Money

Canadian Imperial Bank of Commerce (TSX:CM) has become the latest Canadian bank to trim its head count as it looks for ways to improve efficiency at a time when all of the country’s top lenders face a slowdown in consumer borrowing. A report in the Wall Street Journal Thursday said CIBC has cut more than 500 jobs over the past …

The Canadian dollar tumbled below the 80-cent mark today as oil plumbed new depths. The loonie, as the country’s dollar coin is known, hit a low point of 79.80 cents U.S., its lowest point over the past year, having been as high as 80.71 cents earlier in the day.

Tim Hortons is laying off an unspecified number of employees at its headquarters in Ontario. The Oakville-based donut-and-coffee chain declined to say how many positions were affected, but that the cuts were made as part of a reorganization following the takeover by Burger King.

Royal Bank of Canada is the first major lender to lower mortgage rates after five-year bond yields fell in the wake of a surprise cut by the Bank of Canada last week, according to rate-monitoring websites.

Canadian Pacific Railway Ltd. logged a record fourth quarter in 2014, and says it’s on track for strong earnings this year, despite falling oil prices.

The down dollar isn’t bad news for everyone; the local tourism industry thinks it will attract more visitors to BC. It’s also raising hopes among those in the hospitality sector who believe 2015 will be a banner year.

CP Rail’s clearing of the Arbutus Corridor will not be stopped by a court order. Marty Cej who speaks for the company says the court tossed the City of Vancouver’s request for an injuction to stop CP from clearing brush and gardens along the line.

A Canadian fitness chain appears to be interested in sites left vacant by Target. Target announced last week it’s leaving Canada just two years after taking over former Zellers stores.

In a report issued just ahead of the World Economic Forum gathering in Davos, Oxfam calculated that the richest 1 per cent will be wealthier than the rest by next year if nothing’s done.

The soon-to-be displaced 17,600 workers of Target Canada have received an unexpected assistance from competitors Walmart and Sears. Both offered the workers potential jobs as well as discounts in their respective stores, according to reports.

Toronto residents will get their first indication this week of Mayor John Tory’s financial plans – and a chance to see if he can make good on campaign promises to freeze TTC fares and hold residential tax increases at or below the rate of inflation.