Category: Business News

Business insolvencies up 55% in January compared to 2022

Business insolvencies in January were 55.4 per cent higher than last year, according to new data by the Office of the Superintendent of Bankruptcy.

The federal insolvency regulator on March 1 released its January 2023 statistics on insolvency in Canada, reporting an annual increase of 33.7 per cent in combined business and consumer insolvencies over the same month in 2022.

Consumer insolvencies were up 33 per cent in the same period, it said.

Compared to the previous month, the total number of insolvencies in Canada, including bankruptcies and proposals, was 13.5 per

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Nordstrom closing down in Canada, shuttering all 13 stores

Nordstrom Inc. says it is winding down its Canadian operations and closing all 13 of its stores in the country.

The company filed for protection from its creditors this week under the Companies’ Creditors Arrangement Act, a Canadian law that manages the orderly wind-down of businesses. CCAA is convinced to what’s known as “Chapter 11 bankruptcy” in the United States, and it is intended to enforce rules to ensure as many funds as possible get collected, to pay back creditors as equitably as possible

Nordstrom launched in Canada in 2014. The chain has six Nordstrom stores and seven Nordstrom Rack

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Bay Street Likely To Open Lower

Canadian shares are likely to open on a negative note on Monday, tracking lower crude oil prices and sluggish metal futures.

China setting a modest growth target of around 5% for this year, down from last year’s target of 5.5%, is likely to weigh on sentiment.

Cargojet Inc. (CJT.TO) reported fourth-quarter net income of $2.6 million (net income of $14.1 million excluding warrant valuation loss) compared to net gain of $102.0 million in 2021 (net income of $33.4 million excluding warrant valuation gain).

On the economic front, the Ivey Purchasing Managers Index score for the month of February is due

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Why Meta is slashing prices for its VR headsets

META’s VR headsets are getting a big, but inevitable, price cut because consumers aren’t buying as much as expected.

The company today declared It drops the prices of its still-new Meta Quest Pro from $1,499.99 to $999.99, while its Meta Quest 2 drops from $499.99 to $429.99. That’s roughly a 33% drop when MetaQuest Pro was introduced to businesses — and that’s a significant drop from the fanfare it launched with support from Microsoft ( MSFT ) and Accenture ( ACN ). )

Declining consumer interest isn’t a meta-specific problem — the VR market, the games industry at large, saw

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Twitter for Business to Cost $1,000 Monthly for Verified Check-Mark

Elon Musk’s Twitter needs cash — and now the mega-billionaire wants companies and brands to fork over $1,000 monthly to get verified check-marks on his social network.

Twitter is asking organizations to pay $1,000 per month, plus an additional $50 monthly for each affiliated sub-account, to maintain the gold check-mark verification badges the company introduced in December, replacing the blue check-marks for businesses, according to social media consultant Matt Navarra, who tweeted the details Friday (see below). Tech news site The Information confirmed the details, adding that the pricing “is being finalized and could still change.”

Twitter reps

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3 Things You Should Know About Irrevocable Trusts

A trust is an estate planning tool that allows a person to control their assets during their lifetime and make provisions for incapacity and death.

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One thing you should know about irrevocable trusts is that, unlike revocable or living trusts, irrevocable trusts cannot be changed or amended. They are set in stone.

A second thing that you should know about irrevocable trusts is that they have significant advantages, and

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Why Google is blocking some Canadians from seeing online news

Google is blocking some Canadian users from viewing news content in what the company says is a test run of a potential response to the Liberal government’s online news bill.

Also known as Bill C-18, the Online News Act would require digital giants such as Google and Meta, which owns Facebook, to negotiate deals that would compensate Canadian media companies for republishing their content on their platforms.

The company said Wednesday that it is temporarily limiting access to news content for under four per cent of its Canadian users as it assesses possible responses to the bill. The change applies

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Soaring rents in Toronto, Vancouver force residents on modest incomes into ‘deplorable’ conditions

With Vancouver and Toronto vacancy rates at 0.9 and 1.7 per cent respectively, and rental prices surging, seniors, students, new immigrants, single parents and people with disabilities — those on modest or fixed incomes — are being priced out of their communities.

Ren Thomas, associate professor of planning at Dalhousie University in Halifax, warns it’s a real loss for our biggest cities.

“You need that diversity – and that’s what makes our big cities great is we have there, you know, different people in different jobs,” said Thomas.

Canada’s national housing agency, the Canada Mortgage and Housing Corporation (CMHC), says

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