Money

Trending:


Edmonton is shifting back to normal pace for real estate

Edmonton’s resale real estate market is returning to normalcy following the frenzied pace of record sales and prices seen in late 2021 and early 2022. As noted in the recent forecast by the Realtors Association of Edmonton, the market is expected to look more like pre-pandemic conditions. “Compared with long-term trends, the COVID years are anomalies,” RAE’s chair Melanie Boles noted in a recent statement. Still, local realtors point out that...


Extreme cold temperatures across Quebec, East Coast expected to linger until Sunday

MONTREAL — Residents from Quebec to Newfoundland and Labrador are waking up this morning to more extreme cold weather. Emergency officials warned people to seek shelter and monitor for frostbite if they had to be outside overnight, as the temperature across much of Eastern Canada was expected to feel like -40 C to -50 C with the wind chill. Tempera...


Freeland pledges fiscal prudence to avoid feeding inflation even as demands for spending grow

Finance Minister Chrystia Freeland said Canada has a “once in a generation” moment to invest in infrastructure that will improve the delivery of health care and help combat climate change, but emphasized that she still must show restraint because the economy is at risk of sliding into a recession . Freeland made the comments after a meeting with her provincial and territorial counterparts in Toronto on Feb. 3. The main topics on the agenda were...


Spanish court rules Amazon 'Flex' couriers were falsely self-employed

MADRID (Reuters) - A Spanish court has ruled that Amazon must compensate self-employed couriers who used their own vehicles for deliveries, a move welcomed by a labour union that has criticised worker conditions in the "gig economy". The Madrid labour court said in Thursday's ruling the tech giant would have to pay Social Security contributions for the 2,166 people it hired under the guise of


Wall Street ends down after stunning jobs growth raises Fed questions

By Lewis Krauskopf, Shreyashi Sanyal and Johann M Cherian (Reuters) - Major U.S. stock indexes ended lower on Friday after surprisingly strong jobs data sparked concerns about aggressive Federal Reserve action, while investors digested a mixed bag of megacap company earnings reports. The S&P 500 still posted a gain for the week, which included a string of major market events, and stood not far


Adani Enterprises shelves $122 million bond plan - Bloomberg News

(Reuters) -Adani Enterprises Ltd has shelved a plan to raise as much as 10 billion Indian rupees ($121.65 million), Bloomberg News reported on Saturday. The flagship firm of Indian billionaire Gautam Adani's empire had planned the public note issuance for January, working with Edelweiss Financial Services Ltd, AK Capital, JM Financial, and Trust Capital, but activity has now stopped, the report


Ticketmaster working to avoid Taylor Swift repeat with Beyonce tickets

By Diane Bartz and Lisa Richwine WASHINGTON (Reuters) -Ticketmaster is preparing to sell tickets for Beyonce's first tour in six years in a different way, hoping to avoid a repeat of last year's Taylor Swift debacle. Ticketmaster, whose fees and sales processes have aggravated bands and fans for decades, came under fire in November when frustrated Swifties battled its website, often


S&P/TSX composite notches slight gain, U.S. stock markets down on strong jobs data

TORONTO — Canada's main stock index managed a slight gain on a day that saw markets swing notably following the release of better-than-expected jobs data in the U.S., which left markets in the U.S. down by day's end as investors plan for more rate hikes ahead. The hotly-anticipated jobs data showed the U.S. added 517,000 jobs, far above the 187,000...


'Ready to roll': CP Rail preparing for KCS merger, ruling expected within weeks

With the final decision by a U.S. regulator just weeks away, Canadian Pacific Railway Ltd.'s CEO says the company is "ready to roll" on its proposed merger with U.S. railroad Kansas City Southern.


Elon Musk found not liable in trial over 2018 Tesla take-private tweets

By Jody Godoy and Hyunjoo Jin SAN FRANCISCO (Reuters) -A U.S. jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had lined up funding to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who has aggressively


Toronto market posts longest weekly winning streak since March

By Fergal Smith (Reuters) - Canada's main stock index rose on Friday, helped by gains for energy and technology shares, but the move was limited as stronger than expected U.S. jobs data ran counter to hopes the U.S. Federal Reserve would soon pause its tightening campaign. The Toronto Stock Exchange's S&P/TSX composite index ended up 17.9 points, or 0.1%, at 20,758.34 following two days of


Carmaker BMW to invest around $870 million in Mexico in EV push

By Kylie Madry SAN LUIS POTOSI, Mexico (Reuters) -German automaker BMW will invest 800 million euros ($866 million) in the central Mexican state of San Luis Potosi to produce high-voltage batteries and fully electric "Neue Klasse" models, the carmaker said Friday. The expansion, set to add around 1,000 new jobs at its operations in the Mexican state, is BMW's latest push into electric vehicles (


