Businesses expect slowing prices, wage increases: BoC survey – Business News
Photo: The Canadian Press
Businesses 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…
Fake online reviews: US proposes bans
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…
Riots in France have already cost businesses more than $1 billion
Just weeks after hugely disruptive protests and strikes over pension reforms in France finally died down, businesses in the country are grappling with the fallout from a week of rioting.
The riots, which were sparked by the fatal shooting of a teenager by a police officer last Tuesday, have already caused more than €1 billion ($1.1 billion) worth of damage, according to a French business association, MEDEF.
Protesters have attacked nearly 400 bank branches and 500 corner shops, French Finance Minister Bruno Le Maire told CNN affiliate BFMTV Wednesday. Speaking to CNN’s Isa Soares Tuesday, Le Maire put the total…
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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Bloomberg News
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…
