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Bombardier swings to net loss despite revenue jump as private plane travel falls

Published Fri, 15 Nov 2024 07:11:06 GMT

MONTREAL — Bombardier Inc. is reporting a revenue leap of 28 per cent in its latest quarter as the company says it remains on track for its business jet delivery targets, even as private plane activity slumps across the globe.The plane maker says it incurred a net loss of US$37 million in the three months ended Sept. 30, down from a US$27 million profit in the same period a year earlier.Revenues from the Montreal-based company, which reports in U.S. dollars, rose to US$1.86 billion in its third quarter from US$1.46 billion the year before.Its adjusted net income also jumped to US$80 million or 73 cents per share from a loss of US$2 million or 10 cents per share.The adjusted earnings handily beat analyst expectations of 46 cents per share, according to financial markets data firm Refinitiv.Bombardier says it delivered 31 business jets in the third quarter, up six planes from the same time span in 2022, bringing the year’s total to 82 — though putting a heavy burden on the company as ...

US applications for jobless benefits inch higher but remain at historically healthy levels

Published Fri, 15 Nov 2024 07:11:06 GMT

The number of Americans applying for jobless benefits inched up last week but remains low by historical standards, even with the Federal Reserve’s aggressive interest rate hikes meant to cool the economy and taper lingering inflation.Unemployment claims rose by 5,000 to 217,000 for the week ending Oct. 28, the Labor Department reported Thursday. Jobless claim applications are seen as representative of the number of layoffs in a given week.The four-week moving average of claims, which quiets some of the week-to-week ups and downs, ticked up by 2,000 to 210,000.Overall, 1.82 million people were collecting unemployment benefits the week that ended Oct. 21, about 35,000 more than the previous week and the most since April.Those “continuing claims,” analyst suggest, continue to rise because many of those who are already unemployed may now be having a harder time finding new work.Still, the American labor market continues to show resiliency in the midst of the Federal Reserve’...

2 more killed as Russian artillery keeps on battering southern Ukraine’s Kherson region

Published Fri, 15 Nov 2024 07:11:06 GMT

KYIV, Ukraine (AP) — Russian shelling killed an 81-year-old woman in the yard of her home and a 60-year-old man in southern Ukraine’s Kherson region Thursday, local authorities said. The deaths were the latest civilian casualties in Moscow’s recent ramped-up bombardment of the front-line area.Kherson is a strategic military region located on the Dnieper River near the mouth of the Black Sea. Unconfirmed reports say attacking Ukrainian troops have gained a foothold on the Russian-held side of the river during Kyiv’s monthslong counteroffensive.The two civilians died when Russian artillery targeted Kherson region villages, according to Gov. Oleksandr Prokudin. Four others were injured in the strikes, which also damaged residential and public buildings, authorities said.On Wednesday, one person died in Russian shelling that caused extensive damage in the Kherson region’s capital city of the same name. Prokudin called it “an apocalyptic scene.” A 91-year-old local woman was killed in he...

Why is Quebec’s language fight taking on English students?

Published Fri, 15 Nov 2024 07:11:06 GMT

In today’s Big Story Podcast, Quebec’s CAQ government has spent years tightening laws around languages in the province, with a stated aim to protect French as its predominant language. Their latest attempt, doubling the tuition paid by out-of-province students attending universities in Quebec, has led to anger, condemnation and protests in the streets.Alyssia Rubertucci, a reporter with CityNews Montreal, says one of the policy’s stated aims is to change the linguistic makeup of downtown Montreal.“The language minister just says it’s a problem that tens of thousands of people arrive and leave without mastering French, and they say that it creates an anglicizing effect on the metropolis,” says Rubertucci.So why target Canadian students this way? Will it work to achieve the government’s aims, or could the new policy have consequences nobody has considered?You can subscribe to The Big Story podcast on Apple Podcasts, Google and Spotify.You can also find it at thebigst...

Shopify reports US$718M Q3 profit, revenue up 25% from year ago

Published Fri, 15 Nov 2024 07:11:06 GMT

OTTAWA — Shopify Inc. reported third-quarter net income of US$718 million compared with a loss of US$159 million a year ago as its revenue rose 25 per cent.The e-commerce software company, which keeps its books in U.S. dollars, says the profit amounted to 55 cents per diluted share for the quarter ended Sept. 30 compared with a loss of 12 cents per diluted share in the same quarter last year.Revenue totalled US$1.71 billion for the quarter, up from US$1.37 billion a year earlier.The growth came as subscription solutions revenue rose to US$486 million from US$377 million a year ago, while merchant solutions revenue totalled US$1.23 billion, up from US$989 million.On an adjusted basis, Shopify says it earned 24 cents per diluted share for its most recent quarter compared with an adjusted loss of two per cents per diluted share a year ago.Analysts on average had expected an adjusted profit of 14 cents per share and US$1.67 billion in revenue, according to estimates compiled by financia...

