Business Update - 11 January 2023
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Bell changing donation format for Let’s Talk Day
Bell is changing its Let’s Talk Day campaign, promising to donate $10 million regardless of whether anybody texts or tweets the phrase on Jan. 25.
Lululemon stock plunges
The fall came after Lululemon said it expects gross margins to decline in the fourth quarter by between 0.9 and 1.1 percentage points. The Vancouver-based company had previously forecast an increase of 0.1 to 0.2 percentage points.
High oil and gas prices expected through 2023
The COVID-19 pandemic reduced demand for oil and gas, but with restrictions lifted and life returning to normal, demand has gone back up. And, coupled with the Ukraine conflict, prices are anticipated to remain steep.
Federal government to buy a fleet of F-35 fighter jets
The federal government signed off on a contract to buy 88 F-35 jet fighters, with the first squadrons operational in 2029.
Layoffs ahead for Goldman Sachs
According to a person familiar with the matter, Goldman Sachs will lay off as many as 3,200 employees this week. The bank has been hit by a slump in global activity.
Subscription-based services add up
Canadians are signing up for subscriptions left and right, but people need to remember what they signed up for in the first place. Get tips from a financial coach here to learn how to keep those costs in check.
John Deere will let its customers do DIY repairs
Tractor maker John Deere has agreed to allow its US customers to fix their equipment. However, farmers will not be permitted to divulge trade secrets, override safety features or emissions controls, or adjust Agricultural Equipment power levels.
Disney CEO Bob Iger calls employees back to the office
In a memo to employees, Iger emphasized the value of working together in person and will require that they come in 4 days a week. He feels that being together in person allows employees to connect, observe, and create with peers and grow professionally by learning from leaders and mentors.
HBC teases return of Zellers
The social media accounts for Zellers have been gaining activity as of late, teasing the iconic Canadian department store’s return later in 2023. The model appears to be a store-within-a-store for the brick-and-mortar locations, which will go into existing Hudson’s Bays.
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