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Watchdog unveils guidelines to support mortgage-holders under financial stress – Business News

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Lenders urged to be ‘fair’

The Canadian Press – | Stories: 435360

Canada’s financial consumer watchdog is warning lenders not to take advantage of Canadian mortgage holders who are facing severe financial stress as interest rates and the cost of living rise.

The Financial Consumer Agency of Canada says financial institutions need to help provide support to consumers who are facing rising mortgage payments.

Mortgage holders with variable-rate loans have faced a higher cost of borrowing as interest rates have marched higher, while those with fixed-rate loans have faced increased

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Mitigation efforts continue at Suncor in wake of cyberattack – Business News

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Canada’s top technical authority on cybersecurity is working closely with Suncor Energy Inc. in the aftermath of a high-profile systems breach at the oil and gas giant.

The Canadian Center for Cyber ​​Security — which leads Canada’s federal response to cybersecurity incidents — said Wednesday it can’t disclose details of the cybersecurity

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WestJet shutting down discount airline Swoop

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WestJet is shutting down its budget airline, Swoop.

The company made the announcement in a news release Friday, noting that the ratification of its recent deal with its pilots allows it to integrate all of its staff at various airlines into a single banner.

“As negotiated in the collective agreement, the WestJet Group will now begin integration efforts of its ultra-low-cost airline, Swoop,” the airline said.

“Through an expedited process, the airline anticipates a full integration into its mainline operations by the end of October. To avoid traveler impact, Swoop will operate its existing network through to the end of

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Canada’s economy grew by more than expected in the first quarter, upping the odds of the rate hike next week

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The 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 expected to make its next interest rate announcement next week.

The relatively strong GDP showing investors had increasing the odds

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Bank of Canada appoints Rhys Mendes as deputy governor – Business News

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BoC has new deputy gov.

The Canadian Press – | Stories: 426434

The Bank of Canada has appointed Rhys Mendes as a deputy governor, effective July 17.

According to a news release from the central bank, Mendes first joined the Bank of Canada in 2004 but has been on secondment to the Department of

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Teck still plans business separation – Business News

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Teck Resources (TSX,NYSE:TECK.B) will proceed with a vote on phasing out its dual class structure, but canceled today’s planned vote on a plan to separate into two companies.

In a first quarter earning call today, Teck CEO Jonathan Price said the company still thinks separating into two separate companies is the best way to create value, but said it became clear that the way Teck planned to go about its division was not going to fly with shareholders.

Price told analysts there was strong

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Conservatives wouldn’t allow Teck takeover: Poilievre – Business News

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Pierre Poilievre and his Conservative Party are in no position to do anything about Glencore’s bid for Teck Resources (TSX:TECK.B,NYSE:TECK), but if the Conservatives were in power, they would use the Investment Act to prevent what Poilievre calls a hostile takeover.

“A Poilievre government would bring home Canadian jobs by using the Investment Canada Act to stop this hostile foreign takeover, and take into account Glencore’s previous unethical behavior,” Poilievre said Thursday – a day after Teck canceled a vote on a plan to divide the

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Trump arrested? Putin jailed? Fake AI images spread online – Business News

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Arijeta Lajka And Philip Marcelo, The Associated Press – | Stories: 417588

Former President Donald Trump getting gang-tackled by riot-gear-clad New York City police officers. Russian

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