Category: Business News

BoC debated waiting until July to hike rates

OTTAWA –

The Bank of Canada’s governing council considered waiting until July to raise interest rates, but ultimately decided to act sooner in the face of hot economic data.

The central bank released Wednesday its summary of deliberations for its June interest rate announcement, shedding light into the decision to raise its key interest rate by a quarter of a percentage point to 4.75 per cent.

That’s the highest it’s been since 2001.

The rate hike came after the central bank declared a pause earlier in the year, appearing cautiously optimistic that interest rates were high enough to quash inflation.

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What’s spending slowdown? Retail sales suggest Canadians aren’t ready to quit shopping

Up to date retail sales numbers from Statistics Canada on Wednesday show that despite high prices and dire warnings about debt loads, Canadians remain in the mood to shop.

The data agency reported Wednesday that retailers took in $65.9 billion in April. That’s an increase of 1.1 per cent from March’s level.

Just about every type of store booked higher sales during the month, with the exception of furniture, electronics and appliances retailers, where sales shrank by 1.6 per cent from March’s level.

So-called core retail sales, which strip out volatile items like gas, cars and car parts, actually increased

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Tourism businesses could shut down within 3 years: poll

The head of the Tourism Industry Association of Canada says businesses are struggling to stay afloat under a pile of debt and a dearth of overseas visitors.

In a poll of tourism operators, some 45 per cent said they were likely or somewhat likely to shut down within three years unless the government steps in to adjust their loan conditions.

“Unless there’s some change to the payback system and the payback requirements, they’re in danger of closing in the next three years,” said Beth Potter, CEO of the trade organization.

“Everything from campgrounds to hotels to amusement parks to outdoor

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Estate Planning: 5 Things to Consider

If you are preparing to draft your estate plan with your estate planning attorney, there are a variety of issues that you will need to think about before your documents can be finalized.

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Prior to drafting your estate plan, we recommend that you give some thought to the following items:

  1. How do you want your money and assets handled if you die? Do you want any restrictions? If you are
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Broadcaster faces backlash for news special to air after Titan sub runs out of oxygen

An upcoming news special on the Titan submersible, which vanished after losing signal days ago, is sparking backlash for its timing while crews continue to search for the vessel at sea.

ITN’s “Titanic Sub: Lost at Sea” is scheduled to air on Britain’s Channel 5 on Thursday at 2 pm ET, hours after The Titan had been expected to run out of oxygen. Members of the public have slammed the program due to its timing.

The special is being presented by Channel 5 host Dan Walker and produced by ITN, an Oscar-nominated production company that specializes in “non-fiction content” with

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How Do I Update My Compliance Risk Assessment?

Compliance Risk Assessments are critically important in healthcare practices. When used correctly, they can save entities from fines, problems and consequences.

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While almost everyone is familiar with a HIPAA Risk Assessment, many practices have not completed a full Compliance Risk Assessment.

A Compliance Risk Assessment is a process for healthcare entities to determine what risks exist, evaluate potential risks and focus resources to address the most significant risks.

Compliance Risk

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Instant Brands, maker of Instant Pot and Pyrex cookware, files for bankruptcy

The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the US and Canada.

Illinois-based Instant Brands said Monday that it has “initiated a voluntary court-supervised Chapter 11 process,” due to an unmanageable debt load.

“Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” CEO Ben Gadbois said in a news release.

In court filings, the company says it generated operating cash flows of just $17.9 million US in the first three months of the year. That relatively large figure is a sharp

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Father’s Day Provides Sales Boost for Menswear Retailers

Last year was unquestionably the year of the wedding and menswear retailers reaped the benefits with soaring sales of suits and furnishings.

Although the wedding frenzy has weakened a bit, merchants are still experiencing a heightened demand for dressier apparel and accessories, whether it’s for weddings, proms or returning to the office. But in addition to traditional nested suits in black or navy, unstructured sport coats that can be paired with chinos and lightweight knit shirts have risen in popularity.

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That trend was evident during the run up to Father’s Day, when most stores posted solid sales

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