Business
Newton Minow, ex-FCC chief who dubbed TV ‘wasteland,’ dies
By Tammy Webber, The Associated Press on May 6th, 2023
CHICAGO (AP) – Newton N. Minow, who as Federal Communications Commission chief in the early 1960s famously proclaimed that network television was a “vast wasteland,” died Saturday. He was 97. Minow, who received a Presidential Medal of Freedom in 2016, died Saturday at home, surrounded by loved ones, said his daughter, Nell Minow. “He wanted ... Read More »
Be the first to comment!Pickering airport opponents hope the proposal will be abandoned after 50 years
By Kiernan Green, The Canadian Press on May 6th, 2023
After decades of protests against a long-standing proposal to build an airport in Pickering, Ont., opponents of the project are optimistic it will soon be abandoned for good. Those hopes hinge on two recent developments: a Pickering council vote declaring a lack of support for an airport and a suggestion from the federal government that ... Read More »
Be the first to comment!S&P/TSX composite gains more than 300 points, U.S. markets also rise
By The Canadian Press on May 5th, 2023
TORONTO – Canada’s main stock index gained more than 300 points to end the week as strength in the energy, base metal and technology sectors helped lead a broad-based rally, while U.S. markets also climbed higher. The S&P/TSX composite index closed up 303.84 points at 20,542.03. In New York, the Dow Jones industrial average was ... Read More »
Be the first to comment!Stock market today: Apple-juiced rally closes bruising week
By Stan Choe, The Associated Press on May 5th, 2023
NEW YORK (AP) – Apple was at the head of a widespread rally on Wall Street after the stock market’s most influential company reported a better profit than expected. Stocks of beaten-down banks also leapt Friday to recover a smidgen of their sharp losses from a brutal week. The S&P 500 rose 1.8%. The Dow ... Read More »
Be the first to comment!BoC might have to rethink rate pause as unemployment remains very low: economists
By Nojoud Al Mallees, The Canadian Press on May 5th, 2023
OTTAWA – The labour market is showing no signs of the slowdown the Bank of Canada is hoping for to get inflation down to two per cent, something economists say could force the central bank to get off the sidelines and raise rates again. Statistics Canada’s latest labour force survey revealed Friday the economy continued ... Read More »
Be the first to comment!New Enbridge tolling deal will protect Mainline pipeline from impacts of TMX opening
By Amanda Stephenson, The Canadian Press on May 5th, 2023
CALGARY – Enbridge Inc.’s successful negotiation of a tolling deal for its Mainline pipeline system will help protect the company against significant volume losses once the Trans Mountain pipeline expansion opens, analysts say. The Calgary-based pipeline giant has been trying to reach a deal with oil shippers on a new tolling agreement since November 2021, ... Read More »
Be the first to comment!S&P/TSX composite up more than 200 points in broad-based rally, U.S. stocks also up
By The Canadian Press on May 5th, 2023
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading as strength in the energy, base metal and technology sectors helped lead a broad-based rally, while U.S. stock markets also climbed higher. The S&P/TSX composite index was up 244.41 points at 20,482.60. In New York, the Dow Jones industrial average ... Read More »
Be the first to comment!Unemployment rate holds steady at 5% for fifth month, labour market resists slowdown
By Nojoud Al Mallees, The Canadian Press on May 5th, 2023
OTTAWA – The Canadian labour market is showing no signs of the slowdown the Bank of Canada is hoping for, as the economy added more jobs last month and wage growth outpaced inflation. Statistics Canada reported Friday that employment rose by 41,000 jobs in April, but with all the gains made in part-time work. Meanwhile, ... Read More »
Be the first to comment!Shopify layoff comes as some say it’s taking longer for people to find jobs
By The Canadian Press on May 5th, 2023
TORONTO – Shopify Inc.’s layoff this week will add a slew of new workers to the job-hunting pool at a time when experts say candidates are taking longer to find their next gig. April Hicke says she’s seeing tech workers in Toronto spend six months between jobs, while those in Calgary are waiting nine months. ... Read More »
Be the first to comment!Stock market today: Apple gives some juice after brutal week
By Joe Mcdonald And Matt Ott, The Associated Press on May 5th, 2023
NEW YORK (AP) – Wall Street’s most influential stock is helping to pull the market higher after Apple reported better profit than expected, while beaten-down banks also leap to cut into their sharp losses from a brutal week. The S&P 500 was 1% higher in early trading Friday, though it’s still on pace for its ... Read More »
Be the first to comment!WHO downgrades COVID pandemic, says it’s no longer emergency
By Maria Cheng And Jamey Keaten, The Associated Press on May 5th, 2023
GENEVA (AP) – The World Health Organization said Friday that COVID-19 no longer qualifies as a global emergency, marking a symbolic end to the devastating coronavirus pandemic that triggered once-unthinkable lockdowns, upended economies worldwide and killed at least 7 million people worldwide. WHO said that even though the emergency phase was over, the pandemic hasn’t ... Read More »
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