Diageo, the world's largest spirits maker, signalled on Thursday that robust demand for its drinks as people made pricey cocktails at home during COVID-19 lockdowns may be slowing in some parts of the world, particularly North America. Its shares dropped almost 7%, shaving about 5 billion pounds ($6.2 billion) off the company's market value even as Diageo posted forecast-beating first-half sales thanks to price hikes and as more people drank premium spirits. Since the pandemic, Diageo has benefited from people splurging on more expensive types of alcohol while staying home under lockdown.
Amazon's surprise decision to shut down its AmazonSmile donation program has left thousands of its nonprofit beneficiaries disappointed and concerned about finding ways to replace the funding. The e-commerce giant had launched AmazonSmile in 2013, contributing 0.5% of every purchase made by participating customers to the charity of their choosing. As of 2022, the company said it has donated $449 million to various charities. Before it ends the program next month, Amazon says, it will provide a f
TOKYO (Reuters) -Toyota Motor Corp chief Akio Toyoda is set to remain a dominant force inside the world's largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. In recent years Toyota has become a target of activists and green investors who had once heralded its hybrid technology, but who now slate its belated embrace of electric vehicles (EVs).
BERLIN/STOCKHOLM (Reuters) -SAP said on Thursday it planned to cut 3,000 jobs, or 2.5% of its global workforce, and explore the sale of its remaining stake in Qualtrics, as the Germany software company looks to cut costs and focus on its cloud business. "We expect only a moderate cost saving impact for 2023, and a more pronounced one in 2024, about 300 million euros to 350 million in run rate savings as of 2024," Chief Financial Officer Luka Mucic said in a call with journalists. The layoffs come after SAP reported a 30% revenue increase in its cloud business in the fourth quarter, helped by strong demand for its software.
A New Year rally in U.S. corporate bonds has started to lose some momentum, as some investors become skeptical of recent optimism about a 'Goldilocks' economic scenario of slowing inflation against a backdrop of moderate growth. Credit spreads for both investment-grade and high-yield bonds have been tightening in recent months, and more so this month, as lower inflation prints raised hopes of a pivot in the Federal Reserve's current hawkish policy. Seen as a measure of perceived risk compared to holding safer government bonds, spreads for investment grade bonds narrowed some 10 basis points so far in January and in total about 37 basis points since early October, while junk-rated debt spreads have come in 52 basis points and 116 basis points, respectively, in the same period.
TORONTO — Widespread inflation has led to some eye-popping meat prices, but dietitians say there are budget-friendly ways to get enough protein. Saving money on these essential building blocks could involve both considering a wider variety of sources, and being more strategic when sticking to old favourites, but either way it’s key that everyone gets enough, said registered dietitian Desiree Nielsen. “With everyone still getting sick all of the time, it is really important that you get adequate
TORONTO — Rent prices in Canada grew at a record pace last year as the country saw the lowest vacancy rate since 2001, the Canada Mortgage and Housing Corp. said. In a report released Thursday, the federal housing agency said the average rent for a two-bedroom purpose-built apartment, which it uses as its representative sample, grew 5.6 per cent to $1,258 compared with the previous 12-month period. The CMHC said this increase is a new annual high in data going back to 1990. The report also said
RBC Royal Bank is increasing its prime rate by 25 basis points to 6.70 per cent from 6.45 per cent, effective January 26, 2023.
Today, the Honourable Ahmed Hussen, Minister of Housing and Diversity and Inclusion, Taleeb Noormohamed, Member of Parliament for Vancouver Granville, Ravi Kahlon, BC Minister of Housing, Brooke Eschuk, Economic Development Officer, District of Fort St. James, and Tyrell Arnold, Executive Director, Connexus Community Resources announced a combined $8 million investment to build 36 new rental homes for independent seniors in Fort. St. James. Redevelopment of Connexus Fort St. James Seniors Housin
George Schwab perfected the art of never saying no to a guest at the luxury hotel chain
The U.S. Securities and Exchange Commission is probing registered investment advisers over whether they are meeting rules around custody of client crypto assets, three sources with knowledge of the inquiry told Reuters. The SEC has been questioning advisers' efforts to follow the agency's rules around custody of clients' digital assets for several months, but the probe has gathered pace in the wake of the blow-up of crypto exchange FTX, the sources said. Advisers managing clients' digital assets typically use a third party to store them.
