Merck to spin off assets with $6.5B in sales; 4Q profit up

Merck to spin off assets with $6.5B in sales; 4Q profit up
Drugmaker Merck beat Wall Street’s fourth-quarter profit expectations, but investors weren’t as happy with the biggest move Merck’s made in years: deciding to spin off its women’s health division and other operations with $6.5 billion in annual revenues. The maker of cancer blockbuster Keytruda announced the plan along with its quarterly results, saying the two resulting companies each would be... Read More

Stingray Group swings to $8.09-million Q3 profit as revenues grow 15 per cent

Stingray Group swings to $8.09-million Q3 profit as revenues grow 15 per cent
MONTREAL — Stingray Group Inc. swung to a profit in the third quarter as revenues grew 15 per cent to $81.3 million. The Montreal-based company, which provides advertising-free music service, says it earned $8.09 million for the period ended Dec. 31, compared with a loss of $18.05 million a year earlier. Last year’s loss included a $25.3 million non-recurring CRTC tangible... Read More

Suncor Energy posts $2.3B loss as it writes down oilsands and offshore assets

Suncor Energy posts $2.3B loss as it writes down oilsands and offshore assets
CALGARY — Suncor Energy Inc. is reporting a net loss of $2.3 billion for the fourth quarter of 2019 due mainly to asset impairment charges of $3.3 billion. The Calgary company says about $2.8 billion of the charges are related to lower forecast oil prices for production from its Fort Hills oilsands mine in northern Alberta. About $393 million accounts for higher capital cost estimates for 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 (17,651,59, up 138.86 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Down six cents, or 3.92 per cent, to $1.47 on 23.7 million shares. Enbridge Inc. (TSX:ENB). Energy. Up 80 cents, or 1.46 per cent, to $55.58 on 8.3 million shares. Aurora Cannabis Inc. (TSX:ACB). Health care. Down... Read More

Innovation, investments needed to work with BoC on growth, Wilkins says

Innovation, investments needed to work with BoC on growth, Wilkins says
The second-in-command at the Bank of Canada says breaking down inter-provincial trade barriers and reforms to tax and regulatory systems would keep the country’s economy humming into the future. In a speech in Toronto today, Carolyn Wilkins says the bank’s monetary policy tool kit will only take Canada’s economy so far in outlining the need for innovation and investments across... Read More

Plane skids off Istanbul runway, breaks apart; 139 hurt

Plane skids off Istanbul runway, breaks apart; 139 hurt
ISTANBUL — A plane skidded off the runway Wednesday as it tried to land in bad weather in Istanbul, crashing into a field and breaking into pieces. Passengers had to evacuate through cracks in the smashed plane and authorities said 139 people were injured. The low-cost Pegasus Airlines plane with 177 passengers and crew on board was arriving at Istanbul’s... Read More

Flair Airlines touts unlimited travel pass for $700 as competition heats up

Flair Airlines touts unlimited travel pass for $700 as competition heats up
KELOWNA, B.C. — Flair Airlines Ltd. is offering passengers an unlimited travel pass for three months amid rising competition between budget carriers. The flight pass costs $700 and opens the gate to limitless domestic flights between Feb. 13 and May 13. A $500 version has some blackout dates and excludes flights on Fridays and Sundays. B.C.-based Flair offers routes between... Read More

North American stock markets surge again, loonie slips against U.S. dollar

North American stock markets surge again, loonie slips against U.S. dollar
TORONTO — North American stock markets surged higher for another day as investors shook off worries caused by the new coronavirus and its impact on the global economy. The S&P/TSX composite index was up 140.13 points at 17,652.86. In New York, the Dow Jones industrial average was up 312.50 points at 29,120.13. The S&P 500 index was up 26.82 points... Read More

Brookfield Property Partners Q4 profit US$1.55B Q4, up from US$858M a year ago

Brookfield Property Partners Q4 profit US$1.55B Q4, up from US$858M a year ago
TORONTO — Brookfield Property Partners LP earned US$1.55 billion in its latest quarter, up from US$858 million in the same quarter a year earlier. The real estate firm says the increase was due mostly to higher valuation gains in its Canada and United Kingdom office portfolios, as well as performance in several of its investments. Brookfield Property Partners, which keeps its... Read More