Business News

Businesses expect slowing prices, wage increases: BoC survey – Business News

Posted on July 8, 2023

Photo: The Canadian PressBusinesses continue to expect wage and price increases to be larger than normal, but they are shifting to closer to what they were before the pandemic, a new survey by the Bank of Canada suggests. In its business outlook survey released Friday, the central bank said for the first time since the beginning of the pandemic businesses on balance expected slower wage growth over the next year. Firms on balance also expected their input and output prices to grow at a slower rate over the next 12 months. “Although firms still see cost pressures and labor…

Apple became the first company to have a market cap topping $3 trillion

Posted on July 7, 2023

Apple’s market cap topped $3 trillion on Friday, as shares rose about 1% to a new high and passed the $190.73 price required to hit the milestone, according to CNBC’s most recent share count. Apple was the first company to hit a $3 trillion market cap during intraday trading in January 2022, but it failed to close at that level. It has another shot to do that on Friday. It shows investors remain bullish on the stock and Apple’s portfolio of products and services, despite the company’s warning in May that its current quarter revenue is expected to fall about…

Fake online reviews: US proposes bans

Posted on July 6, 2023

WASHINGTON – US federal regulators are looking to crack down on fake reviews and other deceptive internet practices. The Federal Trade Commission proposed a new rule Friday that would ban paying for reviews, suppressing honest reviews, selling fake social media engagement and more. Businesses would also be prohibited from running company-controlled websites that claim to be independent, and other deceptive practices like “review hijacking,” which makes reviews for one product appear like they were written for significantly different ones. If the proposed rule is approved, following a 60-day public comment period, violators could face hefty penalties. “Our proposed rule on…

How the Shein influencer trip marked a turning point in the brand-sponsored vacation trend

Posted on July 5, 2023

Several influencers were lambasted this week for social media posts enthusiastically highlighting a trip sponsored by the Chinese fast fashion clothing retailer Shein, which has previously been accused of labor exploitation and environmentally damaging practices. A since-deleted video posted by Dani Carbonari, who in her Instagram bio refers to herself as a content creator, plus-sized model and confidence activist, shows her arriving at a facility she calls the “Shein Innovation Centre” in Ghangzhou, China, last week. “Shein is just such a developed and complex company, and it was so beautiful to see first hand,” Carbonari said in the video. Referring…

Canadians seeking financial advice from banks left unsatisfied

Posted on July 4, 2023

Breadcrumb Trail LinksNews Executive Summary ExecutivesRoughly two-thirds of retail bank customers ‘financially unhealthy,’ the study findsPublished June 30, 2023 • 4 minute readPedestrians walk near a Royal Bank of Canada building in the financial district of Toronto. Photo by Brent Lewin/Bloomberg filesArticle content As high inflation, rising interest rates and market volatility take a toll on their finances, Canadians are seeking advice from their financial institutions, but some banks are not delivering this effectively, according to a new study.Advertisements 2This advertisement has not been loaded yet, but your article continues below.THIS CONTENT…

Business travel for Indonesians to Australia will be made easier in a deal between national leaders

Posted on July 4, 2023

CANBERRA, Australia (AP) — Business travel for Indonesians to Australia will be made easier in a bid to boost the…CANBERRA, Australia (AP) — Business travel for Indonesians to Australia will be made easier in a bid to boost the economic partnership between the two countries following a deal struck on Tuesday between their leaders. Australian Prime Minister Anthony Albanese and Indonesian President Joko Widodo agreed on visa changes, climate initiative funding and education partnerships during talks at Sydney’s Taronga Zoo. Albanese announced that Indonesians will be able to access extended business visas for Australia, increasing from three to five…

Petro-Canada payment problems continue, but the company says it’s ‘making progress’ on fixing

Posted on July 3, 2023

Petro-Canada says the nearly weeklong problems that customers have experienced with things like payment and loyalty programs at the gas station chain are ongoing, but it is making progress on solving them. Problems at the company started about a week ago, when on Friday reports suggested that parent company Suncor had been hacked. Over the weekend, Suncor acknowledged it had experienced a “cybersecurity incident” and stressed that while it was confident that no customer or employee data had been stolen, “some transactions with customers and suppliers may be impacted.” One of the first places where such disruptions were found was…

United CEO apologizes for flying private

Posted on July 2, 2023

New York – United CEO Scott Kirby is apologizing to customers and his own employees after taking a private jet during a week when his airline was canceling thousands of flights. The airline confirmed Kirby flew from Teterboro Airport in New Jersey to Denver, Colorado, on Wednesday, and that the company did not pay for his flight. Teterboro is about 17 miles from Newark, New Jersey, where one of United’s largest hubs is located and which was the center of the airline’s meltdown this week. In a statement, Kirby said he regretted that his actions distracted the professionalism of United…