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China's Didi faces rocky path to growth after winning U.S. delisting nod

By Julie Zhu HONG KONG (Reuters) - Didi Global may have ensured its survival after winning shareholders' nod for a U.S. stock delisting but a quick return to growth won't be easy for the Chinese ride-hailer as it still faces regulatory scrutiny and as COVID-19 has hurt the business. Didi's U.S. withdrawal less than a year after its debut there is...


Posthaste: Stop hiking interest rates! Canadians want Bank of Canada to press pause amid deep financial worries

Good morning! A large number of Canadians want the Bank of Canada to press pause on additional interest rate increases as they fret about their finances, a new poll suggests. Close to half of Canadians want the central bank to keep interest rates at one per cent and monitor how it’s affecting inflation before making any more moves, according to a survey conducted by the Angus Reid Institute . Only 27 per cent said the bank should hike more...


Airline groups call for 'immediate action' from Ottawa over airport delays

The International Air Transport Association (IATA) is urging the Canadian government to take immediate action, including removing COVID-19 vaccine mandates, to deal with the delays plaguing the country's biggest airports. The airline lobby group, which represents 290 airlines including Air Canada, WestJet and Air Transat, released a statement on Tuesday calling on the federal government "to reduce the massive delays and immigration and security...


U.S. luxury retailers lean on affluent customers to avoid inflation pain

By Mehr Bedi and Aishwarya Venugopal (Reuters) - Upbeat profit forecasts from Nordstrom and Ralph Lauren underscore the edge high-end chains have over the wider U.S. retail industry in an inflationary environment, thanks to the deep pockets of their customer base. The retail landscape is feeling the strain of decades-high inflation as a sharp inc...


Opinion: Threat of wage cuts a danger to Alberta's post-pandemic recovery

As we crest what we hope is the peak of one of the worst public health disasters to hit the globe in generations, a new crisis is looming, one that is corralling working Albertans into economic lockdown caused by a rapidly rising cost of living, coupled with wages that just don’t keep up. This has left some workers to flee the province looking for better, and others unable to participate in, and help foster, the kind of post-pandemic recovery we...


Saudi finance minister warns of growing global food crisis caused by Ukraine war

"The MENA region is very, very, very vulnerable," Saudi Arabia's finance chief told CNBC during the World Economic Forum at Davos Switzerland.


U.S. Treasury pushes Russia towards default: What next?

By Karin Strohecker and Sujata Rao LONDON (Reuters) - Russia edged closer to a historic debt default on Wednesday after the United States decided against extending a key license that had allowed Moscow to keep paying bondholders despite the sanctions imposed on it for attacking Ukraine. The license expired at 12:01 am ET (0401 GMT) on Wednesday, ...


Brittney Griner's wife tells ABC she wants WNBA star home

Brittney Griner's wife, Cherelle, wants President Joe Biden to secure her partner's release, doing whatever is necessary to get the WNBA star home from Russia where she has been detained for more than three months. “I just keep hearing that, you know, he has the power. She’s a political pawn, ” said Cherelle, who became emotional detailing what little she knows about Griner's detainment during an interview that aired Wednesday on Good Morning...


Twitter to hold annual meeting amid Musk uncertainty

By Sheila Dang (Reuters) -Twitter Inc will face skeptical shareholders on Wednesday during its annual meeting, as doubt remains over whether the social media company will complete its deal to be acquired by billionaire Elon Musk at the agreed-upon price. The Tesla chief executive tweeted on May 13 that the $44 billion acquisition was "temporarily o...


Russian oil's Achilles' heel: insurance

By Jonathan Saul, Nidhi Verma, Yuka Obayashi and Carolyn Cohn LONDON/NEW DELHI/TOKYO (Reuters) - Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. Insurers from Europe and the...


Diane Francis: Now more than ever, North America needs an energy revolution

This fall, Quebec’s proposal to build a $1-billion transmission line to carry additional hydro-electric power to markets in New England was rejected . Ironically, many of the anti-development organizations that opposed the transmission line also opposed the XL oil pipeline from Alberta to southern refineries and others through British Columbia. Hydro-Québec’s rejection is another major trade setback that threatens Canada’s natural resource and...


Journalists face 'alarming' levels of stress, trauma and harassment, report suggests

OTTAWA — Members of Canada's news industry are suffering "alarming" levels of work-related stress and trauma, a new report suggests, and researchers are calling for better supports to help journalists cope with covering COVID-19 and other crises. The findings, based on 1,251 voluntary responses to an online survey conducted between Nov. 1 and Dec. 18, 2021, showed that media workers have dealt with high rates of mental health conditions over the...


