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SACRAMENTO, Calif. (AP) — California's unemployment rate fell to 3.9% in July, the lowest point since 1976 as employers in the the nation's most populous state continued to defy expectations by adding 84,800 new jobs. Record-high inflation coupled with a cool-down in the housing market have prompted warnings of an economic slowdown as consumers react to high prices for goods from groceries to gasoline. But new numbers released Friday by California's Employment Development Department show its lab
The storied Canadian brand is going to face steep competition in the market, as it did before it closed most of its stores in 2013.
China's Miniso Group has apologised for promoting itself as a Japanese-style brand and said it would make changes across its stores to rectify this, becoming the latest retailer to respond to a surge in patriotism among Chinese shoppers. The company, which has over 5,000 stores in China and abroad, has for years described itself as "a Japanese-inspired lifestyle product retailer", and has been compared to the Muji chain operated by Tokyo-listed Ryohin Keikaku. However, earlier this month, it drew anger from Chinese social media users after its Spanish Instagram account posted a picture of dolls, one of which it called a "Japanese geisha doll" but which Chinese users pointed out was wearing a qipao dress, a traditional Chinese outfit.
Summer is still going strong in downtown Montreal with the 2nd edition of Shoni Market scheduled for September 8th to 11th on Sainte-Catherine Street, which will be pedestrianised between MacKay and Chomedey for the occasion. Initiated by the SDC Montréal centre-ville, this event aims to transform Shaughnessy Village, already bubbling with life, into a veritable cultural and culinary playground.
Docebo (TSX:DCBO)(NASDAQ:DCBO) stock is still down by 50% year to date but up 24% in the last month. Here's why the momentum could continue. The post Docebo Stock: Just a Fad or Due for a Huge Rebound? appeared first on The Motley Fool Canada.
Canadian banks are expected to post declines in profits on average in the third quarter as a murky economic outlook drives up provisions for credit losses (PCL) while market turmoil pressures capital markets and wealth management results, analysts and investors said. The banks, which will begin reporting quarterly results next Wednesday, will benefit from increased margins from higher interest rates while loan growth remains strong despite some slowing in mortgage lending, helping offset declines elsewhere. Canada's Big Six banks - Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, Bank of Montreal (BMO), Canadian Imperial Bank of Commerce and National Bank of Canada - are expected to report an average drop of 3.7% in adjusted earnings per share (EPS) from both the previous quarter and a year earlier.
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(Reuters) -Kohl's Corp cut its full-year sales and profit forecasts on Thursday, squeezed by steeper discounts and higher costs amid dwindling demand for clothing and shoes in the face of high inflation, sending its shares down 5%. The U.S. department store chain joined top retailers including Target Corp and Best Buy Co to warn of a profit squeeze, as decades-high inflation has made Americans wary of opening their wallets for apparel and other discretionary goods. The demand slump has left several retailers with bloated inventories, forcing them to offload excess stocks through steep discounts and clearance sales heading into the back-to-school season.
NEW YORK (Reuters) -Archegos Capital Management LP made a last-ditch effort to falsely persuade banks its survival was not at stake in an unsuccessful bid to forestall the sudden collapse of the $36 billion private investment firm, U.S. prosecutors said. The accusation came in a 12-page letter filed on Thursday night in Manhattan federal court, where Archegos' owner Sung Kook "Bill" Hwang has pleaded not guilty to 11 charges of fraud, market manipulation and racketeering conspiracy. Prosecutors said Archegos misled banks dozens of times in the six months before its March 2021 demise about its liquidity and how concentrated its portfolio was, in order to borrow money and make huge bets on stocks through total return swaps.
(Reuters) -Online furniture retailer Wayfair Inc said on Friday it would cut about 870 jobs, or 5% of its global workforce, as it looks to cut back operating expenses and realign investment priorities. Retailers from Wayfair to Restoration Hardware and Target Corp in recent earnings reports noted weaker sales of furniture as U.S. consumers spend less on big-ticket items like furniture in a time of four-decade high inflation. News of the job cuts sent Wayfair's share price down sharply.
