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TSX ekes out small gain despite energy losses as price of oil falls; U.S. markets up

Published Sat, 02 Nov 2024 10:35:36 GMT

TORONTO — Canada’s main stock index eked out a small gain Wednesday as broad-based gains led by utility and technology stocks outweighed losses in energy and battery metals, while U.S. markets rose, led by technology. The S&P/TSX composite index closed up 13.89 points at 19,034.81.In New York, the Dow Jones industrial average was up 127.17 points at 33,129.55. The S&P 500 index was up 34.30 points at 4,263.75, while the Nasdaq composite was up 176.54 points at 13,236.01.Investors are continuing to digest the idea that interest rates will remain higher for longer, a hard pill to swallow for the stock market, said John Zechner, chairman and lead equity manager at J Zechner Associates.But a pair of economic reports showing some cooling helped release the pressure Wednesday, with 10-year U.S. Treasury yields retreating throughout the day from their highest level since 2007.One report showed private sector hiring slowed by more than economists expected last month, while ano...

BlackBerry to separate cybersecurity and Internet of Things business units

Published Sat, 02 Nov 2024 10:35:36 GMT

WATERLOO, ONT. — BlackBerry Ltd. says it will carve its cybersecurity and Internet of Things business units into two independently operated entities. The Waterloo, Ont.-based technology company says it plans to pursue a subsidiary public offering for the Internet of Things business.BlackBerry has been evaluating a range of strategic alternatives to enhance shareholder value since May. The company lost US$42 million in the second quarter of its 2024 fiscal year as revenue from Internet of Things rose four per cent while cybersecurity revenue was down 40 per cent. BlackBerry CEO and executive chair John Chen says in a press release that the new proposed structure will increase operational agility for the two business units. The company says each business will be able to pursue its own distinct strategy and capital allocation policy.This report by The Canadian Press was first published Oct. 4, 2023.Companies in this story: (TSX:BB)The Canadian Press

Stock market today: Wall Street rises after getting some relief from the bond market and oil prices

Published Sat, 02 Nov 2024 10:35:36 GMT

NEW YORK (AP) — Wall Street rose Wednesday after getting some relief from relaxing bond yields and falling oil prices.The S&P 500 climbed 0.8% to claw back more than half its sharp tumble from a day earlier, which sent it to a four-month low. The Dow Jones Industrial Average rose 127 points, or 0.4%, a day after erasing the last of its gains for the year so far. The Nasdaq composite led the market with a gain of 1.4%.Stocks have struggled since the summer under the weight of soaring Treasury yields in the bond market. High yields undercut stock prices by pulling investment dollars away from stocks and into bonds. They also crimp corporate profits by making borrowing more expensive.The yield on the 10-year Treasury, which is the centerpiece of the bond market, pulled back from its highest level since 2007, down to 4.73% from 4.80% late Tuesday. Shorter- and longer-term yields also eased to allow more oxygen for the stock market.Yields fell following a couple reports indicating a ...

Aimia’s largest shareholder plans takeover bid for company

Published Sat, 02 Nov 2024 10:35:36 GMT

TORONTO — The largest shareholder of Aimia Inc. says it has become disillusioned and frustrated by the company’s board and management team, so it plans to make a bid to take Aimia private in a deal that would value the company at about $308 million.Under the proposal, Mithaq Canada Inc., a wholly-owned subsidiary of Mithaq Capital SPC, says it intends to offer $3.66 per share in cash for the stake in Aimia it does not already own.Aimia shares closed up 44 cents, or about 14 per cent, at $3.51 on the Toronto Stock Exchange Wednesday. Mithaq said it has tried to engage in talks with the Aimia board and management team.“However requests for such engagement have in some cases been rejected and, when discussions have taken place, any feedback that Mithaq has provided has been largely ignored,” the company said in a statement.Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as an investment holding company, said when it ...

TC Energy closes sale of 40 per cent stake in Columbia gas and gulf pipelines

Published Sat, 02 Nov 2024 10:35:36 GMT

CALGARY — TC Energy Corp. says it has closed its previously announced sale of a 40 per cent stake in its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.3 billion. The proceeds from the all-cash sale will be used to pay down some of TC Energy’s debt.The Calgary-based pipeline company had announced an asset divestiture program last fall, stating at the time it would seek to sell off at least $5 billion in non-core assets by the end of 2023.The Columbia Gas and Columbia Gulf pipelines span more than 24,000 kilometres across North America.They deliver a substantial portion of daily U.S. natural gas demand, including approximately 20 per cent of U.S. liquefied natural gas (LNG) export supply.TC Energy will remain the operator of the pipelines, and will jointly fund their annual maintenance, modernization and growth together with Global Infrastructure Partners.This report by The Canadian Press was first p...

