Business
FDIC recommends overhauling US insurance deposit system
By Sharon L. Lynch, The Associated Press on May 1st, 2023
NEW YORK (AP) – The Federal Deposit Insurance Corp. is recommending the U.S. rethink its decades-old policy of insuring up to $250,000 in bank deposits and replace it with an overhaul that would allow regulators to cover higher amounts on a “targeted” basis. The proposed change appears to openly acknowledge that the FDIC is looking ... Read More »
Be the first to comment!Wage increases secured by striking workers shouldn’t be seen as ‘fat cat’: experts
By The Canadian Press on May 1st, 2023
TORONTO – Labour experts say the wage increases deal secured by the country’s largest federal public-sector union today are far from the hefty gains some might perceive them to be. The experts say the 12.6 per cent wage increase over the next four years brings the salaries of 120,000 striking workers represented by the Public ... Read More »
Be the first to comment!Project progress under Impact Assessment Act remains slow: Report
By The Canadian Press on May 1st, 2023
CALGARY – A new report says the approvals process for major projects in Canada continues to be slow and cumbersome under revamped environmental assessment legislation. The federal Impact Assessment Act came into force three-and-a-half years ago, and was intended to speed up the application process for major infrastructure and resource projects. But the report by ... Read More »
Be the first to comment!Stop-work order after fire at Nova Scotia’s Donkin coal mine, no injuries reported
By The Canadian Press on May 1st, 2023
HALIFAX – A precautionary stop-work order is in effect at the Donkin coal mine, in Cape Breton, after a fire over the weekend. Nova Scotia’s Labour Department issued a tweet Sunday night confirming the order, following the incident at the underground mining operation. The department released few details but said there were no injuries and ... Read More »
Be the first to comment!WestJet closes deal to buy Sunwing Vacations and Sunwing Airlines
By The Canadian Press on May 1st, 2023
CALGARY – The WestJet Group says it has closed its acquisition of Sunwing Vacations and Sunwing Airlines that was first announced in March last year. The company says that, initially, the airlines will continue independent operations. However, WestJet says the two airlines will move from being competitors to collaborators. Stephen Hunter, formerly the CEO of ... Read More »
Be the first to comment!‘Godfather of AI’ quits Google to talk more openly about the technology’s ‘dangers’
By The Canadian Press on May 1st, 2023
TORONTO – One of the godfathers of artificial intelligence says he has left Google so he can more freely discuss the dangers of the technology. Geoffrey Hinton says in a tweet that his former employer has acted responsibly with AI but left so he can talk more openly about its risks without considering how it ... Read More »
Be the first to comment!First Republic Bank seized, sold in fire sale to JPMorgan
By Ken Sweet, The Associated Press on May 1st, 2023
NEW YORK (AP) – Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system. ... Read More »
Be the first to comment!Vancouver port traffic dips in 2022, hinting at economic slowdown to come
By The Canadian Press on May 1st, 2023
VANCOUVER – The Vancouver Fraser Port Authority says overall cargo volumes fell by three per cent last year, as the global economy began to show signs of a slowdown. The authority, which overseas Canada’s largest port in Vancouver, says grain and fertilizer exports surged in the second half of the year, but the gains were ... Read More »
Be the first to comment!Stock market today: Markets steady after latest bank failure
By Elaine Kurtenbach And Matt Ott, The Associated Press on May 1st, 2023
NEW YORK (AP) – The latest historic failure for the U.S. banking industry is making few waves so far, and stocks are relatively steady in early trading on Wall Street. The S&P 500 was little changed Monday after regulators seized First Republic Bank and sold off most of it in hopes of preventing more turmoil ... Read More »
Be the first to comment!Enbridge buys underground natural gas storage facility from Fortis for $400 million
By The Canadian Press on May 1st, 2023
CALGARY – Enbridge Inc. has signed a deal to buy a large underground natural gas storage facility in B.C. for $400 million. Under the agreement with FortisBC Holdings Inc., Enbridge will acquire the company’s interest in FortisBC Midstream Inc., which holds a 93.8 per cent interest in the Aitken Creek Gas Storage facility and a ... Read More »
Be the first to comment!Stop-work order after underground fire at Nova Scotia’s Donkin coal mine, no injuries
By The Canadian Press on May 1st, 2023
HALIFAX – Nova Scotia’s Department of Labour says it has issued a stop-work order following a fire at the Donkin coal mine in Cape Breton. The department says in a tweet that the fire, which broke out Sunday in the underground mine, is under control and no injuries were reported. It says no workers were ... Read More »
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