Business Buzz

Mortage debt slows considerably
The Canadian Press - 1:56 pm - Business Buzz

OTTAWA — Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4% year over year and representing the slowest growth in 23 years. The federal housing agency said in a new report that higher mortgage costs and uncertainty around the Bank of Canada […]

Okanagan wineries sue utility
The Canadian Press - May 28, 2024 - Business Buzz

PORTLAND, Ore. — Dozens of Oregon wineries and vineyards have sued PacifiCorp over the deadly 2020 wildfires that ravaged the state, alleging that the utility’s decision to not turn off power during the Labor Day windstorm contributed to blazes whose smoke and soot damaged their grapes and reduced their harvest and sales. In the latest […]

Credit card balances balloon
The Canadian Press - May 28, 2024 - Business Buzz

Some Canadians are seeing their credit card balances grow as the cost-of-living crisis and higher interest rates eat into household budgets, a new report shows. A TransUnion report says the number of Canadians paying only the minimum amount on their credit cards was up eight basis points to 1.3% compared with last year. Matthew Fabian, […]

Postmedia sells newspapers
The Canadian Press - May 27, 2024 - Business Buzz

TORONTO — Postmedia Network Canada Corp. says it has signed a deal to sell the Winnipeg Sun, the Graphic Leader and Kenora Miner & News newspapers to Klein Group Ltd. Included in the transaction is Postmedia’s Winnipeg commercial print division, all associated digital properties, contracts and other related parts of the businesses. Financial terms of […]

Indigo ready to go private
The Canadian Press - May 27, 2024 - Business Buzz

TORONTO — Indigo Books & Music Inc. shareholders have voted to approve a deal that will have the retailer become a private company. Shareholders voted Monday in favour of a $2.50 per share offer from Trilogy Retail Holdings Inc. and Trilogy Investments L.P., which have a 56% stake in Indigo and are owned by Gerald […]

Index bounces back from loss
The Canadian Press - May 24, 2024 - Business Buzz

TORONTO — A broad-based rally helped Canada’s main stock index close up more than 100 points Friday to largely recover from losses a day earlier, while U.S. stock markets also climbed. The S&P/TSX composite index ended up 120.08 points at 22,320.87 to claw back much of the 146-point loss Thursday, though it was still down […]

Report eyes ‘excessive profits’
The Canadian Press - May 24, 2024 - Business Buzz

The federal government should consider policies to tackle “excessive net profits” in the food industry, said the House of Commons committee studying food prices in its latest report. The committee recommended the government look into ways to address these profits in “monopolistic and oligopolistic sectors in the food supply chain,” which it says are driving […]

NCAA ready to start paying
The Canadian Press - May 23, 2024 - Business Buzz

The NCAA and the nation’s five biggest conferences said Thursday night they have agreed to pay nearly $2.8 billion to settle a host of antitrust claims, a monumental decision that sets the stage for a groundbreaking revenue-sharing model that could start directing millions of dollars directly to athletes as soon as the 2025 fall semester. […]

US government sues Live Nation
The Canadian Press - May 23, 2024 - Business Buzz

WASHINGTON — The Justice Department sued Ticketmaster and its parent company Thursday, accusing them of running an illegal monopoly over live events in America and asking a court to break up the system that squelches competition and drives up prices for fans. Filed in federal court in Manhattan, the sweeping antitrust lawsuit was brought with […]

No carry-on fare coming
The Canadian Press - May 22, 2024 - Business Buzz

CALGARY — WestJet Airlines has plans to soon introduce a new cheaper fare category that would be available to travellers willing to fly without a carry-on bag. CEO Alexis von Hoensbroech said the new fare category will be introduced within “a couple of weeks.” He told a Calgary business audience Wednesday that the new “ultra-low” […]