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CIBC profits down on higher loan loss provisions after revised economic outlook

CIBC profits down on higher loan loss provisions after revised economic outlook

TORONTO — A more pessimistic outlook on interest rates and the economy led CIBC to boost how much it set aside for bad loans in its latest quarter, a move echoed by other banks as they prepare for slower growth ahead.
Scotiabank announces senior executive changes including new oversight for Tangerine

Scotiabank announces senior executive changes including new oversight for Tangerine

TORONTO — Scotiabank announced a raft of changes in its senior executive ranks, including a new head for the group overseeing its Tangerine online banking business and a new chief human resources officer.
Laurentian Bank reports Q3 profits down as strategic review continues

Laurentian Bank reports Q3 profits down as strategic review continues

MONTREAL — Laurentian Bank of Canada reported a dip in third-quarter profits as it continues to work through a strategic review.
Shopify, Amazon strike deal to integrate 'Buy with Prime' in Shopify stores

Shopify, Amazon strike deal to integrate 'Buy with Prime' in Shopify stores

TORONTO — Two of the e-commerce world’s biggest rivals have brokered a surprise deal helping their merchants better take advantage of one another’s offerings. Shopify Inc. and Amazon.com Inc.
Fed's preferred inflation gauge shows a modest rise in latest sign of slowing price increases

Fed's preferred inflation gauge shows a modest rise in latest sign of slowing price increases

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late Sep
US applications for jobless claims inch back down as companies hold on to their employees

US applications for jobless claims inch back down as companies hold on to their employees

U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year.
MDA signs deal to buy digital payload division of SatixFy Communications

MDA signs deal to buy digital payload division of SatixFy Communications

BRAMPTON, Ont. — MDA Ltd. has signed an agreement to buy the digital payload division of SatixFy Communications Ltd. in a deal valued at US$40 million. MDA chief executive Mike Greenley says the deal for SatixFy Space Systems UK Ltd.
Tidewater signs deal to sell Pipestone and Dimsdale assets to AltaGas for $650M

Tidewater signs deal to sell Pipestone and Dimsdale assets to AltaGas for $650M

CALGARY — Tidewater Midstream and Infrastructure Ltd. has signed a deal to sell its Pipestone natural gas plant and expansion project as well as its Dimsdale natural gas storage facility to AltaGas Ltd. for $650 million in cash and shares.
Tesla is allowing no-hands driving with Autopilot for longer periods. US regulators have questions

Tesla is allowing no-hands driving with Autopilot for longer periods. US regulators have questions

DETROIT (AP) — Tesla is allowing some drivers to use its Autopilot driver-assist system for extended periods without making them put their hands on the steering wheel, a development that has drawn concern from U.S. safety regulators.
Millions more workers would be entitled to overtime pay under a proposed Biden administration rule

Millions more workers would be entitled to overtime pay under a proposed Biden administration rule

NEW YORK (AP) — The Biden administration proposed a new rule Wednesday that would make 3.6 million more U.S. workers eligible for overtime pay, the most generous such increase in decades.