Wall Street extends losses, Nasdaq down 1 percent

DEAR ABBY: My boyfriend, "Doug" (24), and I (22) have been in a long-distance relationship for a year, but we were friends for a couple of years before that. I had never had a serious relationship before and lacked experience. Doug has not only been in two other long-term relationships, but has had sex with more than 15 women. One of them is an amateur porn actress.I knew about this, but it didn't bother me until recently. Doug had a party, and while he was drunk he told one of his buddies -- in front of me -- that he should watch a certain porn film starring his ex-girlfriend. ...
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Top detective appointed new Pistorius investigator


PRETORIA, South Africa (AP) — South Africa's top detective was appointed lead investigator in the Oscar Pistorius case Thursday, replacing a veteran policeman who was charged with attempted murder in the latest shock development to hit a case being watched closely by the nation.


National Police Commissioner Riah Phiyega promised that a team of "highly skilled and experienced" officers would investigate the killing of Pistorius' 29-year-old girlfriend. Pistorius, 26, has been charged with premeditated murder in the case.


The decision to put police Lt. Gen. Vinesh Moonoo in charge came soon after word emerged that the initial chief investigator, Hilton Botha, is facing attempted murder charges, and a day after he offered testimony damaging to the prosecution in Pistorius' bail hearing.


Pistorius, an Olympic runner whose lower legs were amputated when he was less than a year old, killed his girlfriend Reeva Steenkamp in the predawn hours of Valentine's Day. He claims he mistook her for an intruder when he shot her through a locked door in a bathroom in his home. Prosecutors say the shooting happened after the couple got into an argument and allege the killing was deliberate, carried out with no mercy.


Botha acknowledged Wednesday in court that nothing in Pistorius' version of the fatal shooting of Steenkamp contradicted what police had discovered, even though there have been some discrepancies. Botha also said that police had left a 9 mm slug in the toilet and had lost track of allegedly illegal ammunition found in Pistorius' home.


"This matter shall receive attention at the national level," Phiyega told reporters soon after the end of proceedings in the third day of Pistorius' bail hearing. The case has riveted South Africa and much of the world and has placed the country's judicial system under close scrutiny.


Bulewa Makeke, spokeswoman for South Africa's National Prosecuting Authority, said the attempted murder charges had been reinstated against Botha on Feb. 4. Police say they found out about it after Botha testified in Pistorius' bail hearing Wednesday.


Botha and two other police officers had seven counts of attempted murder reinstated against them in relation to a 2011 shooting incident. Botha and his two colleagues allegedly fired shots at a minibus they were trying to stop.


Asked about Botha's court performance and handling of the investigation, Phiyega said South Africa's police force "can stand on its own" compared to others around the world.


Makeke, the spokeswoman for the national prosecution office, had said before Botha was dismissed from the Pistorius case that he should be taken off, but added that it was up to the police force to make that decision.


Makeke indicated the charges were reinstated against Botha because more evidence had been gathered. She said the charge against Botha was initially dropped "because there was not enough evidence at the time."


Pistorius' main sponsor Nike, meanwhile, suspended its contract with the multiple Paralympic champion, following eyewear manufacturer Oakley's decision to suspend its sponsorship. Nike said in a brief statement on its website: "We believe Oscar Pistorius should be afforded due process and we will continue to monitor the situation closely."


The judge is still trying to decide whether to grant Pistorius bail, and under what conditions.


During Thursday's bail hearing, Chief Magistrate Desmond Nair asked the defense of Pistorius' bail application: "Do you think there will be some level of shock if the accused is released?"


Defense lawyer Barry Roux responded: "I think there will be a level of shock in this country if he is not released."


Opposing bail, prosecutor Gerrie Nel painted a picture of a man "willing and ready to fire and kill," and said signs of remorse from Pistorius do not mean that the athlete didn't intend to kill his girlfriend.


