News
Copy by Patrick Lewis
Canada’s second largest lender TD Bank has reported better-than-expected quarterly earnings driven by growth at its capital markets business, as a volatile environment boosted trading activity. The lender also announced a restructuring program to save up to $650 million annually, including layoffs of about 2% or some 2,000 of its employees. Its wholesale banking arm – which houses its capital markets and investment banking businesses – reported a 16% jump in net income and record revenue of $2.13 billion, up 10% from a year earlier.
The union representing about 55,000 Canada Post employees said the latest offers from the postal service “fall short” with hours to go until a looming strike deadline.
In a bulletin posted late yesterday, the Canadian Union of Postal Workers said it is still reviewing proposals tabled by the Crown corporation earlier in the day. But it identified a number of areas where the offers disappoint, namely on wages and cost-of-living adjustments. Canada Post’s offers amount to a little more than 13 per cent in wage increases over four years, where the union was looking for closer to 19 per cent to catch up after years of rampant inflation. The union also raised concerns about Canada Post’s pitch to include more part-time staff and introduce “dynamic routing” — a model that could see mail delivery routes change on a daily basis to adjust to varying conditions — without established rules governing the system.
In the US Bond yields inched higher and Wall Street flipped from small gains to losses before the opening bell this morning after rising U.S. debt sank markets yesterday.
Futures for the Dow Jones Industrial Average fell 0.5 per cent in premarket trading, while futures for the S&P 500 and Nasdaq each slid 0.3 per cent. U.S. markets are also reacting to the passage of the Republicans’ multitrillion-dollar spending bill, which aims to extend some $4.5 trillion in tax breaks from President Trump’s first term in 2017 while adding others.
Ivorian nationals of West Africa have been arrested in Cote d’Ivoire in connection with an international sextortion and money laundering scheme that involved Canadian victims, which U.S. authorities say led to the suicide of one American teen. According to a U.S. Department of Justice (DOJ) press release, the accused, Alfred Kassi, allegedly worked with several money laundering accomplices who helped Kassi move the money he received from victims. Authorities say the scheme targeted thousands of victims, including minors, throughout Canada, the U.S., U.K., France, Spain and Italy.
Prime Minister Mark Carney has been officially sworn in as MP for the Ottawa riding of Nepean. Carney swore allegiance to King Charles in the ceremony, which took place on Parliament Hill this morning. Carney said he will do his best to represent his constituents. The prime minister was given a special lapel pin that is worn by MPs for security access in Ottawa. Parliament returns on Monday and King Charles will read the speech from the throne in the Senate chamber on Tuesday.
Sports
Victoria Mboko advanced to the third round of French Open qualifying with a 6-3, 6-2 win over Kathinka von Deichmann today. The 18-year-old Canadian won 82 per cent of her first serves and converted six of seven break-point chances. The Toronto native is bidding to reach her first Grand Slam main draw. She’ll face Slovenia’s Kaja Juvan tomorrow in the final round of qualifying.
The Worlds Mens Hockey Championship is underway this week with team Canada in action this afternoon against Denmark. Canada is holding 1st place in group A with 19 points while Denmark holds 4th place n group b with 11 points.
In NHL Playoff action tonight the Florida Panthers are off to Carolina for game 2 against the Hurricanes.
In PGA action this weekend Canadians Mackenzie Hughes, Ben Silverman and Adam Svensson are among a field headlined by hometown star Scottie Cheffler as the Charles Schwab Challenge tees off in Texas this afternoon.
