May 26th, 2020

Business

Trudeau cites uncertainty around pandemic as reason for budget delay

By The Canadian Press on May 13th, 2020

OTTAWA – Prime Minister Justin Trudeau isn’t saying when his government will provide a budget or fiscal update, citing economic uncertainty around COVID-19. The government’s first budget since the fall election wasn’t delivered in late March as originally planned when the House of Commons went on an extended hiatus as a result of the pandemic. ... Read More »

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North American stock markets down in late-morning trading, loonie falls

By The Canadian Press on May 13th, 2020

TORONTO – Canada’s main stock index posted a triple-digit decline in late morning trading as losses in the heavyweight financial, industrial and energy sectors piled up. The S&P/TSX composite index was down 186.32 points at 14,694.84. In New York, the Dow Jones industrial average was down 309.25 points at 23,455.53. The S&P 500 index was ... Read More »

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Ontario latest province to look at controlling management of some long-term care homes

By Mia Rabson, The Canadian Press on May 13th, 2020

OTTAWA – The Ontario government now has an emergency power to control the management of privately run long-term care homes as the COVID-19 outbreak affecting Canada’s most vulnerable seniors continues. Ontario Premier Doug Ford announced the order Wednesday morning, saying in a statement it will mean Ontario is better prepared to “immediately swing into action ... Read More »

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Norway’s wealth fund excludes oilsands investments over greenhouse gas emissions

By The Canadian Press on May 13th, 2020

OSLO, Germany – One of the world’s largest investment funds says it will exclude four Canadian oilsands producers after concluding they produce unacceptable levels of greenhouse gas emissions. The decision was announced by Norges Bank Investment Management, which manages Norway’s sovereign wealth fund. Canadian Natural Resources Ltd., Cenovus Energy Inc, Suncor Energy Inc, and Imperial ... Read More »

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Losses in the financial sector weigh on S&P/TSX composite, U.S. markets fall

By The Canadian Press on May 13th, 2020

TORONTO – Losses in the financial sector weighed on Canada’s main stock index, which posted a triple-digit decline in early trading. The S&P/TSX composite index was down 121.91 points at 14,759.25. In New York, the Dow Jones industrial average was down 222.36 points at 23,542.42. The S&P 500 index was down 21.45 points at 2,848.67, ... Read More »

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StatCan suspends pre-release of jobs data to key government officials after leak

By The Canadian Press on May 13th, 2020

OTTAWA – Statistics Canada is suspending the pre-release of its jobs report to a select group of government officials after a leak of the numbers last week. The agency had provided an early look at the information under strict conditions and through secure channels. But, Statistics Canada, which is conducting an internal investigation into the ... Read More »

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Powell warns of a possible sustained recession from pandemic

By Christopher Rugaber, The Associated Press on May 13th, 2020

WASHINGTON – Federal Reserve Chair Jerome Powell is warning of the threat of a prolonged recession resulting from the viral outbreak and is urging Congress and the White House to act further to prevent long-lasting economic damage. The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a ... Read More »

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US wholesale prices drop record 1.3% in April

By Martin Crutsinger, The Associated Press on May 13th, 2020

WASHINGTON – Wholesale prices slid a record 1.3% in April, led by a 19% plunge in the cost for energy. The Labor Department said Wednesday that its producer price index, which measures inflation before it reaches the consumer, fell by the largest amount on records going back to 2009 as the disruptions from the coronavirus ... Read More »

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Aimia buys 10 per cent stake in Chinese outdoor advertising firm Clear Media

By The Canadian Press on May 13th, 2020

TORONTO – Aimia Inc. says it has acquired a 10 per cent stake in Chinese outdoor advertising firm Clear Media Ltd. for $75 million. The move comes as the company works to transform itself from a loyalty rewards company into an investment holding firm. Aimia says it has acquired 58.8 million common shares in Clear ... Read More »

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Sony’s profits dive as stores, cinemas close during pandemic

By Yuri Kageyama, The Associated Press on May 13th, 2020

TOKYO – Japanese electronics and entertainment company Sony Corp. reported Wednesday that its quarterly profit tumbled as the coronavirus pandemic delayed music and movie releases and disrupted product supply chains. Tokyo-based Sony’s profit in January-March crashed 86% to 12.6 billion yen ($118 million), a fraction of the 87.9 billion yen earned a year ago. The ... Read More »

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Feds to unveil details of $1 billion in regional aid for small businesses

By The Canadian Press on May 13th, 2020

OTTAWA – The federal government will disclose details today of nearly $1 billion in emergency aid to be doled out to small businesses through its six regional economic development agencies. The government announced several weeks ago the creation of a new Regional Relief and Recovery Fund but did not reveal much in the way of ... Read More »

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