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- TSX gains as energy, financials stocks move higher
- Tue, 01 Dec 2015 14:07:14 -0500 -
Canada's main stock index rose on Tuesday, led by gains in the heavyweight energy and financial sectors as crude oil prices steadied and two of the country's main banks reported quarterly earnings. Bank of Montreal rose 1.4 percent to C$78.17 after reporting higher profit and upping its dividend, while Bank of Nova Scotia was flat at C$60.88 after its quarterly report. Energy stocks climbed 1.1 percent, with Suncor Energy Inc up 1.1 percent to C$37.31 and Cenovus Energy Inc advancing 2.9 percent to C$20.34.
- Bank of Montreal posts higher quarterly profit on U.S. unit growth
- Tue, 01 Dec 2015 07:20:27 -0500 -
TORONTO (Reuters) - Bank of Montreal , Canada's fourth largest bank, reported a higher fourth-quarter profit on Tuesday, boosted by growth in its U.S. personal and commercial banking unit. Net income for the quarter ended October 31 was C$1.21 billion, or C$1.83 per share, compared with C$1.07 billion, or C$1.56 per share, in the fourth quarter of 2014. Excluding items, earnings were C$1.90 per share. Analysts on average had expected earnings of C$1.74 a share, according to Thomson Reuters I/B/E/S. (Reporting by John Tilak)
- TSX rises on gains for resource stocks, financials
- Mon, 30 Nov 2015 18:04:32 -0500 -
By Fergal Smith TORONTO (Reuters) - Canada's main stock index rallied on Monday, led by strength in resource stocks and as financials rose ahead of bank earnings reports this week but the index lost 0.4 percent in November. The market saw some month-end rebalancing, according to Youssef Zohny, portfolio manager at StennerZohny Investment Partners of Richardson GMP in Vancouver. The Toronto Stock Exchange's S&P/TSX composite index closed up 101.59 points, or 0.76 percent, at 13,469.83, with eight of the index's 10 main groups in positive territory. The energy group rallied 1. ...
- Nigeria's distributable revenues rose in October to 473.83 bln naira: finance ministry
- Mon, 30 Nov 2015 09:12:24 -0500 -
Nigeria's distributable revenues to the three tiers of government rose in October to 473.83 billion naira, up 21.5 percent from September, boosted by higher non-oil earnings, the finance minister said. "Non-oil revenue recorded a significant improvement in the month," Finance Minister Kemi Adeosun said. Nigeria, Africa's top oil producer and biggest economy, relies on crude sales for about 70 percent of its government revenues.
- South Africa's Naspers lifts 1st-half profit, internet unit robust
- Fri, 27 Nov 2015 09:56:35 -0500 -
South African e-commerce and media group Naspers reported a 41 percent jump in half-year profit on Friday, helped by a big contribution from its Chinese internet unit Tencent. Naspers, which owns more than a third of China's biggest social network and online entertainment firm, said core headline earnings per share totalled 2,098 cents in the six months to the end of September compared with 1,486 cents a year earlier. Sales rose 24 percent to 74.3 billion rand ($5.20 billion)driven by strong growth in the e-commerce segment that includes Tencent, the Cape Town-based company said in a statement.
- TSX ekes out gain on financials, materials; energy weighs
- Thu, 26 Nov 2015 16:26:19 -0500 -
By Alastair Sharp TORONTO (Reuters) - Canada's main stock index rose marginally on Thursday, helped by gains for some heavyweight bank stocks ahead of their earnings next week and rising materials stocks, while energy names slipped in line with a fall in crude oil prices. The Toronto Stock Exchange's S&P/TSX composite index ended up 21.77 points, or 0.16 percent, at 13,425.19. That was its third straight move of less than 0.2 percent, with volumes at roughly one-third typical levels with U.S. markets closed for Thanksgiving. Bank of Nova Scotia gained 1 percent to C$60. ...
- Deere's profit tops forecasts even as its sales fall sharply
- Wed, 25 Nov 2015 15:13:22 -0500 -
MOLINE, Ill. (AP) — Even though sales of its green tractors, bulldozers and other equipment fell sharply, Deere & Co. reported better-than-expected fourth-quarter earnings as it cut costs.
- Deere sees weak equipment sales in 2016 as farm economy remains soft
- Wed, 25 Nov 2015 14:38:28 -0500 -
(Reuters) - Deere & Co on Wednesday reported a drop in quarterly earnings that was not as steep as Wall Street expected and gave a less dire outlook than analysts had feared, saying it was well-positioned to weather a worsening slump in demand for its farm equipment.
