Business
S&P/TSX composite slightly down on energy and industrials; U.S. stock markets mixed
By The Canadian Press on January 25th, 2023
TORONTO – Canada’s main stock index closed down just 30 points Wednesday as losses in energy and industrials outweighed gains in other areas, while U.S. stock markets were mixed. The S&P/TSX composite index was down 29.95 points at 20,599.60. In New York, the Dow Jones industrial average was up 9.88 points at 33,743.84.The S&P 500 ... Read More »
Be the first to comment!Stocks erase big losses driven by profit fears, end flat
By Stan Choe, The Associated Press on January 25th, 2023
NEW YORK (AP) – Stocks shook off an early slide and wound up little changed as worries about corporate profits weighed on the market. The S&P 500 ended barely lower and the Dow ended barely higher. The Nasdaq fell 0.2%. The mixed finish came after the S&P 500 roared back from a morning loss of ... Read More »
Be the first to comment!Best Buy trims jobs as sales of electronics slump following pandemic surge
By The Canadian Press on January 25th, 2023
TORONTO – Best Buy, one of the country’s largest consumer electronics retailers, is laying off about 0.7 per cent of its workforce, estimated to be about 700 employees. Anna LeGresley, a spokeswoman for Best Buy Canada, says the job losses come as the chain works to “support our stores and serve our customers.” LeGresley says ... Read More »
Be the first to comment!Postmedia shuffles editors day after announcing 11 per cent of staff to be laid off
By The Canadian Press on January 25th, 2023
TORONTO – A Postmedia Network Corp. memo obtained by The Canadian Press shows the newspaper publisher has shuffled editors of its Prairies papers a day after it announced 11 per cent of staff would be laid off. The memo says Lorne Motley, vice-president of editorial for the west and editor-in-chief for the Calgary Herald and ... Read More »
Be the first to comment!Banff tourism report seeks fewer private vehicles, more public transit in park
By The Canadian Press on January 25th, 2023
BANFF, ALTA. – Banff tourism officials are joining the call for better management of visitor traffic in the most heavily visited parts of the national park. In a document outlining its development plans for the next decade, Banff and Lake Louise Tourism says it wants to reduce damaging traffic bottlenecks through improved public transit and ... Read More »
Be the first to comment!Shopify raises service plan fees after leaving them ‘largely unchanged’ for 12 years
By The Canadian Press on January 25th, 2023
OTTAWA – Shopify Inc. is raising prices for three of its service plans after they remained “largely unchanged” for 12 years. The Ottawa-based e-commerce technology company says its basic plan will now cost $51 per month, up from $38, while its mid-range Shopify plan will move from $99 per month to $132 and its advanced ... Read More »
Be the first to comment!Bank of Canada raises interest rates, says it will take a ‘conditional’ pause
By Nojoud Al Mallees, The Canadian Press on January 25th, 2023
OTTAWA – The Bank of Canada delivered what it expects to be its last interest rate hike of the cycle as it pauses to assess the effects of higher rates on the economy. The central bank raised its key interest rate by a quarter of a percentage point Wednesday, marking the eighth consecutive hike since ... Read More »
Be the first to comment!Industry committee hears of issues with competition review at Rogers-Shaw examination
By The Canadian Press on January 25th, 2023
OTTAWA – The way the Rogers-Shaw approval process has played out shows a need to rethink competition laws, the House of Commons industry and technology committee heard Wednesday from experts. The committee, taking a second look at Rogers Communications Inc.’s proposed takeover of Shaw Communications Inc. after recommending against it in March, heard from both ... Read More »
Be the first to comment!What the Bank of Canada’s latest rate hike means for mortgage holders
By Tara Deschamps, The Canadian Press on January 25th, 2023
TORONTO – Canadians who watched the cost of taking out a mortgage steadily increase over the last year were dealt another blow when the Bank of Canada upped its interest rate to 4.5 per cent Wednesday. The hike is the eighth in less than a year and was accompanied by the central bank saying the ... Read More »
Be the first to comment!Macklem says government will make changes to deal with Bank of Canada losses
By The Canadian Press on January 25th, 2023
OTTAWA – Bank of Canada governor Tiff Macklem says the federal government is working on legislative changes that will allow the central bank to temporarily retain profits to cover losses related to policy decisions made to boost the economy during the pandemic. The Bank of Canada normally turns a profit, which it remits to the ... Read More »
1 responseHere’s what another Bank of Canada rate hike means for Canadians
By Tara Deschamps, The Canadian Press on January 25th, 2023
TORONTO – The Bank of Canada hiked its key interest rate by a quarter of a percentage point Wednesday, bringing it to 4.5 per cent – the highest it’s been since 2007. The increase marks the eighth consecutive rate hike since the central bank began raising from near-zero in March. The Bank of Canada said ... Read More »
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