Updated News -Business https://updatednews.ca Stay Informed, Stay Connected Tue, 16 Apr 2024 14:11:36 +0000 en-CA hourly 1 https://wordpress.org/?v=6.5.2 https://i0.wp.com/updatednews.ca/wp-content/uploads/2024/01/cropped-icon.png?fit=32%2C32&ssl=1 Updated News -Business https://updatednews.ca 32 32 11776598 Tim Hortons Launches Nationwide Pizza to Expand Brand into Evening Market https://updatednews.ca/tim-hortons-launches-nationwide-pizza-to-expand-brand-into-evening-market/ Tue, 16 Apr 2024 14:11:36 +0000 https://updatednews.ca/?p=12145 TORONTO – Tim Hortons is expanding its menu with the national launch of flatbread pizzas, aiming to attract customers beyond its stronghold of breakfast offerings.

The decision to introduce flatbread pizzas came after years of experimentation and meticulous planning by Tim Hortons executives and chefs. They conducted extensive taste tests to ensure that the pizzas would appeal to a wide range of customers, from the youngest to the oldest.

According to Tim Hortons’ chief marketing officer, Hope Bagozzi, the company identified an opportunity to increase foot traffic during the afternoon and evening hours, where it currently has single-digit market share. With pizza being a popular choice for meals outside of breakfast, Tim Hortons saw an opportunity to tap into this market.

The launch of flatbread pizzas follows a two-year pilot program in select markets, during which Tim Hortons tested various recipes and gathered valuable feedback from customers. The menu will feature cheese, pepperoni, “bacon everything,” and chicken Parmesan varieties.

Axel Schwan, Tim Hortons’ president, sees the introduction of flatbread pizzas as part of the company’s broader strategy to expand its menu offerings and attract new customers. Previous enhancements to its breakfast menu, such as fresh eggs and redesigned coffee cup lids, laid the groundwork for this expansion.

To overcome logistical challenges, such as limited space in its kitchens, Tim Hortons will ship flatbread bases to its stores and equip sandwich stations with toppings and sauces for made-to-order pizzas.

While the Canadian market for pizza is competitive, Tim Hortons believes it has an advantage due to its widespread presence and established routines among customers. Whether it’s lunch, dinner, or weekend meals, Tim Hortons aims to position itself as a convenient and reliable option for customers seeking flatbread pizzas.

With this strategic move, Tim Hortons hopes to capture a larger share of the fast-food market and establish itself as a go-to destination for meals throughout the day.

]]>
12145
March Sees Annual Inflation Rise to 2.9% https://updatednews.ca/march-sees-annual-inflation-rise-to-2-9/ Tue, 16 Apr 2024 14:07:28 +0000 https://updatednews.ca/?p=12142 OTTAWA – Statistics Canada reported on Tuesday that the annual inflation rate in March saw a slight increase compared to February, driven by higher gasoline prices, which rose by 4.5 percent compared to the previous year, partially influenced by a global uptick in oil prices.

The Consumer Price Index (CPI) for March showed a 2.9 percent increase compared to the same period last year, up from a 2.8 percent year-over-year rise in February.

Excluding the impact of gasoline, the overall annual inflation rate for March was 2.8 percent, a slight decrease from the 2.9 percent recorded in February.

Despite the overall increase in inflation, Statistics Canada noted that the Bank of Canada’s three core measures for inflation in March all moved lower compared to February.

The Bank of Canada, which maintained its key interest rate target at five percent in its recent announcement, hinted at the possibility of a rate cut at its next scheduled announcement in June, stating that it was “within the realm of possibilities.”

The central bank is closely monitoring signs of sustained easing in underlying inflation, as indicated by Statistics Canada’s report highlighting a 6.5 percent increase in shelter prices compared to a year ago.

Mortgage interest costs saw a significant rise of 25.4 percent year-over-year in March, while rent prices increased by 8.5 percent.

Food prices experienced a 3.0 percent increase compared to a year ago, while prices for clothing and footwear decreased by 2.7 percent. Additionally, prices for household operations, furnishings, and equipment dropped by 2.3 percent.

