Business
Spotify latest tech name to cut jobs, axes 6% of workforce
By Kelvin Chan, The Associated Press on January 23rd, 2023
LONDON (AP) – Music streaming service Spotify said Monday it’s cutting 6% of its global workforce, or about 600 jobs, becoming yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted online. As part of ... Read More »
Be the first to comment!Manitoba premier hints at financial aid, budget consultations float more tax cuts
By The Canadian Press on January 23rd, 2023
LORETTE, Man. – Manitoba Premier Heather Stefanson is hinting at more financial aid in the coming days to help people deal with inflation. Stefanson says everyone is struggling to make ends meet and there will be new details on ways the government will help later this week. Last fall, the Progressive Conservative government issued cheques ... Read More »
Be the first to comment!Discount grocers to outperform conventional stores amid surging inflation: Report
By The Canadian Press on January 23rd, 2023
TORONTO – A new report says discount grocery stores are set to outperform conventional supermarkets in 2023. The DBRS Morningstar commentary says surging inflation and interest rates are shaping consumer behaviour and increasing sales volumes at lower-cost grocery stores. It says consumer efforts to curtail spending will encourage more home cooking, which benefits the grocery ... Read More »
Be the first to comment!Subcontracting ArriveCan development ‘seems highly illogical and inefficient:’ PM
By The Canadian Press on January 23rd, 2023
OTTAWA – Prime Minister Justin Trudeau has asked Canada’s top public servant to look into the government’s procurement process over what he says seems a “highly illogical and inefficient” contract to develop the ArriveCan app. The Globe and Mail reported that the federal government paid millions of dollars over two years to GCstrategies, a two-person ... Read More »
Be the first to comment!Nova Scotia spaceport on track for first small-scale test launch, says CEO
By The Canadian Press on January 23rd, 2023
HALIFAX – The company building Canada’s first commercial spaceport says its first suborbital test launch from northeastern Nova Scotia should be ready by early summer. Maritime Launch Services CEO Steve Matier says work that began last September on an access road to the launch site near Canso, N.S., is nearly complete. Matier says a small ... Read More »
Be the first to comment!Smaller cities can benefit from immigration uptick and pandemic shift: Research
By The Canadian Press on January 23rd, 2023
The Conference Board of Canada says the country’s smaller cities have an opportunity to make a bigger economic impact in the coming years thanks to pandemic-driven trends and the federal government’s immigration plan. The research organization says in a new briefing that the COVID-19 pandemic shifted migration patterns in Canada, sending people outside of major ... Read More »
Be the first to comment!S&P/TSX composite posts triple-digit advance, U.S. stock markets also higher
By The Canadian Press on January 23rd, 2023
TORONTO – Strength in the technology, industrial and energy sectors helped Canada’s main stock index post a triple-digit gain, while U.S. stock markets also pushed higher in late-morning trading. The S&P/TSX composite index was up 105.66 points at 20,608.87. In New York, the Dow Jones industrial average was up 380.45 points at 33,755.94. The S&P ... Read More »
Be the first to comment!U.S. borrows page from Canada for new Welcome Corps refugee resettlement program
By The Canadian Press on January 23rd, 2023
WASHINGTON – The United States is introducing a new private refugee sponsorship program that’s based on a similar system in Canada. State Department officials say the Canadian model helped inspire and inform the design and implementation of the U.S. program, known as the Welcome Corps. The U.S. describes the program, which will allow ordinary Americans ... Read More »
Be the first to comment!Exco Technologies hit by cybersecurity incident at three factories
By The Canadian Press on January 23rd, 2023
TORONTO – Exco Technologies Ltd. says three of its factories have been hit by what it is calling a cybersecurity incident. The company says it has taken steps to secure its systems and mitigate the impact to the company’s data and operations and that it is in the process of bringing the systems it temporarily ... Read More »
Be the first to comment!UFCW Canada provided services to almost 800 Uber workers last year: Uber
By The Canadian Press on January 23rd, 2023
TORONTO – Uber Canada says the United Food and Commercial Workers Canada (UFCW Canada) union provided services to almost 800 Uber drivers and couriers dealing with disputes with the company last year. The ride hailing and food delivery company says about 794 workers have received representation services from the union since the pair signed an ... Read More »
Be the first to comment!Wall Street modestly higher ahead of more corporate earnings
By Elaine Kurtenbach And Matt Ott, The Associated Press on January 23rd, 2023
NEW YORK (AP) – Stocks are edging mostly higher in early trading on Wall Street as investors prepare for another big slate of corporate earnings. They’re also hoping the Federal Reserve will scale back the pace of its interest rate increases at its policy meeting next week. The S&P 500 was up 0.1% early Monday. ... Read More »
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