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Business  

'Delaying the inevitable'

Aug 31, 2016 / 9:57 am
A business group says Canada Post and its employees have only won themselves short-term stability by reaching tentative new contracts ahead of the busy holiday shopping season. The Canadian Federation of Independent Business says long-term pain is inevitable for the Crown corporation because the...

Historic commercial flight

Aug 31, 2016 / 9:56 am
The first commercial flight between the United States and Cuba in more than a half century landed in the central city of Santa Clara on Wednesday morning, re-establishing regular air service severed at the height of the Cold War. Cheers broke out in the cabin of JetBlue flight 387 as the plane...

Tim Horton's UK expansion

Aug 31, 2016 / 9:50 am
Tim Hortons is continuing its international expansion with plans to open its first full-service coffee shops in Great Britain. The company partnered with an investor to establish a master franchise joint venture company that will open the stores in England, Scotland and Wales. In late July,...

Milk prices heading higher

Aug 31, 2016 / 6:55 am
Restaurateurs are crying foul over a second industrial milk price increase this year, set to take effect Thursday, which they say will likely lead to higher food prices for Canadians. In July, the Canadian Dairy Commission decided to boost the price of industrial milk — which is processed...

Reprieve in canola dispute

Aug 31, 2016 / 6:42 am
Prime Minister Justin Trudeau says existing dockage rules with China on canola exports have been extended beyond a Sept. 1 deadline as the two countries continue to negotiate a long-term solution. The two countries disagree on the level of "dockage" — foreign material such as...

Apple owes billions in taxes

Aug 30, 2016 / 6:52 am
Apple will have to pay up to 13 billion euros ($14.5 billion) plus interest in back taxes to Ireland after the European Union found Tuesday that the U.S. technology giant received illegal tax benefits over 11 years. The ruling is the biggest salvo in the EU executive Commission's battle to...

Scotiabank profit rises

Aug 30, 2016 / 6:31 am
Scotiabank saw its third-quarter profit climb six per cent from a year ago to $1.96 billion on strong earnings from its Canadian and international banking businesses. That compares with net income of $1.85 billion during the third quarter of 2015. The earnings amounted to $1.54 per share, up...
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Canola trade dispute

Aug 30, 2016 / 6:28 am
Canada's international trade minister says government negotiators are in China working hard to resolve a dispute that could affect Canadian canola exports. Speaking to reporters in Beijing, Chrystia Freeland said she understands the absolute importance of the two countries' trade...

IBM joins fintech hub

Aug 30, 2016 / 6:18 am
IBM will be joining the fintech hub at Toronto's MaRS discovery district, becoming the first technology tenant in a space currently occupied by financial services companies. The technology giant will move into the hub in the coming weeks, joining the likes of CIBC, Manulife and payment...

New iPhone reveal?

Aug 29, 2016 / 10:33 am
Apple is expected to show off a new iPhone next week when the company holds its fall product launch event in San Francisco. The tech giant announced the date for the Sept. 7 launch by sending out invitations to technology journalists and industry analysts on Monday. Apple didn't provide...

Making exercise a game

Aug 29, 2016 / 9:07 am
Fitbit wants to help you exercise more by making you think you're hiking famous trails instead of strolling around your neighbourhood. The new motivational feature, called Adventures, will be available to all Fitbit users through a free app update Monday. The feature tracks the distance...

Protest disrupts NEB hearing

Aug 29, 2016 / 6:59 am
UPDATE: 7 a.m. Montreal Mayor Denis Coderre has walked out of the Energy East hearings in Montreal with protesters disrupting the start of proceedings. Coderre was scheduled to be the first speaker at this morning's hearings into the controversial pipeline project. The mayor says...

Last-ditch postal effort

Aug 29, 2016 / 6:36 am
The threat of possible job action by Canada Post workers has been placed on hold for 24 hours. The Canadian Union of Postal Workers made the announcement in a statement issued late Sunday night. "We’ve amended our notice in a last-ditch effort to reach a negotiated agreement before...

Strike mandate at Big Three

Aug 28, 2016 / 11:07 pm
The union representing workers at the Canadian operations of the major American automakers has received a strike mandate from its members as it prepares to negotiate contracts. Unifor says its members at General Motors, Ford Motor Company and Fiat Chrysler Automobile voted overwhelmingly in...

