Business
S&P/TSX composite index moves lower Wednesday, U.S. markets see tech-led decline
By The Canadian Press on July 24th, 2024
TORONTO – Losses in industrial and base metal stocks dragged Canada’s main stock index lower Wednesday, while markets in the U.S. slid, led by large technology companies. The S&P/TSX composite index closed down 174.18 points at 22,639.57. In New York, the Dow Jones industrial average was down 504.22 points at 39,853.87.The S&P 500 index was ... Read More »
Be the first to comment!Stock market today: A wipeout on Wall Street sends the S&P 500 down by 2% as Big Tech skids
By Stan Choe, The Associated Press on July 24th, 2024
NEW YORK (AP) – A wipeout on Wall Street sent U.S. stock indexes to their worst day since 2022 as Big Tech dragged the market lower following profit reports from Tesla and Alphabet. The S&P 500 slumped 2.3% Wednesday, its fifth drop in the last six days. The Nasdaq composite skidded 3.6%, and the Dow ... Read More »
Be the first to comment!‘One year faster’: Province providing up to $73M to accelerate Gardiner repairs
By Rianna Lim, The Canadian Press on July 24th, 2024
TORONTO – Ontario will provide up to $73 million to help speed up repairs on a busy Toronto highway, so long as work on the Gardiner Expressway can be done around the clock. Transportation Minister Prabmeet Sarkaria said the move would mean construction work on the highway could be complete by at least April 2026, ... Read More »
Be the first to comment!Competition Bureau investigating retail gasoline consultancy Kalibrate
By The Canadian Press on July 24th, 2024
GATINEAU, Que. – The federal Competition Bureau says it has launched an investigation into retail gasoline consultancy Kalibrate to see whether the services it offers are negatively affecting competition between gas stations in Canada. Kalibrate Canada is a subsidiary of Kalibrate Technologies Ltd., a U.K.-based company that provides data and consulting services to a variety ... Read More »
Be the first to comment!Teck Resources achieves record copper output as QB mine project continues to ramp up
By Amanda Stephenson, The Canadian Press on July 24th, 2024
With the sale of its coal business now firmly in the rear-view mirror, Canadian miner Teck Resources Ltd. marked its transition to a pure-play metals company by achieving record copper production in its second quarter. The Vancouver-based mining company said Wednesday it produced its best-ever copper output at 110,400 tonnes in the three months ending ... Read More »
Be the first to comment!Here’s what the Bank of Canada’s rate drop means for the loonie
By Ian Bickis, The Canadian Press on July 24th, 2024
The Bank of Canada lowered its key interest rate for the second time this year to 4.5 per cent. Here’s what the decision means for the Canadian dollar. How has the decision affected the Canada-U.S. dollar exchange rate? The loonie didn’t react much to the Bank of Canada decision because the move was already priced ... Read More »
Be the first to comment!BoC’s Macklem says he wants growth to pick back up as bank cuts key rate again
By Nojoud Al Mallees, The Canadian Press on July 24th, 2024
OTTAWA – The Bank of Canada appeared to be increasingly concerned about the risk of high interest rates slowing the economy and inflation by more than necessary as it delivered a second consecutive rate cut Wednesday. The central bank’s decision to lower its policy rate by a quarter of a percentage point was widely expected ... Read More »
Be the first to comment!Rogers CEO predicts ‘heightened’ wireless churn across sector to persist
By Sammy Hudes, The Canadian Press on July 24th, 2024
TORONTO – The chief executive of Rogers Communications Inc. says it will likely take the better part of a year before Canada’s telecommunications sector sees a calming of the competitive intensity prompting many wireless customers to change carriers. Speaking Wednesday on the company’s second-quarter earnings call, Rogers president and CEO Tony Staffieri acknowledged his company’s ... Read More »
Be the first to comment!S&P/TSX composite index moves lower Wednesday morning, U.S. markets also down
By The Canadian Press on July 24th, 2024
TORONTO – Losses in the industrial sector led Canada’s main stock index lower in late-morning trading on Wednesday, while U.S. stock markets also decreased. The S&P/TSX composite index was down 25.91 points at 22,787.84. In New York, the Dow Jones industrial average was down 385.71 points at 39,972.38. The S&P 500 index was down 91.73 ... Read More »
Be the first to comment!CrowdStrike blames bug for letting bad data slip through, leading to global tech outage
By The Associated Press on July 24th, 2024
CrowdStrike is blaming a bug in an update that allowed its cybersecurity systems to push bad data out to millions of customer computers, setting off last week’s global tech outage that grounded flights, took TV broadcasts off air and disrupted banks, hospitals and retailers. CrowdStrike also outlined measures it would take to prevent the problem ... Read More »
Be the first to comment!WestJet partners with Telus to give rewards members free satellite internet service
By The Canadian Press on July 24th, 2024
CALGARY – WestJet and Telus Corp. are partnering up to provide free internet service aboard flights for members of the airline’s loyalty program starting this December. The companies say Wi-Fi connectivity for WestJet Rewards members will be delivered through Starlink, which provides internet service through its low-earth orbit satellites. WestJet says Starlink can deliver the ... Read More »
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