City ready for its close-up

Province has provided $20M in flood relief so far, infrastructure minister says

The province has sent out $20 million in relief to Manitobans and municipalities affected by severe flooding in several communities in June and July, Transportation and Infrastructure Minister Lisa Naylor told MLAs Thursday.

Naylor said the government received more than 2,400 applications for financial assistance from residents and businesses, plus applications from 64 local authorities.

Provincial staff have so far processed more than 2,000 applications, she said.

Manitoba offered financial assistance after many homes and businesses were inundated, swathes of farm land were submerged and municipal roads and provincial highways were washed out by overland flooding from western Manitoba to the Interlake.

Anhang widow faked Jewish heritage to find refuge in Israel, trial told

SAN JUAN, PUERTO RICO — Looking for a safe refuge from American justice, the widow of murdered Winnipeg native Adam Anhang used forged documents to claim she was Jewish, and then asked an Israeli lawyer: “How can I be protected? Is Israel American soil?”

A jury in San Juan heard the account of international deception Friday in the trial of Aurea Vazquez-Rijos, accused with her sister and a boyfriend of conspiring to have Anhang killed in 2005 in a bid to get their hands on millions of dollars from his estate.

The forgery scheme, which included the widow’s mother and brother, was revealed through the introduction of dozens of emails and documents by the prosecution, which closed its case Friday.

Vazquez-Rijos was not Jewish; however, in her pre-nuptial agreement with Anhang in 2005, she promised to convert to Judaism within two years of their wedding. Anhang was killed six months later in an assault on a San Juan street, with his wife by his side. The killer later told police he’d been promised $3 million by the three accused to kill Anhang.

International flavour: Canadian investors may want to make like Ottawa, diversify beyond U.S.

Canada is learning the hard way about the dangers of putting too many eggs in its U.S. economic basket.

Much has been made about the need to diversify our economy away from the United States.

Diversification is understandably beneficial. The more varied streams of revenue a nation has, the less affected the economy will be when one of those sources is interrupted.

The same can be said about investment portfolios.

Musk’s gambit unlikely to end well

Elon Musk is that rarest of things, a benign sociopath, and therefore a person of considerable value to the world. He has just made a mistake that could ruin his long-term plan, for his purchase of Twitter is almost bound to end in tears. The sharks are always circling the very rich and highly geared, and I find myself worrying about him.

Broadening prediction-market gambling a bad idea

Let’s make a prediction: sooner or later, when Canadian governments find a way to take their own cut of the action, prediction-contract gambling on everything from sports to entertainment to political decisions is going to come to Canada.

And that’s a horrible, dangerous, pernicious idea.

Unless you have particular access to information — either inside information or strategic information based on skills or education — you’re not likely to make money at it. In fact, structurally, you’re likely to lose. In prediction markets, you basically pay an amount, plus fees from the company involved, to bet on whether something will or will not happen within a certain time frame. The amount you pay for your contract depends on how other people are also betting.

As Wealthsimple describes it, “You buy whichever side you think is right. Prices move with demand, so if the market leans towards one outcome, the more that side costs. If a lot of people are backing the TSX to finish above 38,000, yes gets more expensive and no gets cheaper.”

City ready for its close-up

The two-dozen strong Manitoba film industry contingent that blitzed Los Angeles this week established a strong beachhead with the film industry there and officials believe they will see results as early as this spring.