Business News

Instant Brands, maker of Instant Pot and Pyrex cookware, files for bankruptcy

Posted on June 20, 2023

The company that makes kitchen staples like CorningWare, Pyrex and the Instant Pot has entered bankruptcy proceedings in the US and Canada. Illinois-based Instant Brands said Monday that it has “initiated a voluntary court-supervised Chapter 11 process,” due to an unmanageable debt load. “Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable,” CEO Ben Gadbois said in a news release. In court filings, the company says it generated operating cash flows of just $17.9 million US in the first three months of the year. That relatively large figure is a sharp…

The Best Specification Moissanite Diamond

Posted on June 20, 2023

Moissanite is a beautiful and durable gemstone that is often compared to diamonds. Moissanite is created in a lab, and it has the same brilliance, clarity, and durability as diamonds. However, moissanite is typically much more affordable than diamonds. If you are considering buying a moissanite diamond, there are a few things to keep in mind.The most important factors to consider are the cut, color, clarity, and carat weight. Cut The cut of a moissanite diamond is the most important factor in determining its beauty and sparkle. The best cut for a moissanite diamond is a round brilliant cut.…

How student loans keep some people trapped in debt

Posted on June 19, 2023

When Samuel Bonne received $15,000 in student grants to fund his studies, he wasn’t expecting to have to pay it back. But just two years later — in the middle of the pandemic — those grants were converted to loans. At the end of his sophomore year at the University of Toronto, the Ontario Student Assistance Program (OSAP) asked Bonne, originally from Mauritius, for his parents’ financial documents, but they couldn’t provide them. “My dad works in Kenya and my mom doesn’t work,” said Bonne. “So I ended up having $15,000 in loans that I did not know about.” Bonne,…

Ex-TikTok executive says Chinese government used app to locate, identify Hong Kong protesters

Posted on June 17, 2023

A former executive at ByteDance, the Chinese company that owns the popular short-video app TikTok, says in a legal filing that some members of the ruling Communist Party used data held by the company to identify and locate protesters in Hong Kong. Yintao Yu, formerly head of engineering for ByteDance in the United States, says those same people had access to US user data, an allegation that the company denies. Yu, who worked for the company in 2018, made the allegations in a recent filing for a wrongful dismissal case filed in May in the San Francisco Superior Court. In…

WestJet to wind down Swoop, integrate into main operation – Business News

Posted on June 16, 2023

WestJet to absorb Swoop The Canadian Press – Jun 9, 2023 / 11:37 am | Stories: 431105Photo: The Canadian Press A passenger boards a WestJet Encore Bombardier Q400 twin-engined turboprop aircraft in Kamloops, Saturday, June 3, 2023. WestJet and Swoop pilots ratified their collective agreement after a bargaining process that saw the threat of a strike snarl many Canadians’ long weekend plans. THE CANADIAN PRESS/Jeff McIntoshWestJet says it will wind down its Swoop brand by late October as it integrates the budget carrier’s operations into its main banner. The move comes after ratification of a new collective agreement…

ZoomerMedia announces acquisition of The Peak Canada’s

Posted on June 15, 2023

TORONTO, June 08, 2023 (GLOBE NEWSWIRE) — ZoomerMedia Limited (TSXV: ZUM) (“ZoomerMedia”) announces that it has completed the acquisition of all the outstanding shares of The Peak Media Collective Inc. (PMCs). Founded in 2020, The Peaks serves busy Canadian professionals and business leaders with the top global business, finance, and tech stories of the day packaged in a smart, fast, and easily digestible format. The aggregate purchase price of $5 million is comprised of $3.5 million cash on closing and a $1.5 million promissory note. The Peaks‘s flagship daily newsletter covers the biggest Canadian and global business stories and has…

Irving Oil considers the sale of the company as part of a strategic review

Posted on June 14, 2023

Irving Oil says it has launched a strategic review that will consider, among other things, “a full or partial sale” of the company, one of the largest in New Brunswick. “A strategic review of the company is underway, and a series of options are being evaluated related to the company’s future,” the Saint John-based company said in a statement. “No decisions have been made about where this strategic review may lead. Considerations will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them.” The…

Here’s why the PGA Tour just merged with LIV Golf

Posted on June 13, 2023

The PGA Tour announced Tuesday it would merge with LIV Golf, a Saudi-backed men’s golf organization that formed last year to compete with the PGA. News of the merger sent shock waves through the sports world and even reached the highest echelons of the US government, after a reporter sought comment from the Biden administration about the Saudi government’s taking such a large stake in men’s golf. Biden spokeswoman Karine Jean-Pierre declined to comment. Here’s what it all means. What is LIV Golf? LIV was created in 2022 by Saudi Arabia’s Public Investment Fund (PIF) alongside two of the world’s…