Business
Applications for jobless benefits declined last week
By Matt Ott, The Associated Press on December 1st, 2022
WASHINGTON (AP) – The number of Americans applying for unemployment benefits came back down last week, hovering near levels suggesting the U.S. labor market has been largely unaffected by the Federal Reserve’s aggressive interest rate hikes. Applications for jobless aid fell to 225,000 for the week ending Nov. 26, a decline of 16,000 from the ... Read More »
Be the first to comment!Jacynthe Côté to become chair at Royal Bank of Canada next year
By The Canadian Press on December 1st, 2022
TORONTO – Royal Bank of Canada says Jacynthe Côté will be appointed as chair of the bank’s board of directors next year. The bank says Côté will take over the role effective upon her re-election as an independent director at RBC’s annual meeting on April 5, 2023. Kathleen Taylor, who has served as chair since ... Read More »
Be the first to comment!TD Bank Group reports $6.67B Q4 profit, up from $3.78B a year ago
By The Canadian Press on December 1st, 2022
TORONTO – TD Bank Group reported a fourth-quarter profit of $6.67 billion, up from $3.78 billion in the same quarter last year, boosted by a one-time gain related to its deal to buy U.S.-based First Horizon Bank and the sale of Schwab shares. The bank says the profit amounted to $3.62 per diluted share for ... Read More »
Be the first to comment!BMO Financial Group reports $4.48B Q4 profit, raises dividend
By The Canadian Press on December 1st, 2022
TORONTO – BMO Financial Group raised its dividend as it reported fourth-quarter net income of $4.48 billion, up from $2.16 billion in the same quarter last year, boosted by a one-time gain related to its purchase of Bank of the West. The bank says it increased its quarterly dividend by four cents to $1.43 per ... Read More »
Be the first to comment!CIBC reports Q4 down from year ago, raises quarterly dividend
By The Canadian Press on December 1st, 2022
TORONTO – CIBC reported its fourth-quarter profit fell to $1.19 billion compared with $1.44 billion in the same quarter last year as its provisions for credit losses climbed higher. The bank also raised its quarterly dividend to shareholders by two cents to 85 cents per share. The increased payment to shareholders came as CIBC said ... Read More »
Be the first to comment!Cruzilles brand fruit jellies recalled over undeclared milk
By The Canadian Press on November 30th, 2022
The Canadian Food Inspection Agency has issued a recall for Cruzilles brand Acid Mini Pastille ““ Fruit Jellies because the candy contains milk which is not listed on the label. The affected product was sold in 210g packages with a best-before date of April 2023. The candy was sold in Ontario and Quebec. The recall ... Read More »
1 responseOntario Securities Commission appoints new chair in Kevan Cowan
By The Canadian Press on November 30th, 2022
TORONTO – Ontario says it has appointed former board member Kevan Cowan as the new chair of the Ontario Securities Commission (OSC). In a press release, minister of finance Peter Bethlenfalvy says Cowan provided recommendations to the government on capital markets modernization. Cowan is a financial services executive who has been a key participant in ... Read More »
1 responseS&P/TSX composite index up, U.S. markets soar on Fed optimism
By The Canadian Press on November 30th, 2022
TORONTO – Canada’s main stock index gained almost one per cent Wednesday after dipping in the morning, with gains in metals, industrials and other sectors offsetting a slip in energy stocks, while U.S. markets posted stronger gains. The S&P/TSX composite index was up 175.85 points at 20,453.26. In New York, the Dow Jones industrial average ... Read More »
1 responseChristmas tree farmers branch out to stay alive amid challenges
By Caitlin Yardley, The Canadian Press on November 30th, 2022
Anyone looking for that perfect Christmas tree will probably notice the 10 per cent price increase from last year, but they’re less likely to see what’s behind it: an industry at a turning point. Christmas tree stock has been declining for four or five years now. A tree takes about a decade to reach maturity, ... Read More »
1 responseStocks rally after Fed chair signals slowdown in rate hikes
By Damian J. Troise And Alex Veiga, The Associated Press on November 30th, 2022
NEW YORK – Stocks rallied on Wall Street after the head of the Federal Reserve said the central bank could soon ease up on its aggressive pace of interest rate hikes aimed at taming inflation. While citing some signs that inflation is cooling, Fed Chair Jerome Powell stressed that the Fed will push rates higher ... Read More »
1 responseRBC moves to boost capital after announcing $13.5Bn deal for HSBC Canada
By Ian Bickis, The Canadian Press on November 30th, 2022
TORONTO – Royal Bank of Canada is taking measures to boost its capital on hand after announcing a $13.5 billion deal on Tuesday to buy HSBC Bank Canada amid heightened market uncertainty. The bank said Wednesday as it reported fourth quarter results that it would defer share repurchases until the close of the deal, expected ... Read More »
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