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At the moment’s information: Massive grocers agree to search out methods to decrease meals costs Categorical Instances

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6:17 p.m.

Massive grocers agree to search out methods to decrease meals costs

Canada’s 5 largest grocers — Loblaw Cos. Ltd., Sobeys’ mother or father Empire Co. Ltd., Metro Inc., Wal-Mart Canada Corp. and Costco Wholesale Canada Ltd. — agreed to work with Ottawa to stabilize meals inflation in a “historic” assembly with the federal authorities.

“This can be a step in the appropriate path,” stated trade minister François-Philippe Champagne. “We’ll carry on pushing them, belief me. That is just the start.”

Whereas the grocers agreed to work with the federal government, it’s not but clear what precisely that work will appear to be.

Champagne’s spokesperson Audrey Champoux stated the subsequent step is for the businesses to give you their very own plans on tackling inflation and current them by Thanksgiving.

Learn extra.

5:30 p.m.

Unifor asks members to ‘put together for all situations’ as Ford strike deadline nears

A general view of the Ford Michigan Assembly Plant in Wayne, Michigan.
A normal view of the Ford Michigan Meeting Plant in Wayne, Michigan. Photograph by Invoice Pugliano/Getty Photographs recordsdata

Contract talks between Ford Motor Co. and Unifor union officers are persevering with forward of a midnight strike deadline.

“As of now a tentative settlement has not been reached,” Unifor nationwide president Lana Payne stated in an announcement. “Whereas we stay on the desk the chance of a strike will increase with every passing hour.”

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Unifor, which represents greater than 5,600 members at Ford services in Canada, has requested staff to “put together for all situations, together with strike motion.”

Payne stated the union’s priorities stay the identical: pensions, wages, electric-vehicle transition and funding.

4:30 p.m.

TSX composite down virtually 130 factors, U.S. inventory markets primarily flat

Losses in expertise and base steel shares helped lead a broad-based decline as Canada’s principal inventory index fell virtually 130 factors, whereas U.S. inventory markets misplaced steam halfway via the buying and selling day to primarily finish flat.

The S&P/TSX composite index was down 129.51 factors at 20,492.83.

In New York, the Dow Jones industrial common was up 6.06 factors at 34,624.30. The S&P 500 index was 3.21 factors factors at 4,453.53, whereas the Nasdaq composite was up 1.90 factors at 13,710.24.

The Canadian Press

3:44 p.m.

Financial institution of America expects tender touchdown for U.S. financial system

The Marriner S. Eccles Federal Reserve building in Washington, DC.
The Marriner S. Eccles Federal Reserve constructing in Washington, DC. Photograph by JIM WATSON/AFP by way of Getty Photographs recordsdata

Financial institution of America Corp. chairman and chief government Brian Moynihan stated he seems like a “curmudgeon” for saying younger persons are making an even bigger adjustment to increased rates of interest than their elders who’ve seen all of it earlier than — however that didn’t cease him from doing so on the opening of the Sibos 2023 convention in Toronto.

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It’s “a complete totally different world the place money just isn’t free,” Moynihan stated from the convention stage on Sept. 18, laying out the response of these together with his personal colleagues who’re too younger to have lived via a a lot increased charge surroundings within the Nineteen Seventies and Nineteen Eighties and who acquired used to near-zero charges following the 2008 monetary disaster.

Throughout a dialogue on the primary day of the four-day finance convention organized by world monetary transaction community Swift, Moynihan stated Financial institution of America is anticipating a tender touchdown for the U.S. financial system, however cautioned there’s nonetheless a threat the Federal Reserve may make an “error of over-hiking” charges earlier than the earlier will increase have totally labored their means via the system to tame inflation.

He stated his group was initially predicting a recession however they’ve tempered their view because of the momentum within the financial system.

The financial institution CEO struck a lighter be aware when discussing Financial institution of America’s expertise creating expertise to permit prospects to financial institution shortly when and the place they wish to do enterprise. The transition concerned turning to specialists outdoors the monetary establishment, at first, to make sure buyer queries about funds had been acknowledged by the expertise and prompted an correct response.

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“The query, ‘What’s my steadiness?’ means various things when you ask it outdoors the monetary companies realm,” Moynihan stated. “Like, you may get an invite to yoga class out of that.”

Barbara Shecter

3:28 p.m.

Ottawa urges U.S. appeals court docket to reverse Line 5 shutdown order

The east leg of the Enbridge Inc. Line 5 pipeline near St. Ignace, Michigan.
The east leg of the Enbridge Inc. Line 5 pipeline close to St. Ignace, Michigan. Photograph by Dale G. Younger/Detroit Information by way of AP recordsdata

Ottawa is urging a U.S. appeals court docket to reverse a Wisconsin choose’s order that threatens to close down the Line 5 cross-border pipeline by June 2026.

Forcing a shutdown would violate Canada’s treaty rights, authorities attorneys argue in an amicus temporary filed at the moment with the U.S. Seventh Circuit Court docket of Appeals.

