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Affordability in Canada is at a critical point – and politicians have no easy fix

Affordability in Canada is at a critical point – and politicians have no easy fix

business and money
For Canadians like Missy Anderson, the cost of many every day items turns into an emergency. She is 38 years of age, a mother of four kids and lives in Burlington, Ontario. In the same way as other different Canadians, she has been compelled to settle on difficult decisions about how she spends her cash. "It's a shuffling act," she said in a CBC interview. The House circulated Saturday. Notwithstanding the expenses of taking care of and focusing on her kids, a low-portion chemotherapy therapy to treat stage 1 cervical malignant growth presents one more test for the independent essayist. Expansion in July was up 7.6% in July contrasted with a similar period last year. It was the principal month-to-month decline starting around 2021, yet the average cost for many everyday items keeps on...
It’s another way to help you save on groceries — so why isn’t unit pricing required?

It’s another way to help you save on groceries — so why isn’t unit pricing required?

business and money
Cost of life6:14If you want to save money on food, read the fine print!One of the best ways to compare prices at the grocery store is to look at the unit price. It's that tiny little price in the corner of the label that tells you how much something costs per gram or litre. However, unlike some other countries, stores are not required to display the unit price in all regions of Canada. Jennifer Keene explains why.Jennifer Cypher comes from a long line of slot tongs and used to bring a calculator on her shopping trips with her college roommates. These days, she's still a cautious shopper, but she uses a lesser-known tool to stretch her dollar and track spending: unit pricing. "I like to make comparisons and I like getting my money's worth," she said from Toronto. "I noticed there was a ...
U.S. fruit sellers look to Canada for berry production amid drought and rising costs

U.S. fruit sellers look to Canada for berry production amid drought and rising costs

business and money
US fruit vendors are looking north to Canada as severe droughts and water shortages continue to wreak havoc on crops in California, the largest agricultural state. American berry giant Driscoll's has teamed up with Sébastien Dugré, co-owner of Massé Nursery in Saint-Paul-d'Abbotsford, Que., to test whether commercial production of blackberries and raspberries is viable in the province.Quebec's colder climate can limit berry crops, so growing them on a larger scale is unusual for this part of Canada. Dugré began trials last year and was able to harvest nearly 80 tonnes of fruit this year."There is definitely a learning curve. Last year was tough, this year is much better, we have better fruit," he said.Dugré uses domed tunnels to protect plants from rain, while creating a warmer microclima...
With Ethereum Update, World’s Second Largest Cryptocurrency Claims It’s Going Greener

With Ethereum Update, World’s Second Largest Cryptocurrency Claims It’s Going Greener

business and money
The Ethereum cryptocurrency has migrated to a new operating system which relies on fewer computers to confirm transactions.The merger, as it is called, would reduce the energy used by Ethereum's old proof-of-work system by 99.9%, according to the foundation that backs the cryptocurrency. The amount of energy Ethereum used before Thursday's update was compared to the diet of a "medium-sized" country.Vitalik Buterin invented Ethereum in 2013. It became the second largest cryptocurrency in the world. The new update will use what is known as a proof-of-stake consensus to validate transactions.“And we have finalized! Buterin tweeted on Thursday. "Happy merging everyone. It's a great moment for the Ethereum ecosystem. Everyone who helped make the merger happen should be very proud today."Chr...
Your restaurant meal is about to get even more expensive.  here’s why

Your restaurant meal is about to get even more expensive. here’s why

business and money
Restaurants across Canada say they will have raised menu prices by more than 7% by the end of the year in a bid to maintain sustainable profits and offset rising food costs.Some restaurants increase them even more.In its annual report, Foodservices Facts, Restaurants Canada says menu prices at full-service restaurants are expected to grow approximately 7.8% by the end of 2022.According to the report, about 35% of full-service restaurant operators plan to increase their menu prices further, and many are increasing them by 10-15% by the end of the year.The report cites the war in Ukraine and high energy costs as factors contributing to the high cost of food experienced by restaurant owners.It says food costs are among the top challenges facing foodservice operators right now, with 542 of B.C...
Canadian dollar slips to lowest level since 2020 as economic gloom sets in

