Business News Summary Headlines

Company releases, economic news, and business coverage.

Hotels, mall closures drive $1.5 billion loss for Brookfield Property

TORONTO - Mall closures and investments in hotels dragged down earnings this spring for Brookfield Property Partners L.P., which on Thursday said it lost money in the second quarter.

"Our hospitality business bore the brunt of the impact from the economic shutdown as hotels were either closed or operated under minimal occupancy resulting from travel restrictions,” said a letter to unitholders from chief executive Brian Kingston.

Thursday, August 06, 2020 | 04:16 PM

Demand for puzzles, plushies fails to offset higher-margin declines at Spin Master

TORONTO - Closed schools, stores and movie theatres — and a lack of children's birthday parties — have been just a few of the COVID-19-related challenges for toymaker Spin Master.

Toronto-based Spin Master Corp. said this week that strong demand for outdoor play equipment, plushies and puzzles has failed to offset declines in sales of Hatchimals and certain Paw Patrol-branded merchandise in the three months ending in June.

Thursday, August 06, 2020 | 04:00 PM

A timeline of the controversy around WE, the Liberals and a student program

OTTAWA - A timeline of events regarding the Canada Student Service Grant program, based on public documents, events and statements from cabinet ministers, government officials, and WE Charity:

March 6, 2020: WE Charity staff prepare a concept paper on service learning for public servants at Employment and Social Development Canada.

Thursday, August 06, 2020 | 02:56 PM

Hilton sales plunge in second quarter with travel frozen

Hilton lost $432 million in the second quarter, and occupancy rates began to lift from dismal lows as hotels reopen and coronavirus restrictions were lifted around the world.

After hitting 13% in mid-April, global hotel occupancy is now running around 45%, Hilton President and CEO Christopher Nassetta said during a conference call Thursday with investors.

Thursday, August 06, 2020 | 02:42 PM

Canadian Tire sees second-quarter loss amid COVID-19 store closures

TORONTO - Canadian Tire Corp. Ltd.'s latest quarterly report fell short of analyst expectations as it saw revenue fall amid COVID-19 related store closures.

The second quarter "certainly presented some considerable challenges," said CEO Greg Hicks during a conference call with analysts on Thursday after the company released its second-quarter earnings report.

Thursday, August 06, 2020 | 02:28 PM

No summer slowdown in Toronto real estate as July shatters sales record

TORONTO - July was a record-breaking month for Toronto real estate sales, as a nearly 17 per cent price spike did not stop homebuyers from making offers.

“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school,” said Lisa Patel, president of the Toronto Regional Real Estate Board.

Thursday, August 06, 2020 | 01:26 PM

Saputo boosts profits despite sagging revenues as retail milk sales rise

MONTREAL - Dairy processor Saputo is reporting higher profits and lower revenues in its first quarter as the COVID-19 pandemic upended consumer buying patterns.

The Montreal-based company says retail sales volumes increased, while revenues from food service and industrial segments declined last quarter as customers turned to home dining and away from restaurants.

Thursday, August 06, 2020 | 01:05 PM

Onex Corp. swings to profit as markets rebound following first-quarter plunge

TORONTO - Onex Corp. says it swung to a profit in the second quarter, rebounding from segment losses of more than $1.1 billion in the first three months of the year as markets roared back in spite of the pandemic.

The investment management firm, which reports in U.S. dollars, says net gains in Onex's private equity and credit investments rode the upswing to net earnings of $629 million, a 144 per cent jump from $258 million a year earlier.

Thursday, August 06, 2020 | 12:32 PM

Bell parent's Q2 profit plunges as TV, radio assets written down but CEO upbeat

TORONTO - The parent of Bell Canada saw its net profit fall nearly 70 per cent from the same period last year due to the pandemic's impact on economic activity and customer demand, but said Thursday that it's well-positioned to withstand the headwinds.

Mirko Bibic, president and CEO of Bell and its parent BCE Inc., told analysts that the companies have generated substantial cash flow with no near-term debt payments — giving it the financial flexibility to maintain its dividend and capital spending.

Thursday, August 06, 2020 | 12:29 PM

'The data is bad': Black and racialized Canadians lacking on boards, study finds

TORONTO - Black and racialized people are under-represented and sometimes non-existent on boards in eight major cities across Canada.

A new study from Ryerson University's Diversity Institute has found both groups lacking on the boards of large companies, agencies and commissions, hospitals, educational institutions and in the voluntary sector in Toronto, Montreal, Vancouver, Calgary, Halifax, Hamilton, London and Ottawa.

Thursday, August 06, 2020 | 12:17 PM