Thursday , February 25 2021

TSX achieves momentum – Business News

| History:

The energy, financial and material sectors contributed to boost Canada's main stock index in afternoon trading.

The index composed of S & P / TSX increased 66.95 points at 15,445.57.

In New York, Dow Jones's industrial average increased by 28.50 points to 24,556.72. The S & P 500 index dropped 7.47 points at 2.636.38, while the Nasdaq composite dropped 56.60 points at 7,029.09.

The Canadian dollar sold 75.38 US compared to an average of 75.39 cents US dollars on Monday.

The March crude contract of up to US $ 1.36 to 53.35 US dollars per barrel and the natural gas contract in March dropped 3.2 cents at USD 2.84 per mmBTU.

February's February contract amounted to $ 6.50 to $ 1,309.60 an ounce and the March copper contract increased 2.95 cents to $ 2.71 per pound.


January 29, 2019 / 8:03 a.m. | History:

UPDATE 8:04 a.m.

US consumer confidence dropped this month to its lowest reading in a year and a half, proved by the partial shutdown of government and financial markets in crisis. Still, the spirits of consumers are still robust with historical standards.

The Board of the Conference, a business research group, said yesterday that its consumer confidence index dropped to 120.2 in January, dropping from 126.6 in December and the lowest level since July 2017 .

The index measures the consumer's assessment of the current economic conditions and their expectations for the next six months. Both decreased in January. Consumer expectations for the future dropped to the lowest point since October 2016.

The government reopened on Monday after the 35-day stop, the longest federal closure in US history. It is expected that the closure causes a mild and permanent damage to the economy: about 3,000 million dollars, according to a new government report.

The decline in January "is more the result of a temporary shock that is a precursor to a significant slowdown in the coming months," said Lynn Franco, senior director of economic indicators of the Board of the Conference. He noted that "shock events" such as government closures "tend to have strong, but temporary, impacts on consumer confidence."

The US economy is healthy. Economic growth accelerated at an accelerated annual rate of 3.4% between July and September, after an increase of 4.2 percent in the second quarter. At 3.9 percent, the unemployment rate is close to its lowest level in five decades.

The US stock market is stricter after its wild gyrations and its great losses at the end of last year. However, investors are very concerned. The Federal Reserve has gradually increased interest rates. A government report issued on Monday predicts that US economic growth will be delayed, as the effects of President Donald Trump's fiscal reductions on businesses are beginning to decline. The report of the Congressional Budget Office considers that the economy grows by 2.3 percent this year, a marked slowdown of 3.1 percent in 2018.

Global growth is firing. And the US and China, the two largest economies in the world, are closed in a commercial war that threatens to disrupt world trade.

ORIGINAL 7:31 a.m.

US consumer confidence fell this month, proved by the partial shutdown of government and troubled financial markets. Still, the spirits of consumers are still robust with historical standards.

The Board of the Conference, a business research group, said yesterday that its consumer confidence index was reduced to 120.2 in January, with a decrease of 126.6 in December.

The index measures the consumer's assessment of the current economic conditions and their expectations for the next six months. Both decreased in January.

January 29, 2019 / 6:59 a.m. | History:

China called on the government of the United States to "stop the irrational reasoning" in Huawei after the United States intensifies the pressure on the technology giant, tormenting it to charge technology and violate sanctions against Iran .

The Chinese government will "firmly defend" their companies, a statement from the Foreign Ministry said. He did not give any indication as to whether Beijing could retaliate for charges against Huawei, the world's leading technology brand in China and the largest computer switching machine for telephone and internet companies.

The United States' pressure on China is willing to intensify even more when the heads of intelligence brief Tuesday in the Congress on global threats, which are expected to include Chinese cyberspace and Huawei.

Huawei Technologies Ltd., which has spent a decade fighting US accusations, is a front for the Chinese spy, denied having committed any of the violations mentioned in the Monday accusation.

The Foreign Ministry complained that Washington had "mobilized state power" to hurt Chinese companies "in an attempt to strangle fair and fair operations."

"We urge the United States urgently to halt the irrational repression of Chinese companies such as Huawei," said the statement read on state television. He said that Beijing will defend the "legal rights and interests of Chinese companies," but did not give details.

Charges without closing on Monday by the Department of Justice accused Huawei of trying to carry a piece of a robot and other technologies of a T-Mobile lab that was used to try smartphones. Huawei passed Apple in mid-2018 as the world's second-largest smartphone after Samsung.

The American charges did not include any claim that Huawei would work at the Chinese government's leadership. But the US government has previously accused China of involvement in cybernetics and theft of industrial secrets. He has accused various Chinese hackers and intelligence officials.

