Business RSS
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US stock prices ease, recovering most of an early swoon, after Chinese manufacturing contracts
NEW YORK, N.Y. – Stock prices are slightly lower at midday on Wall Street after manufacturing contracted unexpectedly in China this month. The Dow Jones industrial average was down 10 points at 15,297 as of noon (1600 GMT), a loss of 0.1 per cent. It had been down 127 points in the early going following
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Toshiba buys Hamilton-based manufacturer of custom electric motors
HAMILTON – Toshiba International Corp. has agreed to buy the assets of Elettra Technology, a manufacturer of custom industrial electric motors that was born out of a former Canadian subsidiary of Westinghouse. Financial terms of the deal were not immediately available. Elettra’s current employees will operate the business, which will be renamed Toshiba Industrial Products
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US new home sales rise 2.3 per cent in April while median home prices hit record high
WASHINGTON – Sales of new homes rose in April to the second highest level since the summer of 2008 while the median price for a new home hit a record high, further signs that housing is recovering. New-home sales rose to a seasonally adjusted annual rate of 454,000 in April, the Commerce Department said Thursday.
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Loonie heads higher despite disappointing Chinese manufacturing data
TORONTO – The Canadian dollar headed higher Thursday despite weaker-than-expected manufacturing data from China. The loonie was ahead 0.21 of a cent to 96.62 cents US. HSBC reported that its preliminary Purchasing Managers Index fell to a seven-month low of 49.6 in May from April’s 50.4. Numbers below 50 indicate that activity is contracting. Analysts
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TSX, U.S. indexes drop as world markets plunge on Chinese data, Fed comments
TORONTO – North American markets drifted lower Thursday amid a plunge in Japanese markets and data that showed a contraction in Chinese manufacturing. The S&P/TSX composite index fell 142.30 points to 12,610.20. The Canadian dollar was ahead 0.38 of a cent to 96.79 cents US. On Wall Street, the Dow Jones industrials index dropped 118.42
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US unemployment aid applications drop 23,000 to 340,000, a sign of improvement in job market
WASHINGTON – The number of Americans applying for unemployment benefits fell 23,000 last week to a seasonally adjusted 340,000, a level consistent with solid job growth. The less volatile four-week average ticked down just 500 to 339,500, the Labor Department said Thursday. That’s close to the five-year low of 338,000 reached during the first week
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TD Bank second-quarter rises but comes in short of consensus estimates
TORONTO – TD Bank Group (TSX:TD) says it had a “solid” second quarter, with growth in most of its major sectors, but came up short of analyst estimates. The bank’s net income was up two per cent from a year ago $1.723 billion or $1.78 per share while its adjusted earnings were $1.8 billion, or
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UN forecasts slow global growth in 2013; austerity hurts Europe, US spending cuts a risk
Global economic growth is projected to gain slow momentum for the rest of the year, a United Nations economic forecast said Thursday. The U.N.’s Development Policy and Analysis Division released a mid-year update forecasting world gross product growth at 2.3 per cent in 2013, “a subdued pace” characterized by sub-par expansion and weak employment prospects.
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Jennifer Lopez to open cellphone stores aimed at Latinos, selling Verizon service
NEW YORK, N.Y. – “Jenny from the Block” wants the block to buy Verizon phones from her. Singer and actress Jennifer Lopez on Wednesday announced she’s opening a chain of 15 cellphone stores and a website under the Viva Movil brand. The aim is to sell Verizon phones and services to Latinos. The first store
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Stocks fall after Fed minutes show policymakers had weighed a pullback on its stimulus program
NEW YORK, N.Y. – Stocks are closing lower on news that several Federal Reserve policymakers favoured cutting back on stimulus programs as early as June if the economy continues to improve. The release of minutes of the Fed’s April 30-May 1 meeting reversed a surge earlier in the day. The Dow Jones industrial average fell
