Business news

• Canadian fans may not love the Stanley Cup matchup — but it's good for the game

  27-05-2023 10:00 via cbc.ca
  
  Canadian fans and broadcast rights holders would prefer to see some big names in the Stanley Cup final. But a matchup of two emerging-market teams can grow the game — and eventually the salary cap.
  
  Read more

• A Sunbelt Stanley Cup final could help your favourite team

  27-05-2023 10:00 via cbc.ca
  
  Canadian fans and broadcast rights holders would prefer to see some big names in the Stanley Cup final. But a matchup of two emerging-market teams can grow the game — and eventually the salary cap.
  
  Read more

• Neuralink, Elon Musk's brain implant company, says it's received FDA approval for human trials

  26-05-2023 22:37 via cbc.ca
  
  Neuralink says it's gotten permission from U.S. regulators to begin testing its brain implant device in people. The company made the announcement on Twitter Thursday evening but has provided no details about a potential study, which was not listed on the U.S. government database of clinical trials.
  
  Read more

• Want to fix Canada's cannabis business? Loosen THC limit and packaging rules, Competition Bureau recommends

  26-05-2023 18:39 via cbc.ca
  
  Canada's competition watchdog says the federal government should consider loosening the restrictive rules on how cannabis has to be packaged and raise the amount of psychoactive ingredients that are allowed in edible products to help the industry thrive and stamp out the black market while maintaining public safety.
  
  Read more

• Advertisement

• Canadian burn survivor's 40-shade foundation line gets picked up by beauty giant Sephora

  26-05-2023 10:00 via cbc.ca
  
  Basma Hameed struggled to find the right foundation to cover her burn scars. So she created her own foundation line that is now selling online at Sephora and will soon be available in the retailer's 100 stores in Canada.
  
  Read more

• More Canadian privacy authorities investigating ChatGPT's use of personal information

  25-05-2023 18:41 via cbc.ca
  
  Four federal and provincial privacy authorities in Canada have launched an investigation into OpenAI, the company behind artificial intelligence-powered chatbot ChatGPT, after receiving a complaint about the company's disclosure of personal information.
  
  Read more

• FAA order grounding all Air Canada and Rouge flights in U.S. lifted

  25-05-2023 18:38 via cbc.ca
  
  The U.S. Federal Aviation Administration (FAA) has cancelled a brief ground stop order for all Air Canada and Rouge flights in the U.S. due to an unspecified computer issue.
  
  Read more

• Microchip maker Nvidia is worth $1T today — and it's all because of AI

  25-05-2023 16:09 via cbc.ca
  
  Microchip maker Nvidia Corp. was poised to join an exclusive list of companies worth more than $1 trillion on Thursday as the company said that feverish demand for AI technology was causing booming demand for its products.
  
  Read more

• Advertisement

• Some companies say they can't quit Russia, others find leaving complicated but worth it

  25-05-2023 14:30 via cbc.ca
  
  More than a year after the Ukraine invasion, it's clear that leaving Russia was not as simple as the first announcements might have made it seem for global companies.
  
  Read more

• Surging consumer confidence goes head-to-head with gloomy economic warnings. Who's right?

  25-05-2023 10:00 via cbc.ca
  
  Canadian banks set aside new cash for bad loans, as the Bank of Canada and the CMHC warn on the risks of growing debt. Yet consumer confidence is rising. Are we just not listening?
  
  Read more

• Fitch places US AAA credit rating on negative watch, citing increased political partisanship

  25-05-2023 03:57 via foxbusiness.com
  
  Credit ratings agency Fitch Ratings on Wednesday said it has placed the United States’ "AAA" rating on negative watch, pointing to increased political partisanship over the debt limit as the deadline to raise or suspend it quickly approaches. "The Rating Watch Negative reflects increased political partisanship that is hindering reaching a resolution to raise or suspend the debt limit despite the fast-approaching x date," the agency said.  According to Fitch, the U.S. reached its $31.4
  
  Read more

• British Prime Minister, AI company leaders vow to work together so society can benefit from the technology

  25-05-2023 03:40 via foxbusiness.com
  
  British Prime Minister Rishi Sunak met with leaders of multiple AI companies on Wednesday to discuss ways to work together to ensure the technology rolls out safely and for the benefit of society. Sunak hosted Sam Altman of OpenAI, Demis Hassabis of Google DeepMind, and Dario Amodei of Anthropic at his office on Wednesday, where they discussed risks posed by AI including national security, disinformation and existential threats. The group, which also included the Secretary of State for Science,
  
  Read more

• Prices for some Blue Jays season tickets are doubling. No, fans are not happy

  25-05-2023 03:33 via cbc.ca
  
  After an April email was sent out to season-ticket holders on the next phase of the $300-million Rogers Centre renovations, some longtime fans were dismayed to realize their coveted seats in the lower bowl will no longer exist where they used to, and they face a steep price increase for new seats.
  
