July 26th, 2017

Business

Federal housing agency says downturn in Toronto housing market to be short-lived

By The Canadian Press on July 26th, 2017

TORONTO – The federal housing agency says the current downturn in Toronto’s housing market is expected to be short-lived. Canada Mortgage and Housing Corp. says Toronto property prices, which have fallen over the last couple of months, should pick up again as demand bounces back. The Ontario government introduced measures in the spring, including a ... Read More »

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Ford’s 2Q profit better than expected despite CEO turmoil

By Dee-Ann Durbin, The Associated Press on July 26th, 2017

DEARBORN, Mich. – Ford Motor Co. had a better-than-expected second quarter despite lower sales and upheaval in its executive ranks. Net income rose 4 per cent to $2 billion, thanks to a change in the company’s tax rate and a strong performance from its credit arm. Ford’s new CEO Jim Hackett called it “a solid ... Read More »

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Loblaw expects higher minimum wage rules will increase its labour costs by $190M

By Linda Nguyen, The Canadian Press on July 26th, 2017

TORONTO – Loblaw Companies Ltd. (TSX:L), Canada’s largest grocery and drug store operator, warned Wednesday that minimum wage increases in Ontario and Alberta threaten to harm its bottom line and it will have to find ways to cut costs. The company, which owns Shoppers Drug Mart and grocery chains including Loblaws and No Frills, estimates ... Read More »

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Housing agency maintains ‘strong’ risk for national real estate market

By The Canadian Press on July 26th, 2017

TORONTO – Canada Mortgage and Housing Corp. is keeping its overall risk rating for the national housing market at strong. The federal housing agency says overvaluation at the national level remains moderate and strong evidence is seen in Toronto, Vancouver, Hamilton and Victoria. Toronto and Hamilton continue to show strong evidence of overall problematic conditions ... Read More »

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TSX registers small gain as energy prices rise; Wall Street awaits Fed decision

By The Canadian Press on July 26th, 2017

TORONTO – Canada’s main stock index registered a small gain this morning as rising oil prices helped provide some lift. The Toronto Stock Exchange’s S&P/TSX composite index was up 10.09 points to 15,212.46, after 90 minutes of trading. The Canadian dollar was trading at 79.79 cents US, down from Tuesday’s average price of 79.96 cents ... Read More »

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Nintendo records quarterly profit on Switch sales success

By Yuri Kageyama, The Associated Press on July 26th, 2017

TOKYO – Japanese video-game maker Nintendo Co. has reversed into profit for the April-June quarter from losses the previous year, boosted by the popularity of its Switch hybrid game machine. Kyoto-based Nintendo reported Wednesday a profit of 21.26 billion yen ($190 million) for the fiscal first quarter, improving from a 24.5 billion yen loss for ... Read More »

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Cineplex signs partnership with Topgolf, plans to open multiple venues in Canada

By The Canadian Press on July 26th, 2017

TORONTO – Cineplex (TSX:CGX) has signed an exclusive partnership deal to open Topgolf entertainment complexes across the country over the next several years. Topgolf combines a driving range with other games and entertainment options including point-scoring golf games that feature microchipped balls. Locations are typically three-level venues that offer food and drinks, big screen TVs ... Read More »

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‘Pharma Bro’ won’t stop talking, except to jury in trial

By Tom Hays, The Associated Press on July 26th, 2017

NEW YORK – “Pharma Bro” Martin Shkreli has kept up his trademark trolling on social media during his securities fraud trial – calling the case “bogus” – but the jury won’t hear him defend himself in court. The government’s last witness testified on Tuesday, a day after a lawyer for the former biotech CEO told ... Read More »

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Trump assails GOP senator who opposed health care bill

By Alan Fram, The Associated Press on July 26th, 2017

WASHINGTON – President Donald Trump accused Alaska Sen. Lisa Murkowski, a fellow Republican, of disappointing the country by opposing the GOP effort to demolish the Obama health care law, after initial votes demonstrated the party will be hard pressed to make any sweeping changes in the statute. Senators planned to vote Wednesday on a Republican ... Read More »

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Business software firm OpenText signs deal to buy U.S. company Guidance Software

By The Canadian Press on July 26th, 2017

WATERLOO, Ont. – Business software company OpenText (TSX:OTEX) has signed a deal to buy Guidance Software in a deal that values the forensic security firm at US$222 million. Under the deal, the Waterloo, Ont.-based firm has agreed to pay US$7.10 per share for Guidance Software. OpenText says the acquisition is expected to complement its portfolio ... Read More »

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Tembec reports second-quarter profit up from year ago ahead of takeover vote

By The Canadian Press on July 26th, 2017

MONTREAL – Tembec Inc.(TSX:TMB) says it earned $17 million in its latest quarter, up from $9 million in the same quarter a year ago. The forestry company says the profit for the quarter ended June 24 amounted to 17 cents per share compared with a profit of nine cents per share in the same period ... Read More »

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