Business
Facebook parent Meta slashes another 10,000 jobs
By The Associated Press on March 14th, 2023
Facebook parent Meta is slashing another 10,000 jobs and will not fill 5,000 open positions as the social media pioneer cuts costs. The company said Tuesday it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May. “This ... Read More »
Be the first to comment!Statistics Canada says manufacturing sales rose 4.1 per cent in January
By The Canadian Press on March 14th, 2023
OTTAWA – Statistics Canada says manufacturing sales rose 4.1 per cent to $73.9 billion in January, powered by gains in motor vehicle and petroleum and coal products sales. The federal agency says sales in constant dollars were up 3.8 per cent in January, indicating that higher volumes played a significant role in the sales increase ... Read More »
Be the first to comment!Dorel reports growing losses amid reduced orders from retailers, price discounting
By The Canadian Press on March 14th, 2023
MONTREAL – Dorel Industries Inc. reported its net loss from continuing operations grew in the fourth quarter amid lower U.S. sales in its children’s products and home furnishings divisions. The Montreal-based company, which keeps its books in U.S. dollars, says it lost US$41.4 million or US$1.27 per diluted share in the quarter, compared with a ... Read More »
Be the first to comment!US inflation eases but stays high, putting Fed in tough spot
By Christopher Rugaber, The Associated Press on March 14th, 2023
WASHINGTON (AP) – U.S. consumer price increases eased slightly from January to February but still pointed to an elevated inflation rate that is posing a challenge for the Federal Reserve at a delicate moment for the financial system. The government said Tuesday that prices increased 0.4% last month, just below January’s 0.5% rise. Yet excluding ... Read More »
Be the first to comment!Manitoba aims to lift ban on ticket resales, promises better rules
By The Canadian Press on March 13th, 2023
WINNIPEG – The Manitoba government has introduced a bill to end a ban on the reselling of tickets to sports and entertainment events at higher prices. James Teitsma, the minister for consumer protection, says the long-standing ban has had little effect, as ticket resellers outside of Manitoba have been buying and reselling tickets at inflated ... Read More »
1 responseVolkswagen to build EV battery plant in southwest Ontario
By Allison Jones, The Canadian Press on March 13th, 2023
TORONTO – Ontario’s economic development minister stood on the roof of a Volkswagen facility in Germany in October, overlooking a sprawling electric vehicle battery plant under construction, and had a “good feeling” the province could soon land one of its own. Hours after the automaker announced Monday that it would build its first overseas “gigafactory” ... Read More »
1 responseGovernment races to reassure US that banking system is safe
By Ken Sweet, Christopher Rugaber, Chris Megerian And Cathy Bussewitz, The Associated Press on March 13th, 2023
NEW YORK (AP) – Depositors withdrew savings and investors broadly sold off bank shares Monday as the federal government raced to reassure Americans that the banking system was secure after two bank failures fed fears that more financial institutions could fall. President Joe Biden insisted that the system was safe after the second- and third-largest ... Read More »
1 responseS&P/TSX composite down almost one per cent, U.S. markets mixed over bank failures
By The Canadian Press on March 13th, 2023
TORONTO – Worries about the financial system after two recent bank failures saw bank stocks edge U.S. markets mostly down Monday after a volatile day of trading while Canadian markets fell on weakness in energy and financials. The S&P/TSX composite index was down 186.02 points at 19,588.90. In New York, the Dow Jones industrial average ... Read More »
1 responseRising cost of living, especially food prices, impacts youth sports across Canada
By John Chidley-Hill, The Canadian Press on March 13th, 2023
It’s rare for there to be unanimous agreement among the parents of youth athletes, but Canada’s rising cost of living has created a consensus. Jeremy Cross, a youth basketball coach in the Greater Toronto Area who is also the executive director of the Coaches Association of Ontario, saw it first hand earlier this month. His ... Read More »
1 responseFlair CEO says bigger rivals ‘want us out’ as airline scrambles after plane seizures
By Christopher Reynolds, The Canadian Press on March 13th, 2023
MONTREAL – The head of Flair Airlines is accusing one of Canada’s two major airlines of attempting to kneecap the discount carrier’s operations by trying to lease four planes that were recently seized from it due to overdue payments. “We’ve come in and upset the cozy duopoly, and as a consequence people want us out ... Read More »
1 responseStocks rise on hopes for easier Fed following bank failures
By Stan Choe, The Associated Press on March 13th, 2023
NEW YORK (AP) – Bank stocks tumbled Monday on worries about what’s next to break, following the second- and third-largest bank failures in U.S. history. But many other stocks rose on hopes the bloodletting will force the Federal Reserve to take it easier on the hikes to interest rates that are shaking Wall Street and ... Read More »
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