Business
Rising provisions drag on Scotiabank results, but bank sees levelling of stress
By Ian Bickis, The Canadian Press on August 27th, 2024
TORONTO – The Bank of Nova Scotia saw third-quarter profits fall compared with a year ago as it boosted its provisions for bad loans, even as the bank says it’s seeing some levelling out of the financial stress on Canadian consumers. The bank reported Tuesday it had $1.05 billion set aside for bad loans in ... Read More »
Be the first to comment!Consul-general to New York set to testify about government purchase of residence
By The Canadian Press on August 27th, 2024
OTTAWA – Canada’s consul-general in New York has been given a new opportunity to testify before a House committee about his official residence, which the government recently purchased for $9 million. Tom Clark has been called to appear at the government operations committee either on Sept. 12 or a later date that month. Conservative MP ... Read More »
Be the first to comment!Trouble in BMO’s loan book again weighs on bank’s quarterly results
By Ian Bickis, The Canadian Press on August 27th, 2024
TORONTO – Trouble in BMO Financial Group’s loan book has once again weighed on its quarterly results, prompting analyst worries about the bank becoming an outlier in this credit cycle. The bank on Tuesday reported provision for credit losses amounted to $906 million for its third quarter, up from $492 million a year earlier, as ... Read More »
Be the first to comment!China slams Canada over decision to introduce electric vehicle tariffs
By The Canadian Press on August 27th, 2024
HALIFAX – China is slamming Canada’s decision to impose a 100 per cent import tariff on Chinese electric vehicles, promising there will be retaliation. Prime Minister Justin Trudeau announced the move at the federal cabinet retreat in Halifax on Monday, four months after U.S. President Joe Biden announced similar plans. The U.S. EV tariff was ... Read More »
Be the first to comment!Air Canada offers rebooking flexibility for flights around possible strike date
By The Canadian Press on August 27th, 2024
MONTREAL – Air Canada is offering passengers who have booked flights around the date of a possible pilot strike next month some increased flexibility in rebooking their travel. The airline says progress has been made in its negotiations and it hopes to reach a deal, but it still faces the possibility of a strike by ... Read More »
Be the first to comment!Complex supply chains and climate change make “clean beauty” near impossible, but some keep trying
By Melina Walling And Joshua A. Bickel, The Associated Press on August 27th, 2024
EAST GARAFRAXA, Ontario (AP) – Julie Thurgood-Burnett had no idea that her COVID-19 lockdown whim of starting a lavender patch on her husband’s family farm outside Toronto would turn into a small business. She had never been a farmer, but before long she had a bright purple field and a new hobby of creating lavender ... Read More »
Be the first to comment!US consumer confidence rises in August as Americans’ optimism about future improves
By Matt Ott, The Associated Press on August 27th, 2024
American consumers felt more confident in August as their outlook for the future improved. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose to 103.3 in August from 101.9 in July. The index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. ... Read More »
Be the first to comment!Taking a gap year during your education? Here’s how to make the best financial plan
By Ritika Dubey, The Canadian Press on August 27th, 2024
Whether it’s to travel the world or just take a breather before moving on to the next chapter, students sometimes pause their educational pursuits for a so-called gap year. Lately, gap years are more focused on using the time to save for post-secondary tuition, said Michelle Dittmer, president and co-founder of the Canadian Gap Year ... Read More »
Be the first to comment!Nearly half of students can’t cover basics such as food and housing: TD poll
By The Canadian Press on August 27th, 2024
In a new survey from TD Bank, nearly half of Canadian students say they are unable to adequately cover basic needs such as food and housing. The online poll found 45 per cent of those surveyed say the cannot cover their basic needs. The report also says that 65 per cent of students define themselves ... Read More »
Be the first to comment!Scotiabank Q3 profit down from year ago, provision for credit losses up
By The Canadian Press on August 27th, 2024
TORONTO – The Bank of Nova Scotia reported its third-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans climbed higher. The bank says its net income amounted to $1.91 billion or $1.41 per diluted share for the quarter ended July 31 compared with a profit of ... Read More »
Be the first to comment!China accuses Canada of protectionism over 100% tariffs on electric vehicles
By The Associated Press on August 27th, 2024
BEIJING (AP) – China on Tuesday accused Canada of protectionism after Prime Minister Justin Trudeau’s government imposed a 100% tariff on imports of Chinese-made electric vehicles, matching U.S. duties on Chinese-made EVs. The Chinese Commerce Ministry said in a statement the tariffs would disrupt the stability of global industrial and supply chains, severely impact China-Canada ... Read More »
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