Take Stock – September 30

Tourism spending in Canada fell 0.8 per cent in the second quarter, its fourth straight decline.

Tourism spending continues slide in Q2: Statscan

Tourism spending in Canada fell 0.8 per cent in the second quarter, its fourth straight decline.

Statistics Canada says two factors figured in the slip — the cancellation of Canadian flights to Mexico after the outbreak of the H1N1 influenza virus and the implementation June 1 of more stringent document requirements at the U.S. border. The agency reports spending by international visitors to Canada fell 1.6 per cent in the second quarter, the sixth straight quarterly decrease and the 15th decline in 18 quarters.

Canadians’ spending on tourism in Canada fell 0.6 per cent in real terms in the second quarter after more modest declines in the previous three quarters.

ASC warns investors of ‘recovery room’ scheme

The Alberta Securities Commission says investors in of York-Rio Resources Inc. and TLC Explorations Inc. should be wary of “recovery room” scams. The ASC warning follows alerts from British Columbia and Manitoba securities regulators. Under the scheme, investors are promised that a company will buy their worthless or low-value shares at an inflated prices, but only if the investors first pay a fee. The unscrupulous companies pocket the fee but do not buy back the shares. Manitoba and B.C. authorities allege that an organization called Penn Capital Management Ltd. has contacted investors in York-Rio to repurchase their shares at an inflated price for a fee. On Sept. 25, the Saskatchewan Financial Services Commission issued temporary cease trade orders to The Castleton Group, Beltway M&A, Joshua Stevens, Patrick Thompson, Vick Newman, Daniel Greco and Jim Young for allegedly contacting TLC Explorations Inc. investors with the same kind of offer. The ASC is asking anyone who has received such an offer to contact them at 1-877-355-4488.

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