Business
Shopify won’t move into The Well, will develop current space at King Portland Centre
By The Canadian Press on December 15th, 2022
TORONTO – Shopify Inc. says it won’t move into a high-profile retail, office and residential building in Toronto. The Ottawa tech company is abandoning plans to open an office at The Well complex at King Street West and Spadina Avenue, but will instead develop its current space at the nearby King Portland Centre to fit ... Read More »
Be the first to comment!Tesla stock rises despite Musk selling $3.58B of its shares
By The Associated Press on December 15th, 2022
Shares of Tesla rose slightly in midday trading Thursday despite news that CEO Elon Musk sold another $3.58 billion worth of the electric vehicle maker’s stock this week. The stock traded at $157.06 at midday, near its two-year lows, but it was faring better than the broader markets. Musk, the new owner of Twitter, sold ... Read More »
Be the first to comment!$698M deal to end Monsanto PCB pollution lawsuit in Oregon
By Claire Rush, The Associated Press on December 15th, 2022
PORTLAND, Ore. (AP) – Bayer, the German pharmaceutical and biotechnology company, will pay Oregon $698 million to end a lawsuit over PCB pollution associated with products made by Monsanto, the agriculture giant it now owns. It’s the largest environmental damage recovery in Oregon’s history and “magnitudes larger” than any other state settlement over PCB contamination ... Read More »
Be the first to comment!Mortgage stress tests unchanged despite housing market slowdown
By Ian Bickis, The Canadian Press on December 15th, 2022
Mortgage stress test levels were left unchanged Thursday as the federal banking regulator and Department of Finance favoured a cautious approach over calls to relax tests to help a slowing housing market. The Office of the Superintendent of Financial Institutions (OSFI) kept the minimum qualifying rate for uninsured mortgages at the greater of the mortgage ... Read More »
1 responseHigh travel demand and ticket prices narrow Transat losses in Q4
By Caitlin Yardley, The Canadian Press on December 15th, 2022
MONTREAL – Travel company Transat A.T. Inc. closed a challenging year on a high as it set sights on a continued recovery for air travel next year with high prices and even higher demand. “We are clearly on the road to recovery, our results are improving and our confidence is growing,” Transat chief executive Annick ... Read More »
1 responseFormer CannTrust leaders acquitted in unlicensed growing trial
By The Canadian Press on December 15th, 2022
TORONTO – An Ontario court has acquitted three former cannabis leaders charged with offences linked to unlicensed growing at a Niagara-area greenhouse. The ex-CannTrust Holdings Inc. executives Peter Aceto, Eric Paul and Mark Litwin were freed of their charges a day after the Ontario Securities Commission (OSC) revealed it no longer had a reasonable prospect ... Read More »
1 responseCompany reopens most of pipeline following Kansas oil spill
By John Hanna, The Associated Press on December 15th, 2022
TOPEKA, Kan. (AP) – The operator of a pipeline with the the largest onshore crude oil spill in nine years occurred has reopened all of it except for the stretch in Kansas and northern Oklahoma that includes the site of the rupture. Canada-based T.C. Energy said in a statement Wednesday night that its Keystone system ... Read More »
1 responseS&P/TSX composite down nearly 400 points, U.S. stock markets also lower
By The Canadian Press on December 15th, 2022
TORONTO – Canada’s main stock index was down nearly 400 points in a broad-based decline in late-morning trading, while U.S. stock markets also fell a day after the U.S. Federal Reserve raised its key interest rate and said it expected rates still needed to go higher. The S&P/TSX composite index was down 378.05 points at ... Read More »
1 responseSobeys parent Empire selling gas stations in Western Canada as profit climbs
By The Canadian Press on December 15th, 2022
STELLARTON, N.S. – Empire Co. Ltd. is selling 56 gas stations in Western Canada to a subsidiary of Shell Canada for about $100 million in cash. The Sobeys parent company announced the sale of the retail fuel sites to Canadian Mobility Services Ltd. on Thursday as it reported its latest quarterly earnings. It also revealed ... Read More »
Be the first to comment!Hosting a holiday dinner? Here are some cost-saving tips
By Tara Deschamps, The Canadian Press on December 15th, 2022
TORONTO – When Canadians soon gather with loved ones for holiday meals, there will be an unwelcome guest at the dinner table: decades-high inflation. The measure of how much prices have increased shows grocery bills rose by 11 per cent over the last year alone. “It’s crazy, like you need a mortgage to go to ... Read More »
Be the first to comment!Federal banking regulator keeps key mortgage stress test rate unchanged
By The Canadian Press on December 15th, 2022
OTTAWA – Canada’s banking regulator is holding the interest rate used in a key stress test for uninsured mortgages steady. The Office of the Superintendent of Financial Institutions says the minimum qualifying rate for uninsured mortgages will remain the greater of the mortgage contract rate plus two percentage points or 5.25 per cent. Uninsured mortgages ... Read More »
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