"Even if you plan a murder, you plan a murder and shoot. If you fire the shot, you have remorse. Remorse might kick in immediately," Nel said.


As Nel summed up the prosecution's case opposing bail, Pistorius began to weep in the crowded courtroom, leading his brother, Carl Pistorius, to reach out and touch his back.


"He (Pistorius) wants to continue with his life like this never happened," Nel went on, prompting Pistorius, who was crying softly, to shake his head. "The reason you fire four shots is to kill," Nel persisted.


Earlier Thursday, Nair questioned Botha over delays in processing records from phones found in Pistorius' house following the killing of Steenkamp, a 29-year-old model and budding reality TV contestant.


"It seems to me like there was a lack of urgency," Nair said as the efficiency of the police investigation was questioned.


Botha is himself to appear in court in May to face seven counts of attempted murder. Botha was dropped from the case but not suspended from the police force, Phiyega said, and could still be called by defense lawyers at trial.


Pisatorius' behavior Thursday reflected the change of mood in the courtroom as his defense lawyers attacked police procedures and maintained his innocence.


Pistorius, in the same gray suit, blue shirt and gray tie combination he has worn throughout the bail hearing, stood ramrod straight in the dock, then sat calmly looking at his hands. On Tuesday and Wednesday, the athlete had been slumped over and sobbing uncontrollably at times as detail was read out of how Steenkamp died in his house.


"The poor quality of the evidence offered by investigative officer Botha exposed the disastrous shortcomings of the state's case," Roux said Thursday. "We cannot sit back and take comfort that he is telling the truth."


Roux also raised issue of intent, saying the killing was not "pre-planned" and referred to a "loving relationship" between the two.


He said an autopsy showed that Steenkamp's bladder was empty, suggesting she had gone to use the toilet as Pistorius had claimed. Prosecutors claim Steenkamp had fled to the toilet to avoid an enraged Pistorius.


"The known forensics is consistent" with Pistorius' statement, Roux said, asking that bail restrictions be eased for Pistorius.


But the prosecutor said Pistorius hadn't given guarantees to the court that he wouldn't leave the country if he was facing a life sentence. Nel also stressed that Pistorius shouldn't be given special treatment.


"I am Oscar Pistorius. I am a world-renowned athlete. Is that a special circumstance? No." Nel said. "His version (of the killing) is improbable."


Nel said the court should focus on the "murder of the defenseless woman."


Botha testified Thursday that he had investigated a 2009 complaint against Pistorius by a woman who claimed the athlete had assaulted her. He said that Pistorius had not hurt her and that the woman had actually injured herself when she kicked a door at Pistorius' home.


The hearing is to continue Friday morning.


___


AP Sports Writer Gerald Imray contributed to this report from Johannesburg.


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Homebuilding takes a breather, wholesale prices up






WASHINGTON (Reuters) – U.S. builders broke ground on fewer homes last month but a jump in permits for future construction to a 4-1/2 year high indicated the housing market recovery remains on track.


Another report on Wednesday showed wholesale prices rose for the first time in four months in January. However, the gain was smaller than expected and left scope for the Federal Reserve to keep buying bonds to stimulate the economy.






Housing starts dropped 8.5 percent in January to an 890,000-unit annual rate, pulled down by a sharp drop in the volatile multi-family unit category, the Commerce Department said.


But starts for single-family homes hit their highest level since July 2008 and permits for future construction, which lead starts by at least a month, were at their highest level since June of that year.


The drop in starts followed an outsized gain in December and was confined to the Northeast and Midwest, suggesting cold weather likely contributed to the pullback.


“The fundamentals are there and the drivers are looking good,” said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. “We see more new construction this year. The only question is whether it will be in the multi-family or single-family segment.”


Housing has shifted from being a headwind for the economy to being a pillar of support, although mortgage rates have crept higher in recent weeks, cooling loan demand.


Luxury homebuilder Toll Brothers on Wednesday reported disappointing quarterly results, hurt in part by lower selling prices, but other homebuilders have been able to take advantage of the recovering market.