Toronto paramedics forced to call in back-up after running out of ambulances earlier this week: union

Published Sat, 02 Nov 2024 10:35:36 GMT

The Toronto Paramedics union says a “code red alert” issued on Monday serves to highlight the lack of resources available in the city.The alert means there were no available ambulances in Toronto and they were forced to request emergency aid from bordering municipalities on Monday.“That day was so bad, patients were waiting up to eight hours for an ambulance so they had to call on surrounding municipalities. It’s supposed to be a world-class service and you’re basically begging your neighbours for help,” said Mike Merriman, Chair of Toronto Paramedic Unit union.CODE RED ALERT! ????NO AMBULANCES AVAILABLE IN TORONTO. Yesterday, Toronto Paramedic Services requested emergency aid from more well-prepared and staffed bordering municipalities. Please be safe!#statuscodered #codered #toronto #thesix #paramedics #CUPE #local416 pic.twitter.com/ACfQDzAcJ1— TO Paramedic Union (@416TPSUnit) October 3, 2023CUPE Local 416 described the municipalities as ...

Movie Review: In ‘Fair Play,’ a battle of the sexes on Wall Street

Published Sat, 02 Nov 2024 10:35:36 GMT

The disquieting root of Chloe Domont’s slinky, slick feature debut “Fair Play” lies in the face of Luke (Alden Ehrenreich) as he learns that his fiance Emily (Phoebe Dynevor) has been given the promotion at their Wall Street hedge fund he thought was his.“Congratulations,” he says with a grin that looks more like a grimace. “That’s amazing.”Ehrenreich, a cunning actor here given a part to chew on, conveys the moment with the just right mix of of support for Emily and shattering woundedness. Up to this point, we’ve seen Emily and Luke as only a swoon-worthy romantic pair deeply in love with one another. In the film’s breezy opening moments, they slip away from a party to have sex in a bathroom. After, Luke kneels to propose.But the engagement ring lies ominously on the counter when both dress in the morning for work in their their Chinatown apartment at the same high-powered hedge fund in downtown New York. They’ve left some inner version of their selves...

Chicago's Hare BnB helping rabbits find homes

Published Sat, 02 Nov 2024 10:35:36 GMT

CHICAGO — You often hear about dog or cat rescue groups. But bunny rescues? Not so much.The Dumped Bunny Rescue Gang at the Red Door Animal Shelter is busy and brimming with bunnies in need of homes. "We have 51 strays at Red Door and 303 surrender request so far this year,” volunteer Julie Dorian said. “And 198 field rescues by the Dumped Bunny Group."When Red Door hits capacity, Dorian and other foster parents, pick up the slack. More from Erin: Doctor, retired music teacher team up to bring healing music to suburban hospital "You can't just set them free in the wild cause they won't make it,” she said. “And that's when we need to go out and find them and take care of them and that's what we do."Red Door hopes to find fosters and  forever homes for the hundreds of other bunnies they take in each year.Red Door operates not only the shelter but also a bunny boarding facility called Hare BnB. 

Settlement reached in CSL Behring in Bradley strike saga

Published Sat, 02 Nov 2024 10:35:36 GMT

BRADLEY, Ill. — Nearly one week after hundreds of workers at a medical plant in Bradley walked off the job, an agreement has been reached that will end the strike at CSL Behring in Kankakee County. A new, three-year collective bargaining agreement between CSL Behring and UFCW/ICWU Local 498-C was ratified on Wednesday, ending a six-day strike.The contract for union workers at CSL Behring in Bradley, Illinois expired Wednesday, Sept. 27. READ MORE: Illinois DCFS director resignsWGN News reported last week that, unlike many strikes, the two sides were not necessarily at odds over money and benefits but rather outsourced work to non-union workers."We wanted the guarantee of a job," a picketer told WGN News last week. "What good is an 11% raise over three years if we don't have a job when we come back because the company has outsourced it?"CSL Behring is Kankakee County’s largest manufacturing facility, with more than 1,500 workers. More than 700 are members of the UFCW/ICWU Local 498-C...

When will Tropical Storm Philippe hit the US?

Published Sat, 02 Nov 2024 10:35:36 GMT

(NEXSTAR) – Tropical Storm Philippe, which drenched the Caribbean Wednesday, is on a path to potentially impact the northeastern U.S. later this week. The storm was projected to reach northeastern states Saturday afternoon into evening, before moving into Canada on Sunday, according to the National Hurricane Center's 5 p.m. outlook on Wednesday. If Philippe stays on track and hits New England, the primary concern would be heavy rain. 70% chance of ‘strong’ El Niño: How long will it last? "Bringing all this tropical moisture – especially this late in the season – up into the Northeast, if this materializes and stays on track, it could be a big rainmaker," said Jamie Rhome, deputy director of the National Hurricane Center, told FOX in an interview. The National Hurricane Center's update on Wednesday, Oct. 4, shows the potential wind impact of Tropical Storm Philippe as it moves north. (Map: NHC/NOAA)The National Hurricane Center's update on Wednesday, Oct. 4, shows the potenti...