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S&P/TSX composite down more than 100 points Thursday, U.S. stock markets also lower

Published Fri, 07 Feb 2025 07:00:30 GMT

TORONTO — Canada’s main stock index declined by more than 100 points Thursday amid broad-based weakness, while U.S. markets also moved lower. The S&P/TSX composite index closed down 103.96 points at 19,775.83.In New York, the Dow Jones industrial average was down 373.56 points at 34,099.42.The S&P 500 index was down 59.70 points at 4,376.31, while the Nasdaq composite was down 257.06 points at 13,463.97.The Canadian dollar traded for 73.72 cents UScompared with 73.79 cents US on Wednesday.The October crude contract was up 16 cents at US$79.05 per barreland the October natural gas contract was up four cents at US$2.64 per mmBTU.The December gold contract was down one dollar at US$1,947.10 an ounce and the September copper contract was down four cents at US$3.77 a pound.This report by The Canadian Press was first published Aug. 24, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

Hudson’s Bay brings back outlet model with new Scarborough store

Published Fri, 07 Feb 2025 07:00:30 GMT

Hudson’s Bay is reviving its outlet model with a discount store in Toronto’s east end.The department store chain says it is converting an existing Hudson’s Bay store at Eglinton Square in Scarborough to an outlet.The outlet will sell home goods and apparel, including accessories, intimates and footwear for women, men and children.Hudson’s Bay spokeswoman Tiffany Bourre says discounts are expected to be as deep as 75 per cent.The new outlet comes years after Hudson’s Bay experimented with discount stores, opening some in Toronto and Montreal, but both eventually closed.Hudson’s Bay has been working to revamp its image with a new loyalty program launched this week and partnerships with MEC and Forever 21.

Silk Laundry, Section 35 among Canadian Arts & Fashion Award nominees

Published Fri, 07 Feb 2025 07:00:30 GMT

TORONTO — The timeless designs of Silk Laundry and streetwear by Indigenous-owned brand Section 35 are among the nominees for the Canadian Arts & Fashion Awards this year.Silk Laundry vies for best womenswear designer alongside Eliza Faulkner, Hilary MacMillan, Lamarque and RVNG Couture.Section 35 scored a nomination for best menswear designer alongside École de Pensée, Frank And Oak and Raised by Wolves.CAFA celebrates outstanding achievement and emerging talent in the Canadian fashion industry.Award categories are self-nominating, with a committee of industry experts voting on final nominees based on specified criteria.The 10th anniversary award show gala is set for Oct. 14 in Toronto.Here’s a look at the other nominees:Best accessory designer: Biko, David Dunkley Fine Millinery, Dean Davidson, Lambert and VitalyBest outerwear brand: Freed, HiSO, Quartz Co. and RudsakModel of the year: Alexis Carrington, Angaer Adrop, Diane Chiu and Lauren Chan.Fashion innovation: BlackCart, B...

Refugees living in Etobicoke strip mall march to government offices to plead for action

Published Fri, 07 Feb 2025 07:00:30 GMT

A short 10-minute walk from Premier Doug Ford’s constituency office is where 145 refugees have been living inside several units of an Etobicoke strip mall, sleeping on mattresses on the floor.The crowd of newcomers marched to Ford’s and MP Kristy Duncan’s office Thursday in north Etobicoke, imploring for housing.“We need the government to step in,” said Joel, who has been in Canada for just over a month after coming from Nigeria.Among those unhoused and marching is a 24-year-old nurse, Pricy from Uganda. She hopes to continue working in Canada.“I sold everything, I have nothing back home,” she said. “I had to come look for something better.”An architect from Ethiopia is also seeking asylum.“I had to bribe my way out of my country to be here, to be safe,” shared Yohannes. “We came here thinking that Canada would be our home forever so we need more help from the government.”Pilgrim Feast Tabernacles tells Ci...

Ukraine seeks Canada’s ‘diplomatic muscle’ in selling peace plan to skeptical states

Published Fri, 07 Feb 2025 07:00:30 GMT

OTTAWA — Canada aims to heed a new call from Ukraine to help it sell a peace plan with Russia to developing countries that have taken a neutral stance on Moscow’s invasion.Ottawa says it is gearing up for a diplomatic push on multiple continents to get the world to endorse Kyiv’s vision of an end to the war through a plan that includes a full restoration of all Ukraine’s territory and a war-crimes tribunal.“Canada has the diplomatic muscle to achieve the task of gathering a broad coalition in support of the peace formula,” Ukrainian Foreign Affairs Minister Dmytro Kuleba said Thursday.He was speaking in a video presented at a closed-door breakfast meeting of foreign ambassadors, to which The Canadian Press was invited.Kuleba is also asking Canada to increase its anti-landmine support and extend military funding beyond the next year.“We’re talking, among other things, about putting down on paper a multi-year military support program,” Kuleba ...

