By: E&P Staff
Conrad Black’s continued fall from fortune and the end of his newspaper empire came in third place in voting by business editors for the Canadian Press and Broadcast News’ 2006 Business Story of the Year.
In first place, with 52 votes of the 139 cast by newspaper and online business editors as well as broadcasters, was the Canadian government’s decision to tax income trusts, which had become a popular, and virtually tax-free, way to raise corporate capital. In a shock announcement on Halloween, Finance Minister declared tax trusts amounted to tax avoidance, and that any new trusts would be subjected to regular corporate taxation. By Nov. 15, CP reported in its round-up story by David Friend, income-trust investors “had lost more than $20 billion in market value as the sector plummeted 14.3%.”
In second place, with 19 votes was the continued strength of the Canadian dollar.
Black’s saga came in third with 14 votes, CP reported.