EU-US trade talks fail

Aug 28, 2016 / 7:33 am
Free trade talks between the European Union and the United States have failed, Germany's economy minister said Sunday, citing a lack of progress on any of the major sections of the long-running negotiations. Both Washington and Brussels have pushed for a deal by the end of the year, despite...

Business this week

Aug 28, 2016 / 7:25 am
Five things to watch this week in Canadian business: Energy East: The National Energy Board resumes hearings into the proposed Energy East Pipeline on Monday in Montreal, where the project has stirred much outcry. Among the harshest critics of the pipeline is Mayor Denis Coderre, the first...

Joe's a Pirate, not Trader

Aug 27, 2016 / 5:00 am
A U.S. court has the authority to hear a trademark lawsuit by grocery chain Trader Joe's against a man who buys the company's products and resells them in Vancouver at Pirate Joe's, a store designed to mimic a real Trader Joe's, a federal appeals court ruled Friday. The 9th U.S....

Pink slips at Bombardier

Aug 26, 2016 / 4:34 pm
Bombardier handed out pink slips Friday to aerospace employees in Montreal as part of its efforts announced in February to trim 7,000 workers over two years. The Montreal-based company declined to say how many workers were being affected by the latest layoff notices, how many cuts have already...

Teck ordered to pay $8.3M

Aug 26, 2016 / 4:30 pm
Vancouver-based Teck Resources says it's "disappointed" with a U.S. District Court ruling ordering it to pay US$8.25 million in legal costs, as part a long-running legal battle over environmental contamination in Washington State. The company declined to say if it would appeal the...

Colonel's secret revealed?

Aug 26, 2016 / 12:48 pm
Has Colonel Sanders' nephew inadvertently revealed to the world the secret blend of 11 herbs and spices behind KFC's fried chicken empire? The company says the recipe published in the Chicago Tribune is not authentic. But that hasn't stopped rampant online speculation that one of the...

Lower speed for truck, buses

Aug 26, 2016 / 12:39 pm
The U.S. is seeking to forcibly limit how fast trucks, buses and other large vehicles can travel on the nation's highways. A new proposal Friday would impose a nationwide limit by electronically capping speeds with a device on newly made U.S. vehicles that weigh more than 26,000 pounds....

Airbnb 'too aggressive'

Aug 26, 2016 / 12:30 pm
Vancouver's rental vacancy rate remains critically low, so the latest recruitment campaign from Airbnb angers Coun. George Affleck. The online, short-term rental site is trying to attract new hosts in Vancouver and other markets by offering a financial incentive. According to the...

SQM turns 20

Aug 26, 2016 / 11:57 am
If you haven't heard of SQM, the company employs over 75 people in Vernon and another 100 in the U.S. Last week, Service Quality Measurement (SQM) Group celebrated its 20th anniversary with a party hosted by founder Mike Desmarais. SQM works with over 500 North American companies,...

Branson survives bike crash

Aug 26, 2016 / 9:41 am
Billionaire entrepreneur Richard Branson says he thought he was going to die after flying head first off his bicycle in the British Virgin Islands. The Virgin Group boss hit a hump in the road on Virgin Gorda, one of the islands in the Carribbean, catapulting him into the road. The 66-year-old...

Airline grounds Dreamliners

Aug 26, 2016 / 6:30 am
Japanese airline All Nippon Airways has started grounding Boeing 787 "Dreamliner" flights after detecting problems with their Rolls-Royce engines. Nine domestic flights were cancelled Friday, and others will be cancelled through September. ANA says there will be no cancellations on...

Lotte VC found dead

Aug 26, 2016 / 6:26 am
Lotte Group's vice chairman has been found dead as authorities widen a probe into corruption at South Korea's fifth-largest business group, officials at the company and police said Friday. Lee In-won, 69, the company's highest-ranking executive outside the founding family and the top...

Inbev to cut thousands

Aug 26, 2016 / 6:13 am
The world's largest brewer, AB Inbev, expects to cut about three per cent of its total workforce — equivalent to thousands of jobs — once it completes its huge takeover of its closest rival, SABMiller. The company headquartered in Leuven, Belgium, has about 150,000 workers while...