Stock market today: Wall Street wilts as yields rise ahead of speech by Federal Reserve’s Powell

Published Fri, 07 Feb 2025 07:00:30 GMT

NEW YORK (AP) — Wall Street closed lower, despite a blowout profit report from Nvidia, as bond yields rose ahead of a highly anticipated speech from Federal Reserve Chair Jerome Powell. The S&P 500 fell 1.3% Thursday after erasing an earlier gain. The index is still a touch higher for the week. The Dow fell 373 points, and the Nasdaq lost 1.9%. Nvidia ended slightly higher after its profit report topped high expectations and raised hopes that this year’s frenzy around artificial-intelligence technology isn’t just hype. But the rest of the stock market was weaker as rising Treasury yields cranked up the pressure. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.NEW YORK (AP) — Wall Street is sinking Thursday, despite a blowout profit report from Nvidia, after some mixed reports on the U.S. economy. The S&P 500 was 0.9% lower in late trading after erasing an earlier gain. It’s back to sinking in what’s been a rough August after regaining some ground earlier in ...

Jury convicts ex-chief of staff of lying to protect his boss, former Illinois House speaker Madigan

Published Fri, 07 Feb 2025 07:00:30 GMT

CHICAGO (AP) — A federal jury in Chicago on Thursday convicted a former chief of staff to longtime Illinois House Speaker Michael Madigan of lying under oath to a grand jury to protect his once-powerful boss who is scheduled to go on trial on multiple corruption charges.The 68-year-old Tim Mapes, who served for almost two decades as the Democrat’s chief of staff, was convicted of one count of perjury and one of attempted obstruction of justice. Obstruction alone carries up to 20 years in prison, while the perjury count carries up to five years behind bars. The conviction strikes uncomfortably close to home for the now 81-year-old Madigan who, for decades, was one of the most powerful state legislative leaders in the nation. Many once thought he was untouchable because he was too smart, careful and well-connected. Then, in 2022, he was indicted on charges that included racketeering and bribery.At the Mapes trial, prosecutors told jurors he lied repeatedly when he testified in 2021 to...

Environmental group suffers setback in legal fight to close California’s last nuclear power plant

Published Fri, 07 Feb 2025 07:00:30 GMT

A California judge on Thursday rejected an environmental group’s lawsuit that sought to block the state’s largest utility from seeking to extend the operating life of the Diablo Canyon Nuclear Power Plant.Friends of the Earth sued in state Superior Court in April, hoping to derail a state-backed proposal to keep the twin-domed plant running for at least five additional years. The group was part of a 2016 agreement with operator Pacific Gas & Electric to shutter the state’s last nuclear power plant by 2025. Amid concerns over power supplies in a changing climate, Democratic Gov. Gavin Newsom and the Legislature opened the way for PG&E to seek a longer lifespan last year. In legal filings, the environmental group argued that the 2016 deal to close the reactors “is not fully extinguished,” and that the utility would break what it called a binding contract if it asked federal regulators to extend the operating licenses.In an 18-page ruling, Judge Ethan P. Schulman dismisse...

Flooding fills tunnels leading to Detroit airport, forces water rescues in Ohio and Las Vegas

Published Fri, 07 Feb 2025 07:00:30 GMT

ROMULUS, Mich. (AP) — Heavy rain flooded an Ohio highway where people were rescued from their cars, covered the Las Vegas strip with water and closed a busy airport terminal outside Detroit.Parts of the western United States have been deluged in recent weeks with rain from Tropical Storm Hilary and much of the central U.S. was beaten down by deadly sweltering heat. In Hawaii and Washington, emergency crews battled catastrophic wildfires.Parts of southeast Michigan got over 5 inches (12.7 centimeters) of rain by Thursday morning resulting in street flooding in the Detroit area, including tunnels leading to Detroit Metropolitan Airport in the suburb of Romulus, officials said. Officials started reopening the McNamara Terminal Wednesday. Mitzi Hale and her three sons ate some snacks out of a vending machine as they awaited word on the status of the terminal.The 42-year-old from Brighton and her sons — 10, 13 and 20 — were to board a mid-morning flight to Florida. They were scheduled to...

2SLGBTQ+ advocates sound alarm over federal Conservative proposals

Published Fri, 07 Feb 2025 07:00:30 GMT

The Conservative Party of Canada is set to debate a variety of resolutions at its policy convention in Quebec next month, but two of the proposals, which relate to gender identity, have 2SLGBTQ+ advocates sounding the alarm.The proposed policies aim to prohibit gender-affirming care for anyone under 18 and to protect what they call “single-sex spaces” like washrooms. Transgender advocates are concerned, saying this would take away their rights, and that the anti-trans movement is based on fear-mongering and conspiracy theories.Fae Johnstone, president of the Society of Queer Momentum, says debates like this are hurting the community.“We’re seeing more hate messages on social media,” Johnstone said. “We’re seeing more demonization of our communities and is a genuine fear, and it’s a reasonable fear, that we’re going to regress in Canada.”Helen Kennedy with Egale Canada also expressed concern over the resolutions.“It...