Prep-Business-Report

Local Journalism Initiative
·4 min read

(Markets)

Canada's main stock index was up more than 100 points in a broad-based rally on Thursday, while U-S stock markets also pushed higher.

The S-and-P T-S-X composite index was up 131 points at 21,787.05.

In New York, the Dow Jones industrial average was up 319.37 points at 38,072.68. The S-and-P 500 index was up 32.81 points at 5,055.02, while the Nasdaq composite was up 100.08 points at 15,783.45.

The Canadian dollar traded for 72.72 cents U-S compared with 72.50 cents on Wednesday.

The June crude oil contract was down 46 cents U-S at $81.69 per barrel and the May natural gas contract was up six cents U-S at $1.77 per million B-T-Us.

The June gold contract was up $6.90 U-S at $2,395.30 an ounce and the May copper contract was up eight cents U-S at $4.42 a pound. (The Canadian Press)

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(US-Starbucks-New-Cups)

Starbucks will soon start shipping out new disposable cups with up to 20 per cent less plastic to stores in Canada and the U-S.

The company says the move is part of an effort to alleviate some of the plastic waste that's been growing thanks to booming sales of its cold drinks served in single-use cups.

Despite getting its start selling coffee, Starbucks says cold drinks now account for 75 per cent of its sales in the U-S.

It says the reduced-plastic cups are part of a commitment to cutting company waste in half by 2030 with the new disposable cups set to be shipped out this month. (The Associated Press)

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(AI-Randi-Zuckerberg)

Media mogul Randi Zuckerberg says she thinks news organizations should start disclosing when they've used artificial intelligence to produce work.

The creator Facebook Live says producers should credit A-I technology in a byline if it's used to create content.

Zuckerberg says academics could offer similar levels of transparency, noting it could spur a pattern of disclosure across several industries.

The sister of Meta founder Mark Zuckerberg told a conference in Toronto this week that these steps are worth pursuing due to the rapid increase in fake news stories. (The Canadian Press)

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(Lion-Electric-Cuts)

Electric vehicle maker Lion Electric has cut roughly 120 jobs in an effort to reduce costs.

The Montreal-based electric truck and bus maker says the cuts impact mostly Canadian employees in overhead and product development roles.

Last November the company announced it was cutting 150 jobs before laying off another 100 employees in February.

Lion Electric says it will have about 11-hundred-and-50 employees after these latest cuts. (The Canadian Press)

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(US-Google-Israel-Firings)

Google has fired 28 employees after office sit-ins over the company's professional involvement with the Israeli government.

The workers held sit-ins at Google's offices in California and New York over the company's 1.2-billion-dollar U-S cloud computing contract to provide custom tools for the Israeli military.

They were fired on Wednesday and police arrested nine people.

While Google says it carried out individual investigations that led to the dismissals, the group behind the protests says the company fired people who didn't directly participate. (The Associated Press)

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(Global-Economy-IMF-Georgieva)

International Monetary Fund head Kristalina Georgieva says the world economy has proven to be surprisingly resilient in the face of higher interest rates and the shock of war in Ukraine and Gaza.

At the spring meeting of the I-M-F and the World Bank, Georgieva told reporters there is still plenty to worry about despite such resiliency.

She says stubborn inflation and rising levels of government debt continue to be a cause for concern, noting inflation is down but not gone.

Georgieva says the flip side of unexpectedly strong economic growth is that it is taking longer than expected to bring inflation down. (The Associated Press)

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(EU-Summit-Competitivenes)

European Union leaders are debating a new "European Competitiveness Deal" aimed at helping the 27-nation bloc close the gap with Chinese and American rivals.

They're doing so at a summit in Brussels in the midst of a volatile geopolitical landscape that's been redefined by the ongoing war between Russia and Ukraine as well as increasing tensions in the Middle East.

E-U leaders believe there is an urgent need for action as it is now feeling pressure from U-S and Chinese efforts to support investment in domestic production through subsidies and tax breaks on renewable energy and green technology.

Despite China, the U-S and the E-U being the three largest economies in the world, the E-U's share has diminished over the past 30 years. (The Associated Press)

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(Business Report by The Canadian Press)

The Canadian Press

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