Thursday, July 24th11.8°C

European air safety agency lifts recommendation against flying to Israel's Tel Aviv airport

Jul 24, 2014 / 8:06 am

BERLIN - The European Aviation Safety Agency has lifted a recommendation that airlines refrain from flying to Tel Aviv airport.The agency said Thursday it is now recommending that national authorities base decisions on flying to Israel's main airport "on thorough risk assessments, in particular...

Canadian dollar advances amid strong European, Chinese manufacturing data

Jul 24, 2014 / 8:06 am

TORONTO - The Canadian dollar was slightly higher Thursday amid rising metal prices and strong manufacturing reports from China and Europe.The loonie was up 0.02 of a cent to 93.23 cents US amid a dearth of domestic economic data.China’s manufacturing rose in July to its highest level in 18...

Post-it notes maker 3M says 2Q profit up 6 per cent on revenue growth across businesses

Jul 24, 2014 / 8:06 am

ST. PAUL, Minn. - 3M's second-quarter profit jumped 6 per cent as sales surged across all its businesses.The maker of Post-it notes, industrial coatings and ceramics posted net income of $1.27 billion, or $1.91 per share, in the quarter ending June 30, compared with $1.2 billion, or $1.71 per...

Ford's second quarter net income up 6 per cent to $1.3 billion as Europe makes money again

Jul 24, 2014 / 8:06 am

DEARBORN, Mich. - Ford Motor Co. beat Wall Street's expectations in the second quarter as it chalked up a record profit in North America and made money in Europe for the first time in three years.But things will get leaner in the second half as Ford closes one of its U.S. pickup truck plants to...

Union Pacific's 2Q profit climbs 17 per cent as railroad hauls more freight, increases rates

Jul 24, 2014 / 8:06 am

OMAHA, Neb. - Union Pacific Corp. says its quarterly profit climbed 17 per cent as the railroad hauled 8 per cent more freight and raised shipping rates.The Omaha, Nebraska-based company said Thursday that profit increased to $1.29 billion, or $1.43 per share, in the second quarter. That's up from...

Higher fares, more full seats help push Southwest Airlines to record 2Q profit of $465 million

Jul 24, 2014 / 8:06 am

DALLAS - Southwest Airlines is reporting a record profit for the second quarter, more than doubling what it earned a year ago.Southwest said Thursday that net income rose to $465 million. Excluding special items, the airline earned 70 cents per share. That beats Wall Street's forecast of 61 cents...

Potash Corp. of Saskatchewan reports lower Q2 net earnings, lower sales

Jul 24, 2014 / 8:06 am

SASKATOON - Potash Corp. of Saskatchewan (TSX:POT) raised its outlook for the year Thursday as it reported a second-quarter profit of $472 million.The company said its second-quarter profit amounted to 56 cents per diluted share, compared with $643 million, or 73 cents per share, in the same...

Husky Energy reports Q2 profit, revenue and production up from year ago

Jul 24, 2014 / 8:06 am

CALGARY - Husky Energy (TSX:HSE) says it earned $628 million in its latest quarter, up from $605 million a year ago as production increased about eight per cent.The company said the profit amounted to 63 cents per diluted share in the quarter ended June 30, up from 59 cents per diluted share in the...

Encana hikes targets for cash flow, investment, liquids production

Jul 24, 2014 / 8:06 am

CALGARY - Encana Corp. (TSX:ECA) says strong performance in 2014 has led it it to hike its cash flow targets for the year.The Calgary-based energy giant says cash flow is now expected to range from between $3.4 billion to $3.6 billion compared to $2.9 billion to $3 billion.Production of valuable...

Rogers Communications posts lower Q2 net earnings on flat revenues

Jul 24, 2014 / 8:06 am

TORONTO - Rogers Communications Inc. (TSX:RCI.B) has reported a lower second-quarter net income but beat analyst expectations as it focuses on improving its operations.The telecommunications company posted earnings of $405 million on flat year-over-year revenue of $3.2 billion, but showed signs of...

