WestJet asks minister for labour code exemptions affecting layoffs

WestJet asks minister for labour code exemptions affecting layoffs
CALGARY — WestJet Airlines Ltd. says it has asked the federal labour minister for an exemption to Canada Labour Code provisions to facilitate group terminations. The company said in an email the exemption would give it flexibility “to act in a timely manner” amid the COVID-19 pandemic that has tanked travel demand across the globe. The April 27 letter to Labour Minister Filomena Tassi,... 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 (14,884.85, down 112.78 points.) Sun Life Financial Inc. (TSX:SLF). Financials. Up 18 cents, or 0.38 per cent, to $47.06 on 25.2 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Down two cents, or 0.12 per cent, to $16.15 on 17 million shares. The Green... Read More

North American stocks fall on jobless claims, tensions between U.S. and China

North American stocks fall on jobless claims, tensions between U.S. and China
TORONTO — Potential U.S. retaliation against China over COVID-19 and continuously high jobless claims pushed North American stock markets lower on Thursday. Tensions between the world’s two largest economies have been rising with efforts in the U.S. Senate to delist Chinese companies from U.S. stock market indexes. That move is happening as U.S. President Donald Trump tries to deflect blame for... Read More

Trudeau addresses growing frustration with airlines over refund policies

Trudeau addresses growing frustration with airlines over refund policies
OTTAWA — Prime Minister Justin Trudeau says the government will look at the issue of airlines offering travel vouchers rather than refunds to passengers who have had their flights cancelled due to the COVID-19 pandemic. “We need to have some very careful discussions with airlines, with the air travel sector and, indeed, with Canadians who are concerned to try and figure out a way... Read More

STEP Energy Services reports wage, job, spending cuts with lower Q1 earnings

STEP Energy Services reports wage, job, spending cuts with lower Q1 earnings
CALGARY — STEP Energy Services Ltd. is reporting job cuts, wage rollbacks, a reduction of manned equipment and reduced capital spending as it adjusts to lower oilfield activity during the COVID-19 pandemic. The Calgary-based company says adjusted earnings before interest, taxes, depreciation and amortization fell by 12 per cent to $22.8 million in the three months ended March 31, despite a... Read More

Tempted by low mortgage rates? Consider fees, penalties for refinancing first

Tempted by low mortgage rates? Consider fees, penalties for refinancing first
Amid plunging interest rates in the wake of the economic devastation wrought by the COVID-19 pandemic, many homeowners have felt tempted to break their mortgages in order to lock in a better rate and save big money. However, those looking to refinance need to understand that there’s more than just the interest rate to take into account when switching mortgages. “Refinance activity has... Read More

North American stocks down in late-morning trading, loonie slips

North American stocks down in late-morning trading, loonie slips
TORONTO — Canada’s main stock index posted a triple-digit decline in late-morning trading as the energy and materials sectors led the Toronto market lower, while U.S. stocks also fell. The S&P/TSX composite index was down 180.31 points at 14,817.32. In New York, the Dow Jones industrial average was down 148.39 points at 24,427.51. The S&P 500 index was down 27.47 points at... Read More

Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores

Canada Goose cuts 125 staff, L Brands closing some Victoria’s Secret stores
TORONTO — Retailers with Canadian operations are laying off employees and closing stores as they grapple with COVID-19. Canada Goose Holdings Inc. is cutting 125 of its staff or roughly two per cent of its 5,000-person workforce. The luxury parka company called the decision difficult, but said it had to take steps to address the impact of COVID-19 on its business. Canada Goose says it’s... Read More

Cross-border business interests call for joint Canada, U.S. post-COVID effort

Cross-border business interests call for joint Canada, U.S. post-COVID effort
WASHINGTON — A prominent cross-border lobby group wants Canada and the United States to join forces for an integrated North American approach to the new post-pandemic global economy. The Washington-based Canadian American Business Association is building a new campaign to encourage a united economic front as the two countries battle back from the impact of COVID-19. The goal of the “North American Rebound” campaign, expected... Read More

Lightspeed POS reports US$18.6M Q4 loss, revenue up 70 per cent from year ago

Lightspeed POS reports US$18.6M Q4 loss, revenue up 70 per cent from year ago
MONTREAL — Lightspeed POS Inc. says it lost US$18.6 million in its latest quarter and revenue increased 70 per cent compared with a year ago as demand for its e-commerce offerings soared in the wake of the pandemic. However, the retail payment technology firm said it expects the total dollar volume of transactions by its customers and demand for its... Read More