Warren Buffett, the world’s richest person, said on Monday the U.S. economy is in a recession that will be more severe than most people expect.

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Liberalization of the Canadian mortgage-insurance market and the advent of 40-year amortizations are driving the housing market into “uncharted waters” with unknown risks, according to a Scotiabank report released Monday.

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It may have freezing long winters and a quiet nightlife but it seems the nation’s capital is the place to live in Canada. According to a MoneySense survey out Monday, Ottawa is above average on most things, but excellent in nothing.

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Visa Inc., the world’s largest credit-card network, said profit rose 28% in the company’s first earnings report since its record US$19-billion initial public offering last month.

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The Canadian Auto Workers union says it has reached a new deal with Ford Motor Co. that will save its threatened factory in St.Thomas, Ont. and provide the blueprint for a broader labour agreement with the automaker expected later this week.

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Petro-Canada said first-quarter profit rose 82% on higher oil prices and production. Net income climbed to $1.08-billion, or $2.20 a share, from $590-million, or $1.18, a year earlier, the Calgary-based company said today in a statement published on its Web site. Revenue rose 36% to $6.62-billion.

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Beer fan Richard Pocha said if prices get much higher in bars, he’ll be buying a $20 home brew kit that makes 14 cases of beer. He won’t pay more than $5 for a bottle of beer.

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Each year, Dr. Slim Feriani and his five colleagues visit 20 countries looking for the next hot economy. As specialists for Progressive Developing Markets Limited, a London-based boutique investment group, they travel to places like Brazil, Vietnam and Russia in search of emerging markets.

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As millions of people line up early on Tuesday to be the first to spend about $60 on the most anticipated video game of the year, analysts are mixed as to whether Electronic Arts’ US$2-billion offer tabled last month for Take-Two Interactive Software Inc. will be enough to acquire the rival game maker.

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COMMODITIES-Oil and rice off record, gold dips ahead of FedReuters UK, UK - 5 hours agoRice prices in Chicago hit a record high of more than $25 per hundredweight last week, but the prospects of improved supplies in Asia hit prices. …

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