Bidding for HSBC Canada narrows as two major banks drop out

Bidding for HSBC Canada narrows as two major banks drop out

All six of Canada’s largest banks held preliminary meetings for possible bids in the auction for the Canadian arm of Britain-based HSBC Holdings Inc., but sources say two potential bidders have backed away.Sean Kilpatrick/The Canadian Press The field of contenders to acquire HSBC Bank Canada is narrowing, with at least two major Canadian banks now … Read more

Core inflation shows no signs of relenting in US, raising odds of more big rate hikes

Core inflation shows no signs of relenting in US, raising odds of more big rate hikes

The Federal Reserve building in Washington on Aug. 22, 2018.CHRIS WATTIE/Reuters Inflation in the United States showed few signs of easing in September, reinforcing expectations that the Federal Reserve will deliver another oversized increase in interest rates next month and creating a political headache for the Biden administration ahead of key midterm elections. The US … Read more

IMF warns of possible recession in Canada, urges fiscal caution

IMF warns of possible recession in Canada, urges fiscal caution

People shop for produce and seafood at the Granville Island Market in Vancouver on July 20, 2022.DARRYL DYCK/The Canadian Press The International Monetary Fund said it expects “substantial further cooling” of the Canadian economy, and advised the federal and provincial governments to refrain from spending windfall revenues as the country teeters on the edge of … Read more

HSBC looks to sell Canadian operations that could fetch upwards of $10-billion

HSBC looks to sell Canadian operations that could fetch upwards of -billion

HSBC has put its Canadian business up for sale as part of a strategic review, exploring a possible deal that could fetch upwards of $10-billion as the British-based bank comes under pressure from its largest shareholder to boost its performance. “We are currently reviewing our strategic options with respect to our wholly owned subsidiary in … Read more

Unions win big across Canada as bargaining collides with inflation

Unions win big across Canada as bargaining collides with inflation

Activists and union members march through Toronto during the Labor Day Parade on Sept. 5.Tijana Martin/The Canadian Press As Canadians continue to grapple with the specter of prolonged inflation, unions across the country have begun to win higher-than-average wage increases for workers in recent months, a Globe and Mail analysis of internal union data and … Read more

Interest rate hike to ‘intensify’ Canada’s housing market downturn

Interest rate hike to ‘intensify’ Canada’s housing market downturn

Homes for sale in Ajax, Ont., on Sept 7. In the Toronto region, the home price index declined nearly 16 per cent from March to August, with some of the city’s suburbs losing more than 20 per cent.Fred Lum/The Globe and Mail Canada’s real estate slump is about to deepen, as the rising cost of … Read more

BMW’s heated seats subscription is the latest sign of micropayments taking over our lives

BMW’s heated seats subscription is the latest sign of micropayments taking over our lives

BMW headquarters in Munich, Germany.Matthias Schrader/The Associated Press Shopping used to be mostly about one-time transactions: a replacement ink cartridge, say, for $20, a pair of jeans for $65, or $50 for a new video game. Today, we pay a $5 monthly subscription to keep the printer supplied, split the cost of the jeans into … Read more

Canadian home prices down 6 per cent in July from February peak, the largest five-month decline since 2009

Canadian home prices down 6 per cent in July from February peak, the largest five-month decline since 2009

Canada’s housing market slowed for the fifth straight month in July, with the volume of home sales down significantly and the typical home price down 6 per cent from the peak in February, marking the largest decline since the 2008-09 financial crisis. The national home price index fell 1.7 per cent to $789,600 from June … Read more

Canada’s economy is slowing quickly as inflation, rising rates take hold

Canada’s economy is slowing quickly as inflation, rising rates take hold

A multi-family development under construction in Vancouver on May 13.DARRYL DYCK/The Globe and Mail The Canadian economy posted robust growth in the second quarter, but there are mounting signs of a slowdown as consumers grapple with sky-high inflation and rising interest rates. Real gross domestic product stalled in May, which was better than the initial … Read more

The e-commerce boom is fizzling out

The e-commerce boom is fizzling out

The pandemic was supposed to permanently change how people shop. At least, that’s how many retailers felt during the early stages of COVID-19, when consumers were largely stuck at home and bought more goods online. E-commerce adoption would rapidly accelerate and then continue to grow from there. That’s not how things are playing out. As … Read more