Business Update – 16 March 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Canada and others rushing to stop Silicon Valley Bank crisis from spreading
Governments in the US, UK, and Canada are taking steps to prevent a potential banking crisis after the failure of California-based Silicon Valley Bank, with more than $200bn in assets, caused fears of wider disruption.
The first North American VW EV battery plant is coming to Ontario
Volkswagen plans to build its first overseas “gigafactory” for battery cell manufacturing in St. Thomas, Ontario with production set to begin in 2027, according to the Ontario government. The plant is likely to result in thousands of jobs.
Pfizer is ready to take on cancer with Seagen acquisition
Watch Pfizer CEO Albert Bourla discuss the Seagen acquisition, cancer treatments, and profit growth in an interview with Yahoo Finance Live’s Julie Hyman.
Flair Airlines warns of capacity cuts after planes seized over missed payments
Four aircrafts belonging to Flair Airlines were seized over the weekend due to overdue payments, leading the CEO to warn that the airline may have to trim its capacity. The airline was about $1 million in arrears on the leases, which is around half of a day’s sales for the airline.
Canadian Tire Introduces New Fee-Based Subscription Tier to Loyalty Program
Canadian Tire launched a new subscription tier, called Triangle Select, for its Triangle Rewards loyalty program, which will cost $89 a year plus tax. The move is an attempt to deliver more value to customers and give them a new way to stretch their money.
Update on the Underused Housing Tax (UHT) and the impact on Canadian owners
The Canadian government’s new tax on underused residential property, the UHT, exempts individual Canadian citizens or permanent residents who own the property directly. However, if a corporation, trust or partnership is used as part of the ownership structure, the entity must file a UHT return for each property. Get the details here.
Canadians lost $7 million to job scams in 2022
LinkedIn has seen scams get increasingly “clever”, with websites being set up and phone numbers with a seemingly professional operator picking up the phone and answering on the company’s behalf.
“Rage-applying” is the newest workplace trend, and it’s working
Gen-Z and Millennial workers who feel underappreciated or taken advantage of are sending out hundreds of job applications to find a better-paying and more balanced job. One user shared her success story of landing a new job with a $25,000 salary increase on TikTok.
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