Business
Official: Russian missile strike hits Ukraine’s Odesa region
By The Associated Press on November 17th, 2022
A Russian missile strike hit Ukraine’s southern Odesa region for the first time in weeks on Thursday, the regional governor said. An infrastructure target was hit, Odesa regional Gov. Maksym Marchenko said on Telegram, warning about the threat of a “massive missile barrage on the entire territory of Ukraine.” Marchenko’s statement comes amid media reports ... Read More »
1 responseManitoba Hydro seeks rate hikes and issues warning about government targets
By Steve Lambert, The Canadian Press on November 16th, 2022
WINNIPEG – Manitoba Hydro is asking the provincial regulator, the Public Utilities Board, to approve electricity rate increases of 3.5 per cent in each of the next two years. It also warns that it will likely need rate hikes above the rate of inflation in the future if it is to meet government debt-reduction targets. ... Read More »
2 responsesAmazon begins mass layoffs among its corporate workforce
By Haleluya Hadero, The Associated Press on November 16th, 2022
NEW YORK (AP) – Amazon has begun mass layoffs in its corporate ranks, becoming the latest tech company to trim its workforce amid rising fears about the wider economic environment. On Tuesday, the company notified regional authorities in California that it would lay off about 260 workers at various facilities that employ data scientists, software ... Read More »
2 responsesS&P/TSX composite edges down, U.S. stock markets lower
By The Canadian Press on November 16th, 2022
TORONTO – Canada’s main stock index slipped Wednesday as October inflation data was released, pulled down by losses in energy and metals, while U.S. markets were also down. The S&P/TSX composite index closed down 36.82 points at 19,957.96. In New York, the Dow Jones industrial average was down 39.09 points at 33,553.83.The S&P 500 index ... Read More »
2 responsesLoblaw, Metro warn food inflation could persist as suppliers continue to hike prices
By Brett Bundale, The Canadian Press on November 16th, 2022
Two of Canada’s grocers say food suppliers are continuing to pass along new cost increases, signalling higher food prices will persist into 2023. Loblaw Cos. Ltd. and Metro Inc. say they’ve received fresh rounds of cost increase notices from food suppliers in recent weeks. “The inflation outlook remains uncertain as we continue to receive many ... Read More »
1 responseWall Street slips as Target stumbles and weighs on retailers
By Damian J. Troise And Alex Veiga, The Associated Press on November 16th, 2022
NEW YORK – Wall Street closed lower as hefty drops in retailers and technology companies offset gains elsewhere in the market. The S&P 500 lost 0.8% Wednesday. The Nasdaq fell 1.5%, and small-company stocks fell even more. The Dow Jones Industrial Average closed slightly lower. Target fell sharply after delivering a dismal financial report. Target ... Read More »
1 responseWinter ‘Freedom Convoy’ blockades cost billions to Canada’s economy, inquiry hears
By The Canadian Press on November 16th, 2022
OTTAWA – Transport Canada estimates as much as $3.9 billion in trade activity was halted because of border blockades across the country related to protests against COVID-19 restrictions last winter. The Public Order Emergency Commission reviewed emails between staff for various federal ministers who were hearing from businesses frustrated with border blockades between Feb. 8 ... Read More »
Be the first to comment!Q&A: How the relationship between rate hikes and inflation plays out
By Rosa Saba, The Canadian Press on November 16th, 2022
Statistics Canada said Wednesday that higher mortgage rates are helping fuel the latest high inflation data. But aren’t higher rates supposed to lower inflation? Mortgage costs have been going up, as interest rate hikes make mortgages more expensive, and they’re one of a few components of inflation data directly related to interest rates, explained David ... Read More »
Be the first to comment!Economists see signs of inflation easing, despite annual rate holding steady
By Nojoud Al Mallees, The Canadian Press on November 16th, 2022
OTTAWA – Canada’s annual inflation rate held steady in October, but economists say it’s trending in the right direction. In its latest consumer price index report, Statistics Canada said the country’s annual inflation rate was 6.9 per cent last month, unchanged from September. The federal agency said grocery prices rose at a slower rate in ... Read More »
Be the first to comment!‘Mercedes and Range Rovers:’ Loblaw’s discount chains attract higher-income shoppers
By Brett Bundale, The Canadian Press on November 16th, 2022
More wealthy shoppers are prowling the aisles at discount grocery stores in search of deals amid soaring food inflation, Loblaw Companies Ltd. said Wednesday. “We’re seeing a lot more Mercedes and Range Rovers in the parking lots in those (discount) stores than would have been the case before,” chairman and president Galen G. Weston told ... Read More »
Be the first to comment!Shoppers Drug Mart parent company says cough and cold sales hit all-time high
By The Canadian Press on November 16th, 2022
BRAMPTON, Ont. – Canada’s biggest drugstore chain says sales of cough and cold products hit an all-time high this fall. Loblaw Cos. Ltd. chairman and president Galen G. Weston says the combination of COVID-19, RSV and the flu led to a record number of cough and cold medication sales at the company’s pharmacies, which include ... Read More »
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