"Fortnite" sued for his dance – Business News

The Canadian press –
February 26, 2019 / 9:30 | story:
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Fiat Chrysler announced Tuesday a $ 4.5 billion investment plan that would increase its workforce in Detroit and surrounding suburbs by approximately 6,500 jobs for the construction of new or new generation SUVs.

As part of this plan, the company announced that it would reopen a shutter motor plant in the city and turn another in the same complex into a future assembly plant for the Jeep Grand Cherokee and a new SUV. Jeep large format three-row and in hybrid models for all.

Motor City once housed a dozen huge auto production plants, but a wave of closures allowed Detroit's unemployment rate to peak at about 25 percent in 1990. The unemployment rate had dropped to about 8 percent. % last fall.

The new Chrysler plant would be the first to be built in the city since 1991 and is expected to create an additional 3,850 jobs. In a press release, the company announced that it would create an additional 1,100 jobs at its Jefferson North Assembly plant and approximately 1,500 new jobs at facilities in nearby Warren suburbs.

Officials say SUVs remain in demand, with strong sales and growth potential both domestically and in some foreign markets, such as the Middle East. The company's CFO told investors in June that trucks and SUVs would account for 80% of revenue by 2022.

Fiat Chrysler said the additional investments are subject to tax incentive programs, in conjunction with the city and state of Michigan. The automaker would need to acquire a property for the project.

If these agreements are approved, construction should begin later this year and the first new vehicles could be in production by the end of 2020.

The injection of money and jobs by the automaker into the Motor City contrasts sharply with news from rival General Motors Co., which announced plans to close the Detroit-Hamtramck plant next year and close four others in the United States and Canada.

The Canadian press –
February 26, 2019 / 8:39 | story:
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The Canadian press –
February 26, 2019 / 8:34 | story:
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Earnings from consumer staples, industry and health care helped boost Canada's leading stock index during late morning trading, while US equity markets advanced slightly.

The S & P / TSX Composite Index was up 52.69 points to 16,109.72.

In New York, the Dow Jones Industrial Average rose 9.56 points to 26,101.51. The S & P 500 index rose 4.46 points to 2800.57 points, while the Nasdaq composite index gained 4.61 points to 7,559.07.

The Canadian dollar traded at 75.81 US cents, compared with an average of 75.91 US cents on Monday.

The contract on April crude rose 11 cents to 55.59 USD per barrel and the natural gas contract in April from 1.2 cents to 2.83 USD per mmBTU.

The April gold contract was down 50 cents to $ 1,329.00 an ounce and the May copper contract was up 0.20 cents to 2.95 USD a pound.

The Canadian press –
February 26, 2019 / 7:33 | story:
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Corus Entertainment and Twitter Canada have developed a new social media format that will feature a weekly series of eight pre-recorded episodes featuring various Food Network chefs preparing a wide range of gourmet meals.

The five-minute episode series titled #destinationdishes on @FoodNetworkCA is sponsored by CIBC Aventura Credit Card from Canadian Imperial Bank of Commerce.

Representatives from Corus and Twitter Canada view this series as the first in a series of new collaborations that will provide personalized television-quality programming sponsored to the social media platform.

They say they will closely monitor the series' performance with audiences, but they will not sell this information to third parties or collect personal data about their subscribers.

A feature of the #destinationdishes that producers see as a key feature will be the ability of Twitter @ FoodNetworkCA followers to vote on which destination will be featured in the next episode.

The first poll begins on March 7 and the first pre-recorded episode will be released on March 11 at 4 pm AND.

The Canadian press –
February 26, 2019 / 6:50 | story:
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The Bank of Nova Scotia increased its dividend by announcing that its first-quarter profits slipped to $ 2.25 billion from $ 2.34 billion a year earlier, thus missing market expectations.

The third-largest bank in Canada increased its quarterly payment to common shareholders from 2 cents to 87 cents per share.

