Category: Business Financial News

Small business minister downplays pandemic loan criticism

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80% of small businesses did not find changes helpful, and only 34% can repay the loan on time

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Published Sep 28, 2023  •  Last updated 1 day ago  •  3 minute read

Thousands of small businesses have warned they have yet to financially recover from the pandemic.
Thousands of small businesses have warned they have yet to financially recover from the pandemic. Photo by Peter J. Thompson/National Post

Ottawa’s decision to extend the time small businesses have to repay a pandemic-era loan, but not provide them more time to get partial debt relief was a “very balanced” and “fiscally responsible” move, Canada’s new minister of small business said, even though business associations still aren’t happy.

“The decision we made was as a result of listening,” said Rechie Valdez, who took over from Mary Ng this summer. “As soon as I got sworn in, I have been travelling the country, meeting different small businesses. What they have asked for is flexibility and time, which is why we provided that extension.”

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Today’s news: Trending business stories for September 28, 2023

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The latest business news as it happens

Published Sep 28, 2023  •  Last updated 4 hours ago  •  14 minute read

Workers lay pipe during construction of the Trans Mountain pipeline expansion on farmland in Abbotsford, B.C.
Workers lay pipe during construction of the Trans Mountain pipeline expansion on farmland in Abbotsford, B.C. Photo by Darryl Dyck/THE CANADIAN PRESS files

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BlackBerry loses US$42 million in second quarter

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Business Financial News

Billions of dollars in western profits trapped in Russia

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Western companies that have continued to operate in Russia since Moscow’s full-scale invasion of Ukraine have generated billions of dollars in profits, but the Kremlin has blocked them from accessing the cash in an effort to turn the screw on “unfriendly” nations.

Groups from such countries accounted for $18bn of the $20bn in Russian profits that overseas companies reported for 2022 alone, according to figures compiled by the Kyiv School of Economics, and $199bn of their $217bn in Russian gross revenue.

“The figures may have grown considerably since then, although it is not possible to assess exactly how much since most international businesses operating in Russia only disclose their local results annually,” said KSE deputy development director Andrii Onopriienko, who compiled the data.

Local earnings of companies from BP to Citigroup have been locked in Russia since the imposition last year of a dividend payout ban on businesses from “unfriendly” countries including the US, UK and all EU members. While such transactions can be approved under exceptional circumstances, few withdrawal permits have been issued.

“Tens of billions in dollar terms are stuck in Russia,” said the chief executive of one large company domiciled in a country not designated as unfriendly. “And there is no way to get them out.”

The size of the revenues and profits reflects not only the enduring importance of western companies to the Russian economy but also the dilemma such businesses face over what to do with their operations in the ostracised nation.

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Many foreign businesses have been trying to sell their Russian subsidiaries but any deal requires Moscow’s approval and is subject to steep price discounts. In recent days British American

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Financial Markets Wall Street | West Virginia Business News

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What is Financial Modeling and Why Should Your Small Business Use It?

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Planning for the future of your small business is an important part of success. Financial modeling takes different shapes, but basically, it’s about plugging different numbers and scenarios into a formula very often on an excel sheet and seeing the effect they have.

Financial Modeling in Action

Small Business Trends spoke with various business experts about this useful tool and how it works for small business.

Healy Jones from Kruze Consulting clarified how these tools can help a startup get rolling or an established business move forward when they are considering expansion.

Understanding Costs and Profits

“A well built financial model will help a business owner understand the costs and profits from their management decisions. What will it  cost to open a new location, hire a new employee, and how does that impact the bottom line?” he says.

He went on to say that a good financial model can answer questions like whether your small business should buy a new piece of equipment or pay down debt too.

“These can even tell businesses they have enough customer service people to take on the number of customers they want to next year.”

What is Financial Modeling and Why Should Your Small Business Use It?

Using Real World Starting Points

Although you can pick some numbers out of the air and plug them in (what happens if we price our widgets at $400 dollars and sell 6000?) more accurate results come with more real world starting points.

That’s why using financial statements and market research will give you more accurate results. It’s even a good idea to consider a professional consultant to get an objective base to start from.

Daniel Feiman from BuildItBackwards.com explains how to use  base line once you’ve put one together.

Establishing Extreme Outcomes

“Frequently you want to establish the most extreme possible outcomes by modeling the best and worst case,

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Today’s news: Trending business stories for September 18, 2023

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The latest business news as it happens

Published Sep 18, 2023  •  Last updated 5 days ago  •  10 minute read

Shoppers browse produce at a Loblaw Cos. Ltd. grocery store in Toronto.
Shoppers browse produce at a Loblaw Cos. Ltd. grocery store in Toronto. Photo by Cole Burston/Bloomberg files

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Canada’s BMO to close indirect retail auto finance business, flags job losses

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FILE PHOTO: A Bank of Montreal logo is seen outside of a branch in Ottawa

A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing Rights

TORONTO, Sept 17 (Reuters) – Bank of Montreal (BMO) (BMO.TO) is winding down its indirect retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada’s third-largest bank said.

