Canadian loonie flies higher as markets digest Fed’s inflation-tolerant policy

Canadian loonie flies higher as markets digest Fed’s inflation-tolerant policy
TORONTO — The Canadian dollar shot up on Friday as North American markets continued to react to the U.S. Federal Reserve’s new inflation-tolerant monetary policy, revealed in a Thursday speech by chair Jerome Powell. The Canadian dollar traded for 76.35 cents US, up from 76.17 cents US on Thursday, and an analyst predicted it could continue to strengthen. “In Powell’s message, what you... Read More

Patrol: Tesla Autopilot driver was watching movie, crashed

Patrol: Tesla Autopilot driver was watching movie, crashed
ZEBULON, N.C. — A Tesla driver, whose car was on Autopilot mode, was watching a movie on his phone when he crashed into a sheriff’s deputy’s car, the North Carolina State Highway Patrol said. A state trooper and a Nash County deputy on Wednesday were on the side of U.S. Highway 64 and responding to a previous crash when the... Read More

In a week of layoffs, MGM Resorts adds 18,000 more

In a week of layoffs, MGM Resorts adds 18,000 more
MGM Resorts is laying off 18,000 people as an unchecked pandemic leaves economic scars across numerous U.S. industries, particularly those that really on healthy crowds of people. Casinos in Nevada closed March 17. Unemployment in the state reached 28.2%, topping levels last seen during the Great Depression. Casinos reopened in early June, but the climb back has been long and... Read More

Federal deficit through June hits $120 billion, Finance Department says

Federal deficit through June hits $120 billion, Finance Department says
OTTAWA — The federal government ran a deficit of $120.4 billion during the first three months of its 2020-2021 fiscal year as the treasury pumped out aid to cushion the impact of the COVID-19 pandemic. The result compared with a deficit of $85 million for the same period in the 2019-2020 fiscal year. In its monthly fiscal monitor, the Finance... Read More

S&P/TSX composite down in late-morning trading, U.S. markets move higher

S&P/TSX composite down in late-morning trading, U.S. markets move higher
TORONTO — Canada’s main stock index was down in late-morning trading amid losses in the financial, industrial and consumer staples sectors. The S&P/TSX composite index was down 15.25 points at 16,716.24. In New York, the Dow Jones industrial average was up 87.82 points at 28,580.09. The S&P 500 index was up 10.02 points at 3,494.57, while the Nasdaq composite was... Read More

Canopy Growth to open 10 stores in Alberta under Tweed and Tokyo Smoke banners

Canopy Growth to open 10 stores in Alberta under Tweed and Tokyo Smoke banners
SMITH FALLS, Ont. — Canopy Growth Corp. says it will open its first retail cannabis stores in Alberta. The Ontario-based company says it’s set to open 10 stores under the Tweed and Tokyo Smoke banners and has additional locations in the pipeline. The stores, which are to open over the next week, include seven locations in Calgary, one each in Spruce... Read More

Japan PM Shinzo Abe says he’s resigning for health reasons

Japan PM Shinzo Abe says he’s resigning for health reasons
TOKYO — Japan’s longest-serving prime minister, Shinzo Abe, said Friday he intends to step down because a chronic health problem has resurfaced. He told reporters that it was “gut wrenching” to leave so many of his goals unfinished. Abe has had ulcerative colitis since he was a teenager and has said the condition was controlled with treatment. Concerns about Abe’s... Read More

Canadian economy posted record drop in Q2 due to pandemic

Canadian economy posted record drop in Q2 due to pandemic
OTTAWA — Statistics Canada says the economy posted its steepest decline on record in the second quarter as the COVID-19 pandemic forced the closure of non-essential businesses and slowed the economy to a crawl. The agency says real gross domestic product contracted at an annualized rate of 38.7 per cent for the three-month period. Economists had expected a contraction in the quarter at an annualized... Read More

WestJet says refusal to wear a mask could mean travel ban for a year

WestJet says refusal to wear a mask could mean travel ban for a year
CALGARY — The WestJet Group is implementing a strict new policy to ensure passengers wear a mask on its flights including the possibility of being denied travel for a year if they refuse. The airline is also requiring the input of all guests’ contact information at online and kiosk check-in to help with contact tracing in the case of infected... Read More

Fitch Ratings issues new warning over federal spending, government debt

Fitch Ratings issues new warning over federal spending, government debt
OTTAWA — A major global credit rating agency is issuing a new warning about federal debt that it says may become more difficult to tackle once the pandemic passes. Fitch Ratings downgraded Canada’s triple-A credit rating in June, dropping the country to an “AA+” rating over what it called “the deterioration of Canada’s public finances” due to COVID-19. The decision came... Read More