Tag: world business news

Canada’s cellphone plans are still too expensive: experts

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Canada’s cellphone plans are still too expensive: experts
Business News
CTV News is a division of Bell Media, which is part of BCE Inc. TORONTO — A price drop for Canadian phone and internet services last month has some observers optimistic about the downward trend, but industry watchers say there is still a long way to go when it comes to telecom affordability. Consumers paid 14.7 per cent less for cellular services in June compared with the same month last year, following an 8.2 per cent decline in May, according to Statistics Canada’s latest inflation report released Tuesday. Overall, the cost of telephone services dropped 11.1 per cent in…

Watchdog probing claims that Nike Canada, a gold company benefiting from forced Uyghur labour

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Watchdog probing claims that Nike Canada, a gold company benefiting from forced Uyghur labour
Business News
Canada’s watchdog for corporate wrongdoing says she has enough to launch an investigation of allegations that Nike Canada and a gold mining company are benefiting from the forced labor of Uyghurs in China. It’s the first time the office of the Canadian Ombudsperson for Responsible Enterprise (CORE) has launched an investigation since the federal government appointed Sheri Meyerhoffer to the role in April 2019. “These are very serious issues that have been brought to our attention,” Meyerhoffer said Tuesday. “Canadian companies are expected to respect Canadian standards for human rights and environmental protection when they work outside of Canada.” A…

Fake online reviews: US proposes bans

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Fake online reviews: US proposes bans
Business News
WASHINGTON – US federal regulators are looking to crack down on fake reviews and other deceptive internet practices. The Federal Trade Commission proposed a new rule Friday that would ban paying for reviews, suppressing honest reviews, selling fake social media engagement and more. Businesses would also be prohibited from running company-controlled websites that claim to be independent, and other deceptive practices like “review hijacking,” which makes reviews for one product appear like they were written for significantly different ones. If the proposed rule is approved, following a 60-day public comment period, violators could face hefty penalties. “Our proposed rule on…

Study suggests Canadians lack trust in brands’ sustainability claims – Business News

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Study suggests Canadians lack trust in brands’ sustainability claims – Business News
Business News
Photo: The Canadian PressWhile most consumers believe in rewarding companies that accurately deliver on sustainability promises, a new study suggests their trust is lacking in the “green” claims made by brands. The report released Thursday by Deloitte Canada on creating value from sustainable products said Canadians expect sustainable buying options and crave transparency with respect to the claims brands make. It found that in September 2021, nearly half of Canadian consumers had purchased at least one sustainably produced good or service in the previous four weeks. But by March 2023, that figure had declined to 37 per cent. While…

Canada Bread agrees to $50M fine for role in bread price-fixing scandal

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Canada Bread agrees to M fine for role in bread price-fixing scandal
Business News
Canada Bread has agreed to pay at least $50 million for its role in fixing the price of bread for years. The company made the revelation in an Ontario court on Wednesday, acknowledging that under a previous management regime, it colluded with its competitors in Canada’s bakery industry to work in unison to raise the wholesale prices they charge to grocery chains, pushing up prices for consumers in the process. The company — which makes dozens of brands of baked goods, including Dempster’s, Stonemill, Vachon and others — has been owned by Mexican food giant Grupo Bimbo since 2014, but…

Reddit is facing a major protest from its own moderators

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Reddit is facing a major protest from its own moderators
Business News
Reddit, the “front page of the internet,” is making front-page news today, as many of the site’s moderators have made their communities private or restricted to protest recent changes to the platform. Many of the platform’s largest forums or subreddits, including r/pics, r/gaming and r/music, are preventing users from viewing the site or posting on it in an effort to draw attention to changes that would charge third-party apps to access Reddit’s content — a move third-party developers say would put their applications out of business. The changes, slated to begin on July 1, will charge external applications for accessing…

Economic growth beats expectations with 3.1% gain in Q1: StatCan – Business News

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Economic growth beats expectations with 3.1% gain in Q1: StatCan – Business News
Business News
Economy beats expectations The Canadian Press – May 31, 2023 / 5:58 am | Stories: 429444Photo: The Canadian PressThe Canadian economy grew at an annualized rate of 3.1 per cent in the first quarter of 2023, Statistics Canada reported Wednesday. The latest data shows growth beating out the federal agency’s own forecast of 2.5 per cent for the quarter. A preliminary estimate suggests the economy grew by 0.2 per cent in April, after remaining flat in March. The ongoing resilience in the economy will likely spur discussions of a potential rate hike, as the Bank of Canada is…

Berkshire Hathaway shareholder meeting takeaways: Warren Buffett’s remarks

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Berkshire Hathaway shareholder meeting takeaways: Warren Buffett’s remarks
Business News
Warren Buffett, chairman and CEO of Berkshire Hathaway, criticized the government’s intervention in recent bank failures, saying on Saturday it averted what could have become an even bigger crisis. Yet he said the US banking system had become too complicated — and it was not surprising that the banks failed. He said he’d been selling bank stocks, first at the start of the pandemic and more recently over the past six months as banks increasingly face mismanagement and respond to bad incentives. “The American public doesn’t understand their banking system — and some people in Congress don’t understand it anymore…