The bank, which announced the move on Saturday, has conducted this business in Canada and the United States. The move comes after BMO’s overall bad debt provisions rose to C$492 million, compared with C$136 million a year earlier, for the quarter ended July 31 in a sign of growing stress consumers face from a rapid rise in borrowing costs.

Under the indirect retail auto finance business, the bank works with car dealerships to arrange financing for buyers, who make monthly payments to the lender.

“By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest,” BMO said in a statement to Reuters.

The bank is working closely with employees who will be affected by job cuts to provide support, it said.

In a letter sent to car dealers and seen by Reuters, the head of the business Paul Hunsley said the termination of the dealer agreement would be effective as of Sept. 15, but the bank would fund all contracts submitted and approved prior to the date.

At the end of July, BMO’s consumer installment and other personal loan portfolio stood at C$104 billion, and included C$54.7 billion in home equity loans.

The remaining loans in this portfolio are primarily auto loans, but also include other loans, including loans for boats, recreational vehicles and motorcycles, Edward Jones

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Today’s news: Trending business stories for September 21, 2023

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The latest business news as it happens

Published Sep 21, 2023  •  Last updated 4 hours ago  •  11 minute read

A large gully and sediment pooling shows no effective erosion control measures on construction of TC Energy Corp.’s Coastal GasLink pipeline, according to a B.C. Environmental Assessment Office inspection.
A large gully and sediment pooling shows no effective erosion control measures on construction of TC Energy Corp.’s Coastal GasLink pipeline, according to a B.C. Environmental Assessment Office inspection. Photo by B.C. Environmental Assessment Office inspection report

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Labcorp to Present Strategy, Business and Financial Outlook at Investor Day

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BURLINGTON, N.C., Sept. 14, 2023 /PRNewswire/ — Labcorp (NYSE: LH), a global leader of innovative and comprehensive laboratory services, is hosting an Investor Day beginning at 1:00 p.m. ET today in New York City, expected to conclude by approximately 4:00 p.m. ET. The event will highlight the company’s go-forward strategy from Labcorp Chairman & CEO Adam Schechter, followed by business overviews and a longer-term financial outlook by members of the leadership team.

“Labcorp is the world’s largest laboratory service provider focused on science, technology and innovation,” said Adam Schechter, chairman and CEO of Labcorp. “Today, we are excited to share our roadmap for strong growth and shareholder value across Diagnostics Laboratories and Biopharma Laboratory Services. We believe that our focus on customers and our ability to execute with scale and operational excellence will drive strong profitable growth and further differentiate Labcorp.”

Webcast Information
A live webcast of the event will be available through the Labcorp Investor Relations website beginning at 1:00 p.m. ET. A replay of the webcast and a copy of presentation materials will be available on the Investor Relations section of the Company’s website at https://ir.labcorp.com.

About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company’s more than 60,000 employees serve clients in over 100 countries, worked on over 80% of the new drugs approved by the FDA in 2022 and performed more than 600 million tests for patients around the world. Learn more about us at www.Labcorp.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release

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Business Financial News

3 Ways to Improve Your Eventing Business’s Financial Flow

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Sep 15, 2023

3 Ways to Improve Your Eventing Business’s Financial Flow

USEA/Lindsay Berreth photo

The following is provided through a partnership between STRIDER and the USEA. As part of our commitment to diversity, enabling access, and building capacity throughout the industry we are pleased to provide this content to benefit the sport of eventing.

“People don’t buy what you do, they buy why you do it,” says leadership expert and author Simon Sinek. As the equestrian industry is a passion-driven one, there is perhaps no quote better suited to eventing professionals. Driven by love for the horse and for the sport, finances can seem more of a necessary evil than a motivating factor for business owners and operators in the equestrian space.

Because team STRIDER aims to help build capacity throughout the industry and help businesses to scale effectively, we’ve compiled a few quick tips to improve financial flow for eventing professionals.

Get creative with revenue streams.

Many eventing businesses have multiple sources of income. Training, boarding, sales, lessons, clinics, just to name a few. Consider how you might expand your offerings in a creative way. Can you take advantage of your facility and offer hourly rentals of your arena when it’s not being used for training or lessons? Perhaps your off-season from competition lends itself to your team’s ability to host grooming or unmounted clinics of some type.



Make it easy for folks to pay.

Digital payment tools are an important investment for your eventing business. Pick one or two that work for you (and for your clientele!). There are myriad options (PayPal, Venmo for business, Stripe, for example) with varied benefits and processing fees associated. Invest your time in sorting out which will best suit your needs and help your clients pay you in a

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