Edmunds compares Jeep Grand Wagoneer and Cadillac Escalade

Jeep has come out with a new three-row large SUV, the Grand Wagoneer. It dusts off a nameplate not used since the early 1990s and stands as the brand’s most expensive and luxurious model. Immense power, impressive technology and a premium cabin are the highlights rather than Jeep’s typical trail-busting capabilities. Of course, there’s another American SUV that plies these same gilded halls: the Cadillac Escalade. Since its recent redesign, the...


How to afford a vacation when money is tight and costs are rising

Many people are getting the urge to travel again as countries reopen and relax their COVID-19 restrictions. Even if travelling wasn’t something you did before the pandemic, two years at home is more than enough time to give anyone the travel bug. But before you spend hours surfing travel websites and researching where you want to go, review your finances. It may feel less spontaneous than simply booking a last-minute special, but ensuring you...


A Montreal woman is struggling to make ends meet with a good salary. She’s not alone

The change in family finances, coupled with rising food costs has meant cutting back and adopting new habits. "We have to reconsider everything now," said a Montreal woman.


Nugent-Hopkins scores twice, Oilers survive Smith's blunder to grab 3-1 series lead

EDMONTON — Ryan Nugent-Hopkins has suffered through plenty of heartache in the Alberta capital. The top pick at the 2011 draft missed the playoffs in seven of his first eight NHL seasons as the Edmonton Oilers repeatedly fumbled and bumbled their way through what must have felt like a never-ending rebuild. After a stunning turn of events midway through Tuesday's third period that could have heaped more pain on a once-proud franchise dreaming of...


UK's Johnson faulted for lockdown parties but won't quit

LONDON (AP) — An investigative report released Wednesday blamed British Prime Minister Boris Johnson and other senior leaders for allowing boozy government parties that broke the U.K.’s COVID-19 lockdown rules, and while Johnson said he took “full responsibility” for the breaches, he insisted he would not resign. Revelations that Johnson and his staff repeatedly flouted restrictions they imposed on Britain in 2020 and 2021 have fueled outrage in...


After digital asset crash, Canadian crypto companies look to the future

TORONTO — The digital asset industry has seen nearly US$2 trillion in market value wiped out over the last several months — a staggering US$300 billion during the week of May 9 alone — but some crypto watchers see this moment as an opportunity for the sector to reset and evolve into the next phase. "We were seeing a lot of good money being thrown at bad projects," says Erica Pimentel, crypto researcher and assistant professor at the Smith School...


Mary Ng walks out on Russian counterpart at APEC, signalling a shift in global co-operation

Just as Russia’s minister for economic development Maxim Reshetnikov was set to deliver his opening remarks at the 2022 Asia-Pacific Economic Cooperation (APEC) meeting of trade ministers on the weekend in Bangkok, Canada’s Mary Ng staged a walkout alongside trade ministers from Japan, the United States, New Zealand, and Australia. “As Canada’s trade minister, it was really important that we send a message, but it was also an opportunity to...


'Hard to ignore': Which oil stocks to buy if crude prices keep rising

Oil stocks are "increasingly hard to ignore", according to analysts at Scotiabank Global Equity Research who ranked companies by how much their balance sheet could benefit if crude prices march higher. Shrinking U.S. stockpiles ahead of the busy summer driving season in North America saw the price of West Texas Intermediate (WTI) (CL=F) climb above US$110 per barrel on Wednesday. The latest supply data from the American Petroleum Institute added...


Fed officials signal rates may head to 'restrictive' levels

WASHINGTON (AP) — Federal Reserve officials agreed when they met earlier this month that they may have to raise interest rates to levels that would weaken the economy as part of their drive to curb inflation, which is near a four-decade high. At the same time, many of the policymakers also agreed that after a rapid series of rate increases in the coming months, they could “assess the effects” of their rate hikes and, depending on the economy’s...


Cryptocurrency crash devalues Ukraine's government crypto fundraise

By Elizabeth Howcroft LONDON (Reuters) - Ukraine, battered by three months of war, plans to continue to tap crypto investors to help raise funds after a plunge in prices decimated the country’s fundraising efforts in May. Following the Russian invasion of Ukraine on Feb. 24, the Ukrainian government used social media to ask for cryptocurrency don...


It's time for Elon Musk, Jeff Bezos, and other billionaires to 'step up' and help end hunger crisis, says head of UN's World Food Program

David Beasley says Musk hasn't made good on his vow to give $6 billion to tackle world hunger, telling the AP, "I don't know what it's going to take."


Analysis: Stock and bond divergence offers hope for battered 60/40 portfolio

By Davide Barbuscia NEW YORK (Reuters) - U.S. stocks and bonds are moving in opposite directions, a phenomenon that could bring relief for investors hoping for a blend of the two asset classes to blunt declines in their portfolios. Yields on the benchmark 10-year Treasury – which move inversely to prices – are down 28 basis points since May 9, wh...