A Wisconsin court docket ruling in June gave Calgary-based Enbridge Inc. an ultimatum: reroute the pipeline round an Indigenous reserve inside three years or shut it down.

Learn extra.

The Canadian Press

2 p.m.

Air passenger grievance backlog tops 57,000 — a brand new peak

Passengers line-up during flight delays and cancellations at Toronto's Pearson International Airport. The backlog of air passenger complaints at Canada’s transport regulator has hit a new high.
Passengers line-up throughout flight delays and cancellations at Toronto’s Pearson Worldwide Airport. The backlog of air passenger complaints at Canada’s transport regulator has hit a brand new excessive. Photograph by Aaron Vincent Elkaim/The Canadian Press

The backlog of air passenger complaints at Canada’s transport regulator has hit a brand new excessive topping 57,000, as dissatisfaction over cancellations and compensation persist three and a half years after the outbreak of the COVID-19 pandemic.

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The numbers reveal that a mean of greater than 3,000 complaints monthly have piled up on the Canadian Transportation Company (CTA) over the previous 12 months, with the present tally nicely over 3 times the entire from September 2022.

Vancouver residents Chad Kerychuk and Melissa Oei say they’re mulling a grievance after they arrived in Halifax six hours later than deliberate on a flight from their hometown in August 2021 and located themselves separated on board regardless of shopping for pricier tickets to pick side-by-side spots prematurely.

The couple stated WestJet Airways Ltd. has rejected their request for a partial refund.

“Greater than a 12 months has lapsed because the departure date and the declare interval has expired. As such, your declare can’t be accredited,” WestJet instructed them in an e mail.

Kerychuk stated the response “seems like a mistaken solution to deal with loyal prospects” after years of choosing that provider over opponents.

“There was no effort made to assist us, as a result of we supported them through the pandemic. And I assumed that was fully unfair,” he stated in a telephone interview.

WestJet stated the disruption was brought on by unplanned upkeep, an exclusion from compensation guidelines that the federal authorities says will quickly be unavailable to carriers.

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In June, the federal government handed laws to overtake Canada’s passenger rights constitution, laying out measures to toughen penalties and tighten loopholes round traveller compensation in addition to streamline the complaints course of as a complete.

The Canadian Press

12:30 p.m.

U.S. auto staff’ strike enters fourth day with no signal of deal

United Auto Workers members strike at the Ford Michigan Assembly Plant over the weekend in in Wayne, Michigan.
United Auto Employees members strike on the Ford Michigan Meeting Plant over the weekend in in Wayne, Michigan. Photograph by Invoice Pugliano/Getty Photographs

The United Auto Employees’ strike in opposition to Detroit’s Massive Three went into its fourth day at the moment with no indicators of an early breakthrough and in opposition to the menace that the walkout may quickly unfold.

In an indication of the potential financial and political of an extended strike, President Joe Biden is sending two high administration officers to Detroit this week to satisfy with each side.

UAW President Shawn Fain stated Monday that the Biden administration received’t dealer a deal.

“That is our battle. Our members are on the market manning the picket strains,” Fain stated on MSNBC. “This battle just isn’t in regards to the president, it’s not in regards to the former president.”

Quite than launching an all-out strike of its 146,000 members, the union opted to focus on three factories — one at every firm.

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A key function of the technique is the specter of escalating the strike if the union is sad with the tempo of bargaining. On Friday, Fain stated extra factories might be focused: “It might be in a day, it might be in per week.”

In the meantime, Canadian auto staff and Ford Motor Co are going through at strike deadline at midnight tonight.

The Related Press

12 p.m.

Noon markets: TSX down as U.S. drifts increased

The TSX is down greater than 150 factors at noon led by losses in expertise and base metals whereas U.S. shares drifted increased forward of the U.S. Federal Reserve’s charge choice Wednesday.

stock chart
Monetary Publish

10:40 a.m.

Massive grocers summoned to Ottawa over meals costs

Grocers have been threatened with new tax measures if they couldn't work with the federal government to come up with a plan to address Canada's food inflation crisis.
Grocers have been threatened with new tax measures in the event that they couldn’t work with the federal authorities to give you a plan to handle Canada’s meals inflation disaster. Photograph by Getty Photographs

The CEOs of Canada’s high grocers have been summoned to Ottawa at the moment to give you a plan to handle Canada’s meals inflation disaster.

Business minister François-Philippe Champagne known as the assembly after Prime Minister Justin Trudeau threatened the massive grocers with new tax measures in the event that they couldn’t work with authorities to discover a answer to excessive meals costs.

The Monetary Publish’s Jake Edmiston fills us on what the assembly is about and what it’s prone to accomplish.

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9:30 a.m.

Inventory markets are open

Canada’s principal inventory index opened within the crimson this morning, but it surely’s a blended bag of features and losses on Wall Road.

The S&P/TSX composite index was down 72.40 factors to twenty,549.94 in early morning buying and selling.

