Chinese leaders pledge to double size of economy by 2020, emphasize innovation + MORE Oct 29th

Reuters CanadaBombardier reports loss, outlines Québec investment in CSeriesReuters CanadaTORONTO (Reuters) – Canadian plane and train maker Bombardier Inc BBDb.TO reported a huge quarterly loss on Thursday tied to impairment charges, and outlined a plan that will see the Québec government invest $1 billion in its long-delayed CSeries jet …Did the Quebec Government Just Save Bombardier, Inc.?The Motley Fool CanadaBombardier posts $4.9B loss in Q3Globalnews.caBombardier posts US$4.9-billion lossMississaugaBrandon Sunall 130 news articles »

BEIJING, China – China’s leaders on Thursday affirmed plans to double the size of the country’s economy by 2020 from 2010 levels, a goal that sets up a potential clash with efforts to nurture more self-sustaining growth.
Communist Party leaders are struggling with conflicting goals of pushing ahead a painful economic restructuring and preventing growth that declined to a six-year low of 6.9 per cent last quarter from falling too low, leading to potential job losses and unrest.
Thursday’s pledge followed a meeting aimed at crafting a development plan for the rest of this decade. Such Soviet-style five-year plans are a throwback to central planning but guide official policy and highlight party goals.
In a statement carried by the official Xinhua News Agency, party leaders affirmed plans to develop a consumer economy and promote technology to replace a worn-out model based on trade and investment.
It gave no annual growth target. But doubling the size of the economy in one decade would require annual growth to average 7 per cent…

Mark Blinch/Reuters
MONTREAL — Bombardier has posted a US$4.9-billion loss for the third quarter, mostly tied to its CSeries and Learjet 85 aircraft programs.
It also says the province of Quebec will invest US$1 billion in the CSeries program, which is about two years behind schedule.
The investment community had widely expected that the Montreal-based company would have a weak quarter and receive financial assistance from its home province but details weren’t released until this morning.
Bombardier says the CSeries business will be transferred to a new partnership that’s jointly owned by the company and the province.
The company (TSX:BBD.B) will own 50.5 per cent of the CSeries partnership and the remaining 49.5 per cent will be owned by the Quebec government through several provincial agencies.
The CSeries has been an expensive and difficult project for Bombardier, which says the commercial jetliner is about 97 per cent of the way through final testing _ one of the last steps before the planes can be put into service…

Calgary-based company’s quarterly earnings rose to $1.80-billion from $354-million a year ago

NEW YORK, N.Y. – Payment processing company MasterCard Inc. said its adjusted third-quarter profits rose slightly from a year ago, as the company saw solid growth in activity worldwide on its payment network.
MasterCard said Thursday it had net income of $1.03 billion, excluding a one-time $50 million charge tied to the termination of the company’s pension plan. That is up from $1.02 billion in the same period a year ago. Per-share earnings, excluding that one-time charge, were 91 cents per share compared with 87 cents a share a year earlier.
The results surpassed Wall Street expectations, with analysts surveyed by Zacks Investment Research looking for earnings of 88 cents per share.
Payment volume on MasterCard’s network, a key measure of the company’s business, was up 12.3 per cent to $852 billion in the quarter on a local currency basis. United States payment volume was $311 billion, up 8 per cent from a year earlier. MasterCard, like its major competitor Visa, earns money by taking a small per cent of each transaction done on its network as a fee…