Business
Meta to block access to news on Facebook, Instagram if Online News Act adopted as-is
By The Canadian Press on March 11th, 2023
OTTAWA – Facebook and Instagram’s parent company says it will stop making news content available on its platforms if the proposed federal Online News Act passes in its current form. Meta spokesperson Lisa Laventure says the company made the decision because the act will require it to pay publishers for links or content it doesn’t ... Read More »
Be the first to comment!S&P/TSX composite falls more than 1.5 per cent, U.S. markets also slip
By The Canadian Press on March 10th, 2023
TORONTO – Canada’s main stock index lost more than 1.5 per cent Friday on broad-based weakness led by financials and technology, while U.S. markets also fell. The S&P/TSX composite index was down 311.80 points at 19,774.92. In New York, the Dow Jones industrial average was down 345.22 points at 31,909.64. The S&P 500 index was ... Read More »
1 responseOttawa greenlights WestJet’s takeover of Sunwing
By The Canadian Press on March 10th, 2023
The federal government is giving the thumbs up to WestJet Airlines’ takeover of Sunwing Airlines and Sunwing Vacations. Transport Minister Omar Alghabra says the decision “was not taken lightly” given the travel chaos that erupted over the winter holidays and left Sunwing passengers stranded abroad for days. Announced last March, the takeover will see Calgary-based ... Read More »
1 responseCanadian Press NewsAlert: WestJet takeover of Sunwing approved
By The Canadian Press on March 10th, 2023
OTTAWA – The federal government has approved WestJet Airlines’ takeover of Sunwing Airlines and Sunwing Vacations. More coming... Read More »
1 responseSilicon Valley Bank is seized by US after historic failure
By Ken Sweet, The Associated Press on March 10th, 2023
NEW YORK (AP) – The U.S rushed to seize the assets of Silicon Valley Bank on Friday after it experienced a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s 16th largest bank, failed ... Read More »
1 responseTrans Mountain pipeline construction costs balloon again, this time to $30.9B
By The Canadian Press on March 10th, 2023
CALGARY – The estimated cost of the Trans Mountain pipeline expansion project has increased once again, this time to $30.9 billion. That’s an increase from the $21.4 billion price tag placed on the project a year ago, and more than double an earlier estimate of $12.6 billion. The federal Crown corporation that owns the pipeline ... Read More »
1 responseStocks fall as Wall Street wonders what will break next
By Stan Choe, The Associated Press on March 10th, 2023
NEW YORK (AP) – Stocks fell Friday after the largest U.S. bank failure in more than a decade raised worries on Wall Street about what’s next to break as interest rates keep climbing. The S&P 500 was 1.4% lower in late trading after scrapping back from deeper losses earlier in the day. It’s on pace ... Read More »
Be the first to comment!Silicon Valley Bank seized after run by depositors
By Ken Sweet, The Associated Press on March 10th, 2023
NEW YORK (AP) – The U.S rushed to seize the assets of Silicon Valley Bank on Friday after a run on the bank, the largest failure of a financial institution since Washington Mutual during the height of the financial crisis more than a decade ago. Silicon Valley, the nation’s 16th largest bank, failed after depositors ... Read More »
1 responseStocks tumble as Wall Street wonders what will break next
By Stan Choe, The Associated Press on March 10th, 2023
NEW YORK (AP) – Fear swept through Wall Street Friday, and stocks fell sharply after the largest bank failure in more than a decade raised worries about what might break next as interest rates keep climbing. The S&P 500 was 1.7% lower in afternoon trading and on pace for its worst week since last June. ... Read More »
1 responseBMO Financial Group inks US$160 million deal to buy Air Miles loyalty rewards program
By Brett Bundale, The Canadian Press on March 10th, 2023
BMO Financial Group announced a deal Friday to buy the Air Miles loyalty rewards program in Canada after its U.S. parent company filed for bankruptcy. The bank’s so-called stalking horse offer for LoyaltyOne Co. is US$160 million, subject to certain adjustments, according to court documents. Air Miles president Shawn Stewart said the deal “brings stability ... Read More »
1 responseCanada’s 2023 federal budget coming March 28: Finance Minister Chrystia Freeland
By The Canadian Press on March 10th, 2023
OTTAWA – Finance Minister Chrystia Freeland says she will table the 2023 federal budget on March 28. It comes as the Canadian economy is expected to slow significantly this year and potentially enter a recession as high interest rates squeeze the budgets for individuals and businesses alike. Freeland has stressed that the Liberal government is ... Read More »
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