Business Buzz

Markets hit hard again
The Canadian Press - 3:50 pm - Business Buzz

TORONTO — North American stock markets followed the worst first quarter since the 2008 financial crisis with an April 1st that was no joke. Markets each sustained triple-digit losses following U.S. President Donald Trump’s gloomy outlook about the severity and duration of the COVID-19 pandemic. In a news conference Tuesday, he warned of a “very, […]

Drug supply lines disrupted
The Canadian Press - 1:28 pm - Business Buzz

OTTAWA — Canadians should brace for possible drug shortages as COVID-19 disrupts global supply lines, the federal health ministry’s top public servant says. A lack of medications to fill ordinary prescriptions is an ongoing issue in Canada, but deputy health minister Stephen Lucas says COVID-19 is worsening the problem. “We anticipate there will be shortages […]

Employer could be on hook
The Canadian Press - 11:53 am - Business Buzz

TORONTO — Amid the mass transition to remote working as a result of the COVID-19 pandemic, most employers are likely focused on operational issues in order to get their employees up and running in their new home offices. However, in addition to IT issues, experts say employers would be well advised to equip and train […]

Alberta invests in Keystone
The Canadian Press - Mar 31, 2020 - Business Buzz

CALGARY — A final investment decision clearing the way for construction of the long-delayed Keystone XL pipeline was greeted with relief on Tuesday by an Alberta oilpatch where production has grown faster than pipeline capacity. The decision by Calgary-based TC Energy Corp. to go ahead with the US$8-billion project was widely anticipated after it cleared […]

Global grain demand increases
The Canadian Press - Mar 31, 2020 - Business Buzz

Canadian grain is in high demand as shippers try to feed a growing appetite from mills and governments seeking to shore up staple reserves amid the COVID-19 pandemic. Grain shipments at the Port of Thunder Bay in Ontario doubled year over year in March, with vessels loading 200,000 tonnes last week and higher volumes expected […]

Money tips for COVID-19
The Canadian Press - Mar 31, 2020 - Business Buzz

TORONTO — Credit counsellor Pamela George is hearing from Canadians who feel lost amid the financial strife of COVID-19. After the Ottawa-based adviser began offering free phone consultations last month, the stories began to flow in. Some told her they hadn’t established emergency funds for the unexpected, and now they’re worried simple necessities could sap […]

Helping out the little guy
The Canadian Press - Mar 31, 2020 - Business Buzz

Andy Hunter, founder of a new online sales outlet for independent booksellers, had seen a crisis building well before the coronavirus pandemic shut down many of the country’s stores. “”Between 2015 and 2018, I saw this big jump in the percentage of weekly sales for physical books that were going to,” Hunter says. “And […]

Massive Air Canada layoffs
The Canadian Press - Mar 30, 2020 - Business Buzz

MONTREAL — Air Canada will temporarily lay off 16,500 employees starting this week as the airline struggles with fallout from the COVID-19 pandemic. Effective this Friday, the layoffs of 15,200 unionized workers and 1,300 managers will last through April and May amid drastically reduced flight capacity from the Montreal-based airline. “To furlough such a large […]

Service workers need help
The Canadian Press - Mar 30, 2020 - Business Buzz

The union representing many of Canada’s hotel and hospitality workers says almost all its 18,000 members face layoffs due to COVID-19, and it wants immediate help for service workers across the country. Unite Here officials estimate their members and more than 200,000 other service-industry workers will be unemployed as up to 90% of Canada’s hotels […]

Hoping for April rent break
The Canadian Press - Mar 30, 2020 - Business Buzz

Grace An nearly cried after the landlord for her downtown Toronto restaurant called with a compromise: pay half the roughly $5,000 rent in April and May, and pay back the other half over time when business, hopefully, returns to normal. “This will stretch it out for me to not file for bankruptcy in like a […]