August 14th, 2020

Business

Freshii sees $525K net loss in second quarter amid COVID-19 pandemic

By The Canadian Press on August 13th, 2020

TORONTO – Freshii Inc. reported a roughly half-million second-quarter loss amid the COVID-19 pandemic that saw many of its restaurants temporarily close. The Toronto-based company reported a loss of $525,000 for the 13 weeks ended June 28 compared with a profit of $433,000 in the same quarter the previous year. It reported an adjusted net ... Read More »

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US seizes virtual currency alleged to fund militant groups

By Eric Tucker, The Associated Press on August 13th, 2020

WASHINGTON – The Justice Department said Thursday that it has seized millions of dollars from cryptocurrency accounts that militant groups, including al-Qaida and the Islamic State, used to finance their organizations and violent plots. Law enforcement officials said the groups used the accounts to solicit donations, including through a scam that sought to raise money ... Read More »

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S&P/TSX composite drops on energy sector weakness, U.S. indexes mixed

By The Canadian Press on August 13th, 2020

TORONTO – The energy sector weighed down Canada’s main stock index Thursday and south of the border, the S&P 500 continued to finish the trading day tantalizingly close to an all-time high. The S&P/TSX composite index lost 45.22 points to 16,530.06. “The story today in the Canadian stock market is largely one of oil prices,” ... Read More »

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Stronach family settles feud that divided founder Frank and daughter Belinda

By The Canadian Press on August 13th, 2020

TORONTO – A high-profile feud among members of the Stronach family has been settled. Under a settlement announced by The Stronach Group, control of the family fortune is basically split between two factions. Former politician and business executive Belinda Stronach will remain chairwoman and president of The Stronach Group, with full control of its horse ... Read More »

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S&P/TSX composite drops on energy sector weakness, while U.S. indexes mixed

By The Canadian Press on August 13th, 2020

TORONTO – Canada’s main stock index closed in the red as it was weighed down by the energy sector. The S&P/TSX composite index lost 45.22 points to 16,530.06. In New York, the Dow Jones industrial average fell 80.12 points to 27,896.72, the S&P 500 index shed 6.92 points to 3,373.43 and the Nasdaq composite gained ... Read More »

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Brookfield prepares for governments, private sector to grapple with post-COVID debt

By David Paddon, The Canadian Press on August 13th, 2020

TORONTO – Brookfield Asset Management Inc. has assembled a huge pile of cash and funding commitments from its partners to take advantage of huge opportunities that will arise for it as a result of the COVID crisis, executives said Thursday Chief executive Bruce Flatt told analysts Thursday that Brookfield currently has US$77 billion available to ... Read More »

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Key mortgage stress test rate eases, gives borrowers a little more room

By Tara Deschamps, The Canadian Press on August 13th, 2020

House-hunting Canadians saw their buying power increase this week as the benchmark five-year mortgage rate reported by the Bank of Canada fell for the third time this year, easing a key stress test faced by borrowers. The central bank said the rate fell to 4.79 per cent, after decreasing to 4.94 per cent in May ... Read More »

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Energy firm charged with hindering Alberta Energy Regulator facility inspections

By The Canadian Press on August 13th, 2020

CALGARY – The Alberta Energy Regulator says it has laid charges against Land Petroleum International Inc. and president Bill Fung for hindering AER inspections in 2018. The provincial regulator says eight charges have been jointly laid against the company and Fung under the Oil and Gas Conservation Act, which provides for penalties of up to ... Read More »

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Don’t get ‘casual’ about COVID, Ontario’s top doctor warns amid resort outbreak

By The Canadian Press on August 13th, 2020

TORONTO – Ontario’s top doctor is warning that some people are getting “casual” with pandemic public health rules, and that contributed to an outbreak at a Muskoka resort. Dr. David Williams, the province’s chief medical officer of health, says a group of out-of-town residents who attended the resort on the August long weekend ignored physical ... Read More »

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Bank of Canada cuts benchmark mortgage rate to lowest level in three years

By The Canadian Press on August 13th, 2020

OTTAWA – The Bank of Canada has cut its benchmark five-year mortgage rate to 4.79 per cent, the second cut in three months. The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent. Three-year rates now dropped to 3.75 per cent and one-year rates remained unchanged at 3.09 ... Read More »

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As economy recovers, some Toronto restaurants commit to end tipping

By Jake Kivanç, The Canadian Press on August 13th, 2020

TORONTO – As the Canadian economy continues to adapt to the reality of the COVID-19 pandemic, some restaurants in Toronto are saying goodbye to a service industry staple: tipping. Three restaurants – Richmond Station, Ten and Burdock Brewery – have publicly signed onto doing away with the practice, with the aims of making the industry ... Read More »

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