Tag: year

Business is booming with record-breaking $2.3 billion year for economic development in Brampton

by  on  in Business Breaking News


Business is booming with record-breaking $2.3 billion year for economic development in Brampton

The city is celebrating a record-breaking year that brought big-name companies and more than $2.3 billion in construction value to Brampton.

It’s the second year in a row that the city’s Economic Development Office says Brampton broke the $2 billion mark, thanks in part to some big-name companies using Brampton as a home base.

The numbers come from the city’s latest Economic Development Office update and show a booming year for businesses in Brampton with over $2.3 in construction value – a 25.2 per cent increase in industrial construction since 2022.

A ranking of Canada’s leading tech markets last year found Brampton is near the top of the heap of Canadian cities attracting investors – a stat backed up by city data that shows a more than 13 per cent increase in the number of registered businesses in Brampton last year.

“With a surge in investment, a growing entrepreneurial market and a commitment to fostering growth, we are a beacon of economic prosperity,” Brampton Mayor Patrick Brown said in a statement. “From talented startups to global giants, Brampton is the destination for those wanting to thrive and to innovate.”

Here are some of the economic development highlights in Brampton for 2023:

Lululemon

Canadian athletic wear company Lululemon is bringing a new 1 million-square-foot facility to Brampton at 5525 Countryside Drive. The office and distribution centre will be the company’s largest both in Canada and the U.S., and is expected to bring more than 1,500 jobs to Brampton.

Lululemon was founded in Vancouver with one store in 1998 selling yoga-inspired apparel and now makes athletic wear for running, cycling, training and “most other sweaty pursuits for women and men.” The company had some 650 stores worldwide in 2022.

Alectra

Utility provider Alectra also opened its

…

Blackstone to invest USD 2 bn every year in India; wants quicker M&A clearances | Company News

by  on  in Business Investment News

Photo: Bloomberg

It has an investment team of 75 people based in Mumbai who scout for assets across sectors. Photo: Bloomberg


Global private equity major Blackstone Group is confident of investing $2 billion annually in India, a top official said on Wednesday.


Its chief operating officer Jonathan D Gray pitched for a slew of measures to improve the ease of doing business for firms like it in India, including quicker approvals on mergers and acquisitions, easier privatisation of listed companies, and improvements in dispute resolution in commercial matters.


The New York-based group, which has been operational in India for nearly two decades, said Indian PE investments have delivered the highest return for it worldwide, and the investment in realty, which made it the largest landlord in the country, has also delivered well.


“We plan to invest around $2 billion every year in India,” its senior managing director Amit Dixit told reporters here.


The firm has invested a total of $50 billion in the country till now, and the value of its assets, after accounting for the exits, stands at $30 billion. It has an investment team of 75 people based in Mumbai who scout for assets across sectors.


Dixit said over the next five years, the value of assets is seen rising by $25 billion, including $17 billion in fresh bets and up to $7.5 billion value creation across portfolio companies, where it has already invested but is yet to exit.


Gray suggested some reforms while appreciating the work already done by the government, including the Insolvency and Bankruptcy Code and the Goods and Services Tax.


A merger and acquisition deal takes up to two years to go through in India, while the same in its home market of the US gets done in

…

How many stores did Dollarama open this year? Take our business quiz

by  on  in Business Investment News

Welcome to The Globe and Mail’s business and investing news quiz. Join us each week to test your knowledge of the stories making the headlines. Our business reporters come up with the questions, and you can show us what you know.

This week in business and investing: Global financial markets rallied after some good news from the U.S. Federal Reserve. Newly released national home sales numbers were less cheery, marking the fifth consecutive months of decline. And the COP28 climate summit came to an end with an agreement to reduce the world’s reliance on fossil fuels.

Meanwhile: Dollarama’s sales numbers went up, a toy company’s employee ranks went down, and Netflix finally shared some actual numbers.

Do you remember these stories? Take our quiz below to test your recall for the week ending Dec. 15

1Which company’s entire council of Indigenous advisers resigned this week?

a. Royal Bank of Canada

b. Bell Canada

c. TC Energy

d. Canadian National Railway

2Netflix, which has been criticized by content creators for its lack of transparency, is finally revealing the total number of hours that viewers spend watching their favourite shows. In a report this week, the streaming service declared that its No. 1 worldwide hit between January and June was:

a. The Night Agent, Season 1

b. Friends, Season 2

c. Outer Banks, Season 3

d. La Reina del Sur, Season 3

a. The Night Agent, Season 1. Viewers worldwide spent a collective total of 92,705 years watching the thriller.