]]>
12142
Ford CEO Champions ‘Pro’ Business Model, Distances from Tesla Comparison https://updatednews.ca/ford-ceo-champions-pro-business-model-distances-from-tesla-comparison/ Thu, 15 Feb 2024 21:32:53 +0000 https://updatednews.ca/?p=12018 Ford Motor CEO Jim Farley emphasized the significance of the company’s “Pro” fleet business and urged Wall Street to redirect its attention away from Tesla and its Full Self-Driving (FSD) systems. Speaking at a Wolfe Research conference, Farley presented Ford Pro as the future of the automotive industry, drawing parallels with the trajectory of Deere & Co., whose stock increased by about 235% over seven years.

Ford Pro encompasses traditional fleet and commercial businesses, along with emerging operations such as telematics, logistics, and connective services for business customers. The diverse clientele ranges from local tradespeople to large corporations. The unit also includes parts and services tailored for businesses, contributing to its robust performance.

Farley highlighted the unit’s substantial growth, noting that Ford Pro’s pretax earnings doubled to $7.2 billion in the previous year. He underlined its potential by disclosing that the unit has half a million subscribers, boasting an impressive 50% gross margin. The CEO’s optimistic outlook for Ford Pro led him to recommend investors focus on this segment for insights into the future of the automotive industry.

Comparing Ford Pro to Deere & Co.’s growth trajectory, Farley positioned the unit as a key driver of Ford’s profitability. He anticipates the Pro unit’s pretax earnings to further increase to between $8 billion and $9 billion in the current year. This surpasses earnings expectations for Ford’s traditional “Blue” business, projected at about $7 billion to $7.5 billion, and underscores the significance of the Pro business in Ford’s overall strategy.

In contrast, Farley discouraged Wall Street from fixating on Tesla’s FSD and implied that the future of the auto industry lies in Ford’s Pro fleet business. While Tesla’s FSD revenue remains undisclosed, many analysts have speculated on its potential to generate significant revenue by 2030.

Farley’s strategic emphasis on Ford Pro reflects the company’s commitment to diversifying its business and tapping into emerging opportunities in the automotive sector. The robust performance of the Pro unit positions it as a key player in Ford’s portfolio, contributing substantially to the company’s overall earnings and solidifying its role in the rapidly evolving automotive landscape.

]]>
12018
Potential Eligibility: $15.9M TD Bank Class Action Settlement https://updatednews.ca/potential-eligibility-15-9m-td-bank-class-action-settlement/ Mon, 22 Jan 2024 08:46:06 +0000 https://updatednews.ca/?p=11765 TD Bank customers could be entitled to a share of a $15.9 million settlement as part of an ongoing class action lawsuit. In December, the law firm Koskie Minky LLP revealed the existence of a proposed settlement related to allegations of repeated non-sufficient funds (NSF) fees charged to customers without adequate prior notification.

The lawsuit contended that customers incurred multiple NSF fees without proper warning of this possibility. Despite TD Bank denying liability, they opted to settle the case after a mediation process in August. The proposed settlement amount is $15.9 million, but its final approval is pending a hearing scheduled for February 12.

If the settlement receives approval, TD Bank will deposit the owed funds directly into the bank accounts of eligible class members. This means that eligible customers won’t need to take any additional steps to claim their portion of the settlement.

Adam Tanel, a partner at Koskie Minsky, expressed satisfaction that class members wouldn’t face additional hurdles. “We believe that this is an excellent result for the class,” he mentioned in a press release, highlighting the collaborative effort to finalize the deal.

The class action primarily concerns NSF fees, charges applied when a cheque bounces or a customer’s payment is rejected due to insufficient funds. TD Bank’s “standard-form consumer banking agreement” outlined a $48 fee for such instances at the time of the lawsuit’s initiation. However, the lawsuit highlighted situations where customers faced a second NSF fee for the same rejected payment, arguing that proper information about the potential for repeated fees was lacking.

The class action was initiated in 2021 and received certification from the Ontario Superior Court of Justice on December 7. It encompasses individuals in Canada who held or currently hold a personal deposit account with TD Bank since February 2, 2019, and had incurred NSF fees during that period.

While eligible class members will automatically receive their funds if the settlement is approved, they have the option to opt out. Koskie Minsky LLP provides opt-out forms on their website, along with forms for filing objections to the proposed settlement. The deadline for both forms is January 26, and objections will be considered during the approval hearing in February.

