GTA New Home Sales Hit Record Low in July 2024
The Greater Toronto Area housing market experienced a significant downturn in July 2024, with new home sales reaching an all-time low for the month, according to the Building Industry and Land Development Association (BILD). BILD reported a mere 654 new home sales, marking a 48% decrease from July 2023 and a staggering 70% drop below […]
Swiss Government Proposes Reversal of Nuclear Power Ban
The Swiss government has announced plans to overturn its ban on constructing new nuclear power plants, citing evolving geopolitical tensions and energy needs. Energy Minister Albert Roesti revealed that a proposal to amend nuclear legislation will be submitted by the end of 2024, allowing for parliamentary debate in the following year. This marks a significant […]
OpenAI in Talks for Massive Funding Round, Valuation Could Top $100 Billion
OpenAI, the company behind the popular AI chatbot ChatGPT, is reportedly in discussions to raise several billion dollars in a new funding round that could value the startup at over $100 billion, according to sources familiar with the matter as reported by the Wall Street Journal. Thrive Capital, a New York-based venture capital firm founded […]
Robusta Coffee Hits Record High Amid Global Supply Squeeze
Robusta coffee futures have surged to their highest closing price on record, underscoring growing concerns about global supply shortages. The November ICE Robusta coffee contract climbed 0.87% to reach new heights, while its nearest-futures contract posted an all-time high. This unprecedented price surge comes amid mounting worries over coffee production in key growing regions. Vietnam, […]
Canada’s GDP Growth Driven by Government Wage Increases
Canada’s economy showed modest growth in the second quarter of 2024, with real GDP increasing by 0.5%. However, a closer look at the data reveals that a significant portion of this growth can be attributed to rising government wages and spending. Government expenditures rose 1.5% in the quarter, primarily due to increases in employee compensation […]
Canada’s Economy Stagnates In June, GDP Unchanged
Canada’s economy stagnated in June, with real gross domestic product remaining essentially unchanged following a 0.1% increase in May. The latest data from Statistics Canada reveals a mixed economic picture, with goods-producing industries experiencing their largest decline since December 2023. The manufacturing sector was the primary driver of the downturn, contracting 1.5% in June and […]
Construction Union Demands Pause on Foreign Worker Program Amid Abuse Claims
The International Union of Painters and Allied Trades (IUPAT) is urging the Canadian government to pause the Temporary Foreign Worker program in the construction sector, citing “rampant” employer abuse. The union is calling for an independent audit to investigate the extent of fraud and misuse within the program. The demand comes after IUPAT’s local unit […]
Brazilian Court Threatens to Pull Plug on X Over Legal Dispute
X is on the brink of being shuttered in Brazil as a legal battle intensifies between the company’s owner, Elon Musk, and Brazil’s Supreme Court. The dispute centers around compliance with local laws and accusations of censorship. On Thursday, X announced it expects Supreme Court Judge Alexandre de Moraes to order its shutdown in Brazil […]
Laurentian Bank Faces Sharp Profit Decline as Revenue Falls and Credit Losses Rise
Laurentian Bank of Canada (TSX: LB) announced a significant decline in its third-quarter profit, reflecting ongoing challenges in a fluctuating economic environment. For the third quarter of 2024, Laurentian Bank reported a net income of $34.1 million, or $0.67 per diluted share. This marks a substantial 31% decrease from the $49.3 million, or $1.03 per […]
Heritage Cannabis Sees Assets Sold Off Under CCAA Process
Another cannabis company has seen its assets sold off in connection to creditor protection proceedings. Heritage Cannabis (CSE: CANN) has completed the sales and investment solicitation process in connection with the proceedings, with assets being sold under a stalking horse bid. Heritage originally entered into CCAA proceedings in early April, following its largest creditor, BJK […]