Business
Silicon Valley Bank seized by FDIC as depositors pull cash
By Ken Sweet, The Associated Press on March 10th, 2023
NEW YORK (AP) – The Federal Deposit Insurance Corporation seized the assets of Silicon Valley Bank on Friday, marking the largest bank failure since Washington Mutual during the height of the 2008 financial crisis. The bank failed after depositors – mostly technology workers and venture capital-backed companies – began withdrawing their money creating a run ... Read More »
1 responseCP NewsAlert: Canada’s 2023 federal budget coming March 28, says 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. More coming... Read More »
Be the first to comment!Sustained jobs growth could push BoC to raise rates again, economists warn
By Nojoud Al Mallees, The Canadian Press on March 10th, 2023
OTTAWA – Employment in Canada showed modest growth in February after months of strong jobs gains, raising concerns that a bustling labour market could lead to more interest rate hikes. In its labour force survey Friday, Statistics Canada said the economy added 22,000 jobs last month, with employment up in the private sector. The federal ... Read More »
Be the first to comment!Another US hiring surge: 311,000 jobs despite Fed rate hikes
By Christopher Rugaber, The Associated Press on March 10th, 2023
WASHINGTON (AP) – America’s employers added a substantial 311,000 jobs in February, fewer than January’s huge gain but enough to keep pressure on the Federal Reserve to raise interest rates aggressively to fight inflation. The unemployment rate rose to 3.6%, from a 53-year low of 3.4%, as more Americans began searching for work but not ... Read More »
Be the first to comment!BMO Financial Group signs deal to buy Air Miles loyalty rewards program
By The Canadian Press on March 10th, 2023
TORONTO – 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. Financial terms of the bank’s agreement with LoyaltyOne Co. were not immediately available. Air Miles president Shawn Stewart called the deal a “significant step forward in solidifying the ... Read More »
Be the first to comment!Ottawa company teaching autonomous vehicles to ‘see’ snow, drive in bad weather
By Tara Deschamps, The Canadian Press on March 10th, 2023
When a major snowstorm hits Ottawa, most residents retreat indoors, griping about the weather and the heaping piles of snow they’ll soon have to shovel. But for Fahed Hassanat and his team at Sensor Cortek, a big dumping of snow is cause for excitement. “The badder, the better,” said the Ottawa-based software company’s chief operating ... Read More »
Be the first to comment!Stocks drop as worries about banks overshadow jobs report
By Stan Choe, The Associated Press on March 10th, 2023
NEW YORK (AP) – Stocks are dropping Friday as worries about the banking system outweigh a highly anticipated report that showed pay raises for workers are slowing and other signals that Wall Street wants to see of pressure on inflation cooling. The S&P 500 was 0.8% lower in early trading, a day after it tumbled ... Read More »
Be the first to comment!Stocks dip as worries about banks overshadow jobs report
By Joe Mcdonald And Matt Ott, The Associated Press on March 10th, 2023
NEW YORK (AP) – Stocks are opening modestly lower as more weakness in banks overshadowed potentially encouraging news in the government’s monthly jobs report. Banks were broadly lower a day after a wipeout in SVB Financial, a Silicon Valley bank that caters to startup companies, triggered fears of broader troubles in the banking sector. Big ... Read More »
Be the first to comment!Here’s a quick glance at unemployment rates for February, by Canadian city
By The Canadian Press on March 10th, 2023
OTTAWA – The national unemployment rate was 5.0 per cent in February. Statistics Canada also released seasonally adjusted, three-month moving average unemployment rates for major cities. It cautions, however, that the figures may fluctuate widely because they are based on small statistical samples. Here are the jobless rates last month by city (numbers from the ... Read More »
Be the first to comment!Here’s a quick glance at unemployment rates for February, by province
By The Canadian Press on March 10th, 2023
OTTAWA – Canada’s national unemployment rate was 5.0 per cent in February. Here are the jobless rates last month by province (numbers from the previous month in brackets): _ Newfoundland and Labrador 9.9 per cent (11.8) _ Prince Edward Island 7.3 per cent (7.7) _ Nova Scotia 5.7 per cent (5.0) _ New Brunswick 6.3 ... Read More »
Be the first to comment!National employment numbers for February from Statistics Canada, at a glance
By The Canadian Press on March 10th, 2023
OTTAWA – A quick look at Canada’s February employment (numbers from the previous month in brackets): Unemployment rate: 5.0 per cent (5.0) Employment rate: 62.4 per cent (62.5) Participation rate: 65.7 per cent (65.7) Number unemployed: 1,066,400 (1,046,000) Number working: 20,054,100 (20,032,300) Youth (15-24 years) unemployment rate: 9.9 per cent (9.5) Men (25 plus) unemployment ... Read More »
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