How student loans keep some people trapped in debt
When Samuel Bonne received $15,000 in student grants to fund his studies, he wasn’t expecting to have to pay it back. But just two years later — in the middle of the pandemic — those grants were converted to loans.
At the end of his sophomore year at the University of Toronto, the Ontario Student Assistance Program (OSAP) asked Bonne, originally from Mauritius, for his parents’ financial documents, but they couldn’t provide them.
“My dad works in Kenya and my mom doesn’t work,” said Bonne. “So I ended up having $15,000 in loans that I did not know about.”
Bonne,…
Dollarama 21 per cent sees an increase in sales year-over-year
MONTREAL –
Dollarama Inc. enjoyed a 21 per cent year-over-year jump in sales in its latest quarter as the discount retailer scooped up consumers seeking cheaper products amid high inflation.
In the quarter ended April 30, the company said strong demand was held up across the board, from consumables to seasonal items and general merchandise, resulting in a profit boost of 23 per cent from a year earlier.
For same-store sales, the number of transactions grew nearly 16 per cent while purchase sizes also nudged up.
“We had a good Easter,” said chief executive Neil Rossy. “But there’s a slight…
Shakeup at Indigo as almost half of the company’s board exits and chair Heather Reisman will also leave soon
Four members of Indigo’s board of directors have abruptly resigned, and the company has announced that chair Heather Reisman will retire this summer.
Indigo Books and Music Inc. says Frank Clegg, Howard Grosfield, Anne Marie O’Donovan and Chika Stacy Oriuwa are no longer on the company’s 11-person board.
In a statement Wednesday, the company indicated that Oriuwa was resigning “because of her loss of confidence in board leadership and because of mistreatment.”
No reason was given for the other exits. “Indigo wishes the departing directors well and thanks each of them for their contributions during their tenure on the board,”…
Here’s why the PGA Tour just merged with LIV Golf
The PGA Tour announced Tuesday it would merge with LIV Golf, a Saudi-backed men’s golf organization that formed last year to compete with the PGA.
News of the merger sent shock waves through the sports world and even reached the highest echelons of the US government, after a reporter sought comment from the Biden administration about the Saudi government’s taking such a large stake in men’s golf. Biden spokeswoman Karine Jean-Pierre declined to comment.
Here’s what it all means.
What is LIV Golf?
LIV was created in 2022 by Saudi Arabia’s Public Investment Fund (PIF) alongside two of the world’s…
The Bank of Canada raises the key interest rate
OTTAWA –
The Bank of Canada raised its overnight rate by 25 basis points to 4.75 per cent on Wednesday, its first increase since pausing hikes in January. The central bank’s key interest rate has not been this high since April 2001.
Several factors led to the bank’s decision to raise the key interest rate, including economic growth in Canada. Gross Domestic Product exceeded expectations in the first quarter of this year, growing by 3.1 per cent.
The central bank says demand in the economy has rebounded, with surprisingly strong consumer spending. Housing market activity has picked up again…
The Family Business Succession Puzzle
Two weeks ago today we bade farewell to everyone’s favorite oedipal billionaires as the final episode of “Succession” wrapped up. The show’s immense cultural impact is due to many factors: top-class writing, heart-rending performances, and the sheer power Brian Cox could load into the letter ‘F’ all they played their part.
At its heart, the series highlights the often messy interlacing of family dynamics and 21st-century capitalism — and while we believe few viewers could truly relate to the Roys, that dynamic is deeply entrenched in real-world economics. Around 60% of the US workforce is employed by family-run businesses, and…
Irving Oil considers the sale of the company as part of a strategic review
Irving Oil says it has launched a strategic review that will consider, among other things, “a full or partial sale” of the company, one of the largest in New Brunswick.
“A strategic review of the company is underway, and a series of options are being evaluated related to the company’s future,” the Saint John-based company said in a statement.
“No decisions have been made about where this strategic review may lead. Considerations will be given to a new ownership structure, a full or partial sale, or a change in the portfolio of our assets and how we operate them.”
The…
Interest-rate hike could push real estate sales: mortgage broker
With the latest hike bringing Canada’s key interest rates to levels not seen since 2001, one mortgage broker is warning that it may be “the last straw” for some homeowners with variable mortgages.
“We started to hear from people in the last three weeks that they are actively considering selling their homes,” Ron Butler, a mortgage broker in Ontario told CTV News Channel on Wednesday. “They can’t handle the increase.”
The Bank of Canada raised its overnight rate by 25 basis points to 4.75 per cent, the first increase since stopping hikes in January.
Butler says homeowners with variable rate…