A separate report from the Labor Department showed producer prices rose 0.2 percent last month as rebounding food costs offset declining gasoline prices. Wholesale prices had slipped 0.3 percent in December, and economists had expected them to rise 0.4 percent in January.


U.S. financial markets were little moved by the data. By midday, stocks were down as weakness in energy and materials sectors weighed on the indexes, while Treasuries were slightly higher. The dollar was up against a basket of currencies.


INFLATION PRESSURES MUTED


Food prices accounted for more than 75 percent of the rise in wholesale prices last month.


Away from the spike in food prices, the producer price report showed inflation pressures were generally muted.


In the 12 months through January, wholesale prices were up 1.4 percent and data on Thursday is expected to show consumer inflation below the U.S. central bank’s goal of 2 percent.


“Inflationary pressures remain well contained,” said Diane Swonk, chief economist at Mesirow Financial in Chicago. “The Federal Reserve would rather see inflation slightly higher in response to stronger economic conditions than benign because the recovery remains tepid.”


In an effort to drive down borrowing costs and spur stronger growth, the Fed last year launched an open-ended bond buying program and said it would keep it up until it saw a substantial improvement in the outlook for the labor market.


Wholesale prices excluding volatile food and energy costs edged up 0.2 percent last month after gaining 0.1 percent in December. In the 12 months through January, so-called core prices rose 1.8 percent, the smallest gain since February 2011.


A surge in the cost of fresh and dried vegetables pushed up food prices in January. Gasoline prices surprisingly recorded another substantial decline last month, even though prices at the pump have been rising almost every week this year.


The core PPI was lifted by a jump in the cost of drugs, while passenger car and light truck prices fell.


(Additional reporting by Jason Lange; Editing by Andrea Ricci and Tim Ahmann)


Economy News Headlines – Yahoo! News





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SDTC Looking for Canada’s Next Cleantech Innovators






OTTAWA, ONTARIO–(Marketwire – Feb 20, 2013) – Sustainable Development Technology Canada (SDTC) is looking for the next wave of innovative cleantech entrepreneurs with the announcement of our call for applications to the SD Tech Fund™ from February 20th to April 17th, 2013.


“This is an exciting time for Canada”s cleantech industry, projected to grow to generate as much as $ 62 billion in revenues by 2020,” said SDTC President and CEO Vicky Sharpe. “SDTC is excited to meet and work with another set of cleantech entrepreneurs, bringing technologies to market and changing the way business is being done.”






On behalf of the Government of Canada, SDTC finances and supports the late-stage development and pre-commercial demonstration of clean technologies. Through its SD Tech Fund™, SDTC helps companies through the critical juncture when capital and scaling costs become challenges and the risk profile deters other investors.


SDTC supports technologies that address the challenges of Climate Change, Clean Air, Soil and Water, including technology solutions focused on these current priority areas:


  • Natural Resources: Mitigate environmental impacts associated with Canada”s natural resource sector including “green mining”, cleaner fossil fuels and forestry.

  • Clean Energy: Enable cleaner energy production, including natural gas, and improved energy efficiency of transportation, the built environment and industrial processes.

  • Agriculture: Increase yield and improve temperature and drought resistance of agricultural crops and mitigate land-use changes and biodiversity loss.

  • Northern/Remote Communities: Innovative solutions for self-sufficiency in smaller communities.

  • Packaged Solutions: Integrated technology packages that combine one or more clean technologies, such as renewable energy generation, energy storage, and waste and wastewater management.

The SDTC portfolio is currently comprised of 245 clean technology projects, for a total value of $ 2.1 billion, of which over $ 1.5 billion is leveraged primarily from the private-sector.


It should be noted, however, that the SD Tech Fund™ has been fully allocated. The availability and timing of funding for future rounds is dependent on SDTC receiving additional support in 2013.