Huawei is also accused of using a Hong Kong front company, Skycom, to trade with Iran in violation of United States controls. Prosecutors allege that the Huawei financial officer, Meng Wanzhou, lied banks about these negotiations.

Meng, daughter of the Huawei founder, Ren Zhengfei, was arrested on December 1 in Vancouver, a development that sparked a violent crisis between China and Canada.

China arrested two Canadians shortly after the arrest of Meng in an apparent attempt to pressure Canada to release it. A Chinese court also condemned a third Canadian death in a resurgence of a new drug case, annulling a prison term of 15 years earlier.

"We demand that the United States immediately remove the arrest warrant against Miss Meng Wanzhou and stop doing such extradition requests," said a spokeswoman for the Ministry of Foreign Affairs , Geng Shuang. "We demand that Canada submit the solemn position of China seriously, immediately release Ms. Meng Wanzhou and protect her legitimate and legal rights."

Huawei, based in the southern city of Shenzhen, near Hong Kong, has rejected the US charges.

January 29, 2019 / 5:27 a.m. | History:

Metro Inc. It increased its dividend as it reported a first quarter profit of $ 203.1 million.

The drug and drug company says it will pay a quarterly dividend of 20 cents per share, with an increase of 18 cents per share.

Metro reported that its profit amounted to 79 cents per diluted share during the 12 weeks ended December 22, compared to a profit of about $ 1.3 billion or $ 5.67 per diluted share during the same period of the previous year.

At that time, he benefited from the sale of his participation in Alimentation Couche-Tard Inc. to help fund your agreement to buy Jean Coutu Group Inc.

Adjustedly, Metro says he got 172.2 million dollars or 67 cents per diluted share during its last quarter, up to a adjusted profit of 126.7 million dollars or 55 cents per diluted share one year before

Average analysts expect a profit of 68 cents per share for the quarter, according to Thomson Reuters Eikon.

The first quarter sales of the company amounted to $ 3.98 million, reaching $ 3,115 million in the previous year.

January 28, 2019 / 2:14 pm | History:

The US Department of Justice formally clarifies 23 criminal charges against Chinese technology, Huawei Technologies, several subsidiaries and the financial director Meng Wanzhou.

The charges allege, among other things, that the company erroneously represented the property of a Hong Kong-based subsidiary to prevent US sanctions against Iran, and steals telecommunications technology, the commercial secrets and the equipment of the American mobile provider T-Mobile USA.

The acting prosecutor, Matt Whitaker, says the department is handling its extradition efforts against Meng, who was detained on December 1 at the request of the US when he arrived at the Vancouver airport.

Whitaker and FBI director Christopher Wray thanked the Canadian authorities for their help.

The arrest of Meng almost two months ago led to an ongoing diplomatic rage that led to Sunday on behalf of John McCallum as Canadian ambassador to China after publicly expressing his confidence in fighting against the # 39; extradition to the United States.

The charge news occurs when the White House plans for a team of high-level economic advisors who meet with a delegation from China the following week to talk about trade between the two countries.

United States Trade Representative Robert Lighthizer, Finance Secretary Steven Mnuchin, and Trade Secretary Wilbur Ross will participate in the two-day talks as of Wednesday, along with the economic adviser to the United States. president, Larry Kudlow, and business consultant Peter Navarro.

White House spokeswoman Sarah Sanders says the two events are not related.

January 28, 2019 / 12:30 p. M | History:

California's uncontrollable California forest fire insurance claims reached $ 11,400 million, making the fire series one of the most expensive in the history of the state, according to officials said.

More than $ 8 billion of these losses come from the fire that overthrowed the city of Paradise, killed 86 people and destroyed approximately 15,000 households, state security commissioner Ricardo Lara said. About $ 3 billion damage is related to two forest fires in southern California that were lit during the same week.

"We have a long way to go before we can hear ourselves again," Lara said after announcing the numbers.

The total of 11,400 million dollars is slightly below the losses demanded by the 2017 forest fires that got rid of the country of California wine in October and southern California in December.

While many more homes were destroyed in forest fires in the past year, household values ​​are much lower in California's rural communities, officials said last year.

Losses may continue to increase. In total, forest fire insurance claims in California last year approached $ 12,400 million, Lara said.

The new numbers arrive as Pacific Gas & Electric Corp., the nation's largest utility, is preparing to file a bankruptcy statement as early as Tuesday. State officials have not yet determined the cause of forest fires last year, but PG & E teams are suspect in the lightning Paradise.

The law of California makes public services fully responsible for damage caused by forest fires caused by their equipment, even if the utility is not negligent. PG & E has said it faces billions in potential fire damage.

Regardless of what happens with the utility, California insurers are willing to pay all claims, most of which were filed by residential landlords, Lara said.

"We are sure that insurers have the money to make sure we make the whole population," Lara said.

