Business Buzz

Interest rates cut sales
The Canadian Press - 1:47 pm - Business Buzz

Increasing mortgage rates slowed home sales in April from the frenzied pace they started the year at, the Canadian Real Estate Association said Monday. The association found the number of homes sold dropped by 25.7% to 54,894 last month from 73,907 in April 2021, when the country set a record for the month. On a […]

McDonald’s pulling out of Russia
Kirk Penton - 10:54 am - Business Buzz

More than three decades after it became the first American fast food restaurant to open in the Soviet Union, McDonald’s said Monday that it has started the process of selling its business in Russia, another symbol of the country’s increasing isolation over its war in Ukraine. The company, which has 850 restaurants in Russia that […]

Big bounceback for index
The Canadian Press - May 13, 2022 - Business Buzz

Canada’s main stock index climbed Friday on a broad-based rally, bringing an end to what had been a six-day losing streak. The S&P/TSX composite index closed up 400.14 points at 20,099.19. In New York, the Dow Jones industrial average was up 466.36 points at 32,196.66. The S&P 500 index was up 93.81 points at 4,023.89, […]

Massives loss for Aurora
The Canadian Press - May 13, 2022 - Business Buzz

Aurora Cannabis Inc. reported several impairment charges and a more than $1 billion net loss in its most recent quarter Thursday as it revealed plans to close several facilities and cope with pricing pressures that ate into revenues already hampered by the COVID-19 pandemic. The third-quarter loss the Edmonton-based cannabis business reported was up from […]

Cineplex starts its comeback
The Canadian Press - May 13, 2022 - Business Buzz

TORONTO — Canadians are returning to cinemas after more than two years of COVID-19 measures, handing a revenue bump to the country’s largest cinema chain. Cineplex Inc. said Friday that theatregoers’ spending on tickets and snacks boosted its first-quarter revenue to $228.7 million, up from $41.4 million in the first three months of 2021. Box […]

Flight attendants work for free?
The Canadian Press - May 12, 2022 - Business Buzz

MONTREAL — Flight attendants are effectively forced to work for free amid growing tarmac delays—particularly at Toronto’s Pearson airport—according to the employees’ biggest union. The Canadian Union of Public Employees, which represents some 15,000 flight attendants, says the clogged airports and lengthy wait times that have plagued thousands of passengers in recent weeks are also […]

Data driving Canadian Tire
The Canadian Press - May 12, 2022 - Business Buzz

One of Canada’s biggest retailers is using customer data mined through its loyalty program and credit cards to drive sales and counter the potential demand impact of rising prices. Canadian Tire Corp. Ltd. said Thursday it is focused on attracting and engaging rewards members as a way to gain insight into shopping habits and shape […]

Nothing stopping travel plans
The Canadian Press - May 11, 2022 - Business Buzz

MONTREAL — Even as gas prices hit record highs, Canadians are fanning out across the country for fresh travel experiences after two years of bottled-up demand. Beth Potter, head of the Tourism Industry Association of Canada, says some vacationers are still staying closer to home on camping, hiking and cycling excursions, with many opting for […]

Sale not good enough for merger
The Canadian Press - May 11, 2022 - Business Buzz

OTTAWA — Plans by Rogers Communications Inc. and Shaw Communications Inc. to sell Shaw’s wireless business do not outweigh the harm that the companies’ proposed merger would cause, the Competition Bureau has argued in court documents. In May 9 filings to the Competition Tribunal, the regulator says the sale of Freedom Mobile would not add […]

Fourth down day in a row
The Canadian Press - May 10, 2022 - Business Buzz

TORONTO — Canada’s main stock index closed down more than 100 points as crude prices fell again in a wavy day for markets. “We opened up with a rally, which then petered out, and it’s clawed back from the bottom,” said Les Stelmach, portfolio manager at Franklin Templeton Canada, of the volatile day for the […]