Saturday, November 1, 2014

Business

Banks, credit card companies cutting rates charged to merchants, capping fees

OTTAWA — Canada’s major banks and credit card companies have reached a deal with the federal government to cut the fees charged to merchants for credit transactions, sources familiar with the negotiations say.
The voluntary agreement could mean cost savings for up to 700,000 large, medium-sized and small businesses across the country.

Chrysler recalling more than 566,000 trucks, SUVs for fire risk, stability control software

DETROIT — Fiat Chrysler is recalling more than 566,000 trucks and SUVs, including some 68,000 in Canada, in two recalls to fix malfunctioning fuel heaters that can cause fires and a software glitch that can disable the electronic stability control.

Today on the Hill: Will Ottawa accept “voluntary” plan to cut interchange fees?

OTTAWA — The federal government’s battle to lower the fees retailers pay to use credit cards — and theoretically cut costs for consumers — may be coming to an end.
Ottawa could announce an agreement among the credit card companies, big banks and the Competition Bureau today that may result in a reduction of so-called interchange rates.

California drought takes bite out of rice harvest, reducing wildlife habitat and sushi grains

WOODLAND, Calif. — California’s deepening drought is shrinking its rice harvest, and that’s bad news for farmers, migratory birds and sushi lovers.
The $5 billion industry exports rice to more than 100 countries and specializes in premium grains used in risotto, paella and sushi. Nearly all U.S. sushi restaurants use medium-grain rice grown in the Sacramento Valley.

Toronto landmark Royal York Hotel to get new owners, $50 million of renovations

TORONTO — The landmark Royal York Hotel in downtown Toronto will have new owners under an agreement between InnVest Real Estate Investment Trust (TSX:INN.UN), the KingSett real estate company and Ivanhoe Cambridge.
The joint venture will acquire the 1,363-room hotel for a total of $186.5 million.

Ford opts for Mexico

TORONTO—Unifor says Ford Motor Co. has decided to build its new engine in Mexico after it was unable to reach a deal with the federal and Ontario governments.
Unifor national president Jerry Dias said the union is disappointed the company and the two levels of government could not reach an agreement after months of talks.

Interest rate holds steady

OTTAWA—It is essential for the bulk of Canadian economic activity to begin shifting from the backs of households to business investment and exports, the Bank of Canada said yesterday as it kept its trend-setting interest rate fixed at one percent.

Canadians plan to do more holiday shopping online this year: poll

TORONTO — Canadian consumers have been shopping online more frequently this year and plan to hit the web for more of their gift buying this December, suggests a recent survey.

HBO going after 80 million US homes with no HBO with stand-alone streaming service next year

NEW YORK — Next year HBO is cutting the cord and selling its popular streaming video service HBO Go as a stand-alone product, as more Americans choose to watch the Web, not the TV. Viewers longing to see “Game of Thrones”, “True Detective” and “Veep” will no longer have to pay big bucks for cable and satellite contracts. So, is this the end of pay-TV as we know it?

Canadian Tire targets ‘generational shift’

TORONTO—Future growth at Canadian Tire depends on the retailer staying young, the company’s new top manager predicts.
The Toronto-based company’s incoming chief executive says Canadian Tire will be focused on targeting a younger clientele across all of its brands over the next three years.

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