Sign Up Now!

Sign up and get personalized intelligence briefing delivered daily.


Sign Up

Articles related to "financial-post"


Howard Levitt: Companies can have dress codes, but they can’t enforce them in racially discriminatory ways

  • It had made public statements and social media posts supporting the Black Lives Matter movement, but sent an internal memo to employees not to wear Black Lives Matter T-shirts or pins while at work.
  • Not only have many companies made public or internal statements proclaiming their support for the movement, but actions taken to suppress or invalidate Black employees’ ability to wear supportive material at work risk discrimination claims against the employer.
  • In fact, the Ontario Public Service Employees Union (OPSEU) workers have publicly supported the Black Lives Matter movement, and the government of Ontario has published an Anti-Racism Strategic Plan that was most recently updated in March 2020.
  • The government’s actions to promote anti-racist strategies in the workplace, in conjunction with the growing BLM movement, will require employers to tread carefully when preventing certain clothing or accessories from being worn at work.

save | comments | report | share on


Tim Hortons facing class-action lawsuit over app location tracking

  • Tim Hortons is facing a class-action lawsuit in Quebec over data collection issues in the company’s mobile ordering app, filed a day after four privacy watchdogs announced a joint investigation into the company’s overreach.
  • Immediately after privacy commissioners for the federal government, Quebec, Alberta and British Columbia announced their joint investigation on Monday, Tim Hortons said in a statement that it has discontinued its practice of tracking users’ location when the app is not open.
  • Zukran said that simply stopping the practice of background location tracking isn’t enough, because Tim Hortons’ parent company appears to have been tracking the lead plaintiff since last year, and the damage is already done.
  • Tim Hortons’ chief corporate officer Duncan Fulton said in an emailed statement the company did not have any comment on the class-action lawsuit, and reiterated that it had discontinued background location tracking, although the app may still record user location when it’s open.

save | comments | report | share on


Tesla overtakes Exxon’s market value in symbolic energy shift away from fossil fuels

  • Tesla Inc.’s market value has surpassed Exxon Mobil Corp.’s in a sign that investors are increasingly betting on a global energy transition away from fossil fuels.
  • Elon Musk’s Tesla, now at US$201 billion in market capitalization, is surging on the billionaire founder’s optimism that his company can avoid a second-quarter loss.
  • to become the most valuable automaker in the world by market capitalization.
  • Exxon is the world’s second biggest energy company after Saudi Aramco went public late last year.
  • But even the status of Saudi Aramco as the world’s most valuable company is in danger now after Apple Inc. reduced the valuation gap to US$150 billion, down from about US$750 billion at the time of the initial public offering of the Saudi state-controlled oil giant six months ago.

save | comments | report | share on


U.S. energy CEOs are awarding themselves millions in bonuses as their companies go bankrupt

  • As their companies approach bankruptcy, executives at failing oil and gas producers have awarded themselves tens of millions of dollars in bonuses.
  • But investors say the payouts in the energy industry are symptomatic of wider problems with governance and oversight in the sector, where executives have accumulated big pay packets for years despite generally poor share price performance.
  • Chief executives at large independent producers earned 138 per cent of their target bonus pay over the past three years — suggesting they outperformed their agreed goals — according to research by Evercore.
  • Brad Holly, chief executive of Denver-based Whiting, received a bonus of US$6.4 million as the company filed for bankruptcy — US$1 million more than he got one year earlier.
  • The sector has been the worst performer on the S&P 500 over the past one-, three-, five- and 10-year periods, according to Evercore, while active fund managers have increasingly steered clear.

save | comments | report | share on


Air Canada discontinues service on 30 regional routes — these are the flights getting cut

  • Air Canada announced Tuesday that it is suspending indefinitely service on 30 domestic routes and closing eight stations at regional airports  because of the collapse in demand for air travel during the COVID-19 pandemic.
  • The airline also said travel restrictions and border closures imposed by governments have decreased its prospects for recovery.
  • Air Canada expects the industry’s recovery from the pandemic to take at least three years, and said it would be considering other changes to its network and schedule, as well as further service suspensions in coming weeks to cut costs.
  • The following routes will be suspended indefinitely and affected customers will be contacted and offered options by the airline.
  • Deer Lake-Goose Bay; Deer Lake-St. John’s; Fredericton-Halifax; Fredericton-Ottawa; Moncton-Halifax; Saint John-Halifax; Charlottetown-Halifax; Moncton-Ottawa; Gander-Goose Bay; Gander-St. John’s; Bathurst-Montreal; Wabush-Goose Bay; Wabush-Sept-Iles; Goose Bay-St. John’s.
  • Regina-Winnipeg; Regina-Saskatoon; Regina-Ottawa; Saskatoon-Ottawa.

