Business
S&P/TSX composite down, U.S. markets rise amid volatile trading over bank fears
By The Canadian Press on March 13th, 2023
TORONTO – Equity markets have been zigzagging throughout the day while digesting multiple developing stories, including two recent bank failures, the U.S. government’s plan to backstop the financial system and changing investor sentiment about interest rate hikes. While equity markets were largely down to start the trading day as they caught up to the latest ... Read More »
1 responseBiden OKs Alaska oil project, draws ire of environmentalists
By Matthew Daly And Chris Megerian, The Associated Press on March 13th, 2023
WASHINGTON (AP) – The Biden administration said Monday it is approving the huge Willow oil-drilling project on Alaska’s petroleum-rich North Slope, a major environmental decision by President Joe Biden that drew quick condemnation that it flies in the face of the Democratic president’s pledges to slow climate change. The announcement came a day after the ... Read More »
1 responseAfter two historic US bank failures, here’s what comes next
By Christopher Rugaber And Ken Sweet, The Associated Press on March 13th, 2023
WASHINGTON (AP) – Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the financial meltdown that began ... Read More »
Be the first to comment!Silicon Valley Bank collapse: What you need to know
By Christopher Rugaber And Ken Sweet, The Associated Press on March 13th, 2023
WASHINGTON (AP) – Two large banks that cater to the tech industry have collapsed after a bank run, government agencies are taking emergency measures to backstop the financial system, and President Joe Biden is reassuring Americans that the money they have in banks is safe. It’s all eerily reminiscent of the financial meltdown that began ... Read More »
Be the first to comment!Silicon Valley Bank collapse presents low risk for Canadian sector: analysts
By Ian Bickis, The Canadian Press on March 13th, 2023
TORONTO – As regulators move to address the stunning collapse of Silicon Valley Bank, analysts say there is limited fallout risk for the Canadian financial sector. “Not only should the failure of [Silicon Valley Bank] not have significant negative implications for our banks, but this crisis should actually be viewed as further vindication of the ... Read More »
Be the first to comment!Biden angers climate activists by approving controversial oil, gas project in Alaska
By The Canadian Press on March 13th, 2023
WASHINGTON – U.S. President Joe Biden, a vocal champion of combating climate change, is angering environmental allies by approving a controversial oil and gas project in Alaska. The Willow project, as it’s known, will allow energy giant ConocoPhillips to develop three drill sites in Alaska’s petroleum-rich North Slope region. The Department of the Interior is ... Read More »
Be the first to comment!Seizure of Flair airplanes points to stiff competition in aviation
By The Canadian Press on March 13th, 2023
MONTREAL – An aviation expert says the seizure of four Flair Airlines planes over the weekend points to the fierce competition and high demand playing out in the Canadian air travel industry. Flair says the Boeing 737 Maxes were grounded Saturday after a “commercial dispute” with New York-based Airborne Capital Inc., and that the airline ... Read More »
Be the first to comment!Bank stocks tumble; others rise on hopes for easier rates
By Stan Choe, The Associated Press on March 13th, 2023
NEW YORK (AP) – Bank stocks are continuing to drop Monday as Wall Street worries about what may be next to topple following the second- and third-largest bank failures in U.S. history. But much of the rest of the market is rising on hopes the fear will force the Federal Reserve to take it easier ... Read More »
Be the first to comment!McCain to spend $600M to double potato processing capacity in southern Alta.
By The Canadian Press on March 13th, 2023
TORONTO – McCain Foods says it will spend $600 million to double the size of its potato processing facility in southern Alberta. The Toronto-based food manufacturing company says the project at its Coaldale facility near Lethbridge will be the largest investment in the company’s history. It says the project will create two new production lines ... Read More »
Be the first to comment!Volkswagen to build EV battery plant in Ontario
By The Canadian Press on March 13th, 2023
ST. THOMAS, Ont. – Volkswagen has announced it plans to build an electric vehicle battery plant in St. Thomas, in southwestern Ontario. The European automaker says the Volkswagen Group and its battery company PowerCo will establish its first overseas “gigafactory” for battery cell manufacturing, with the start of production planned for 2027. The company signed ... Read More »
Be the first to comment!Alaska’s Willow oil project is controversial. Here’s why.
By Becky Bohrer, Matthew Brown And Matthew Daly, The Associated Press on March 13th, 2023
JUNEAU, Alaska (AP) – The Biden administration is approving a major oil project on Alaska’s petroleum-rich North Slope that supporters say represents an economic lifeline for Indigenous communities in the region but environmentalists say is counter to President Joe Biden’s climate goals. The decision on ConocoPhillips Alaska’s Willow project, in a federal oil reserve roughly ... Read More »
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