January 28, 2019 / 11:14 am | History:

Financial analysts say fourth-quarter results of the largest oil and gas companies in Canada are likely to present some surprises, as well as revisions of the forwarding plans, given a great volatility in commodity prices in the last three months of the year 2018.

The results show and phone calls begin Friday with Imperial Oil Ltd. and continues next Tuesday with Suncor Energy Inc.

During the quarter, US oil prices dropped 16% from the previous period to an average of 58.79 US dollars per barrel, but Canadian prices were much more affected thanks to the discounts attributed to the D & # Export complete, according to RBC Capital Markets.

These discounts resulted in an average 59 percent drop in Western Canadian Select and 45 percent for lightweight Edmonton Par crude oil dropped to normal or low levels in December after the government d & # 39; Alberta announced a reduction in production as of January 1.

Analysts say they expect many questions for executives from the top 25 operators affected by cuts on how they are treated and what will be the impact on production and future profits.

They also expect many investors' interests in prospects for shipments of crude oil by rail, as the stricter differences between Canadian and US oil prices make the shipping option less economically attractive .

"With no readily available data on Alberta oil inventories, the time to withdraw compulsory production paths is still a great question mark," said the analyst at Tudor Pickering Holt & Co. in a report.

"We hope the issue is highly timed in conference calls."

January 28, 2019 / 8:32 a.m. | History:

The blackout of the federal government will cause a slight and permanent damage to the economy: about 3,000 million dollars, according to a report from the Office of Budget of the Congress.

The report says the five-week stop has slowed down growth in the short term, but that most of the lost growth "will be recovered eventually."

In general, CBO predicts that only 3,000 million dollars will be lost permanently in gross domestic product lost, a modest figure of an economy of more than $ 20 trillion. At the end of the year, according to CBO, the GDP would be only 0.02 smaller because of the closure, which closed many national agencies. Most of the 800,000 furlugos federal workers return to their jobs on Monday.

More broadly, the report estimates that the fall in GDP growth will reach 2.3 percent this year, as the effects of the reduction of taxes from President Donald Trump to corporate investment start at step down. He also says that the US budget deficit will reach $ 897 billion this year.

CBO accredits the 2017 fiscal invoice, which reduced corporation and individual income taxes by 1.9 trillion dollars in more than a decade, with a growth explosion last year, but says that this year "the impetus that the recent fiscal legislation gave to companies is fading."

The report arrives as the government opens after a partial 35-day stop. The CBO says that the shutdown will have a modest negative impact on the economy, reducing projections of economic growth by 0.4% to 2.1% in the first quarter, although it is expected that The economy compensates for the rest of the year.

"The shutdown diminished economic activity mainly due to the loss of the contribution of federal workers to (gross domestic product), the delay in federal spending on goods and services and the reduction of aggregate demand "said the report.

"The underlying effects on the global economy are much more significant effects on individual companies and workers," CBO said. "Among those who experienced the biggest and most direct negative effects are federal workers who faced retarded compensation and private sector entities that lost their business activity. Some of these private sector entities never did they will recover this lost income. "

The CBO Report predicts an increase of $ 118 billion against the deficit of $ 779 billion last year. It is expected that the economy will grow 2.3 percent this year, a slowdown of 3.1 percent last year

The report is shipped in a divided Washington, where neither Trump nor the democrats that control the House will have to make the deficit more priority. In fact, Trump and lawmakers could increase spending for the Pentagon and other federal agencies, which would otherwise face cuts in obsolete budget titles that are the remainder of the 2011 budget treaty. And finally , Congress will face the pressure to make permanent provisions of the fiscal reductions of 2017 for people who, in any case, expire in 2025.

The agency also predicts that Trump's trade policies (higher tariffs on Chinese products and products as the imported steel) would only have a relatively modest negative impact on the economy.

January 28, 2019 / 8:26 a.m. | History:

Canada's main stock index was reduced to afternoon trade, as the energy sector was heavily amid lower prices for oil and natural gas.

The index composed of S & P / TSX lowered 23.35 points to 15.342.70.

In New York, the Dow Jones industrial average dropped 307.69 points to 24.429.51. The S & P 500 index dropped 28.33 points at 2.636,43, while the Nasdaq composite dropped 88.64 points at 7,076.22.

The Canadian dollar was trading at 75.39 US cents compared to an average of 75.44 US on Friday.

March's crude contract decreased US $ 1.82 to US $ 51.87 per barrel and March's natural gas contract decreased by 16.8 cents at US $ 2.90 per mmBTU.

February's February contract increased US $ 3.40 to $ 1,301.50 in the US, and the March copper contract went down 3.30 cents to $ 2.70 a pound.

