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Canada's inflation rate falls to lowest level since March 2021
Statistics Canada says the annual inflation rate fell to 2.5 per cent last month, down from 2.7 per cent in June, as price pressures across the economy continued to fade.
Tech tycoon Mike Lynch, one of six people missing from a sunken yacht off Sicily, had been trying to move past a Silicon Valley debacle that had tarnished his legacy as an icon of British ingenuity.
Lynch, 59, struck gold when he sold Autonomy, a software maker he founded in 1996, to Hewlett-Packard for US$11 billion in 2011. But the deal quickly turned into an albatross for him after he was accused of cooking the books to make the sale and fired by HP's then-CEO Meg Whitman.
He was cleared of criminal charges in the U.S. in June, but still faced a potentially huge bill stemming from a civil case in London. A decade-long legal battle had resulted in his extradition from the U.K. to face criminal charges of engineering a massive fraud against HP, a company that helped shape Silicon Valley's zeitgeist after starting in a Palo Alto, California, garage in 1939.
Lynch steadfastly denied any wrongdoing, asserting that he was being made a scapegoat for HP's own bungling -- a position he maintained while testifying before a jury during a 2 1/2 month trial in San Francisco earlier this year. U.S. Justice Department prosecutors called more than 30 witnesses in an attempt to prove allegations that Lynch engaged in accounting duplicity that bilked billions of dollars from HP.
The trial ended up vindicating Lynch and he pledged to return to the U.K. and explore new ways to innovate.
Although he avoided a possible prison sentence, Lynch still faced the civil case in London that HP mostly won during 2022. Damages haven't been determined in that case, but HP is seeking US$4 billion. Lynch made more than US$800 million from the Autonomy sale.
Before becoming entangled with HP, Lynch was widely hailed as a visionary who inspired descriptions casting him as the British version of Microsoft co-founder Bill Gates and Apple co-founder Steve Jobs.
Lynch, a Cambridge-educated mathematician, made his mark running Autonomy, which made a search engine that could pore through emails and other internal business documents to help companies find vital information more quickly. Autonomy's steady growth during its first decade resulted in Lynch being awarded one of the U.K's highest honours, the Office of the Most Excellent Order of the British Empire in 2006.
In the months leading up to the deal that would go awry, HP valued Autonomy at US$46 billion, according to evidence presented at Lynch's trial.
The trial also presented contrasting portraits of Lynch. Prosecutors painted him as an iron-fisted boss obsessed with hitting revenue targets, even if it meant resorting to duplicity. But his lawyers cast him as entrepreneur with integrity and a prototypical tech nerd who enjoyed eating cold pizza late at night while pondering new ways to innovate.
Statistics Canada says the annual inflation rate fell to 2.5 per cent last month, down from 2.7 per cent in June, as price pressures across the economy continued to fade.
The minimum income needed to buy a home in Canada lowered in July, according to a new report that cites dropping mortgage rates and lowering average home prices.
Police divers resumed searching Tuesday for six people, including British tech magnate Mike Lynch, believed trapped some 50 metres (164 feet) underwater in the hull of a superyacht that sank in a storm off Sicily.
Many of us pay our bills using online banking because it's simple, fast and usually problem free, but if you make a mistake and pay the wrong amount, it can sometimes be difficult to get your money back.
The Ontario government is moving to close safe consumption sites for drug users near schools and prohibit any new ones from being built near schools as well.
The Conservative Party of Canada has deleted a video that promoted Canadian values but featured what the Defence Minister's office says are Russian fighter jets.
A suspect who police said confessed to killing 42 women and was being detained over the discovery of dismembered bodies in Kenya's capital has escaped from police custody, officials said Tuesday.
Two 18-year-old men have been charged with murder in the killing of former 'General Hospital' actor Johnny Wactor.
Statistics Canada says the median family after-tax income in 2022 fell compared with 2021, after adjustment for inflation, with young people being the hardest hit.
The Twilite Drive-in Theatre has been serving movie lovers for decades.
More than a dozen children who have been diagnosed with chronic illnesses were given an unforgettable experience on the way to Sunday’s BC Lions game.
Decades of durability have been added to one of Canada’s most photographed lighthouses, the Swallowtail Lighthouse on New Brunswick’s Grand Manan Island.
After four open heart surgeries, 10-year-old Samih Angelo Alame is thriving and ready to hit Grade Six running.
The owners of a thrift store on Vancouver's Granville strip are fed up after spending $300,000 to fight off what they describe as escalating crime over the past three years.
In light of World Honey Bee Day on Saturday, local beekeepers recognized the crucial role that honey bees play in the ecosystem.
A video of a rooster in the back of a Regina police cruiser has been making its rounds on social media.
At least one runner at the Edmonton marathon on Sunday will be strapping on a pair of stilettos at the starting line.
London, Ont.'s Tessa Virtue has welcomed her first child with husband and Toronto Maple Leafs defenceman, Morgan Rielly.