MID-DAY: iHeartRadio files for bankruptcy; Blackberry CEO stays on to 2023, gaining positive response from shareholders
Another US-based company is applying for bankruptcy amid pressure from online competitors. iHeartRadio, which owns 850 radio stations across the US, has applied for chapter 11 bankruptcy as it faces over 20 billion dollars of debt. The company has cited issues with competitors like Apple Music. Officials say the company will continue to run as usual despite the financial setback.
In the markets Wall Street is up as the Dow is growing to 24,833. Across the border the TSX is up as well to 15,707. Traders say Ontario-based Blackberry is leading the charge as the company announced it would keep its current CEO in his position until 2023.
Oil is up to 61.14 a barrel as analysts say the global demand for crude is pushing the price up despite a stubborn effort to continue high production in the US.
Gold is down to 1,318.
The lowly Loonie is spiraling as it drops to 76.67 cents US.