August 14th, 2020

Business

Molson Coors sees second-quarter results weaken due to COVID-19 lockdowns

By The Canadian Press on July 30th, 2020

MONTREAL – Molson Coors Beverage Co. beat expectations even though COVID-19 lockdowns caused its net income and sales to plunge in its most recent quarter. The Montreal-based company, which reports in U.S. dollars, says its net income decreased nearly 41 per cent in the second quarter to $195 million. That equalled 90 cents per share ... Read More »

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Maple Leaf Foods rides retail demand to second-quarter profit

By Christopher Reynolds, The Canadian Press on July 30th, 2020

Maple Leaf Foods Inc. overcame a steep drop in restaurant and food supply sales last quarter to furnish a $25-million profit thanks to a revenue boost in pork, retail consumption and Asian demand. The meat giant raised sales by seven per cent $1.09 billion in the second quarter as consumers of its pork and plant-based ... Read More »

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DavidsTea to shrink network to 18 stores in Canada after renegotiating leases

By The Canadian Press on July 30th, 2020

MONTREAL – DavidsTea Inc. will shrink its retail store network to 18 Canadian locations as the insolvent beverage chain shutters 82 more stores in the country while dealing with the impact of COVID-19. The Montreal-based company says it is sending out lease termination notices for the stores and expects them to be wound down within ... Read More »

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Lack of demand for paper dings sales at Resolute Forest Products

By The Canadian Press on July 30th, 2020

MONTREAL – Resolute Forest Products Inc. saw weaker sales this spring compared with a year ago, as the economic downturn slashed paper shipments by 27 per cent. The Montreal-based company says it earned US$6 million, or seven cents per diluted share, on sales of US$612 million for the three months ending on June 30. That’s ... Read More »

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Crescent Point loses $145 million in Q2 on 73-per-cent revenue decline

By The Canadian Press on July 30th, 2020

CALGARY – Crescent Point Energy Corp. is reporting a $145.1 million loss in its latest quarter on a 73-per-cent decrease in revenues amid lower crude oil prices. The Calgary-based company says its losses amounted to 27 cents per diluted share for the three months ended June 30, compared with a profit of 36 cents per ... Read More »

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North American stock markets plunge on record drop in U.S. GDP in second quarter

By The Canadian Press on July 30th, 2020

TORONTO – North American stock markets plunged on a record 32.9-per-cent drop in the U.S. gross domestic product in the second quarter. The S&P/TSX composite index was down 187.14 points at 16,107.52. In New York, the Dow Jones industrial average was down 391.96 points at 26,147.61. The S&P 500 index was down 35.87 points at ... Read More »

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TC Energy net profits increase to $1.3 billion in Q2 despite lower sales

By The Canadian Press on July 30th, 2020

CALGARY – TC Energy Corp. is reporting higher net profits in the second quarter on asset sales even though revenues decreased. The Calgary-based company says it earned $1.3 billion or $1.36 per diluted share for the three months ended June 30, up from $1.1 billion or $1.21 per share a year earlier. The results included ... Read More »

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Gildan Activewear misses expectations as COVID-19 drives down sales

By The Canadian Press on July 30th, 2020

MONTREAL – Gildan Activewear Inc. missed expectations as it reported a large second-quarter loss after sales plunged 71 per cent amid widespread closures of customer stores because of COVID-19. The Montreal-based company, reporting in U.S. dollars, says it lost $249.7 million or $1.26 per diluted share, compared with a profit of $99.7 million or 49 ... Read More »

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Shaw Mobile launches in Alberta, B.C., alongside Shaw’s Freedom Mobile

By The Canadian Press on July 30th, 2020

CALGARY – The owner of Freedom Mobile has disclosed details of a new wireless service called Shaw Mobile, which will be in Alberta and British Columbia. Calgary-based Shaw Communications says the new service will combine elements of its wireless and residential fibre networks as well as its WiFi hotspots. It will offer three levels of ... Read More »

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1.4 million seek jobless aid as virus keeps forcing layoffs

By Paul Wiseman, The Associated Press on July 30th, 2020

WASHINGTON – More than 1.4 million laid-off Americans applied for unemployment benefits last week, further evidence of the devastation the coronavirus outbreak has unleashed on the U.S. economy. The continuing wave of job cuts is occurring against the backdrop of a spike in virus cases that has led many states to halt plans to reopen ... Read More »

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Maple Leaf Foods earns $25.7 million in Q2 on higher plant protein sales

By The Canadian Press on July 30th, 2020

MISSISSAUGA, Ont. – Maple Leaf Foods Inc. earned $25.7 million in its latest quarter on higher revenues led by a 41 per cent gain from its plant protein group. The company says its net income amounted to 21 cents per share for the three months ended June 30, compared with a loss of five cents ... Read More »

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