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GM recalls 1.5M vehicles
DETROIT -- General Motors is recalling more than 1.5 million vehicles, including SUVs, vans and Cadillacs, for defective airbags and other problems.
The new recalls, including more than 75,000 in Canada, come as GM faces multiple investigations over its handling of a recall of more than 1.6 million small cars for defective ignition switches. The new recalls aren't related to that issue, but the company did say they're part of a broad product-safety review prompted by the ignition-switch problem, which is linked to 12 deaths.
GM expects to spend about US$300 million in the first quarter to repair the vehicles in the new recalls as well as the vehicles in the small-car recall. GM announced last month ignition switches in older models of the Chevrolet Cobalt, Pontiac G5s, Saturn Ion, Chevrolet HHR, Pontiac Solstice and Saturn Sky need to be repaired.
The government is investigating why GM didn't act sooner to recall cars with the faulty switch after first getting reports of problems in 2004.
CIBC CEO got $10.01M
TORONTO -- CIBC president and chief executive Gerry McCaughey earned $10.01 million in total compensation last year, according to documents filed ahead of the bank's (TSX:CM) annual meeting next month. The pay packet was up from the $9.93 million he received from the bank in 2012.
McCaughey's compensation for 2013 included a base salary of $1.5 million, $3.74 million in share-based awards, $935,880 in option-based awards and a $3.12-million cash bonus. The value of his pension earned for the year amounted to $717,000.
That compared with a base salary of $1.5 million, $1.92 million in share-based awards, $960,000 in option-based awards, a cash bonus of $2.94 million and $1.92 million in long-term incentives in 2012.The value of McCaughey's pension earned in 2012 amounted to $687,000.
Richard Nesbitt, CIBC's chief operating officer, was the second-highest-paid executive at the bank, with a total of nearly $7.41 million for last year, up from $7.36 million in 2012.
Nakamoto hires lawyer
LOS ANGELES -- The man Newsweek claimed is the creator of bitcoin has hired a lawyer in an attempt to clear his name, repeating a denial he made to The Associated Press more than a week ago that he has never had anything to do with the digital currency.
In a statement issued by his lawyer, Ethan Kirschner, Dorian Satoshi Nakamoto said Monday he "did not create, invent or otherwise work on" bitcoin. In the magazine's return to print this month after more than a year, Newsweek's cover story declared Nakamoto to be the "face behind bitcoin." Despite the repeated denials, the magazine has stood behind the story.
Nakamoto, 64, did not say whether he plans to sue the magazine. He repeated he had not heard of bitcoin until his son told him a reporter asked about it in mid-February. He said he has not been able to find steady work for 10 years and had cancelled his Internet service last year "due to severe financial distress." Nakamoto said he is trying to recover from prostate surgery in 2012 and a stroke last October.
Ohio students take first
A group of students from Case Western Reserve University in Cleveland, Ohio, won the $20,000 first-place prize this weekend in the 10th annual Stu Clark Investment Competition at the Fort Garry Hotel.
Their business pitch, Disease Diagnostics, was for a new way to diagnose malaria that is already receiving interest from health authorities in malaria-affected regions.
Organized by the Stu Clark Centre for Entrepreneurship at the University of Manitoba's Asper School of Business, the competition attracts high-powered business school teams from across North America and around the world.
Second place and $10,000 went to a team from Northwestern University in Chicago for Innoblative Designs, a breast-cancer treatment technology. Third place and $5,000 went to a team from the University of Louisville for Systemica Health, a new technology to treat gum disease, and fourth place and $2,000 went to a team from the University of Manitoba for Exigence Technologies, an antimicrobial technology to deal with tough bacteria on hospital fabrics.
Systemica Health, Disease Diagnostics and Exigence Technologies placed first to third in the one-minute Idea Pitch portion of the competition, and teams from Johns Hopkins University, Thammasat University in Thailand and the University of Arkansas placed first to third in the logo competition.
BlackBerry lays off 120
Blackberry has laid off 120 employees in its product development and wireless technology divisions as part of an ongoing cost-cutting plan, the company said Monday.
The reductions were centred at its headquarters in Waterloo, Ont., where most of its staff are based.
It's part of a plan announced last year to lower expenses, partly through the elimination of about 40 per cent of the company's workforce.
BlackBerry has also been looking for other ways to lower costs and squeeze more money from assets as the smartphone maker tries to reposition itself with business customers.
In December, the company sold a handful of buildings to the University of Waterloo for $41 million under an agreement that would allow the company to lease back some of them for up to five years.
Earlier this month, BlackBerry sold its U.S. headquarters in Irving, Texas, to Brookfield Property Group for an undisclosed amount. The company plans to lease back at least part of the six-building location.
BlackBerry is scheduled to report its fourth-quarter and full-year results March 28.
The company's shares closed down 19 cents at $10.13 Monday on the Toronto Stock Exchange.
— From staff, the news services