Fed Chair Powell: Slower economic growth may be needed to conquer stubbornly high inflation
By Christopher Rugaber, The Associated Press on October 19th, 2023
WASHINGTON (AP) – Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market. Powell noted that inflation has cooled significantly from a year ago. But he cautioned that it’s not yet clear whether inflation ... Read More »
Be the first to comment!Profits, markups rose as competition weakened over 20 years: Competition Bureau
By The Canadian Press on October 19th, 2023
OTTAWA – The Competition Bureau says profits and markups have increased over the last two decades as the state of competition in Canada has deteriorated. The bureau published a report today analyzing how competition evolved across industries between 2000 and 2020. It finds that the most concentrated industries got even more concentrated over time, while ... Read More »
Be the first to comment!PC Optimum members now eligible for Apple TV+ subscription rewards
By The Canadian Press on October 19th, 2023
BRAMPTON, Ont. – Loblaw Companies Ltd. says members of its PC Optimum loyalty program can now redeem their points for monthly subscriptions to the Apple TV+ streaming service and Apple Arcade. PC Optimum members are also eligible for a three-month free trial of Apple TV+, Apple Music, Apple Fitness+, Apple Arcade and Apple News+, which ... Read More »
Be the first to comment!Desjardins to cut close to 400 jobs amid economic uncertainty
By The Canadian Press on October 19th, 2023
MONTREAL – Desjardins Group says it is cutting close to 400 jobs as it responds to economic uncertainty. The financial services co-operative says heightened volatility, inflation and the potential for an economic slowdown have added pressure to the need for prudent management. Spokesman Jean-Benoît Turcotti says in a statement that Desjardins is also still working ... Read More »
Be the first to comment!Auditor general calls for online application portal for refugees amid severe backlogs
By Laura Osman, The Canadian Press on October 19th, 2023
OTTAWA – Refugees are being left behind by Canada’s oversized immigration backlogs, and the federal auditor general is calling on the government to immediately create a way for them to apply online. A report from Auditor General Karen Hogan released on Thursday suggests that while processing times improved for most permanent residency programs in 2022, ... Read More »
Be the first to comment!Timing, patience key to nabbing affordable concert, sports resale tickets: fans
By Tara Deschamps, The Canadian Press on October 19th, 2023
TORONTO – When Jagger Long heads to the Rogers Centre to watch a Toronto Blue Jays match, you’ll often spot him in the first row behind home plate and at Scotiabank Arena, he’s a pro at snagging seats with access to the venue’s tunnel where you can bump fists with the Toronto Maple Leafs. There’s ... Read More »
Be the first to comment!Honda to produce Civic Hybrid in Ontario and Indiana starting next year
By The Canadian Press on October 19th, 2023
ALLISTON, Ont. – Japanese automaker Honda says it will start producing the Civic Hybrid next year at its plant in Alliston, Ont. The company says the Ontario plant will produce the sedan version of the car. The hatchback version of the Civic Hybrid will be manufactured at a plant in Indiana, according to the automaker. ... Read More »
Be the first to comment!Stock market today: Wall Street is mostly flat as bond yields continue to climb
By Elaine Kurtenbach And Matt Ott, The Associated Press on October 19th, 2023
BANGKOK – Wall Street isn’t moving much, but a swirl of competing forces are pushing and pulling on markets under the seemingly calm surface. The S&P 500 was flat early Thursday following a mixed set of profit reports and forecasts from Tesla and other influential stocks. The Dow was 9 points higher, and the Nasdaq ... Read More »
Be the first to comment!Applications for US jobless benefits fall to lowest level in more than 8 months
By Matt Ott, The Associated Press on October 19th, 2023
Applications for unemployment benefits fell to their lowest level in eight months last week as businesses continue to retain workers despite elevated interest rates meant to cool the economy and labor market. Jobless claim applications fell by 13,000 to 198,000 for the week ending Oct. 14, the Labor Department reported Thursday. That’s the fewest since ... Read More »
Be the first to comment!Nokia plans to cut up to 14,000 jobs after sales and profits plunge in a weak market
By The Associated Press on October 19th, 2023
HELSINKI (AP) – Telecom gear maker Nokia said Thursday that it is planning to cut up to 14,000 jobs worldwide, or 16% of its workforce, as part of a push to reduce costs following a plunge in third-quarter sales and profit. The Finnish wireless and fixed-network equipment provider said the planned measures are aimed at ... Read More »
Be the first to comment!Trucking firm Mullen Group reports $39.1M Q3 profit, revenue edges lower
By The Canadian Press on October 19th, 2023
OKOTOKS, Alta. – Mullen Group Ltd. reported a third-quarter profit of $39.1 million, up from $38.0 million in the same quarter last year as its revenue edged lower. The trucking firm says the profit amounted to 42 cents per diluted share for the quarter ended Sept. 30, up from 39 cents per diluted share a ... Read More »
Be the first to comment!
