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Profits, markups rose as competition weakened over 20 years: Competition Bureau

Published Mon, 16 Dec 2024 15:35:50 GMT

The Competition Bureau says profits and markups have increased over the last two decades as the state of competition in Canada has deteriorated.The bureau published a report today analyzing how competition evolved across industries between 2000 and 2020.It finds that the most concentrated industries got even more concentrated over time, while more industries came to be considered highly concentrated. Large firms are facing fewer challenges from smaller competitors, and fewer new companies are finding a foothold.The bureau also analyzed profits and markups and says both have increased over the last two decades.Commissioner Matthew Boswell says the report highlights the need to modernize Canada’s competition law and for governments to adopt pro-competitive policies.

PC Optimum members now eligible for Apple TV+ subscription rewards

Published Mon, 16 Dec 2024 15:35:50 GMT

Loblaw Companies Ltd. says members of its PC Optimum loyalty program can now redeem their points for monthly subscriptions to the Apple TV+ streaming service and Apple Arcade.PC Optimum members are also eligible for a three-month free trial of Apple TV+, Apple Music, Apple Fitness+, Apple Arcade and Apple News+, which they can access through the rewards program app and online.The company says 10,000 points are redeemable for one month of AppleTV+.Members can unlock one month of Apple Arcade by redeeming 6,500 PC Optimum points.Loblaw senior vice-president of loyalty Ryan Markle says the program’s foray into entertainment builds on its existing rewards in food, clothes, health, beauty and gas.The company says that in 2022, its nearly 16 million PC Optimum members earned more than $1 billion worth of points.This report by The Canadian Press was first published Oct. 19, 2023.Companies in this story: (TSX:L)The Canadian Press

Hurricanes are now twice as likely to zip from minor to whopper than decades ago, study says

Published Mon, 16 Dec 2024 15:35:50 GMT

With warmer oceans serving as fuel, Atlantic hurricanes are now more than twice as likely as before to rapidly intensify from wimpy minor hurricanes to powerful and catastrophic, a study said Thursday.Last month Hurricane Lee went from barely a hurricane at 80 mph (129 kph) to the most powerful Category 5 hurricane with 155 mph (249 kph) winds in 24 hours. In 2017, before it devastated Puerto Rico, Hurricane Maria went from a Category 1 storm with 90 mph (145 kph) to a top-of-the-chart whopper with 160 mph (257 kph) winds in just 15 hours.The study looked at 830 Atlantic tropical cyclones since 1971. It found that in the last 20 years, 8.1% of the time storms powered from a Category 1 minor storm to a major hurricane in just 24 hours. That happened only 3.2% of the time from 1971 to 1990, according to a study in the journal Scientific Reports. Category 1 hurricanes top out at 95 mph (153 kph) and a hurricane has to have at least 111 mph (178 kph) winds to become major.Those are the ...

Desjardins to cut close to 400 jobs amid economic uncertainty

Published Mon, 16 Dec 2024 15:35:50 GMT

MONTREAL — Desjardins Group says it is cutting close to 400 jobs as it responds to economic uncertainty. The financial services co-operative says heightened volatility, inflation and the potential for an economic slowdown have added pressure to the need for prudent management. Spokesman Jean-Benoît Turcotti says in a statement that Desjardins is also still working to recoup the benefits of its “massive investments” in recent years, particularly in technology, and so it needs to step up the pace on these efforts.The layoffs at Desjardins, amounting to about 0.6 per cent of its workforce, come a day after Scotiabank said it would cut about three per cent of its global workforce, which works out to about 2,700 staff.The bank said the cuts are the result of digitization and automation, as well as its streamlining efforts and shifting consumer preferences.Other banks have also been trimming staff in recent months after a major hiring push during the pandemic. This report by T...

Earthquake country residents set to ‘drop, cover and hold on’ in annual ShakeOut quake drill

Published Mon, 16 Dec 2024 15:35:50 GMT

SACRAMENTO, Calif. (AP) — People will duck under desks and tables in California and around the world on Thursday for an annual drill practicing ways to stay safe during earthquakes.Up and down the West Coast, the ShakeOut drill was scheduled to begin at 10:19 a.m. PDT with a cellphone-rattling test alert from the region’s ShakeAlert earthquake warning system. For many it would be the second alert of the day, following an errant predawn message that hit some phones with a voice message announcing the test. The U.S. Geological Survey said it was likely due to a mix-up in time zones set in the test alert system.The real thing happened a day earlier, however, when a magnitude 4.2 quake struck southwest of California’s capital in the agricultural Sacramento-San Joaquin River Delta region.The tremor triggered a warning from the ShakeAlert system, which detects the start of a quake and sends warnings to areas expected to experience shaking. The quake proved to be weaker than th...