3A committee of Britain’s House of Commons heaped praise on Canada for being “at the head of the pack” for:

a. Industrial policy

b. Immigration policy

c. Cybersecurity

d. Financial crime reporting

c. Cybersecurity. A five-year study by the British House of

…

Google to pay $100M a year to Canadian news publishers in deal with Ottawa

by  on  in Business Google News

Ottawa has agreed to set a $100-million yearly cap on payments that Google will be required to make to media companies when the government’s controversial online news legislation takes effect at the end of the year.

Ottawa has agreed to set a $100-million yearly cap on payments that Google will be required to make to media companies when the government’s controversial online news legislation takes effect at the end of the year. 

The announcement Wednesday has the Liberals bending to the tech giant’s demands after Google threatened back in February to remove news from its platform.

The Online News Act compels tech giants to enter into compensation agreements with news publishers for content that generates revenue for companies such as Google by appearing on its sites.

Broadcasters and French-language and Indigenous news organizations would join newspapers in being eligible for the deals, with draft regulations suggesting the amount of money would be linked to the number of full-time journalists on staff.

A formula in the government’s draft regulations to implement the bill would have seen Google contribute up to $172 million to news organizations. Google balked, saying it was expecting a figure closer to $100 million, based on what it said was a previous estimate from Canadian Heritage officials.

The company appears to have got what it wanted after an extended period of negotiation.

Still, Canadian Heritage Minister Pascale St-Onge called it a “historic development,” insisting Wednesday that the agreement was ultimately a win for the government and for the local news publishers it is seeking to support.

“We have found a path forward to answer Google’s questions about the process and the act. Google wanted certainty about the amount of compensation it would have to pay to Canadian news outlets,” she said on Parliament Hill. 

“Canada reserves the right

…

Google to pay $100M a year to Canadian news publishers in deal with Ottawa

by  on  in Business Google News

Ottawa has agreed to set a $100-million yearly cap on payments that Google will be required to make to media companies when the government’s controversial online news legislation takes effect at the end of the year.

Ottawa has agreed to set a $100-million yearly cap on payments that Google will be required to make to media companies when the government’s controversial online news legislation takes effect at the end of the year. 

The announcement Wednesday has the Liberals bending to the tech giant’s demands after Google threatened back in February to remove news from its platform.

The Online News Act compels tech giants to enter into compensation agreements with news publishers for content that generates revenue for companies such as Google by appearing on its sites.

Broadcasters and French-language and Indigenous news organizations would join newspapers in being eligible for the deals, with draft regulations suggesting the amount of money would be linked to the number of full-time journalists on staff.

A formula in the government’s draft regulations to implement the bill would have seen Google contribute up to $172 million to news organizations. Google balked, saying it was expecting a figure closer to $100 million, based on what it said was a previous estimate from Canadian Heritage officials.

The company appears to have got what it wanted after an extended period of negotiation.

Still, Canadian Heritage Minister Pascale St-Onge called it a “historic development,” insisting Wednesday that the agreement was ultimately a win for the government and for the local news publishers it is seeking to support.

“We have found a path forward to answer Google’s questions about the process and the act. Google wanted certainty about the amount of compensation it would have to pay to Canadian news outlets,” she said on Parliament Hill. 

“Canada reserves the right

…

Google to pay $100M a year to Canadian news publishers in deal with Ottawa – Business News

by  on  in Business Google News

UPDATE 11:05 a.m.

Ottawa has agreed to set a $100-million yearly cap on payments that Google will be required to make to media companies when its controversial online news legislation takes effect at the end of the year.

The announced Wednesday has the Liberal federal government bending to the tech giant’s demands after it threatened to remove news from its platform.

The Online News Act compels tech giants to enter into agreements with news publishers to pay them for the news content that appears on their sites, if that content contributes to revenues.

A formula in the government’s draft regulations to implement the bill would have seen Google contributing up to $172 million to news organizations.

But Google signalled its disapproval for those regulations, saying it was expecting a figure closer to $100 million, based on what the company says is a previous estimate offered by Canadian Heritage officials.

The company appears to have gotten what it wanted after an extended period of negotiation.

Still, Canadian Heritage Minister Pascale St-Onge insisted Wednesday that the agreement was ultimately a win for the government and for the local news publishers it is seeking to support.

“Following weeks of productive discussions, I am happy to announce that we have found a path forward with Google for the implementation of the Online News Act,” she said in a statement.

“This will benefit the news sector and allow Google to continue to play an important role in giving Canadians access to reliable news content.”

The deal will allow Google to comply with the legislation by paying into a single collective bargaining group that will serve as a media fund.

Meta’s way of complying was to simply block all news content from Instagram and Facebook in

…

Survey: 57% of companies foresee price hikes this year

by  on  in Business Breaking News

More than half of major companies plan to raise prices for clients and consumers by the end of the year or believe price increases may occur, a survey by The Asahi Shimbun found.

