Inflation rate unexpectedly increased in April, jumping up to 4.4%
Canada’s inflation rate reversed its cooling trend last month and moved higher, to a 4.4 per cent annual rate.
Economists had been expecting new data released by Statistics Canada on Tuesday to show the cost of living had eased from March’s 4.3 per cent pace to something around 4.1.
Instead, it moved higher again, as the cost of things like gasoline, rent and mortgages increased during the month.
It’s the first acceleration in the cost of living since June of 2022, when Canada’s inflation rate hit a more than 40-year high of 8.1 per cent.
Food prices have been a…
Air Canada briefly grounds flights due to computer system problem – Business News
Glitch grounds flights
The Canadian Press – May 25, 2023 / 11:06 am | Stories: 428570
Photo: The Canadian Press
Air Canada planes sit on the tarmac at Pearson International Airport in Toronto on Wednesday, April 8, 2020. THE CANADIAN PRESS/Nathan Denette
Air Canada briefly grounded its planes Thursday due to a problem with its computer system.
The airline says a technical issue with the system it uses to transmit messages to aircraft and monitor their performance, prompted a halt to operations.
Airline spokesman Peter Fitzpatrick said the temporary order was precautionary, and that the system is returning to normal.…
Canadian burn survivor’s 40-shade foundation line gets picked up by beauty giant Sephora
Basma Hameed is living her childhood dream to create her own cosmetics. She has developed a 40-shade foundation called Basma — now selling online and soon to be available in stores at beauty giant Sephora.
“It’s still hard to believe, but it’s incredible,” Hameed, 36, said of her success. “You don’t [expect] somebody who’s a burn survivor to launch a beauty brand.”
When she was two years old, living in her native country of Iraq, Hameed was burned by hot oil in a kitchen accident — leaving permanent scars on part of her face that made her a target for…
Google, Meta executives push back against Canada online news bill
[1/2] A Google logo is displayed at the entrance to the internet based company’s offices in Toronto, Ontario, Canada September 9, 2018. REUTERS/Chris Helgren
TORONTO, May 3 (Reuters) – Google and Meta would withdraw access to news articles in Canada if legislation compelling internet companies to pay news publishers is passed, company executives told Canadian lawmakers on Wednesday.
Canada’s proposed legislation would force platforms like Google parent Alphabet Inc (GOOGL.O) and Facebook parent Meta Platforms Inc (META.O) to negotiate commercial deals and pay Canadian news publishers for their content, part of a broader global trend to make tech firms pay…
Berkshire Hathaway shareholder meeting takeaways: Warren Buffett’s remarks
Warren Buffett, chairman and CEO of Berkshire Hathaway, criticized the government’s intervention in recent bank failures, saying on Saturday it averted what could have become an even bigger crisis.
Yet he said the US banking system had become too complicated — and it was not surprising that the banks failed. He said he’d been selling bank stocks, first at the start of the pandemic and more recently over the past six months as banks increasingly face mismanagement and respond to bad incentives.
“The American public doesn’t understand their banking system — and some people in Congress don’t understand it anymore…
ChatGPT makes its debut as a smartphone app on iPhones – Business News
ChatGPT now on iPhone
Matt O’Brien, The Associated Press – May 18, 2023 / 11:27 am | Story: 427472
Photo: The Canadian Press
FILE – The OpenAI logo is seen on a mobile phone in front of a computer screen displaying output from ChatGPT, March 21, 2023, in Boston. The head of the artificial intelligence company that makes ChatGPT is set to testify to Congress as lawmakers call for new rules to guide the rapid development of AI technology. OpenAI CEO Sam Altman is scheduled to speak at a Senate hearing Tuesday, May 16. (AP Photo/Michael Dwyer, File)
ChatGPT is…
Canadian forest fires are the latest costly climate disaster that public accounts fail to capture
You don’t have to tell the people of Calgary and other Canadian communities breathing orange air that forest fires have a cost.
And while repeated studies draw a direct line between an increase in costly forest fires and climate change, economists and accountants right up to Canada’s Parliamentary Budget Officer say the benefits of stopping climate change and thus reducing the many harms it creates is simply impossible to measure for public accounting purposes.
It is an interesting conundrum and the thousands of people displaced from their homes or breathing smoke from the current spate of forest fires are caught…
Visa and MasterCard agreed to lower the average credit card interchange fee below 1%
The government has announced new details of an agreement with Visa and MasterCard that will see them lower the amount that they charge retailers when a customer pays for a purchase with a credit card.
Known as so-called interchange fees, they have long irritated merchants by allowing the credit card company to keep a percentage of each sale, instead of a flat fee for each transaction.
On Thursday, the government announced a deal with the two card companies that will reduce interchange fees for in-store transactions to 0.95 per cent, on average.
That means on a $100 purchase, if a…
