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Latest Stories

  • ‘Politicians have to be very careful’ with inflation response

    With inflation reaching highs not seen in nearly four decades, pressure is ramping up on governments to provide Canadians with some form of relief from high prices. But governments will have to be “very careful” when it comes to inflation relief, says the Public Policy Forum’s Sean Speer. He says that some policies, such as sales tax holidays, could result in higher interest rates if the Bank of Canada has to offset further boosts in demand. However, one area where Speer sees opportunity for the government to provide Canadians with financial relief is with the carbon tax. “There is a policy rationale that could be characterized as coherent and justified, to provide for at least in the short term, some temporary relief from the carbon tax,” Speer said. “That's one area where I think the government could take action without necessarily producing (a) challenge for the Bank of Canada.” If you have any policy-related questions, or feedback about the show, please email alicja@yahoofinance.com.

  • Statistics Canada says economy grew 0.3 per cent in April, but contracted in May

    OTTAWA — Economic growth slowed in April and Statistics Canada said Thursday its early estimate for May pointed to a contraction for the month amid weakness in the resource, manufacturing and construction sectors. The agency said growth in April was led by the mining, quarrying and oil and gas extraction sector and client-facing industries as real gross domestic product advanced 0.3 per cent for the month compared with a 0.7 per cent gain in March. However, its early estimate for May indicated a

  • Delta Air Lines CEO apologizes for flight disruptions

    (Reuters) -Delta Air Lines Inc Chief Executive Officer Ed Bastian on Thursday apologized for recent flight cancellations and delays, as U.S. lawmakers raised questions about ongoing industry-wide disruptions. Persistent staffing shortages and booming demand have led to frequent flight cancellations by airlines on both sides of the Atlantic, causing chaos for vacationers as the summer season swings into gear. Delta has canceled over 400 flights since Monday - including 89 on Thursday - according to flight-tracking website Flightaware.com, as severe weather exacerbated staff shortages.

  • Global smartphone, PC shipments to decline in 2022 on China slowdown - Gartner

    Shipments to China - the world's biggest smartphone market - are expected to shrink by 18% as demand takes a beating from strict COVID-19 curbs that halted activity in key economic hubs including Shanghai, Gartner said in a report on Thursday. "A perfect storm of geopolitics upheaval, high inflation, currency fluctuations and supply chain disruptions have lowered business and consumer demand for devices across the world, and is set to impact the PC market the hardest in 2022," said Ranjit Atwal, senior director analyst at Gartner.

  • Savings and algorithms: UK supermarkets battle cost of living crisis

    Facing the toughest economic conditions in decades, Britain's supermarkets are cutting product ranges, searching for cost savings and patrolling each other's stores to check prices and products as they try to stay one step ahead. Like retailers across the world, UK grocers including market leader Tesco and No. 2 Sainsbury's are struggling with the soaring cost of supplies, a shortage of key products and workers, and cash-strapped consumers. But they enter the downturn on the back of an already lengthy period of cost cutting due to fierce competition, forcing them to look for new ways to make savings while increasingly using data to predict customer reactions to change.

  • Volvo Car Canada Explores Canada's Electric Future with Mobility Trend Report

    Almost two thirds of Canadians say it's important to contribute to a greener future with their car, according to a recent study. Permanent shifts in work routines, rising gas prices, and new family priorities have transformed many Canadians views on mobility, with half now expecting to buy a plug-in hybrid or electric vehicle as their next vehicle purchase.

  • Google targeted in fresh EU consumer groups' privacy complaints

    BRUSSELS (Reuters) -Google has been targeted by a French consumer group and its peers in complaints to privacy watchdogs over its vast trove of users' personal data harvested via their Google accounts, European consumer organisation BEUC said on Thursday. In addition to the French consumer group, others in Greece, the Czech Republic, Norway and Slovenia have taken their complaints to their data protection authorities, BEUC said.

  • Motor racing-Fashion Brand Hugo Boss returns to F1 with Aston Martin

    LONDON (Reuters) -German fashion brand Hugo Boss announced on Thursday it was returning to Formula One with the Aston Martin team, five years after leaving for the electric Formula E series. The deal, announced at the British Grand Prix on Thursday and initially running until 2025, will see Boss branding on the F1 cars with immediate effect and the company providing team apparel from 2023. Hugo Boss Chief executive Daniel Grieder told Reuters the pull of Netflix's "Drive to Survive" docu-series, new rules to make racing more competitive and a push for sustainability were compelling factors.

  • Audi invests $19.2 million to restart production in Brazil

    Audi, a Volkswagen Group brand, announced on Wednesday an investment of 100 million reais ($19.22 million) to restart production at its plant in Parana state in Brazil, according to plans disclosed late last year. Initially, the plant will have a maximum production capacity of 4,000 vehicles per year, the company said in a statement. Audi will assemble the Audi Q3 and Audi Q3 Sportsback models at the plant in the city of Sao Jose dos Pinhais, initially only for the Brazilian market.

  • $20 Billion Telco Merger: More Concessions and Conditions Ahead?