Uber and Lyft to pay $328M in New York wage theft settlement

Published Fri, 15 Nov 2024 07:11:06 GMT

NEW YORK (AP) — Ride-hailing companies Uber and Lyft will pay a combined $328 million to settle wage theft claims in New York, Attorney General Letitia James announced Thursday.James said the settlements resolve investigations into the companies improperly charging drivers sales taxes and other fees when the costs should have been paid by customers. Uber will pay $290 million and Lyft will pay $38 million. The money will be distributed to current and former drivers, she said. The companies have also agreed to provide drivers outside of New York City with paid sick leave and give drivers outside of New York City a minimum wage of $26 per hour. “For years, Uber and Lyft systemically cheated their drivers out of hundreds of millions of dollars in pay and benefits while they worked long hours in challenging conditions,” James said in a statement. Tony West, chief legal officer for Uber, said the agreement “helps put to rest the classification issue in New York and moves us forward...

Ferry that ran aground off the Swedish coast and leaked oil reported back in harbor

Published Fri, 15 Nov 2024 07:11:06 GMT

STOCKHOLM (AP) — A ferry that ran aground last month off southeastern Sweden and started leaking oil into the Baltic Sea, arrived Thursday at a Swedish harbor where its tanks will be emptied, Swedish media reported.No new leaks were reported as the Marco Polo was towed into Karlshamn, public broadcaster SVT said. SVT quoted a Coast Guard spokesperson as saying the move was “undramatic and has gone completely according to plan.” Separately, German shipping company TT-Line said “the remaining 300+ tons of heavy fuel oil from the unbreached tanks and unloading the cargo on board” the ferry would take place in the Swedish harbor and there would be “a more in-depth investigation into the damage sustained to the vessel.” Authorities and volunteers continued to clean up the shores of southeastern Sweden where more than 500 birds are estimated to have been affected by oil that washed up there. An estimated 50 cubic meters (almost 1,800 cubic feet) of oil and oil waste have been removed so f...

Oakville outside workers, facility operators walk off the job. What’s closed during the strike?

Published Fri, 15 Nov 2024 07:11:06 GMT

Community centres and arenas in Oakville are now closed and a number of services have been suspended as some of the town’s workers hit the picket lines.CUPE Local 135, which represents more than 285 outside workers and facility operators in the Town of Oakville, say they have officially gone on strike as of 12:01 a.m. Nov. 2.The job action means several facilities and recreational programs will be shut down. Here’s how the strike will impact services:The following facilities/programs are closed or cancelled:Community centres and arenas Washrooms in parks Leash free dog parks Field house at Bronte Athletic ParkRecreation and culture rentals and programs will be cancelled Loose leaf collection suspended on residential roads, service will continue only on primary and secondary roadsSome other services offered by parks, and roads and works operations will also be at reduced capacityTown services that will remain open:Town Hall including ServiceOakvilleLibraries (including th...

Bank of England keeps main UK interest rate at 15-year high of 5.25% and cautions over oil prices

Published Fri, 15 Nov 2024 07:11:06 GMT

LONDON (AP) — The Bank of England kept its main interest rate unchanged on Thursday at the 15-year high of 5.25% and indicated that borrowing costs will likely remain at these sort of elevated levels for a while, especially if oil and gas prices increase sharply in light of the conflict between Israel and Hamas.In a statement, the bank’s nine-member Monetary Policy Committee indicated that inflation, as measured by the consumer price index, is set to fall quite dramatically in the next month but will need time to get toward its 2% target rate over the coming year. “We’ve held rates unchanged this month, but we’ll be watching closely to see if further rate increases are needed,” Bank of England Governor Andrew Bailey said.Minutes to the meeting showed that three of the nine members of the policy committee backed a quarter-point increase to 5.5% in order to push down harder on the inflation rate, which stood at 6.7% in the year to September.In economic projections accompanying the dec...

Treasury Secretary Yellen calls for more US-Latin America trade, in part to lessen Chinese influence

Published Fri, 15 Nov 2024 07:11:06 GMT

WASHINGTON (AP) — Treasury Secretary Janet Yellen wants Latin America to trade more with the United States as part of an initiative that so far has failed to disrupt China’s dominance in global manufacturing.Still, U.S. efforts to diversify supply chains with “trusted partners and allies” including select South American nations have “tremendous potential benefits for fueling growth in Latin America and the Caribbean,” Yellen says in a prepared speech slated for delivery on Thursday. Yellen will kick off an Inter-American Development Bank investment event on the sidelines of the inaugural Americas Partnership for Economic Prosperity Leaders’ Summit, which will be hosted at the White House on Friday.The heads of state of Peru, Chile, Ecuador, Uruguay, the Dominican Republic and Costa Rica will be in attendance for both events. Yellen, who regularly talks about her friendshoring strategy for increasing supply chain resilience by working primarily with friendly nations...