Business
Larger-than-expected interest rate hikes would lead to economic contraction: PBO
By The Canadian Press on November 10th, 2022
OTTAWA – The parliamentary budget officer says the Canadian economy would contract slightly in 2023 if central banks raise interest rates more than anticipated. The PBO published a report Thursday that assesses what would happen if the Bank of Canada and U.S. Federal Reserve raise interest rates by one percentage point more than anticipated. In ... Read More »
Be the first to comment!Wall Street surges as S&P 500 soars on cooling inflation
By Stan Choe, The Associated Press on November 10th, 2022
NEW YORK (AP) – Stocks are bursting toward their best day in years Thursday as exhilaration sweeps Wall Street and financial markets worldwide after a report showed inflation in the United States slowed last month by even more than expected. The S&P 500 was 4.5% higher in afternoon trading, and the encouraging data also sent ... Read More »
Be the first to comment!WSP Global raises financial outlook as it looks to grow across its core business
By The Canadian Press on November 10th, 2022
MONTREAL – WSP Global Inc. raised its financial outlook as it said its looking to grow its business across its core markets. WSP chief executive Alexandre L’Heureux told a conference call with financial analysts to discuss the company’s latest results that it continues to build on the momentum from the first half of the year ... Read More »
Be the first to comment!Canada’s low unemployment rate is unsustainable, contributing to inflation: Macklem
By The Canadian Press on November 10th, 2022
TORONTO – Canada’s low unemployment rate is not sustainable and is contributing to decades-high inflation, Bank of Canada governor Tiff Macklem said during a speech in downtown Toronto Thursday. Speaking before students and researchers at Toronto Metropolitan University, the governor said the Canadian labour market needs to be rebalanced to stabilize inflation. Macklem said businesses ... Read More »
Be the first to comment!Competition Bureau investing Canadian Gas Association claims after complaint
By The Canadian Press on November 10th, 2022
OTTAWA – The Competition Bureau is investigating the Canadian Gas Association after allegations about misleading claims about natural gas. The inquiry follows a complaint by a group supported by the Canadian Association of Physicians for the Environment alleging the CGA’s representations of natural gas as clean are false and misleading. The complaint filed by six ... Read More »
Be the first to comment!New Brunswick’s budget surplus balloons $739 million more than spring estimate
By The Canadian Press on November 10th, 2022
FREDERICTON – New Brunswick’s surplus is projected at $774.4 million for the 2022-23 fiscal year, an increase of $739.2 million over what was forecast in the budget tabled in March. The latest forecast is $638.9 million more than what was projected in the province’s previous fiscal update in August. Finance Minister Ernie Steeves says the ... Read More »
Be the first to comment!Musk ends remote work at Twitter, warns of troubles ahead
By Matt O'brien, The Associated Press on November 10th, 2022
Elon Musk has emailed Twitter employees, most working remotely, ordering them to return to the office immediately for at least 40 hours a week and warning of “difficult times ahead.” A pair of Wednesday night missives seen by The Associated Press marked Musk’s first companywide message to employees who survived last week’s mass layoffs. Many ... Read More »
Be the first to comment!S&P/TSX composite up more than 600 points, U.S. stocks also rally higher
By The Canadian Press on November 10th, 2022
TORONTO – Canada’s main stock index was up more than 600 points in a broad-based rally, while U.S. stock markets also stormed higher after a report showing the annual pace of inflation in the United States eased in October. The S&P/TSX composite index was up 633.83 points at 19,978.08. In New York, the Dow Jones ... Read More »
Be the first to comment!Canadian Tire sees ‘choppy’ consumer demand in latest quarter as cost of living grows
By Brett Bundale, The Canadian Press on November 10th, 2022
Consumer spending on essentials like grocery, gas and services remains strong but demand for non-essential goods is showing signs of softening, the head of Canadian Tire Corp. said. The insight, gleaned from purchases made using the company’s credit cards and sales across its network of stores, suggests that Canadians are beginning to shift spending as ... Read More »
Be the first to comment!Biden to meet China’s Xi on Monday for Taiwan, Russia talks
By Aamer Madhani And Zeke Miller, The Associated Press on November 10th, 2022
WASHINGTON (AP) – President Joe Biden will meet Monday with President Xi Jinping on the sidelines of next week’s Group of 20 Summit in Bali, Indonesia, a face-to-face meeting that comes amid increasingly strained U.S.-China relations, the White House announced Thursday. It will be the first in-person meeting between the leaders of the world’s two ... Read More »
Be the first to comment!Wall Street surges, as S&P 500 soars 4% on cooling inflation
By Stan Choe, The Associated Press on November 10th, 2022
NEW YORK (AP) – Stocks are bursting toward their best day in years Thursday as exhilaration sweeps Wall Street and financial markets worldwide after a report showed inflation in the United States slowed last month by even more than expected. The S&P 500 was 4.1% higher in morning trading, and the encouraging data also sent ... Read More »
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