TSX faces mixed bag as U.S. earnings impress, dollar rises

S&P/TSX composite hits highest close since March on strength of financials sector Toronto stock market dips on weakness in the energy and financials sectors The Toronto stock market looked ready to go slightly higher early Friday as strength from the U.S. earnings weighed against the fast approaching deadline for Cyprus to deal with its debt troubles. The Canadian dollar rose 0.03 of a cent to 97.66 cents US. Related news Dow Jones industrial futures were up 39 points at 14,386, while the broader S&P futures added 3.8 points to 1,542.90 and the Nasdaq futures rose 7.5 points to 2,777.25. Darden Restaurants, which owns the Olive Garden and Red Lobster chains, beat Wall Street expectations on earnings for the quarter Friday, as did luxury retailer Tiffany. And Nike said late Thursday that third-quarter profits spiked 55%. In Europe, Cyprus has again delayed a meeting in which parliament is due to discuss how its banks and government can be recapitalized after earlier this week rejecting a plan — backed by European leaders — to tax depositors. Cyprus’s banks have now been closed for a week and the European Central Bank has threatened to cut off an emergency program supporting them if a solution is not found by Monday. Canadian financial stocks will also be in the spotlight after Finance Minister Jim Flaherty unveiled tighter rules for mortgages in Thursday’s federal budget. The budget said the government will restrict banks’ ability to insure conventional mortgages, those with over 20% householder equity, to only those used in Canada Mortgage and Housing securitization programs. As well, it said it will prohibit the use of government-backed insurance — both on conventional and heavily leveraged mortgages — as collateral if they are not sponsored by CMHC. In commodities, the April crude contract on the New York Mercantile Exchange jumped 40 cents to US$92.85 a barrel. The May copper contract gained 2.7 cents to US$3.45 a pound and April gold bullion fell $9.50 to US$1,604.30 an ounce. Britain’s FTSE 100 was off 0.1% at 6,381.66, Germany’s DAX lost 0.3% to 7,906.76 and France’s CAC-40 shed 0.6% to 3,752.79. Japan’s benchmark Nikkei 225 plummeted 2.4% to close at 12,338.53, Hong Kong’s Hang Seng lost 0.5% to 22,115.30, while South Korea’s Kospi fell 0.1% at 1,948.71. Benchmarks in Singapore, Taiwan and Indonesia also fell. TSX gets lift from financials, U.S. markets rise to highest since March David Friend Keywords Marketwatch Share this article and your comments with peers on social media Facebook LinkedIn Twitter read more

Canada retains AAA rating from DBRS

first_img Keywords Credit ratings,  Pandemics,  Coronavirus,  Economic indicatorsCompanies DBRS Facebook LinkedIn Twitter Share this article and your comments with peers on social media Ontario unlikely to balance budget by 2030: FAO James Langton 10380127 - building silhouettes of a city and flag 123RF Despite a massive jump in spending to support the economy throughout the pandemic, Canada has still earned a AAA sovereign rating from DBRS Morningstar.The rating agency confirmed its rating on Canada, citing a “stable” trend and saying that it sees the credit profile as strong, notwithstanding the effects of Covid-19. “The recovery of the Canadian economy looks set to continue as health conditions improve,” the agency said.At the same time, higher commodity prices and stronger demand from the U.S. also boost the outlook for the economic recovery.While the domestic government’s finances have been significantly impacted by its pandemic response, DBRS said it views fiscal measures as a positive overall.The report noted that gross government debt-to-GDP is projected to increase by nearly 30 percentage points between 2019 and 2021.“However, Canadian public finances entered the pandemic in a strong position, and debt servicing costs are very low despite the higher level of debt,” the agency said.And, it sees the deficit coming under control quickly as the economy regains its footing.“Once the virus is contained and the recovery firmly takes root, we expect the deficit to quickly decline as revenues rebound and emergency spending winds down,” DBRS said.The stable outlook for the rating indicates that a downgrade remains unlikely in the short term.“Canada has considerable capacity to absorb shocks and cope with pending challenges,” the report said. “However, the ratings could be downgraded if there is a weakened commitment to fiscal sustainability.” Related news Household debt-to-income ratio fell in first quarter: Statscan Leading indicators signal steady rebound: OECDlast_img read more

