Scotiabank’s fourth-quarter profit slips on higher costs, increased loan-loss provisions

Scotiabank’s fourth-quarter profit slips on higher costs, increased loan-loss provisions

Bank of Nova Scotia BNS-T reported lower fourth-quarter profit as increased expenses and the bank set aside more money to cover loans that could default, putting pressure on earnings from retail and investment banking. Scotiabank earned $2.1-billion, or $1.63 per share, in the quarter that ended Oct. 31. That compared with $2.6-billion, or $1.97 per … Read more

Arizona’s certification of 2022 midterms set to kick off new challenges to state election results

Arizona’s certification of 2022 midterms set to kick off new challenges to state election results

People stand in protest to the Maricopa County Board of Supervisors, Chairman Bill Gates, center, during their general election canvass meeting, on Nov. 28, in Phoenix.Matt York/The Associated Press Through chants of “traitor,” election officials in the Phoenix area sought to answer a litany of accusations from skeptics of what has once again become a … Read more

China warns against ‘excessive and arbitrary’ enforcement of COVID measures after protests

China warns against ‘excessive and arbitrary’ enforcement of COVID measures after protests

Epidemic control workers wear PPE to prevent the spread of COVID-19 as they stand guard outside a community in lockdown on November 29, 2022 in Beijing, China.Kevin Frayer/Getty Images Beijing has acknowledged public unhappiness with China’s tough COVID policies, days after anti-lockdown protests in cities across the country. However, speaking at a press conference in … Read more

More Canadians are carrying their mortgages into old age, and it’s complicating retirement plans

More Canadians are carrying their mortgages into old age, and it’s complicating retirement plans

More retirement-age Canadians are still paying off a mortgage, and financial advisers say rising interest rates will make it even more challenging for Canadians to pay off their home before they retire. The number of people older than 65 with an outstanding mortgage in their residence increased from 1.2 million to 1.5 million between 2016 … Read more

Toronto and Vancouver’s office vacancies on the rise as companies try to get rid of space

Toronto and Vancouver’s office vacancies on the rise as companies try to get rid of space

Office vacancy rates in downtown Toronto and Vancouver are climbing quickly, as well-known businesses such as Plenty of Fish, Air Miles and PricewaterhouseCoopers LLP try to get rid of unneeded space amid the shift to remote work and economic uncertainty. Toronto’s vacancy rate reached 15 per cent at the end of September, according to new … Read more

Opinion: Disney’s fired CEO Bob Chapek was an absolute disaster – good riddance

Opinion: Disney’s fired CEO Bob Chapek was an absolute disaster – good riddance

Mickey Mouse waves during the 96th Macy’s Thanksgiving Day Parade in New York on Nov. 24.ANDREW KELLY/Reuters Gus Carlson is a US-based columnist for The Globe and Mail. There’s a basic guiding principle that every company leader must understand: Know your core business. Yet virtually every decision Bob Chapek made during his two years as … Read more

Why I’m buying more of these two dividend-growing utilities

Why I’m buying more of these two dividend-growing utilities

Last week, I punted Algonquin Power & Utilities Corp. AQN-T from my model Yield Hog Dividend Growth Portfolio. Today, after I briefly recap that decision, I’ll discuss how I’m reinvesting the proceeds. With Algonquin’s finances stretched by rising interest rates and its growth plans under review, some analysts say the power producer and utility operator … Read more

The myth about electric vehicles. Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The myth about electric vehicles.  Plus, Air Canada is no longer the most shorted security on the TSX, and head-turning big-bank GIC rates

The most jarring statistic of this week came from Morgan Stanley energy analyst Martijn Rats, who noted that while 72 per cent of new cars in Norway are electric vehicles, oil consumption in the country hasn’t changed. This data point underscores the extent to which electric vehicles are not a panacea for climate change, and … Read more

Allied Properties REIT explores selling assets worth $1.3-billion to ease debt woes after interest rates soar

Allied Properties REIT explores selling assets worth .3-billion to ease debt woes after interest rates soar

Michael Emory, CEO of Allied Properties REIT, stands in the lobby of offices on Adelaide in Toronto.Ashley Hutcheson/The Globe and Mail Office property owner Allied Properties REIT AP-UN-T is considering the sale of its data-centre portfolio, a deal that would help the commercial landlord pay down debt as it retools for a new era of … Read more

Effect of interest rate hikes on Canadian economy will be ‘more powerful’ than people think, Poloz says

Effect of interest rate hikes on Canadian economy will be ‘more powerful’ than people think, Poloz says

Former Bank of Canada governor Stephen Poloz delivers a keynote address to a business conference in Ottawa, on Nov. 24.Adrian Wyld/The Canadian Press The full effects of interest rate hikes have yet to be felt – and will be “even more powerful” than many anticipate, said former Bank of Canada governor Stephen Poloz Thursday in … Read more