Connect with us

Business

Think gas prices are bad? Flights are next; banks waiving Ukraine transfer fees: CBC's Marketplace Cheat Sheet – CBC News

Published

 on


Miss something this week? Don’t panic. CBC’s Marketplace rounds up the consumer and health news you need.

Want this in your inbox? Get the Marketplace newsletter every Friday.

Shocked by the price at the pumps? The cost of your next flight might skyrocket, too

We’ve all been doing a double-take at the gas station lately. 

But as you come to terms with some prices exceeding even $2 a litre, you should brace yourself for the cost of flights to go up, too.

Experts say air travellers should expect sticker shock soon.

The cost of jet fuel is subject to the same forces that have caused gasoline prices to rise to their highest in years.

Jet fuel is one of the biggest costs that airlines bear, so experts say that surge will affect the price that travellers pay to fly, if it hasn’t already. Read more

A business jet is refuelled at the Las Vegas airport in this file photo. (David Becker/Reuters)

She called out TD Bank for charging her for donating to Ukraine aid efforts. It made a big difference

Krystyne Rusek, who is Ukrainian-Canadian, is questioning TD Bank after she was charged —  then later reimbursed — a $50 fee for donating to Ukrainian relief efforts several days after Russia invaded the country. 

Rusek says she went to her local TD branch on March 1 to contribute $1,600 to a special fund set up by the Ukrainian government. 

Her donation, and those of other Canadians supporting the fund, were being collected by a downtown Toronto BMO branch before being transferred to the National Bank of Ukraine, the central bank, and then sent to the Ukrainian Armed Forces.

After arranging the transaction, the TD teller told Rusek she had to pay a $50 wire transfer fee — the standard charge for customers sending a wire payment from a TD branch to a non-TD account in Canada or abroad.

“I paid it and I wasn’t upset about it,” Rusek told CBC Toronto. “But the next day, I started to think about it and realized that this was not right.”

After writing an email expressing her concerns to TD the day after making her donation, she was told two days later — after CBC News approached the bank about the situation — that she would be reimbursed. 

Now, TD says it will waive all fees for wire transfers to Ukraine, and reimburse those, like Rusek, who were initially charged for their donations. All other major Canadian banks say they will waive fees, too. Read more

Krystyne Rusek of Toronto donated $1,600 to a special fund set up by the Ukrainian government to support the country’s military as it fights off a Russian invasion. Initially, TD Bank charged her a fee, but later reimbursed her. (Spencer Gallichan-Lowe/CBC )

After a credit report mix-up, these newlyweds say they’ve lost their window to buy a house

There’s no shortage of signs the housing market has gotten a little out of hand over the past few years. 

The average house price in Canada is at an all-time high, and as any prospective buyer knows, the difference between a successful and failed bid on a home can often boil down to something as simple as timing. 

Jessica Rochon and her wife, Alison Holmes, learned this the hard way, after being denied a mortgage pre-approval because of someone else’s bad credit — a woman with almost the same name as Rochon, who lives a province away, in Quebec.

The two Rochons are not related and have never met, but their Equifax credit history appears to have been mixed into one file, causing financial problems — and a lot of headaches — for the Rochon in Ottawa. 

Following a Go Public inquiry, Equifax fixed the problem, but Rochon and Holmes say it’s now too late — they’ve been priced out of buying the kind of house they wanted. Read more

Jessica Rochon, right, and her wife, Alison Holmes, say they are now priced out of buying a house in Ottawa, after Rochon was denied a mortgage because of errors on her Equifax credit report. (Sylvain LePage/CBC)

What else is going on?

McDonald’s, Starbucks, Coke, Pepsi join companies suspending business in Russia
There are growing calls to boycott companies not taking a stand against Russia.

Mask mandates are being lifted in Canada — and could further divide Canadians
Politicization of messaging could further divide Canadians over masking in the future.

Why Canada is losing affordable rental housing faster than it’s being built
Large investors have been buying up Canada’s rental stock and increasing profits.

