News

President’s Choice selling PC Financial to CIBC

After offering banking services for almost 20 years, President’s choice has made the decision to sell PC Financial to CIBC, who they had worked in collaboration with over the past two decades.

"We are excited about the future and our ability to create new products to serve Canadians," PC Financial spokesperson Lana Gogas said in a statement. "Today marks the start of an exciting new chapter for PC Financial, including continued strength in payments and loyalty through our PC Financial Mastercard products."

Housing prices continued to rise in July

Following the 12th consecutive month of gain reported in June, July saw yet another month of rising housing prices. July experienced a 14.2% increase compared to this time last year. However, month-to-month July’s growth was only 2%, down from June’s 2.6%.

Homes, rather than condos, however have seen a decline in sale prices this past July. The unbalanced sub-index for homes in Toronto, more specifically detached and semi-detached homes as well as row houses, declined 1.6% last month.

United Kindom expansion underway for Tim Hortons

Following an announcement last year that the Canadian chain would be expanding to the United Kingdom, Tim Hortons has made job posting indicating that stores will be opening in Glasgow, South Wales, as well as Greater Manchester. In addition, there is also talk that they are reportedly planning to set up shop in Northern Ireland.

Unemployment drops to lowest rate in almost 9 years

July marked Canada’s eighth straight month of job growth, bringing the unemployment rate to 6.3%, the lowest it has been since October 2008.

Following May and June’s combined job growth of almost 100,000 Canadian jobs, July saw another over 10,000 new jobs added. This growth knocked unemployment down another 0.2%, which brought the rate to 6.3%.

“We can forgive the economy for taking a bit of a breather on job gains in July, given how torrid the pace has been in the prior two months,” said Avery Shenfeld, chief economist of CIBC Capital Markets.

Tim Hortons is expanding and raising prices

Restaurant Brands International, the company that owns Tim Hortons, has announced that they will be expanding to Spain, with plans to also bring the Canadian brand to Mexico, Great Britain, and the Philippines.

"We are thrilled to announce plans to launch the iconic Tim Hortons brand in Spain, which is one of the largest cafe markets in Europe," said RBI CEO, Daniel Schwartz.

RBC first Canadian bank to enable bill payments for Siri

Siri, the nebulous personal assistant and sometimes joke teller that inhabits Apple devices is now capable of paying your bills for you. Well, you still have to shell out the money for the bill, but if you're an RBC client, you will be able to ask Siri to transfer the funds from your account to the payee by using nothing but your voice.

UK banning the sale of new gas and diesel vehicles by 2040

UK has stated that as of 2040, there will be a ban on the sale of all new gasoline and diesel powered cars. Part of this plan is to rid the roads of gas and diesel powered cars entirely by 2050.

"The Conservatives had a manifesto promise to ensure that by 2050 there would be no diesel or petrol vehicles on our roads," said Britain’s Environment Secretary, Michael Gove. “Today we are confirming that that means there should be no new diesel or petrol vehicles by 2040."

General Motors profit falls by just over 40%

While General Motors has seen a $1.66 billion profit in the second quarter, it is a 42.1% drop from the $2.87 billion they saw last year at this time.

A large factor contributing to the 42.1% decline in profits was a $770 million loss from the sale of the company's European division. In addition, the company’s decision to pull sales out of India and sell its operations in South Africa cost General Motors around $600 million in special charges.