Business and Economy

Oil price to hurt lenders’ investment banking profits during the first quarter

TORONTO — Canada’s top lenders are expected to report a decline in their investment banking profits when they release their first quarter financial results this week, largely due to a slowdown in oilpatch business. Oil and gas companies are major clients when it comes to investment and corporate banking services, enlisting banks to help them …

Bill regulating credit card industry endorsed for plenary approval

MANILA — The House Committee on Banks and Financial Intermediaries has endorsed for plenary approval a proposal to regulate the country’s credit card industry to ensure conditions of fair and sound consumer credit practices, and to encourage competition and transparency that support a more efficient delivery of services. The committee chaired by Rep. Nelson P. …

Belmonte stresses need for more, better jobs to sustain economic growth

MANILA — While the Philippines has emerged as one of the best performing economies in Asia and the world in recent years, House Speaker Feliciano Belmonte Jr. on Friday reiterated that much remains to be accomplished to continue and accelerate economic growth. “We need to sustain our economic growth, or grow faster, to create more …

Consumers cautioned that power rates likely to shoot up this summer

MANILA – Consumers have been warned by power corporations that rates are likely to increase this summer, due to the 30-day maintenance shutdown of the Malampaya natural gas plant. The month-long shutdown of the facility is scheduled to take place in March 2015, for the integration of the Phase 3 platform. As such, rates will …

CIBC economists predicts mild and short lived recession for Alberta

TORONTO — A report by CIBC predicts Alberta is headed for a mild and short-lived recession due to the sharp drop in oil prices. The big Canadian bank predicts the cuts in capital spending by the big oil companies will mean at least two quarters of negative growth for the province. CIBC forecasts Alberta’s real …

Canadian home sales slip lower in January, Canadian Real Estate Association says

OTTAWA — Home sales slipped lower in January for the second month in a row, with a slowdown in Calgary and Edmonton responsible for much of the decline. The Canadian Real Estate Association says sales through its multiple listing service in January were down 2.0 per cent compared with a year ago. Compared with December, …

Tim Hortons’ expansion globally won’t be rushed: CEO

The new owners of Tim Hortons say it will take about a year to expand the popular Canadian brand into more countries, as they work behind the scenes on the merger with Burger King. Daniel Schwartz, the 34-year-old chief executive who oversees the combined parent company Restaurant Brands International Inc. , said Tuesday that a …

One moment please: Audit shows Winnipeggers on hold longer for information

WINNIPEG — An audit shows Winnipeggers are waiting longer on the phone to get information about various city services. The report says the average wait time after dialing the 311 Contact Centre during the first six months of 2013 was one minute, 45 seconds — up by more than 20 seconds from the previous year. …

PHL, SG sign new air pact –CAB

MANILA  — Philippines and Singapore are allowing more flights between the two countries following the inking of an agreement last weekend, the Civil Aeronautics Board (CAB) said. CAB executive director Carmelo Arcilla said this development not only opens up more opportunities for airlines of the two countries, but also allows both to increase the limit …

Panasonic provides solar lanterns to PHL

MANILA– Osaka-based Panasonic Corporation has donated 2,376 solar lanterns to areas in the Philippines with limited access to electricity through 18 non-government organizations (NGOs). Panasonic Philippines vice president Masaru Toyota said in a briefing on Tuesday that providing solar lanterns to areas with limited access to power is under the firm’s global 100 Thousand Solar …