S&P/TSX composite falls nearly 100 points, while major U.S. indexes make gains

S&P/TSX composite falls nearly 100 points, while major U.S. indexes make gains
TORONTO — Canada’s major stock index fell today dragged down by the energy and materials sectors, while indexes south of the border moved up. The S&P/TSX composite index retreated 88.91 points to 16,517.85. In New York, the Dow Jones industrial average gained 190.60 points to 27,930.33. The S&P 500 index moved up 11.65 points to 3,397.16, while the Nasdaq composite... Read More

Canada Post reports second-quarter loss of $378 million due to COVID-19

Canada Post reports second-quarter loss of $378 million due to COVID-19
OTTAWA — Canada Post is reporting a second quarter pre-tax loss of $378 million, a figure the service says was largely driven by the COVID-19 pandemic. The Crown corporation says it saw an unprecedented growth in parcel volume and revenue from Canadians shopping online while staying at home, delivering as much early in the second quarter as the postal service does during the peak Christmas season.... Read More

Airbnb bans parties and groups over 16 people amid public health concerns

Airbnb bans parties and groups over 16 people amid public health concerns
Airbnb announced this week it would ban “all parties and events at Airbnb listings,” setting a cap of 16 people per rental property. The home-sharing platform said the move was in the best interest of public health. The new policy is harsher than previous warnings that Airbnb users must follow local COVID-19-related public health guidance. Airbnb says it will ban... Read More

Cannabis retailers High Tide and Meta merge in deal giving them 63-store network

Cannabis retailers High Tide and Meta merge in deal giving them 63-store network
TORONTO — Cannabis retailers High Tide Inc. and Meta Growth Corp. will merge in a new deal that they say will make them the largest legal pot shop network in Canada. The companies say the merger will give them a combined 63 stores across Ontario, Alberta, Manitoba and Saskatchewan and make it the single largest Canadian cannabis retailer by revenue with about $133 million... Read More

TD reaches settlement after U.S. investigation into bank’s overdraft practices

TD reaches settlement after U.S. investigation into bank’s overdraft practices
TORONTO — TD Bank Group has reached a US$122-million settlement with the U.S. Consumer Financial Protection Bureau after an investigation into its marketing and sales practices related to its overdraft services. The U.S. regulator says the bank’s actions constituted deceptive and abusive acts and required TD to pay $97 million in restitution to roughly 1.42 million consumers and a civil money penalty of $25 million.... Read More

Turkey discovers large natural gas reserve off Black Sea

Turkey discovers large natural gas reserve off Black Sea
ANKARA, Turkey — Turkish President Recep Tayyip Erdogan has announced the discovery of a large natural gas reserves off the Black Sea coast, days after he promised “good news” that would usher in a “new era” for the energy dependent country. Erdogan said the amount of gas discovered is 320 billion cubic meters, adding that he hopes to start extracting... Read More

June retail sales topped pre-pandemic levels in June, StatCan reports

June retail sales topped pre-pandemic levels in June, StatCan reports
OTTAWA — Statistics Canada reports retail sales soared 23.7 per cent in June to $53.0 billion, climbing above pre-pandemic levels for the first time as more parts of the country moved ahead with plans to reopen their economies. The agency says sales were up 1.3 per cent compared with February, the last month before broad shutdowns were ordered by public health officials to slow the... Read More

US home sales spike 24.7% in July, another record

US home sales spike 24.7% in July, another record
SILVER SPRING, Md. — U.S. home sales rose a record-breaking 24.7% in July, extending June’s rebound after the coronavirus pandemic all but froze the housing market this spring. National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With two straight months of record-breaking gains, purchases are... Read More