Stellantis has plans to move the production of its Jeep Compass to Belvidere, Illinois, which is a blow to the City of Brampton, Ontario, a community that was banking on the company’s commitment to produce automobiles in the city, which has caused a major stir at every level of government and amongst union leaders. Stellantis leadership has offered Prime Minister Mark Carney reassurances that there are plans in place for the Brampton, Ontario plant; it is just in the process of looking at...

U.S. President Donald Trump has signed a new executive order that will hit medium- and heavy-duty truck imports with an additional 25 percent tariff effective November 1, though CUSMA-compliant vehicles are exempt. A 10 percent tariff will be placed on buses and motorcoaches. These tariffs have been justified under Section 232 of the Trade Expansion Act of 1962. U.S. automakers were also offered additional relief from tariffs on auto parts, thanks to an extension of what was supposed to have...

Privately held investment company Ames Watson has acquired the beleaguered Claire’s North America business, which includes upwards of 1,000 stores, for $140 million. The firm has a plan to modernize and revitalize the retailer back to profitability. Founded in 1974, Claire’s has been a stalwart presence in shopping centres for those on the hunt for youth-focused fashion accessories, jewellery, and cosmetics, but a massive debt load and changing consumer behaviours lead it to file for Chapter...

Global trade tensions have taken a new turn as the United States and China have introduced additional port fees on ocean shipping firms, a move that analysts warn could distort global freight flows for a number of commodities. China started to collect special charges on U.S.-owned, operated, built, or flagged vessels, while Chinese-built ships would be exempt. Other exemptions include empty ships entering Chinese shipyards for repair. Earlier this year, the U.S. announced plans to levy fees on...

Nearly two years after a tumultuous period in the company’s history, the Federal Aviation Administration (FAA) has increased Boeing’s monthly production cap for its 737 Max planes, increasing the figure from 38 to 42, a welcome announcement for the manufacturer, as it hasn’t turned an annual profit since 2018. Fatal crashes in 2018 and 2019 left the Max grounded for nearly two years, followed by the pandemic which not only introduced operational challenges, but also supply chain issues,...

The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has issued a $601,139.80 fine to the Saskatchewan-based First Nations Bank of Canada for five violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. The five administrative violations found at First Nations Bank of Canada were:• Failure to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions were related to the commission or attempted...