Business
U.S. voters give Biden’s Democrats new life — and a credible challenge for Trump
By James McCarten, The Canadian Press on November 9th, 2022
WASHINGTON – Call it a November surprise. Democrats were basking in a midterm defeat that felt like a big win Wednesday after an electoral all-nighter that remained on track to buck the modern-day U.S. trend of voters punishing the party in the White House. President Joe Biden was making phone calls and texting congratulations to ... Read More »
Be the first to comment!EQ Bank-owner shares rise as it reports earnings rise in Q3 results
By The Canadian Press on November 9th, 2022
TORONTO – Shares of EQ Bank owner Equitable Group Inc. were up more than 10 per cent Wednesday on the Toronto Stock Exchange as it reported a rise in third-quarter earnings. The company’s shares were trading up $5.21, or 11.49 per cent, at $50.54 as of mid-afternoon while markets were generally lower. The jump came ... Read More »
1 responseTC Energy seeking to sell off $5 billion in assets in 2023 to fund future projects
By Amanda Stephenson, The Canadian Press on November 9th, 2022
CALGARY – TC Energy Corp. is looking to divest $5 billion in assets next year, as the Calgary-based pipeline operator seeks to pay down debt and fund new projects. In a conference call to discuss third quarter financial results Wednesday, chief executive François Poirier said TC Energy will seek to sell off non-core assets and ... Read More »
1 responseMeta layoff of 11,000 workers worldwide hits Canadian staff
By The Canadian Press on November 9th, 2022
TORONTO – A number of Canadian workers have been laid off by Meta Inc. as the tech giant announced plans to cut 13 per cent of its workforce in a bid to become “leaner and more efficient.” Canadian staff in the company’s creative partnerships, client relations and human resources departments all posted about their layoffs ... Read More »
1 responseCanopy Growth CEO hopeful for cannabis reforms after U.S. midterms
By Tara Deschamps, The Canadian Press on November 9th, 2022
The head of Canopy Growth Corp. has high hopes for the U.S. Senate and potential cannabis legislation after Tuesday’s midterm elections. “While the overall results of last night are not yet fully clear, what is abundantly clear is that Americans continue to demand access to legalized cannabis,” said David Klein on a Wednesday call with ... Read More »
1 responseBMO takes $1.1-billion provision on U.S. Ponzi scheme ruling
By The Canadian Press on November 9th, 2022
TORONTO – BMO Financial Group says it will record a $1.12-billion provision after a U.S. jury found it liable for a Ponzi scheme alleged to have been facilitated by a bank it bought. Toronto-based BMO says a jury awarded damages of US$564 million against its U.S. subsidiary BMO Harris Bank N.A., while possible interest charges ... Read More »
1 responseConsumer insolvencies rise 22.5 per cent compared with last year
By The Canadian Press on November 9th, 2022
Statistics Canada says consumer insolvencies rose 22.5 per cent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years. The federal agency says consumer insolvency filings increased 2.3 per cent quarter over quarter. However, consumer filings were down 25.5 per cent compared with the third quarter in 2019. ... Read More »
1 responseS&P/TSX composite down more than 100 points, U.S. stock markets also fall
By The Canadian Press on November 9th, 2022
TORONTO – Canada’s main stock index was down more than 100 points in late-morning trading as losses in the energy, technology and base metal sectors helped lead the Toronto market lower, while U.S. stock markets also fell. The S&P/TSX composite index was down 138.20 points at 19,522.11. In New York, the Dow Jones industrial average ... Read More »
Be the first to comment!Rogers says impact from July network outage on business ‘very isolated’
By The Canadian Press on November 9th, 2022
TORONTO – Rogers Communications Inc. said Wednesday that the business impact from its July network outage was “very isolated” as it reported its third-quarter profit fell compared with a year ago while revenue crept higher. The telecommunications and media company said it refunded approximately $150 million in the quarter as a result of the outage ... Read More »
Be the first to comment!Cryptocurrencies slump again amid fallout from FTX sale
By Associated Press, The Associated Press on November 9th, 2022
NEW YORK (AP) – Bitcoin slumped to a two-year low and other digital assets sold off following the sudden collapse of crypto exchange FTX Trading, which has been forced to sell itself to larger rival Binance. Bitcoin traded around $17,645, and overnight fell to its lowest level since December 2020. Just a year ago, bitcoin ... Read More »
Be the first to comment!Turquoise Hill delays shareholder vote on Rio Tinto plan after concerns raised
By The Canadian Press on November 9th, 2022
TORONTO – Turquoise Hill Resources Ltd. is postponing its shareholder meeting to vote on Rio Tinto’s plan to take the company private as it works to resolve concerns about Rio Tinto’s deal with a pair of shareholders who had opposed the deal. Rio Tinto reached an agreement last week with Pentwater Capital Management LP and ... Read More »
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