Business
Wall Street rises ahead of year’s last barrage of rate hikes
By Stan Choe And Alex Veiga, The Associated Press on December 12th, 2022
NEW YORK – Stocks are closing higher on Wall Street at the start of a busy week where central banks are likely to unload the year’s final barrage of interest rate hikes. The S&P 500 rallied 1.4% Monday. On Wednesday, markets expect the Federal Reserve to announce a more modest increase to rates than it ... Read More »
1 responseBank of Canada governor warns geopolitical trends could make inflation fight harder
By The Canadian Press on December 12th, 2022
VANCOUVER – Bank of Canada Governor Tiff Macklem says the bank was surprised this year how the combination of large supply chain shocks and an overheated economy would play out on inflation. He says Russia’s invasion of Ukraine was also a surprise, which led to higher energy prices and helped turbocharge already rising inflation. Macklem ... Read More »
1 responseSupreme Court won’t block California flavored tobacco ban
By The Associated Press on December 12th, 2022
WASHINGTON (AP) – The Supreme Court on Monday refused a request from tobacco companies to stop California from enforcing a ban on flavored tobacco products that was overwhelmingly approved by voters in November. R.J. Reynolds and other tobacco companies sought the high court’s intervention to keep the ban from taking effect by Dec. 21. There ... Read More »
1 responseConstellation to buy U.S. broadcasting software firm WideOrbit, create spinoff
By The Canadian Press on December 12th, 2022
TORONTO – Constellation Software Inc. says it will buy U.S. tech company WideOrbit Inc., merge the firm with its subsidiary Lumine Group and then spin them off into a separate business. The Toronto software company says the purchase will involve an undisclosed cash payment, as well as the issuance of a 14 per cent stake ... Read More »
1 responseMicrosoft taking 4% stake in London Stock Exchange
By The Associated Press on December 12th, 2022
Microsoft is taking a roughly 4% stake in the operator of the London Stock Exchange, which has agreed to spend at least $2.8 billion in cloud-computing services from the technology giant. That spending commitment will be spread out over 10 years, according to the terms of the deal announced Sunday by Microsoft. Major exchanges have ... Read More »
1 responseKeystone pipeline leaks becoming more severe in recent years, U.S. data shows
By The Canadian Press on December 12th, 2022
CALGARY – U.S. government data shows spills from TC Energy Corp.’s Keystone pipeline have increased in severity in recent years. The Calgary-based company has more than 250 people on the ground in Washington County, Kan., cleaning up the approximately 14,000 barrels of oil that leaked into a creek last week. The spill is the largest ... Read More »
1 responseAmgen to buy Horizon Therapeutics in $26.4B deal
By Tom Murphy, The Associated Press on December 12th, 2022
Amgen is spending more than $26 billion to dive deeper into rare disease treatments with a deal for drugmaker Horizon Therapeutics. The biotech drug developer said Monday that it will pay $116.50 in cash for each share of Horizon, which makes a thyroid eye disease treatment that generated more than $1 billion in its first ... Read More »
1 responseEnergy and tech sectors help S&P/TSX composite edge higher, U.S. stocks also rise
By The Canadian Press on December 12th, 2022
TORONTO – Strength in the technology and energy sectors helped Canada’s main stock index edge higher in late-morning trading, while U.S. stock markets were also higher. The S&P/TSX composite index was up 9.34 points at 19,956.41. In New York, the Dow Jones industrial average was up 265.96 points at 33,742.42. The S&P 500 index was ... Read More »
1 responseActivist investor seeking to replace four trustees on First Capital REIT board
By The Canadian Press on December 12th, 2022
VANCOUVER – Activist investor Sandpiper Group is seeking to replace four of the nine trustees at First Capital Real Estate Investment Trust, including chair Bernard McDonell. Sandpiper chief executive Samir Manji says the incumbent board and management are pursuing strategies that will dismantle First Capital’s irreplaceable portfolio. Sandpiper says, together with its joint actor Artis ... Read More »
Be the first to comment!Europe shifts focus to avoiding energy shortage next year
By Courtney Bonnell, The Associated Press on December 12th, 2022
The heads of the International Energy Agency and European Union’s executive branch said Monday that the 27-nation bloc is expected to weather an energy crisis this winter but needs to speed renewables to the market and take other steps to avoid a potential shortage next year in natural gas needed for heating, electricity and factories. ... Read More »
1 responseStocks open a bit higher on Wall Street ahead of Fed meeting
By Elaine Kurtenbach And Matt Ott, The Associated Press on December 12th, 2022
NEW YORK (AP) – Stocks are opening modestly higher on Wall Street ahead of the Federal Reserve’s last policy meeting of 2022. The Fed is expected to raise its benchmark interest rate by half a percentage point this week in its ongoing effort to tame inflation by cooling down the economy. Markets were also waiting ... Read More »
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