The Toronto-based lender's earnings for the three-month period ended January 31st were $ 1.71 per diluted share, compared with $ 1.86 a year ago.

On an adjusted basis, the bank reported first-quarter net income of $ 1.75 per diluted share, down from $ 1.87 per diluted share a year ago. This figure was lower than the adjusted earnings of $ 1.82 per share expected by analysts, according to Thomson Reuters Eikon.

"We had a good start to the year with strong growth in international banking and wealth management earnings, and this quarter was also marked by a good growth in the integration of recent acquisitions that is proceeding as planned, "said Brian Porter, chief executive officer of Scotiabank, in a statement. .

"While market volatility has affected some of our businesses, we have experienced strong growth. In addition, credit quality remains strong and in line with recent quarters. "

The Toronto-based lender's Canadian banking industry saw net income attributable to equity holders fall 3% to $ 1.07 billion, but the international banking division recorded a 17% increase in earnings, which raises to $ 782 million.

Scotiabank's global banking and markets business, however, recorded a 26% decline in net income attributable to equity holders, which reached $ 335 million.

Provisions for credit losses, or bad debt funds, were $ 688 million, up from $ 544 million a year ago.

The bank's common equity ratio, a key measure of the bank's financial health, was 11.1%, down from 11.2% a year ago, but it was Has not changed compared to the previous quarter.

Scotiabank also announced Tuesday that it has signed a non-binding agreement protocol regarding its interests in Thailand-based Thanachart Bank Public Co. Ltd., also known as TBank. TBank and TMB Bank Public Co. Ltd., also based in Thailand, are planning to merge, subject to approval.

"The merger and related transactions are currently expected to result, if the transaction is completed, for Scotiabank to substantially reduce its investment in Thailand and to have a significantly lower interest in the amalgamated bank and to receive a product. which should generate a gain on sale, "the bank said in a statement.

The Canadian press –
Feb 26, 2019/6: 48 | story:
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Husky Energy Inc. announced that its fourth-quarter profit had dropped compared to last year, due to lower synthetic crude oil prices and other factors.

The company claims to have earned $ 216 million or 21 cents a share for the quarter ended December 31.

This compared to a profit of $ 672 million or 66 cents per share in the same quarter of the previous year.

Production has averaged 304,000 barrels of oil equivalent per day, up from 320,000 boe per day a year earlier.

This fall occurred when the company suspended the production of SeaRose, where it suffered a spill in November on the White Rose oilfield, about 350 km off the coast of St. John's, in New Jersey.

SeaRose resumed operations at the end of January and is expected to continue to grow in the second quarter.

Chief Executive Officer Rob Peabody called the quarter tough.

"The oil spill on the east coast was particularly disappointing and we continue to work closely with the regulator to determine the root cause and apply the learnings," Peabody said in a statement.

The Canadian press –
Feb 26, 2019/6 h 47 | story:
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Bank of Montreal exceeded expectations with a profit of $ 1.5 billion in the first quarter, up from $ 973 million for the same period last year.

Earnings amounted to $ 2.28 per share for the quarter ended January 31, compared to $ 1.43 for the same period last year, when it had a non-recurring charge of $ 425 million. related to changes in US tax.

On an adjusted basis, earnings were $ 1.54 billion for the quarter, or $ 2.32 per diluted share, compared to $ 1.42 billion or $ 2.12 for the same period last year. last year.

Analysts were expecting earnings of $ 2.23 a share, according to people interviewed by Thomson Reuters Eikon.

While Canada's fourth-largest lender posted solid results in its US personal and commercial banking business and relatively stable results in its domestic retail banking segment, BMO recorded profits from its wealth management and capital markets divisions due to the "gloom of the global market".

According to BMO's Managing Director, Darryl White, North America's Personal and Commercial Banking business performed "very well", while its market-sensitive business was affected by the "challenging revenue environment" beginning of the quarter.

