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SCHUYLERVILLE, N.Y. (AP) — The thousands of people paid to plant corn, pick apples and milk cows in New York often work long days, six days a week — and earn overtime only after 60 hours of labor. The state is now looking at lowering that overtime threshold. New York could possibly join California and Washington state in phasing in a 40-hour overtime rule for farm hands, a threshold common in other industries. “We need a better quality of life,” said veteran dairy worker Lazaro Alvarez. He is am
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.
NEW DELHI (Reuters) -India's Tata Group took control of state-run carrier Air India on Thursday, regaining ownership of the airline after nearly 70 years and marking a victory for Prime Minister Narendra Modi's privatisation push. The auto-to-steel conglomerate in October won the bid https://reut.rs/3AyAZTz to take over Air India in a $2.4 billion equity and debt deal, ending years of struggle to privatise the financially troubled airline that was kept afloat using taxpayer funds. The Air India strategic disinvestment transaction has been completed today with the government receiving about $360 million in equity and Tata taking over more than $2 billion of Air India's debt, the finance ministry said in a statement.
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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
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
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.
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."
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.
Caixabank, which in March closed the 4.3 billion euros acquisition of Bankia in a defensive deal to better cope with ultra low interest rates and the coronavirus pandemic, reported a underlying profit without extraordinary items related to the merger of 337 million euros ($375.82 million) in the October to December period. The accounting net profit in the quarter fell 35% to 425 million euros compared to a 433 million euros net profit expected by analysts polled by Reuters. Net profit in the same quarter last year without Bankia stood at 655 million euros.
Here’s why I expect Shopify stock to see a big turnaround in the near term. The post Shopify Stock Selloff: Could it Turn Around in February? appeared first on The Motley Fool Canada.
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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.
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
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.
Defence and aerospace group Leonardo said on Wednesday it had not taken a formal decision about a sale of a business line at its DRS division. Bloomberg reported on Wednesday that Leonardo was considering options for its Global Enterprise Solutions business, including a sale. It could be worth up to $400 million, Bloomberg said, citing people familiar with the matter.
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
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
(Reuters) -Uber Technologies Inc on Thursday said it had reached an agreement with Canada's largest services-sector union to offer employee-like benefits to contractors who work as ride-hail and food delivery drivers. Uber and United Food and Commercial Workers Canada (UFCW) said https://www.uber.com/en-CA/newsroom/uber-canada-and-ufcw-canada-reach-historic-national-agreement-to-benefit-drivers-and-delivery-people they will jointly lobby Canada's provincial governments to pass labor reforms that would provide gig workers with minimum earnings of at least 120% of local minimum wage, a benefits fund that includes pension and sick pay and other workers' rights. Today, those benefits are generally reserved for employees, leaving gig workers, who are largely independent contractors, without benefits and protections.
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