Peloton CEO Barry McCarthy is stepping down, the company said on Thursday, as it announced a 15 per cent cut to its global workforce due to a post-pandemic slump in demand for its connected fitness equipment. Shares of the beleaguered New York-based company rose 14 per cent before the bell as it also aims to pare down … Read more
As the urban centre at the heart of Canada’s oilsands industry, Fort McMurray has seen more than its share of ups and downs. A decade and a half ago, the northern Alberta community was this country’s most famous boom town. High oil prices helped to drive unprecedented demand for the thick, viscous bitumen that lies … Read more
Tesla’s first-quarter net income plummeted 55 per cent, but its stock price surged in after-hours trading Tuesday as the company said it would accelerate the production of new, more affordable vehicles. The Austin-based company said it made $1.13 billion US from January through March compared with $2.51 billion US in the same period a year ago. … Read more
Fire is sucking the life out of parts of the Amazon rainforest. In Roraima State, in northern Brazil, the number of fires in February were more than five times the average, according to data from Brazil’s National Institute for Space Research, and blazes continued to burn through March. “We are losing the Amazon rainforest. These … Read more
Several Quebec Tim Hortons franchisees are taking the brand’s owner to court, blaming what they describe as unreasonable constraints in the company’s licensing agreements for lower-than-expected profits. In a lawsuit filed in Quebec Superior Court on Thursday, 16 companies with Tim Hortons franchise licences allege the TDL Group Corp.’s contracts “place it in a position … Read more
A surge in new apartment construction drove housing start increases in some major Canadian cities last year, but demand continues to outweigh supply, according to a report released Wednesday by the federal housing agency. The report from Canada Mortgage and Housing Corporation focuses on six major cities: Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa. Their combined housing … Read more
U.S. consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting some stickiness in inflation that could delay an anticipated June interest rate cut from the Federal Reserve. The consumer price index (CPI) rose 0.4 per cent last month after climbing 0.3 per cent in January, the Labour Department’s Bureau of Labour Statistics … Read more
Former talk show host Oprah Winfrey is leaving the WeightWatchers board of directors and donating millions of dollars in the weight management firm’s stock to charity, the company said Thursday, sending its stock tumbling in early trading. The exit of the media icon and celebrity shareholder, who has been a board member since 2015, comes at a … Read more
New home construction in Canada fell by 10 per cent in January compared to December, as fewer multi-unit urban homes, such as townhouses, were built, according to the country’s national housing agency. The Canada Mortgage and Housing Corporation said Thursday that housing starts came in at 223,589 units in January, down 25,379 from December. Many … Read more
U.S. consumer prices increased more than expected in January amid rises in the costs of shelter and health care, but it likely won’t change expectations that the Federal Reserve will start cutting interest rates in the first half of 2024. The consumer price index (CPI) increased 0.3 per cent last month after gaining 0.2 per cent in December, … Read more
