Leveson Report Published: New Body Regulating British Press And Backed By Law Recommended

The long-awaited report from the Leveson Inquiry into the ethics and practices of the scandal-scarred British media was published on Thursday.

In the report, Lord Justice Leveson called for a new government law to back an independent regulatory body overseeing the press, which he said had acted in ways that "at times, can only be described as outrageous."

The Guardian said that it would be the first press law in Britain since 1695.

Fiscal Cliff Primer: Should Obama Take Advice From Regulator Who Missed Bear Stearns And Madoff?

No.

Former SEC Chairman Chris Cox and former Rep. Bill Archer (R-Texas) penned a recent Wall Street Journal op-ed claiming that the total U.S. debt isn't the oft-cited $16 trillion figure, but a much, much scarier $86.8 trillion.

Cox and Archer reach this staggering $86.8 trillion figure by adding the existing $16 trillion in debts the nation has already accrued to all of the future obligations that Medicare and Social Security will ever have. The time figure that accountants use for this statistic is actually referred to as "the infinite horizon." It sounds like a huge number because comparing future obligations through infinity is a lot scarier than just looking at the actual debts the U.S. has accrued. Over the course of 60 or 70 years, small problems can snowball into what seem like disasters. Modest adjustments -- say, lifting the payroll cap on Social Security taxes so that wealthy people with income above $110,100 a year pay more into the program -- could solve many of the problems.

Hostess Executive Bonuses: Twinkie-Maker To Seek Approval For $1.8 Million In Bonuses During Liquidation

NEW YORK -- The future of Twinkies is virtually assured.

Hostess Brands Inc. said Thursday that it's in talks with 110 potential buyers for its iconic brands, which also include CupCakes, Ding Dongs and Ho Hos. The suitors now include at least five national retailers such as supermarkets, a financial adviser for the company said in bankruptcy court. The process has been "so fast and furious" Hostess hasn't been able to make the calls seeking buyers it previously intended, said Joshua Scherer of Perella Weinberg Partners.

Ontario Teachers Strike: Education Minister Says Government Won't Allow Walkouts

TORONTO - Ontario's governing Liberals say they're ready to respond to the threat of province-wide strikes by elementary teachers, but won't say when or if they'll force them back to work.

The province has the power under a controversial new law to stop strikes by teachers and lockouts, but Education Minister Laurel Broten won't say whether she'll employ that legislative hammer — just that she has it in her arsenal.

"My message to parents is, we have tools within the legislation," she said Thursday.

Conservatives Still Allies Despite Mayor's Ouster

OTTAWA - Those whose antics threaten to besmirch the party name normally don't get a second chance with Canada's federal Conservatives.

Not so, it would seem, for Toronto Mayor Rob Ford.

"I did support him and I do support him," said Conservative MP John Carmichael, who represents the Toronto riding of Don Valley West, after the controversial municipal leader was ordered removed from office this week for violating conflict-of-interest rules.

Suncor Drug Test: Alberta's Top Court Dismisses Bid To Randomly Screen Workers

EDMONTON - Alberta's top court has dismissed an appeal by Suncor Energy over its plan to randomly test thousands of its oilsands workers for drugs and alcohol.

Last October, the Communications, Energy and Paperworkers union won an injunction against the testing and a judge ordered the matter be settled by arbitration.

PLO warns of retaliation if Canada goes beyond ‘no’ vote at UN

As Canada takes a lead role in opposing the Palestine Liberation Organization’s bid for enhanced recognition by the United Nations, a senior PLO official is warning of “consequences” for any action against the Palestinian Authority.

On Thursday, Palestinian Authority President Mahmoud Abbas is to ask the UN General Assembly to recognize Palestine in the West Bank, Gaza and east Jerusalem, areas Israel captured in 1967, as a non-member state. The vote is expected to pass with an overwhelming majority.

Kevin Page: Deficit Picture Painted By Flaherty And Tories Overly Bleak

OTTAWA - A new report from Canada's budget watchdog suggests the Harper government might be in position to spring a good news deficit surprise before the next federal election.

Parliamentary Budget Officer Kevin Page's analysis on the government's economic update budget projections suggests Finance Minister Jim Flaherty may be painting a bleaker picture than the current slowdown in the economy warrants.

Watchdog suggests Ottawa may preparing for pre-election good news on deficit

OTTAWA - A new report from Canada's budget watchdog suggests the Harper government might be in position to spring a good news deficit surprise before the next federal election.

Parliamentary Budget Officer Kevin Page's analysis on the government's economic update budget projections suggests Finance Minister Jim Flaherty may be painting a bleaker picture than the current slowdown in the economy warrants.

Bill C-377: Costs, constitutional concerns raised in opposition to legislation targeting unions

Labour groups have called it a transparent attack on unions and on free speech. The NDP's federal labour critic dismisses it as "useless, discriminatory, unconstitutional, costly and excessively bureaucratic."

It's no surprise that Bill C-377, a private member's bill introduced by Conservative MP Russ Hiebert that would require unions to publicly disclose detailed financial information, has raised the ire of unions and the official opposition.