Business
CBC/Radio-Canada board approves bonuses for 2023-24, but will review practice
By The Canadian Press on July 15th, 2024
OTTAWA – The board of directors for CBC and Radio-Canada has approved bonuses for some staff, following a fiscal year that saw 141 employees let go, and another 205 vacant positions eliminated. The decision was posted quietly on the public broadcaster’s website last month following a board of directors meeting. A spokesman for CBC would ... Read More »
Be the first to comment!Business, consumer sentiment subdued as economy slows, Bank of Canada surveys find
By Tara Deschamps, The Canadian Press on July 15th, 2024
The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut in years. The central bank’s survey of consumers released Monday shows financial stress remained high over the spring and Canadians’ outlook for the future economy was “pessimistic.” ... Read More »
Be the first to comment!Corus Entertainment says ongoing job cuts will amount to 25% of full-time positions
By Sammy Hudes, The Canadian Press on July 15th, 2024
TORONTO – Corus Entertainment Inc. saysit expects to have slashed 25 per cent of its full-time workforce by the end of next month compared with the beginning of its 2023 fiscal year, as the company continues to “aggressively cut costs.” The job losses, which amount to around 800 positions, come during a turbulent year for ... Read More »
Be the first to comment!Newfoundland wildfires force temporary shutdown of iron ore mines
By The Canadian Press on July 15th, 2024
MONTREAL – Wildfires burning near Labrador City, N.L. have prompted mining companies in the area to temporarily halt operations. Over the weekend, Montreal-based Champion Iron Ltd. and Toronto-based Iron Ore Co. of Canada said they were temporarily shutting down their mining operations in response to forest fires burning just north of the locations. The Newfoundland ... Read More »
Be the first to comment!Business, consumer sentiment subdued in Q2, Bank of Canada surveys find
By Tara Deschamps, The Canadian Press on July 15th, 2024
The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut. The central bank’s survey of consumers released Monday shows financial stress remained high over the spring and Canadians’ outlook for the future economy was “pessimistic.” Those views ... Read More »
Be the first to comment!S&P/TSX composite up Monday morning, U.S. stock markets also climb higher
By The Canadian Press on July 15th, 2024
TORONTO – Gains in energy and technology stocks led Canada’s main stock index higher in late-morning trading on Monday, while U.S. stock markets also rose. The S&P/TSX composite index was up 118.26 points at 22,791.78. In New York, the Dow Jones industrial average was up 316.18 points at 40,317.08. The S&P 500 index was up ... Read More »
Be the first to comment!Business, consumer sentiment subdued in Q2: Bank of Canada surveys
By The Canadian Press on July 15th, 2024
OTTAWA – The Bank of Canada says business and consumer sentiment remained subdued during the second quarter of the year even as the country saw its first interest rate cut. The central bank’s survey of consumers shows financial stress remained high over the spring as many Canadians reduced spending and adopted pessimistic outlooks about the ... Read More »
Be the first to comment!Ontario further speeds up alcohol expansion amid LCBO strike
By The Canadian Press on July 15th, 2024
TORONTO – Ontario Premier Doug Ford’s government is speeding up its expansion of sales of ready-to-drink cocktails amid a strike at the province’s main liquor retailer that has focused on that issue. Finance Minister Peter Bethlenfalvy announced in a press release today that grocery stores that are already licensed to sell beer and wine can ... Read More »
Be the first to comment!Hamilton steel maker Stelco Holdings sold to Cleveland-Cliffs for $3.4 billion
By The Canadian Press on July 15th, 2024
Hamilton, Ont.-based steel maker Stelco Holdings Inc. is set to be acquired by Cleveland-Cliffs Inc. for $3.4 billion. Stelco says it has agreed to sell all issued and outstanding common shares for $70 per share to the Cleveland-based steel producer. Stelco chief executive Alan Kestenbaum says he is confident that Cleveland-Cliffs will remain a reliable ... Read More »
Be the first to comment!Wholesale trade falls in May as manufacturing sales tick up: Statistics Canada
By The Canadian Press on July 15th, 2024
OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, fell 0.8 per cent to $82.2 billion in May. The overall decrease came as sales fell in five of the seven subsectors, with the largest decline coming from motor vehicle and motor vehicle parts and accessories, ... Read More »
Be the first to comment!Corus Entertainment reports Q3 loss, revenue down amid ‘challenging’ ad environment
By The Canadian Press on July 15th, 2024
TORONTO – Corus Entertainment Inc. reported a loss attributable to shareholders of $769.9 million in its latest quarter compared with a loss of $495.1 million a year earlier as its revenue fell 16 per cent. The television and radio broadcaster says the loss amounted to $3.86 per diluted share for the quarter ended May 31 ... Read More »
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