BMO Eliminating Auto Finance Jobs, Indigo Founder Reisman Returns as CEO, Unifor-Ford Contract Expires Tonight, Shake Shack Tests New Healthier Fries

BMO winding down indirect retail auto finance business, which will lead to job losses
Indigo founder Heather Reisman returns as CEO after sudden resignation of previous CEO
Unifor contract with Ford set to expire tonight as union negotiates with automakers
Shake Shack testing new frying oil made from sugarcane to make fries healthier
Canada risks over $50 billion in clean tech investment if incentives not in place soon

yahoo.com

Relevant topic timeline:

8/28/2023

Hawaiian Electric Says Power Lines Not Responsible For Deadly Lahaina Fire, China Targets Stock Market Revival, FTC Pauses Legal Battle With Amgen's $28B Horizon Deal: Today's Top Stories

Walmart settles patent lawsuit regarding LED light bulbs; Renault plans IPO for electric vehicle unit in spring 2024; Credit Suisse posts $4 billion loss in Q2; Supreme Court reviews Purdue Pharma's proposed restructuring; U.S. government to negotiate drug prices; China unveils financial measures to revive stock market; SoftBank organizes AI tour for Indian entrepreneurs; Databricks in talks with T. Rowe Price for $43 billion valuation; XPeng partners with DiDi to boost smart EV adoption; Hawaiian Electric denies responsibility for Lahaina fires; BYD acquires Jabil's mobility business for $2.2 billion; Mallinckrodt files for second bankruptcy in three years; Bayer's cell therapy shows promise in Parkinson's study; GD Culture launches live-streaming e-commerce business on TikTok; BrightView appoints new CEO and receives $500 million investment; Baozun reports mixed Q2 earnings.

8/29/2023

BMO, Scotiabank miss profit estimates as bad loan provisions, costs rise

Canadian banks Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) reported lower-than-expected quarterly profits due to increased provisions for bad loans caused by the Bank of Canada's interest rate hikes, which have slowed the housing market and increased consumer debt.

9/17/2023

BMO Winding Down Auto Finance Business, Leading to Job Losses

Bank of Montreal is winding down its retail auto finance business and focusing on other areas, resulting in job losses, after bad debt provisions in retail trade surged, indicating stress from rising borrowing costs.

10/3/2023

Bank of Canada Warns of Persistent Inflation as Home Prices Remain High and Tensions Rise with India

Bank of Canada warns that firms raising prices more frequently and sharply may complicate efforts to bring inflation back to 2%, while former Bank of England governor Mark Carney expects the US Federal Reserve to raise interest rates again before year-end to help curb inflation; a former Bank of Canada official warns that current home prices in Canada cannot be justified if medium-term interest rates stay elevated, posing a risk to the country's housing sector; Canada and India experience strained bilateral ties over the Canadian suspicion of Indian government agents' involvement in the murder of a Sikh separatist leader; Ontario Premier Doug Ford's boundary changes in Ottawa and Hamilton are believed to benefit developers who own rural land and could increase their value; WeWork chooses to skip $95 million in interest payments as it attempts to jumpstart talks with lenders; discount airline Arajet plans to launch flights between the Dominican Republic and Toronto and Montreal this fall, entering the crowded field of low-cost carriers in Canada; Bank of Canada notes that Canadian businesses have been making larger and more frequent price changes since the pandemic, passing on higher costs to consumers, potentially stoking inflation; Elon Musk's X Corp, formerly known as Twitter, faces a trademark lawsuit from a legal-marketing company claiming that its new name infringes its trademark incorporating the letter "X"; Lundin Mining CEO Peter Rockandel will step down at the end of the year, with Jack Lundin taking his place as CEO and rejoining the board in 2024.

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Posted 9/17/2023, 5:27:06 PM