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Lineups expected as Jollibee launch brings Filipino fast food to Regina – CBC.ca

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Lineups for sweeter spaghetti, “Jolly” crispy chicken and palabok — a dish of rice noodles, shrimp, sauce and egg — are expected to start early when Filipino fast food chain Jollibee opens its first restaurant in Regina on Sunday. 

Rey Caparino, who immigrated to Canada from the Philippines in 2012, said the launch will satisfy the cravings of the city’s Filipino community. 

“We’ve been anticipating and requesting to have Jollibee and, really, we want to share it with our Canadian brothers,” said Caparino, who is also the host of Pinoy Talk on Access TV. 

Although some of the foods on the menu will be familiar to Canadians, such as spaghetti and fried chicken, Caparino said the dishes have Filipino flavours. 

Popular offerings from Jollibee restaurants include fried chicken, pasta and burgers. (jollibeecanada.com)

“Particularly the pasta, the spaghetti, it’s kind of sweeter in its flavour,” said Caparino, in an interview with CBC Radio’s Saskatchewan Weekend

“It’s what Filipinos love about it.”

Peach mango pie and “Yumburgers” are also on the menu at the restaurant, which is the first of its kind in Saskatchewan. 

According to the 2016 Census from Statistics Canada, there are more than 7,000 immigrants from the Philippines in Regina. 

The Filipino population in Saskatoon is more than 9,000, and more than 26,000 in Saskatchewan overall. 

The Jollibee franchise already has two stores in Alberta, two in Manitoba and three in Ontario. 

“Everybody’s just so excited,” said Caparino. The restaurant opens at 8 a.m. CST. 

With files from CBC Radio’s Saskatchewan Weekend

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2 short sellers admit defeat, bail out at huge loss as GameStop share surge hits 1000% – CBC.ca

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In the David and Goliath saga surrounding the struggling retail chain GameStop, Goliath has fallen.

Two Goliaths, actually.

A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have largely abandoned their positions. The victors: an army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop’s stock and beat back the professionals.

One of the two major investors that surrendered, Citron Research, acknowledged Wednesday in a YouTube video that it unwound the majority of its bet that GameStop stock would fall. Andrew Left, who runs Citron, said it took “a loss, 100 per cent” to do so, but that does not change his view that GameStop is a loser.

“We move on. Nothing has changed with GameStop except the stock price,” Left said. He did acknowledge that Citron is taking a fresh look at how it bets against companies, in light of the GameStop campaign.

Melvin Capital is also exiting GameStop, with manager Gabe Plotkin telling CNBC that the hedge fund was taking a significant loss. He denied rumours that the hedge fund will fail.

The size of the losses taken by Citron and Melvin are unknown.

GameStop’s stock surged as high as $380 Wednesday morning, after sitting below $18 just a few weeks ago.

GameStop’s stock has long been the target of investors betting that its stock will fall as it struggles in an industry increasingly going online. The retailer lost $1.6 billion over the last 12 quarters, and its stock fell for six straight years before rebounding in 2020.

That pushed investors to sell GameStop’s stock short.

WATCH | How short selling works:

An animated explanation of how people make money from stocks losing value 0:46

Essentially, these short sellers borrowed shares of GameStop and sold them in hopes of buying them back later at a lower price and pocketing the difference. GameStop is one of the most shorted stocks on Wall Street.

But its stock began rising sharply earlier this month after a co-founder of Chewy, the online retailer of pet supplies, joined the company’s board. The thought was that he could help in the company’s digital transformation.

Smaller investors pushing stock higher

At the same time, smaller investors gathering on social media have been exhorting each other to keep pushing the stock higher.

There is no overriding reason why GameStop has attracted those smaller investors, but there is a distinct component of revenge against Wall Street in communications online.

Over the past three months, shares of GameStop Corp., which has been buffeted by a shift in gaming technology, have spiked well over 1,000 per cent. Shares were up another 100 per cent at the opening bell Wednesday.

That has created titanic losses for major Wall Street players who have “shorted” the stock, which means they borrowed shares and sold them, hoping to buy them back at a cheaper price and pocket the difference.

As of Tuesday, the losses had already topped $5 billion in 2021, according to S3 Partners.

The phenomenon does not appear to be fading.

AMC Entertainment Holdings Inc., the theatre chain that has been ravaged by the pandemic, posted a quarterly loss this month exceeding $900 million.

It appears, however, that AMC has become the next battleground in the fight between smaller, retail investors and Wall Street.

Shares of AMC spiked 260 per cent when trading began Wednesday and #SaveAMC is trending on Twitter.

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In GameStop saga unfolding on Wall Street, 2 Goliaths fall – CTV News

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A David and Goliath saga is unfolding in financial markets over the stock price of struggling retail chain GameStop. On Wednesday, Goliath walked away from the battle.

Two Goliaths, actually.

A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop’s stock will crash have essentially admitted defeat. The victor, for now at least, is a volunteer army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop’s stock and beat back the professionals.

GameStop’s stock surged as high as US$380 Wednesday morning, after sitting below $18 just a few weeks ago.