About SDTC


On behalf of the Government of Canada, SDTC helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $ 2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.


SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $ 590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $ 500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.


SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada”s commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation. www.sdtc.ca.


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Wall Street dips after rally, energy shares weaker

NEW YORK (Reuters) - Stocks dipped on Wednesday, with energy shares falling as investors found few reasons to buy following a rally that has held major indexes near five-year highs for three weeks.


In addition, investors waited for the minutes from the Federal Open Market Committee's January meeting due at 2 p.m. (1900 GMT) for clues to the interest rate outlook.


Traders said there were unconfirmed rumors in the market that a troubled hedge fund was selling assets.


"I heard the chatter about a hedge fund liquidating things today but how big, I don't know. Certainly it sparks concern," said Michael James, senior trader at Wedbush Morgan in Los Angeles.


A jump in January of permits for future home building offered hope the housing market's recovery remains on track. A separate report showed wholesale prices rose last month for the first time in four months.


The S&P 500 has jumped about 7 percent so far this year, and is on track for its eighth straight week of gains. However, many of those weekly gains have been slight, with equities trading within a narrow range for the past few weeks, suggesting valuations may be stretched at current levels.


"The market seems very tired and listless, and investors are prone to take profits now as they wait for the music to stop," said Matt McCormick, money manager at Bahl & Gaynor in Cincinnati.


Energy companies were among the weakest, hurt by disappointing corporate results and a 2.4 percent drop in crude oil prices.


Newfield Exploration fell 5.8 percent to $25.73 while Devon Energy Corp fell 1.6 percent to $59.60. Both companies posted fourth-quarter losses, with Devon hurt as it wrote down the value of its assets by $896 million due to weak natural gas prices.


Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.


Investors will look to the minutes from the Fed's January meeting for any indication as to how long the Fed will keep buying $85 billion in bonds each month to bolster U.S. employment. Economic data should enable the Fed to maintain its easy monetary policy.


The Dow Jones industrial average <.dji> dropped 16.03 points, or 0.11 percent, to 14,019.64. The Standard & Poor's 500 Index <.spx> dropped 5.81 points, or 0.38 percent, to 1,525.13. The Nasdaq Composite Index <.ixic> dropped 13.82 points, or 0.43 percent, to 3,199.77.


Shares of OfficeMax Inc fell 3.8 percent to $12.51 while Office Depot slumped 13 percent to $4.37 as the companies announced a $1.2 billion merger agreement. The shares had risen sharply earlier this week after a source said a deal would be announced. Rival Staples Inc fell 3.5 percent.


Toll Brothers Inc lost 4 percent to $35.43 after the largest luxury homebuilder in the United States, reported first-quarter results well below analysts' estimates.


The stock is up 9 percent so far this year, building on jump of nearly 60 percent in 2012.


"Valuations appear a bit high at these levels, and if I was in a name that had seen a huge run, I'd want to take some chips off the table," said McCormick, who helps oversee about $8.2 billion in assets.


SodaStream dropped 6.5 percent to $49.04 after the seller of home carbonated drink maker machines posted fourth-quarter earnings and provided a 2013 outlook.


According to Thomson Reuters data through Tuesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.


Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.


(Editing by Kenneth Barry)



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Armstrong facing Wednesday deadline with USADA


AUSTIN, Texas (AP) — Lance Armstrong is facing a Wednesday deadline to decide whether he will meet with U.S. Anti-Doping Agency officials and talk with them under oath about what he knows about performance-enhancing drug use in cycling.


The agency has said Armstrong's cooperation in its cleanup effort is the only path open to Armstrong if his lifetime ban from sports is to be reduced.


Armstrong has given mixed signals about whether he plans to talk with USADA officials. Armstrong attorney Tim Herman previously suggested Armstrong would not meet with USADA before the agency's original Feb. 6 deadline. The two sides then agreed to give Armstrong another two weeks to work out an interview with investigators.


