He gave 11.6 million Tesla shares to unnamed charitable causes between August and December, according to a disclosure in February. The stock was worth about $1.9 billion.
Canadian banks build loan loss reserves
REUTERS – Bank of Montreal (BMO.TO) and Bank of Novia Scotia (BNS.TO) stockpiled rainy-day funds and reported a fall in first-quarter profit on Tuesday, as the Canadian lenders prepare for customers slipping on payments amid rising concerns of a recession.
Canada’s central bank has over the past 11 months lifted interest rates at a record pace to 4.5% to tame inflation, which at 6.3% in December remained well above the bank’s 2% target.
U.S. Caterpillar workers plan possible strike
REUTERS – Union workers at four Caterpillar Inc (CAT.N) U.S. facilities have threatened to strike for wage increases, improved safety measures and better healthcare benefits once a six-year labor contract expires this week.
The contract, which covers roughly 7,000 union employees represented by the United Auto Workers at three manufacturing plants in central Illinois and a parts and distribution center in York, Pennsylvania, will end on March 1.