Marketplace needs your help

Are organic fruits and vegetables your first choice when you visit the grocery store? We want to hear from you. Send us an email telling us why organic is your go-to at marketplace@cbc.ca

Do you get regular phone calls claiming there’s a package being detained for you by Canadian authorities? Or demanding you owe money in unpaid taxes? Maybe someone claiming you’ve got a virus and need tech support? If so, we want to hear from you! Send us your name and phone number and we may get in touch with you. Email us at marketplace@cbc.ca

Catch up on past episodes of Marketplace on CBC Gem.

Adblock test (Why?)



Source link

Continue Reading

Business

gas prices reach new high | CTV News – CTV News Toronto

Published

 on


Gas prices have reached yet another new record after rising six cents per litre overnight.

As of midnight the average price of a litre of fuel across the Greater Toronto Area is now 208.9 cents per litre, according to Canadians for Affordable Energy President Dan McTeague.

The latest jump means that gas prices have now risen 11 cents per litre since Friday, with no real relief in sight due to supply shortages brought about by Russia’s decision to invade Ukraine and the international sanctions that have been imposed a result.

“When you look at the fundamentals, supply and demand for diesel and for gasoline going into the summer driving season, not only is it low or critically low and that is one of the main reasons why prices are going up but the second factor is the Canadian dollar,” McTeague told CP24 last week. “It continues to show weakness despite the fact that in the old good old days when oil was $100 a barrel we would be on par with the U.S. dollar. The fact that we’re not is costing you 33 cents a litre.”

Gas prices have risen by about 60 per cent since last May, when drivers were paying around $1.30 per litre to fill up.

Adblock test (Why?)



Source link

Continue Reading

Business

Musk says Twitter legal team told him he violated an NDA – The Globe and Mail

Published

 on


Tesla CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin on Dec. 1, 2020.Hannibal Hanschke/The Associated Press

Elon Musk on Saturday tweeted that Twitter Inc.’s legal team accused him of violating a non-disclosure agreement by revealing that the sample size for the social media platform’s checks on automated users was 100.

“Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100!” tweeted Mr. Musk, chief executive of electric car maker Tesla Inc.

Mr. Musk on Friday tweeted that his US$44-billion cash deal to take the company private was “temporarily on hold” while he awaited data on the proportion of its fake accounts.

He said his team would test “a random sample of 100 followers” on Twitter to identify the bots. His response to a question prompted Twitter’s accusation.

When a user asked Mr. Musk to “elaborate on process of filtering bot accounts,” he replied “I picked 100 as the sample size number, because that is what Twitter uses to calculate <5% fake/spam/duplicate.”

Mr. Musk tweeted during the early hours of Sunday that he is yet to see “any” analysis that shows that the social-media company has fake accounts less than 5 per cent.

He later said that, “There is some chance it might be over 90 per cent of daily active users.”

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Adblock test (Why?)



Source link

Continue Reading

Business

As interest in electric vehicles soars, experts say they haven't quite hit the mainstream – CBC.ca

Published

 on


When a friend told Seymore Applebaum about the efficiency of plug-in hybrid electric vehicles, he was intrigued.

Applebaum, who lives north of Toronto, was in the market for a new car. While safety features were top of mind, the high cost of gasoline couldn’t be ignored.

So in January, he traded in his sedan for a brand-new plug-in hybrid (PHEV), a vehicle that can run on both electricity and gasoline. Applebaum says he can travel almost 50 kilometres on battery power alone — more than enough to get around the city.

On a recent trip downtown, he recalled, “I drove about 45 kilometres … and the only thing I used was the electric motor and the electric battery that runs the car.”

“Normally, on a day like that, [it] would be comparable to $10, $15 of driving cost.”

Automotive industry analysts say rising gas prices have more consumers looking into electrified and electric vehicles (EVs). 

Gas prices have soared across the country in recent weeks. According to fuel price tracker GasBuddy, the national average price for regular gasoline was just below $1.98 per litre as of Sunday afternoon. (Kirk Fraser/CBC)

Prices at the pump have soared across Canada in recent weeks. Estimates suggest Vancouver could see the country’s highest prices this weekend, potentially hitting $2.34 per litre for regular fuel. According to fuel price tracker GasBuddy, the national average as of Sunday afternoon was just below $1.98 per litre.

“Canadians are motivated by high fuel prices, but they truly believe this is the new normal,” said Peter Hatges, national automotive sector leader for KPMG in Canada, pointing a recent survey by the consulting group. 

