National Newswatch

Bank CEOs juggling careful spending with new consumer habits during COVID-19

Sep 9 2020 — Tara Deschamps, The Canadian Press — TORONTO — The CEOs of Canada's big banks say the COVID-19 pandemic has pushed their companies to balance quickly adapting to new consumer habits with a careful approach to combating economic pressures. Speaking Wednesday at Scotiabank's annual financial summit, which is being held virtually this year, executives said that they have spent recent months dealing […]

Child care key to women’s recovery from economic impacts of COVID-19: report

Sep 9 2020 — Tara Deschamps, The Canadian Press — TORONTO — Flexible work arrangements, affordable child-care offerings and training for new jobs are all key to helping women recover from a "she-cession," says the Ontario Chamber of Commerce. Those ideas are among dozens of recommendations the provincial business organization made in a report it released Wednesday that is meant to combat the outsized impact […]

Uber unveils Canadian commitments to reach goal of being emission-free by 2040

Sep 8 2020 — Tara Deschamps, The Canadian Press — TORONTO — Uber Technologies Inc. is launching a handful of sustainability measures in Canada in an effort to reach lofty goals it has set for lowering greenhouse gas emissions. The San Francisco-based ride-hailing giant said Tuesday that it will encourage the use of electric and hybrid vehicles by offering rewards and savings for riders and earnings for drivers who use them and allocating […]

COVID-19 causes financial trouble for PNE, puts future of CNE in jeopardy

Sep 3 2020 — Tara Deschamps, The Canadian Press — TORONTO — Two of Canada's favourite summer hotspots are in for a ride as they try to keep their operations alive amid COVID-19. The Canadian National Exhibition and Pacific National Exhibition say a summer without massive crowds revelling in deep-fried delights, live music and other attractions due to COVID-19-related closures have resulted in millions in losses and serious concerns about the future of […]

‘It’s going to get worse’: Businesses brace for cold weather, closure of patios

Sep 1 2020 — Tara Deschamps, The Canadian Press — TORONTO — In the heat of the summer, Charles Khabouth is already thinking about the chill ahead. The entertainment kingpin behind dozens of clubs, restaurants, entertainment venues and music festivals got many of his businesses back in operation in the spring following the onset of COVID-19, but he believes convincing people to continue to venture out in colder months will […]

Rogers expands 5G network to 50 markets, but adoption will take time

Sep 1 2020 — Tara Deschamps, The Canadian Press — TORONTO — Rogers Communications Inc. is expanding 5G technology to 50 new markets, though most Canadians have yet to upgrade to devices compatible with the network.  The telecommunications company said Tuesday the technology that promises near-instantaneous speeds for downloading, uploading and streaming will be launched in a mix of small towns and metropolitan centres across Ontario, Quebec, Alberta, British Columbia and […]

New Uber contract could have chilling effect on class action, says lawyer

Aug 31 2020 — Tara Deschamps, The Canadian Press — TORONTO — Uber Technologies Inc. is trying to keep its Canadian drivers from joining or starting class-action lawsuits against the company — a move that threatens to upend a $400-million fight from drivers wanting to be recognized as employees, says a lawyer. Employment lawyer Lior Samfiru, who is pursuing the case, said drivers using the platform were asked to sign new […]

Economists agree we’re in a recession, but there’s little consensus on why

Aug 28 2020 — Tara Deschamps, The Canadian Press — TORONTO — Economists say there is no doubt that Canada is experiencing a recession, but the exact criteria determining one is underway can be fraught with confusion. Broadly speaking, a recession is a period of business contraction where economic activity declines. But what exactly constitutes a decline, and over what time period, is the subject of much debate. An often-cited definition […]

‘We’re not out of this yet’: Banks brace for uncertainty as recovery takes hold

Aug 27 2020 — Tara Deschamps, The Canadian Press — TORONTO — Canadian banks were optimistic this quarter about the prospects of an economic rebound from the effects of the COVID-19 pandemic, but conceded much uncertainty lies ahead — particularly as loan deferrals and government relief efforts launched in the early days of the pandemic draw to a close. The Big Six banks, which revealed their third-quarter […]

TD CEO warns pandemic recovery ‘won’t always be smooth’ as Q3 profit falls 30%

Aug 27 2020 — Tara Deschamps, The Canadian Press — TORONTO — Canada's economy is starting to rebound from the worst of the COVID-19 pandemic slowdown, but TD Bank Group's chief executive is warning that trouble may still lie ahead. "The route to recovery won't always be smooth," Bharat Masrani told financial analysts on a Thursday conference call. "The longer-term outlook is still uncertain and a measure […]

How much should you tip for a meal? Foodies offer advice for the COVID-19 era

Aug 27 2020 — Tara Deschamps, The Canadian Press — TORONTO — When Canadians are handed payment terminals when dining out or grabbing takeout, there's usually a moment of discomfort as they quietly calculate how much to tip while restaurant staff hover nearby. That anxiety has been exacerbated during the COVID-19 pandemic as many restaurants are on the brink of closure while some of their customers have lost their jobs. "Some people take […]

CIBC reports $1.17-billion Q3 profit, beat expectations

Aug 27 2020 — Tara Deschamps, The Canadian Press — TORONTO — Canadian Imperial Bank of Commerce's earnings took a tumble as it allocated an increasing amount of money towards bad loans triggered by the COVID-19 pandemic. The Toronto-based bank said Thursday that it earned $1.17 billion or $2.55 per diluted share in its third quarter, down from nearly $1.4 billion or $3.06 per diluted share a year earlier. Provisions for […]