New car sales in Canada set a record
November 2nd, 2012 | Comments (0)
It seems many people were shopping for new cars in October. Figures out this week show new vehicle sales were the highest they have been in more than 10 years for October, and 8 percent higher that the same month last year. There were just over 135,000 new vehicles sold in October in Canada. General Motors didn’t have a good month with sales down 4.6 percent
Canadians should worry about debt
November 1st, 2012 | Comments (0)
Bank of Canada Governor Mark Carney is advising Canadians not to ge to comfortable about their financial security if it’s tied to the value of their homes. Carney says he has seen Canadians who feel financially secure because their assets are bigger than their debts. However, he says they will get a rude shock when house prices plummet, and they’re unable to sell their homes but still face monthly mortgage payments.
Interest rates in Canada will rise in 2014
October 31st, 2012 | Comments (0)
Canadian interest rates will eventually rise and Bank of Canada Governor Mark Carney suggests the hike will occur before the end of 2014. The Bank’s key benchmark has been held at 1 per cent from more than 2 years. Carney made the comments to the Commons Finance Committee.
CAW reaches tentative agreement with Lear in Whitby
October 30th, 2012 | Comments (0)
Workers at Lear in Whitby are back on the job, after the CAW came to a tentative agreement with the company. About 400 employees walked out on Saturday night after contract talks broke down. The company makes seats for GM vehicles that are assembled in Oshawa. No details of the deal have been released, but a ratification vote will be held on the weekend.
Deadline fast approaching for talks at Lear Seating in Whitby
October 27th, 2012 | Comments (0)
The CAW says talks are continuing with Lear Seating in Whitby, with a deadline fast approaching. Officials say the current contract expires at midnight Saturday. The union represents 350 workers at Lear in Whitby and officials say any kind of labour disruption, would bring operations at GM in Oshawa to a stand-still.
Gas prices climbing 2 cents a litre overnight
October 26th, 2012 | Comments (0)
Hurricane Sandy is being blamed, as gas prices are finally expected to start climbing. According to TomorrowsGasPriceToday.com, the price at the pump is going up 2 cents a litre at midnight, to 117.7 cents a litres for regular in Toronto and 114.3 in Whitby/Oshawa. The hurricane has been tearing through the Caribbean and is expected to hammer the US east coast.
Covanta Energy provides update on construction of Energy From Waste facility in Clarington
October 24th, 2012 | Comments (0)
The company contracted to build and operate the Energy From Waste facility in Clarington, Covanta Energy, is working towards being open and transparent with the community. A tour of the construction site was held Wednesday and officials say work is about 15 percent complete and they’re on schedule for a late 2014 opening. Once up and running, the facility will incinerate up to 140,000 tonnes of post recycled waste per year, and generate enough electricity to power between 12,000 and 14,000 homes. That power will be sold back to the grid and there’s also the potential to sell steam for heating purposes to other tenants of the Clarington Energy Park. Officials say this will be the most state-of-the-art facility of its kind in North America and Resident Construction Manager Jim Delaney says all water, other than sewage, will be re-used within the plant and once complete, you could stand beside the building, and not smell any garbage as it will operate in a negative pressure air environment. Covanta is also exploring ways that the left-over ash can be used so as to further limit the impact on landfills. Durham Region put some of the most stringent environmental protection rules in place, during the planning process and company officials say both construction and operations, will be subject to internal and third party audits to ensure those requirements are being met or exceeded. Durham has set a target of a 70 percent waste diversion rate by 2020. The $260-million project will create close to 700 jobs during construction and roughly 40, good paying full time jobs once it’s complete. For more information on the project, click here.
Gas prices hit lowest mark in 20 months
October 24th, 2012 | Comments (0)
Gas prices in the GTA have hit levels not seen this year. The price at the pump is expected to fall another 1.4 cents a litre overnight, putting prices at their lowest since February 21st, 2011. Founder of TomorrowsGasPriceToday.com, Dan McTeague says prices have decreased dramatically at this point, but it’s unlikely they’ll fall below the dollar mark, in part because of the addition of the HST, but also because refineries would shut down or limit production before that ever happened. McTeague says gas prices are determined on a day-to-day basis and futures markets only operate on a 30 day forward basis, making it impossible to speculate what might happen months down the road. McTeague expects in the coming weeks that could swing 5 cents, in either direction.
Ottawa targets the prepaid credit card market
October 24th, 2012 | Comments (0)
The federal government is taking aim at the prepaid credit card market. Finance Minister and Whitby Oshawa MP Jim Flaherty is introducing new rules to stop the issuers of the cards from imposing expiry dates. The rules will also require companies to disclose the fees clearly on the cards exterior package. Prepaid credit cards have come under fire for hidden fees that reduce their value, leaving many consumers feeling fooled.
Hundreds turn up for Costco job fair in Oshawa
October 24th, 2012 | Comments (0)
A job fair by a big box store, opening in Oshawa this fall, is causing quite a stir. On day one of the event, more than 500 people lined up in the rain, for an opportunity to work for Costco Wholesale. Local politicians have praised the arrival of the store, for both the job opportunities it would create, as well as the economic impact to the downtown. However, Jim Freeman President of the Durham Region Labour Council says the number of job seekers is evidence of a tough economy. He also says he’s concerned that many people are being forced into part-time work, which doesn’t offer the same benefits as full-time. When it comes to salary Costco does have a reputation of paying above the standard minimum wage, typically seen in the retail sector. The Oshawa site is expected to create more than 300 jobs. The job fair continues Wednesday at the Quality Inn on Bloor Street in Oshawa.
Ajax receives over $1.7 million from OLG for second quarter
October 21st, 2012 | Comments (0)
The Town of Ajax has received a hefty pay cheque. They have received a payment of over $1.7 million from the Ontario Lottery Gaming Corporation. The money is for the second quarter, from July to September, for hosting OLG Slots at Ajax Downs.
Gas prices expected to fall 1.2 cents a litre at midnight
October 19th, 2012 | Comments (0)
Gas prices are dropping again. According to TomorrowsGasPriceToday.com there’ll be a drop of 1.2 cents a litre at midnight. That will bring the average cost of regular in Toronto to $1.19 a litre, while in Whitby and Oshawa it’s expected to be closer to 115.6 cents a litre. Gas guru Dan McTeague says the price could be heading back up overnight Saturday.