Cruise control: GM’s No. 2 exec to run self-driving car unit

Cruise control: GM’s No. 2 exec to run self-driving car unit
SAN FRANCISCO — General Motors’ No. 2 executive is moving from Motor City to Silicon Valley to run the automaker’s self-driving car operations as it attempts to cash in on its bet that robotic vehicles will transform transportation. GM President Dan Ammann will become CEO of the company’s Cruise Automation subsidiary at the beginning of next year. He will replace... Read More

Air Canada cancels Hamilton-Montreal route as business passengers lag

Air Canada cancels Hamilton-Montreal route as business passengers lag
MONTREAL — Air Canada is cancelling its Hamilton-Montreal route amid sluggish sales from business travellers, announcing the move in a newspaper ad just one month after ramping up flights between the two cities. Direct flights will scale down to once daily from three as of Jan. 9, and stop completely after March 30. The Montreal-based company says it regrets having to nix... Read More

TD, CIBC see profit bump helped by U.S. operation but analyst reaction mixed

TD, CIBC see profit bump helped by U.S. operation but analyst reaction mixed
TORONTO — Two of Canada’s biggest lenders posted a jump in their latest quarterly earnings, but while Toronto-Dominion Bank’s performance beat analyst expectations, the Canadian Imperial Bank of Commerce fell short for the first time in four years. TD Bank Group and CIBC both reported fourth-quarter net income increases of roughly nine per cent to $2.96 billion and $1.27 billion, respectively. Both Toronto-based banks benefited from a... Read More

Rogers sells personal financial website MoneySense to Ratehub; terms undisclosed

Rogers sells personal financial website MoneySense to Ratehub; terms undisclosed
TORONTO — The MoneySense personal finance website has been sold by Rogers Communications Inc. to Ratehub Inc., for an undisclosed amount. Ratehub is a Toronto-based company that owns an online comparison site for financial products. Its ratehub.ca gets most of its revenue from commissions paid by companies after readers click to learn more about a particular product. MoneySense was once a... Read More

CMHC earned $387 million profit in Q3 amid cooling conditions in housing market

CMHC earned $387 million profit in Q3 amid cooling conditions in housing market
OTTAWA — Canada Mortgage and Housing Corp. saw its third-quarter profit drop compared with a year ago as the housing market showed signs of cooling off. The country’s largest mortgage insurer says it earned $387 million for the three months ending on Sept. 30, down from $467 million in the same period a year earlier. Revenue totalled $1.05 billion in... Read More

How to save on ‘premium’ priced flights, accommodation this holiday season

How to save on ‘premium’ priced flights, accommodation this holiday season
The winter holidays can be an expensive time to travel for many Canadians, but with some planning it’s possible not to break the bank during an already expensive season, frequent travellers say. “If you can keep your cost of accommodation and transportation low, everything else is gravy,” said Nora Dunn, a full-time traveller for about 12 years who shares her... Read More

US consumer spending up strong 0.6 per cent in October

US consumer spending up strong 0.6 per cent in October
WASHINGTON — Consumers boosted their spending in October at the fastest pace in seven months, while their incomes rose by the largest amount in nine months — both good signs for future economic growth. Consumer spending rose a sharp 0.6 per cent last month, the Commerce Department reported Thursday. It was the biggest increase since a similar gain in March... Read More

Japanese prosecutors vow to hold Ghosn as long as needed

Japanese prosecutors vow to hold Ghosn as long as needed
TOKYO — Japanese prosecutors said Thursday they will detain former Nissan chairman Carlos Ghosn for as long as is needed to finish their investigation into suspicions of financial irregularities, as the Renault-Nissan-Mitsubishi alliance reaffirmed its partnership. Shin Kukimoto, deputy chief prosecutor for the Tokyo District Public Prosecutors’ Office, defended its handling of Ghosn, who was arrested on Nov. 19 along... Read More

Netflix Canada plans biggest price increase yet as competition intensifies

Netflix Canada plans biggest price increase yet as competition intensifies
TORONTO — Another price hike is on the way for Netflix Canada subscribers as competition heats up among the biggest streaming video services. The company behind “Narcos” and “Orange Is the New Black” is introducing its biggest price increase yet for both new subscribers and current members. Netflix’s standard plan will now cost $3 more — or $13.99 a month — to watch content on two screens at a time.... Read More