]]>
11765
All-Electric Spectre Contributes to Record Year for Rolls-Royce Motor Cars https://updatednews.ca/all-electric-spectre-contributes-to-record-year-for-rolls-royce-motor-cars/ Mon, 08 Jan 2024 10:30:07 +0000 https://updatednews.ca/?p=11630 Rolls-Royce Motor Cars has achieved another year of record-breaking sales, with a notable contribution from its all-electric Spectre model and a recovery in the Chinese market. The luxury car manufacturer, based in Goodwood and owned by BMW, reported delivering 6,032 vehicles to customers in 2023, a slight increase from the previous year.

Key Highlights:

The sales performance was attributed to strong demand for existing models such as Cullinan, Ghost, and Phantom. Customers increasingly sought individuality for their cars through Rolls-Royce’s growing Bespoke program.

The Bespoke program, along with a growing Coachbuild operation, allows customers to be involved in every stage of the design and production process, enhancing the exclusivity of Rolls-Royce vehicles.

North America recorded the highest number of sales, followed by Greater China. China’s sales rebounded after facing challenges in 2022 due to COVID pandemic restrictions.

The UK remained the largest European market for Rolls-Royce Motor Cars.

Rolls-Royce transitioned to an all-electric future with the launch of its Spectre model in 2023. The company aims to produce only fully electric cars by the end of 2030.

The company hired an additional 180 staff in 2023 and plans to expand its operations in Goodwood to support its ambitious goals.

Rolls-Royce’s success stands in contrast to the broader motor vehicle sector, as its high-net-worth customer base is less impacted by economic pressures affecting mass-market manufacturers.

The Society for Motor Manufacturers (SMMT) reported that while the UK saw an 18% growth in new car registrations, the increase was largely driven by businesses investing in large fleets, with private registrations experiencing flat growth.

Rolls-Royce’s new Chief Executive Officer, Chris Brownridge, expressed optimism about the company’s robust health, clear growth strategy, technical capabilities, and dedicated team. He highlighted the strong performance of Spectre and the growing interest in the Bespoke program as positive indicators for the luxury brand’s future.

]]>
11630
Alaska Airlines Grounds Boeing 737 Max 9 Fleet for Maintenance Concerns https://updatednews.ca/alaska-airlines-grounds-boeing-737-max-9-fleet-for-maintenance-concerns/ Mon, 08 Jan 2024 06:00:39 +0000 https://updatednews.ca/?p=11615 PORTLAND, ORE. – In response to the recent inflight blowout incident that damaged an Alaska Airlines jet, both Alaska Airlines and United Airlines took the precautionary measure of grounding all their Boeing 737 Max 9 jetliners once again on Sunday. The decision was made as the airlines awaited guidance on how to inspect the planes to prevent further incidents.

Alaska Airlines had initially returned 18 of its 65 Boeing 737 Max 9 aircraft to service within 24 hours of the incident in Oregon. However, a notice from the Federal Aviation Administration (FAA) on Sunday suggested that additional maintenance might be required on those 18 planes. Consequently, Alaska Airlines canceled 170 flights, constituting over one-fifth of its schedule, as the affected planes were once again pulled from service.

United Airlines, the only other U.S. carrier operating the Max 9, also confirmed the grounding and reported the cancellation of around 180 flights on Sunday. The airlines are awaiting a multi-operator message from Boeing, a service bulletin used when multiple carriers need to perform similar work on a particular type of plane.

Boeing, in the process of preparing the bulletin, had not yet submitted it to the FAA at the time of reporting. While detailed technical bulletins typically take a few days to produce, the FAA had ordered the grounding of 171 Max 9s, including those operated by Alaska and United, for inspections lasting four to eight hours.

The recent incident involved a panel used to plug an area reserved for an exit door on an Alaska Airlines flight. The plane depressurized, but the crew successfully landed it safely with no serious injuries to the 171 passengers and six crew members.

Boeing has delivered 218 Max 9s globally, with not all covered by the FAA order. Of the over 1,300 Max jetliners sold by Boeing, the Max 8 and other versions of the 737 remain unaffected.

U.S. Senator Maria Cantwell, chair of the Senate’s Commerce, Science, and Transportation Committee, expressed support for the decision to ground the Max 9s, emphasizing the importance of safety and quality control inspections.

The incident is under investigation by the National Transportation Safety Board (NTSB), which is actively searching for the panel that blew out from the affected flight. Despite the disruption caused by the groundings, there has not been a fatal crash involving a U.S. passenger carrier within the country since 2009.