save | comments | report | share on


Air Canada discontinues service on 30 regional routes in Canada

  • Air Canada announced Tuesday that it is discontinuing service on 30 domestic routes and closing eight stations at regional airports in the country.
  • The airline said in a statement that it was making the cuts because of continuing weak demand for business and leisure travel during the coronavirus pandemic.
  • Travel restrictions and border closures by government have also decreased the prospects for recovery.
  • Air Canada expects the air industry’s recovery from the pandemic to take at least three years, and said it would be considering other changes to its network and schedule, as well as further service suspensions in coming weeks to cut costs.
  • Deer Lake-Goose Bay; Deer Lake-St. John’s; Fredericton-Halifax; Fredericton-Ottawa; Moncton-Halifax; Saint John-Halifax; Charlottetown-Halifax; Moncton-Ottawa; Gander-Goose Bay; Gander-St. John’s; Bathurst-Montreal; Wabush-Goose Bay; Wabush-Sept-Iles; Goose Bay-St. John’s.
  • Regina-Winnipeg; Regina-Saskatoon; Regina-Ottawa; Saskatoon-Ottawa.

save | comments | report | share on


Light on tech, heavy on banks — has Warren Buffett lost his touch?

  • The company had written down its holding in food producer Kraft Heinz by US$3 billion last year, she pointed out, while Buffett’s US$10-billion investment in oil producer Occidental Petroleum was no longer paying a cash dividend and its stock warrants looked worthless now.
  • Financials have declined from 15 per cent of the S&P 500 nearly four years ago to 10.5 per cent now, but insurance underwriting and investments represented just under a quarter of Berkshire’s operating profits last year and its stakes in financial stocks accounted for more than a third of its equity portfolio in March.
  • An investment in Apple in 2016, now the largest single holding in the stock portfolio, illustrated Buffett’s ability to find comfort in technology companies, and Berkshire last year took a small stake in Amazon.

save | comments | report | share on


Stocks choppy today as markets wind up best quarter since 1998

  • The S&P 500 and Dow Jones indexes were muted at the open on Tuesday as coronavirus-related worries and simmering U.S.-China tensions weighed on sentiment at the end of what is expected to be the S&P 500’s best quarter since 1998.
  • The benchmark index has rebounded about 18 per cent since April on a raft of fiscal and monetary stimulus and the easing of restrictions, but is still down about 5 per cent on the year as a flare-up in virus cases fuels fears of a new round of lockdowns.
  • In company news, Boeing Co tumbled 5.6 per cent and was the biggest drag on the blue-chip Dow after Norwegian Air canceled orders for 97 aircraft and said it would claim compensation.
  • Micron Technology Inc jumped 6.4 per cent as it forecast higher-than-expected current-quarter revenue on strong demand for its chips that power notebooks and data centers.

save | comments | report | share on


Canada’s economy shrinks almost 12% in April in biggest contraction on record

  • OTTAWA — Statistics Canada says the economy saw its largest monthly drop on record in April as it came to a near standstill due to the pandemic, but early indications point to a rebound in May as businesses began to reopen.
  • The agency said Tuesday gross domestic product fell 11.6 per cent in April with non-essential businesses shut for the full month following a 7.5 per cent decline in March.
  • Even sectors that had increases in March weren’t spared in April like food manufacturing, which dropped 12.8 per cent in April as outbreaks at meat processing plants forced them to shut down.
  • The accommodation and food services sector dropped 42.4 per cent in April, as customers replaced eating out with staying in, hitting a sector that saw a 37.1 per cent decline in March.
  • Accommodation services fell 45.7 per cent, Statistics Canada says, owing to restrictions on travel between provincial and international borders.

save | comments | report | share on


‘End of Hong Kong that the world knew before:’ China passes national security law

  • HONG KONG/BEIJING — China’s parliament passed national security legislation for Hong Kong on Tuesday, setting the stage for the most radical changes to the former British colony’s way of life since it returned to Chinese rule 23 years ago.
  • Details of the law – which comes in response to last year’s often-violent pro-democracy protests in the city and aims to tackle subversion, terrorism, separatism and collusion with foreign forces – are due out later on Tuesday.
  • Amid fears the legislation will crush the global financial hub’s freedoms, and reports that the heaviest penalty under it would be life imprisonment, pro-democracy activist Joshua Wong’s Demosisto group said it would dissolve.
  • The editor-in-chief of the Global Times, a tabloid published by the People’s Daily, the official newspaper of China’s ruling Communist Party, said on Twitter the heaviest penalty under the law was life imprisonment, without providing details.

save | comments | report | share on