industry-financial

Corus Entertainment ‘aggressively’ cutting costs, laying off more employees as revenue slumps

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Corus Entertainment ‘aggressively’ cutting costs, laying off more employees as revenue slumps

As revenue slumps from a “challenging advertising environment,” Canadian media company Corus Entertainment — which houses brands like Global News and YTV — is “aggressively” cutting costs, continuing layoffs and shutting down parts of its business. In the company’s third-quarter earnings call on Monday, co-chief executive officer John Gossling said that by the end of August, Corus expects it will have … Read more

Ottawa and industry at odds over financial risk of carbon capture technology

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Ottawa and industry at odds over financial risk of carbon capture technology

The question of who should bear the financial risk for pricey carbon capture and storage projects has become a stumbling block slowing the technology’s adoption in Canada. It has been half a year since privately held Entropy Inc. inked a deal with the federal government that saw Ottawa agree to underwrite much of the risk … Read more

Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC

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Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC

Mortgage debt grew at its slowest pace in 23 years in February, amid high borrowing costs and reservations related to the Bank of Canada’s key interest rate — but the slowdown likely won’t last, according to Canada’s housing agency. Canadian mortgage debt totalled $2.16 trillion that month, up 3.4 per cent from the same period last year — a historically low … Read more

Defunct Lynx Air selling off life-jackets, oxygen masks in bid to recoup losses

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Defunct Lynx Air selling off life-jackets, oxygen masks in bid to recoup losses

Lynx Air hopes to sell off everything from life-jackets to oxygen masks as it tries to recoup a portion of the losses it incurred before filing for creditor protection earlier this year. In court filings last week, the defunct discount carrier said it has worked out deals with a pair of aviation companies abroad to … Read more

Canada’s biggest documentary festival says it’s dying. Documentarians worry they’re next

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Canada’s biggest documentary festival says it’s dying. Documentarians worry they’re next

A misunderstood and mistreated killer whale. An investigation into the 1999 Columbine High School massacre and American gun culture at large. An inconvenient truth about the future of planet Earth in the face of devastating climate change. If you go by overwhelmingly successful films like Blackfish, Bowling for Columbine and An Inconvenient Truth, it might seem like documentaries are … Read more

Open banking could spur competition, but fintechs say Canada’s moving too slowly

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Open banking could spur competition, but fintechs say Canada’s moving too slowly

Federal efforts to bring “open banking” to Canada are being welcomed by players in the industry — but there’s also criticism that, after years of waiting, any changes may not come fast enough to encourage innovation or allow smaller financial players compete with larger institutions. Open banking lets consumers or business customers share personal and financial information between approved banks and other … Read more

Feds give financial boost to biofuel sector amid growing U.S. competition

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Feds give financial boost to biofuel sector amid growing U.S. competition

Canada’s biofuel industry is welcoming a proposed multi-billion dollar package of financial support from the federal government, although concerns remain about whether it will be enough to compete with lucrative subsidies south of the border and reverse the growing dependence on U.S. imports to meet clean fuel regulations. The federal government is committing $1.27 billion toward … Read more

Canada is still backing the fossil fuel industry with billions, report finds

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Canada is still backing the fossil fuel industry with billions, report finds

A new report says the federal government is providing billions of dollars in financial support for the fossil fuel industry, despite measures announced last year to limit certain types of subsidies for the oil and gas industry. The analysis, released today by the advocacy group Environmental Defence, estimated that Ottawa offered up at least $18.6 … Read more

As Lynx heads to the discount airline graveyard, what options do travellers have?

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As Lynx heads to the discount airline graveyard, what options do travellers have?

Less than two years after entering the market, Lynx Air is winding down operations, making the Calgary-based airline the latest in a long line of Canadian discount carriers that have failed to take off. The company — which rebranded from “Enerjet” in 2021 — cited rising operational costs, high fuel prices, unfavourable exchange rates, increased airport charges and … Read more