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Gulf War Flare-Up: What the Latest U.S.–Iran Strikes Mean for Your Wallet

  The three-month-old war between the U.S.–Israel coalition and Iran escalated again this morning. Here's a plain-English breakdown of what happened — and what it means for your gas tank and grocery bill. What Happened on June 6? U.S. forces struck Iranian coastal radar sites on Saturday, June 6, after shooting down drones launched by Iran toward the Strait of Hormuz, according to the U.S. military. The U.S. military believes the four Iranian drones were targeting regional maritime traffic. U.S. Central Command said it struck Iran's surveillance sites in Goruk and Qeshm Island, both located on the Strait of Hormuz. Iran did not take that lying down: Iran's Revolutionary Guard Corps said it had targeted U.S. bases in Kuwait and Bahrain in retaliation and fired on four tankers attempting to cross the strait without its permission. U.S. forces also helped shoot down incoming Iranian missiles and drones directed at Kuwait and Bahrain — a barrage of seven ballistic missiles in t...
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TD to slash jobs after disappointing earnings report


The Toronto-Dominion Bank (TD) announced that it will cut an unspecified number of jobs as part of a restructuring plan to reduce costs and improve efficiency. The move comes after the bank reported lower-than-expected earnings for the fourth quarter of 2023, amid rising expenses and higher provisions for credit losses.

According to its financial results, TD earned $3.2 billion, or $1.72 per share, in the quarter ended Oct. 31, down from $3.5 billion, or $1.87 per share, a year earlier. Analysts had expected earnings of $1.79 per share, according to Refinitiv. The bank’s revenue increased by 4 per cent to $11.8 billion, but its expenses rose by 7 per cent to $6.9 billion. The bank also set aside $1.1 billion for bad loans, up from $891 million in the same period last year.

TD’s chief executive officer Bharat Masrani said the bank is facing “a challenging and uncertain environment” due to the COVID-19 pandemic and its impact on the economy. He said the bank is taking “decisive actions” to adapt to the changing conditions and position itself for long-term growth. He did not provide details on how many jobs will be affected by the restructuring, but said the bank will offer support and transition assistance to the impacted employees.

TD’s disappointing earnings contrast with the strong performance of its peers, such as Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Montreal and National Bank of Canada, which all beat analysts’ estimates and raised their dividends in the fourth quarter. TD was the only one of the Big Six banks that did not increase its dividend, keeping it at 79 cents per share.

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