Tag: business current events

Businesses expect slowing prices, wage increases: BoC survey – Business News

Businesses continue to expect wage and price increases to be larger than normal, but they are shifting to closer to what they were before the pandemic, a new survey by the Bank of Canada suggests.

In its business outlook survey released Friday, the central bank said for the first time since the beginning of the pandemic businesses on balance expected slower wage growth over the next year.

Firms on balance also expected their input and output prices to grow at a slower rate over the next 12 months.

“Although firms still see cost pressures and labor

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Fake online reviews: US proposes bans

WASHINGTON –

US federal regulators are looking to crack down on fake reviews and other deceptive internet practices.

The Federal Trade Commission proposed a new rule Friday that would ban paying for reviews, suppressing honest reviews, selling fake social media engagement and more. Businesses would also be prohibited from running company-controlled websites that claim to be independent, and other deceptive practices like “review hijacking,” which makes reviews for one product appear like they were written for significantly different ones.

If the proposed rule is approved, following a 60-day public comment period, violators could face hefty penalties.

“Our proposed rule on

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United CEO apologizes for flying private

New York –

United CEO Scott Kirby is apologizing to customers and his own employees after taking a private jet during a week when his airline was canceling thousands of flights.

The airline confirmed Kirby flew from Teterboro Airport in New Jersey to Denver, Colorado, on Wednesday, and that the company did not pay for his flight. Teterboro is about 17 miles from Newark, New Jersey, where one of United’s largest hubs is located and which was the center of the airline’s meltdown this week.

In a statement, Kirby said he regretted that his actions distracted the professionalism of United

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Retail sales bolster case for Bank of Canada July rate hike

Canadians are still spending despite high inflation and interest rates

Published June 21, 2023 • Last updated 6 days ago • 2 minute read

Retail sales are on the rise after two months of declines, suggesting Canadians' spending power remains resilient.
Retail sales are on the rise after two months of declines, suggesting Canadians’ spending power remains resilient. Photo by Peter J. Thompson/National Post

Sales at retail stores are on the rise after two months of declines, suggesting Canadians’ spending power remains resilient despite tightening economic conditions.

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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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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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Next community in Nexton to break ground > Charleston Business Journal

By Barry Waldman

Contributing Writer

The local master planned community named the best in the nation has begun to work on another phase, on the way to 7,500 residences. This new phase of the Nexton communities in Summerville and Berkeley County are expected to add apartments for rent, hotels, office space and 150,000 square feet of shopping and dining space when it is completely built out over the next five to seven years.

Nexton has sold nearly 24 acres to Charlotte-based Crosland Southeast, which plans to develop the new One Nexton segment in multiple phases, starting this coming

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Inflation rate unexpectedly increased in April, jumping up to 4.4%

Canada’s inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.

Economists had been expecting new data released by Statistics Canada on Tuesday to show the cost of living had eased from March’s 4.3 per cent pace to something around 4.1.

Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.

It’s the first acceleration in the cost of living since June of 2022, when Canada’s inflation rate hit a more than 40-year high of 8.1 per cent.

Food prices have been a

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