"BMO's strong performance this quarter reflects the benefits of our diversified and attractive business portfolio, which continues to generate sustainable growth, with adjusted earnings per share up 10% from the prior year." last year, "said White in a statement.

"We are well positioned to strengthen our performance throughout the year."

The Canadian press –
Feb 26, 2019/5 h 37 | story:
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Tim Hortons opened its first restaurant in China at People's Square in Shanghai.

The Canadian restaurant chain plans to open 1,500 stores in China over the next 10 years.

The Shanghai Tim Hortons is the first in China as part of an exclusive master franchise agreement signed last year with the Cartesian Capital Group.

The new location will serve many of the chain's traditional offerings as well as new unique dining and beverage options in the Chinese market.

In addition to different tea flavors and new espresso-based beverages, Tim Hortons will offer a new salty egg yolk timbit.

The Canadian press –
February 26, 2019/5 h 30 | story:
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Nutrien Ltd. announced to be in talks with the Australian company Ruralco Holdings Ltd. concerning a possible agreement.

Operations on Ruralco's shares were stopped on the Australian Stock Exchange.

Nutrien said its Australian subsidiary Landmark is in talks with Ruralco on a potential deal.

Ruralco provides a wide range of services to Australian farmers.

The Canadian company said no decision had been made and would not make any further comment on any potential transaction.

He says any potential deal would be subject to negotiation of a definitive agreement.

The Canadian press –
February 25, 2019 / 1:42 pm | story:
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Billionaire Warren Buffett said the economy continues to grow although the rate of improvement has slowed and the ongoing trade dispute in the United States remains a concern.

Buffett appeared on CNBC on Monday after publishing his annual letter to Berkshire Hathaway shareholders this weekend.

"Right now, things are looking good," said Buffett, who receives information from the eclectic assortment of Berkshire companies. "Business looks decent – it's not galloping."

But Buffett said the sluggish pace of housing construction was disconcerting as he expected more tenants to buy their first homes right now – a decade after the recession.

Buffett said inflation is rising sharply, but he has not seen anything alarming yet.

The trade dispute with China has already had an impact on Berkshire companies, but up to now, part of the 10% tariffs imposed on Chinese products has been absorbed by companies.

Buffett says that if tariffs are increased to 25%, this will likely have a significant impact on prices and more companies may decide to switch providers.

"It would be best if the United States and China reach a reasonable agreement," Buffett said.

The Chinese stock market jumped on Monday after President Donald Trump postponed another tariff increase on Chinese imports.

Buffett explained that his conglomerate Berkshire Hathaway had not bought a lot of stock in the fourth quarter, particularly because he was considering a major acquisition that had failed.

Some investors wondered why Berkshire had not bought more stock because it held about $ 130 billion in cash and other short-term investments.

Buffett said Berkshire was overpaid when he teamed up with Brazilian 3G Capital investors to buy Kraft Foods. Kraft Heinz was therefore right to reduce the value of its assets by $ 15.4 billion last week.

Kraft Heinz is still a great company, he said, but Buffett said he would not buy more stock at current prices because the value of the company has gone down. . Buffett's Berkshire holds about 26% of Kraft Heinz's stock.

Buffett said that store brands, such as the Kirkland brand of Costco, have become far more powerful than they have been. This has made it harder to negotiate between branded food companies and retailers.

At Berkshire, Buffett said his two potential successors earned about $ 18 million each last year, managing dozens of operating companies in the conglomerate. In contrast, Buffett has been paid $ 100,000 for decades as CEO of Berkshire, but his fortune comes from holding Berkshire shares.

Buffett said Greg Abel and Ajit Jain had both done a great job since joining the Berkshire Board of Directors in early 2018. Jain oversees the conglomerate's insurance business, while he's not doing anything. Abel oversees commercial activities other than insurance.

He said one of Berkshire's two long-time leaders would likely become general manager, but 88-year-old Buffett is not considering retiring.