US new-home sales tumble 8.1 per cent in June to annual rate of 406,000

Jul 24, 2014 / 8:06 am

WASHINGTON - Sales of new U.S. homes plunged in June, a sign that real estate continues to be a weak spot in the economy.New home sales fell 8.1 per cent last month to a seasonally adjusted annual rate of 406,000, the Commerce Department said Thursday. The report also revised down the May sales...

Domtar shares fall as it misses forecasts despite swinging to US$40M Q2 profit

Jul 24, 2014 / 8:06 am

MONTREAL - Domtar shares plummeted in early Thursday trading after the pulp and paper producer widely missed analyst expectations as it swung to a US$40-million profit despite higher costs.Shares lost 8.3 per cent, or $3.72, at C$41.22 in morning trading on the Toronto Stock Exchange.The...

With summer travel season in full swing, United Airlines breaks into the black

Jul 24, 2014 / 8:06 am

CHICAGO - United Airlines is making money after a slow start to the year.The airline's net income in the second quarter hit $789 million, topping Wall Street expectations and marking a turnaround from the first quarter when United was the only major U.S. carrier to report a loss.The company also...

Toronto stock market lower on earnings news, strong manufacturing data

Jul 24, 2014 / 8:06 am

The Toronto stock market struggled to find lift Thursday, despite encouraging Chinese manufacturing data and strong earnings reports.The S&P/TSX composite index declined 10.63 points to 15,383.75.The Canadian dollar declined 0.04 of a cent to 93.17 cents US.U.S. indexes were uneven as traders...

Grocer Loblaw Companies Ltd. reports second-quarter loss due to one-time charges

Jul 24, 2014 / 8:06 am

Loblaw Companies Ltd. (TSX:L) reported Thursday a loss of $456 million in its latest quarter, as it factored in costs related to its acquisition of Shoppers Drug Mart and faced continued pressure from a competitive grocery market.The loss amounted to $1.13 per share, compared with a profit of $177...

General Motors 2Q profit falls 85 pct., drained by massive recall costs

Jul 24, 2014 / 8:06 am

DETROIT - Recall expenses chopped $1.5 billion from General Motors' bottom line in the second quarter, as it added up the costs of repairs for nearly 30 million cars and set aside funds to compensate victims of small-car crashes.The automaker, which is in the midst of the largest spate of recalls...

Flush with more revenue, American Airlines posts profit, declares first dividend since 1980

Jul 24, 2014 / 8:06 am

FORT WORTH, Texas - Profit and revenue are up at American Airlines, and the company will share some of the gains with shareholders.American Airlines Group Inc. said Thursday that it earned a record $864 million in the second quarter, up from the $507 million that American and US Airways earned...

IMF cuts global growth forecast because of slowdowns in US, Russia and emerging markets

Jul 24, 2014 / 8:06 am

WASHINGTON - The International Monetary Fund foresees the global economy expanding less than it had previously forecast, slowed by weaker growth in the United States, Russia and developing economies.The lending organization predicted Thursday that global growth will be 3.4 per cent in 2014, below...

IMF says weakness more persistent, cuts growth outlook globally and in Canada

Jul 24, 2014 / 8:02 am

OTTAWA - The IMF says economies around the world — including Canada — are taking longer than expected to recover.The International Monetary Fund's newest economic outlook predicts global growth will be about three-tenths of a point lower at 3.4 per cent this year than it thought in...

Caterpillar 2nd-quarter profit rises, revenue falls; lifts full-year earnings forecast

Jul 24, 2014 / 7:46 am

PEORIA, Ill. - Caterpillar's second-quarter net income rose 4.1 per cent even as revenue slipped.The construction equipment company's adjusted profit topped Wall Street's view, but revenue fell short. It also boosted its full-year earnings forecast.Caterpillar — which also makes power...

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Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...

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