June 22nd, 2017

Business

NewsAlert: Sears Canada cutting 2,900 jobs in restructuring plan

By The Canadian Press on June 22nd, 2017

TORONTO – Sears Canada Inc. (TSX:SCC) plans to close 59 locations and cut approximately 2,900 jobs as part of its plan to restructure its business under court protection from creditors. The struggling retailer says it will close 20 full-line locations, plus 15 Sears Home stores, 10 Sears Outlet stores and 14 Sears Hometown locations. The ... Read More »

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Retail sales gained more than expected in April as they climbed 0.8 per cent

By The Canadian Press on June 22nd, 2017

OTTAWA – Retail sales in Canada were better than expected in April as they rose 0.8 per cent to $48.6 billion for the month. Excluding sales at motor vehicle and parts dealers, retail sales climbed 1.5 per cent. Economists had expected an overall gain of 0.2 per cent and an increase of 0.7 per cent, ... Read More »

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Warren Buffet’s Berkshire Hathaway to buy into troubled Home Capital Group

By The Canadian Press on June 22nd, 2017

TORONTO – Home Capital Group Inc. shares surged higher Thursday on news that the troubled mortgage lender has arranged $400-million in equity investments and other financial support from companies run by famed billionaire investor Warren Buffett. A subsidiary of Berkshire Hathaway, Buffett’s main company, will also also provide a new $2-billion line of credit on ... Read More »

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Five things to know about the Fort Hills oilsands mining project

By The Canadian Press on June 22nd, 2017

For half a century, the oilsands have fuelled an industry that has become an engine of Canada’s economy. Later this year, the oilpatch will mark the opening of the Fort Hills mine, adding to the 30 oilsands projects in operation. Here are five things to know about Fort Hills: 1. The project is located 90 ... Read More »

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New cryptocurrencies offering more than just a way to pay for things online

By Craig Wong, The Canadian Press on June 22nd, 2017

OTTAWA – The success of bitcoin has spurred the launch of hundreds of copycat digital payment systems looking to cash in on the popularity of the cryptocurrency. But now a new generation of digital assets are gaining momentum, offering to do more with blockchain – the technology that powers bitcoin as a currency – than ... Read More »

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As Canada’s first oilsands mine nears 50-year mark, site a contrast of old, new

By Dan Healing, The Canadian Press on June 22nd, 2017

FORT MCMURRAY, Alta. – Nearly 50 years after the opening of Canada’s first major oilsands mine, the site on the banks of Alberta’s Athabasca River is an epicentre of energy, teeming with bustling workers amid signs of its pioneering past and cutting-edge future. One of the mine’s upgraders – opened in September 1967 – turns ... Read More »

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Greek municipal workers’ strike hinders trash collection

By The Associated Press on June 22nd, 2017

ATHENS, Greece – Thousands of striking Greek municipal workers marched through Athens on Thursday to press for better employment status, in the latest of a series of protests that have hindered trash collection in major cities. Authorities said that about 5,000 people took part in the demonstration. Protesters briefly scuffled with police, who used tear ... Read More »

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Greek municipal workers’ strike hinders rubbish collection

By The Associated Press on June 22nd, 2017

ATHENS, Greece – Thousands of striking Greek municipal workers marched through Athens on Thursday to press for better employment status, in the latest of a series of protests that have hindered trash collection in major cities. Authorities said that about 5,000 people took part in the demonstration. Protesters briefly scuffled with police, who used tear ... Read More »

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Sears Canada announces it is seeking court protection from creditors

By The Canadian Press on June 22nd, 2017

TORONTO – Sears Canada says it is seeking court protection from its creditors in order to restructure its business. The struggling retailer has piled up losses and seen its stock nosedive, losing more than 80 per cent of its value in the last year. Just last week, the company warned there was “significant doubt” about ... Read More »

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Applications for US jobless aid tick up to still-low 241,000

By Christopher S. Rugaber, The Associated Press on June 22nd, 2017

WASHINGTON – Slightly more people sought US unemployment benefits last week, but the number of applications remained at a historically low level that suggests the job market is healthy. THE NUMBERS: The Labor Department says weekly applications rose 3,000 to a seasonally adjusted 241,000. The less-volatile four-week average ticked up 1,500 to 244,750. The number ... Read More »

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The Latest: London fire: 600 buildings have similar cladding

By The Associated Press on June 22nd, 2017

LONDON – The Latest on the London high-rise fire (all times local): 11:40 a.m. British Prime Minister Theresa May’s office says that around 600 buildings in England have cladding similar to the type blamed for the quick spread of flames in the London high-rise disaster. Councils in England made the estimate as authorities desperately try ... Read More »

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