NEW YORK — Best Buy said Thursday that it laid off 5,000 full-time store workers earlier this month, even as the company’s sales soared during the pandemic as homebound people bought laptops, TVs and other gadgets. The company said it cut the jobs because more shoppers are choosing to buy online instead of coming inside […]
Tag Archives: business
TORONTO — Canada should prepare for the next pandemic by investing in the necessary infrastructure to be able to produce vaccines domestically, says Canadian stem cell biologist and Moderna co-founder, Derrick Rossi. “Setting up manufacturing facilities for these technologies that are new, but clearly the way forward for vaccines,” Rossi told CTV News Channel on […]
Canada’s main stock index slumped Friday as shares of miners, energy companies and financial firms flagged, while investors eyed bonds and interest rate trends. The S&P/TSX composite index was down 163.28 points at 18,060.26. In New York, the Dow Jones industrial average was down 469.64 points at 30,932.37, the S&P 500 index was down 18.19 […]
TORONTO — The chief executive of the fund that manages Canada Pension Plan investments has resigned after it was revealed that he decided to travel to the United Arab Emirates, where he arranged to be vaccinated against COVID-19. CPP Investments said Friday that Mark Machin tendered his resignation after discussions with the board Thursday night. […]
CALGARY — WestJet Airlines Ltd. says it is laying off an undisclosed number of pilots amid negotiations with the union that represents them. Airline spokeswoman Morgan Bell says the layoff notices are going out ahead of the expiration of a memorandum of agreement on March 31. Bell would not disclose the number of affected pilots. […]
United Airlines will pay more than US$49 million to avoid criminal prosecution and settle civil charges of defrauding the U.S. Postal Service in the delivery of international mail. The Justice Department said Friday that former employees of United’s cargo division falsified parcel-delivery information between 2012 and 2015. Prosecutors said that as a result, United collected […]
TORONTO — North America’s first Bitcoin exchange-traded fund began trading on the Toronto Stock Exchange today. The Purpose Bitcoin ETF, developed by Toronto-based Purpose Investments, was approved for trading last week by the Ontario Securities Commission. Units of the ETF closed at $10.25 on the S&P/TSX composite index, up 25 cents from their opening bid. […]
Some politicians are worried that countries will borrow too much to prop up the economy over the coming year. Christine Lagarde doesn’t share their concerns. The European Central Bank president told CNN Business’ Richard Quest on Thursday that her biggest fear isn’t that the European Union will accumulate a mountain of debt, but that governments […]
TORONTO — Canadian Tire Corp. Ltd. says it’s closing all its National Sports stores to reduce overlap in the company’s sporting goods assortment after an internal evaluation. All 18 of the retail stores across southern Ontario will be closing, Gregory Craig, the retailer’s chief financial officer, told investors on Thursday. “This has been a difficult […]
CALGARY — TC Energy Corp. says it expects to take a “substantive” charge when it reports its first-quarter results for 2021 due to the decision by U.S. President Biden to revoke the presidential permit for its Keystone XL pipeline. The company says it couldn’t yet say what the size of the charge will be, which […]