said dispute,’” Ontario Lottery and Gaming Corp. lawyer James Doris said Monday in a Windsor court.

It’s clear the real fight here is between Ms Robertson and Mr. Thibeault.”

Robertson claims she has a right to half the winnings because she and Thibeault bought lottery tickets as a couple and had a longstanding agreement to share any winnings. Thibeault denies there was such an agreement.

Robertson claims Thibeault told her their ticket was not a winner. She alleges she returned home from work five days later to learn he had moved all his things out. Robertson is suing him for $3 million.

OLG paid Thibeault $3.07 million in January and withheld the disputed half. The agency wants the court to take control of it until the legal battle is over. If that happens, the money would be held by the Ministry of Finance.

OLG takes no position on who should get the money as long as it is released from liability,” said Doris.

Thibeault’s lawyer, Richard Pollock, said OLG should give the money to his client, then Robertson can sue him for damages based on the alleged agreement to split lottery winnings.

Pollock said Robertson has no right to claim the money from OLG, or have a say in what it does with the winnings, because she didn’t co-operate with the corporation’s investigation into the dispute.

This was a mandatory investigation requiring the co-operation of the claimants, he said.

Mr. Thibeault has satisfied his obligation to submit to an investigation,” said Pollock. “Ms Robertson has not.”

He said Robertson would only submit to an interview with OLG investigators if her lawyer was present.

You’ve got a party that says, ‘I’m here to co-operate, but here are the terms,’” said Pollock.

Is that real co-operation?”

Robertson’s lawyer, Steven Pickard, said his client did not refuse to participate. She just wanted a lawyer there, he said, and OLG would not accept that.

Pickard said it would be “improper” to make Robertson submit to an interview without her lawyer present, because it could be used as evidence in a pending civil trial. He said the dispute should just go to trial “as quickly as possible.”

And in the meantime, those funds should not be distributed to Mr. Thibeault,” said Pickard.

He said it would be inappropriate to give either person the money until the dispute is settled. Until then, said Pickard, his client isn’t concerned about who holds the money.

We don’t care,” said Pickard. “This is not the issue here. The issue is preservation of $3 million.”

Superior Court Justice Gregory Verbeem didn’t say Monday when he will make a decision on the OLG’s request.

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Rival CP Rail improved its wheat shipment numbers, despite extreme cold

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Despite high crop yields in Western Canada, Canadian National Railway Co. shipped 24 million metric tonnes of grain in the 2017-18 crop year, four per cent less than the previous year, due in part to a frigid Prairie winter.

Rival Canadian Pacific Railway Ltd., meanwhile, nudged up its numbers one per cent year over year, shipping nearly 26 million metric tonnes of grain, grain products and soybeans out of the Prairies for the crop year that came to a close at the end of July.

For the coming year, Calgary-based CP Rail forecasts the total crop to move at more than 83 million metric tonnes, five per cent above the five-year average.

CP Rail and the Montreal-based CN are outfitting their fleets with thousands of larger freight cars and track upgrades over the next four years.

The improvements come amid legislation that imposes financial penalties on railways that fail to deliver promised rail cars for grain shipments on time.

The extremely low temperatures in Western Canada last winter meant trains could take on fewer cars and carry less grain, a necessity related to locomotive air-brake systems.

Companies in the story: (TSX:CNR, TSX:CP)

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Canadian Banks to Post Profit Gains on Rising Interest Rates

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