March 4th, 2024

Business

The Body Shop Canada parent took revenue, left company $3.3M in debt: court docs

By The Canadian Press on March 4th, 2024

TORONTO – The head of The Body Shop Canada Ltd. says it’s seeking creditor protection because its parent company stripped its Canadian arm of cash and pushed it into debt. Jordan Searle says in an affidavit that the company’s situation “deteriorated sharply” in December, after parent The Body Shop International Ltd. was purchased by private ... Read More »

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JetBlue, Spirit ending $3.8B deal to combine after court ruling blocked their merger

By The Associated Press on March 4th, 2024

JetBlue and Spirit Airlines are ending their proposed $3.8 billion combination after a court ruling blocked their merger. JetBlue said Monday that even though both companies still believe in the benefits of a combination, they felt they were unlikely to meet the required closing conditions before the July 24 deadline and mutually agreed that terminating ... Read More »

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TC Energy selling Portland Natural Gas Transmission System for US$1.14 billion

By The Canadian Press on March 4th, 2024

CALGARY – TC Energy Corp. and its partner have signed a deal to sell the Portland Natural Gas Transmission System for US$1.14 billion including the assumption of US$250 million in debt. The buyer is BlackRock, through a fund managed by its diversified infrastructure business, and investment funds managed by Morgan Stanley Infrastructure Partners. TC Energy ... Read More »

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Apple fined nearly $2 billion by the European Union over music streaming competition

By Kelvin Chan, The Associated Press on March 4th, 2024

LONDON (AP) – The European Union leveled its first antitrust penalty against Apple on Tuesday, fining the U.S. tech giant nearly $2 billion for breaking the bloc’s competition laws by unfairly favoring its own music streaming service over rivals. Apple banned app developers from “fully informing iOS users about alternative and cheaper music subscription services ... Read More »

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BoC expected to hold interest rates this week as grey cloud hangs over economy

By Nojoud Al Mallees, The Canadian Press on March 4th, 2024

OTTAWA – The Bank of Canada is expected to preach patience at its interest rate announcement this week as economists say weakening economic conditions are setting the stage for rate cuts in the coming months. The central bank is widely expected to continue holding its key interest rate at five per cent on Wednesday, as ... Read More »

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Major grocers expanding discount footprint as customers keep budgets tight

By Rosa Saba, The Canadian Press on March 3rd, 2024

Canada’s biggest grocers are investing money and space in discount stores such as No Frills, Food Basics and FreshCo as shoppers look for ways to save on food amid the higher cost of living. Converting grocery stores to discount is a relatively easy move, experts say, and one that is helping the grocers keep profits ... Read More »

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Newfoundland and Labrador asked to figure out cost of shutting down oil projects

By The Canadian Press on March 2nd, 2024

ST. JOHN’S, N.L. – Newfoundland and Labrador has to determine how much it will cost taxpayers when the companies operating the province’s offshore oilfields decide to pull up their pipelines and leave, says Denise Hanrahan, the province’s auditor general. Hanrahan is tasked with scrutinizing how the provincial government spends and tracks its money, and she’s ... Read More »

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United Steelworkers Local 2004 reaches tentative deal with CN Rail

By The Canadian Press on March 1st, 2024

MONTREAL – The United Steelworkers union says it has reached a tentative deal with Canadian National Railway Co. for a new contract covering 3,000 workers in Canada. USW Local 2004 says the three-year deal covers CN Rail employees who inspect, maintain and repair the railway’s track, bridges and infrastructure across the country. The union says ... Read More »

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S&P/TSX composite gains almost 200 points as oil rises, U.S. markets hit new highs

By The Canadian Press on March 1st, 2024

TORONTO – Canada’s main stock index gained almost 200 points on Friday, helped by strength in energy stocks as the price of oil moved higher, while U.S. markets closed out the week with new record highs. The S&P/TSX composite index closed up 188.74 points at 21,552.35. In New York, the Dow Jones industrial average was ... Read More »

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Stock market today: Wall Street climbs to more records as bond yields ease

By Stan Choe, The Associated Press on March 1st, 2024

NEW YORK (AP) – Wall Street added to its records as U.S. stocks closed out another winning week. The S&P 500 rose 0.8% Friday. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite rose 1.1%. More leaps for Dell and other companies on excitement around artificial-intelligence technology helped drive the market. Dell soared ... Read More »

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