Business
Private equity firm to buy Héroux-Devtek in deal valued at $1.35 billion
By The Canadian Press on July 11th, 2024
LONGUEUIL, Que. – Aircraft landing gear maker Héroux-Devtek Inc. says it has signed a deal to be acquired by U.S. private equity firm Platinum Equity Advisors LLC in a deal valued at $1.35 billion. Under the agreement, Platinum Equity will pay $32.50 in cash per share for the company. Héroux-Devtek shares closed at $25.32 on ... Read More »
Be the first to comment!Fewer Americans apply for jobless claims last week as labor market remains sturdy
By Matt Ott, The Associated Press on July 11th, 2024
Fewer Americans filed for unemployment benefits last week as the labor market remains sturdy despite high interest rates. The Labor Department reported Thursday that jobless claims for the week ending July 6 fell by 17,000 to 222,000 from 239,000 the previous week. The total number of Americans collecting unemployment benefits declined for the first time ... Read More »
Be the first to comment!US inflation cools again, potentially paving way for Fed to cut interest rates soon
By Christopher Rugaber, The Associated Press on July 11th, 2024
WASHINGTON (AP) – Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve. Consumer prices declined 0.1% from May to June after having remained flat the previous ... Read More »
Be the first to comment!Restaurant company MTY Food Group reports Q2 profit down from year ago
By The Canadian Press on July 11th, 2024
MONTREAL – MTY Food Group Inc. reported its second-quarter profit fell 10 per cent compared with a year ago as its sales edged lower. The restaurant franchisor and operator reported $27.3 million in net income attributable to owners or $1.13 per diluted share for the quarter ended May 31. The result compared with a profit ... Read More »
Be the first to comment!Higher costs and low base fares send Delta’s profit down 29%. The airline still earned $1.31 billion
By David Koenig, The Associated Press on July 11th, 2024
Americans are traveling in record numbers this summer, but Delta Air Lines saw second-quarter profit drop 29% due to higher costs and discounting of base-level fares across the industry. The airline is also predicting a lower profit than Wall Street expects for the third quarter. Delta said Thursday it earned $1.31 billion from April through ... Read More »
Be the first to comment!PepsiCo second quarter profits jump, but demand continues to slip with prices higher
By Dee-ann Durbin, The Associated Press on July 11th, 2024
PepsiCo reported higher-than-expected earnings in the second quarter even as customer demand for its snacks and drinks continued to slip. The Purchase, New York-based company said its net income rose 12% to $3 billion, or an adjusted $2.28 per share, for the April-June period. Wall Street had expected earnings of $2.16 per share. PepsiCo said ... Read More »
Be the first to comment!EU accepts Apple pledge to let rivals access ‘tap to pay’ iPhone tech to resolve antitrust case
By The Associated Press on July 11th, 2024
LONDON (AP) – The European Union says it’s accepting Apple’s pledge to open up its “tap to pay” iPhone payment system to rivals as a way to resolve an antitrust case and head off a hefty fine. The European Commission, the EU’s executive arm and top antitrust enforcer, said Thursday that it’s accepting the commitments ... Read More »
Be the first to comment!Former Indonesian agriculture minister sentenced to 10 years for corruption
By Tatan Syuflana And Niniek Karmini, The Associated Press on July 11th, 2024
JAKARTA, Indonesia (AP) – Indonesia’s anti-graft court sentenced a former agriculture minister to 10 years in prison Thursday after finding him guilty of corruption-related extortion, abuse of power and bribery involving ministry contracts with private vendors. The case has tarnished President Joko Widodo’s credibility in fighting corruption. Five other members of Widodo’s Cabinet have been ... Read More »
Be the first to comment!Interest rate cut hasn’t led to rush of homebuyer demand yet: Royal LePage report
By Sammy Hudes, The Canadian Press on July 11th, 2024
TORONTO – Despite expectations of lower interest rates prompting homebuyers to leave the sidelines, a new report says the Bank of Canada’s quarter-point cut to its key interest rate last month did not lead to a rush in demand. The latest Royal LePage house price survey released Thursday, detailing market trends across Canada during the ... Read More »
Be the first to comment!Costco to increase annual membership fee to $65 this September
By The Canadian Press on July 10th, 2024
ISSAQUAH, WASH. – Costco is increasing its annual membership fees in Canada and the U.S. this fall. The company made the announcement as it reported its sales results for June. Costco says that effective Sept. 1, Canadians holding an individual, business or business add-on membership will see their annual membership fees go up by $5 ... Read More »
Be the first to comment!Canada Growth Fund and Strathcona Resources to partner on carbon capture project
By The Canadian Press on July 10th, 2024
CALGARY – The Canada Growth Fund is partnering with Strathcona Resources Ltd. on a carbon capture and sequestration project, with each group contributing up to $1 billion in funding. In a press release Wednesday evening, Strathcona announced that the project will involve building carbon capture and sequestration infrastructure on the company’s steam-assisted gravity drainage oilsands ... Read More »
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