October 20th, 2020

Business

Awash in red ink: US posts record $3.1T 2020 budget deficit

By Martin Crutsinger, The Associated Press on October 16th, 2020

WASHINGTON – The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the ... Read More »

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US budget deficit hits all-time high of $3.1 trillion

By Martin Crutsinger, The Associated Press on October 16th, 2020

WASHINGTON – The federal budget deficit hit an all-time high of $3.1 trillion in the 2020 budget year, more than double the previous record, as the coronavirus pandemic shrank revenues and sent spending soaring. The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the ... Read More »

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UK says EU trade talks ‘over’ but bloc sees room for a deal

By Jill Lawless And Raf Casert, The Associated Press on October 16th, 2020

LONDON – British Prime Minister Boris Johnson said Friday that the U.K. must prepare for a no-deal break with the European Union unless there is a “fundamental” change of position from the bloc, as the two sides swapped blame for failing to strike a trade deal with just weeks until the end-of-year deadline. The EU ... Read More »

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TV gives viewers a split-screen comparison of Trump, Biden

By David Bauder, The Associated Press on October 16th, 2020

NEW YORK – Instead of the expected debate between President Donald Trump and Democrat Joe Biden, television viewers were left Thursday with what ABC’s David Muir called “split-screen America.” Biden participated in a 90-minute town hall from Philadelphia on ABC, while NBC News went ahead with its hourlong Trump session in Miami – despite protests ... Read More »

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Report: Europe closing in on decision to let 737 Max fly

By The Associated Press on October 16th, 2020

BERLIN – Europe’s aviation regulator is closing in on a decision to allow the Boeing 737 Max to return to the air after it was grounded worldwide following two deadly crashes, according to a report Friday. The European Union Aviation Safety Agency’s executive director, Patrick Ky, said he is satisfied that changes to the jet ... Read More »

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US retail sales grow for 5th month in a row

By Joseph Pisani, The Associated Press on October 16th, 2020

NEW YORK – Retail sales rose strongly in September, the fifth straight month of growth, as Americans spent more on clothing, cars and sporting goods. U.S. retail sales jumped 1.9% last month, the U.S. Commerce Department said Friday. That’s more than double what was economists were expected. And it’s up from the 0.6% increase in ... Read More »

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Nova Scotia offers loan program for large tourism operators hit by pandemic

By The Canadian Press on October 16th, 2020

HALIFAX – The Nova Scotia government is offering $50 million in loan guarantees for the province’s larger tourism operators struggling to deal with the COVID-19 pandemic. The program will provide eligible operators access to debt financing, such as lines of credit or term loans issued by a chartered bank or the Business Development Bank of ... Read More »

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AltaGas agrees to pay $715 million to double stake in midstream firm Petrogas

By The Canadian Press on October 16th, 2020

CALGARY – AltaGas Ltd. says it has agreed to pay $715 million in cash to privately held SAM Holdings Ltd. to double its ownership share in oil and gas liquids handling firm Petrogas Energy Corp. to 74 per cent. Calgary-based AltaGas bought a one-third interest in Petrogas for about $440 million in 2013 as part ... Read More »

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S&P/TSX composite edges lower as U.S. stock markets rise, loonie climbs

By The Canadian Press on October 16th, 2020

TORONTO – Canada’s main stock index edged lower in late-morning trading amid losses in the telecommunications and mining sectors, while U.S. stock markets marched higher. The S&P/TSX composite index was down 2.28 points at 16,498.75. In New York, the Dow Jones industrial average was up 261.49 points at 28,755.69. The S&P 500 index was up ... Read More »

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Plaid denies misleading customers, using trademarks unfairly after TD Bank lawsuit

By The Canadian Press on October 16th, 2020

TORONTO – Plaid Inc. denies it has used TD Bank’s logo to dupe customers into handing over personal information that the U.S.-based data company could monetize and says it’s disappointed a TD subsidiary has filed a lawsuit against it. The San Francisco-based company says in a statement to The Canadian Press that Plaid’s role in ... Read More »

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Manufacturing sales fall 2.0 per cent in August, Statistics Canada says

By The Canadian Press on October 16th, 2020

OTTAWA – Canadian manufacturing sales fell 2.0 per cent to $52.4 billion in August, weighed down by a drop in the transportation sector, Statistics Canada said Friday. The decline followed three consecutive months of strong increases, the agency said. The decline was disappointing, but not surprising, said TD Bank economist Omar Abdelrahman – economists on ... Read More »

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