Business News Summary Headlines

Company releases, economic news, and business coverage.

China threatens retaliation if US tariff hikes go ahead

BEIJING - China on Thursday threatened retaliation if Washington steps up their war over trade and technology by going ahead with planned Sept. 1 tariff hikes on additional Chinese imports.

Beijing will take unspecified "necessary countermeasures," the Cabinet said in a one-sentence statement. It gave no details or any indication plans for trade talks in Washington in September might be affected.

Thursday, August 15, 2019 | 06:12 AM

Global stocks lower after US falls on recession fear

BEIJING - Global stock markets were mostly lower Thursday after Wall Street fell on mounting fears of a possible recession.

Benchmarks in London, Tokyo and Sydney declined while Shanghai closed higher after spending most of the day in negative territory. Frankfurt was unchanged.

Thursday, August 15, 2019 | 04:35 AM

Canopy Growth books $1.3B Q1 loss as soaring expenses offest revenue growth

SMITH FALLS, Ont. - Canopy Growth Corp. reported a net loss of nearly $1.3 billion as higher expenses offset revenue growth in the first quarter.

Canopy reported Wednesday it lost $1.28 billion during the three months ended June 30, its fiscal first quarter of 2020, compared with a loss of $91 million in the first quarter of fiscal 2019.

Wednesday, August 14, 2019 | 08:51 PM

CAE Inc. reports Q1 profit down from year ago, increases dividend as stock drops

MONTREAL - CAE Inc. shares dropped by as much as 14 per cent Wednesday after it reported first-quarter profits that fell below last year's earnings.

The shares dipped to a low of $30.73 but closed down $1.64 or 4.6 per cent to $34.17 on the Toronto Stock Exchange.

Wednesday, August 14, 2019 | 06:57 PM

Freshii shares plunge nearly 18% after second-quarter results miss expectations

Freshii Inc. shares plunged as much as 21 per cent Wednesday after the struggling eatery reported second-quarter results that missed analysts' expectations, despite assurances from the CEO that the company's three new hires would help it effectively execute future growth.

The restaurant chain's shares dropped to a low of $2.25 but closed down 19 cent or 6.6 per cent to $2.67 on the Toronto Stock Exchange, following a strong finish Tuesday after the company announced two new appointments to its senior leadership team. Freshii's shares jumped nearly eight per cent Tuesday, moving up 21 cents to close at $2.86.

Wednesday, August 14, 2019 | 06:52 PM

Feds: Capital One suspect may have hacked 30-plus companies

SEATTLE - Federal prosecutors say a woman charged in a massive data breach at Capital One may have hacked more than 30 other organizations.

Paige Thompson, of Seattle, was arrested last month after the FBI said she obtained personal information from more than 100 million Capital One credit applications. There is no evidence the data was sold or distributed to others.

Wednesday, August 14, 2019 | 06:45 PM

WeWork reveals rapid growth and massive losses ahead of IPO

NEW YORK - WeWork's parent company gave investors the most detailed look yet at its finances Wednesday, revealing breakneck growth on the back of massive losses as the office-sharing company prepares for a highly anticipated debut on the stock market.

Founded as a co-working space in Manhattan in 2010, WeWork has grown to become among the biggest corporate landlords in some cities. It now has 527,000 members in 111 cities worldwide, according to the regulatory filing by parent firm, The We Company. That's nearly double the 268,000 members it had in the prior-year period.

Wednesday, August 14, 2019 | 06:43 PM

Retailers wrestle with a volatile trade policy with China

NEW YORK - Lance Ruttenberg knows too well how fast President Donald Trump's China trade policies can change.

As president and CEO of American Textile Co., he and his team spent weeks on a comprehensive study analyzing how a 10% tariff set for Sept. 1 would affect their business, which makes thousands of bedding items for hundreds of retailers.

Wednesday, August 14, 2019 | 06:41 PM

Warren Buffett's firm adds to its Amazon, bank investments

OMAHA, Neb. - Billionaire Warren Buffett's company has been adding more Amazon shares to its investment cart.

Berkshire Hathaway said in filings with the Securities and Exchange Commission on Wednesday that it owned 537,300 Amazon shares at the end of June, up from 483,300 shares.

Wednesday, August 14, 2019 | 06:40 PM

TSX and Dow plunge in worst day of the year on growing fears of recession

TORONTO - The main stock indexes in Canada and the U.S. suffered their worst day of the year on Wednesday as North American markets plunged on growing fears of a global recession.

"It has been a pretty violent day in the markets," said Candice Bangsund, portfolio manager for Fiera Capital.

Wednesday, August 14, 2019 | 05:32 PM