Each week, we bring you a roundup of some of the biggest stories making headlines in the business world.
Here are five things that happened that you should know about:
According to the Canadian Real Estate Association, the Vancouver housing market has demonstrated three consecutive months of declining home sales. From June to July, home sales dropped approximately 1.3% nationally. Simultaneously, the foreign sales tax implications were seen in Metro Vancouver, where sales from June to July dropped 6.7%.
In preparation for the legalization of Uber, owners of taxi-plates in Ottawa are filing a class action lawsuit against the City of Ottawa for $215 million. The lawsuit was filed by Metro Taxi Ltd., a family with ownership of over 80 plates. Taxi-plate owners claim that the City did not enforce policy that would protect the financial value of the taxi-plates. Once Uber is legalized, the value of the taxi-plate will inevitably fall as riding-sharing services can operate without taxi-licenses.
The loonie has been hovering in the 78 cent zone, a value range it has not touched since June. The Canadian dollar has been up since the reports of exceeded expectations of manufacturing operations in Canada.
A study conducted by MIT indicated that on the average day, the immediate features of electric cars provide sufficient range for approximately 87% of automobile drivers in America. Electric cars still must progress in developing long-range batteries, as well as creating additional charging stations to ease re-charging.
The track and field mega-star impact in the marketing sector is just as tremendous as his role in the Olympics. Bolt has multi-million dollar sponsorships from Puma, Nissan (NSANF), Visa (V), and Hublot; while partnering with Gatorade to produce his own drink. The lively and engaging persona is what creates the strong connection between Bolt and his fans; spurring his entertainment value for corporations.