Business
California faces budget deficit of $22.5B, governor says
By Adam Beam, The Associated Press on January 10th, 2023
SACRAMENTO, Calif. (AP) – California faces a projected budget deficit of $22.5 billion for the coming fiscal year, Gov. Gavin Newsom announced Tuesday, just days into his second term. It’s a sharp turnaround from last year’s $98 billion surplus. The deficit, while unsurprising, could signal the end of a decade’s worth of economic growth in ... Read More »
1 responseCalifornia governor projects $22.5 billion budget deficit
By Adam Beam, The Associated Press on January 10th, 2023
SACRAMENTO, Calif. (AP) – Days after the start of his second term, California Gov. Gavin Newsom on Tuesday announced a projected $22.5 billion budget deficit, a sharp turnaround from last year’s $98 billion surplus. The deficit, while unsurprising, could signal the end of a decade’s worth of economic growth in the nation’s most populous state. ... Read More »
Be the first to comment!Nova Scotia non-profits plead for higher income assistance amid rising cost of living
By The Canadian Press on January 10th, 2023
HALIFAX – Nova Scotia food banks and other community groups are calling for an immediate increase in income assistance for the growing number of residents who cannot afford housing or food. Nick Jennery, executive director of Feed Nova Scotia, told a legislative committee today that current income assistance rates are “grossly” below the poverty line. ... Read More »
Be the first to comment!Hydro-Québec president Sophie Brochu announces resignation, will leave post April 11
By The Canadian Press on January 10th, 2023
MONTREAL – Sophie Brochu, the president and CEO of Hydro-Québec, announced today she will step down on April 11. Brochu did not give a reason for her departure in a letter sent to employees but said it was time to “pass the baton.” In a news release, the Crown corporation’s board of directors thanks Brochu ... Read More »
Be the first to comment!S&P/TSX composite down in late-morning trading, U.S. stock markets up
By The Canadian Press on January 10th, 2023
TORONTO – Canada’s main stock index was down in late-morning trading, as losses in the energy sector helped lead it lower, while U.S. stock markets crept higher. The S&P/TSX composite index was down 53.40 points at 19,803.67. In New York, the Dow Jones industrial average was up 59.85 points at 33,577.50. The S&P 500 index ... Read More »
Be the first to comment!Canada will see weakest level of homes sales since 2001 this year: TD report
By The Canadian Press on January 10th, 2023
TORONTO – A new report from TD Economics predicts Canada will see the weakest level of home sales since 2001 this year. The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s. Sondhi is forecasting that home sales will reach their bottom ... Read More »
Be the first to comment!World Bank: Recession a looming threat for global economy
By Christopher Rugaber, The Associated Press on January 10th, 2023
WASHINGTON (AP) – The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies – the United States, Europe and China – the World Bank warned on Tuesday. In an annual report, the World Bank, which lends money to poorer countries for development projects, ... Read More »
Be the first to comment!50 guests or less: Couples opt for micro-weddings amid inflation
By Rosa Saba, The Canadian Press on January 10th, 2023
Danielle Woodcock was planning her wedding when the COVID-19 pandemic hit, delaying and eventually cancelling her big day. By the time she revisited it in 2021, she had decided to go in a different direction ““ a micro-wedding. Her guest list, once around 100, dwindled to 30 people, and in the end, she and her ... Read More »
Be the first to comment!Stocks open mixed head of company earnings updates
By Joe Mcdonald And Matt Ott, The Associated Press on January 10th, 2023
NEW YORK (AP) – Wall Street is opening mixed ahead of key updates this week on inflation and company earnings. The S&P 500 was moving between small gains and losses in the early going Tuesday. A day earlier, it ended down slightly after giving up an early gain. The tech-heavy Nasdaq was flat and the ... Read More »
Be the first to comment!World Bank warning: Global economy is at risk of recession
By Christopher Rugaber, The Associated Press on January 10th, 2023
WASHINGTON (AP) – The global economy will come “perilously close” to a recession this year, led by weaker growth in all the world’s top economies – the United States, Europe and China – the World Bank warned Tuesday. In an annual report, the World Bank, which lends money to poorer countries for development projects, said ... Read More »
Be the first to comment!Powell: Fed has only narrow role to play on climate change
By Christopher Rugaber, The Associated Press on January 10th, 2023
WASHINGTON (AP) – The Federal Reserve has only a limited role to play in combating climate change, Chair Jerome Powell said Tuesday, a stance that puts him at odds with environmental activists who have pushed central banks worldwide to take steps to restrict lending to energy companies. “Without explicit congressional legislation, it would be inappropriate ... Read More »
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