The Bank of Canada has made an emergency rate cut, cutting the central bank’s benchmark interest rate by 50 basis points to 0.75 per cent. The central bank already cut its rate to 1.25 per cent at a previously scheduled meeting on March 4 to help counteract the impact of the coronavirus. But Friday’s unexpected…

Prime Minister Justin Trudeau said Friday the government will flow money directly to Canadians to help stimulate an economy that is sputtering due to the spreading COVID-19 pandemic. Trudeau said Finance Minister Bill Morneau will announce a “significant fiscal stimulus package” this afternoon. He is expected to speak at 2 p.m. ET. CBCNews.ca will carry…

The unprecedented volatility on the stock market continued on Friday as the benchmark index of the Toronto Stock Exchange jumped up five per cent. Thursday was the worst day for the TSX in decades, as the benchmark index lost 12 per cent of its value. Fears of the coronavirus prompted the sell-off, but on Friday buyers…

Royal Bank is predicting Canada will fall into a recession later this year as the economy is weighed down by the impact of COVID-19 and the plunge in oil prices. The bank is predicting Canada’s economy will grow at an annualized pace of 0.8 per cent in the first quarter, but then contract in the…

As the coronavirus continues its global spread, Canadians are worried not only about their health but also about their retirement plans. Many people’s hard-earned investment portfolios have already taken a beating as stock markets plummeted this week over concerns of the virus’s impact on the economy.  “This is nuts,” said Jim Allen of Toronto, a 74-year-old retired IT consultant who…

Princess Cruises has announced it is pausing global operations of its 18 cruise ships for 60 days due to the novel coronavirus. The decision affects trips departing between March 12 and May 10. Cruise ships have been particularly hard hit by what is now a pandemic and have been turned away by dozens of ports and countries. In…