Amazon opens first physical fashion retail store

(Reuters) - Amazon.com Inc said on Wednesday it had opened its first brick-and-mortar clothing retail store, as people start to venture out to shop following easing COVID-19 curbs. The store, Amazon Style, located in Los Angeles, will use machine-learning technology to help customers find clothes and personalize recommendations. Customers shoppin...


Federal, provincial governments pledge $15M each for 2025 Invictus Games in B.C.

VANCOUVER — The federal and British Columbia governments are each committing $15 million in support of the 2025 Invictus Games in Vancouver and Whistler. Prime Minister Justin Trudeau and Premier John Horgan made the announcement at Rogers Arena in Vancouver. Trudeau said that as the first Invictus Games to feature adaptive winter sports, the event will be "uniquely Canadian." An additional $1 million in federal funds will be provided to the...


Federal government says court challenge to Quebec language law possible

MONTREAL — Federal Justice Minister David Lametti says his government is not ruling out a court challenge to Quebec's newly adopted language-reform law. But Lametti says he first wants to see how it's implemented, adding that the law could be enforced in a way that doesn't violate constitutionally protected rights. Quebec's Bill 96, adopted on Tuesday, extends strict French-language rules for businesses, requires immigrants six months after they...


Exclusive-India's Digit Insurance targets $5 billion in IPO valuation - sources

By M. Sriram MUMBAI (Reuters) - India's Digit Insurance, backed by Canadian billionaire Prem Watsa's Fairfax Group, is considering raising about $500 million in an initial public offering at a valuation of $4.5 billion to $5 billion, three people aware of the matter told Reuters. Founded in 2017, Digit is trying to capitalise on India's under-pen...


This refreshing airline amenity is making a comeback

For those among us who like a tipple after takeoff, consider this a sign that the world is healing: Many airlines are resuming in-flight meals and alcohol service. Early on in the pandemic, many airlines completely cut in-flight refreshment offerings (aside from perhaps a hasty water bottle delivery). Slowly but surely, airlines are reintroducing the amenity. For example, in 2020, Southwest Airlines cut service completely on short flights and...


BMO reports profit up as loan growth continues, expenses also creep higher

TORONTO — BMO Financial Group said Wednesday that loan growth remained strong in the second quarter as businesses kept investing and residential mortgages were up, but that it is also ramping up its risk assessments as economic pressures including inflation grow. Central banks have been responding to rising prices by raising interest rates, leading to fears they could overstep and push the economy into a recession, but BMO says it hasn't seen a...


UK govt approves sale of Chelsea by sanctioned Abramovich

LONDON (AP) — Roman Abramovich’s 19 years as Chelsea owner is closer to ending after the British government approved the sale of the Premier League club by the sanctioned Russian oligarch to a consortium fronted by Los Angeles Dodgers part-owner Todd Boehly. The government had to be sure that Abramovich, who was sanctioned over his links to Russian President Vladimir Putin, did not profit from the enforced sale of the club that his investment...


Congressional Budget Office says inflation to last into 2023

WASHINGTON (AP) — The Congressional Budget Office released an economic outlook Wednesday saying that high inflation will persist into next year, likely causing the federal government to pay higher interest rates on its debt. The nonpartisan agency expects that the consumer price index will rise 6.1% this year and 3.1% in 2023. This forecast suggests that inflation will slow from current annual levels of 8.3%, yet it would still be dramatically...


Silk is pitching the next generation of plant-based milk. Why isn't it made in Canada?

The company behind Silk thinks it has finally figured out how to fool you. The plant-based dairy brand is pitching a new milk substitute that it says is almost indistinguishable from the real thing, so close to cow milk that you’ll willingly drink it by the glass. The product, called Next Milk, is a blend of oat, coconut, and soy. But the real trick with it, according to one of the people who created it, is the way it uses fat. Silk is owned by...


S&P/TSX composite up more than 100 points, U.S. markets also rise

TORONTO — Gains in the energy, financial and technology sectors helped Canada's main stock index to post a triple-digit gain in late-morning trading, while U.S. stock markets also climbed higher. The S&P/TSX composite index was up 101.85 points at 20,388.05. In New York, the Dow Jones industrial average was up 63.40 points at 31,992.02. The S&P 500 index was up 22.90 points at 3,964.38, while the Nasdaq composite was up 108.55 points at...


City of Kelowna says 2022 tax notices will be arriving soon

The city says this year’s tax notice includes a tax rate increase of 3.94 per cent. For the average homeowner, that translates into an increase of $86.47.


Amazon shareholders vote against investor-led proposals

NEW YORK (Reuters) - Amazon.com Inc shareholders on Wednesday voted against all 15 investor-led resolutions that challenged the company's policies - including its use of plastics and certain concealment clauses in contracts - at the company's annual meeting. Investors voted for proposals to approve executive compensation, board members and a stoc...


