business news stocks

Apple became the first company to have a market cap topping $3 trillion

Apple’s market cap topped $3 trillion on Friday, as shares rose about 1% to a new high and passed the $190.73 price required to hit the milestone, according to CNBC’s most recent share count.

Apple was the first company to hit a $3 trillion market cap during intraday trading in January 2022, but it failed to close at that level. It has another shot to do that on Friday.

It shows investors remain bullish on the stock and Apple’s portfolio of products and services, despite the company’s warning in May that its current quarter revenue is expected to fall about

Instant Brands, makers of Instant Pot and Pyrex, files for bankruptcy

Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions.

The company, controlled by private equity firm Cornell Capital LLC, and 14 affiliates filed for Chapter 11 protection from creditors with the federal bankruptcy court in southern Texas, with as much as US$1 billion of assets and liabilities.

Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up US$132.5 million in financing. Entities located outside the United States and Canada are not seeking court protection.

Real or AI? Europe seeks label as it fights disinformation – Business News

The European Union is pushing online platforms like Google and Meta to step up the fight against false information by adding labels to text, photos and other content generated by artificial intelligence, a top official said Monday.

EU Commission Vice President Vera Jourova said the ability of a new generation of AI chatbots to create complex content and visuals in seconds raises “fresh challenges for the fight against disinformation.”

Jourova said she asked Google, Meta, Microsoft, TikTok and other tech companies that have signed up to the 27-nation bloc’s voluntary agreement on combating disinformation to dedicate

Canadian hydropower limits concern US decarbonizing plans

HARTFORD, Conn. –

Policymakers seeking to make the US electric grid less reliable on fossil fuels have long looked north to Canada and its abundant surplus of hydropower, advocating for new transmission lines to bring more of that cheap, clean electricity south.

But with demand for green energy growing north of the border, too, there are new concerns that Canada’s hydro supply isn’t as bottomless as it once seemed.

A study published in May by the Montreal Economic Institute predicted that Quebec, now home to one of the world’s largest hydroelectric systems, will over the next decade fall short of

CFIB wants CEBA loan repayment deadline extended as businesses struggle – Business News

CEBA extension sought

The Canadian Press – | Stories: 425990

The Canadian Federation of Independent Business says in a survey of its members, 78 per cent of them reported that getting extra time to repay their Canada Emergency Business Account loans will increase the likelihood of their survival.

The federation says 49 per cent of small businesses are still making below-normal revenues, with those in hospitality, arts and recreation, retail and social services hitting the hardest.

CFIB president Dan Kelly says high interest rates, inflation and labor costs are making

Calgary apartment tower sale bet on tight Canadian housing market

Seeking to sell a 462-unit rental building

Article content

Hines, a real estate company with nearly US$96 billion in assets under management, is pitching international investors on a Canadian apartment building deal as a way to bet on the country’s

Important team and business changes

Team –

We are changing the shape of Shopify significantly today to pay unshared attention to our mission. There are a number of consequences to this, and I don’t want to bury the lede: after today Shopify will be smaller by about 20% and Flexport will buy Shopify Logistics; this means some of you will leave Shopify today. I recognized the crushing impact this decision had on some of you, and did not make this decision lightly.

In the next 5 minutes you’ll get a follow up that tells you if you are affected. There’s no way to make this

Grocery code to increase ‘fair and ethical dealing’ – Business News

Grocery code of conduct

The Canadian Press – | Stories: 418686

An industry group set up to hammer out a Canadian grocery code of conduct is getting closer to a final document, even as the way they will enforce its terms remains unclear.

A new working draft of the grocery code viewed by The Canadian Press and verified by two grocery sector sources lays out the fundamental elements of the industry-led accord, which aims to increase “fair and ethical dealing” across the grocery supply chain in Canada.

Still, while a

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