Business
Ontario bill aims to speed up stalled housing developments, boost student housing
By Allison Jones, The Canadian Press on April 10th, 2024
TORONTO – Ontario is proposing to speed up the creation of student housing and allow municipalities to enact “use it or lose it” policies to force movement on stalled developments, in a new bill aimed at cutting so-called red tape in the home building system. Municipal Affairs and Housing Minister Paul Calandra introduced an omnibus ... Read More »
Be the first to comment!B.C. makes it easier to salvage timber damaged by wildfires
By The Canadian Press on April 10th, 2024
VICTORIA – The B.C. government says it’s making it easier for forestry companies to salvage timber damaged by wildfires. Sustainable Forestry Innovation Minister Andrew Mercier says in a statement that changes to the price of fees for harvesting timber on Crown land make salvage “more economic,” and will speed up forest regeneration. The province says ... Read More »
Be the first to comment!Grocery inflation to fall below two per cent this spring, report predicts
By The Canadian Press on April 10th, 2024
A new report predicts that grocery inflation will fall below two per cent by the spring and stay roughly between one and two per cent for the rest of 2024. Farm Credit Canada, an agricultural lending firm, says it expects food price increases beyond 2024 to stabilize around pre-pandemic levels. The organization’s annual food and ... Read More »
Be the first to comment!S&P/TSX composite index down almost 150 points, U.S. markets also down
By The Canadian Press on April 10th, 2024
TORONTO – Losses in financial and utilities stocks helped drag Canada’s main stock index lower in late-morning trading, while U.S. stock markets were also down. The S&P/TSX composite index was down 131.98 points at 22,229.80. In New York, the Dow Jones industrial average was down 442.31 points at 38,441.36.The S&P 500 index was down 51.95 ... Read More »
Be the first to comment!Rate expectations: What’s the neutral rate, and why did the Bank of Canada raise it?
By The Canadian Press on April 10th, 2024
OTTAWA – The Bank of Canada’s interest rate decision on Wednesday didn’t bring cuts, but it did bring new insight into where the central bank thinks interest rates may be headed. The bank kept its overnight interest rate steady at five per cent, but it raised something else: its nominal neutral interest rate. The neutral ... Read More »
Be the first to comment!Macklem says interest rate cut in June possible after holding policy rate once again
By Nojoud Al Mallees, The Canadian Press on April 10th, 2024
OTTAWA – Bank of Canada governor Tiff Macklem says the central bank could begin lowering its key interest rate at its next decision in June after deciding to hold it steady for now. “Yes, it’s within the realm of possibilities,” Macklem said in response to a question about the possibility of a rate cut in ... Read More »
Be the first to comment!Canfor closing Jackson mill as part of restructuring in Alabama
By The Canadian Press on April 10th, 2024
VANCOUVER – Canfor Corp. is closing its Jackson mill in southern Alabama at the end of June as part of a restructuring of its operations in the state. The forestry company says as part of the changes in Alabama it will add a second shift at its nearby Fulton mill. Canfor is also set to ... Read More »
Be the first to comment!BoC holds key interest rate at 5%, signals that it’s inching closer to rate cuts
By The Canadian Press on April 10th, 2024
OTTAWA – The Bank of Canada continued to hold its key interest rate at five per cent today and said it has begun to see the economic conditions necessary to lower interest rates. Governor Tiff Macklem says economic data since January has improved the central bank’s confidence that inflation will continue to slow, even as ... Read More »
Be the first to comment!Former Trump executive Allen Weisselberg sentenced to 5 months in jail for lying in civil fraud case
By Michael R. Sisak, The Associated Press on April 10th, 2024
NEW YORK (AP) – Allen Weisselberg, a retired executive in Donald Trump’s real estate empire, was sentenced on Wednesday to five months in jail for lying under oath during his testimony in the civil fraud lawsuit brought against the former president by New York’s attorney general. Weisselberg, 76, pleaded guilty last month to two counts ... Read More »
Be the first to comment!Roots CEO sees consumers getting back to discretionary spending in back half of year
By Tara Deschamps, The Canadian Press on April 10th, 2024
TORONTO – Roots Corp. executives say the back half of 2024 will likely see consumers edging back into purchasing discretionary goods they forewent as inflation and interest rates climbed. “Interest rates are playing a big impact on consumer discretionary spending broadly. We saw that in the fourth quarter and we expect to continue to see ... Read More »
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