January 28, 2019 / 7:50 a.m. | History:
247829 claims a partial victory after making a social media campaign designed to persuade Rogers and Bell to invest an increase in fees that indirectly affects a free two-way text message for teachers, students, and parents.

The company based in San Francisco had warned that it could not provide the free text version of its service to its Canadian users who had wireless plans with Rogers, Bell or their respective subsidiaries.

Remember this Friday in an email and on Twitter that Bell Canada had informed the company that it will invest the rate increase, but Rogers Communications Inc. I had not.

A spokesman for Bell said in an email to The Canadian Press that he has agreed to an extension of the old rates while the carrier works towards a long-term commercial agreement with Remind.

Rogers did not comment on the situation prior to the deadline for publication.

All companies have acknowledged that the Remind service can be accessed through a mobile data service, but these may incur a carrier fee.

The Remind app has several uses, including notifications about class assignments, emergency schedules and bidirectional communications between individual teachers, students, and parents.

Rogers and Bell said earlier that they do not have a direct contractual relationship with Remind, which accesses their networks through two intermediary companies, but they were willing to discuss a compromise.

No of the representatives of the companies would reveal the implied rates for messaging.

But Remington's Executive Director Brian Gray said in an interview that his annual costs would jump from "tens of thousands of dollars" to "hundreds of thousands of dollars" and the increase is untenable for the # 39 ; company at this stage of its development.

Gray said that Record does not use its platform as a method for distributing advertising and its revenue comes from the sale of a large-scale version of the service to schools and districts, a practice launched in January 2017 in the United States .

"In the long term, our plan would be to bring it to Canada and other markets. But there is not yet," Gray said.

Companies of this story: (TSX: RCI.B, TSX: BCE)

January 28, 2019 / 5:30 a.m. | History:

The name of BlackBerry Ltd. He has appointed Bryan Palma as president and none of the operations.

Palma was recently senior vice president of Cisco and general director of customer experience for the Americas.

Before joining Cisco, he was vice president of Boeing security and cyber security solutions.

Palma, who will inform the CEO and the CEO, John Chen, will be responsible for the company's basic products and services.

Supervise the computers that handle BlackBerry Technology Solutions, Enterprise Software and Services and Mobility Solutions.

The BlackBerry extended the Chen contract last year for five years until November 2023.

January 28, 2019 / 5:13 a.m. | History:

Daniel Sweeney has been a customer of Bell Canada for more than 20 years, but is about to change.

The reason for the division, according to the autonomous computer consultancy, is the unsatisfactory way that Bell has addressed his questions about his new customized marketing initiative.

Since December, the largest telecommunications and media group in Canada has offered customers a better selection of internal and external advertising, provided they give permission to analyze their behavior.

For this, Bell requested that his clients give permission to continue everything that he does with his home and cell phones, Internet, television, applications or any other service.

This is an opt-in program, in accordance with Canadian privacy guidelines, and Bell says there is no impact on the service for customers that exclude – unlike some services They will not work unless consumers give general consent.

"In our opinion, it is a positive service, it is totally optional, customer information is completely safe and never shared outside the company," said a spokesman for the company.

But Sweeney said that he only learned from Bell's new initiative through a report in early January. He immediately called Bell service for Bell service in two different days, after not finding more information on his account, but the call center representatives seemed unknown to the program and could not answer your questions.

Sweeney said that he is very sensitive about the compilation and use of his personal information, as well as about the potential for theft of hackers.

"I used to get (Bell) TV but I came back because they started telling me that they were going to follow my visualization habits. About a year ago," said Sweeney.

Now, he is preparing to reduce the ties with the company just when he selects alternative providers, because of deficiencies in the way Bell has informed him and other people he knows.

"I have definitely decided to stop my service, both on the phone and online," said Sweeney.

It is not alone In fact, there is growing evidence that people are generally more aware that their personal information has a monetary value and they want a larger share.

A report from the consulting firm Accenture states that, in 2019, "organizations must clearly show the return of users who share their data, from the share action to receive relevant products and services in return" .

"They will have to show what is there for the customer, ensuring that the exchange of data values ​​is right for them."

According to the Accenture estimate, however, there was an "overflow" understanding of the value of personal information by the end of 2018.

"While many people assume that their set of individual data is desirable for themselves, organizations want it more when it's part of the aggregated data," says the report.

Scott Weisbrod, who runs the Canadian team in the practice of Fjord Accenture consulting, will not discuss specifically Bell or other Canadian companies.

But Weisbrod said in an interview that attitudes about sharing personal information were changed for two events.

One was the revelation of Facebook in March of 2018 that had suspended in Cambridge Analytica, then a little-known data analysis company that had provided consultancy services to the Trump campaign during the US presidential elections.

The other event was the promulgation of the GDPR privacy law of the European Union in May, which caused a flood of requests for access to personal information.

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