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Todayville At The Home Show With Canadian Closet

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The Home Show is a great place to see hundreds of interesting ideas for your new home, or renovation.  Canadian Closet is one of many must sees!

After 15 years as a TV reporter with Global and CBC and as news director of RDTV in Red Deer, Duane set out on his own 2008 as a visual storyteller. During this period, he became fascinated with a burgeoning online world and how it could better serve local communities. This fascination led to Todayville, launched in 2016.

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Bank of Canada lost $522 million in third quarter, marking first loss in its history

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By Nojoud Al Mallees in Ottawa

The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history.

In the central bank’s latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates.

The Bank of Canada’s aggressive interest rate hikes this year have raised the cost of interest charges it pays on settlement balances deposited in the accounts of big banks.

That’s while the income the central bank receives from government bonds it holds remains fixed.

The Bank of Canada dramatically expanded its assets during the pandemic as part of its government bond purchasing program. Also known as quantitative easing, the policy was part of the central bank’s efforts to stimulate the economy.

That expansion in assets is now costing the central bank, as it paid for the government bonds with the creation of settlement balances.

Speaking before the House of Commons finance committee last week, Bank of Canada governor Tiff Macklem addressed the expected losses.

He said losses don’t affect the central bank’s ability to conduct monetary policy.

He noted the size and duration of the losses will depend on the path of interest rates and the evolution of the economy.

“Following a period of losses, the Bank of Canada will return to positive net earnings,” he said.

The Bank of Canada is looking to the federal government for a solution to balance its books.

While there are a few options available, some economists say the problem before the central bank is largely an accounting one rather than a monetary policy concern.

This report by The Canadian Press was first published Nov. 29, 2022.

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Suncor to keep Petro-Canada retail business after comprehensive review of business

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Suncor Energy Inc. has decided to keep its Petro-Canada retail business, the company announced Tuesday, after a comprehensive review that included what it would mean to sell the operations.

The company said instead it will look to improve its retail operations including expanding strategic partnerships in non-fuel related businesses such as quick service restaurants, convenience stores, loyalty partnerships and energy transition offerings.

Suncor undertook a review of Petro-Canada after reaching a deal earlier this year with activist investor Elliott Investment Management LP, which had expressed frustration with the company’s performance.

Suncor chair Mike Wilson says the company’s board concluded that keeping and optimizing the retail business will generate the highest long-term value for shareholders.

“Petro-Canada is a unique, differentiated, and strategic asset due to its strong national network and best in market consumer brand and loyalty program,” Wilson said in a statement.

The review included an analysis of the business, including an assessment of the value of Suncor’s integrated model, studies of the future of retail in Canada and Petro-Canada’s growth plans.

Suncor said the board also reviewed preliminary indications of interest in the retail business.

The decision to keep the retail business came as Suncor announced its production outlook and capital program for 2023.

Capital expenditures in 2023 are forecast to be between $5.4 billion and $5.8 billion.

The company says it expects total production next year is expected to be between 740,000 to 770,000 barrels of oil equivalent per day.

Refinery throughput for 2023 is expected to be 430,000 to 445,000 barrels per day with refinery utilization between 92 and 96 per cent.

Refined product sales are expected to be between 550,000 and 580,000 barrels per day.

This report by The Canadian Press was first published Nov. 29, 2022.

Companies in this story: (TSX:SU)

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