When vehicles can talk

Aug 25, 2016 / 9:55 pm
Cars that wirelessly talk to each other are finally ready for the road, creating the potential to dramatically reduce traffic deaths, improve the safety of self-driving cars and someday maybe even help solve traffic jams, automakers and government officials say. But there's a big catch. The...

Corporate profits take dive

Aug 25, 2016 / 8:07 pm
Statistics Canada says operating profits for Canadian corporations in the second quarter of this calendar year were down 3.4 per cent from the previous quarter, dropping to their lowest levels since 2010. The agency attributed the decrease to a $3.2-billion decline in profits for insurance...

Rona - who knew what

Aug 25, 2016 / 8:00 pm
The former chief of staff to a cabinet minister who has just resigned contradicted his ex-boss Thursday at a special legislature hearing into the controversial purchase of hardware firm Rona Inc. by Lowe's. Pierre Ouellet told committee members that Jacques Daoust was informed about the...

Banks oilpatch fears subside

Aug 25, 2016 / 4:29 pm
Panic about how the oil price shock could affect the banks' bottom lines has subsided, as several of the country's largest financial institutions reported better-than-expected third-quarter results. CIBC (TSX:CM) reported that its quarterly profit climbed nearly 50 per cent from a year...

Mail strike notice issued

Aug 25, 2016 / 2:39 pm
UPDATE: 2:40 p.m. The union representing a majority of workers at Canada Post has issued a 72-hour notice of job action as it tries to bargain a collective agreement with the Crown corporation. The Canadian Union of Postal Workers says the notice spells out what actions it is planning, but...

Cost of raising an athlete

Aug 25, 2016 / 10:51 am
Cheryl Simundson can still vividly recall the time her daughter, two-time Olympic bobsled champion Kaillie Humphries, stood on a chair during a family dinner more than 20 years ago and announced her plans to win gold for Canada. "OK," Simundson said she told the seven-year-old at the...

ICBC seeks 4.9% rate hike

Aug 25, 2016 / 10:17 am
UPDATE: 11:50 a.m. An increased number of vehicle crashes in the province and the growing cost of repairs and claims are behind a push by ICBC for a hike in basic auto insurance rates. Transportation Minister Todd Stone insists the government wants to ensure that ICBC rates remain as...

CIBC sees big jump in profit

Aug 25, 2016 / 6:49 am
CIBC is reporting a big jump in third-quarter profit, which rose nearly 50 per cent from a year ago to $1.44 billion, partly due to the sale of its minority investment in American Century Investments. The Toronto-based bank had $978 million of net income during the same quarter last...

6,000 strollers recalled

Aug 25, 2016 / 6:47 am
Health Canada is calling almost 6,000 strollers sold under the brand name Safety 1st. The Step n Go Travel Systems strollers were manufactured in China and distributed by Mississauga, Ont.,-based Dorel Juvenile Canada. The federal agency says a tray folding mechanism can partially disengage...

TD Bank profits climb

Aug 25, 2016 / 6:23 am
TD Bank is reporting a third-quarter profit of $2.36 billion, up four per cent from a year ago on strong earnings from its U.S. retail banking operations. Last year, the bank earned $2.27 billion during the three months ended July 31. On a per share basis, TD earned $1.24 during the third...

Judge tosses Starbucks suit

Aug 24, 2016 / 7:35 pm
A federal U.S. judge has thrown cold water on a lawsuit that claimed Starbucks defrauded customers by adding ice to its cold beverages. Judge Percy Anderson tossed out the potential class-action lawsuit because a reasonable customer would know that a portion of iced coffee or tea would include...

Real estate to remain strong

Aug 24, 2016 / 3:43 pm
A credit union is forecasting that British Columbia's housing market will remain strong for the next two years as a growing population and limited housing supply continue to push prices up, particularly on Vancouver Island. However, Central 1 Credit Union says a new tax on foreign buyers...

Contract talks stall

Aug 24, 2016 / 3:34 pm
It appears contract talks at Canada Post have stalled as a strike mandate for more than 51,000 members of the Canadian Union of Postal Workers is set to expire. The postal agency's biggest union has until midnight Thursday to serve the Crown corporation with a 72-hour strike notice. The...
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