Business
The Federal Reserve sees cooler inflation and slower job market, suggesting a rate cut is nearing
By Christopher Rugaber, The Associated Press on July 31st, 2024
WASHINGTON (AP) – The Federal Reserve said Wednesday that greater progress has been made in reducing inflation to its 2% target, a sign that the central bank is moving closer toward cutting its key interest rate for the first time in four years. In a statement issued after it concluded its two-day meeting, the Fed ... Read More »
Be the first to comment!Precision Drilling attributes Canadian rig demand growth to Trans Mountain pipeline
By The Canadian Press on July 31st, 2024
CALGARY – The CEO of Canada’s largest drilling rig contracting company says it has seen a surprising surge in customer demand after the opening of the Trans Mountain pipeline expansion. Precision Drilling Corp. CEO Kevin Neveu said Wednesday the company saw its Canadian activity increase 18 per cent in the second quarter, even as drilling ... Read More »
Be the first to comment!B.C. couple partially victorious in bankruptcy fight with securities regulator
By The Canadian Press on July 31st, 2024
OTTAWA – The Supreme Court of Canada has ruled that people fined by provincial securities regulators can wipe out penalties through bankruptcy, but orders to pay back ill-gotten gains remain in place. The ruling handed down today says penalties imposed by “administrative tribunals or regulatory agencies” are not covered by a list of exceptions in ... Read More »
Be the first to comment!Boeing names its next CEO while posting a quarterly loss of more than $1.4 billion
By David Koenig, The Associated Press on July 31st, 2024
Boeing named an aerospace industry veteran with a background in mechanical engineering as its next chief executive Wednesday, looking to open a new chapter at a company rocked by legal, regulatory and production problems and mounting financial repercussions. Robert “Kelly” Ortberg, a former CEO at aerospace manufacturer Rockwell Collins, will succeed David Calhoun as CEO ... Read More »
Be the first to comment!Ship fire off Victoria shows Canada isn’t prepared for marine emergencies: TSB
By The Canadian Press on July 31st, 2024
VANCOUVER – The federal Transportation Safety Board says it’s concerned that gaps in Canada’s preparedness for marine emergencies could pose a risk to vessels, the environment, and the health and safety of the general public. An investigation report into the cargo spill of more than 100 containers and a fire aboard the MV Zim Kingston ... Read More »
Be the first to comment!Rogers jumps aboard TIFF as top sponsor of film festival, but not year-round events
By David Friend, The Canadian Press on July 31st, 2024
TORONTO – The Toronto International Film Festival says it has signed up Rogers Communications as its new “presenting sponsor,” but only for the film festival itself and only for a single year. The agreement with the telecommunications giant spans TIFF’s annual 11-day event but does not cross over to its year-round activities, or naming rights ... Read More »
Be the first to comment!S&P/TSX composite up more than 200 points as oil prices rise, U.S. markets rally
By The Canadian Press on July 31st, 2024
TORONTO – Gains in energy stocks and base metals led Canada’s main stock index up more than 200 points in late-morning trading, while U.S. stock markets rallied, as investors awaited the latest interest rate decision from the U.S. Federal Reserve. The S&P/TSX composite index was up 203.46 points at 23,028.13. In New York, the Dow ... Read More »
Be the first to comment!Boeing names new CEO as it posts loss of more than $1.4 billion in second quarter
By David Koenig, The Associated Press on July 31st, 2024
Boeing named a longtime aerospace industry veteran Wednesday as its next chief executive, who will take over a company rocked by legal, regulatory and production problems and mounting financial repercussions. Robert “Kelly” Ortberg, a former CEO at Boeing supplier Rockwell Collins, will succeed David Calhoun as CEO and president effective Aug. 8, the company said. ... Read More »
Be the first to comment!Lion Electric to lay off 300 more employees as bus company scales back production
By The Canadian Press on July 31st, 2024
MONTREAL – Lion Electric Co. says it is laying off hundreds more workers as part of a plan to staunch its financial losses. The electric bus company says some 300 employees will be let go in the coming days in a 30 per cent cut to its workforce.It expects most of the layoffs to be ... Read More »
Be the first to comment!New money for cellular service in rural Nova Scotia aimed at improving coverage
By The Canadian Press on July 31st, 2024
GREENFIELD, NOVA SCOTIA – The Nova Scotia government says it will spend another $18.6 million as part of its plan to upgrade spotty cellular phone service in rural areas. Public Works Minister Kim Masland said today the funding will add 27 new provincially owned telecommunication towers in unserved parts of the province. Last October, the ... Read More »
Be the first to comment!Privacy Commissioner investigating Ticketmaster after data breach
By The Canadian Press on July 31st, 2024
GATINEAU, Que. – The Privacy Commissioner of Canada says it has launched an investigation into Ticketmaster Canada following a major data breach that involved the personal information of millions of people worldwide. The agency says it launched the investigation in response to a complaint and will assess Ticketmaster’s compliance with federal private-sector privacy law. Ticketmaster, ... Read More »
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