The FAA’s grounding order follows previous incidents involving the Max series, contributing to a temporary worldwide grounding of all Max 8 and Max 9 planes until Boeing implemented changes to an automated flight control system linked to earlier crashes. The current investigation into the Alaska Airlines incident is expected to take months, shedding light on the causes and potential preventative measures for the future.

]]>
11615
Honda Contemplates $18.4B Electric Vehicle Plant in Canada: Reports https://updatednews.ca/honda-contemplates-18-4b-electric-vehicle-plant-in-canada-reports/ Mon, 08 Jan 2024 06:00:05 +0000 https://updatednews.ca/?p=11621 ALLISTON, ONT. – Honda Motor Co. Ltd. could invest upwards of $18.4 billion in an electric vehicle plant in Canada, according to a report from a Japanese news outlet.

Nikkei Asia said on Sunday that Honda is considering building both a vehicle and battery plant in the country as part of efforts to catch up in the electric vehicle market.

The report says Honda is looking at several sites, including next to its existing plant in Alliston, Ont., with a potential investment decision expected by the end of the year.

Honda did not immediately respond to a request for comment.

A spokesperson for Industry Minister Francois-Philippe Champagne did not confirm whether any talks were going on between the company and the government.

The minister said in a statement that the report about Honda’s potential investment is a “testament to Canada’s growing reputation as a green supplier of choice and global EV leader.”

“Reports about Honda looking to make a significant investment in Canada speaks to the quality of workforce and the strength of our industry,” Champagne said in the statement.

The Nikkei report says the abundance of renewable energy in the country is part of the reason Honda is considering Canada, while in December the federal government mandated that all passenger vehicle sales would be electric by 2035.

Honda is retooling a production plant in Ohio to produce electric vehicles and has an agreement in place to build an electric vehicle battery plant in the state with LG Energy Solution, but the report says the company might go it alone on the battery plant in Canada.

LG is already in a partnership with automaker Stellantis to build a $5 billion battery plant in Windsor, Ont., one of numerous major EV investments Canada has secured after offering generous subsidies.

Volkswagen is building a battery plant in St. Thomas, Ont., and Northvolt is building one about 30 kilometres east of Montreal, with the three plants expected to cost tens of billions of dollars in subsidies linked largely to production volumes.

Honda announced in 2022 that it was investing $1.38 billion to upgrade its Allison plant in part to prepare it to be the lead plant for its CR-V hybrid crossover vehicle.

The company is only this year launching the sale of its first fully electric vehicle in Canada, the Prologue, with limited quantities expected in the first production year.

]]>
11621
Tim Hortons Unveils Trio of Doughnuts Returning to Menu Alongside Dutchie https://updatednews.ca/tim-hortons-unveils-trio-of-doughnuts-returning-to-menu-alongside-dutchie/ Tue, 02 Jan 2024 22:05:26 +0000 https://updatednews.ca/?p=11565 Tim Hortons, the iconic fast-food chain, has delighted doughnut enthusiasts by revealing the three retro doughnuts that will be making a comeback alongside the Dutchie on its menu next week.

The much-anticipated return of these classic treats is set to add a nostalgic twist to Tims’ offerings. The three retro doughnuts making their way back to stores are the blueberry fritter, cinnamon sugar twist, and walnut crunch. These delectable treats will be available at Tim Hortons’ Canadian locations starting January 10, offering customers a limited-time opportunity to indulge in these old favorites.

The decision to reintroduce these specific doughnuts is not only a treat for the taste buds but also a nod to Tim Hortons’ 60th anniversary, set to be celebrated on May 17. The return of these retro delights is part of the brand’s initiative to celebrate its rich history and the enduring connection it has with its customers.

In addition to the announced doughnuts, Tims has previously hinted at the return of its square-shaped, raisin-speckled Dutchies, along with three other retro doughnuts, yet to be unveiled. This strategic move aligns with Tim Hortons’ tradition of engaging with its loyal customer base and responding to popular demand.

The celebration of Tim Hortons’ 60th anniversary doesn’t stop at doughnuts. The company has plans to reintroduce its omelette bites, adding to the wave of nostalgia. Moreover, the menu will see the introduction of sweet chili chicken wraps and bowls, expanding the culinary offerings for its diverse customer base.

As Tim Hortons continues to evolve its menu and celebrate its milestone anniversary, customers can look forward to savoring both the familiar and the new, ensuring a memorable experience for doughnut enthusiasts and food lovers alike.