One of the two major investors that surrendered, Citron Research, acknowledged Wednesday in a YouTube video that it unwound the majority of its bet that GameStop stock would fall. Andrew Left, who runs Citron, said it took “a loss, 100%” to do so, but that does not change his view that GameStop’s stock will eventually fall sharply.

“We move on. Nothing has changed with GameStop except the stock price,” Left said. He also said he “has respect for the market,” which can temporarily run stock prices up higher than critics think they should go.

Melvin Capital is also exiting GameStop, with manager Gabe Plotkin telling CNBC that the hedge fund was taking a significant loss. He denied rumours that the hedge fund will fail.

The size of the losses taken by Citron and Melvin are unknown.

GameStop’s stock has long been the target of investors betting that its stock will fall as it struggles in an industry increasingly going online. The retailer lost $1.6 billion over the last 12 quarters, and its stock fell for six straight years before rebounding in 2020.

That pushed investors to sell GameStop’s stock short. Essentially, these short sellers borrowed shares of GameStop and sold them in hopes of buying them back later at a lower price and pocketing the difference. GameStop is one of the most shorted stocks on Wall Street.

But its stock began rising sharply earlier this month after a co-founder of Chewy, the online retailer of pet supplies, joined the company’s board. The thought is that he could help in the company’s digital transformation.

At the same time, smaller investors gathering on social media have been exhorting each other to keep pushing the stock higher. There is no overriding reason why GameStop has attracted those smaller investors, but there is a distinct component of revenge against Wall Street in communications online.

“The hedge fund owners are crying as a result of us,” one user wrote on a Reddit discussion about GameStop stock. “We have the power in this situation, not anyone else as long as we stay strong!”

Almost immediately after, another user shouted in all capital letters, “BUY AND HOLD WE WILL BE VICTORIOUS.”

The battle has created big losses for major Wall Street players who shorted the stock. As GameStop’s stock soared and some of the critics got out of their bets, they had to buy GameStop shares to do so. That can accelerate gains even more, creating a feedback loop. As of Tuesday, the losses had already topped $5 billion in 2021, according to S3 Partners.

Much of professional Wall Street remains pessimistic that GameStop’s stock can hold onto its moonshot gains.

Analysts at BofA Global Research raised their price target for GameStop on Wednesday from $1.60, all the way up to $10. It was at $362 in midday trading.

Nevertheless, the phenomenon does not appear to be fading.

AMC Entertainment Holdings Inc., the theatre chain that has been ravaged by the pandemic, posted a quarterly loss this month exceeding $900 million.

It appears, however, that AMC has become the next battleground in the fight between smaller, retail investors, and Wall Street.

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'Fighting 100 mini Mike Tysons': The powerful influence of Reddit trade – Yahoo Canada Finance

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Saint John working to have ride-sharing bylaw by next year

Saint John city council plans to have a ride-sharing regulation bylaw ready by the end of this year to implement next year. The province passed an amendment to the Motor Vehicle Act in December to allow ride-sharing companies to operate, but each municipality must have bylaws regulating the service before it can be offered. Ride-sharing apps like Uber and Lyft allow customers to hail rides using a mobile app, and the drivers are employed as independent contractors who use their own cars and get a cut of the total fare, plus tips. Coun. Greg Norton asked council to vote to “immediately” have a bylaw in place to pave the way for ride-sharing to come to Saint John. After 30 minutes of discussion, the motion passed but only after the word “immediately” was removed. Two councillors voted against the motion even with the amendment. Not about the big apps Norton said his motion “is not about Uber and Lyft.” “The chances of Uber and Lyft coming into the city of Saint John, I would say, are limited, if any at all,” he told council Monday night. “But what we do have is, when we create this type of bylaw is, we have the opportunity for home-grown types of ride-sharing industries and businesses to pop up.” Norton said this proposal isn’t to intentionally create competition for the taxi industry, but “competition is good.” A few councillors voiced their objections for exactly this reason. Deputy Mayor Shirey McAlary said the timing is not right, considering the world is in the midst of the COVID-19 pandemic. “Our taxi drivers, our taxi owners in our city are having a desperate time,” she said. “I just feel to put more competition on our local taxi businesses is not something that I really think we should do at this time.” Coun. Blake Armstrong, who owns several bars in the city’s uptown, was also opposed. “People have no idea how decimated the industry has been in Saint John, including bars and restaurants,” he said. Norton said people he spoke to from the restaurant sector are onside. Coun. David Hickey suggested the removal of the word immediate, because he said sooner or later ride-sharing would be beneficial for the city. Timing matters City manager John Collin told council that staff have not looked at ride-sharing in detail. He said public consultation and a review of the impact on the city’s businesses will be done before any bylaw is passed. “From a staff point of view, I don’t believe that there’s any resistance to the notion of exploring ride-share and trying to put it into our community,” Collin said. “It is a best practice within communities,” he said. “This is something where we should do public consultation, and this is something that has significant liabilities, and therefore we simply cannot copy and paste someone else’s bylaw.” He said the bylaw could be passed by early 2022.

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