Business
Ottawa to allow 30-year amortization for first-time buyers’ mortgages on new homes
By The Canadian Press on April 11th, 2024
TORONTO – The federal government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. Finance Minister Chrystia Freeland made the announcement in Toronto on Thursday, saying it will take effect Aug. 1. “Faced with a shortage of housing options and increasingly high rent and home prices, younger Canadians understandably ... Read More »
Be the first to comment!RBC faces questions on climate, Indigenous rights at annual general meeting
By The Canadian Press on April 11th, 2024
TORONTO – RBC chief executive Dave McKay faced a steady stream of questions about the bank’s climate and Indigenous rights track record at its annual general meeting Thursday. In response, McKay agreed on the need to evolve, but pointed to several of the bank’s major policy rollouts since its last AGM on its journey to ... Read More »
Be the first to comment!Auto parts maker Magna International signs strategic partnership with Sanctuary AI
By The Canadian Press on April 11th, 2024
VANCOUVER – Magna International Inc. has signed a strategic partnership with Sanctuary AI for the development of general purpose AI robots for use in the company’s manufacturing operations. Financial terms of the agreement, which includes a strategic equity investment by Magna, were not immediately available. Founded in 2018, Vancouver-based Sanctuary AI has developed a number ... Read More »
Be the first to comment!Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO
By The Canadian Press on April 11th, 2024
OTTAWA – The parliamentary budget officer says Canada would need to build 1.3 million additional homes by 2030 to eliminate the country’s housing gap. The newly released report looks at how many more homes would need to be built restore Canada’s vacancy rate to the historical average. The report by Yves Giroux also accounts for ... Read More »
Be the first to comment!Canada to allow 30-year amortization for first-time buyers’ mortgages on new homes
By The Canadian Press on April 11th, 2024
TORONTO – The Canadian government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. Finance Minister Chrystia Freeland made the announcement in Toronto today, saying it would take effect Aug. 1. The Canadian Home Builders’ Association has advocated for longer amortization periods, saying five more years would help with ... Read More »
Be the first to comment!As world’s central banks wrestle with when to cut rates, Europe signals it’s ready to move
By David Mchugh, The Associated Press on April 11th, 2024
FRANKFURT, Germany (AP) – The European Central Bank signalled Thursday it could cut interest rates at its next meeting in June, a big step as the rich world’s central banks, including the U.S. Federal Reserve, wrestle with how soon declining inflation will let them lower credit costs for business and consumers. The bank left its ... Read More »
Be the first to comment!Stock market today: Wall Street drifts after another inflation report as worries about rates remain
By Stan Choe, The Associated Press on April 11th, 2024
NEW YORK (AP) – U.S. stocks are drifting Thursday, a day after tumbling on worries that interest rates may stay high for a while. The S&P 500 was 0.3% lower in morning trading, coming off a slide of 0.9%. The Dow Jones Industrial Average was down 237 points, or 0.6%, as of 10:35 a.m. Eastern ... Read More »
Be the first to comment!European Central Bank opens door for rate move as world’s central banks wrestle with when to cut
By David Mchugh, The Associated Press on April 11th, 2024
FRANKFURT, Germany (AP) – The European Central Bank signalled Thursday it could cut interest rates at its next meeting in June, a big step as the rich world’s central banks, including the U.S. Federal Reserve, wrestle with how soon declining inflation will let them lower credit costs for business and consumers. The bank left its ... Read More »
Be the first to comment!‘The root cause of my debt’: Sales are tempting. How to avoid falling for offers
By Ritika Dubey, The Canadian Press on April 11th, 2024
TORONTO – The drawers were overflowing with skin care products and makeup – three different blushes, many eyeshadows, a dozen different mascaras, foundation and serum samples sitting unused for years. Still, Eduek Brooks counted on seasonal sales, especially for skin care, to grab the best deals. It was her retail therapy, chasing dopamine hits, she ... Read More »
Be the first to comment!Stock market today: Wall Street holds steadier after its slide on worries about rates
By Stan Choe, The Associated Press on April 11th, 2024
NEW YORK (AP) – U.S. stocks are holding firmer Thursday, a day after tumbling on worries that interest rates may stay high for a while. The S&P 500 was virtually unchanged in early trading. The Dow Jones Industrial Average was down 45 points, or 0.1%, as of 9:45 a.m. Eastern time, and the Nasdaq composite ... Read More »
Be the first to comment!US producer prices rose 2.1% from last year, most since April, but less than forecasters expected
By Paul Wiseman, The Associated Press on April 11th, 2024
WASHINGTON (AP) – U.S. producer prices rose rose in March from a year earlier at the fastest pace in nearly a year, but the gain was less than economists expected. And wholesale inflation eased on a month to month basis. The Labor Department said Thursday that its producer price index – which measures inflationary pressure ... Read More »
Be the first to comment!
