Tag: business news channels

Stocks trending up – Business News

Stocks closed higher again as more fear evaporated from Wall Street. The S&P 500 added 0.6% Thursday, its fifth gain in the last six days. The benchmark index is headed for a gain in March after struggling in earlier weeks on worries about whether the banking system was cracking under the weight of higher interest rates. Forceful actions by regulators worldwide have helped restore confidence. Also boosting stocks have been big batches that the Federal Reserve may cut rates

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Economy grew 0.5 per cent in January, Statistics Canada reports – Business News

Economy grows 0.5%

The Canadian Press – | Stories: 418883

Statistics Canada says economic growth resumed in January following a small contraction in December.

The agency says real gross domestic product rose 0.5 per cent to start the year after contracting 0.1 per cent in the final month of 2022.

It also says that its initial estimate for February indicates continued growth with a gain of 0.3 per cent, though it cautions the figure will be updated.

For January, the growth came as the wholesale trade, transportation and warehousing, and

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Frustration, anticipation mark industry response to budget’s flight delay fixes – Business News

The federal government has air travel on its radar after laying out plans in its budget to speed up airport security screening and reduce flight delays, but industry and advocates remain skeptical.

Tabled Tuesday by the Liberals following a year of turmoil travel, the budget promises $1.8 billion over five years for the Canadian Air Transport Security Authority (CATSA) to improve passenger screening and shore up security at airports.

It also proposes a new rule requiring airlines and airports to share and report data as a way to cut delays and bolster co-ordination within the industry.

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Adidas decides to abandon the trademark complaint with Black Lives Matter

Sportswear maker Adidas AG on Wednesday reversed course 48 hours after asking the US Trademark Office to reject a Black Lives Matter application for a trademark featuring three parallel stripes.

“Adidas will withdraw its opposition to the Black Lives Matter Global Network Foundation’s trademark application as soon as possible,” the company said in a statement.

A source close to the company said the rapid about-turn was triggered by concerns that people could misinterpret Adidas’s trademark objection as criticism of Black Lives Matter’s mission.

Adidas had told the trademark office in a Monday filing that the Black Lives Matter Global Network

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Nordstrom Canada will launch sales at its closing stores starting Tuesday

The liquidation sales at Nordstrom stores across Canada will begin Tuesday, a spokesperson for the department store chain confirmed in an email to CBC News.

At a hearing at Osgoode Hall in Toronto on Monday, the Ontario Superior Court of Justice gave the US retailer’s Canadian branch permission to start liquidating its merchandise.

Lawyer Jeremy Dacks, who represented Nordstrom, said the company has “worked hard to achieve a consensual path forward” with landlords, suppliers and a court-appointed monitor to find an orderly way to wind down the business.

The monitor, Alvarez & Marsal Canada, suggested five potential third-party liquidators and

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Facebook parent company Meta slashes 10,000 jobs

Facebook parent Meta is slashing another 10,000 jobs, about as many as the social media company announced late last year in its first round of cuts, as uncertainly about the global economy hits the technology sector particularly hard.

The company announced 11,000 job cuts in November, about 13 per cent of its workforce at the time. In addition to the layoffs, Meta said Tuesday that it would not fill 5,000 open positions.

The company, based in Menlo Park, Calif., said Tuesday it would reduce the size of its recruiting team and make further cuts in its tech groups in late

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First Republic shares surge as Yellen pledges support for US banks [Video]

Regional bank stocks rebounded Tuesday as Treasury Secretary Janet Yellen pledged further assistance to depositors if needed and a second attempted rescue of troubled San Francisco lender First Republic (FRC) took shape.

First Republic was up 43% this morning as of 10:50 am ET, just one day after plummeting 47% to its lowest-ever closing price. The March 10 failure of Silicon Valley Bank put First Republic under tremendous investor pressure, and an infusion last week of $30 billion in deposits from 11 other banks didn’t stop the slide.

One of those 11 banks, JPMorgan Chase (JPM), is now providing advice

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California court rules for Uber, Lyft in ride-hailing case – Business News

App-based ride hailing and delivery companies like Uber and Lyft can continue to treat their California drivers as independent contractors, a state appeals court ruled Monday, allowing the tech giants to bypass other state laws requiring worker protections and benefits.

The ruling mostly upholds a voter-approved law, called Proposition 22, that said drivers for companies like Uber and Lyft are independent contractors and are not entitled to benefits like paid sick leave and unemployment insurance. A lower court ruling in 2021 had said Proposition 22 was illegal, but Monday’s ruling reversed that decision.

“Today’s ruling is

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