Hackers who breached ION say ransom paid; company declines comment

By Raphael Satter WASHINGTON (Reuters) -The hackers who claimed responsibility for a disruptive breach at financial data firm ION say a ransom has been paid, although they declined to say how much it was or offer any evidence that the money had been handed over. ION Group declined to comment on the statement. Lockbit communicated the claim to Reuters via its online chat account on Friday but


'Call of Duty' maker Activision Blizzard to pay $35 million over U.S. SEC charges

By Susan Heavey and Chris Prentice WASHINGTON/NEW YORK (Reuters) -Activision Blizzard Inc has agreed to pay $35 million to settle U.S. Securities and Exchange Commission charges that it failed to have systems in place to properly handle disclosures of employee complaints and violated whistleblower protection rules, the regulator said on Friday. The SEC said the company knew employee retention


Wall St pares declines after stunning jobs report

By Shreyashi Sanyal and Johann M Cherian (Reuters) - U.S. stock indexes pared declines by afternoon on Friday as a strong jobs report that initially raised fears of the Federal Reserve keeping interest rates higher for longer also pointed to the resilience in the economy in the face of aggressive policy tightening. The Labor Department's nonfarm payrolls report showed 517,000 job additions in


Freeland touts opportunities of U.S. Inflation Reduction Act at ministers' meeting

TORONTO — The two big spending pressures on the federal government right now are health care and the global transition to a clean economy, Deputy Prime Minister and Finance Minister Chrystia Freeland said Friday. After hosting an in-person meeting with the provincial and territorial finance ministers, Freeland said U.S. President Joe Biden's Inflat...


U.S. federal judge denies U.S. FTC request to stop Meta from acquiring virtual reality content maker

WASHINGTON (Reuters) - A U.S. judge issued a public ruling on Friday evening that denies a request by the U.S. Federal Trade Commission to stop a plan by Meta Platforms Inc to buy virtual reality content maker Within Unlimited, nixing regulators' attempt to block the deal over concerns it would reduce competition in a new market. The ruling had been issued in a sealed form earlier this week. (


How electric vehicles are sparking a battery recycling revolution

A new generation of Canadian recyclers have sprung up to make sure used EV batteries — and the precious minerals inside — don’t go to waste.


Samsung LED settlement worth $150 million, nanotech firm says

By Blake Brittain (Reuters) - Samsung Electronics Co has agreed to pay $150 million to British nanotechnology company Nanoco Technologies to settle patent lawsuits over technology used in Samsung's LED televisions, Nanoco and an investor in its cases said Friday. Nanoco and Chicago-based litigation funding firm GLS Capital said in a release that the settlement, which includes a license agreement


Cigna beats quarterly profit expectations as COVID medical costs fall

By Leroy Leo (Reuters) -Cigna Corp beat Wall Street estimates for quarterly profit on Friday, aided by a sharp fall in medical costs due to lower COVID-19-related hospitalizations. Health insurers have largely managed to keep medical costs in check during the fourth quarter amid a so-called "tripledemic" of an early flu season coinciding with COVID and respiratory syncytial virus cases. Cigna's


Elon Musk's fate over Tesla tweets goes to jury

By Jody Godoy and Hyunjoo Jin SAN FRANCISCO (Reuters) -Elon Musk's liability for tweeting in 2018 about financing for a buyout of Tesla Inc is now in a jury's hands, after a shareholder lawyer said on Friday that the billionaire was not above the law while Musk's lawyer said his client was not a "tweeting monster." A nine-person jury began deliberations in San Francisco federal court on whether


U.S. court revives CFPB prepaid rule on fees, in defeat for PayPal

By Jonathan Stempel (Reuters) -A U.S. appeals court has revived a U.S. Consumer Financial Protection Bureau rule governing how providers of digital wallets disclose commonly used fees to prepaid customers. The U.S. Court of Appeals for the D.C. Circuit rejected an argument by PayPal Inc, one of the largest digital wallet providers, that the CFPB overstepped its authority by making fee


Advisory firm Innisfree sues Musk's Twitter for $1.9 million in unpaid bills

(Reuters) - U.S.-based advisory firm Innisfree M&A Incorporated sued Twitter on Friday in New York State Supreme Court, seeking about $1.9 million for what it says are unpaid bills after it advised the social media company on its acquisition by Elon Musk last year. "As of December 23, 2022, Twitter remains in default of its obligations to Innisfree under the Agreement in an amount of not less


Manitoba spent $3.9M in 1 year on private nurses to fill shortages in Winnipeg, Opposition NDP says

Manitoba's Opposition NDP is calling on the governing Tories to spend more money on the public health-care system so private agencies are not necessary to fill the province's health-care gaps.