Of 100 companies surveyed between July 3-14, 33 said they plan to increase the prices of their products or services between July and December. A further 24 said increases are a possibility.

“Increased raw material prices and transportation costs have weighed heavily on our operations,” Naomi Ishii, executive vice president of Suzuki Motor Corp., told the survey. “We cannot offset them by reducing expenses and cutting down on costs.”

Tamotsu Hiiro, president of McDonald’s Holdings Co. (Japan), said, “The yen’s depreciation and the spike in raw material prices, which started last year, are expected to stay.” 

Of the 57 companies, 53 have already raised prices between January 2022 and June this year.

Only 13 respondents said they will not raise prices. This group included financial companies. 

The remaining 30 companies gave other answers.

The prices of resources and raw materials rose sharply after Russia’s invasion of Ukraine last year. They have been buoyed by a recovery in demand since the COVID-19 pandemic eased.

The yen’s depreciation on the back of interest rate hikes by U.S. and European central banks has also pushed up prices of goods and services because imports are more expensive.

The survey asked the 57 companies that plan price increases or believe hikes may occur to say why. They could choose up to two reasons for their answer.

In all, 53 companies cited increased energy and raw material costs. Twenty mentioned the weakening yen and more expensive imports.

Some cited human resources. Eleven companies attributed the hikes to improvements in the treatment of their workers.

A further 10 companies cited advances in quality and

…

Lubrizol Commits Largest India-Based Investment in Company’s 50+ Year History in Region | West Virginia Business News

by  on  in Business Investment News




…

American businesses face two huge tax increases this year

by  on  in American Business News

OPINION:

To pay for the trillions of dollars in spending the Biden administration has overseen over the past two years, President Biden has been advocating tax increases, particularly on the “wealthy” and corporations. But what he fails to mention is that American business owners and their companies are already facing at least two huge tax increases this year.

The first has to do with research and development expenses.

Before last year, thanks to the 2017 Tax Cuts and Jobs Act legislation passed under the Trump administration, businesses that incurred these types of expenses — including supplies, technologies, salaries, contractor fees, materials and other overhead used to develop products — were allowed to deduct these costs in the year incurred, rather than capitalizing them as inventory and amortizing over a five-year period. But that part of the provision — known to us in the profession as Section 174 of the IRS Code — expired at the end of 2021.

So what does this mean? It means that as of last year, all of these expenses are required to be amortized and not deducted in the year incurred. So a company that was receiving significant tax deductions for their R&D investments is now getting only 20% of that deduction this year.

Many of my clients, thinking that this deduction would be reinstated at the end of 2022, underpaid their estimated taxes for last year and are only catching up. Now they face the same problem this year. The accounting community has been urging Congress to defer this — and other expiring provisions of the 2017 act — to 2025, not only because of the added tax expense but also the compliance headaches it’s causing.

“We urge Congress to ease the confusion and stress by immediately extending the expensing provision related to section

…

Fintech Meetup to commit in 5-7 such startups each year founder states fintechs have to emphasis on sustainable, worthwhile organization

by  on  in Business Investment News

Could you explain the route you have taken from the commencing right up until now?

Right before resigning from my task at VISA, wherever I labored on driving economical inclusion, I experienced meant to embark on a street journey from Mumbai to London. Having said that, conditions led me to journey across India to fulfill with fintech startup founders in 2018. At that time, the fintech marketplace was promptly rising as a challenger, which fuelled my passion to examine the subject even further.

Now in 2023, The Fintech Meetup has enjoyed five years of huge accomplishment. More than this interval, we have engaged with more than 1500 fintech startups, invested in 17, collaborated with around 20 economical institutions on innovation programmes, and arranged various initiatives to market digital fiscal literacy and raise recognition about digital payments, all via Fintech Yatra

Apart from facilitating funding, what other capabilities do you accomplish to assist startups?
Fintech startups seek our collaboration for three key motives. For starters, our understanding funds is unparalleled owing to our wide working experience interacting with many fintech startups and our background in fiscal solutions. We leverage this know-how to guideline startups on matters connected to their market place, product, and organization product.

Secondly, our network capital is invaluable. We perform carefully with numerous economical institutions these as financial institutions, NBFCs, insurers, wealth management corporations, and other individuals. By comprehension these institutions’ fintech specifications, we facilitate connectivity amongst startups and economic establishments based on their use cases and merit.

And lastly, our venture funds is a significant asset. Our YAN Angel Fund invests in fintech startups, and we collaborate with other venture investors who see us as a reliable originator. In addition to our know-how and community money, we supply startups added price to assistance them reach their objectives.

…