Business Buzz

Cuts coming to Ontario plant
The Canadian Press - Jul 19, 2019 - Business Buzz

OAKVILLE, Ont. — Ford Motor Co. says it will cut about 200 jobs at its Oakville, Ont., plant starting in September as sales of some models slow. “We have a long-standing practice of matching production with consumer demand. As a result, we are making changes to the operating pattern at Oakville Assembly Complex,” company spokeswoman […]

BoC lowers mortgage rate
The Canadian Press - Jul 19, 2019 - Business Buzz

The Bank of Canada has lowered the rate used by mortgage stress tests to determine whether would-be homeowners can qualify, marking the first drop in three years. The central bank’s five-year benchmark qualifying rate is now 5.14 per cent, down from 5.34 per cent. It’s the first decrease in the five-year fixed mortgage rate since […]

Boeing ready to pay big
The Canadian Press - Jul 18, 2019 - Business Buzz

DALLAS — Boeing says it will take a $4.9 billion charge to cover possible compensation to airlines whose Max jets remain grounded after two deadly accidents. Boeing said Thursday that the calculation was based on an assumption that regulatory approval for the plane’s return to flying will begin early in the fourth quarter. That timing […]

Vacation deals can be had
The Canadian Press - Jul 18, 2019 - Business Buzz

OTTAWA — As social media feeds fill up with pictures of friends and family on vacation, and last-minute deals on flights become harder to score, the fear of missing out is real for procrastinators who have not yet booked their summer holiday. But Elyshia Derbach of Flight Centre says there are still deals to be […]

Airline sues unruly passenger
The Canadian Press - Jul 18, 2019 - Business Buzz

LONDON — A passenger accused of severe misbehaviour on a Jet2 flight that had to return to London’s Stansted Airport in June has received a huge bill from the airline. The airline has accused Chloe Haines of “aggressive, abusive and dangerous behaviour” on a flight and sent her a bill for 85,000 pounds ($106,000). She […]

Insta expanding ‘like’ pilot
The Canadian Press - Jul 17, 2019 - Business Buzz

Instagram says it’s expanding a Canadian pilot removing “like” counts from some users’ feeds to several more countries. An Instagram spokesman says the social media giant plans to roll out the test in Australia, New Zealand, Brazil, Japan, Italy and Ireland this week. In May, Instagram began testing a new feature in Canada preventing some […]

FaceApp worries experts
The Canadian Press - Jul 17, 2019 - Business Buzz

TORONTO — A social media flood of pictures of computer-aged celebrities, including Drake and Stephen Colbert, has boosted the popularity of the “FaceApp Challenge” but also has privacy experts raising concerns about the image-altering service’s expansive terms of use. The app, which offers a range of facial image manipulations from adding facial hair to changing […]

Alternative lenders flourishing
The Canadian Press - Jul 16, 2019 - Business Buzz

An increasing number of homeowners turned to alternative lenders last year, while new mortgage growth reached its slowest pace in more than a quarter of a century amid government interventions aimed at cooling the housing market, according to a new report. Alternative lenders, which take on clients with riskier profiles for shorter terms at higher […]

Passenger rights take off
The Canadian Press - Jul 15, 2019 - Business Buzz

MONTREAL — Airlines now have to reimburse passengers for flight bumping and damaged luggage as part of a package of new protections that took effect today. The regulations require prompt updates and clear communication with passengers about their rights if their flight is delayed or cancelled. Travellers can receive up to $2,400 if bumped from […]

Lower gas prices unlikely
The Canadian Press - Jul 14, 2019 - Business Buzz

An industry expert says a public inquiry into B.C.’s record-breaking gasoline prices may increase the public’s understanding of a murky market but the provincial government’s options for response are limited. Michael Ervin, senior vice-president with consulting firm Kent Group that specializes in the downstream petroleum industry, said he also doesn’t expect the inquiry to uncover […]