Bell says more cost restructuring possible as Q2 net earnings fall almost 40%
By Sammy Hudes, The Canadian Press on August 3rd, 2023
Following a quarter in which it began cutting 1,300 positions, shuttered six radio stations and closed two foreign news bureaus, BCE Inc. says more cost restructuring could be in store in response to declining ad revenue and regulatory hurdles. The Montreal-based telecommunications and media company reiterated the significance of those challenges on Thursday as it ... Read More »
Be the first to comment!Business jets still in hot demand — especially among charter firms rather than CEOs
By Christopher Reynolds, The Canadian Press on August 3rd, 2023
MONTREAL – Despite supply chain snarls, Bombardier boosted its second-quarter revenues amid ongoing demand for business jets as deliveries and aftermarket services ramped up, said CEO Éric Martel. “Our team successfully navigated a highly dynamic business environment that saw sustained demand for new and pre-owned jets, as well as steady service growth, all while supply ... Read More »
Be the first to comment!S&P/TSX composite down, U.S. markets mixed
By The Canadian Press on August 3rd, 2023
TORONTO – Canada’s main stock index fell in late-morning trading while U.S. markets were mixed. The S&P/TSX composite index was down 113.74 points at 20,104.47. In New York, the Dow Jones industrial average was down 44 points at 35,238.52. The S&P 500 index was down 12.97 points at 4,500.42, while the Nasdaq composite was up ... Read More »
Be the first to comment!Consumer and business insolvencies rising under weight of higher interest rates
By The Canadian Press on August 3rd, 2023
The Office of the Superintendent of Bankruptcy says both consumer and business insolvencies rose significantly in the second quarter amid heightened interest rates. The agency says the 31,224 consumer insolvencies in the April to June period were up 23.5 per cent compared with the same period last year, while business insolvencies rose 36.9 per cent ... Read More »
Be the first to comment!Saudi Arabia extends cut of 1 million barrels of oil a day through September, trying to boost prices
By The Associated Press on August 3rd, 2023
DUBAI, United Arab Emirates (AP) – Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other ... Read More »
Be the first to comment!Saudi Arabia extends cut of 1 million barrel of oil a day through September, trying to boost price
By The Associated Press on August 3rd, 2023
DUBAI, United Arab Emirates (AP) – Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi cut of 1 million barrels per day, which began in July, comes as the other ... Read More »
Be the first to comment!SNC-Lavalin beats earnings expectations as engineering services in hot demand in U.S.
By The Canadian Press on August 3rd, 2023
MONTREAL – SNC-Lavalin Group Inc. is raising its financial forecast for the year on the heels of healthy organic revenue growth, as the company cuts down on losses from contracts for large rail projects. The engineering firm is projecting organic revenue growth of between 12 and 15 per cent in 2023, more than double its ... Read More »
Be the first to comment!Peer-to-peer car-sharing turns a corner — but are you ready to rent out your car?
By Christopher Reynolds, The Canadian Press on August 3rd, 2023
When Jennifer Cummings flew down to Florida from St. John’s, N.L., last summer, she opted to arrive in style. The 41-year-old signed on to a “peer-to-peer” car-sharing site and rented a gleaming white Alfa Romeo SUV – from its private owner. “I went for the most exotic-looking car that was somewhat in my price range,” ... Read More »
Be the first to comment!Bell saw Q2 net earnings fall almost 40% as it began layoff of 1,300 workers
By The Canadian Press on August 3rd, 2023
MONTREAL – BCE Inc. says its net earnings tumbled almost 40 per cent in its most recent quarter as it began laying off 1,300 workers. The Montreal-based telecommunications company’s net earnings for the second quarter amounted to $397 million or 37 cents per common share compared with $654 million or 66 cents per common share ... Read More »
Be the first to comment!No injuries after timber beam falls from Hibernia offshore oil platform
By The Canadian Press on August 3rd, 2023
ST. JOHN’S, N.L. – Newfoundland and Labrador’s offshore petroleum regulator says nobody was injured in a potentially deadly accident on the deck of the Hibernia Platform last month. The Canada-Newfoundland and Labrador Offshore Petroleum Board says that on July 25, a 1.8-kilogram piece of timber dropped 15 metres onto the deck as a chemical tank ... Read More »
Be the first to comment!Stock market today: Wall Street opens lower as this year’s rally cools some more
By Joe Mcdonald, The Associated Press on August 3rd, 2023
NEW YORK (AP) – Stocks are falling again as Wall Street’s red-hot rally this year cools a bit more. The S&P 500 fell 0.5% early Thursday, on pace for a third straight loss after hitting a 16-month high. The Dow fell 118 points, or 0.3%, and the Nasdaq composite was down 0.5%. Treasury yields in ... Read More »
Be the first to comment!