  Read more

• Prices for Blue Jays season tickets are going up by about 10 times. No, fans are not happy

  25-05-2023 03:33 via cbc.ca
  
  After an April email was sent out to season-ticket holders on the next phase of the $300-million Rogers Centre renovations, some longtime fans were dismayed to realize their coveted seats in the lower bowl will no longer exist where they used to, and they face a steep price increase for new seats.
  
  Read more

• Blue Jays say renos make baseball a 'premium experience,' but fans worry they'll be priced out

  25-05-2023 03:33 via cbc.ca
  
  After an April email was sent out to season-ticket holders on the next phase of the $300-million Rogers Centre renovations, some longtime fans were dismayed to realize their coveted seats in the lower bowl will no longer exist where they used to, and they face a steep price increase for new seats.
  
  Read more

• DeSantis campaign raises $1M in one hour after White House launch, spokesman says

  25-05-2023 03:09 via foxbusiness.com
  
  Florida Gov. Ron DeSantis' campaign raised $1 million in one hour Wednesday following his 2024 presidential announcement.  Bryan Griffin, who recently served as the Republican governor's spokesman before resigning last week to join his political operation, said the funds were raised online.  "There was so much enthusiasm for Governor DeSantis' vision for our Great American Comeback that he literally busted up the internet," Griffin tweeted. "Washington is next. $1 million raised online
  
  Read more

• Peloton rebrands itself with more app membership tiers, including a free version

  25-05-2023 02:24 via foxbusiness.com
  
  Peloton Interactive, which gained popularity for its streaming spin classes, is expanding its reach with new branding and more membership tiers, giving everyone a chance to experience what the fitness company has to offer. Peloton made the announcement on Wednesday, declaring itself open and available to everyone who wants to experience the company’s instructors and world-class content, even for free. The company said in a press release that data derived from the most recent financial quar
  
  Read more

• Vancouver's Donnelly Group of bars and restaurants files for creditor protection

  25-05-2023 01:42 via cbc.ca
  
  Donnelly Group owns 11 establishments in Vancouver, including the Lamplighter Pub in Gastown and Bomber Brewing craft brewery.
  
  Read more

• Ron DeSantis hits Disney on Twitter Spaces, says Disney World made money staying open during COVID

  25-05-2023 01:39 via foxbusiness.com
  
  Florida Governor Ron DeSantis officially announced his campaign for the Republican presidential nomination on Wednesday in an interview on Twitter after filing paperwork with the Federal Elections Commission to formalize his candidacy. DeSantis appeared on Twitter Spaces with Twitter CEO Elon Musk for an interview moderated by entrepreneur and DeSantis supporter David Sacks. After a roughly 20-minute delay due to technical issues that arose when over 600,000 listeners tuned into the initial Twit
  
  Read more

• Florida orange producers record worst year since 1930s

  25-05-2023 01:24 via foxbusiness.com
  
  Groveland, Fla. — Orange lovers across the country should expect a sour surprise at the grocery store. Orange prices are now going up after the latest agriculture report reveals Florida farmers recorded the lowest orange crop in 90 years. The aftermath of back-to-back hurricanes in 2022, coupled with the devastating impact of citrus greening disease, has left farmers with record low profits.  "Well, as you can imagine, in the aftermath of the storm, it's extremely low, the lowest sinc
  
  Read more

• New CEO to run Panera Brands, company says; indicates IPO in future

  25-05-2023 01:05 via foxbusiness.com
  
  Panera Brands revealed it will soon have a new top boss, a move the company said is meant to help ready it for a future initial public offering (IPO). Panera Brands has selected current Einstein Bros. Bagels CEO Jose Alberto Duenas as the person to serve as the company’s next chief executive, according to a Tuesday press release from the company. Duenas will start doing so just over a month from now, with July 1 slated for his first day at the helm, the company said.  The former
  
  Read more

• Tina Turner sold catalog in reported $50M deal before death at 83

  25-05-2023 00:53 via foxbusiness.com
  
  Icon Tina Turner's death was announced Wednesday. The singer had been in retirement for the last decade of her life, and two years ago, she sold her entire music catalog. Turner gave the rights to publishing company BMG in what it called its single-largest acquisition of an artist’s music. "We all know how iconic Tina’s work is," BMG CEO Hartwig Masuch told Rolling Stone in 2021. "When you look at the dimensions Tina’s career has entered even in the last few years between music
  