Armstrong previously denied using performance-enhancing drugs, but in January admitted doping to win seven Tour de France titles.


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Obama can't kick his legacy down road











By Gloria Borger, CNN Chief Political Analyst


February 20, 2013 -- Updated 1530 GMT (2330 HKT)







President Obama has a small window of opportunity to get Congress to act on his priorities, Gloria Borger says.




STORY HIGHLIGHTS


  • Gloria Borger: Prospect of deep budget cuts was designed to compel compromise

  • She says the "unthinkable" cuts now have many supporters

  • The likelihood that cuts may happen shows new level of D.C. dysfunction, she says

  • Borger: President may want a 2014 House victory, but action needed now




(CNN) -- So let's try to recount why we are where we are. In August 2011, Washington was trying to figure out how to raise the debt ceiling -- so the US might continue to pay its bills -- when a stunt was hatched: Kick the can down the road.


And not only kick it down the road, but do it in a way that would eventually force Washington to do its job: Invent a punishment.



Gloria Borger

Gloria Borger



If the politicians failed to come up with some kind of budget deal, the blunt instrument of across-the-board cuts in every area would await.


Unthinkable! Untenable!


Until now.


In fact, something designed to be worse than any conceivable agreement is now completely acceptable to many.



And not only are these forced budget cuts considered acceptable, they're even applauded. Some Republicans figure they'll never find a way to get 5% across-the-board domestic spending cuts like this again, so go for it. And some liberal Democrats likewise say 8% cuts in military spending are better than anything we might get on our own, so go for it.


Opinion: Forced budget cuts a disaster for military


The result: A draconian plan designed to force the two sides to get together has now turned out to be too weak to do that.


And what does that tell us? More about the collapse of the political process than it does about the merits of any budget cuts. Official Washington has completely abdicated responsibility, taking its dysfunction to a new level -- which is really saying something.


We've learned since the election that the second-term president is feeling chipper. With re-election came the power to force Republicans to raise taxes on the wealthy in the fiscal cliff negotiations, and good for him. Americans voted, and said that's what they wanted, and so it happened. Even the most sullen Republicans knew that tax fight had been lost.


Points on the board for the White House.






Now the evil "sequester" -- the forced budget cuts -- looms. And the president proposes what he calls a "balanced" approach: closing tax loopholes on the rich and budget cuts. It's something he knows Republicans will never go for. They raised taxes six weeks ago, and they're not going to do it again now. They already gave at the office. And Republicans also say, with some merit, that taxes were never meant to be a part of the discussion of across-the-board cuts. It's about spending.


Politics: Obama more emotional on spending cuts


Here's the problem: The election is over. Obama won, and he doesn't really have to keep telling us -- or showing us, via staged campaign-style events like the one Tuesday in which he used police officers as props while he opposed the forced spending cuts.


What we're waiting for is the plan to translate victory into effective governance.


Sure, there's no doubt the president has the upper hand. He's right to believe that GOP calls for austerity do not constitute a cohesive party platform. He knows that the GOP has no singular, effective leader, and that its message is unformed. And he's probably hoping that the next two years can be used effectively to further undermine the GOP and win back a Democratic majority in the House.


Slight problem: There's plenty of real work to be done, on the budget, on tax reform, on immigration, climate change and guns. A second-term president has a small window of opportunity. And a presidential legacy is not something that can be kicked down the road.


Follow @CNNOpinion on Twitter.


Join us at Facebook/CNNOpinion.


The opinions expressed in this commentary are solely those of Gloria Borger.











Part of complete coverage on







February 19, 2013 -- Updated 1419 GMT (2219 HKT)



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February 19, 2013 -- Updated 1728 GMT (0128 HKT)



Frida Ghitis says the murder of Reeva Steenkamp allegedly by Oscar Pistorius is a reminder that we have to do more to protect women.



















