Business
Wildly swinging oil prices will continue, and provinces like N.L. can gain: professor
By Sarah Smellie, The Canadian Press on February 21st, 2023
ST. JOHN’S, N.L. – As the COVID-19 pandemic sent oil prices plummeting to historic lows, emails obtained by The Canadian Press show Newfoundland and Labrador was quietly bracing for two of its offshore oilfields to be abandoned by their owners. And as the province watches those same companies this year report staggering profits, experts say ... Read More »
1 responseUkraine appeals to Canada’s rail manufacturers to repair war-damaged lifeline
By Laura Osman, The Canadian Press on February 21st, 2023
LVIV, Ukraine – Ukraine wants Canada to lend its expertise – and donate crucial railway parts – to keep its embattled passenger and cargo rail system running as landmines and missile strikes threaten to stall the country’s lifeline. The rail system is vital to the war effort, and has been since the first days of ... Read More »
1 responseStatistics Canada to release January inflation report today
By The Canadian Press on February 21st, 2023
OTTAWA – Statistics Canada is set to release its reading on inflation for January this morning. The federal agency’s consumer price index report will give insight on how high prices were in January compared with a year ago, as well as the month prior. Canada’s annual inflation rate has been slowing since the summer, reaching ... Read More »
1 responseGM to build electric motors at St. Catharines propulsion plant
By The Canadian Press on February 20th, 2023
ST. CATHARINES, Ont. – General Motors says it plans to build motors for electric vehicles at its St. Catharines, Ont. propulsion plant. The company says the move, subject to support agreements with the federal and provincial governments, is expected support around 500 jobs at the facility. The plant currently produces V-6 and V-8 engines as ... Read More »
1 responseCompetition Bureau investigating Quebec real estate org’s data sharing restrictions
By The Canadian Press on February 20th, 2023
GATINEAU, Que. – The Competition Bureau says it is investigating whether the Quebec Professional Association for Real Estate Brokers’ data sharing restrictions are stifling competition in the housing market. The watchdog says it is looking into whether QPAREB has engaged in practices that harm competition or that prevent the development of innovative online brokerage services ... Read More »
1 responseFunding woes inspire $25,000 pitching competition for Black entrepreneurs
By Darryl Greer, The Canadian Press on February 20th, 2023
VANCOUVER, Wash. – After immigrating to Canada from Kenya with dreams of starting her own business, entrepreneur Jackee Kasandy soon concluded that Canadian banks weren’t keen on opening their vaults to folks like her. Kasandy, founder of the non-profit Black Entrepreneurs and Businesses of Canada Society, said she faced many roadblocks from Canadian lending institutions ... Read More »
1 responseExtreme drought makes cattle farmers thin herds, could cause future supply problems
By The Canadian Press on February 20th, 2023
Experts say an uptick in drought and other extreme weather events has beef farmers in the U.S. and Canada thinning their herds in near-record numbers, which could lead to supply problems in the beef industry over the longer term. They say that farmers will increasingly struggle with profitability amid the unpredictable seasons as climate change ... Read More »
1 responseDrink it in: Non-alcoholic brands ramp up production amid surging demand
By Rosa Saba, The Canadian Press on February 19th, 2023
As Canadians increasingly look to drink less or not at all, non-alcoholic beverage companies are working hard to meet the rising demand and are sometimes struggling to keep up. Interest has been brewing for the last couple of years, with an increase in sales during “Dry January” as the concept gains in popularity, says Bob ... Read More »
1 responseFederal funding for Black entrepreneurs a ‘beacon of hope,’ though barriers persist
By Nojoud Al Mallees, The Canadian Press on February 19th, 2023
OTTAWA – When Sean Whyte opened a fashion store in early 2020, he had no idea a global pandemic would force him to throw out his business plan within a couple of months. Whyte’s Kelowna business, Grey Hearts Denim, pivoted from selling a range of fashion attire to making denim face masks. And while finding ... Read More »
1 responseCIBC agrees to settle Cerberus lawsuit for US$770 million
By The Canadian Press on February 17th, 2023
TORONTO – CIBC says it has entered into an agreement to settle a lawsuit filed against it by private equity firm Cerberus Capital Management LP. The company says it’s agreed to pay US$770 million to Cerberus to fully settle the lawsuit, including the most recent judgment of a New York court. Earlier in January, a ... Read More »
1 responseS&P/TSX composite posts small loss Friday on energy weakness, U.S. markets mixed
By The Canadian Press on February 17th, 2023
TORONTO – Losses in the energy sector weighed Canada’s main stock index down Friday, while U.S. markets were mixed, pulled lower by tech. The S&P/TSX composite index closed down 91.18 points at 20,515.24. In New York, the Dow Jones industrial average was up 129.84 points at 33,826.69. The S&P 500 index was down 11.32 points ... Read More »
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