    The mediation process in the proposed telco merger could lead to more concessions and conditions before the competition watchdog grants an approval. The post $20 Billion Telco Merger: More Concessions and Conditions Ahead? appeared first on The Motley Fool Canada.

  • Reuters poll: Supply fears to sustain oil rally, trumping recession risks

    Oil prices are expected to stay above $100 a barrel this year as Europe and other regions struggle to wean themselves off Russian supply, a Reuters poll showed on Thursday, though economic risks could slow the climb. A survey of 34 economists and analysts forecast Brent crude would average $106.82 a barrel in 2022, the highest prediction for the year so far, versus a $101.89 consensus in May. Brent has averaged about $105 a barrel this year, and is now trading around $116 a barrel, amid supply concerns.

  • RoundGlass and Grammy-Award Winning Producer Jerry Wonda Team Up to Enhance Meditation Experience for Wellbeing Seekers

    RoundGlass, a global Wholistic Wellbeing company dedicated to empowering people on their personal wellness journey, has tapped music megastar, Jerry Wonda to provide a series of innovative, immersive, and effective meditation pieces. The new material will be available via RoundGlass's Music for Wellbeing channel on the RoundGlass Living App.

  • Canada's economy likely contracted in May following April gain

    OTTAWA (Reuters) -Canada's economy most likely contracted in May, largely on a drop in oil and gas output, official data showed on Thursday, while GDP growth in April was in line with analyst forecasts. In a preliminary estimate, Statistics Canada said gross domestic product likely declined 0.2% in May, following a gain of 0.3% in April. "In the near-term we won't know whether the economy is making a U-turn or just a brief detour," Royce Mendes, head of macro strategy at Desjardins Group, said in a note.

  • The Top 2 Stocks for Canadian Millennials

    Canadian millennials seeking growth for money they don't need for a long time can consider investing in Nuvei and goeasy. The post The Top 2 Stocks for Canadian Millennials appeared first on The Motley Fool Canada.

  • Emerging markets face bleak outlook after stormy start to the year

    It's been a torrid first half for emerging market assets and with the Federal Reserve kicking off its tightening cycle amid soaring inflation shock waves might be on the horizon. Adding to that are supply chain problems out of China, a war in Europe's bread basket, stalling global growth and fears that the world's largest economy could tip into recession - all casting a pall over riskier assets. Data from the Institute of International Finance (IIF) showed that small inflows into emerging market debt for the year until end-May were almost all offset by outflows from equities.

  • Exclusive-Meta slashes hiring plans, girds for 'fierce' headwinds

    (Reuters) -Facebook-owner Meta Platforms Inc has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees on Thursday, as he warned them to brace for a deep economic downturn. "If I had to bet, I'd say that this might be one of the worst downturns that we've seen in recent history," Zuckerberg told workers in a weekly employee Q&A session, audio of which was heard by Reuters. Meta has reduced its target for hiring engineers in 2022 to around 6,000-7,000, down from an initial plan to hire about 10,000 new engineers, Zuckerberg said.

  • U.S. transport chief says he'll be watching airline performance over July 4 weekend

    U.S. Transportation Secretary Pete Buttigieg on Wednesday said he would be paying close attention to airline performance during the July 4 weekend after a large number of flight cancellations over the last holiday weekend. Airlines canceled more than 2,700 flights over the Memorial Day holiday, a harbinger of a difficult summer for travelers amid record demand and a dearth of airline workers because of the COVID-19 pandemic. Buttigieg, speaking at an airline industry meeting, urged airlines to make sure that schedules were realistic and that they had enough customer service people available to handle the inevitable problems.

  • Over 20 companies join Tent Coalition for Refugees in Canada pledging to create economic opportunity for refugees

    As Canada welcomes an unrestricted number of refugees from Ukraine and 40,000 refugees from Afghanistan, today 22 major companies have committed to creating economic opportunities for these newcomers as they restart their lives across the country.

  • Spike in domestic flight delays, cancellations as global gridlock continues

    MONTREAL — A majority of domestic flights to Canada's busiest airports were delayed or cancelled over the past week as the effects of an overloaded international network continue to ripple across the country. Some 54 per cent of flights to the four largest airports were bumped off schedule in the seven days between June 22 and 28, according to analytics firm Data Wazo. More than 44 per cent of the 4,815 flights were delayed while 8.5 per cent were scrapped altogether. Toronto's Pearson airport t

  • Micron's weak outlook sparks concerns of chip down cycle

    (Reuters) -A significantly weaker than expected business outlook by memory-chip firm Micron Technology Inc on Thursday raised concern that following nearly two years of strong demand the industry was turning toward a down cycle. Micron forecast adjusted revenue for the current quarter at $7.2 billion, plus or minus $400 million, while Wall Street's outlook was an average of $9.05 billion, according to Refinitiv IBES data. “We believe that demand has weakened considerably and we've seen that even in the areas that have been significantly constrained," Nikolay Todorov, analyst at Longbow Research, said.