  Read more

• Debt battle: Democrats claim GOP will 'crash the economy' to help Trump win in 2024

  25-05-2023 00:40 via foxbusiness.com
  
  House Minority Leader Hakeem Jeffries, D-N.Y., argued Wednesday that Republicans want to "crash the economy" to help former President Donald Trump win back the White House in 2024. Jeffries and his two deputies in House Democrat leadership held a press conference as debt limit talks between White House aides and Speaker Kevin McCarthy’s allies continue to show little progress, despite warnings that the U.S. government could run out of cash to pay its obligations in early June. "What the Ho
  
  Read more

• LARRY KUDLOW: McCarthy's bill would help grow the economy and avoid recession

  25-05-2023 00:09 via foxbusiness.com
  
  I hate to do it, I know it is a little boring, but we're going to report on a debt ceiling update. House Speaker Kevin McCarthy will be here in just a moment, but first, I wish somebody would explain to me why the White House Press Secretary Karine Jean-Pierre is attacking Speaker McCarthy and the House Republicans that are briefing today, when in fact Mr. McCarthy's senior emissaries, Congressman Garret Graves and Patrick McHenry journeyed from Capitol Hill to the White House to
  
  Read more

• Airlines ranked from best to worst in 2023 by The Points Guy: Where does your loyalty lie?

  24-05-2023 23:43 via foxbusiness.com
  
  Many people have their favorite airline when traveling — with some even willing to devote loyalty to one for the duration of their lifetime travels.  The Points Guy released its 2023 Best Airlines Report after listing 10 of the most popular and beloved airlines from top to bottom.  The Points Guy, also known as TPG, is a media travel platform that works to give its audience advice on the hottest places to travel, how to get the best deals with airline miles and much more.  A
  
  Read more

• Jes Staley must face JP Morgan's lawsuit tied to Jeffrey Epstein, judge rules

  24-05-2023 23:42 via foxbusiness.com
  
  A judge issued a decision Wednesday about whether the Jeffrey Epstein-related lawsuit filed by JPMorgan Chase against Jes Staley can proceed. U.S. District Judge Jed Rakoff ruled against the former bank executive, saying the case that dates back to early March will not be tossed out and can move forward. The reasoning used in his decision on the matter will come "in due course," he said.  Staley, who worked at JPMorgan from 1979 to 2013, had submitted his motion to dismiss in April. The JPM
  
  Read more

• Suspected China-based fentanyl suppliers raking in tens of millions in crypto, analysis shows

  24-05-2023 23:14 via foxbusiness.com
  
  Cryptocurrency is an attractive payment method for the illicit drug trade, and a new analysis shows suspected China-based companies producing chemicals used to make deadly fentanyl have received tens of millions in digital currencies in recent years. A report released Wednesday by blockchain data platform Chainalysis identified crypto addresses associated with dozens of Chinese suppliers believed to be shipping fentanyl ingredients overseas and found the producers have collectively raked in at l
  
  Read more

• Peloton doesn't want to be known as just a bike company anymore — so they're rebranding

  24-05-2023 22:30 via cbc.ca
  
  Peloton is undergoing a significant rebrand, dumping its identity as a seller of luxury exercise bikes and equipment for one of health technology for all.
  
  Read more

• TSA PreCheck allows teens to accompany parents in security line for free

  24-05-2023 22:22 via foxbusiness.com
  
  The Transportation Security Administration (TSA) is easing the stress of family travel at airports ahead of the busy summer season.  Effective immediately, teens ages 13 to 17 will be allowed to accompany their parents or guardians who are enrolled in TSA PreCheck through the fast security lane as long as they are on the same reservation, according to TSA.  The TSA PreCheck indicator must also appear on the teen’s boarding pass.  SUMMER TRAVEL: FAA ACTIVATES MORE DIRECT
  
  Read more

• China state-sponsored actor carries out 'attack' on US critical infrastructure, Microsoft says

  24-05-2023 22:12 via foxbusiness.com
  
  China state-sponsored cyber actor Volt Typhoon is targeting critical infrastructure organizations in the U.S., according to Microsoft. Microsoft said in a Wednesday post that the company has "uncovered stealthy and targeted malicious activity focused on post-compromise credential access and network system discovery aimed at critical infrastructure organizations in the United States." SUSPECTED CHINA-BASED FENTANYL SUPPLIERS RAKING IN TENS OF MILLIONS IN CRYPTO, ANALYSIS SHOWS "The attack is carr
  
