Suncor income falls on lower prices, refinery margins, despite higher production

Suncor income falls on lower prices, refinery margins, despite higher production
CALGARY — Suncor Energy Inc. is reporting lower third-quarter net income as higher upstream and refining production was offset by lower commodity prices and refinery profit margins. The Calgary-based oil and gas producer, refiner and fuel retailer says it earned $1.035 billion or 67 cents per share in the three months ended Sept. 30 on revenue of $9.9 billion. That compares with net... Read More

Lyft loses money again but eyes profits in about 2 years

Lyft loses money again but eyes profits in about 2 years
NEW YORK — Lyft is continuing to lose staggering sums of money as it barrels ahead with impressive revenue growth, but its executives said they believe the company will turn a corner and reach profitability in about two years. The ride-hailing heavyweight raised $955.6 million in revenues in the third quarter, up 63% from the same time last year, the... Read More

Apple overcomes iPhone slump with strong fiscal 4Q showing

Apple overcomes iPhone slump with strong fiscal 4Q showing
SAN FRANCISCO — Apple is still running a well-oiled moneymaking machine despite cooling demand for its hottest product, the iPhone. Sales and revenue in the July-September quarter exceeded analyst estimates as Apple’s newest iPhones got off to a better start than expected, even though the devices aren’t that much different from last year’s models. Apple said Wednesday that revenue rose... Read More

Bank of Canada holds interest rate, warns economy’s resilience to be ‘tested’

Bank of Canada holds interest rate, warns economy’s resilience to be ‘tested’
OTTAWA — The Bank of Canada kept its key interest rate on hold Wednesday, leaving the country as an exception compared to other advanced economies that have begun to respond to a weakening global economy. In its explanation, the central bank argued that inflation is on target and the domestic economy has held up well in many respects, even though it’s feeling the... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (16,501.43, up 82.29 points.) Royal Bank of Canada. (TSX:RY). Financials. Up 46 cents, or 0.43 per cent, to $106.50 on 4.7 million shares. First Quantum Minerals Ltd. (TSX:FM). Materials. Up six cents, or 0.52 per cent, to $11.70 on 4.2 million shares. Encana Corp. (TSX:ECA).... Read More

Maple Leaf Foods Inc. reports Q3 profit down from year ago, sales up

Maple Leaf Foods Inc. reports Q3 profit down from year ago, sales up
MISSISSAUGA, Ont. — Maple Leaf Foods Inc. third-quarter results fell far short of analyst expectations due to “abnormal erratic” pork market conditions and increased investment into plant-based protein. “The headline of our third quarter marked this pivot point of investment in our plant protein business, combined with what are the extraordinary events in pork markets that affected our meat business,” said... Read More

Molson Coors Brewing cutting 400 to 500 jobs and restructuring operations

Molson Coors Brewing cutting 400 to 500 jobs and restructuring operations
Molson Coors Brewing Co. will cut hundreds of jobs in a restructuring effort that will see the brewer change its name as it focuses on growing its portfolio beyond beer. “Our company makes some of the world’s greatest beers and our iconic brands have withstood the test of time,” said CEO Gavin Hattersley. “But as the world around us rapidly changes... Read More

Propane shipments and asset sales impact AltaGas third-quarter results

Propane shipments and asset sales impact AltaGas third-quarter results
CALGARY — AltaGas Ltd. says strong earnings from Canada’s first propane export terminal commissioned earlier this year helped its results in the third quarter, but revenue fell due to asset sales and a Virginia regulator’s rejection of a natural gas utility rate increase. The company, which has raised about $2.2 billion in asset sales over the past year, said revenue... Read More

Bell Media bolsters Crave’s streaming library under new deal with HBO Max

Bell Media bolsters Crave’s streaming library under new deal with HBO Max
TORONTO — As the battle for TV viewers intensifies, Bell Media says it’s struck an agreement for the exclusive Canadian rights of original series made for the upcoming U.S. streaming platform HBO Max. The pact with Warner Bros., announced Wednesday, will secure a fresh selection of programming to help fortify Bell’s Crave streaming brand in an increasingly crowded market where Apple TV Plus and Disney Plus arrive... Read More

Torstar Corp. reports $40.9M Q3 loss, suspends quarterly dividend

Torstar Corp. reports $40.9M Q3 loss, suspends quarterly dividend
TORONTO — Torstar Corp. suspended its quarterly dividend as it reported a $40.9-million loss attributable to shareholders in its latest quarter. The publisher of the Toronto Star newspaper says it suspended the regular payment to shareholders of 2.5 cents per share as part of its plan to preserve its cash and strengthen its financial position. The board of directors plans... Read More