Bloomberg Canadian Imperial Bank of Commerce (CIBC) is boosting its minimum wage and pledging to push it even higher in the next few years as tight labour markets force banks into fierce competition for workers. The lender’s minimum wage will rise to C$20 per hour in Canada and $20 in the US in July, and the bank is committing ...

Bloomberg China’s central bank abstained from cutting a key policy interest rate, avoiding further policy divergence from the US that could add pressure on the yuan. The People’s Bank of China (PBOC) kept the rate on its one-year medium-term lending facility at 2.85% on Wednesday, in line with most forecasts in a Bloomberg survey of economists. The PBOC also rolled ...

  Bloomberg European stocks rallied after their longest slump since March 2020 as the European Central Bank (ECB) announced an emergency meeting “to discuss current market conditions” and ahead of the Federal Reserve rates decision. The Stoxx Europe 600 rises 1.1% at 9:45 am in London. Italy’s FTSE MIB index was up 3%, led by banks, while Italian bonds surged ...