  Read more

• Hogwarts acceptance letter from first ‘Harry Potter’ movie could be yours: Here's how

  24-05-2023 21:13 via foxbusiness.com
  
  Major Harry Potter fans have a chance to own a small but significant piece of the iconic book and film series.  An acceptance letter to Hogwarts used in the first Harry Potter movie is going up for auction.  The prop was one of the hundreds that flew down the chimney in the first movie, "Harry Potter and the Sorcerer’s Stone," also referred to as "Harry Potter and the Philosopher’s Stone" in the United Kingdom, as SWNS has noted. ‘HARRY POTTER’ WANDS, THE LARGES
  
  Read more

• Rising costs pressure many Americans to make this one retirement mistake: Survey

  24-05-2023 21:06 via foxbusiness.com
  
  Inflation and rising costs have pressured many Americans to cut retirement savings, a recent survey said.  March's Consumer Price Index (CPI), a measure of inflation, increased by 5% year-over-year, a slowdown from the 6% increase in February.  While the cost of living has eased some since inflation hit a 40-year high last June, high prices have 30% of cash-strapped Americans looking for ways to make ends meet, according to a joint survey by the TIAA Institute and the Gl
  
  Read more

• Democrat-run cities the country's least affordable for homebuyers: study

  24-05-2023 20:58 via foxbusiness.com
  
  Democrat-run blue cities, including some of the country's most liberal areas such as New York, Los Angeles and San Francisco, are the least affordable for homebuyers, according to a new study. WalletHub used 10 metrics — from housing and maintenance affordability to real estate taxes and the cost of living — to compare 300 cities across the U.S. to determine which are the most affordable for those looking to buy a home. According to WalletHub's findings, the country's 10 most afforda
  
  Read more

• Fed officials divided over additional interest rate hikes, meeting minutes show

  24-05-2023 20:47 via foxbusiness.com
  
  Federal Reserve officials were split at their meeting earlier in May on whether additional interest rate hikes are needed to lower chronically high inflation, according to minutes released Wednesday. "Several participants noted that if the economy evolved along the lines of their current outlooks, then further policy firming after this meeting may not be necessary," minutes from the U.S. central bank's May 2-3 meeting said. At the same time, "some" policymakers noted that chronic inflation means
  
  Read more

• US debt default could destroy 7 million jobs, analysis shows

  24-05-2023 20:36 via foxbusiness.com
  
  The U.S. government is hurtling toward its first-ever default on the debt that could be catastrophic for the economy, destroying more than 7 million jobs and triggering a severe recession. That's according to a recent analysis from Moody's Analytics, which predicted a disastrous hit to the economy equivalent to the 2008 financial crisis in the case of a prolonged breach of the federal debt ceiling.  In that bleak scenario, the unemployment rate would skyrocket above 8%, GDP – the broa
  
  Read more

• Rubio issues stark AI warning regarding national security: Fakes could 'do tremendous damage'

  24-05-2023 19:59 via foxbusiness.com
  
  Sen. Marco Rubio, R-Fla., issued a warning on Wednesday about impending artificial intelligence threats to national security.  In an op-ed in The Washington Examiner, the Florida Republican stressed that the dangers of AI would only increase as time passes, including those from large language models like OpenAI's chatbot ChatGPT.  He pointed out that hackers had previously used editing programs to portray former presidents.  "Neither high-school cheating nor dumb humor rises to th
  
  Read more

• US debt default would be 'devastating' to small businesses, Chamber of Commerce warns

  24-05-2023 19:49 via foxbusiness.com
  
  The ongoing negotiations between the Biden administration and Republicans in Washington to reach a deal on raising the federal government's debt ceiling has left the nation dangerously close to potentially defaulting on paying its bills, causing the U.S. Chamber of Commerce to sound the alarm that a default would be disastrous for America's economic backbone. The organization warned this week that if a resolution is not reached by the early June deadline, "the repercussions could be devastating
  
  Read more

• Stuart Varney highlights “positive trend" emerging for Republicans ahead of the 2024 election

  24-05-2023 19:14 via foxbusiness.com
  
  During his latest "My Take," "Varney & Co." host Stuart Varney discusses the "positive trend" Republicans are seeing as billionaires publicly back the party ahead of the 2024 election, arguing politicians can use successful businesspeople.  STUART VARNEY: Business people have become very prominent in presidential politics.  Perhaps they always were, but these days it’s obvious and right up front.  I think it’s a very positive trend.  Billionaire business
  
  Read more

• Profits dip as BMO and Scotiabank set aside hundreds of millions to cover bad loans

  24-05-2023 15:59 via cbc.ca
  
  Two of Canada's biggest lenders revealed quarterly earnings on Wednesday that suggest a gloomier outlook for Canada's economy, with sharply lower profits and a large jump in the amount of money they're setting aside to cover bad loans.
  