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Paul McCartney tops Bonnaroo music festival lineup






NASHVILLE, Tenn (Reuters) – Paul McCartney will perform at the Bonnaroo Music and Arts Festival in Tennessee in June along with Tom Petty & The Heartbreakers, Mumford & Sons, Bjork and Wilco, festival organizers said on Tuesday.


“Top to bottom, this is one of the strongest lineups we have ever had,” Bonnaroo spokesman Jeff Cuellar said in an interview. “Looking at the festival landscape out there … no other American festival has Mumford & Sons, Paul McCartney and Bjork all under one roof.”






Bonnaroo is among the top live music gatherings of the year, much like the Coachella Valley Music and Arts Festival in California and the Glastonbury Festival of Contemporary Performing Arts in Britain.


Up to 100,000 fans flock to the annual festival in Manchester, Tennessee, to see singers, comedians, art and films.


The 2013 concert lineup announced on Tuesday also included R. Kelly, Wu-Tang Clan, David Byrne & St. Vincent, ZZ Top, “Weird Al” Yankovic, Gov’t Mule and Dwight Yoakam.


Tickets for the festival go on sale February 23 on bonnaroo.com.


(Reporting by Tim Ghianni; Editing by David Bailey and Stacey Joyce)


Music News Headlines – Yahoo! News





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Cameron calls for faster RBS reform







The Prime Minister, David Cameron, has called on Royal Bank of Scotland to speed up the overhaul of its business.






Speaking on a trip to India, Mr Cameron said he wanted the largely state-owned bank to “accelerate the adjustments” it was making.


He added he was “keen to examine all possibilities” for putting RBS back into the private sector.


However, he played down reports that the government was preparing to sell its stake in the bank.


RBS is 82%-owned by the tax payer after the government injected £45bn to stop it from collapsing during the financial crisis.


When asked to respond to comments that the government was preparing to sell its stake by 2014, Mr Cameron responded with: “These are all interesting questions for the future.”


“The first job is to turn around the performance of RBS and to strengthen its balance sheet, strengthen its business and that’s what [RBS chief executive] Stephen Hester and his team are doing.”


Mr Hester started the process of reforming the bank in 2009 and said it would take up to five years.


The aim of the overhaul is to make the bank safer and more profitable. It includes selling off its less important businesses and paring back its investment arm. A 30% stake in its insurance business, Direct Line, has already been floated on the stock market.


In November, the bank said that its restructuring plan was on track and would be completed in the next 18 months.


As part of the restructuring, RBS has been struggling to sell more than 300 branches by 2014, at the behest of the European Union, in return for its state aid. A deal with Santander fell through last year. The latest reports suggest that City investors are poised to enter the fray.


The bank was also recently fined for being embroiled in a global rate-rigging scandal. It was fined £390m ($ 610m) by UK and US authorities, which it intends to pay from past, current and future bonuses.


BBC News – Business





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IIROC: Halt, VICTORIA GOLD CORP






VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 19, 2013) - The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :










Company / Société :VICTORIA GOLD CORP
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
VIT
Reason / Motif :At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle
Halt Time (ET) / Heure de la suspension (HE)12:14

IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.






L’OCRCVM peut prendre la décision d’imposer une suspension provisoire des négociations sur le titre d’une société cotée en bourse, habituellement en prévision d’une annonce importante de la part de la société. Les suspensions de négociations sont imposées suivant le principe que tous les investisseurs devraient avoir un accès égal et simultané à l’information importante au sujet des sociétés dans lesquelles ils investissent. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des sociétés de courtage et l’ensemble des opérations effectuées sur les marchés boursiers et les marchés de titres d’emprunt au Canada.


For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.


Pour de plus amples informations : Service des enquêtes de l’OCRCVM, au 1 877 442-4322 (option 3) – Veuillez prendre note que l’OCRCVM n’est pas en mesure de fournir d’informations supplémentaires au sujet d’une suspension des négociations en particulier. L’information est restreinte aux questions générales.


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