Wells Fargo to pay $3B to resolve probes into fake accounts

Wells Fargo to pay $3B to resolve probes into fake accounts
NEW YORK — Wells Fargo agreed Friday to pay $3 billion to settle criminal and civil investigations into a long-running practice whereby company employees opened millions of unauthorized bank accounts in order to meet unrealistic sales goals. Since the fake-accounts scandal came to light in 2016, Wells has paid out billions in fines to state and federal regulators, reshuffled its... Read More

Energy and tech sectors weigh on stocks in Toronto, index sheds 100 points

Energy and tech sectors weigh on stocks in Toronto, index sheds 100 points
TORONTO — Canada’s main stock index plummeted 100 points Friday, weighed down by the energy and technology sectors. The S&P/TSX composite index fell 100.53 points to 17,843.53. In New York, the Dow Jones industrial average declined 227.57 points to 28,992.41. The S&P 500 index retreated 35.48 points to 3,337.75, while the Nasdaq composite lost 174.38 points to 9,576.59. The Canadian dollar... Read More

Most actively traded companies on the TSX

Most actively traded companies on the TSX
Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange (17,843.53, down 100.53 points.) Bombardier Inc. (TSX:BBD.B). Industrials. Down 15 cents, or 10.71 per cent, to $1.25 on 22.64 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Down 80 cents, or 3.01 per cent, to $25.79 on 8.35 million shares. Barrick Gold Corp. (TSX:ABX). Materials. Up 83 cents, or... Read More

Blockade trips up Canada’s biggest ports as shippers steer clear of rail closure

Blockade trips up Canada’s biggest ports as shippers steer clear of rail closure
MONTREAL — A rail blockade in eastern Ontario has led to backlogs at Canada’s three biggest ports, prompting some shippers to take their business elsewhere as cargo piles up and dockworkers’ paycheques shrink. The protest along Canadian National Railway tracks east of Belleville, Ont., has halted CN’s eastern network — about one-quarter of its operations — and choked shipments from coast to... Read More

Eastlink wireless expansion, upgrades on hold because of regulatory uncertainty

Eastlink wireless expansion, upgrades on hold because of regulatory uncertainty
GATINEAU, Que. — The head of Atlantic Canada’s largest independent phone and cable company says it has put on hold all upgrades and expansions of its wireless networks because of uncertainty about what prices it will be able to charge in future. Eastlink president Lee Bragg told a CRTC hearing today that his family-owned, private business can’t take the chance... Read More

Energy and industrial sectors weigh on stocks in Toronto, loonie moves up

Energy and industrial sectors weigh on stocks in Toronto, loonie moves up
TORONTO — The energy and industrial sectors weighed on the Toronto Stock Exchange as Canada’s main stock index fell in late-morning trading, while U.S. stock markets also pulled back. The S&P/TSX composite index was down 79.74 points at 17,864.32. In New York, the Dow Jones industrial average was down 235.29 points at 28,984.69. The S&P 500 index was down 30.66... Read More

Lululemon stores in China mostly closed due to novel coronavirus outbreak

Lululemon stores in China mostly closed due to novel coronavirus outbreak
VANCOUVER — Lululemon Athletica Inc. says most of its stores in China have been closed since early February due to the novel coronavirus outbreak. The Vancouver-based company says that most of its 38 stores in the country have been closed since Feb. 3 following guidance from local authorities. It says some are now operating on a reduced schedule, while its... Read More

Royal Bank reports $3.5B first-quarter profit, raises quarterly dividend

Royal Bank reports $3.5B first-quarter profit, raises quarterly dividend
TORONTO — Royal Bank of Canada raised its dividend as it reported a first-quarter profit of $3.5 billion. The bank says it will now pay a quarterly dividend of $1.08 per share, up from its previous payment to shareholders of $1.05 per share. RBC says its profit amounted to $2.40 per diluted share for the quarter ended Jan. 31 compared... Read More

Home Capital Group reports $37.2M Q4 profit, up from $35.8M a year ago

Home Capital Group reports $37.2M Q4 profit, up from $35.8M a year ago
TORONTO — Home Capital Group Inc. reported a fourth-quarter profit of $37.2 million, up from $35.8 million in the same quarter a year earlier. The alternative mortgage lender says the profit amounted to 65 cents per share for the quarter ended Dec. 31 compared with a profit of 46 cents per share for the fourth quarter of 2018. On an adjusted... Read More

Retail sales flat in December, sector’s 2019 growth was lowest in a decade: Statcan

Retail sales flat in December, sector’s 2019 growth was lowest in a decade: Statcan
OTTAWA — Canadian retail sales were virtually unchanged in December compared with the prior month, ending a year with the smallest increase in retail sales since 2009 when the country was hit by the financial crisis, Statistics Canada said Friday. The flat reading for the final month of the year followed growth of 1.1 per cent in November. Economists on... Read More