- Rosneft beats expectations and crude prices to boost profits
- Wed, 25 Nov 2015 06:38:19 -0500 -
Cost cutting helped Russian oil company Rosneft beat both low crude prices and analyst expectations to post Wednesday sharply higher third quarter earnings. "Despite a challenging economic environment, the company keeps improving its efficiency," said Rosneft's chief executive Igor Sechin. "This is demonstrated by keeping operating costs in ruble terms at a sustainable level" despite a 12.0 percent increase in industrial prices in the Russian economy, he added.
- Thomas Cook logs first annual profit for five years
- Wed, 25 Nov 2015 05:29:47 -0500 -
British travel operator Thomas Cook on Wednesday posted its first annual net profit for five years, despite the impact of terror attacks in Tunisia, thanks to cost-cutting efforts. Net profit, earnings after taxation, stood at £23 million ($35 million, 33 million euros) in the 12 months to the end of September, Thomas Cook said in a results statement. "2015 has been a year of real progress as good trading combined with rigorous cost control," said chief executive Peter Fankhauser.
- Maple Leaf Foods moving to cut 300 to 400 jobs: sources
- Tue, 24 Nov 2015 19:39:27 -0500 -
By Euan Rocha and Rod Nickel TORONTO/WINNIPEG (Reuters) - Canadian meat packager Maple Leaf Foods is cutting some 300 to 400 jobs, mainly at the corporate level, after pushing back its timeline for hitting a key profitability target last month, according to two sources familiar with the matter. Maple Leaf, one of Canada's biggest pork processors, rolled out a program in 2010 to boost earnings by shutting some plants and modernizing others. The new round of cuts come less than a month after Maple Leaf disappointed investors by delaying into 2016 its target for increasing earnings before interest, taxes, depreciation and amortization as a percentage of revenue to 10 percent.
- Carbon limits to put $2 trillion of coal, oil, gas projects at risk: report
- Tue, 24 Nov 2015 19:34:15 -0500 -
Up to $2 trillion in petroleum and coal projects will not be needed if the world takes action to limit warming of the planet to 2 degrees Celsius, according to a report released this week ahead of a global climate summit in Paris. The report adds to a string of studies warning investors that measures to curb carbon emissions will hit earnings at coal, oil and gas companies as the world shifts to cleaner energy. Europe's largest insurer, Allianz SE, this week joined a growing number of institutional investors like California's pension funds and Norway's sovereign wealth fund, to sell off coal investments.
- Bombardier says lower jet production to hurt revenue in 2016
- Tue, 24 Nov 2015 14:52:01 -0500 -
By Allison Lampert and Allison Martell MONTREAL/NEW YORK (Reuters) - Canada's Bombardier Inc warned on Tuesday a previously announced business jet production cut will drive down revenue in 2016, but said its long-delayed CSeries program will help sales at the plane and train maker top $25 billion by 2020. The Montreal-based company, which posted revenue of $20.1 billion last year, said it will have improved liquidity next year because of cash from Quebec's public pension fund and the provincial government, even as its 2016 earnings before interest and tax (EBIT) take a hit from CSeries ramp-up costs. "This is a long-cycle business," chief executive Alain Bellemare told analysts and shareholders at the company's investor day in New York.
- Strong dollar pressures Tiffany in 3rd quarter
- Tue, 24 Nov 2015 12:10:47 -0500 -
NEW YORK (AP) — Tiffany's fiscal third-quarter results missed analysts' estimates, hampered by a strong dollar and uncertain economic conditions. The luxury jeweler also lowered its full-year earnings guidance.
- US bank earnings rose 5.1 percent in July-September quarter
- Tue, 24 Nov 2015 11:25:21 -0500 - WASHINGTON (AP) — U.S. banks' earnings rose 5.1 percent in the July-September quarter from a year earlier, largely because of a drop in legal expenses for the largest financial services companies.
- In taking economic war to Islamic State, U.S. developing new tools
- Tue, 24 Nov 2015 01:28:32 -0500 -
By Yeganeh Torbati and Brett Wolf WASHINGTON (Reuters) - Since last month, U.S. warplanes have struck Islamic State's oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group's black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied in part on an unconventional source of intelligence: access to banking records that provide insight into which refineries and oil pumps are generating cash for the extremist group, current and former officials say. The intent is to choke off the Islamic State's funding by tracking its remaining ties to the global financial system. By identifying money flowing to and from the group, U.S. officials have been able to get a glimpse into how its black-market economy operates, people with knowledge of the effort have said.
- Algeria sees energy earnings, reserves dropping sharply in 2016
- Sun, 22 Nov 2015 10:06:21 -0500 -
By Hamid Ould Ahmed ALGIERS (Reuters) - Algeria's energy earnings are forecast to fall to $26.4 billion next year while foreign exchange reserves will dip to $121 billion after low oil prices cut into the OPEC nation's economy, Finance Minister Abderrahmane Benkhalfa said on Sunday. The North African state, a major gas supplier to Europe, has already said energy earnings will fall by 50 percent this year to about $34 billion. Algeria is considering higher taxes, import duties and a hike in subsidised diesel and electricity prices to help cover its deficit after the slump in crude oil prices eroded its revenues, according to a draft of its 2016 budget.
