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Laurentian Bank cuts dividend by 40%

16 hours 24 sec ago

Laurentian Bank slashed its dividend by 40 per cent on Friday, the first such move by a major Canadian lender in almost three decades.

Canada's economy shrank at 8% pace in the first three months of 2020, worst since 2009

16 hours 8 min ago

Canada's economy shrank at an 8 per cent annual pace in the first three months of 2020, as an already weak economy in January and February was walloped by COVID-19 in March.

What the COVID-19 employment crisis tells us about the future of work

16 hours 57 min ago

The job losses associated with the COVID-19 crisis highlight the need for Canada to prepare for unexpected shocks to the labour market and develop a workforce with skills that will be prized across a range of industries, futurists and economists say.

Supporters say space spending is justified despite the pandemic: Don Pittis

22 hours 6 min ago

As we wait for SpaceX's launch on Saturday, supporters say public fascination with the first private-sector human space voyage is only one sign of the importance of “NewSpace," the emerging commercial spaceflight industry.

Number of Americans on jobless benefits inches down for 1st time since pandemic began

Thu, 05/28/2020 - 09:55

The number of Americans continuing to receive government jobless benefits declined in the week ending May 16 for the first time since COVID-19 struck, even as millions of people continue to join the unemployment rolls.

Length of average work week fell to record low in March as COVID-19 hit

Thu, 05/28/2020 - 08:18

The length of the average work week for employees paid by the hour sank to its lowest level on record in March, as COVID-19 drastically reduced the amount of paid work available for anyone fortunate enough to still have a job.

Donald Trump's threat to regulate Twitter likely to hit roadblocks: legal experts

Thu, 05/28/2020 - 05:50

U.S. President Donald Trump, angered by the first Twitter fact-check alert on one of his tweets, can't unilaterally regulate or close social media companies, and any effort would likely require action by Congress and be challenged by the courts, experts say. But he could conceivably make life more miserable for Silicon Valley.

TD Bank profit falls to $1.5B as loan loss provisions spike

Thu, 05/28/2020 - 04:19

Toronto-Dominion Bank said its profits fell by half as the amount of money it set aside to cover bad loans rose by 400 per cent, continuing a trend seen at other lenders this quarter.

CIBC profit falls 70% as bank sets aside 5 times more money to cover bad loans

Thu, 05/28/2020 - 03:49

Canadian Imperial Bank of Commerce (CIBC) reported a 70 per cent slump in quarterly profit on Thursday, as it set aside more money to cover potential loan-losses from the coronavirus pandemic.

After her toaster oven caught fire, Ontario woman was told by Whirlpool to take it up with a company in China

Thu, 05/28/2020 - 01:00

The toaster oven had the KitchenAid name on it, but when it burst into flames causing hundreds of dollars in damage to an Ontario women's home, the appliance maker told her she'd have to go after a third-party company she'd never heard of — in China — for compensation.

Housing market will feel effect of COVID-19 until 2022, CMHC says

Wed, 05/27/2020 - 10:36

Canada's national housing agency says the number of new homes being built and sold will remain below the levels they were at before COVID-19 until 2022 at least, and prices won't get back to where they were for another two years either.

Boeing cuts 12,000 jobs as COVID-19 wallops demand for jets

Wed, 05/27/2020 - 09:47

Boeing is cutting more than 12,000 jobs through layoffs and buyouts as the coronavirus pandemic seizes the travel industry, and more cuts are coming.

Trump tweets threat to shutter social media companies after Twitter warning

Wed, 05/27/2020 - 06:06

U.S. President Donald Trump on Wednesday threatened to regulate or shut down social media companies, one day after Twitter Inc. for the first time added a warning to some of his tweets prompting readers to fact-check the president's claims.

National Bank profit drops 32% as loan loss provisions soar

Wed, 05/27/2020 - 05:44

National Bank of Canada's net income plunged 32 per cent in its second quarter as it put aside five times the provisions for credit losses than it did a year ago due to the economic storm triggered by the COVID-19 pandemic.

Royal Bank and BMO profit cut in half as banks set aside 6 times more money for bad loans

Wed, 05/27/2020 - 05:40

Profits at two of Canada's biggest banks were cut in half compared with last year, Royal Bank and the Bank of Montreal reported Wednesday, as both said the money they are setting aside to cover bad loans has risen sharply because of COVID-19. 

What the oilpatch thinks about the financial aid offered by Ottawa

Wed, 05/27/2020 - 01:00

Ottawa has unveiled several financial assistance programs for seemingly every size of oil and gas company. Here is a closer look at what they are and how they've been received.

Bucking conventions: How Canada's conference industry is adjusting to deal with COVID-19

Wed, 05/27/2020 - 01:00

Canada's vibrant and busy events industry has been shut down because of COVID-19. Convention centres, caterers, event planners, keynote speakers and others have seen their business grind to a halt.

Torstar agrees to $52M sale to NordStar Capital

Tue, 05/26/2020 - 17:39

Torstar Corp., owner of the Toronto Star and a number of other daily newspapers, says it has agreed to be sold to NordStar Capital for $52 million. 

Vancouver model for money laundering unprecedented in Canada, B.C. inquiry hears

Tue, 05/26/2020 - 17:00

The so-called Vancouver model is an outlier in the history of Canadian crime, a criminologist told B.C.’s public inquiry on money laundering Tuesday.

Devastated by the pandemic, Canada's hotels make plans to reopen

Tue, 05/26/2020 - 14:00

Canadian hotels are tightening up their cleaning protocols and hoping to welcome some pandemic-fatigued travellers desperate to get out of the house for a few days this summer.


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