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  • Teck says coal sales down from extreme weather, COVID-19 affecting operations

    VANCOUVER — Teck Resources Ltd. said Friday that its coal sales fell below its guidance because of extreme weather in British Columbia and warned that COVID-19 was leading to higher costs and could disrupt production. Shares in the company were down $2.32, or 5.7 per cent, at $38.36 in mid-morning trading on the Toronto Stock Exchange. Teck said steelmaking coal sales for the fourth quarter came in at 5.1 million tonnes, below the 5.2 million to 5.7 million tonnes in its revised guidance it issu

  • LVMH rides luxury spending boom as Louis Vuitton, Dior tempt big spenders

    PARIS (Reuters) -The world's largest luxury goods conglomerate LVMH sees soaring demand for its fashion, handbags and jewellery continuing in 2022 after shoppers snapped up high-end wares over the holiday season. LVMH, which owns brands spanning Hennessy cognac to cosmetics retailer Sephora, said on Thursday fourth-quarter sales growth accelerated, reaching 20.04 billion euros ($22.34 billion) overall, with growth led by the French group's biggest earners Louis Vuitton and Dior. The luxury labels propelled a 28% rise in sales of LVMH's largest division, fashion and leather goods, on a like-for-like basis, beating analyst expectations for 16% growth.

  • S&P/TSX composite edges higher as crude oil prices rise, U.S. stock markets mixed

    TORONTO — Canada's main stock index gave up early gains but still posted a small increase as crude oil prices hit a more than seven-year high and the central bank kept its key interest rate in check. The Bank of Canada kept its key interest rate at 0.25 per cent, but warned higher interest rates are coming to help trim inflation from its hottest pace in three decades. Despite robust growth in the U.S. economy, an uneven global recovery, supply constraints, inflationary pressures, geopolitical te

  • Fed plans to raise rates starting in March to cool inflation

    WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it will begin a series of interest-rate hikes in March, reversing pandemic-era policies that have fueled hiring and growth — and stock market gains — but also stubbornly high inflation. Chair Jerome Powell said at a news conference that inflation has gotten “slightly worse” since the Fed last met in December. He said raising the Fed’s benchmark rate, which has been pegged at zero since March 2020, will help prevent high prices from be

  • Hong Kong economy grows 6.4% in 2021

    BEIJING (AP) — Hong Kong’s economy grew by 6.4% last year after activity weakened as anti-coronavirus controls were tightened. Economic output expanded by 4.8% over a year earlier in the three months ending in December, down from the previous quarter’s 5.5%, government data showed Friday. Growth in consumption and investment weakened. The government has tightened controls on travel into Hong Kong and activity within the territory, mimicking the Chinese mainland’s “zero tolerance” strategy that a

  • China spends billions on Olympics with longer-term goal

    GENEVA (AP) — The finance model for the Winter Olympics calls for the host country to spend several billion dollars, the IOC to earn a couple billion, and sports bodies to share around hundreds of millions. Fortunately for China, turning a profit from the 2022 Beijing Games was not a priority even before the coronavirus pandemic wiped out some expected sources of income. Chinese President Xi Jinping set a goal in 2015 to create a new tourism industry in the country. “It will inspire over 300 mil

  • RRSP Growth: 2 Top TSX Dividend Stocks to Own for Decades

    These top dividend stocks look attractive right now for RRSP investors. The post RRSP Growth: 2 Top TSX Dividend Stocks to Own for Decades appeared first on The Motley Fool Canada.

  • Global stock markets waver amid central banks’ inflation concerns

    World equity markets dipped again on Friday as investor worries about cloudy central bank signals and rising tensions between Western powers and Russia drove one of the worst-ever starts to a year for stocks. The pan-European STOXX 600 index tumbled nearly 1.61%, on course for its fourth straight weekly drop [.EU], while volatile U.S. equities suffered from major sell-offs as traders weighed concerns about tighter monetary policy by the Federal Reserve [.N]. Friday's session had opened slightly higher after economic reports eased initial inflation concerns.

  • 3 Cheap Canadian Stocks Bound for Massive Growth in 2022

    There are a lot of cheap Canadian stocks out there, but a huge turnaround is likely for these three in 2022 and beyond for long-term investors. The post 3 Cheap Canadian Stocks Bound for Massive Growth in 2022 appeared first on The Motley Fool Canada.

  • TFSA Pension: 2 Top Stocks to Buy in a Self-Directed Retirement Fund

    These two top TSX stocks look attractive to buy for a TFSA today. The post TFSA Pension: 2 Top Stocks to Buy in a Self-Directed Retirement Fund appeared first on The Motley Fool Canada.