Within the U.S., the S&P 500 was down 1.57 factors to 4,448.75. The Dow was up 39.91 factors to 34,657.85 and the Nasdaq was down 10.02 factors to 13,698.31.

9:15 a.m.

Heather Reisman returns as CEO of Indigo

heather reisman
Heather Reisman, founding father of Indigo, has returned because the retailer’s CEO. Photograph by Kevin Van Paassen/Bloomberg

Indigo Books & Music Inc. says founder Heather Reisman has returned to the retailer as chief government officer.

She fills the void left by the abrupt resignation of Peter Ruis from the highest job earlier this month.

Reisman had served as chief government till final 12 months, when Ruis took over, and retired from the Indigo board final month.

As a part of her return to the corporate, Reisman was additionally reappointed to the board.

The retailer additionally introduced that Craig Loudon, Indigo’s chief monetary officer, has been appointed chief working officer.

In his new position, the corporate says he’ll proceed to behave because the chief monetary officer and lead the finance group.

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The Canadian Press

8:30 a.m.

Housing begins edge down in August

Construction of a low-rise condo development in Coquitlam, B.C.
Building of a low-rise rental improvement in Coquitlam, B.C. Photograph by Darryl Dyck/The Canadian Press

Canada Mortgage and Housing Corp. says the annual tempo of housing begins in Canada edged down one per cent in August in contrast with July.

The nationwide housing company says the seasonally adjusted annual charge of housing begins in August got here in at 252,787 models in contrast with 255,232 in July.

The lower got here as the speed of city housing begins fell one per cent to 233,075 models in August.

The tempo of multi-unit city begins decreased one per cent to 191,250, whereas the speed of single-detached city begins rose two per cent to 41,825.

The annual charge of rural begins was estimated at 19,712.

The six-month transferring common of the general month-to-month seasonally adjusted annual charge of housing begins was 244,507 models in August, up 0.8 per cent from 242,552 in July.

The Canadian Press

7:30 a.m.

BMO to shut retail auto finance enterprise as dangerous debt mounts

Bank of Montreal signage in Toronto's financial district. The bank will close its retail auto finance business.
Financial institution of Montreal signage in Toronto’s monetary district. Photograph by Stephanie Foden/Bloomberg

BMO Monetary Group plans to shut its retail auto finance enterprise to be able to reroute assets, as debtors dig deep to remain on high of current rate of interest hikes.

The choice can even set off an unspecified variety of layoffs in Canada and the U.S., the Financial institution of Montreal stated.

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It comes after the corporate’s dangerous debt provisions greater than tripled to $492 million within the quarter ended July 31 in comparison with a 12 months earlier. In its retail line, the financial institution’s provisions for credit score losses rose 800 per cent to $81 million final quarter from $9 million the 12 months earlier than.

These dents on the earnings assertion trace on the monetary pressure going through customers, who’ve struggled to deal with a spike in rates of interest over the previous 12 months and a half.

The upper borrowing prices have begun to sluggish some lending demand and deal making amid heavy competitors amongst Canadian banks on mortgage charges and wider issues a few normal financial slowdown.

The Financial institution of Montreal’s oblique retail auto loans phase works with automobile dealerships to rearrange financing for automobile consumers, who in flip make month-to-month funds to the lender — the financial institution. BMO’s business banking enterprise, which backs auto sellers via stock financing, is unrelated to the upcoming shutdown.

“By winding down the oblique retail auto finance enterprise, now we have the flexibility to focus our assets on areas the place we imagine our aggressive positioning is strongest,” BMO Monetary Group spokesman Jeff Roman stated in an announcement.

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Learn the total story right here.

Inventory markets: Earlier than the bell

Stock chart, September 18, 2023

United States inventory futures are fluctuating this morning after a sell-off on Friday and after oil neared $95 a barrel.

In Europe and Asia, equities dropped sharply, mirroring the decline that took the S&P 500 down multiple per cent on the finish of final week. Societe Generale SA slumped as a lot as 11 per cent after chopping profitability targets. Apple Inc. gained in U.S.premarket buying and selling, with analysts optimistic about early indicators of demand for the most recent iPhone.

What to look at at the moment

The twenty fourth World Petroleum Congress kicks off in Calgary at the moment and runs till Sept. 21.

Lots of of executives and authorities officers from oil-producing nations around the globe are gathering in Calgary this week, in opposition to the backdrop of rising world stress to scale back greenhouse gasoline emissions.

The World Petroleum Congress, one of many largest oil-and-gas conferences on the earth, has not been held in Canada since 2000. It’ll rely amongst its attendees heavyweights resembling Exxon Mobil Corp. chief government Darren Woods, Repsol S.A. CEO Josu Jon Imaz and Amin Nasser, the CEO of Saudi Aramco, the world’s largest oil firm.

At the moment can also be the deadline for contracts between Unifor and the Detroit Three automakers to run out. Contracts are up at Monday at 11:59 p.m.

Extra reporting by The Canadian Press, Related Press and Bloomberg

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