Daily Archive: May 9, 2020

As Shopify passes RBC to become No. 1, the Canada market curse gets put to the test

Shopify Inc. surged on Wednesday to become Canada’s most valuable company — but can the e-commerce giant survive being No. 1?

Ottawa-based Shopify edged past Royal Bank of Canada to become the largest publicly listed company in Canada. The achievement comes with a dubious distinction, however: those that leapfrogged the value of Canada’s largest bank in the past have faltered.

Royal Bank, incorporated in 1869, has been Canada’s most valuable company for years, but has been been eclipsed on a few occasions. Shopify closed with a market value of $121.3 billion ($85.6 billion), surpassing Royal Bank’s $120.5 billion.

The last company to surpass Royal Bank’s market capitalization was drugmaker Valeant Pharmaceuticals International Inc. in July 2015. Months later, the value of the Quebec-based company plunged amid controversies over business practices, accounting and drug pricing. Valeant has since been renamed Bausch Health Companies Inc. and has new management and a different

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U.S. tightens visa rules for Chinese journalists amid coronavirus tensions By Reuters


By Ted Hesson

WASHINGTON (Reuters) – The United States issued a new rule on Friday tightening visa guidelines for Chinese journalists, saying it was in response to the treatment of U.S. journalists in China, a shift that comes amid tensions between the two nations over the coronavirus global pandemic.

The United States and China have been engaged in a series of retaliatory actions involving journalists in recent months.

In March, China expelled American journalists from three U.S. newspapers, a month after the United States said it would begin to treat five Chinese state-run media entities with U.S. operations the same as foreign embassies. One day after the U.S. verdict on the state-run entities, Beijing expelled three Wall Street Journal correspondents, two Americans and an Australian, following the publication of an opinion column that China denounced as racist.

In issuing the new regulation on Friday, the Department of Homeland Security cited

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20.5 million lose their jobs in April, sending U.S. unemployment rate to 14.7%, an 80-year high

The U.S. unemployment rate climbed from 4.4% in March to a staggering 14.7% in April—the highest since 1940.

The jobs report released by the U.S. Bureau of Labor Statistics (BLS) on Friday showed that the number of unemployed Americans rose from 7.1 million in March to 23.1 million in April. These dismal payroll figures come just two months after the U.S. had been sitting, in February, at a 50-year low in the unemployment rate of 3.5%.

The 14.7% figure is actually lower than many expected. White House economic adviser Kevin Hassett had predicted the unemployment rate for April could come in at between 16% to 20%.

But this official unemployment rate undercounts the actual level of joblessness. The BLS defines the unemployed as people without jobs who are also looking for new positions. The current U.S. labor market is far more complicated than that. A Fortune-SurveyMonkey poll of 4,717 … Read More