Ottawa announced Thursday it has reached voluntary, five-year deals with Visa, MasterCard and American Express by about 10 basis points. Finance Minister Bill Morneau, who unveiled the deal at an Ottawa grocery store, said he expects the agreements to help small and medium-sized businesses save a total of $250 million per year. A spokesman for the Retail Council of Canada said he was “underwhelmed” by the scope of the expected change because it would amount to just $100 worth of savings for businesses for every $100,000 worth of credit-card sales. “In the sense that the trajectory is in the right direction, that part’s good,” said Karl Littler, vice-president of public affairs. “(But) we see this as a pretty small step relative to what might have been done.” Littler said there are far lower interchange rates in many other jurisdictions around the world.
Luxury jacket maker Canada Goose Holdings Inc. says it incurred a net loss of $18.7 million in its first quarter as it eyed international markets for expansion.
Retailer Canadian Tire Corp Ltd reported a 20 per cent fall in quarterly profit on Thursday, as the company ramped up investments in its stores and online business. Toronto-based Canadian Tire has been spending more to woo customers who are increasingly shopping at Amazon.com Inc and Walmart, which offer options such as doorstep delivery. The retailer’s expenses rose about 5 per cent to $831.2 million in the second quarter ended June 30...
It’s dead simple for a criminal to set up a fake storefront using Shopify’s software; getting one up and running takes minutes
"This was a challenging quarter for AutoCanada which led to a comprehensive review of our organization, governance and operating objectives. We began taking decisive actions to resolve operational issues that have long been limiting store profitability. Neither our top line performance nor our profitability were acceptable and so we acted," said Paul W. Antony, who was today appointed as Executive Chairman. "AutoCanada has evolved from a founder-owned and operated company largely concentrated in Western Canada, into a national auto retailer. Our rapid store growth has given us a portfolio of excellent dealerships that provide AutoCanada with improving geographic and brand diversity, but we fell short in integrating acquired stores and enforcing consistent practices and standards across the Company. We are now addressing these deficiencies and expect to realize margin improvement from our actions in the coming quarters."