Cigna expects revenue gains from launches of Humira biosimilars

By Leroy Leo (Reuters) -Cigna Corp expects its pharmacy benefit management unit to earn more from the second half of 2023 as makers of cheaper versions of AbbVie Inc's arthritis drug Humira will boost aftermarket discounts to gain access to patients. Amgen Inc launched a biosimilar version of Humira called Amjevita in the United States on Tuesday, and at least seven others are expected to roll


Wall Street takes a hit on hot jobs data, cold tech profits

NEW YORK (AP) — Wall Street’s rally hit a wall after a surprisingly strong jobs report fueled worries about inflation and higher interest rates. The S&P 500 fell 1% Friday, its first drop in four days, though it took an up-and-down route to get there. The bond market was more decisive in thinking the strong jobs data may push the Federal Reserve to...


Sri Lanka completing pre-requisites for IMF aid - President

By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka is completing the pre-requisites to unlock a $2.9 billion bailout from the International Monetary Fund (IMF) and expects rapid approval from the global lender, President Ranil Wickremesinghe said on Saturday. "We are successfully completing the difficult stage required to get support from the International Monetary Fund. We expect to get their


Higher interest rates here to stay until 2024: CIBC

Benjamin Tal, deputy chief economist, CIBC, talks with Financial Post’s Larysa Harapyn about how higher rates are here to stay until 2024. Mortgage renewals put homeowners in 'precarious position' FP Explains: Breaking down the Bank of Canada’s January hike. Could this be the last? What the Bank of Canada's 'conditional pause' on rate hikes means Listen to Down to Business for in-depth discussions and insights into the latest in Canadian...


Indian watchdog tells investors markets stable despite Adani rout

MUMBAI (Reuters) -India's market regulator moved to calm investor concerns on Saturday, saying that its financial markets remain stable and continue to function in a transparent and efficient manner, despite recent dramatic stock falls in Adani Group companies. Shares in Adani Group firms, controlled by billionaire tycoon Gautam Adani, have dropped by $100 billion, or half their market value,


LSTAR starts 2023 with lowest number of January home sales since 2009

'At a first glance, all these figures seem to indicate a cooling market, with a healthier housing supply,' said Adam Miller, 2023 LSTAR president.


Take a peek inside one of Edmonton's biggest homes for sale

Massive. At nearly 15,000 square feet, this southwest property with amazing views is likely the largest home on Edmonton’s resale market at this point. And if you’re wondering what such a property costs, or even looks like, here’s your chance to find out — while the home is open to viewings, one needs to be qualified before they are allowed to visit the home. The home, listed at just a hint under $5.3 million, is 9,280 square feet over two...


Saskatoon pharmacy fined for overcharging Indigenous Services Canada thousands of dollars

SRx pharmacy in Saskatoon has been fined $30,000 for overbilling medication - the largest fine the Saskatchewan College of Pharmacy Professionals has ever imposed.


S&P cuts two Adani firms' rating to negative from stable

By Tanvi Mehta (Reuters) -Credit ratings agency S&P on Friday cut its rating outlook on Adani Ports and Special Economic Zone and Adani Electricity to negative from stable, while peer Moody's warned the recent sell-off in Adani Group's shares could hurt the Indian conglomerate's ability to raise capital. This comes after U.S. short seller Hindenburg Research accused the Adani Group last week of


Housing sales remain slow in Waterloo Region in January but prices climb

For the second straight month, home sales were very low but that did not prevent prices in Waterloo Region in January from rising, according to area realtors.


Whyte Ave celebrates new businesses with Sweet Treats Festival

The Old Strathcona Business Association started the festival during the pandemic to encourage people to get outside and visit local businesses.


Brandon budget focuses on wastewater treatment to ensure city can grow

A major investment in the budget was $19.7 million for new wastewater sewers, including the proposed controversial Southwest Lift Station Project. Mayor Jeff Fawcett says infrastructure project will fuel growth in the city.


Oil falls as strong U.S. jobs data prompt interest rate concerns

By Stephanie Kelly NEW YORK (Reuters) -Oil prices fell more than 2% on Friday in a volatile session, after strong U.S. jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products. Brent crude futures fell $1.98, or 2.4%, to $80.19 a barrel by 12:11 p.m. EST (1711 GMT), after rising to a session high of $84.20.


Is blowout jobs a headache for the Fed, or a back-to-2019 gift?