Buffett also said that the two fund managers hired by Berkshire many years ago have worked well, although their investments have somewhat surpassed the S & P 500 index since their arrival in Berkshire. He said both outperformed his own investments.

Berkshire Hathaway Inc. owns more than 90 companies, including railways and clothing, furniture and jewelry companies. Its insurance and utilities activities generally account for more than half of the company's net income. The company also has significant investments in companies such as Apple, American Express, Coca-Cola and Wells Fargo & Co.

The Canadian press –
February 25, 2019 / 1:28 pm | story:
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The Alberta Securities Commission stated that the owner and an employee of a mortgage credit company attracting $ 137 million of investors operating under the Ponzi scheme had to pay more than $ 4 million. dollars in penalties, earnings offsets and ill-gotten costs.

Regulator says Arnold Breitkreutz of Calgary-based Base Finance Ltd. faces $ 1 million administrative fine, $ 2.67 million in return and $ 100,000 in investigation and hearing costs .

Office Administrator Susan Elizabeth Way faces a $ 150,000 administrative fine, $ 362,000 in repayment and $ 50,000 in funding.

According to ASC, Base Finance raised funds from hundreds of investors between 2004 and 2015 to invest in mortgages, but these funds were used to pay interest and principal to other investors, as part of a ponzi stratagem.

He says investors collectively owed more than $ 122 million at the time of the receivership of Basic Finance.

He says he does not know where all the money was spent, although Breitkreutz claims that more than $ 50 million was advanced to a third party – who did not testify at a hearing of NCP – to make oil and gas investments in the United States.

Breitkreutz and Base Finance are now banned from trading and buying securities, while Way is banned for 20 years or until monetary orders are paid, said the ASC.

The Canadian press –
February 25, 2019 / 9:36 | story:
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Barrick Gold will seek to acquire Newmont Mining Corp. as part of a $ 18 billion deal that would create a mining giant worth about $ 42 billion.

Newmont, Colorado, has so far rejected any proposed buyback from the Canadian miner and the unsolicited bid from his fierce rival risk becoming hostile. On Monday, it seemed impossible to accept an offer from Barrick.

By acquiring Newmont, the largest American miner, Barrick would create a mining company that could be four times larger than its next closest competitor.

Newmont shareholders would receive 2.5694 Barrick shares for each share they hold, according to Barrick's proposal presented on Monday.

Barrick's shareholders would own approximately 55.9% of the total business, with Newmont shareholders holding approximately 44.1%.

Barrick President and CEO Mark Bristow said the two companies have additional assets in Nevada, which include Barrick's mineral resources and Newmont's factories and processing facilities.

The combination of companies, said Bristow, will reduce costs by $ 7 billion.

Barrick launched a rush to consolidate gold mines last month with the acquisition of Randgold Resources for more than $ 6 billion. Newmont launched its own takeover bid in January with a $ 10 billion bid for Goldcorp from Canada.

Miners seek to combine with others because gold is becoming more expensive. The price of gold has been rising for nearly two decades and has risen 4% this year, reaching about $ 1,330 an ounce.

Barrick Gold Corp. said Monday that Newmont should abandon its pursuit of Goldcorp.

There was no indication that Newmont was prepared to do so and noted that Barrick had concluded that any merger with Newmont was contingent upon such a retreat.

Newmont, in response to the offer on Monday, said Barrick's offer was "at a negative premium". Barrick ignores the risks of such an agreement and exaggerates the potential benefits.

"Newmont has already determined that Barrick's risk and reward profile is inferior in many respects, including its relatively inefficient business model, its poor shareholder performance record, and adverse jurisdictional risks, "said Newmont.

At the same time, perhaps in anticipation of a hostile takeover, "the proposed merger between Newmont and Goldcorp represents the best opportunity to create optimal value for Newmont shareholders and other stakeholders."

The amalgamated company would have the largest gold reserves and gold resources in the gold sector and annual savings of $ 265 million.

Shares of both companies fell to the opening bell, with Newmont falling 2%.