- U.S. bank earnings may be pressured by weak loan market: analysts
- Fri, 20 Nov 2015 17:20:51 -0500 -
"We know the trouble's there but I think a tougher credit market is kind of factored in to a lot of the thinking," said Sandler O'Neill analyst Jeff Harte. Analysts cautioned that any losses at this stage seem relatively small, and could be offset by gains in other parts of banks' bond trading businesses, such as Treasuries trading. Analysts have not been reducing bank earnings estimates in recent weeks as parts of the loan market have sputtered.
- Aetna, Anthem reassure investors on Obamacare business
- Fri, 20 Nov 2015 16:09:33 -0500 -
Aetna and Anthem said their individual insurance businesses, which include the plans created by President Barack Obama's national healthcare reform law, had performed in line with projections through October. The announcements came the day after UnitedHealth cut its earnings forecast and said it might exit the Obamacare exchanges in 2017.
- South Africa's Naspers flags higher H1 earnings
- Fri, 20 Nov 2015 01:59:03 -0500 - South Africa's Naspers expected interim profit for the first half to jump by up to 42 percent, the media giant said on Friday. Naspers, Africa's largest company by market value, said core headline earnings per share would likely come in a range of 20.93 rand and 21.70 rand, or between 37 and 42 percent higher. Headline EPS is a widely watched profit measure in South Africa that excludes certain one-off and non-trading items.
- Google names VMware co-founder Diane Greene to lead cloud push
- Thu, 19 Nov 2015 18:29:05 -0500 -
Google Inc, a unit of Alphabet Inc, said it appointed VMware Inc co-founder and industry veteran Diane Greene to run its cloud business, as CEO Sundar Pichai pushes ahead with efforts to gain share in the fast-growing market. Pichai has made selling cloud storage space to enterprises a growing priority for the company to take on rivals Amazon.com Inc and Microsoft Corp. "Every businesses in the world is going to run on cloud eventually," Pichai said on a post-earnings call in October.
- Wage pressures coming? U.S. companies start to sound the alarm
- Thu, 19 Nov 2015 17:14:24 -0500 -
By Caroline Valetkevitch NEW YORK (Reuters) - Early indications of wage pressures in pockets of corporate America have begun emerging in recent weeks, suggesting labor costs could be a bigger headwind for U.S. companies in 2016. Over the course of the latest corporate earnings reporting season, executives from nearly 20 S&P 500 companies have flagged labor costs, shortages or wage pressure as headwinds. Now, though, a combination of rising U.S. payrolls, political pressures to increase state and federal minimum wages and some industry-specific issues, such as expensive labor contracts in the airlines and automakers and labor shortages in construction, could finally be gelling to force up labor costs.
- German industry giant ThyssenKrupp posts strong profit rise
- Thu, 19 Nov 2015 05:35:35 -0500 -
German heavy industry giant ThyssenKrupp said Thursday it had booked a strong boost in profit for the 2014-2015 business year and forecast healthy growth for the current year. ThyssenKrupp, which runs its business year from October to September, said that adjusted earnings before interest and taxes (EBIT) climbed by 26 percent to around 1.7 billion euros ($1.8 billion). Net profit surged 37 percent to 268 million, while turnover climbed four percent to 42.8 billion euros.
- South Africa's Tsogo Sun posts earnings rise but warns on outlook
- Thu, 19 Nov 2015 02:10:16 -0500 - Tsogo Sun Holdings Ltd, Africa's biggest hotels and gambling operator reported a 9 percent rise in adjusted headline earnings per share for the six months ended Sept. but warned business was under pressure due to a subdued economy. "We expect trading conditions to remain under pressure due to the ongoing macro-economic conditions and weak consumer sentiment," Tsogo Sun Chief Executive Office Marcel von Aulock said in a statement. The company which also operates hotels in several other countries such as Nigeria, Kenya and Mozambique, said revenue from outside South Africa had increased by 34 percent compared to the previous six months.
- Gold Fields mulls further investment in Ghana mine as bullion price sinks
- Thu, 19 Nov 2015 02:04:46 -0500 -
South Africa's Gold Fields Ltd is considering putting its Damang mine in Ghana "under care and maintenance" until gold prices recover, the bullion producer said on Thursday. Gold Fields, which posted flat normalised earnings for its third quarter, said Damang did not benefit from weaker currencies like its mines in other regions and this made it more exposed to sinking gold prices. The spot price of gold fell about 5 percent over the three months through September on bets that the U.S. central bank would raise interest rates, denting the metal's safe-harbour appeal.