The rapid take-up of electric vehicles in India's fledgling market has prompted a major rethink about the country's long-term fuel needs as refiners in Asia's third-largest economy hasten their shift away from oil production. India, one of the world's fastest growing oil markets, has lagged major economic peers in Europe and Asia in the adoption of EVs but sales are now picking up and investment in the production of new autos and energy infrastructure is accelerating. The faster-than-anticipated industry growth means India's gasoline consumption will peak sooner than previously thought, some analysts and industry participants say, forcing top oil firms to expedite transition plans to alternative business lines, notably increased petrochemical manufacturing.
BANFF, Alta. — Banff tourism officials have joined the call for better management of visitor traffic in the most heavily visited parts of the national park. In a document outlining its development plans for the next decade, Banff and Lake Louise Tourism says it wants to reduce damaging traffic bottlenecks through improved public transit and fewer private vehicles. "This is a priority," said CEO Leslie Bruce. "Private vehicle traffic is one of the single biggest challenges in terms of our congest
Ottawa's agenda is to replace lost jobs with jobs that are sustainable jobs, but not necessarily well-paying
Dave McKay says 'unprecedented liquidity' will provide powerful stimulus for recovery
Spurred by a solid rally on Wall Street after upbeat U.S. economic growth data on Thursday, Asian stocks on Friday are set to continue their remarkable run and chalk up a fifth weekly rise in a row. Investors are already feeling positive about China's economic re-emergence from nearly three years of COVID-19 restrictions, pouring record sums into emerging market debt and equity funds, according to Bank of America. There are no major Asian economic indicators or corporate earnings releases on Friday to really drive market direction, and volumes will be relatively light due to China still being closed for Lunar New Year.
The Thai unit of Toyota Motor Corp <7203.T< expects its car sales in the Southeast Asian country to rise 7.3% to 310,000 vehicles this year, the company said on Thursday. Toyota, which commands about a third of the Thai vehicle market, recorded local sales in 2022 of 288,809 units, up 20.5%, Toyota Motor Thailand said in a statement. "For the 2023 automotive market outlook, it is anticipated that the automotive market will gradually return to normalcy along with the country's overall economic recovery," the firm said.
(Reuters) -U.S. airlines expect strong travel demand that drove record fourth-quarter revenues to continue into 2023, but economic uncertainty and burgeoning labor and operations costs could cloud their rosy outlooks. On Thursday, American Airlines, JetBlue Airways Corp and Alaska Air Group forecast better-than-expected full-year earnings. Airlines are cashing in as consumers snap up tickets following a pandemic-induced slump, making the industry a rare bright spot as markets grasp with runaway inflation, rising interest rates and economic uncertainty.
CHIANG MAI, Thailand (AP) — Just a handful of Chinese visitors were posing for photos and basking in the sun this week in the market and plazas near Chiang Mai’s ancient Tha Phae Gate, one of many tourist hotspots still waiting for millions of Chinese travelers to return. The beaches and temples of destinations like Bali and Chiang Mai are the busiest they have been since the pandemic struck three years ago, but they’re still relatively quiet. Still, Chanatip Pansomboon, a soft drinks seller in
VANCOUVER — Canfor Corporation says as many as 157 employees face layoffs in one northern British Columbia town, but the company says it's too early to estimate job losses in a second community as the forest products firm restructures its B.C. operations. Canfor announced Wednesday that it is permanently closing its sawmill and pellet plant in Chetwynd, west of Dawson Creek, and shuttering its sawmill in the Bulkley Valley town of Houston for an unspecified period while it builds a new facility