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Business News Summary Headlines

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Saputo Q1 profit falls as various factors combine to offset higher revenue

TORONTO - A "crude competitiveness" and "irrational" behaviour from rival businesses in the wake of recent tariffs on U.S. goods are spelling trouble for dairy giant Saputo Inc.

The Montreal-based company said its net income fell by about 37 per cent from $200.3 million to $126 million in its first quarter as it grappled with U.S. rivals, who upped the ante when they started to focus on domestic markets where they go head-to-head with Saputo, and international competitors, who rushed to stockpile products before tariffs on U.S. yogurt imported to Canada took effect on July 1.

Tuesday, August 07, 2018 | 04:36 PM

US consumer borrowing rose $10.2 billion in June

WASHINGTON - Americans increased their borrowing in June at the slowest annual pace in three months as the level of credit card debt fell slightly.

The Federal Reserve says consumer debt rose a seasonally adjusted $10.2 billion in June from the prior month to a total of $3.91 trillion. Consumer borrowing increased at an annual rate of 3.1 per cent in June, the slowest annual gain since March.

Tuesday, August 07, 2018 | 03:03 PM

Air Transat, Flair Airlines latest additions to list of loyalty points partners

Partnership agreements between Aimia Inc. and two more Canadian airlines have taken flight, slated to take effect after the Montreal-based company's current agreement with Air Canada ends in July 2020.

One of Aimia's new partners is Air Transat, a long-established airline owned by Montreal-based travel and leisure company Transat AT.

Tuesday, August 07, 2018 | 01:47 PM

Navajo robotics team heads to international competition

SALT LAKE CITY - A team of Navajo high school students from a remote town in southern Utah is building a robot to represent North America in an international robotics competition.

The teenagers have worked all summer on the project, scheduling meetings between long drives to jobs far from the red rock and sage country of Navajo Mountain, where there is little paid work, said teacher Heather Anderson.

Tuesday, August 07, 2018 | 01:43 PM

Report: Failure to fix rail crossing led to fatal bus crash

JACKSON, Miss. - Federal regulators say a train crash into a tour bus that killed four last year stemmed from the railroad and a Mississippi city failing to improve an unsafe rail crossing.

At a meeting Tuesday in Washington, the National Transportation Safety Board also issued 11 recommendations aimed at preventing future crashes. The recommendations focus on railroads and governments doing more to evaluate railroad crossings that are so steep they pose safety risks.

Tuesday, August 07, 2018 | 01:40 PM

Former Malaysian PM faces new charge of money laundering

KUALA LUMPUR, Malaysia - Former Malaysian Prime Minister Najib Razak will face a new charge of money laundering on Wednesday over a multibillion-dollar graft scandal at a state investment fund, the anti-corruption agency said.

Najib in July pleaded not guilty to abuse of power and three counts of criminal breach of trust, just two months after the scandal led to his stunning election defeat.

Tuesday, August 07, 2018 | 01:39 PM

Security breach at Frankfurt Airport prompts evacuation

BERLIN - Police evacuated part of a terminal at Germany's busiest airport Tuesday after a security official mistakenly allowed a French family that hadn't completed required security checks into a secure area.

Federal police stopped flights from boarding and kept passengers out of area A of Frankfurt Airport's Terminal 1 for about two hours because of concerns that at least one person had entered without being properly screened.

Tuesday, August 07, 2018 | 12:20 PM

Bausch Health posts US$873-million Q2 loss linked to tax cost, asset impairments

MONTREAL - Bausch Health Companies Inc. posted a net loss of US$873 million in the second quarter as the company formerly known as Valeant Pharmaceuticals experienced a bigger operating loss and a bigger provision for income taxes than last year.

The company, which reports in U.S. currency, says it recorded a $138 million provision for income taxes that represented a $343-million increase from the same time last year, when Valeant recorded a tax benefit.

Tuesday, August 07, 2018 | 10:00 AM

Trump: Sanctions reinstated against Iran for 'WORLD PEACE'

WASHINGTON - U.S. sanctions that kicked in early Tuesday against Iran are meant to pressure Tehran's government into retreating from its support for international terrorism, its military activity in the Middle East and its ballistic missile and nuclear-related programs, President Donald Trump's national security adviser said.

The first set of U.S. sanctions that had been eased under a landmark Iran nuclear accord target financial transactions involving U.S. dollars, Iran's automotive sector, the purchase of commercial airplanes and metals, including gold.

Tuesday, August 07, 2018 | 09:42 AM

Airlines, consumer groups ready for fight over proposed bill

As summer vacationers start to pack up and head home, Congress is considering a sweeping tally of proposals that could affect travellers, from dictating seat size and legroom to rolling back rules that require airlines to advertise the full price of a ticket.

The current law authorizing operations of the Federal Aviation Administration expires on Sept. 30. Sen. John Thune, R-South Dakota, chairman of the Senate Commerce Committee, is working to bring his panel's bill for a five-year reauthorization to the Senate floor after a series of delays.

Tuesday, August 07, 2018 | 09:25 AM