Lyft made its first move abroad this week, expanded its car-hailing service to Toronto. Mayors from the metro area joined Cheddar to talk about why the city is so business-friendly and to make their case for why Amazon should choose it for its HQ2.
The city was one of more than 230 to submit a bid for the tech giant's next headquarters. Toronto's John Tory and Bonnie Crombie, mayor of sister city Mississauga, tout the region's potential talent pool and relaxed immigration policies.
Canada as a country has been very open to welcoming immigrant entrepreneurs within its borders, granting permanent residence to those who attain a “Start-up Visa.” The government website states that the program connects founders with companies that can offer guidance and support in building their businesses. Candidates, though, do need to be backed by angel investors or Canadian venture capitalist groups.
But there are plenty of potential benefits for those who apply. Tory and Crombie both emphasize Canada's strong economic growth, low taxes, and quality of life.
“We know we need that talent and the companies they want to invest in. The Toronto region needs that talent,” Tory said. He adds that the new Visa program allows companies to bring software engineers from overseas to Canada in just two weeks. “It’s working quite well.”
Another incentive? Home rental prices are low in comparison to the United States. But the Canadian market faces some housing supply challenges amid the influx of immigrants.
Crombie said that to combat this issue the city of Mississauga works to “attract more investments and incentivize the development of middle-class housing stock.”
Amazon plans to start construction on a new headquarters somewhere in North America next year. The company says it will invest $5 billion in the project, which will create 50,000 new jobs. And cities are pulling out the stops to be selected.
Many are offering tax incentives, but others are going a step further. The mayor of Stonecrest, Georgia said his city would carve out a section of the town and name it Amazon, a move he says would add perpetual value to the brand. And Arizona's economic development group, Sun Corridor, even sent Amazon a 21-foot cactus as a gift if it got the nod.
Ford is recalling more than 355,000 of its pickup trucks across the U.S. because of an instrument panel display failure that’s resulted in critical information, like warning lights and vehicle speed, not showing up on the dashboard.
Nvidia reported a 56% increase in second-quarter revenue and a 59% rise in net income compared to a year ago.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Netflix CEO Ted Sarandos claims audiences don't want to watch Netflix movies in theaters, but that seems not to be the case recently.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
