Tag: business news today

Nordstrom closing all of its Canadian stores, cutting 2,500 jobs – Business News

Nordstrom to leave Canada

The Canadian Press – | Stories: 414122

Nordstrom Inc. is closing all of its Canadian stores and cutting 2,500 jobs as it winds down operations in the country.

The Seattle-based retailer has six Nordstrom and seven Nordstrom Rack stores in Canada, which

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Wells Fargo missing deposit glitch alarm customers. The bank said it was a ‘technical issue’

Photo taken in 2012 shows a Wells Fargo sign displayed on one of the bank's branches in New York City.

Photo taken in 2012 shows a Wells Fargo sign displayed on one of the bank’s branches in New York City.

Some Wells Fargo customers were met with missing transactions on their accounts Friday, according to the bank.

A statement on the company’s website warns that some users might find incorrect balances on their account, which “may be due to a technical issue.”

“Your accounts continue to be secure and we’re working quickly on a resolution,” Wells Fargo said in the statement.

In a statement, the company said the issue would be resolved by Saturday, and the bank would refund the

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Meta working on a decentralized social media app: Moneycontrol

Meta Platforms, the parent company of Facebook and Instagram, is exploring a decentralized text-based Twitter alternative, business news site Moneycontrol reported on Friday.

See related articles: Meta’s metaverse division Reality Labs posts wider loss of $13.7 billion in 2022

Fast facts

  • According to Meta documents reviewed by Moneycontrol, the decentralized social media app, coined P92, will allow users to log in using credentials from their Instagram accounts. The app is reportedly under development.

  • A report by Platformer claimed that Instagram head Adam Mosseri would oversee the project, with Meta’s legal department investigating early privacy concerns.

  • In a separate report, a

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Stocks rally as Salesforce’s 11% gain lifts Dow while S&P, Nasdaq reverse early losses

Stocks rallied on Thursday with the Dow leading markets higher as a result from Salesforce (CRM) lifted the index, and the S&P 500 and Nasdaq shook off early losses to finish on the green.

At the close on Thursday, the S&P 500 was up 0.76%, the Nasdaq higher by 0.73%, and the blue chip Dow up 1.05%.

Rates remained a key focus for investors, with the yield on the 10-year Treasury note settling north of 4%, its highest level since November.

The rise in yields has come as investors brace for more aggressive action from the Federal Reserve in the

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11 states tax Social Security benefits. Do you live in one?

Just because you paid a payroll tax during your working years to fund Social Security doesn’t mean you’re done once you retire.

Retirees may know that they will pay federal taxes on their social security benefits if their total income exceeds certain amounts. But few of them may realize that some states will also try to take a cut. Social Security benefits include monthly retirement, survivor and disability benefits.

The good news is fewer than a dozen states tax social security benefits, so chances are good you won’t get hit. While each state has different rules on what or how

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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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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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The fight to tame inflation has only just begun

Inflation is decelerating quickly. It peaked at 8.1 per cent last summer. It fell to 5.9 per cent in January, and the Bank of Canada predicts it will fall to three per cent by the end of this year.

But economists say that’s the easy part.

The Bank of Canada has repeatedly said it’s committed to getting price growth all the way down to two per cent. One of the bank’s deputy governors delivered a speech in Calgary on Feb. 16 titled No Two Ways About it: Why the Bank is Committed to Getting Back to 2%.

“If inflation stays

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