OMAHA, Neb. (AP) — The head of the nation's largest railroad union says the report designed to help resolve stalled contract talks with freight railroads doesn't do enough to address concerns about working conditions, even though it suggests 24% raises. The railroads indicated earlier this week that they were ready to hammer out a deal based on the recommendations of the Presidential Emergency Board that Joe Biden appointed last month. But Thursday's first comments from union leadership suggest
Retail investors are back. This investor base has changed dramatically in recent years, especially since the COVID-19 pandemic. The flourishing of social media, and online trading sites and apps, has brought in a younger, more market-savvy cohort to supplement the more traditional, older investors who contribute to their retirement funds every month.
SANTIAGO (Reuters) -Chile's gross domestic product came in below expectations in the second quarter of 2022, central bank data showed on Thursday, leading economists to forecast a potential recession as pandemic-related stimulus is unwound. The performance highlighted Chile's struggle to grow as the central bank aggressively tightens its monetary policy to tame soaring inflation, which reached a near three-decade high last month. "Chile's economy merely stagnated in Q2 and the chances are high that it will fall into recession over the second half of the year," Capital Economics' Latin America economist Kimberley Sperrfechter said in a note.
SHANGHAI/BEIJING (Reuters) -China's banking regulator is scrutinising property loan portfolios of some local and foreign lenders to assess systemic risks, sources with knowledge of the matter said, as a crisis in the real estate sector worsens and weighs heavily on the economy. As part of their assessment, the China Banking and Insurance Regulatory Commission (CBIRC) is looking at banks' loan book exposure to developers to find out if those credit decisions were made according to the rules, one of the sources said. The aim is to measure risks to the financial system from the ongoing property sector turmoil in the world's second-largest economy, two of the sources said.
(Reuters) -Investors flooded social media platforms such as Reddit on Friday with criticism of Ryan Cohen's sale of his stake in Bed Bath & Beyond Inc, blaming him for helping fuel a meme stock rally only to then walk away with a $60 million profit. The billionaire investor disclosed on Thursday he had sold his 9.8% stake in the struggling home goods retailer almost five months after amassing it and pushing for changes. Cohen stands to earn a profit before taxes of between $55 million and $60 million on the stock sale, according to a Reuters review of regulatory filings and a person familiar with the matter.
SINGAPORE/WASHINGTON (Reuters) -Cryptocurrencies fell sharply on Friday, with sudden selling dragging bitcoin to a three-week low, with analysts divided over the reason behind the decline. Bitcoin fell as much as 7.7% to $21,404 over a few minutes during the European morning, at around 0640 GMT. Marcus Sotiriou, analyst at digital asset broker GlobalBlock, in a research note said there did not appear to be a single catalyst that led to the heavy selling.
If you still have contribution room left in your TFSA and are looking for good picks, plenty of discounted stocks have just begun their recovery journey. The post Now’s the Time to Load up on Your TFSA With These 3 Enticing Stocks appeared first on The Motley Fool Canada.
(Reuters) -A U.S. energy regulator on Friday gave Berkshire Hathaway Inc, the company controlled by billionaire Warren Buffett, permission to buy up to 50% of oil company Occidental Petroleum Corp's common stock. Occidental's share price soared 9.9%, closing up $6.41 at $71.29, after the Federal Energy Regulatory Commission (FERC) said letting Berkshire add to its 20.2% stake was "consistent with the public interest." Berkshire had applied to increase its stake on July 11, saying it would not hurt competition, undermine regulatory authority, or boost costs for consumers.
Harris Associates last week disclosed a stake of more than 10% in Switzerland's second-largest bank, after previously holding 5.2%. If Credit Suisse is unable to find ways for the investment bank business to earn sustainable returns in the next year or two, it would have to explore other options including a sale, spin-off or a merger, said David Herro, the chief investment officer of Harris Associates, in an interview to Bloomberg TV.
Piramal Pharma Limited's Critical Care business, a leading Complex Hospital Generics company, announces First to Market Generic U.S. launch of Zinc Sulfate Injection. This product is U.S. Food and Drug Administration approved with Competitive Generic Therapy (CGT) designation; an approval pathway intended to enhance market competition for sole source drugs. Zinc Sulfate is a trace element indicated as a source of zinc for parenteral nutrition when oral or enteral nutrition is not possible, insuf
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