Business
Regulator issues guidelines to protect financial institutions from climate risks
By The Canadian Press on March 7th, 2023
OTTAWA – Canada’s bank regulator has issued a framework to guide banks, insurance companies and private pension plans in protecting themselves against climate-related risks. The Office of the Superintendent of Financial Institutions (OSFI) says climate change has the potential to significantly affect the safety of the Canadian financial system. It urges federally regulated financial institutions ... Read More »
Be the first to comment!Powell signals increased rate hikes if economy stays strong
By Christopher Rugaber, The Associated Press on March 7th, 2023
WASHINGTON (AP) – The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell told a Senate panel Tuesday. “The latest economic data have come in stronger than ... Read More »
Be the first to comment!US sues to block JetBlue from buying Spirit Airlines
By David Koenig, The Associated Press on March 7th, 2023
The Biden administration sued on Tuesday to block JetBlue Airways from buying Spirit Airlines, saying the deal would reduce competition and drive up air fares for consumers. The Justice Department said the tie-up would especially hurt cost-conscious travelers who depend on Spirit, a budget carrier, to find cheaper options than they can find on JetBlue ... Read More »
Be the first to comment!Stocks drop, yields rise on worries about faster rate hikes
By Stan Choe, The Associated Press on March 7th, 2023
NEW YORK (AP) – Stocks are falling on Wall Street Tuesday after the head of the Federal Reserve warned it could pick up the pace of its hikes to interest rates if pressure on inflation stays hotter than expected. The S&P 500 was 0.8% lower in morning trading. The Dow Jones Industrial Average fell 188 ... Read More »
Be the first to comment!Corus Entertainment slashing quarterly dividend payment
By The Canadian Press on March 7th, 2023
TORONTO – Television and radio company Corus Entertainment Inc. is cutting its quarterly dividend. Corus executive chair Heather Shaw says the money that would have gone to dividends is expected to be directed to debt repayment. The company says it will now pay a quarterly dividend of three cents per class B non-voting share and ... Read More »
Be the first to comment!Powell: Rate hikes could accelerate if economy stays strong
By Christopher Rugaber, The Associated Press on March 7th, 2023
WASHINGTON (AP) – The Federal Reserve could increase the size of its interest rate hikes and raise borrowing costs to higher levels than previously projected if evidence continues to point to a robust economy and persistently high inflation, Chair Jerome Powell says in prepared testimony to a Senate panel. “The latest economic data have come ... Read More »
Be the first to comment!Young Canadians keep up pandemic-inspired DIY projects to save money
By Noushin Ziafati, The Canadian Press on March 7th, 2023
Cassie Tatone borrowed a sewing machine from her mother-in-law in the spring of 2020 after the COVID-19 pandemic robbed her of her job and shut down most businesses and activities. With no income and lots of spare time on her hands, the millennial put the beginner sewing skills she acquired from a class earlier that ... Read More »
Be the first to comment!Proxy advisory firm Egan-Jones recommends Ritchie Bros. shareholders back IAA deal
By The Canadian Press on March 7th, 2023
VANCOUVER – Proxy advisory firm Egan-Jones is recommending shareholders of Ritchie Bros. Auctioneers Inc. support the company’s deal to buy U.S. automotive salvage company IAA Inc. In its assessment, the firm says the advantages of the deal outweigh the benefits of remaining as a stand-alone company and that the merger sets a realistic approach to ... Read More »
Be the first to comment!Wall Street holds steady ahead of testimony by Fed’s Powell
By Yuri Kageyama And Matt Ott, The Associated Press on March 7th, 2023
NEW YORK (AP) – Stocks are holding relatively steady in early trading, as Wall Street stays in neutral following its jarring, roller-coaster start to the year. The S&P 500 was just slightly lower early Tuesday after barely moving the day before. The Dow Jones Industrial Average and the Nasdaq composite were little changed. Most of ... Read More »
Be the first to comment!Pet Valu Holdings reports $25.9M Q4 profit, raises quarterly dividend
By The Canadian Press on March 7th, 2023
MARKHAM, Ont. – Pet Valu Holdings Ltd. raised its dividend as it reported a profit of $25.9 million in its latest quarter, down from $26.7 million a year earlier. The pet food and supplies retailer says it will now pay a quarterly dividend of 10 cents per share, up from six cents per share. The ... Read More »
Be the first to comment!BlackBerry says cybersecurity revenue will be lower than expected
By The Canadian Press on March 7th, 2023
TORONTO – BlackBerry Ltd. says it expects its fourth-quarter and full-year revenue for its cybersecurity business to be lower than expected as some large deals that were expected to close in the quarter were not completed in time. BlackBerry executive chairman and chief executive John Chen says macro challenges were a key factor for the ... Read More »
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