Canadian dollar slips to lowest level since 2020 as economic gloom sets in

business and money
The Canadian dollar fell to its lowest level in nearly two years on Friday as investors around the world reviewed the deteriorating outlook for the economy and raced to the safety of the U.S. dollar.The Canadian dollar was changing hands for as low as 75.15 US cents at one point Friday morning. This is the currency's lowest level since October 2020.The loonie is down about half a cent from Thursday's close, which is just the latest bearish day in a series for the Canadian currency. The loonie fell more than a cent on Tuesday as US data showed the country's core inflation rate was still heading in the wrong direction: up.One country's currency doesn't often dip because of economic data from another, but it doesn't right now because of the magnitude of the inflation problem.High inflation ...
Canadian households lost billions in housing chill

Canadian households lost billions in housing chill

business and money
The Canadian real estate market has suddenly and considerably cooled. Sales have fallen 24% since the same time last year. The average price of a home in this country has fallen $179,047 since February's peak. And yet, have many things really changed?"I consider it to be like letting the air out of a balloon," said Colin Cieszynski, chief market strategist at SIA Wealth Management. “You don't necessarily want it to burst and burst, but in the short term, prices needed to come down to something a bit more sustainable.”For anyone trying to enter the market, the prospect of a return to calm was always presented as an opportunity. But even with a 20% drop in prices, the average home price in Canada is back to where it was at the start of 2021.What has changed, however, is how uncomfortable...
One Farmer’s Uphill Battle to Provide a Cheaper, Greener Alternative to Fertilizer

One Farmer’s Uphill Battle to Provide a Cheaper, Greener Alternative to Fertilizer

business and money
As the agriculture industry grapples with soaring fertilizer costs and climate-related pressure to reduce the use of these products, some farmers are considering different ways to feed their crops.Russia's invasion of Ukraine caused prices to spike amid a global fertilizer shortage last spring, which put many farmers in a difficult situation: paying exorbitant prices for traditional fertilizers or consider different options.Some resorted to the conventional method of spreading manure on the fields (which caused a shortage of animal shit in parts of North America), while others were considering switching to a variety of substitutes to supply nutrients to their crops.One such alternative is technology devised by Gary Lewis, a southern Alberta farmer who is growing mustard, wheat and yellow p...
Ethereum network completes merger that could reduce its electricity consumption by 99%

Ethereum network completes merger that could reduce its electricity consumption by 99%

business and money
A complex software modification to the Ethereum cryptocurrency was completed on Wednesday that has the potential to significantly reduce its energy consumption and resulting climate effects. With the change enacted on Wednesday evening, ethereum — the world's second most valuable cryptocurrency after bitcoin — has effectively eliminated the energy-intensive task of "mining" new coins on its blockchain. Mining requires huge computing power, which translates into huge energy consumption and, in many areas, higher greenhouse gas emissions in older power plants.By itself, however, changing Ethereum will not eliminate the expected environmental impact of crypto, although it is expected to help a great deal. Bitcoin backers have so far shown little interest in getting rid of mining.Cryptocurre...
Air Canada ordered to pay passengers $2,000 for flight cancellation due to lack of crew

Air Canada ordered to pay passengers $2,000 for flight cancellation due to lack of crew

business and money
A recent ruling by Canada's transportation regulator in favor of two Air Canada passengers whose flight was delayed is the latest development in the ongoing battle over whether airlines should compensate passengers for the disruptions flight caused by lack of crew. In a decision published on August 25The Canadian Transportation Agency (CTA) has ordered Air Canada to compensate passenger Lisa Crawford and her son $1,000 each following a flight cancellation that delayed their trip by almost 16 hours. August 2021 from their hometown of Fort St. John, BC to Halifax.According to the CTA, Air Canada initially told Crawford that the flight cancellation was caused by a crew shortage related to COVID-19 and was safety-related — so she was not eligible for compensation. The airline's response prompt...
Patagonia founder to instill confidence in apparel company and direct profits to fight climate crisis

