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A Embraer E195-E2 jet under construction. NELSON ALMEIDA/AFP/Getty Images The upstart Toronto airline with a raccoon as its mascot is poised to become a bigger pest to the larger carriers. Porter Airlines is set to receive the first of its Embraer E-195 jets this month, a 132-seat aircraft that will drive the expansion of the carrier’s network and help it compete with its mainline rivals. Michael Deluce, the chief executive officer of privately owned Porter, said the airline is targeting economy-class passengers, who comprise 90 per cent of the market, and will extend its reach to all of North America, as well as Caribbean vacation spots. Unlike its fleet of turboprops at Billy Bishop Toronto City Airport, the new planes will be based at Toronto Pearson International Airport, putting Porter in direct competition with Air Canada, Air Transat, WestJet Airlines and the low-cost carriers in Eastern Canada. Porter Airlines ordered to pay $130-million to operator of Toronto’s island airpor...

Bank of Canada Governor Tiff Macklem gestures at a press conference at the Bank of Canada in Ottawa, on Wednesday, Oct. 26, 2022. The Bank of Canada hiked its key policy rate half a percentage point to 4.25 – the highest it's been since January 2008 – on Wednesday as its bid to rein in stubbornly-high inflation rates and address slowing economic growth continues. THE CANADIAN PRESS/Sean Kilpatrick Sean Kilpatrick/CP Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more. Interest rates went up, again. But here’s the good news The Bank of Canada raised interest rates for the seventh consecutive time this week, increasing the benchmark lending rate by half a percentage point to 4.25 per cent, the highest level since early 2008. While the rapid rate-hike cycle has been painful for borrowers – especially for Canadians with a v...

Travellers wait at the Pierre-Elliot Trudeau International Airport in Montreal, as the snow comes down on Dec. 23, 2022. ANDREJ IVANOV/AFP/Getty Images Flight disruptions across the country are expected to carry into the weekend, as Friday’s severe snowstorms in British Columbia, Ontario and Quebec continue to batter airports – with many travellers stranded during a peak holiday travel period. Data from live flight-tracking platform FlightAware show that at least 60 Saturday flights to and from international airports in Toronto, Vancouver and Ottawa alone have been cancelled, and a handful have been marked already as delayed. The reported disruptions are an improvement from Friday but could worsen if weather conditions do not improve. WestJet Airlines Ltd. said Friday afternoon that it would extend its cancellations into the holiday weekend, with at least 15 flights cancelled on Saturday so far. The company previously cancelled all flights in or out of Toronto Pearson International A...