Jordan moves to back McHenry as temporary Speaker: Live coverage

Published Mon, 16 Dec 2024 15:35:50 GMT

House Judiciary Committee Chairman Jim Jordan (R-Ohio) is marching ahead with his Speakership bid even as his Republican detractors signal the opposition is likely to grow.The Ohio Republican failed to win the gavel on the second ballot Wednesday, losing even more Republicans than on the first ballot Tuesday. He could try again as soon as noon Thursday.At the same time, chatter is heating up even more about the possibility of expanding the powers of Speaker Pro Tem Patrick McHenry (R-N.C.).Follow along with live updates below.

Americans urged to leave Lebanon 'as soon as possible'

Published Mon, 16 Dec 2024 15:35:50 GMT

(The Hill) - The State Department on Thursday urged Americans to make plans to leave Lebanon “as soon as possible,” elevating an earlier security warning that advised Americans not to travel to the country. “The U.S. Embassy is closely monitoring the security situation in Lebanon,” the Thursday advisory read. “The Department of State urges U.S. citizens in Lebanon to make plans to depart as soon as possible while commercial options are still available.” “We recommend that U.S. citizens who choose not to depart prepare contingency plans for emergency situations,” the advisory added.The warning comes as demonstrations and violent confrontations have erupted in Lebanon amid the war between Hamas and Israel. Fighting has also broken out along the border between Lebanon and Israel, where Israeli forces and the Iran-backed militant group Hezbollah have clashed for years.On Tuesday, the State Department warned Americans not to travel to Lebanon, citing “the unpredictable security...

Pfizer plans to more than double price of COVID medication Paxlovid

Published Mon, 16 Dec 2024 15:35:50 GMT

(The Hill) -- Pfizer will be selling its COVID-19 antiviral treatment at more than twice the price at which it was sold to the federal government as it transitions towards the commercial market.Since Paxlovid was first made available at the end of 2021, the federal government has subsidized the cost. Pfizer sold the treatment to the government at a discounted rate of $530, and, when a move to commercialization was announced, an increase in price was expected.The company confirmed Thursday that the list price for a five-day course of Paxlovid will be $1,390. A similar move was seen when COVID-19 vaccine became commercialized. The federal government paid $19.50 per dose of Pfizer's coronavirus vaccine, and the commercial list price was six times that at $120."Pricing for PAXLOVID is based on the value it provides to patients, providers, and health care systems due to its important role in helping reduce COVID-19-related hospitalizations and deaths," Pfizer said in a statement."The lis...

Former NASCAR team owner indicted on federal charges, could spend years in prison

Published Mon, 16 Dec 2024 15:35:50 GMT

CHARLOTTE, N.C. (WJZY) - Federal charges have been filed against a former NASCAR team owner, the U.S. Attorney's Office announced Wednesday. A Charlotte, North Carolina, grand jury returned a bill of indictment, charging Ronald Devine, 67, of Burke, Virginia, with four counts of failure to pay payroll taxes.According to allegations listed in the indictment, Devine was the owner and president of BK Racing, LLC, which operated a NASCAR racing team and owned two NASCAR charters. As BK Racing’s owner, authorities said Devine exercised control over its financial affairs, including having sole signature authority and control over bank accounts and authorizing the filing and payment of BK Racing’s trust fund taxes, which are commonly referred to as "payroll taxes." City of Hickory to receive over $1.3M settlement for 2022 arch collapse Payroll taxes are withheld from employees’ gross pay and are used by the government to fund Social Security and Medicare, and also include the income tax...

Universal says 'Fast and Furious' roller coaster will aim screaming riders away from neighboring homes

Published Mon, 16 Dec 2024 15:35:50 GMT

(KTLA) – It's fast, it's furious, and it's apparently pretty noisy, too.Universal Studios Hollywood has released additional details concerning its upcoming “Fast and Furious”-themed roller coaster, including plans to reduce ride noises before they significantly impact nearby homes.Theme park blog WDWNT reported in April that residents who live near the amusement park raised concerns about the added noise pollution the new attraction might contribute to the area. Now, new details shared on the NBCUniversal Community website reveal that a sound wall, slated to be longer than two football fields, will be built to “help reduce sound from the attraction from traveling into the community.”The coaster will also utilize half-pipe shields designed to muffle some of the noise. The Incredicoaster at Disney’s California Adventure Park has a similar structure in place to help mitigate sound from traveling into the residential community, according to Theme Park Insider.Universal Studios Hollywood...