Business
Bank and Trust Co. Association pushes for higher deposit limits
By The Canadian Press on March 21st, 2023
TORONTO – The Bank and Trust Companies Association is asking Canada’s finance minister to consider raising the insurance limit of account deposits. The trade group of trusts and smaller banks says in a letter to Chrystia Freeland that the current insured limit of $100,000 is the lowest among G7 nations and doesn’t reflect current financial ... Read More »
Be the first to comment!Yellen says bank situation stabilizing, different from 2008
By Fatima Hussein, The Associated Press on March 21st, 2023
WASHINGTON (AP) – Treasury Secretary Janet Yellen projected calm on Tuesday after recent regional bank collapses but told a gathering of bankers that additional rescue arrangements “could be warranted” if any new failures at smaller institutions jeopardize financial stability. Yellen, who made her remarks at the American Bankers Association, said that overall “the situation is ... Read More »
Be the first to comment!Federal minimum wage rising to $16.65 per hour on April 1
By The Canadian Press on March 21st, 2023
OTTAWA – The federal minimum wage is rising to $16.65 per hour on April 1, up from $15.55. The government says the increase is based on the consumer price index, which rose 6.8 per cent in 2022. The federal minimum wage applies to the federally regulated private sectors, including banks, postal and courier services, and ... Read More »
Be the first to comment!New Brunswick’s $12.2B budget tackles challenges that come with growth
By The Canadian Press on March 21st, 2023
FREDERICTON – The New Brunswick government has tabled a $12.2-billion budget that forecasts a small surplus and promises a funding boost to help stabilize the ailing health-care sector. Finance Minister Ernie Steeves said today the province is operating in a volatile economic environment where rapidly rising prices are putting pressure on household budgets and increasing ... Read More »
Be the first to comment!Food inflation in Canada shows signs of easing, but grocery prices to remain high
By The Canadian Press on March 21st, 2023
Food inflation appears to be easing in Canada, but experts say shoppers shouldn’t expect lower prices at the grocery store. Statistics Canada says the cost of groceries in February rose 10.6 per cent compared with a year before, down from an 11.4 per cent year-over-year increase in January. Yet a falling food inflation rate doesn’t ... Read More »
Be the first to comment!N. W. T diamond mine reports spill of 450M litres of wastewater
By The Canadian Press on March 21st, 2023
YELLOWKNIFE – The Diavik Diamond Mine in the Northwest Territories says 450 million litres of wastewater spilled due to a broken pipeline. The spill took place on Feb. 7 but wasn’t reported until late last week. The Northwest Territories government says pipeline operators did not believe it needed to be reported as the wastewater leaked ... Read More »
Be the first to comment!S&P/TSX composite up more than 150 points, U.S. stock markets also higher
By The Canadian Press on March 21st, 2023
TORONTO – Strength in energy stocks as well as the financial and technology sectors helped Canada’s main stock index gain more than 150 points in late-morning trading, while U.S. stock markets also pushed higher. The S&P/TSX composite index was up 168.22 points at 19,687.65. In New York, the Dow Jones industrial average was up 244.21 ... Read More »
Be the first to comment!Inflation in Canada continues to slow, reaffirming BOC’s rate pause
By The Canadian Press on March 21st, 2023
OTTAWA – Canada’s annual inflation rate continued to slow last month, reaffirming the central bank’s decision to hold its key interest rate steady. In its latest consumer price index report released Tuesday, Statistics Canada said the country’s inflation rate rose 5.2 per cent year over year in February, marking the largest deceleration since April 2020. ... Read More »
Be the first to comment!BlackBerry strikes new deal to sell portfolio of non-core patents
By The Canadian Press on March 21st, 2023
TORONTO – BlackBerry Ltd. has signed a deal to sell a portfolio of what it says are non-core patents related to mobile devices, messaging and wireless networking in an agreement that could be worth up to US$900 million. The company says Malikie Innovations Ltd., a newly formed subsidiary of Key Patent Innovations Ltd., will pay ... Read More »
Be the first to comment!US home sales surged in February as mortgage rates dipped
By Alex Veiga, The Associated Press on March 21st, 2023
LOS ANGELES (AP) – Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and slight pullback in prices. Existing home sales jumped 14.5% last month from January to a seasonally adjusted annual rate of 4.58 million, the National ... Read More »
Be the first to comment!‘Everyone is basically at risk’: How to avoid falling victim to financial fraud
By Noushin Ziafati, The Canadian Press on March 21st, 2023
Alejandra Laria Aleaga was thrilled to see a job offer pop into her inbox in October 2021. At the time, she was in her final year of college and actively seeking opportunities at video game companies and animation studios after completing her illustration degree. “Me being a student with student debt and sort of desperate ... Read More »
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