Patagonia founder to instill confidence in apparel company and direct profits to fight climate crisis

business and money
Yvon Chouinard, the billionaire founder of outdoor clothing brand Patagonia, said on Wednesday he is selling the company to a trust that will use its profits to fight the climate crisis.Instead of selling the company or going public, Chouinard, who became famous for his alpine climbs in Yosemite National Park and has a net worth of US$1.2 billion, is transferring ownership of the his family's business to a trust and a not-for-profit organization.“Each year, the money we earn after reinvesting in the business will be distributed as a dividend to help fight the crisis,” he wrote in an open letter on the website of the Institute on Wednesday. company.“Instead of extracting value from nature and turning it into wealth for investors, we will use the wealth created by Patagonia to protect the so...
Two Vancouver mining company executives convicted of manslaughter in West Africa mining disaster

Two Vancouver mining company executives convicted of manslaughter in West Africa mining disaster

business and money
Trevali Mining Corp. confirms reports that two executives have been convicted of manslaughter in the West African nation of Burkina Faso following a catastrophic flood at the company's Perkoa zinc mine that left several people dead.The Vancouver-based miner released a statement Thursday thanking local communities and Perkoa employees who attended a court in Burkina Faso to hear verdicts on Wednesday.Perkoa mine manager Hein Frey, who is South African and worked for Trevali, was given a 24-month suspended prison sentence.Daryl Christensen, who is South African and a manager at Byrnecut, the Trevali contractor, was given a 12-month suspended prison sentence.Around 32 million liters of water were pumped out of the mine at its 710 meter depth in a futile attempt to reach the missing workers. ...
Chrysler to relaunch Canadian-made gas-powered 300 sedan as auto show eyes electric future

Chrysler to relaunch Canadian-made gas-powered 300 sedan as auto show eyes electric future

business and money
After a two-year hiatus due to the pandemic, North America's largest auto show restarts this week in Detroit, giving consumers their first taste of what the trillion-dollar auto industry has in its pipeline. sleeve.The North American International Auto Show is taking place in Motor City, Michigan, but there was some exciting news for Canadians on Wednesday as Chrysler announced plans to restart the 300 sedan, which will be made in Canada.Starting with the 2023 model year, Chrysler will manufacture the gas-powered sedan at its plant in Brampton, Ontario. First launched in 2005, the 300 enjoyed strong sales for around a decade before demand began to wane even before the COVID-19 pandemic, as smaller, more fuel-efficient models became more popular. . The latest version of the 300 rolled off...
Canada can build an electric vehicle industry worth $48 billion a year, but it must act now: report

Canada can build an electric vehicle industry worth $48 billion a year, but it must act now: report

business and money
As climate change shows its growing destructive power in floods and droughts around the world, even staunch advocates of the transition from fossil fuels to battery-electric vehicles know that electric vehicles alone won't solve the problem.But as the North American auto show opens with fanfare and pomp, a new report from two reputable Canadian research groups indicates that Canada has a brief window to become a major player in the transformation of an industry worth hundreds of billions of dollars a year into something more climate-friendly. - and make money doing it.Not only that, but the report suggests Canada has a chance to break a long tradition of exporting minerals and raw materials for others to process into high-value goods. Instead, by building a local electric vehicle supply ...
US stock markets plunge as inflation report suggests even more rate hikes to come

US stock markets plunge as inflation report suggests even more rate hikes to come

business and money
U.S. stock markets plunged into the red on Tuesday after new data showed inflation is proving stubbornly resilient and will require much higher interest rates to bring it under control.The Dow Jones Industrial Average lost nearly 1,200 points and the broader S&P 500 lost nearly 160 — down about 4% each — after new data showed the rate of inflation was under- underlying had risen 6.3% over the past 12 months. That's up from 5.9% in July.The US central bank, the Federal Reserve, has already hiked its interest rate four times this year in an aggressive campaign to get ahead of inflation, but data from August suggests those measures have not been enough and that more will be needed.Higher interest rates are generally seen as bad news for the stock market, as they increase the cost of borrowin...
Majority of Twitter shareholders vote in favor of selling to Elon Musk

