Thursday, September 23


CP, PMN Business

Correction to Aug. 22 story on insurance companies and climate change

Article content CALGARY — In an Aug. 22 story on insurance companies and climate change, The Canadian Press erroneously reported that Manulife Financial was reviewing its $39.8-billion portfolio with the goal of getting to net-zero carbon emissions by 2050. In fact, Manulife's portfolio is valued at $411 billion. This report by The Canadian Press was first published Aug. 23, 2021.
CP, Economy, PMN Business

S&P/TSX composite down in early trading, US stock markets mixed

Article contentTORONTO — Canada's main stock index fell in early trading as it was weighed down by weakness in the financial and energy sectors, while US stock markets were mixed to start the day.The S&P/TSX composite index was down 36.16 points at 16,737.98.In New York, the Dow Jones industrial average was down 176.49 points at 29,221.14. The S&P 500 index was down 12.62 points at 3,560.04, while the Nasdaq composite was up 46.06 points at 11,832.49.The Canadian dollar traded for 76.18 cents US compared with 76.55 cents US on Wednesday.The December crude contract was up 39 cents at US$41.84 per barrel and the December natural gas contract was down two cents at US$3.01 per mmBTU.The December gold contract was up US$13.70 at US$1,875.30 an ounce and the December copper contract was up tw...
CP, Economy, PMN Business

Extra income support for hard-hit workers may not stick around post-pandemic, PM says

Article contentOTTAWA — Prime Minister Justin Trudeau says the more generous benefits being provided to out-of-work Canadians during the pandemic shouldn't be seen as permanent changes to the social safety net.Millions of people have received emergency benefits since March, when the first wave of COVID-19 struck Canada and led to widespread lockdowns and historic job losses.A new round of $500-a-week benefits for the unemployed has since been put in place and extended to next summer.Trudeau suggests the government is watching to see how things play out before deciding on its next move.Speaking at a digital event hosted by the Financial Times, Trudeau says just because aid programs are helping during the pandemic doesn't mean they'll be useful once the crisis passes.He also says the extr...
CP, Economy, PMN Business

S&P/TSX composite up in early trading, US stock markets mixed; Loonie down

Article contentTORONTO — Gains in the financial, telecom and utility sectors helped push Canada's main stock index higher in early trading, while US stock markets were mixed.The S&P/TSX composite index was up 33.15 points at 16,509.01.In the US, the Dow Jones industrial average was up 70.74 points at 29,228.71. The S&P 500 index was down 16.84 points at 3,533.66, while the Nasdaq composite index was down 129.01 points at 11,584.77.The Canadian dollar was trading at 76.76 cents US compared to an average of 77.10 cents US on Monday.The December crude contract was up 60 cents at US$40.89 per barrel and the December natural gas contract was up two cents at US$2.88 per mmBTU.The December gold contract was up US$24.40 at US$1,878.80 an ounce and the December copper contract was down four cent...
CP, PMN Autos, PMN Business

Unifor extends contract talks with General Motors past strike deadline

Article contentTORONTO — The union representing Canadian workers at General Motors says its bargaining committee has decided to continue its contract talks with the company pasts the strike deadline.Unifor had set a deadline of 11:59 pm on Wednesday to reach a new, three-year labour deal and encouraged members to be prepared to strike if needed.But the union said just before the deadline that its master bargaining committee was ready to negotiate all night to avoid a work stoppage.Any proposed deal to come out of the negotiations would need to be approved by GM's 4,100 union members, who are scheduled to vote on Sunday.The union said Wednesday afternoon that executives from the Detroit automaker came to Canada this week for face-to-face discussions as bargaining heated up.Unifor nationa...
CP, Economy, PMN Business

Futures suggests mixed open for stock market with US election outcome uncertain

Article contentTORONTO — The futures market pointed to a mixed opening for US stock markets today with no clear winner in the US presidential election.President Donald Trump and Democratic challenger Joe Biden were locked in a tight battle in three key battleground states.Results in Wisconsin, Michigan and Pennsylvania were too close call.Dow futures were down, but Nasdaq futures were up in trading early this morning.S&P 500 futures were also higher.Meanwhile, stock markets in Europe were up as traders watched the US election results.This report by The Canadian Press was first published Nov. 4, 2020.Companies in this story: (TSX:GSPTSE, TSX:CADUSDX)
CP, PMN Business, PMN Personal Tech

Feds propose changes to Broadcasting Act that may raise $800-million from streamers

Article contentOttawa is proposing new policy changes — with monetary penalties — to ensure online streaming platforms experiencing booming revenues face as stringent rules as traditional broadcasters.The regulations put forth by the Liberal government today in a new bill focus on clarifying that online streaming platforms like Netflix and Spotify will fall under the Broadcasting Act through a new category called online undertakings.The bill also proposes giving the CRTC new powers to require broadcasters and online streaming companies make financial contributions to support Canadian music, stories, creators and producers.A government briefing note says if the CRTC applies the same requirements around Canadian content to traditional broadcaster and streamers, online platforms could cont...
CP, Economy, PMN Business

O’Toole calls for pause on CRA audits for businesses struggling due to COVID-19

Article contentOTTAWA — Conservative Leader Erin O'Toole is calling for the Liberals to put a pause on federal audits of small businesses hit hard by COVID-19.He says too many small and medium-sized businesses are struggling to survive during the pandemic, and have been hit by what he calls unfair audit requests from the Canada Revenue Agency.O'Toole says his party will use its time on the House of Commons agenda today to also propose changes to the federal wage subsidy and commercial rent-relief programs.The Liberals tabled a bill yesterday that would extend the federal wage subsidy and stop a previously planned slide in the value of payments.The bill also creates a new commercial rent-relief program to provide aid directly to businesses after the Liberals' last version relied on landl...
CP, Economy, PMN Business

Firms with more robots also have more workers overall, Statistics Canada study says

Article contentOTTAWA — Statistics Canada says domestic firms that invested in robots since the late 1990s have also expanded their human workforces, suggesting a less than “apocalyptic” result for workers overall.The findings released today show that over two decades, firms that invested in automation had workforces 15 per cent larger relative to other companies in the same industry.Overall increases were from bumps in high-skilled jobs, such as programmers, that require university degrees, and low-skilled workers with high-school diplomas or less.Those in the middle, such as trades workers, were more likely to not be replaced once a robot arrived.Firms that invested in robots were also likely to cut the number of managers, the analysis says, giving workers more control over decisions ...
CP, Economy, PMN Business

Economic recovery threatened if some workers, households left behind, Macklem says

Article content continuedMacklem says the bank's actions are independent of whatever the government might want, and have to do with its mandate of keeping inflation at two per cent a year. Inflation is close to zero because of the pandemic."We have a lot of unemployed Canadians. That's putting downward pressure on inflation. So we need to put a lot of monetary stimulus into the system to achieve our objective," he says."I don't want to pretend that there aren't some difficult decisions to take, but our objective is clear."Near, the end of the interview, Macklem takes a breath to think over a question that he repeats out loud: “How am I coping?”He speaks slowly about getting fresh air, eating right and getting enough sleep. He says he misses talking to colleagues in person, and the worry...