Business
Closure of Montreal’s legendary Main Deli mourned by regulars, prime minister
By The Canadian Press on May 9th, 2023
MONTREAL – Regulars at a Montreal deli are lamenting the loss of an institution after the restaurant abruptly closed earlier this week. The Main Deli, on Montreal’s St-Laurent boulevard, was known for its longtime rivalry with Schwartz’s. The two restaurants – located across the street from each other – are both known for their smoked ... Read More »
Be the first to comment!Metaverse to contribute at least $45.3B to Canada’s annual GDP by 2035 says Meta
By Tara Deschamps, The Canadian Press on May 9th, 2023
TORONTO – When Facebook chief executive Mark Zuckerberg changed his company’s name to Meta less than two years ago, he placed a multi-billion-dollar bet on a virtual but interactive realm where he believed people would work and play for generations to come. Zuckerberg’s ultimate vision is still far from reality. The Quest headsets the company ... Read More »
Be the first to comment!Reported Lassonde bid for Teck coal could thwart Glencore: analyst
By The Canadian Press on May 9th, 2023
TORONTO – A mining analyst says an apparent effort by industry veteran Pierre Lassonde to buy Teck Resources’ coal business could disrupt Glencore’s push to take over the Canadian firm. National Bank analyst Shane Nagle says the effort by a consortium led Lassonde, as reported in the Globe and Mail, could greatly reduce regulatory uncertainty ... Read More »
Be the first to comment!Hudson’s Bay cutting 250 corporate jobs amid efforts to ‘flatten the organization’
By The Canadian Press on May 9th, 2023
TORONTO – Hudson’s Bay is laying off another 250 workers, the second round of cutbacks this year. The Canadian retail arm of Hudson’s Bay Co. says the layoffs will impact corporate roles and brings the total number of employees laid off this year to about 500. None of the job losses have affected retail workers ... Read More »
Be the first to comment!Canada-China spat could sour business relations, experts say
By The Canadian Press on May 9th, 2023
OTTAWA – Experts say souring relations between Ottawa and Beijing could affect Canadian companies in China, potentially tarnishing the appeal of Canadian brands for Chinese consumers. Companies like Canada Goose, Roots, Lululemon and Tim Hortons have expanded into China in recent years, leaning into Canada’s reputation as a source of quality goods and often featuring ... Read More »
Be the first to comment!New Suncor CEO Kruger focused on cost-cutting, will ‘play to win’
By Amanda Stephenson, The Canadian Press on May 9th, 2023
CALGARY – The new top boss at Suncor Energy Inc. says he has a sharp focus on cost-cutting as he embarks on the task of improving performance at the oilsands giant. Rich Kruger, who took over as Suncor’s new CEO on April 3, pledged Tuesday that the company will become a “simpler and more focused ... Read More »
Be the first to comment!Metaverse to contribute $45.3B to Canada’s annual GDP by 2035: Meta
By The Canadian Press on May 9th, 2023
TORONTO – A new report commissioned by Facebook-owner Meta estimates the metaverse could contribute between $45.3 billion and $85.5 billion to Canada’s annual GDP by 2035. The report prepared by consulting firm Deloitte says the virtual interactive world known as the metaverse could make up 1.3 to 2.4 per cent of the country’s GDP. Meta ... Read More »
Be the first to comment!Pet Valu posts lower profit as same-store sales growth declines
By The Canadian Press on May 9th, 2023
MARKHAM, Ont. – Pet Valu Holdings Ltd. reported its first-quarter profit fell compared with a year ago despite its revenue climbing higher. The pet food and supplies retailer says its profit attributable to shareholders totalled $18.7 million or 26 cents per diluted share for the quarter that ended April 1. The result was down from ... Read More »
Be the first to comment!With debt limit looming, Biden, congressional leaders to finally meet at White House
By The Canadian Press on May 9th, 2023
WASHINGTON – President Joe Biden will meet with congressional leaders today as the race against the clock to raise the U.S. debt limit gets underway in earnest. Treasury Secretary Janet Yellen has warned that the country could run out of cash as early as June 1 without an agreement. Congressional Republicans say they won’t agree ... Read More »
Be the first to comment!It’s ‘never too early, never too late’ to learn financial literacy, experts say
By Noushin Ziafati, The Canadian Press on May 9th, 2023
For as long as he remembers, Aidan D’Souza says his mother has helped him ensure that he’s making smart money decisions. At roughly 10 years old, D’Souza said his mother advised him not to spend all his money on candy and frivolous gadgets. When he started working part-time jobs, D’Souza’s mother recommended that he save ... Read More »
Be the first to comment!Stock market today: Wall Street slips as earnings are mixed
By Yuri Kageyama And Matt Ott, The Associated Press on May 9th, 2023
NEW YORK (AP) – Stocks are slipping on Wall Street following some mixed earnings reports. Several beaten-down banks are also dropping more after a brief respite from a brutal run. The S&P 500 was 0.5% lower in early trading Tuesday. The Dow fell 100 points, or 0.3%, and the Nasdaq fell 0.5%. So far this ... Read More »
Be the first to comment!
