Company releases, economic news, and business coverage.
NEW YORK - Uber lost $5.24 billion in the second quarter — its largest quarterly loss ever — after making huge stock-based payouts in the months following its initial public offering.
The ride-hailing giant said Wednesday it paid $3.9 billion in stock-based compensation and expenses during the quarter. It also paid $298 million in stock and cash to drivers to show appreciation in connection with its IPO.
CALGARY - Oilsands transport company Inter Pipeline Ltd. is reporting record second-quarter net income of $260 million or 63 cents per share, nearly double the $136 million or 35 cents it declared in the same period of 2018.
The increase comes despite only a slight rise in revenue to $642 million from $631 million and a decrease in its core pipeline volumes to 1.34 million barrels per day from 1.38 million bpd a year earlier.
WASHINGTON - A billionaire New York investor and owner of the Miami Dolphins who is hosting a high-dollar fundraiser for Donald Trump on Friday also has a financial interest in the president's business empire — including his iconic Manhattan tower.
Shortly after Trump's election, Stephen M. Ross tried to take over Ladder Capital, one of Trump's biggest creditors, which also holds a mortgage on Trump Tower. Though the takeover failed, Ross' private equity firm Related Companies purchased an $80 million stake in Ladder, which is still owed more than $100 million by Trump, records show.
MONTREAL - Shares of Lightspeed POS Inc. climbed to a new high Thursday as revenues surged, despite losing more money than expected in the first quarter of its fiscal year.
On the Toronto Stock Exchange, Lightspeed shares hit a new high of $46.18 and closed at $45.89, up $3.99 or 9.5 per cent in Thursday trading.
Paul Adamson was paying his bills online last week when he came across something curious — the balance on one of his credit cards was wiped clean.
After noticing that his bank had removed the Chase Bank credit card from his list of payees, he phoned both and got a delightfully unexpected answer from the customer service agent.
VANCOUVER - A coalition of environmental and Indigenous groups is calling on insurance companies to drop or refuse to provide coverage of the Trans Mountain pipeline, although they concede its lead liability insurer has said it will continue to serve the federal government-owned company.
If it can convince insurers to bow out of covering the pipeline and its recently approved expansion project beyond an Aug. 31 renewal date, Ottawa will be forced to self-insure, which will put public dollars at risk, the coalition of 32 groups said in a news release on Thursday.
MONTREAL - Saputo Inc. has set its sights on the alternative protein market and is already negotiating with players from the sector to carve out a place for itself.
In response to a shareholder question at its annual meeting, chief executive Lino Saputo Jr. said the company "will never get out" of the dairy business, but added that it was considering entering the vegetable protein market.
TORONTO - North American stock markets surged Thursday to rebound from dramatic losses earlier in the week over the escalating trade war between the U.S. and China.
"Mathematically it's a full recovery, in investors' minds that's a different thing," says Michael Currie, vice-president and investment adviser at TD Wealth. "There's still a lot of negativity and concern after all the news on Monday."
TORONTO - Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,404.53, up 139.31 points).
TORONTO - A growing trend among Toronto-area seniors to delay downsizing efforts and remain in their homes for longer could indicate future housing pressures for younger generations, a new report said Thursday.
The Canada Mortgage and Housing Corporation analyzed 10 years worth of housing data among residents of the Greater Toronto Area aged 65 or over, evaluating how many opted to remain in the real estate market.