Markets show signs of getting closer to bottom

Som Seif, founder and CEO of Purpose Unlimited, talks with Financial Post’s Larysa Harapyn about market volatility and where stocks may go from here. David Rosenberg: Don't see a recession bear market? Here, try these glasses on Rupture in the stock-bond relationship shows recession angst rising fast Why the TSX is finally finding some love from investors jilted by U.S. stock markets Listen to Down to Business for in-depth discussions and...


These are the industries where LGBTQ+ employees are happiest, but they're still less satisfied than their straight colleagues

New Glassdoor research using US reviews on the job site shows the most highly rated industries by LGBTQ+ workers. Real estate ranks at the top.


Davos gathering overshadowed by global economic worries

DAVOS, Switzerland (AP) — Soaring inflation. Russia’s war in Ukraine. Squeezed supply chains. The threat of food insecurity around the world. The lingering COVID-19 pandemic. The risks to the global economy are many, leading to an increasingly gloomy view of the months ahead for corporate leaders, government officials and other VIPs at the World Economic Forum's annual meeting in Davos, Switzerland. The war has been a thread, setting back the...


CFL delivers 'final' amended contract proposal to its players

Commissioner Randy Ambrosie and the CFL have put the CFL Players' Association back on the clock. Ambrosie said Tuesday the league tabled a final amended collective bargaining agreement to the players Monday night, a deal that will remain on the table until midnight ET on Thursday. He added the new contract addressed the biggest concerns the CFLPA membership had with the previous proposal: the implementation of a ratification bonus and changing...


Turkey demands 'concrete steps' to back Nordics' NATO bids

ANKARA, Turkey (AP) — A senior Turkish official insisted after talks with Swedish and Finnish officials Wednesday that Turkey would not agree to the two Nordic countries joining NATO unless specific steps are taken to address Ankara's objections. “We have made it very clear that if Turkey's security concerns are not met with concrete steps in a certain timeframe the process will not progress,” Ibrahim Kalin told a news conference after the talks...


28% of people quit because of bad managers: The best way to confront your boss before it's too late

Nearly a third of people who quit their last job did so because of bad management. Before leaving, try giving your boss examples of some of your challenges.


Global progress on DEI goals has stalled in wake of pandemic and war, according to a panel of experts at the World Economic Forum

Speakers at this year's World Economic Forum said setbacks, including the pandemic and Ukraine war, have allowed inequalities to persist and progress to slow.


California cuts grass watering down as drought dries West

SACRAMENTO, Calif. (AP) — Grass in office parks, on college campuses or in some California neighborhoods will go brown this summer after state water officials adopted a ban Tuesday on watering certain green spaces as the state's drought drags on. The ban adopted by the State Water Resources Control Board follows Gov. Gavin Newsom's plea for Californians to use less water or face broad, mandatory restrictions on water use. The board also voted to...


Tokyo a candidate for track and field world championships

TOKYO (AP) — The $1.4 billion Tokyo national stadium, built by the Japanese government for last year’s Olympics, is being viewed as a site for track and field's world championships. An inspection team from World Athletics — the governing body of the sport — met with Tokyo Governor Yuriko Koike on Wednesday and was to tour the stadium on Thursday. Eugene, Oregon is the venue in July for the next World Championships, which were postponed from 2021...


William Watson: Shades of Tory blue: mauve, indigo, teal

An early poll in the Tory leadership race had the party running three percentage points better in a general election with Pierre Poilievre as leader than Jean Charest. The three-point margin exactly equalled the difference in how the People’s Party of Canada did in the two scenarios. With Charest as Tory leader the PPC did three points better. But with Poilievre as leader, disaffected Tories who had voted for Maxime Bernier in 2021 evidently...


Russia's VK launches RuStore for apps after exit of Western alternatives

(Reuters) - Russian internet group VK launched a home-made app store on Wednesday, the latest in a Kremlin-endorsed drive to create a raft of domestic digital services to replace Western rivals. VK, often dubbed "Russia's Facebook", said a beta version of the store, named RuStore, would be available for Android users from Wednesday. Apple and Alp...


Ex-reality star Josh Duggar to be sentenced for child porn

FAYETTEVILLE, Ark. (AP) — Former reality TV star Josh Duggar will return to federal court on Wednesday, where a judge could sentence him to up to 20 years in prison for receiving and possessing child pornography. Prosecutors are seeking a maximum sentence for Duggar, whose large family was the focus of TLC's “19 Kids and Counting” reality show. His lawyers have asked the court in Fayetteville, about 140 miles (225 kilometers) northwest of Little...


Great start to tourism season in Okanagan, but high gas prices may result in less spending

'What we are hearing is it was probably one of the best weekends on record for tourism in the Okanagan. There's definitely pent-up travel demand.'


How Instagram nano influencers make money with under 10,000 followers

"Nano" influencers on Instagram can turn a few thousand followers into a money-making side hustle. Here's how some influencers make money.