Merger talks between Postmedia and Toronto Star owner fall apart
Talks to combine two of the biggest newspaper publishers in Canada have fallen apart.
Postmedia Network Canada Corp. and Nordstar Capital LP — the majority owner of The Toronto Star and dozens of other smaller newspapers under the Metroland banner — announced late last month that they had entered non-binding discussions about possibly merging.
The framework of the proposed merger would have seen Postmedia transfer its dozens of newspaper titles over to Metroland, with voting control of the new entity split 50-50 between the two sides.
But on Monday, the two sides announced that those talks had broken down, that…
Canadians facing financial pressures ahead of the Bank of Canada decision
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More Canadians likely to declare bankruptcy, saving for retirement pushed to back burner
Published July 11, 2023 • Last updated 3 hours ago • 3 minute read
A woman walks past the Bank of Canada headquarters in Ottawa. Photo by Adrian Wyld/The Canadian Press files
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Having exhausted their savings, Canadians are now struggling on a series of financial fronts, according to the latest reading from an ongoing poll that is being released on the eve of the Bank of Canada’s interest rate decision.
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Inflation dip won’t be enough to stop another bank rate hike: analysts
OTTAWA –
Forecasters are expecting the Bank of Canada to move ahead with another interest rate hike in July, even as they expect the annual inflation rate to slow significantly.
Statistics Canada is set to release its consumer price index report for May on Wednesday, providing the most up-to-date inflation reading ahead of the Bank of Canada’s interest rate decision on July 12.
“I think this release is probably going to be a fairly optimistic one for inflation, in the sense that we are expecting the inflation rate to go down below four per cent,” said James Orlando, TD’s director…
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…
Angelo’s is closing, Crazy Wisdom is reopening and other Washtenaw County business news
WASHTENAW COUNTY, MI — Big news has been happening recently for businesses in and around Ann Arbor.
Some longtime businesses are calling it quits after spending decades serving customers, while others are making their debut. There is even one beloved Ann Arbor book store that’s planning to return after closing in 2022.
Here are some recent business news you might have missed.
Angelo’s Restaurant to close as University of Michigan plans $4.5M purchase
By December, people will no longer be able to enjoy the deep-fried French raisin toast or sandwiches at Angelo’s Restaurant in Ann Arbor.
Related: ‘I will think…
Bank regulator action on climate change ‘overdue and now urgent’ – Business News
Climate action ‘over due’
The Canadian Press – Apr 21, 2023 / 6:13 am | Stories: 422543
Photo: The Canadian Press
Canada’s environment commissioner says action by the federal banking regulator on climate change is overdue and now urgent.
Commissioner Jerry DeMarco said in an audit released Thursday that it’s encouraging that the Office of the Superintendent of Financial Institutions (OFSI) both recognizes the risks of climate change to banks and the financial system, and is taking action on the challenge.
But he notes that since climate change has only recently become a priority of the regulator, the full implementation…
New Ontario Volkswagen EV battery plant to create 3,000 jobs – Business News
Photo: The Canadian Press
A massive new Volkswagen electric-vehicle battery plant in southwestern Ontario will create up to 3,000 direct jobs and 30,000 indirect jobs in the region.
Prime Minister Justin Trudeau, Ontario Premier Doug Ford and top brass from the German automaker are unveiling details of the new Volkswagen “gigafactory” that will be built in St. Thomas, Ont.
Volkswagen, the world’s largest automaker, will invest $7 billion in the electric-vehicle battery plant, which will be operated by its company, PowerCo.
“We’ve landed the largest auto investment in the province’s history,” said Ontario Economic Development Minister Vic Fedeli.
“It’s not…
‘Park outside’: GM recalls 40,000 pickups to fix fire risk – Business News
Trucks recalled for fire risk
The Canadian Press – Apr 22, 2023 / 9:50 am | Stories: 422776
Photo: The Canadian Press
General Motors is recalling certain Chevrolet Silverado medium-duty trucks for model year 2019 or later, following the discovery of a potential leak in brake fluid that could result in a fire.
Potentially 40,428 vehicles could be affected. They include 4500HD, 5500HD, and 6500HD models with model years between 2019 and 2023, according to documents posted by US safety regulators on Saturday.
The vehicles may have a brake pressure sensor assembly that allows brake fluid to leak and cause…