  Read more

• Profits dip as BMO and Scotiabank set aside hundreds of millions more to cover bad loans

  24-05-2023 15:59 via cbc.ca
  
  Two of Canada's biggest lenders revealed quarterly earnings on Wednesday that suggest a gloomier outlook for Canada's economy, with sharply lower profits and a large jump in the amount of money they're setting aside to cover bad loans.
  
  Read more

• Target shares hit amid Pride merchandising controversy

  24-05-2023 15:09 via foxbusiness.com
  
  Target shareholders are feeling the backlash underway at the retailer as controversy swirls over its Pride merchandising plans, as first reported by Fox News Digital. Shares slipped 2.7% on Wednesday and have dropped more than 9% this month, with 6% of that decline this week alone, as tracked by Dow Jones Market Data Group. That amounts to $4.2 billon in market value. Over the same time frame, the S&P 500 has dropped just over 1%.  "For more than a decade, Target has offered an assortme
  
  Read more

• FTC probing Abbott, other baby-formula makers for collusion

  24-05-2023 09:24 via foxbusiness.com
  
  The Federal Trade Commission (FTC) is looking into whether major U.S. infant formula makers colluded when bidding on lucrative contracts to provide formula to lower-income families, according to a filing posted to the agency's website.  According to the filing, the agency started a probe last year into whether Abbott Laboratories or any other infant formula maker "engaged in collusion or coordination with any other market participant regarding the bidding for WIC contracts."  The Depar
  
  Read more

• Households now owe more than Canada's entire GDP, housing agency warns

  23-05-2023 21:12 via cbc.ca
  
  Canadian households are more in debt than those in any other G7 country, and the amount they owe is now more than the value of the entire economy, the deputy chief economist with Canada's housing agency is warning in a new report.
  
  Read more

• Netflix to start charging U.S. customers an extra $8 for sharing account outside the house

  23-05-2023 21:09 via cbc.ca
  
  Netflix on Tuesday outlined how it intends to crack down on the rampant sharing of account passwords in the U.S., its latest bid to reel in more subscribers to its video streaming service amid a slowdown in growth.
  
  Read more

• Dragons' Den investors join star-studded Ottawa Senators bid

  23-05-2023 16:53 via cbc.ca
  
  The group trying to leverage star power for its bid to own the Ottawa Senators continues to add more known names to its list.
  
  Read more

• TikTok sues Montana to overturn first statewide ban on video-sharing app

  22-05-2023 23:36 via cbc.ca
  
  Social media company TikTok Inc. filed a lawsuit Monday seeking to overturn Montana's ban on the video-sharing app, arguing the law is an unconstitutional violation of free speech rights and is based on "unfounded speculation" that the Chinese government could access user data.
  
  Read more

• Bank that bought Silicon Valley Bank sues HSBC for poaching staff

  22-05-2023 20:38 via cbc.ca
  
  First Citizens BancShares Inc, which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of illegally poaching more than 40 of the failed bank's employees.
  
  Read more

• Meta hit with record fine by Irish regulator over U.S. data transfers

  22-05-2023 14:59 via cbc.ca
  
  Facebook parent company Meta was hit with a record 1.2 billion euro ($1.75 billion Cdn) fine by Ireland's privacy regulator over its handling of user information and given five months to stop transferring users' data to the United States.
  
  Read more

• Why rethinking retirement might help solve Canada's demographic crunch

  21-05-2023 10:00 via cbc.ca
  
  Canada is being hit by a demographic crisis, sometimes called “the grey wave.” While the economy is adding jobs, economists say the crisis is more than a numbers game and ageism might be costing firms invaluable institutional experience and productivity.
  
  Read more

• What you need to know about Temu, the online shopping app dominating download charts

  21-05-2023 10:00 via cbc.ca
  
  With many of the e-commerce platform’s best-selling goods priced under $10, it’s easy to see why many are flocking to the app to purchase everything from clothes and accessories to home appliances. But some experts caution people to think critically about using it.
  
  Read more

Follow @Business_Newsl on Twitter!