Majority of Twitter shareholders vote in favor of selling to Elon Musk

business and money
A majority of Twitter Inc shareholders voted in favor of the $44 billion sale of the social media company to Elon Musk, pushing the fate of the sale to a court showdown in October.Musk informed Twitter that he would not proceed with the acquisition, arguing that he had been misled by spam accounts on the platform and had not been informed of a salary agreement reached. by the company with one of its main executives.Shareholders were expected to vote in favor after a downturn in the stock market made Musk's $54.20 per share deal for Twitter, which was signed in April, look expensive in the environment current. Twitter shares are now hovering around $41.On Monday, Twitter said payments to a whistleblower did not breach any of the terms of his sale to Musk, after the billionaire, currently t...
Peloton shares derail again as ex-CEO and chief legal officer quits board

Peloton shares derail again as ex-CEO and chief legal officer quits board

business and money
Peloton shares plunged on news that the company's co-founders John Foley and Hisao Kushi are stepping down due to sluggish sales.Foley stepped down as executive chairman on Monday. Kushi will step down as Chief Legal Officer on October 3.Foley had been Peloton's CEO for 10 years and became executive chairman in February. The company's board of directors, which makes high-end stationary bikes and treadmills, has named Karen Boone as chairwoman. Boone was elected to the Peloton board as chair of the audit committee in 2019 and became lead independent director in October 2021."It's time for me to start a new professional chapter," Foley said in a prepared statement. "I have a passion for building businesses and building great teams, and I'm excited to do it again in a new space."Kushi has...
Forget Silent Quits: The Latest Work Trend Is Having 2 Or More Jobs, Without Any Boss Knowing About It

Forget Silent Quits: The Latest Work Trend Is Having 2 Or More Jobs, Without Any Boss Knowing About It

business and money
Like many Canadians, a woman we'll call Mary was looking for a little extra income during the pandemic to offset the rising cost of living. But instead of turning to the traditional options of working overtime, doing a little freelance work, or starting an unrelated side hustle, she and her partner took it a step further by each getting a second job at full time in their field – without leaving their first, or talking to either boss.They are not alone. Mary and her partner, who were granted anonymity to conceal their identities, are part of a growing trend called overemployment. And there's a website — overemployed.com — to help remote workers do just that.It was set up by Isaac Price who, sensing layoffs were coming in 2020, "started my exit plan," he says of his origin story. "After ...
Canada is losing jobs, but the economy is also losing more workers to retirement

Canada is losing jobs, but the economy is also losing more workers to retirement

business and money
More than a year after the Great Resignation took hold in the United States, Canada is grappling with its own grayer version: The Great Retreat.Canada's labor force grew in August, but fell in the previous two months and remains weaker than before the summer, with tens of thousands of people simply out of work. Much of that can be attributed to more Canadians than ever retiring, Statistics Canada said.It's not just the 65-plus crowd packing away their desks and hanging up their tool belts. A record number of Canadians aged 55 to 64 now report having retired in the past 12 months, according to agency data. This is accelerating a mass exodus of Canada's most skilled workers - leaving businesses to scramble, helping to skyrocket wages and threatening to further curb the country's declining ...
Debt-to-disposable income ratio rises to 182%, Statistics Canada says

Debt-to-disposable income ratio rises to 182%, Statistics Canada says

business and money
According to Statistics Canada, the amount Canadians owe relative to their income rose in the second quarter, as debt levels rose faster than their income.The agency said household credit market debt as a share of household disposable income rose to 181.7% on a seasonally adjusted basis in the second quarter, from 179.7% in the first quarter.In other words, there was about $1.82 of credit market debt for every dollar of disposable household income in the second quarter.This increase came as household disposable income rose 1.0%, but household credit market debt rose 2.1%.According to Statistics Canada, on a seasonally adjusted basis, households added $56.3 billion in debt in the second quarter, including $48.7 billion in mortgages.Debt burdens have been rising for some time now, but for th...