Stocks fall, bond yields tumble after Fed’s latest rate hike
By Stan Choe, The Associated Press on March 22nd, 2023
NEW YORK (AP) – Stocks fell after the Federal Reserve announced its latest hike to interest rates, while also saying it may not tighten the screws much more on the economy. The S&P 500 fell 1.6% Wednesday, while Treasury yields fell sharply. The Fed raised its key overnight rate by a quarter of a percentage ... Read More »
Be the first to comment!Field Trip Health & Wellness enters creditor protection, lays off staff
By The Canadian Press on March 22nd, 2023
TORONTO – Field Trip Health & Wellness Ltd. says it has entered creditor protection and is exploring a sale of its business. The Toronto-based company which operates four psychedelic therapy clinics says the Ontario Superior Court of Justice granted it a creditor protection order today under the Companies’ Creditors Arrangement Act. The order came after ... Read More »
Be the first to comment!St. Lawrence Seaway shippers eye EV materials, but grain and ore remain the staples
By Christopher Reynolds, The Canadian Press on March 22nd, 2023
SAINT-LAMBERT, Que. – Shippers who ply the St. Lawrence Seaway view critical minerals for electric vehicle batteries as key to their future – but it could be a while before the floodgates open on Canada’s largely untapped reserves. Until then, grain and iron ore remain the staples, comprising nearly half of the 36.3 million tonnes ... Read More »
Be the first to comment!BoC was still concerned about potentially sticky inflation as it held interest rate
By Nojoud Al Mallees, The Canadian Press on March 22nd, 2023
OTTAWA – The Bank of Canada didn’t discuss raising interest rates earlier this month in its deliberations, but members were still concerned inflation might be harder to bring down than expected. On Wednesday, the central bank published a summary on the governing council’s deliberations ahead of its decision to hold its key interest rate steady ... Read More »
Be the first to comment!Fed raises key rate by quarter-point despite bank turmoil
By Christopher Rugaber, The Associated Press on March 22nd, 2023
WASHINGTON (AP) – The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. “The U.S. banking system is sound and resilient,” the Fed said in a statement after its ... Read More »
Be the first to comment!Yields drop, stocks swing after Fed hikes interest rates
By Stan Choe, The Associated Press on March 22nd, 2023
NEW YORK (AP) – Stocks are veering between gains and losses and Treasury yields are falling after the Federal Reserve announced its latest increase to interest rates in its campaign to drive down inflation. The move was exactly in line with Wall Street’s expectations. The S&P 500 was 0.2% higher Wednesday afternoon. The Dow and ... Read More »
Be the first to comment!BoC still concerned about potentially sticky inflation, says economy still too hot
By The Canadian Press on March 22nd, 2023
OTTAWA – The Bank of Canada says it’s still concerned inflation might be harder to bring down than expected, noting the economy is still in excess demand. On Wednesday, the central bank published a summary on the governing council’s deliberations ahead of its decision to hold its key interest rate steady on March 8. The ... Read More »
Be the first to comment!St. Lawrence Seaway shippers eye EV materials, but wheat and ore remain the staples
By The Canadian Press on March 22nd, 2023
SAINT-LAMBERT, Que. – Shippers who ply the St. Lawrence Seaway view critical minerals for electric vehicle batteries as key to their future – but it could be a while before the floodgates open on Canada’s largely untapped reserves. Until then, grain and iron ore remain the staples, comprising nearly half of the 36.3 million tonnes ... Read More »
Be the first to comment!Activist investor wants Parkland to sell or spin off Burnaby refinery
By Amanda Stephenson, The Canadian Press on March 22nd, 2023
CALGARY – A U.S. activist investor has set its sights on Calgary-based Parkland Corp., urging the fuel retailer to consider selling or spinning off its Burnaby refinery. New York-based Engine Capital LP., which owns about a two per cent stake in Parkland, sent a letter to the company’s board on Wednesday. In the letter, Engine ... Read More »
Be the first to comment!Under oath, Boris Johnson denies he lied over ‘partygate’
By Jill Lawless, The Associated Press on March 22nd, 2023
LONDON (AP) – Former British Prime Minister Boris Johnson insisted “hand on heart” Wednesday that he never lied to lawmakers about rule-breaking government parties during the COVID-19 pandemic, mounting a robust defense at a hearing that could damage or even end his tumultuous political career. The House of Commons standards committee questioned Johnson over misleading ... Read More »
Be the first to comment!S&P/TSX composite up as energy stocks rise, U.S. stock markets mixed ahead of Fed
By The Canadian Press on March 22nd, 2023
TORONTO – Strength in the energy stocks helped Canada’s main stock index climb higher in late-morning trading, while U.S. stock markets were mixed ahead of the latest interest rate decision by the U.S. Federal Reserve. The S&P/TSX composite index was up 69.58 points at 19,724.50. In New York, the Dow Jones industrial average was down ... Read More »
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