Bank of Canada holds interest rate, drops growth forecast for 2019

Bank of Canada holds interest rate, drops growth forecast for 2019
OTTAWA — The Bank of Canada has set aside discussion of interest rate hikes, at least until the economy re-emerges from what it predicts will only be a temporary slowdown. The central bank kept its key interest rate unchanged Wednesday and appeared to be in no hurry to move the benchmark any time soon. Unlike the bank’s recent statements, the announcement made no mention of a need for future increases. The bank also cut its 2019... Read More

Lululemon plans to double revenue from men’s line, digital sales by 2023

Lululemon plans to double revenue from men’s line, digital sales by 2023
NEW YORK — Lululemon Athletic Inc. says it will focus efforts to double revenue from men’s products and digital revenue, and quadruple international revenues by 2023. Lululemon says growing its men’s line will be part of its ongoing product innovation that includes expanding its core women’s business and adding new categories, like selfcare. The company says a loyalty membership program,... Read More

Energy and financials weigh on Toronto stocks, loonie down after BoC announcement

Energy and financials weigh on Toronto stocks, loonie down after BoC announcement
TORONTO — Weakness in the heavyweight energy and financial sectors weighed on Canada’s main stock index in late-morning trading. The S&P/TSX composite index was down 21.93 points at 16,647.47. In New York, the Dow Jones industrial average was up 0.69 of a point at 26,657.08. The S&P 500 index was up 1.38 points at 2,935.06, while the Nasdaq composite was... Read More

TransAlta vows to defend against ‘frivolous’ lawsuit as meeting date looms

TransAlta vows to defend against ‘frivolous’ lawsuit as meeting date looms
CALGARY — The chairman of TransAlta Corp. says a lawsuit launched by an American activist investor on Tuesday is a “frivolous tactic” and the power utility intends to defend itself vigorously. Gordon Giffin says the move by New York-based Mangrove Partners to prevent the Calgary-based company from concluding a $750-million partnership deal with Brookfield Renewable Partners won’t succeed. Mangrove is... Read More

Cenovus says Alberta production curtailments are working, reports Q1 profit

Cenovus says Alberta production curtailments are working, reports Q1 profit
CALGARY — Cenovus Energy Inc. reported a profit of $110 million in its first quarter compared with a loss a year ago as it benefited from improved prices for western Canadian oil. The company says the improvement in prices for western Canadian oil due to the Alberta government’s curtailment program more than offset the impact of reduced production and increased... Read More

Alcohol and cannabis companies form pot-beverage industry group to push changes

Alcohol and cannabis companies form pot-beverage industry group to push changes
TORONTO — A group of alcohol and cannabis companies have formed an industry alliance to push for changes to proposed rules governing pot-infused beverages before edibles become legal in the coming months. The Cannabis Beverage Producers Alliance is arguing for, among other things, the ability to produce pot-based drinks in the same facilities where non-cannabis beverages are made. Under Health... Read More

Markets Right Now: Stocks open slightly lower on Wall Street

Markets Right Now: Stocks open slightly lower on Wall Street
NEW YORK — The latest on developments in financial markets (all times local): 9:35 a.m. Stocks are opening slightly lower on Wall Street, a day after the S&P 500 surpassed the record high close it set in September. Several companies were making big moves after reporting their quarterly results Wednesday. EBay rose 4.4% after reporting earnings that easily beat analysts’... Read More

Handful of US states are poised to legalize sports betting

Handful of US states are poised to legalize sports betting
HELENA, Mont. — The number of states allowing sports betting is poised to expand. Governors in Montana and Iowa are considering measures that would allow residents to wager on sports, while Indiana lawmakers are scheduled to approve their own version as early as Wednesday. Barring a veto, they would be the first states to approve sports betting this year, joining... Read More

Ex-GE engineer charged with stealing trade secrets for China

Ex-GE engineer charged with stealing trade secrets for China
ALBANY, N.Y. — A former General Electric engineer and his business partner in China were indicted Tuesday on charges they stole the company’s trade secrets from a New York plant for the Chinese government in what federal prosecutors called “a textbook example” of industrial espionage. The Department of Justice announced that Xiaoqing Zheng, 56, of Niskayuna, New York, and Zhaoxi... Read More