CIBC cutting undisclosed number of employees in coming months, CEO says in memo

CIBC cutting undisclosed number of employees in coming months, CEO says in memo
TORONTO — CIBC is cutting an undisclosed number of positions as the bank continues to cut costs and improve its efficiency. In a memo to staff, chief executive Victor Dodig says that while it has made “good progress” in transforming the bank, it needs to keep a “careful eye on costs.” The Toronto bank’s efficiency ratio was 55.5 per cent at... Read More

Rate policy for today may pose future problems, Bank of Canada deputy says

Rate policy for today may pose future problems, Bank of Canada deputy says
OTTAWA — A senior Bank of Canada official says the central bank is taking a deeper dive into how it makes interest rate decisions to better understand the trade-offs between a cut today and hitting inflation targets in the future. Deputy governor Paul Beaudry says cutting interest rate to address an immediate concern typically sparks a boom in spending — and borrowing — activity. While that may be... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (17,490.56, down 21.19 points.) Detour Gold Corp. (TSX:DGC). Materials. Down $1.11, or 4.62 per cent, to $22.90 on 9.2 million shares. Bombardier Inc. (TSX:BBD.B). Industrials. Down three cents, or 2.36 per cent, to $1.24 on 4.6 million shares. First Quantum Minerals Ltd. (TSX:FM). Materials. Down... Read More

Oilsands producer Cenovus pledges $50 million to build Indigenous housing

Oilsands producer Cenovus pledges $50 million to build Indigenous housing
CALGARY — Indigenous leaders say they hope other companies will follow the lead of Cenovus Energy Inc. after it pledged to give $10 million per year over the next five years to support housing in six northern Alberta communities near its oilsands operations. Shirley Paradis, a councillor for the Beaver Lake Cree Nation, says the money is needed because the... Read More

Manulife Canada CEO sees Apple and Netflix as competitors as insurance evolves

Manulife Canada CEO sees Apple and Netflix as competitors as insurance evolves
TORONTO — When Manulife Financial Corp.’s president and CEO of Canadian operations Michael Doughty thinks about his biggest competitors, a few names make the list that have nothing to do with insurance: Apple and Netflix. “We no longer really think of ourselves as competing against other life insurance companies around the world,” said Doughty at the Canada 360 Economic Summit on Wednesday. “We’re... Read More

New home sales rise in Greater Toronto Area after 2018 drop, says Altus Group

New home sales rise in Greater Toronto Area after 2018 drop, says Altus Group
TORONTO — Altus Group says new home sales in the Greater Toronto Area climbed 47 per cent last year after drops in both single-family and condo sales a year earlier. The real estate services firm says new single-family home sales of 9,523 were 2.5 times higher than 2018, when sales in the segment hit a 22-year low following tighter mortgage rules. Sales of new condos... Read More

Resolute Forest Products reports Q4 loss, sales down from year ago

Resolute Forest Products reports Q4 loss, sales down from year ago
MONTREAL — Resolute Forest Products Inc. reported a loss of US$71 million in its latest quarter compared with a profit of US$36 million a year earlier as its sales fell. Resolute chief executive Yves Laflamme says the fourth-quarter results reflect bottom-of-the-cycle conditions in market pulp, ongoing pricing pressures in paper grades and the slow pricing recovery in lumber. The company,... Read More

Industry group forecasts $2-billion rise in oil and gas spending this year

Industry group forecasts $2-billion rise in oil and gas spending this year
CALGARY — Spending in the oil and gas sector is expected to rise by about $2 billion this year after five years of declines. The Canadian Association of Petroleum Producers says it expects about six per cent more will be invested in Canadian upstream energy this year than in 2019, taking to total to about $37 billion, the first increase... Read More

Looking to make a career change? Start with a financial plan, say experts

Looking to make a career change? Start with a financial plan, say experts
Dusting off the old resume may seem like the logical first step for workers looking to jump to a new career, but a successful change requires something extra. Before taking the plunge into a new field, experts suggest creating a solid financial plan to ensure minimal stress during what could be a trying time, even if most people are inspired by... Read More

Cineplex says proxy advisers recommend shareholders back Cineworld takeover deal

Cineplex says proxy advisers recommend shareholders back Cineworld takeover deal
TORONTO — Cineplex Inc. says two influential proxy advisory services have recommended shareholders support a takeover of the company by U.K.-based Cineworld Group PLC. The movie theatre chain says Institutional Shareholder Services Inc. and Glass, Lewis & Co. have both recommended shareholders back the friendly deal that will see Cineworld pay $34 per Cineplex share in cash. Cineplex shareholders are set to... Read More