Tag: business news this week

Onex shareholders approve the plan to replace Gerry Schwartz as CEO

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business Shareholders of Onex Corp. have approved a change to its multiple-voting shares that will allow Gerry Schwartz to retain voting control of the company for another three years even as he officially steps down as chief executive. Schwartz will maintain voting control of the company he has led for 40 years until at least 2026 The Canadian Press · Posted: May 11, 2023 2:16 PM EDT | Last Updated: May 11 Gerry Schwartz is the only CEO in the history of Onex Corp. (Nathan Denette/Canadian Press) Shareholders of Onex Corp. have approved a change to its multiple-voting shares that…

Want a digital Canadian dollar? The Bank of Canada wants to know

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Article content The Bank of Canada said it still thinks a digital version of the dollar is unnecessary, but it wants to know what Canadians think about the possibility anyway. Article content Canada’s central bank stepped up its years-long investigation of cryptocurrency on May 8, initiating a public consultation on the subject of a central bank digital currency. Policymakers said they will take submissions until June 19. Article content “As Canada’s central bank, we want to make sure everyone can always take part in our country’s economy,” senior deputy governor Carolyn Rogers said in a press release on May 8.…

Inflation: Which foods are the most expensive in Canada?

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Grocery prices continue to be one of the largest contributors to high inflation in Canada. The Consumer Price Index (CPI) report for June showed an inflation rate of 2.8 per cent year-over-year, following a 3.4 per cent increase in May 2023. While this decrease was positive, Statistics Canada said it was “fairly broad-based.” “Canadians continued to see elevated grocery prices (9.1 per cent) and mortgage interest costs (30.1 per cent) in June, with those indexes contributing the most to the headline CPI increase,” the CPI reads. “The all-items excluding food index rose 1.7 per cent.” Gasoline led to a decrease…

Merger talks between Postmedia and Toronto Star owner fall apart

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Talks to combine two of the biggest newspaper publishers in Canada have fallen apart. Postmedia Network Canada Corp. and Nordstar Capital LP — the majority owner of The Toronto Star and dozens of other smaller newspapers under the Metroland banner — announced late last month that they had entered non-binding discussions about possibly merging. The framework of the proposed merger would have seen Postmedia transfer its dozens of newspaper titles over to Metroland, with voting control of the new entity split 50-50 between the two sides. But on Monday, the two sides announced that those talks had broken down, that…

Businesses expect slowing prices, wage increases: BoC survey – Business News

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Photo: The Canadian Press Businesses continue to expect wage and price increases to be larger than normal, but they are shifting to closer to what they were before the pandemic, a new survey by the Bank of Canada suggests. In its business outlook survey released Friday, the central bank said for the first time since the beginning of the pandemic businesses on balance expected slower wage growth over the next year. Firms on balance also expected their input and output prices to grow at a slower rate over the next 12 months. “Although firms still see cost pressures and labor…