“When consumers believe it or perceive it to be true, they’re going to modify their behaviour around what kind of vehicles they buy.”

Kevin Roberts, director of industry insights and analytics for U.S.-based online vehicle marketplace CarGurus, told Cross Country Checkup he has seen a similar trend. 

“As gas prices went up, interest in electric vehicles went up almost in lockstep with just a couple of days delay for both new and used vehicles,” he said.

But even as interest in electrified cars spikes, experts say too few options — and too high prices — mean they haven’t quite hit the mainstream.

Where consumers in North America favour larger vehicles like SUVs and pickup trucks known for their utility, EVs tend to come in compact or sedan-style models. EV range — and the availability of chargers — are also considerations for many Canadians, said Hatges.

Availability of charging stations, and the range of EV models, are top of mind for Canadian drivers. (Doug Ives/The Canadian Press)

Ramp up production

Big investments into electrification by major automotive makers, however, are beginning to bear fruit. 

A greater variety of models and sizes are coming onto the market in the coming years, the analysts say. Battery life is improving too, with several models able to travel more than 400 kilometres on a charge, according to manufacturer estimates.

“It’s absolutely a tipping point,” said Hatges. “I think there’s a confluence of factors that are pointing toward an alternative to the internal combustion engine.”

The big test for consumers will be whether manufacturers can cut prices enough to get customers in the showroom — and EVs on the road — said Grieg Mordue, associate professor and ArcelorMittal chair in advanced manufacturing policy at McMaster University in Hamilton, Ont.

WATCH | Questions about EVs answered: 

Your questions about electric vehicles answered

24 days ago

Duration 2:13

If you are thinking about getting off gas and buying an electric vehicle, or EV, you probably have a few questions. We went for a drive with an expert, and got some answers.

While a handful of models start below $50,000, many run far north of that figure with some selling for over $100,000.

The sweet spot for Canadian buyers? Between $35,000 and $45,000, says Mordue. Key to hitting that price point is mass production, he added. 

“We need production in North America of vehicles at that level, and we need high-volume vehicles — not little, niche vehicles where they sell 10,000 or 15,000 of them a year — because that’s a lot of the vehicles that we have now, Tesla notwithstanding,” Mordue told Checkup.

In April, GM announced a $2-billion investment, with support from the Ontario and federal governments, which will see electric vehicles rolling off assembly lines in Oshawa and Ingersoll, Ont., as early as this year.

Stellantis, which owns brands including Dodge and Jeep, is similarly investing billions into electrification at its Windsor and Brampton, Ont., plants.

Mordue cautions, however, that as plants begin producing electric models, it will take time for them to reach the existing output of gas-powered vehicles.

Seymore Applebaum says his recently purchased plug-in hybrid gives him the flexibility to take longer trips, but can run errands around the city without using any gasoline. (Ben Nelms/CBC)

Focus on fuel efficiency

While interest in EVs may be gearing up, Hatges predicts a shift for gas-powered vehicles too.

“I think you’ll see a strive to make cars lighter, more fuel efficient, even when it comes to electricity,” he said. “Heavy vehicles use more power to power themselves down the road, whether it’s electricity or fuel.”

And as long as gas prices stay high, the market could see a shift from SUVs and trucks — which consumers and manufacturers have favoured in recent years — to gas-sipping models.

“We have a fascination with pickup trucks and SUVs, North Americans do, and there’s a lot of them on the road now…. I don’t see that changing any time soon,” he said.

“But in the medium term or in the immediate term, will you see a shift or reconsideration of cars that are more fuel efficient? I think so. The price in the pump is very, very significant.”

Applebaum touted the flexibility of a plug-in hybrid, saying he doesn’t worry about range at all. And though his PHEV cost more than a comparable non-electrified model, trading in his previous vehicle combined with the fuel savings over three to four years made it affordable, he said.

With gas prices now higher than they were in January, “that’s even more true,” he told Checkup.

Now, he says friends are taking notice.

“They’re saying the next car they purchase will be an electric car.”


Written by Jason Vermes with files from Abby Plener.

Adblock test (Why?)



Source link

Continue Reading

Trending