Commission to vet Murdoch’s pay-TV bid

first_imgIf approved by the Commission, the move should ensure the speedy spread of pay-TV across Europe, and further expand Murdoch’s already huge media empire.Competition Commissioner Karel Van Miert has warned that he will examine the deal closely, but has refused to speculate on the likely outcome of any investigation.However, media analysts, pointing to the tough approach to media mergers taken by Van Miert in the past, say there is a strong chance of the plan running into trouble.“The Commission is going to be very wary of a deal like this which could easily stitch up a large part of a new European market,” said one media lawyer. “Because the companies in question will control the decoder boxes, the Commission will have to ensure that they do not use their gatekeeper position to lock rivals out of the market.”But representatives from BSkyB played down the threat the Commission poses to the deal, saying they were confident the link-up would be approved.That optimism may be misplaced. So far, the Commission has shown itself to be ruthless in enforcing anti-trust law in this sector. It has blocked three of 12 media cases lodged with its competition authority, DGIV, in recent times. That represents a 25% failure rate for media mergers, as opposed to 10% for mergers in general.“The Commission feels that it has to be extremely cautious and, where necessary, extremely firm where the affected markets are in a transitional phase due to technological innovation and liberalisation,” explained Olivier Guersent of DGIV. Media concentration is particularly sensitive since it not only involves market power, but social and political power too. According to officials at the media company Bertelsmann, BSkyB’s investment in Germany’s main pay-TV channel, Premiere, should be finalised by the end of June and notified to the Commission before the summer break.BSkyB, which is 40%-owned by Murdoch’s News Corporation, is paying 217 million ecu for a 25% stake in the channel which is currently owned by France’s Canal+ and the German media groups Bertelsmann and Kirch Gruppe.This week, BSkyB and Canal+ wrote to Bertelsmann expressing concern that the deal was taking so long to put together, but all sides are still hopeful it will go ahead. Van Miert, who has come under fire for his eagerness to break up media marriages, will have to balance those concerns with the EU’s anxiety to encourage the emergence of the information society in Europe.Under the deal, BSkyB, Bertelsmann and Canal+ will each hold a 30% stake in the joint venture, while French media and advertising group Havas will have a non-voting 10% stake.According to Sam Chisholm, chief executive and managing director of BSkyB, the incursion into mainland Europe is a major step forward for the company. “As Europe’s largest pay television operator, we have joined with strong partners to exploit the opportunities available in Germany and the rest of continental Europe.”Digital satellite pay-TV is set to become a major entertainment industry and a huge source of advertising revenue for broadcasters. But it is not yet clear which type of decoder box will become the dominant one.In a re-run of the battle between VHS and Betamax video technology, pioneers of pay-TV are already wrestling with each other to capture the lucrative decoder market. The decision by Premiere’s owners and owner-to-be to use the SECA decoder, developed by Canal+ and Bertelsmann, instead of the D-box, being marketed by Kirch, may determine the final outcome of that particular battle.last_img read more

Ravens Browns injury report: 12/26/2018

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Sumner Newscow weekly poll: The most important issue facing the U.S. question

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments (9) Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings Sort by: Date Rating Last Activity Loading comments… You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. -12 Vote up Vote down CueballSumnernewscow 94p · 91 weeks ago Just asking. How can immigration be that important here in Kansas? Do we have a problem? Report Reply 2 replies · active 91 weeks ago +13 Vote up Vote down World Traveler · 91 weeks ago Not yet, but stick around after the new democrat governor takes over. Report Reply +15 Vote up Vote down World Traveler · 91 weeks ago And if you don’t think it’s important, then why did you list it? Report Reply +14 Vote up Vote down World Traveler · 91 weeks ago You forgot to list “democrat voter fraud” on the poll. Report Reply 2 replies · active 91 weeks ago -9 Vote up Vote down CueballSumnernewscow 94p · 91 weeks ago World Traveler what would you do if you didn’t have Fox News to spoon feed you your opinions? Report Reply +6 Vote up Vote down World Traveler · 91 weeks ago There you go assuming again. There are many alternative, Conservative news choices. You should try to keep up. Report Reply +4 Vote up Vote down Concerned Citizen · 91 weeks ago Do you mean “county” or “country”? Report Reply 0 replies · active 91 weeks ago -9 Vote up Vote down blythe · 91 weeks ago healthcare, short term. climate change, long term. Report Reply 0 replies · active 91 weeks ago +13 Vote up Vote down Taxpayer · 91 weeks ago Immigration will be a big problem for Kansas as it shifts the power in Washington DC. Bringing in Illegals is the only way the Demorat party can grow their voter base. Giving away citizenship and lowering it’s value along with spending more than they could afford along with moral decay is what destroyed Rome. We are the modern day Rome, the same will happen to us if we don’t change things. Report Reply 0 replies · active 91 weeks ago Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments  Loading … Follow us on Facebook.Follow us on Twitter.center_img What do you think is the most important issue facing our county over the next two years? The economy Healthcare Gun issues Immigration Another issue not listed above. View Resultslast_img read more