Business Buzz

Sears still hanging tough
The Canadian Press - Jan 16 - Business Buzz

NEW YORK – Sears will live on—at least for now. The company’s chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for Sears, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because they were not authorized to discuss the […]

Time for innovation change
Okanagan Edge Staff - Jan 15 - Business Buzz

The Canadian government needs to change the way it funds innovative ventures, according to data released by the Fraser Institute on Tuesday. Canada’s ranking on the Global Innovation Index and the Global Competitiveness Report—two key innovation indices—is the lowest it has been since 2011 and 2008, respectively. “Canada’s relatively poor innovation performance over a rather long period of […]

Hyndai wins big in Detroit
The Canadian Press - Jan 14 - Business Buzz

Hyundai scored two out of three wins on Monday in the North American Car, Truck and Utility Vehicle of the Year awards, as the Detroit auto show’s press previews officially got underway. The Hyundai Genesis G70 and Hyundai Kona took the car and utility awards, respectively, surprising officials with the South Korean automaker. The Genesis […]

Air Canada, Jazz extend deal
The Canadian Press - Jan 14 - Business Buzz

MONTREAL — Air Canada and Chorus Aviation Inc. have extended a purchase agreement by 10 years that will see Chorus subsidiary Jazz Aviation LP continue to provide Canada’s biggest airline with regional service through to 2035. Analysts say the deal will quell concerns around Chorus’s future after Air Canada announced last February it would expand […]

Interest rate staying put
The Canadian Press - Jan 09 - Business Buzz

OTTAWA — The Bank of Canada left its trend-setting interest rate unchanged at 1.75 per cent Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects the economy to expand with renewed vigour. More rate hikes, it stressed, will be necessary […]

Legal weed more pricey
The Canadian Press - Jan 09 - Business Buzz

OTTAWA — Statistics Canada says that the average price of a legal gram of recreational pot last year was $9.70, nearly 50 per cent higher than the illicit market price of $6.51. The agency says it received 385 price quotes deemed plausible using the StatsCannabis crowdsourcing application between Oct. 17, when adult-use pot became legal […]

Hours don’t always add up
The Canadian Press - Jan 08 - Business Buzz

Madeleine Miller started working part-time at an Ottawa-area Tim Hortons as soon as she turned 15. She found her work schedule erratic. She’d often be scheduled for a three-hour shift on the weekends but would then be asked to stay much longer on busy days. Sometimes, her boss would then renege and cut back those […]

Aeroplan deal inches closer
The Canadian Press - Jan 08 - Business Buzz

Shareholders of Aimia Inc. have voted to sell its Aeroplan loyalty program to an Air Canada-led consortium. The $450-million deal will see Air Canada buy Aeroplan for cash and assume $1.9 billion in liabilities to points holders, partially backed by two banks that offer Aeroplan credit cards. Toronto-Dominion Bank and the Canadian Imperial Bank of […]

Taking different pot route
Kirk Penton - Jan 07 - Business Buzz

TORONTO — The former chief executive of licensed producer CanniMed Therapeutics Inc. has a budding new cannabis business largely made up of his former employees, but his newest venture won’t involve growing pot. Biopharmaceutical company Zyus Life Sciences Inc. will instead buy cannabis from licensed producers and focus on extraction and development of plant-based medicinal […]

Bell wants your info
Kirk Penton - Jan 07 - Business Buzz

TORONTO — Canada’s largest telecommunications group is getting mixed reviews for its plan to follow the lead of companies like Google and Facebook in collecting massive amounts of information about the activities and preferences of its customers. Bell Canada began asking its customers in December for permission to track everything they do with their home […]