Business
Yellen tells Congress US expected to hit debt limit Thursday
By Fatima Hussein, The Associated Press on January 13th, 2023
WASHINGTON (AP) – Treasury Secretary Janet Yellen notified Congress on Friday that the U.S. is projected to reach its debt limit on Thursday and will then resort to “extraordinary measures” to avoid default. In a letter to House and Senate leaders, Yellen said her actions will buy time until Congress can pass legislation that will ... Read More »
Be the first to comment!Bank economists see mild recession likely ahead despite surprising resilience
By The Canadian Press on January 13th, 2023
TORONTO – Big bank economists say the surprisingly resilient economy is likely headed for a mild slowdown in the year ahead, but that recent events show how difficult it is to predict the future. Speaking at an Economic Club of Canada panel, Scotiabank chief economist Jean-François Perrault said the economy could be headed for the ... Read More »
Be the first to comment!Investors look for 2023 outlooks from companies as earnings season looms
By Rosa Saba, The Canadian Press on January 13th, 2023
TORONTO – Experts say the upcoming earnings season will be overshadowed by the broader economic climate, with interest rates and inflation data more closely watched thanindividual company reports. Companies have been signalling a lacklustre earnings season for a wide variety of reasons, many of them global. With economic data showing a slowdown as 2022 came ... Read More »
Be the first to comment!Trump Organization fined $1.6 million for tax fraud
By Michael R. Sisak, The Associated Press on January 13th, 2023
NEW YORK (AP) – Donald Trump’s company was fined $1.6 million Friday as punishment for a scheme in which the former president’s top executives dodged personal income taxes on lavish job perks – a symbolic, hardly crippling blow for an enterprise boasting billions of dollars in assets. A fine was the only penalty a judge ... Read More »
Be the first to comment!CIBC head of Canadian personal and business banking Laura Dottori-Attanasio retiring
By The Canadian Press on January 13th, 2023
TORONTO – CIBC says Laura Dottori-Attanasio, senior executive vice-president and group head for Canadian personal and business banking, is retiring. Dottori-Attanasio’s last day at the bank is Feb. 1 and comes after 14 years at CIBC and more than two decades in financial services. She had been CIBC’s chief risk officer before taking on her ... Read More »
Be the first to comment!Cogeco Communications reports Q1 profit and revenue up, trims guidance for full year
By The Canadian Press on January 13th, 2023
MONTREAL – Cogeco Communications Inc. reported its first-quarter profit and revenue rose compared with a year ago, but the company trimmed its guidance for its full financial year. The cable company says it now expects revenue for its 2023 financial year to grow in a range of 0.5 to two per cent on a constant ... Read More »
Be the first to comment!Home prices in Q4 down year-over-year, first decline since end of 2008: report
By The Canadian Press on January 13th, 2023
TORONTO – A report by Royal LePage says the median price of a home in Canada in the fourth quarter of 2022 posted the first year-over-year decline since the end of 2008 during the financial crisis. In its house price survey, the real estate company says the median aggregate price of a home was $757,100 ... Read More »
Be the first to comment!Corus Entertainment reports Q1 profit and revenue down from year ago
By The Canadian Press on January 13th, 2023
TORONTO – Corus Entertainment Inc. reported its first-quarter profit fell compared with a year ago as its revenue also moved lower. The television and radio company says it earned $31.4 million in net income attributable to shareholders or 16 cents per diluted share for the three months ended Nov. 30. The result compared with a ... Read More »
Be the first to comment!Shaw sees revenue, income decline in first quarter of fiscal 2023
By The Canadian Press on January 12th, 2023
CALGARY – Shaw Communications Inc. says revenue for its first quarter ended Nov. 30, 2022 saw revenue decrease by 1.2 per cent year over year. The Calgary-based company says net income for the quarter was down 14.3 per cent, with earnings per share at 34 cents, down from 39 cents a year earlier. Shaw added ... Read More »
Be the first to comment!RBC subsidiary in U.S. to pay $31 million redlining settlement
By The Canadian Press on January 12th, 2023
TORONTO – An RBC subsidiary in the U.S. has reached a US$31-million settlement with the Department of Justice over allegations of discrimination by limiting mortgage lending in predominately Black and Latino communities. The Justice Department says the agreement with City National, which RBC bought in 2015, marks the largest redlining settlement in department history. The ... Read More »
Be the first to comment!S&P/TSX composite gains almost one per cent, US markets also rise
By The Canadian Press on January 12th, 2023
TORONTO – Canada’s main stock index gained almost one per cent Thursday, buoyed by strength in the energy and financial sectors, while U.S. markets also rose. The S&P/TSX composite index was up 186.15 points at 20,211.20. In New York, the Dow Jones industrial average was up 216.96 points at 34,189.97. The S&P 500 index was ... Read More »
Be the first to comment!