]]>
11565
Chocolate Giant Faces Lawsuit Over Allegedly ‘Misleading’ Treats https://updatednews.ca/chocolate-giant-faces-lawsuit-over-allegedly-misleading-treats/ Sat, 30 Dec 2023 21:52:42 +0000 https://updatednews.ca/?p=11515 Chocolate manufacturing giant Hershey is currently embroiled in a class-action lawsuit filed by a disgruntled customer, Cynthia Kelly from Florida. Kelly claims that the Halloween-themed peanut butter treats she purchased failed to live up to the packaging’s depiction, and she is seeking at least $5 million in damages.

The legal case revolves around Hershey’s Halloween-themed peanut butter treats, including peanut butter pumpkins, bats, footballs, and a Christmas assortment featuring peanut butter snowmen, stockings, and bells.

The Allegations

Cynthia Kelly argues that she was attracted to the Halloween treats primarily because of the “artistic designs” showcased on the packaging. She specifically mentioned the “cute looking” eyes and mouth depicted on the packets of peanut butter pumpkins, which prompted her to spend $4.49 on the treats at an Aldi supermarket.

However, upon opening the bag, Kelly claims that not only were the facial features missing, but there were no carvings whatsoever on the peanut butter pumpkins. The lawsuit alleges that Hershey’s packaging was “materially misleading,” asserting that numerous consumers, including Kelly, were “tricked and misled” by the pictures on the products’ packaging.

The legal case also extends to a football-themed peanut butter product that allegedly did not feature the laces depicted on the packaging. Kelly is seeking damages not only for herself but for anyone in Florida who has purchased the mentioned items.

Legal Basis and Class-Action Status

Class-action lawsuits are legal actions taken by one or more plaintiffs on behalf of a larger group, or “class,” who have suffered similar harm or have similar claims. In this case, Cynthia Kelly is representing consumers in Florida who may have purchased the allegedly misleading Hershey products.

The legal basis for the lawsuit centers on the claim of false advertising, asserting that Hershey’s packaging created false expectations among consumers. The discrepancy between the depicted product on the packaging and the actual product received forms the core of the “materially misleading” allegation.

YouTube Videos as Evidence

Cynthia Kelly’s case includes references to several videos on YouTube, possibly highlighting consumer dissatisfaction and showcasing the alleged discrepancies between the packaging and the actual products.

Hershey’s Response

As of now, Hershey has not commented on the lawsuit, and it remains to be seen how the chocolate conglomerate will respond to the legal claims. The outcome of this case could have implications for product packaging standards and the expectations set by visual representations on food products.

The lawsuit, filed in Tampa, will likely undergo legal proceedings to determine the merit of the allegations and whether it meets the criteria for class-action status.

]]>
11515
Google Settles $5 Billion Lawsuit Over Alleged Tracking of Private Browsing Users https://updatednews.ca/google-settles-5-billion-lawsuit-over-alleged-tracking-of-private-browsing-users/ Thu, 28 Dec 2023 21:00:55 +0000 https://updatednews.ca/?p=11448 Alphabet’s Google has reached a preliminary settlement in a lawsuit accusing the company of secretly tracking the internet activity of millions of users who believed they were browsing privately. The proposed class action lawsuit sought a minimum of $5 billion in damages. U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, has put the scheduled trial on hold, with settlement terms undisclosed. The parties have agreed to a binding term sheet through mediation, and a formal settlement is expected to be presented for court approval by February 24, 2024.

The plaintiffs alleged that Google’s analytics, cookies, and apps enabled the company to track their activities, even when users set Google’s Chrome browser to “Incognito” mode or other browsers to “private” browsing mode. The lawsuit claimed that Google, through these practices, became an “unaccountable trove of information,” obtaining details about users’ friends, hobbies, preferences, shopping habits, and potentially embarrassing online searches.

In August, Judge Rogers rejected Google’s attempt to dismiss the lawsuit, stating that it was unclear whether Google had made a legally binding promise not to collect users’ data in private mode. The lawsuit, filed in 2020, covered millions of Google users since June 1, 2016, seeking damages of at least $5,000 per user for alleged violations of federal wiretapping and California privacy laws. The case is Brown et al v Google LLC et al, U.S. District Court, Northern District of California, No. 20-03664.

]]>
11448