August 4th, 2020

Business

Fairfax Financial Q2 profits drop as first half COVID losses near US$400 million

By The Canadian Press on July 31st, 2020

TORONTO – Fairfax Financial Holdings Ltd. says its net income attributable to shareholders decreased 12 per cent in its latest quarter as COVID-19 losses in the first six months of the year approached US$400 million. The Toronto-based company says it earned US$434.9 million or US$15.26 per diluted share for the three months ended June 30, ... Read More »

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Air Canada loses $1.75 billion as CEO demands looser travel restrictions

By Christopher Reynolds, The Canadian Press on July 31st, 2020

MONTREAL – Air Canada suffered a $1.75-billion loss last quarter as revenues plummeted amid travel restrictions and a collapse in demand stemming from the COVID-19 pandemic. Passenger revenues at the Montreal-based company dropped by 95 per cent compared with the same period last year, while the airline burned through $19 million of cash per day, ... Read More »

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North American stock market down in late morning trading on final day of July

By The Canadian Press on July 31st, 2020

TORONTO – North American stock markets fell in late-morning trading on the last day of the month despite continued gains by the materials sector. The S&P/TSX composite index was down 216.81 points at 16,082.48. In New York, the Dow Jones industrial average was down 180.00 points at 26,038.00. The S&P 500 index was down 22.50 ... Read More »

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Imperial Oil beats on Q2 oil production, post higher than expected loss

By The Canadian Press on July 31st, 2020

CALGARY – Shares in Imperial Oil Ltd. are trading lower after it beat analyst expectations on oil and gas production but reported a higher-than-forecast second-quarter loss. The Calgary-based company reported a net loss of $526 million on revenue of $3.7 billion in the three months ended June 30, down from a net profit of $1.2 ... Read More »

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Centerra Gold boosts dividend after Q2 profits surge to US$80.7 million

By The Canadian Press on July 31st, 2020

TORONTO – Centerra Gold Inc. is boosting its quarterly dividend by 25 per cent after reporting that earnings soared in its latest quarter on a 21-per-cent boost in revenues. The Toronto-based mining company says it will pay five cents per share, up from four cents. Centerra earned US$80.7 million or 27 cents per share in ... Read More »

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Reitmans future uncertain as it negotiates loan while Q1 losses surged

By The Canadian Press on July 31st, 2020

MONTREAL – Reitmans Canada Ltd. says its future remains uncertain as the insolvent women’s apparel retailer negotiates for interim financing. The Montreal-based company had $206.6 million in liabilities and $42.7 million of assets as of May 2, the end of its first quarter. In reporting its latest results, Reitmans says that “a material uncertainty exists ... Read More »

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Canada’s main stock index opens lower; U.S. markets move higher

By The Canadian Press on July 31st, 2020

TORONTO – Canada’s main stock index fell in early morning trading while U.S. markets were up moderately. The S&P/TSX composite index was down 50.69 points at 16,248.60. In New York, the Dow Jones industrial average was up 21.00 points at 26,239.00. The S&P 500 index was up 2.75 points at 3,251.50, while the Nasdaq composite ... Read More »

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Q2 condo sales down 50 per cent from last year, but prices are up: TRREB

By The Canadian Press on July 31st, 2020

TORONTO – The Toronto Regional Real Estate Board says condominium apartment sales in the region have fallen by since last year, but the average selling price is up. The board says there were 3,459 condominium apartment sales in the second quarter, down almost 51 per cent from 7,024 sales in the same quarter last year. ... Read More »

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DavidsTea first-quarter loss soars to $45.8 million as sales weaken

By The Canadian Press on July 31st, 2020

MONTREAL – DavidsTea Inc. says its net loss soared in its fiscal first quarter, a day after the insolvent beverage company announced it will shrink its retail network to 18 stores in Canada. The Montreal-based company says it lost $45.8 million or $1.76 per share for the three months ended May 2, compared with a ... Read More »

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SNC-Lavalin aiming for restructured resources business to be profitable next year

By The Canadian Press on July 31st, 2020

MONTREAL – SNC-Lavalin Group Inc. is restructuring its resources business with a goal of returning the segment to profitability next year while its overall operations lost less money in the second quarter. The Montreal-based company says it will focus only on profitable parts of the resources business in nine countries in the Americas and Middle ... Read More »

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