  • Nova Scotia Power's proposed fee for solar homeowners draws pushback from installers

    HALIFAX — A Nova Scotia Power proposal to charge fees for customers who sell power back to the grid has drawn heated criticism from solar installers who say it will damage the emerging industry. The utility applied Thursday before the Utility and Review Board for a monthly fee of about $8 per kilowatt of electricity, which in a typical 10-kilowatt photovoltaic solar installation would amount to about $960 annually. David Brushett, the chairman of Solar Nova Scotia, says this would be a massive r

  • Dollar gains as Wall Street retreats on future Fed hikes

    But, as has been the case most of the week, gains were pared as investors processed how strong economic growth might inform the Fed's thinking. Chairman Jerome Powell indicated at a Wednesday news conference that inflation remained higher than the central bank would like and supply chain issues could persist. However, the prospect of faster or larger U.S. interest rate hikes helped push the dollar to its highest levels since July 2020.

  • Executive overseeing investments leaves Japan's SoftBank

    TOKYO (AP) — Marcelo Claure, who joined SoftBank Group after turning around one of its key investments, office-sharing business WeWork, is leaving, the Japanese technology company said Friday. Claure has long been seen as a close aide to SoftBank Chief Executive Masayoshi Son, forging a partnership spanning nine years and overseeing a sprawling investment portfolio. Tokyo-based SoftBank Group Corp. said the departure was “by mutual agreement.” SoftBank did not give a reason for his decision to l

  • S&P 500 flirts with correction for fifth time on rate hike worries

    The S&P 500 index was closing in on a correction on Friday for the fifth time this week on worries about a series of interest rate hikes to tame inflation and losses in shares of Caterpillar and Chevron. The benchmark index would have to close 10% or more below its record closing high reached on Jan. 3 to confirm it entered correction territory. All the 11 major S&P 500 sectors were trading in the red.

  • U.S. lawmakers ask Treasury to clarify digital assets -Punchbowl News

    A bipartisan group of U.S. lawmakers has asked the Treasury Department for "clarity to the digital asset ecosystem" after new related reporting requirements were included in last year's $1 trillion infrastructure law, Punchbowl News said on Thursday. In a letter dated Wednesday, the group told Treasury Secretary Janet Yellen that part of the bill was "ambiguous" because Treasury could interpret who within the digital asset ecosystem qualifies as a "broker" beyond what Congress intended, and urged against "a potentially expansive reading of the 'broker' definition."

  • Los Angeles City Council approves phaseout of oil drilling

    The Los Angeles City Council on Wednesday approved a measure to ban new oil and gas wells and phase out existing ones. The council directed the city attorney to draft an ordinance to prohibit oil and gas drilling in Los Angeles, change zoning laws to make drilling illegal and study how to legally phase out existing wells. The council also created a jobs program to transition oil and gas workers to other industries. The decision comes after a decade of complaints from residents about health probl

  • Electrolux profit falls as supply-chain headwinds linger

    STOCKHOLM (Reuters) -Electrolux said on Friday global supply chain issues would persist after posting a drop in quarterly profit, while expecting demand in 2022 above pre-pandemic levels. Electrolux said the issues would continue to impact the industry's ability to fully meet demand, while it expected prices to offset strong cost inflation in 2022, mainly in raw materials, electronic components and logistics.

  • Tesla forecasts 2022 growth above 50%, despite supply chain challenges

    SAN FRANCISCO (Reuters) -Tesla Inc on Wednesday forecast vehicle deliveries would comfortably grow by more than 50% year-over-year in 2022 despite persistent supply chain issues that it expects to be alleviated only next year. The upbeat outlook from CEO Elon Musk came after the world's most valuable automaker posted record quarterly revenue that beat Wall Street expectations. But the cautious note about supply chain woes showed that even Tesla cannot avoid the shortages that were pitfalls for many larger automakers last year.

  • Visa profit beats quarterly estimates on higher travel, online spending

    NEW YORK (Reuters) -Visa Inc beat Wall Street's quarterly estimates on Thursday as more international travel and e-commerce drove an increase spending volumes. While travel spending has stalled since late December due to the Omicron variant of the coronavirus, Visa executives said they believe the recovery will resume and net revenue will grow in the second fiscal quarter this year. "The upside is going to come from the continued recovery of travel and the affluent customer getting back in the mix of spending at the levels they were pre-pandemic,” Visa Chairman and Chief Executive Alfred Kelly said on a call with analysts.

  • Don’t Get Taxed by Surprise: The TFSA’s Dirty Little Secret

    You can get taxed by surprise by holding un-approved stocks in a TFSA, so make sure you hold approved assets, like Fortis Inc. The post Don’t Get Taxed by Surprise: The TFSA’s Dirty Little Secret appeared first on The Motley Fool Canada.