Apple became the first company to have a market cap topping $3 trillion
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…
Canadians seeking financial advice from banks left unsatisfied
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Roughly two-thirds of retail bank customers ‘financially unhealthy,’ the study finds
Published June 30, 2023 • 4 minute read
Pedestrians walk near a Royal Bank of Canada building in the financial district of Toronto. Photo by Brent Lewin/Bloomberg files
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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.
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How the Shein influencer trip marked a turning point in the brand-sponsored vacation trend
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…
United CEO apologizes for flying private
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…
RBC is under pressure to boost capital after OSFI hikes buffer
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Analyst says CIBC also faces scrutiny with the lowest CET1 ratio of the six banks
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Geoffrey Morgan
Published June 20, 2023 • Last updated June 21, 2023 • 2 minute read
Royal Bank of Canada and CIBC are under new pressure to bolster its capital levels after OSFI raised the minimum buffer for the largest banks, analysts say. Photo by Cole Burston/Bloomberg
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Royal Bank of Canada is under new pressure to bolster its capital levels after the country’s financial regulator raised the minimum buffer for the largest…
What’s spending slowdown? Retail sales suggest Canadians aren’t ready to quit shopping
Up to date retail sales numbers from Statistics Canada on Wednesday show that despite high prices and dire warnings about debt loads, Canadians remain in the mood to shop.
The data agency reported Wednesday that retailers took in $65.9 billion in April. That’s an increase of 1.1 per cent from March’s level.
Just about every type of store booked higher sales during the month, with the exception of furniture, electronics and appliances retailers, where sales shrank by 1.6 per cent from March’s level.
So-called core retail sales, which strip out volatile items like gas, cars and car parts, actually increased…
Uh-oh. More good news that may be bad for your economic health
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…
The Bank of Canada is expected to raise interest rates once more, cap at 5%
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The Bank of Canada will raise borrowing costs by another 25 basis points in coming months before capping its tightening cycle, economists said.
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Canada’s central bank will increase its key overnight rate to five per cent in the third quarter, according to a monthly Bloomberg survey of 25 economists. That would be the highest level since 2001.
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The outlook still more or less shows the economy headed for a so-called soft landing as policy makers push rates deeply into restrictive territory. Analysts raised their expectations for growth in 2023 to 1.3 per cent from…
