Business
Europe’s central bank backs big rate hike despite bank chaos
By David Mchugh, The Associated Press on March 16th, 2023
FRANKFURT, Germany (AP) – The European Central Bank has carried through with a large interest rate increase Thursday, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse fed fears about the impact of higher rates on the global banking system. The ECB hiked rates by half a percentage ... Read More »
Be the first to comment!Wholesale sales up 2.4% at $84.2B in January, led by food and equipment growth
By The Canadian Press on March 16th, 2023
OTTAWA – Statistics Canada says wholesale sales rose 2.4 per cent to $84.2 billion in January, led by growth in both the machinery, equipment and supplies and food, beverage and tobacco subsectors. The agency says sales increased in six of the seven subsectors, accounting for 84 per cent of wholesale sales. Sales of machinery, equipment, ... Read More »
Be the first to comment!US jobless aid claims fell last week as layoffs remain low
By Matt Ott, The Associated Press on March 16th, 2023
Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation. Applications for jobless claims in the U.S. for the week ending March 11 fell by 20,000 to 192,000 from 212,000 the previous week, the Labor Department said ... Read More »
Be the first to comment!UK bans TikTok on government phones on security grounds
By The Associated Press on March 16th, 2023
LONDON (AP) – British authorities said Thursday that they are banning the Chinese-owned video-sharing app TikTok from government mobile phones on security grounds, following similar moves by the U.S. and European Union. Cabinet Office Minister Oliver Dowden told Parliament that the ban will apply to work phones and other devices used by government ministers and ... Read More »
Be the first to comment!Applications for jobless aid in U.S. fall last week
By Matt Ott, The Associated Press on March 16th, 2023
Fewer Americans applied for jobless claims last week as the labor market continues to thrive despite the Federal Reserve’s efforts to cool the economy and tamp down inflation. Applications for jobless claims in the U.S. for the week ending March 11 fell by 20,000 to 192,000 from 212,000 the previous week, the Labor Department said ... Read More »
Be the first to comment!Alimentation Couche-Tard to buy 2,000 service stations from French oil firm for €3.1B
By The Canadian Press on March 16th, 2023
LAVAL, Que. – Alimentation Couche-Tard Inc. says it has signed a €3.1 billion deal to acquire more than 2,000 service stations from French oil giant TotalEnergies SE. The Laval-based convenience store and gas station operator says the acquisition would include all of TotalEnergies’ retail assets in Germany and the Netherlands along with a 60 per ... Read More »
Be the first to comment!Aimia reports $23.3M net loss in Q4 as it prepares to close Trufopes, Bozzetto deals
By The Canadian Press on March 16th, 2023
TORONTO – Aimia Inc. reported a $23.3 million net loss in its most recent quarter, a period that preceded two manufacturing acquisitions. The Toronto-based holding company says its fourth quarter results compared with a net loss of $14.6 million in the same period the year before. The company says its basic loss per common share ... Read More »
Be the first to comment!Credit Suisse shares soar after central bank offers lifeline
By Jamey Keaten And Danica Kirka, The Associated Press on March 16th, 2023
GENEVA (AP) – Credit Suisse shares surged Thursday after the Swiss central bank agreed to loan the bank up to 50 billion francs ($54 billion) to bolster confidence in the country’s second-biggest lender and blunt concerns about the international financial system following the collapse of two U.S. banks. Credit Suisse announced the agreement before the ... Read More »
Be the first to comment!Empire reports $125.7M net earnings as it rebounds from Sobeys cyberattack
By The Canadian Press on March 16th, 2023
STELLARTON, N.S. – Empire Company Ltd. says its net earnings hit $125.7 million in its latest quarter as its Sobeys supermarket chain rebounded from a November cyberattack. The grocery store operator says the results for its third quarter compared with $203.4 million in net earnings during the same period the year before. The company’s earnings ... Read More »
Be the first to comment!Japan, South Korea renew ties at Tokyo summit
By Mari Yamaguchi, The Associated Press on March 16th, 2023
TOKYO (AP) – Japan and South Korea agreed to resume regular visits between their leaders and took steps to resolve a trade dispute as a highly anticipated summit began Thursday, a sign that the two countries are rebuilding their nations’ security and economic ties as they try to overcome a century of difficult history. The ... Read More »
Be the first to comment!Credit Suisse shares soar after central bank aid announced
By Jamey Keaten And David Mchugh, The Associated Press on March 16th, 2023
GENEVA (AP) – Credit Suisse’s shares soared 30% on Thursday after it announced it will move to shore up its finances by borrowing up to nearly $54 billion from the Swiss central bank, bolstering confidence as fears about the banking system moved from the U.S. to Europe. It was a massive swing from a day ... Read More »
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