Business News Summary Headlines

Company releases, economic news, and business coverage.

Michigan lifts barriers to Tesla sales, settling lawsuit

DETROIT - Michigan has cleared the way for Tesla to sell more electric vehicles in the state and get them serviced under a deal filed Wednesday that settles a lawsuit by the automaker.

It won't be as simple as Tesla opening a dealership on a corner lot. But consumers at least won't have to leave Michigan to buy a car or SUV.

Wednesday, January 22, 2020 | 01:09 PM

Air Canada, WestJet scrub Boeing 737 Max from schedules until June

MONTREAL - Canada's two biggest airlines pushed back the return of the beleaguered 737 Max after airplane maker Boeing Co. said it did not expect regulators to green-light the jet for takeoff until the middle of the year.

The delay until late June by Air Canada and WestJet Airlines Ltd. follows similar moves by American Airlines, United Airlines and Southwest Airlines, further jeopardizing routes and profit margins.

Wednesday, January 22, 2020 | 12:38 PM

US home sales soared 3.6% in December

WASHINGTON - U.S. home sales climbed 3.6% in December, but a record-low inventory of houses on the market has caused prices to surge as affordability is worsening.

The National Association of Realtors said Wednesday that sales of existing homes rose last month to a seasonally adjusted annual rate of 5.54 million. For all of 2019, 5.34 million homes were sold — matching the 2018 level. High mortgage rates hurt sales in the first half of the last year, while lower rates boosted purchases in the second half.

Wednesday, January 22, 2020 | 11:30 AM

Annual pace of inflation held steady at 2.2 per cent in December, gas prices up

OTTAWA - The annual pace of inflation held steady in December as higher energy prices were offset in part by slower growth in the price of fresh vegetables.

Statistics Canada said Wednesday the consumer price index in December was up 2.2 per cent compared with a year ago, matching the year-over-year increase in November.

Wednesday, January 22, 2020 | 10:21 AM

Here's a list of December inflation rates for selected Canadian cities

OTTAWA - Canada's national annual inflation rate was 2.2 per cent in December, Statistics Canada says. The agency also released rates for major cities, but cautioned that figures may have fluctuated widely because they are based on small statistical samples (previous month in brackets):

— St. John's, N.L.: 1.8 per cent (1.5)

Wednesday, January 22, 2020 | 08:50 AM

Here's a list December inflation rates for Canadian provinces, territories

OTTAWA - Canada's national annual inflation rate was 2.2 per cent in December, Statistics Canada says. Here's what happened in the provinces (previous month in brackets):

— Newfoundland and Labrador: 2.0 per cent (1.5)

Wednesday, January 22, 2020 | 08:49 AM

Facing humiliating controls, Lebanese focus fury on banks

BEIRUT - Before picking up cash from a downtown bank in Lebanon's capital, Mey Al Sayegh mentally braces herself for what would have been a routine trip before the country's crippling cash crunch.

For starters, it will be at least an hour's wait in line before her turn comes. And if she's lucky, she'll be able to withdraw $300 — the weekly limit on dollar withdrawals imposed by banks to preserve liquidity — without having to bargain with the teller.

Wednesday, January 22, 2020 | 01:59 AM

GM's Cruise heads down new road with new robotaxi concept

SAN FRANCISCO - General Motors' self-driving car company will attempt to deliver on its long-running promise to provide a more environmentally friendly ride-hailing service in an unorthodox vehicle designed to eliminate the need for human operators to transport people around crowded cities.

The service still being developed by GM's Cruise subsidiary will rely on a boxy, electric-powered vehicle called “Origin" that was unveiled late Tuesday in San Francisco amid much fanfare. It looks like a cross between a mini-van and sports utility vehicle with one huge exception — it won't have any steering wheel or brakes. The Origin will accommodate up to four passengers at a time, although a single customer will be able summon it for a ride just as people already can ask for a car with a human behind the wheel from Uber or Lyft.

Wednesday, January 22, 2020 | 12:54 AM

Netflix faces growth pressure in Canada as it picks up 125,000 new subscribers

TORONTO - Netflix recruited more Canadian subscribers in the final months of last year as it responded to an onslaught of new competition from Apple TV Plus and Disney Plus with an array of buzzworthy TV series and Oscar-calibre movies.

The global streaming company attracted 125,000 paid sign-ups in Canada during the fourth quarter that ended Dec. 31, 2019, helped by popular TV series "The Witcher" and acclaimed films "Marriage Story" and "The Irishman."

Tuesday, January 21, 2020 | 07:04 PM

United Airlines boosts profit on more revenue, cheaper fuel

United Airlines reported Tuesday that higher revenue and cheaper fuel helped boost its fourth-quarter profit by nearly 40%, to $641 million.

The airline's forecast of first-quarter earnings easily beat Wall Street expectations.

Tuesday, January 21, 2020 | 06:33 PM