Category: Business News

What’s opening and what’s closing? Check out Center County business news from June

Posted on July 1, 2023
A new fireworks store opened just in time for July Fourth and plans were announced for a new donut shop and hotel. Here’s a roundup of Center County business news in June. What’s openingWholesale Fireworks is now open at 2000 E. College Ave., the former Sheetz near Lemont. Jessica McAllister/[email protected] Jon and Meredith Houser announced plans to open Bellefonte Brick Studio, an independent Lego store, on July 1 at 104 N. Allegheny St. The store’s hours are 10 am to 6 pm Tuesday-Saturday.Dunkin’ will open a second downtown State College location this fall. The donut chain plans…

Study suggests Canadians lack trust in brands’ sustainability claims – Business News

Posted on June 29, 2023
Photo: The Canadian PressWhile most consumers believe in rewarding companies that accurately deliver on sustainability promises, a new study suggests their trust is lacking in the “green” claims made by brands. The report released Thursday by Deloitte Canada on creating value from sustainable products said Canadians expect sustainable buying options and crave transparency with respect to the claims brands make. It found that in September 2021, nearly half of Canadian consumers had purchased at least one sustainably produced good or service in the previous four weeks. But by March 2023, that figure had declined to 37 per cent. While…

Retail sales grew 1.1 per cent in April

Posted on June 28, 2023
OTTAWA – Canadian retail sales came in stronger than initially estimated, as analysts say consumers proved resilient amid an economically challenging environment but that momentum is expected to slow. Retail sales rose 1.1 per cent to $65.9 billion in April, Statistics Canada reported Wednesday, topping its initial estimate for the month that pointed to an increase of 0.2 per cent. Gains at general merchandise retailers and food and beverage stores led the way higher. The agency’s advance estimate for May suggested a gain of 0.5 per cent for that month, though it cautioned the figure would be revised. BMO economist…

BoC debated waiting until July to hike rates

Posted on June 27, 2023
OTTAWA – The Bank of Canada’s governing council considered waiting until July to raise interest rates, but ultimately decided to act sooner in the face of hot economic data. The central bank released Wednesday its summary of deliberations for its June interest rate announcement, shedding light into the decision to raise its key interest rate by a quarter of a percentage point to 4.75 per cent. That’s the highest it’s been since 2001. The rate hike came after the central bank declared a pause earlier in the year, appearing cautiously optimistic that interest rates were high enough to quash inflation.…

Facebook to end news access in Canada over incoming law on paying publishers

Posted on June 25, 2023
CNN —Meta Platforms Inc plans to end access to news on Facebook and Instagram for all users in Canada once a parliament-approved legislation requiring internet giants to pay news publishers comes into effect, the company said on Thursday.The legislation, known as the Online News Act, was approved by the Senate upper chamber earlier on Thursday and will become law after receiving royal assent from the governor general, a formality.The legislation was proposed after complaints from Canada’s media industry, which wants tighter regulation of tech companies to prevent them from elbowing news businesses out of the online advertising…

Canada Bread agrees to $50M fine for role in bread price-fixing scandal

Posted on June 24, 2023
Canada Bread has agreed to pay at least $50 million for its role in fixing the price of bread for years. The company made the revelation in an Ontario court on Wednesday, acknowledging that under a previous management regime, it colluded with its competitors in Canada’s bakery industry to work in unison to raise the wholesale prices they charge to grocery chains, pushing up prices for consumers in the process. The company — which makes dozens of brands of baked goods, including Dempster’s, Stonemill, Vachon and others — has been owned by Mexican food giant Grupo Bimbo since 2014, but…

Uh-oh. More good news that may be bad for your economic health

Posted on June 23, 2023
At first glance, the response of “sold over asking” real estate signs may seem like an encouraging signal for the Canadian economy, especially for highly invested homeowners who have watched prices fall from last year’s highs. But a growing number of economists worry that a recent series of indicators, the latest being Wednesday’s rise in Canadian retail sales, may instead be a red flag for central bankers, leading them to more rate hikes that could ultimately make many Canadians feel miserable. With each new smidgen of optimistic data, money market traders point to a rising chance that central bankers will…

Adidas is selling Yeezy shoes again after cutting ties with Kanye West

Posted on June 21, 2023
Some of Adidas’ remaining Yeezy shoes are back on sale — months after the German sportswear company cut ties with Ye, the rapper formerly known as Kanye West. Adidas ended its years long partnership with Ye in late October, in light of his antisemitic remarks and other harmful behavior. In the months that followed, the fate of $1.3 billion worth of unsold Yeezys remained unknown — until earlier this month, when Adidas CEO Bjørn Gulden announced the company would be selling a portion of the remaining inventory and donating some of the proceeds to social justice organizations . The first…