By Howard Schneider WASHINGTON (Reuters) - A blowout January employment report and continued record numbers of job openings have left the U.S. Federal Reserve with a growing dilemma of whether to take its cue about future inflation from a labor market that seems to remain on fire or take solace in the fact that, at the same time, wage growth continues to cool. Even as firms added more than half


Finalists named for best in class awards for Edmonton area home building industry

Hard-work, persistence, innovation and creativity are the puzzle pieces that fuel success in the new home-building industry and Edmonton’s member group has plenty of all them. In recognition of its excellence, the Canadian Home Builders’ Association-Edmonton Region has announced the 310 finalists for the 2023 Awards of Excellence in Housing . “We are truly excited to honour our members who continue to build beautiful places to call home,” said...


Air Canada pilots union considers merger with larger union

By Allison Lampert and Aishwarya Nair MONTREAL (Reuters) -The major pilots union in North America and the union representing Air Canada pilots have had initial talks about a merger at a time when airlines are under pressure to staff up to meet rebounding travel demand, representatives of the unions told Reuters. The Air Canada Pilots Association (ACPA) represents about 4,500 pilots who fly


Bond correction coming: What an economist and an investor say about inflation

The U.S. Federal Reserve raised its benchmark rate this past week by 25 basis points. Though chair Jerome Powell said more hikes were to come, he also acknowledged the “disinflationary” process may have begun, sparking a market rally. FP Video talks to an economist and a chief investment officer about where markets and the economy are heading. Higher rates here to stay until 2024 Benjamin Tal, deputy chief economist at CIBC, talks with Financial...


Anonymous donor matching up to $15k in donations for BGC Okanagan

BGC Okanagan is celebrating a month of kindness, and fittingly a random act of kindness is helping the non-profit kick off the occasion.


Modernized Canadian Tire Store to move into old Kelowna, B.C. Costco site

The old Kelowna Costco site at the corner of Highway 97 and Highway 33 is going to be the new home of a Canadian Tire store.


Spanish court: Amazon violated labor law with delivery app

MADRID (AP) — A Spanish court has ruled that Amazon broke labor laws by forcing more than 2,000 delivery drivers to use an app that the company controlled for scheduling work and payments and requiring them to use their own cars and cellphones on the job. Amazon could not treat workers using its Flex app as self-employed because the e-commerce gian...


Elon Musk is not above the law, lawyer says as trial nears end

By Jody Godoy (Reuters) -A lawyer for Tesla Inc shareholders suing Elon Musk told jurors on Friday that the world's second-richest person is not above the law, and should be liable for falsely tweeting that he had secured funding to take his electric car company private. "This case ultimately is about whether rules that apply to everyone else should also apply to Elon Musk," the shareholders'


A surprising burst of US hiring in January: 517,000 jobs

WASHINGTON (AP) — For nearly a year, the Federal Reserve has been on a mission to cool down the job market to help curb the nation's worst inflation bout in four decades. The job market hasn't been cooperating. Consider what happened in January: The government said Friday that employers added a sizzling 517,000 jobs last month and that the unemploy...


Elon Musk found not liable in fraud trial over take-private tweets

By Jody Godoy and Hyunjoo Jin SAN FRANCISCO (Reuters) -A U.S. jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable of securities fraud case in a high-profile case over Musk's tweets in 2018 that he had lined up funding to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who


Exclusive-BlackRock sustainability chief Bodnar to join Bezos Earth Fund - memo

By Simon Jessop LONDON (Reuters) - Paul Bodnar, the head of sustainability policy and engagement at BlackRock, the world's biggest asset manager, is to join tech mogul Jeff Bezos' $10 billion Bezos Earth Fund, a memo to staff on Friday reviewed by Reuters shows. The April move will mark the end of a two-year stint at the company for Bodnar, who was previously global head of BlackRock Sustainable


Fed seen hiking policy rate above 5% as job gains surge

By Ann Saphir (Reuters) - The U.S. Federal Reserve is likely to need to lift the benchmark rate above 5% and keep it there to squeeze too-high inflation out of an economy where the labor market remains strong even after nearly a year of the most aggressive round of Fed rate hikes in 40 years. That was the betting in financial markets on Friday after the U.S. Labor Department reported employers


Tesla's Elon Musk found not liable in trial over 2018 'funding secured' tweets

By Jody Godoy and Hyunjoo Jin SAN FRANCISCO (Reuters) -A U.S. jury on Friday found Tesla Inc CEO Elon Musk and his company were not liable for misleading investors when Musk tweeted in 2018 that he had "funding secured" to take the electric car company private. Plaintiffs had claimed billions in damages and the decision also had been seen as important for Musk himself, who often takes to Twitter