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The EU economy is up, volatility down and investors have figured this out + MORE Mar 25th
European stock indexes are surging ahead and the markets’ measures of volatility are running at low levels.
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First lady Melania Trump launches 'Be Best' campaign for children - Globalnews.ca + MORE May 8th
Globalnews.caFirst lady Melania Trump launches 'Be Best' campaign for childrenGlobalnews.caU.S. First Lady Melania Trump announced a new “Be Best” campaign aimed at children's wellness. “I feel strongly that as adults, we can and should 'be best' at educating our child.... More »
The best cash back credit cards in Canada for 2023 + MORE Sep 27th
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The best cash back credit cards in Canada for 2023
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Why the Choice-CREIT deal is likely to be a long-term winner for investors + MORE Mar 14th
Here’s why I’ll happily exchange the Canadian Real Estate Investment Trust units in my model portfolio for units of a bigger and better Choice Properties REIT
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Trump's Russian Money + MORE Jan 24th
The big carrot in U.S. relations has been access to Western banks and real estate..... More »
Closing ugly budget chapter, California repays $14.2 billion in Schwarzenegger-era borrowing
– canadianbusiness.com
SACRAMENTO, Calif. – California closed an ugly chapter in its financial history on Wednesday by making its final payment on $14.2 billion in costly borrowing that plugged a budget deficit 11 years ago but eventually cost taxpayers about $5 billion in interest and fees.
State Treasurer John Chiang and Director of Finance Michael Cohen announced the final payment of nearly $929 million toward the Economic Recovery Bonds, debt that was approved by voters in 2004 after then-Gov. Arnold Schwarzenegger led a bipartisan campaign promoting them.
“They failed to make the difficult decisions possible. … It was just the political will at that juncture,” Chiang said of the decision by political leaders to promote the borrowing.
“Wall Street should not be the budget reserve of the state of California. It’s costly, it makes no sense,” he said.
Promoting the borrowing in Proposition 57 was one of Schwarzenegger’s first acts in office, and he pitched the measure as a way to avoid public service cuts and tax increases…
State Treasurer John Chiang and Director of Finance Michael Cohen announced the final payment of nearly $929 million toward the Economic Recovery Bonds, debt that was approved by voters in 2004 after then-Gov. Arnold Schwarzenegger led a bipartisan campaign promoting them.
“They failed to make the difficult decisions possible. … It was just the political will at that juncture,” Chiang said of the decision by political leaders to promote the borrowing.
“Wall Street should not be the budget reserve of the state of California. It’s costly, it makes no sense,” he said.
Promoting the borrowing in Proposition 57 was one of Schwarzenegger’s first acts in office, and he pitched the measure as a way to avoid public service cuts and tax increases…
Sleep Country revenues jump 11 per cent in Q2 on mattress and accessories sales
– canadianbusiness.com
TORONTO – Sleep Country Canada Holdings Inc. (TSX:ZZZ) says revenues grew nearly 11 per cent in its second quarter, helped by stronger sales of mattresses and accessories.
The Toronto-based retailer, which returned to the public markets last month after seven years as a private company, posted revenues of $102.5 million in the quarter, compared with $92.7 million a year earlier.
The stronger results were mainly from growth of 7.7 per cent in same-store sales, an industry barometer that tracks locations open more than a year.
On an adjusted basis, net income increased 91 per cent to $7.5 million from $3.9 million.
Mattress sales increased 9.8 per cent, while accessory revenue grew 14.5 per cent, it said.
The financial results reflect the business of Sleep Country Canada Inc. before it was acquired by the holding company as part of its initial public offering.
“The company is well-positioned to continue to produce growth, by both increasing same store sales and expanding our store network,” said CEO David Friesema in a statement late Wednesday…
The Toronto-based retailer, which returned to the public markets last month after seven years as a private company, posted revenues of $102.5 million in the quarter, compared with $92.7 million a year earlier.
The stronger results were mainly from growth of 7.7 per cent in same-store sales, an industry barometer that tracks locations open more than a year.
On an adjusted basis, net income increased 91 per cent to $7.5 million from $3.9 million.
Mattress sales increased 9.8 per cent, while accessory revenue grew 14.5 per cent, it said.
The financial results reflect the business of Sleep Country Canada Inc. before it was acquired by the holding company as part of its initial public offering.
“The company is well-positioned to continue to produce growth, by both increasing same store sales and expanding our store network,” said CEO David Friesema in a statement late Wednesday…
Stock in Keurig Green Mountain fell more the 25 per cent in after hours trading after the company reported a decline in sales for both coffee pods and home brewing machines.
Barrick cuts dividend by 60 per cent, plans another billion dollars in cost cuts
– canadianbusiness.com
TORONTO – Barrick Gold Corp. is slashing its dividend by 60 per cent and putting a number of mines up for sale in a widespread effort to further reduce its costs amid concerns about the falling price of gold.
The Toronto-based gold miner (TSX:ABX) said Wednesday it will now target spending cuts across its operations at $2 billion before the end of 2016 — a move that tacks an extra $1 billion of cuts onto a previously announced effort to lower expenses and improve productivity.
Barrick, which also reported a second-quarter loss, said it has already identified $1.4 billion of potential cuts across the business.
“These reductions will come from operating expenses, capital spending and corporate overhead,” the company said.
“This will strengthen the resilience of our portfolio in a lower gold price environment, while positioning us to deliver stronger margins when gold prices recover.”
The move comes as Barrick plans to strip its quarterly dividend to two cents per share from the current five cents per share…
The Toronto-based gold miner (TSX:ABX) said Wednesday it will now target spending cuts across its operations at $2 billion before the end of 2016 — a move that tacks an extra $1 billion of cuts onto a previously announced effort to lower expenses and improve productivity.
Barrick, which also reported a second-quarter loss, said it has already identified $1.4 billion of potential cuts across the business.
“These reductions will come from operating expenses, capital spending and corporate overhead,” the company said.
“This will strengthen the resilience of our portfolio in a lower gold price environment, while positioning us to deliver stronger margins when gold prices recover.”
The move comes as Barrick plans to strip its quarterly dividend to two cents per share from the current five cents per share…
Pay TV industry showing cracks as cord-cutting hurts profits, stand-alone channels questioned
– canadianbusiness.com
LOS ANGELES, Calif. – Further cracks emerged this week in the pay TV bundle as media companies and distributors indicated that more people are cutting the cord and ditching pricey channel packages. Meanwhile, media company executives did damage control, putting a positive spin on the prospect of selling individual channels online.
Disney’s stock tumbled 9 per cent Wednesday, a day after reporting that it was trimming its forecast for TV subscriber-fee profit growth through next year because of subscriber losses at its flagship ESPN sports network. Other channel operators also saw shares drop. Viacom fell 7.5 per cent, Time Warner fell 9 per cent, CBS fell 4.6 per cent and Discovery Communications fell 12.1 per cent.
Dish said its satellite TV subscriber losses accelerated in the quarter through June, falling 81,000 to 13.9 million, nearly double the loss of 44,000 a year ago.
Analysts say that popular channels like ESPN would likely survive any dramatic shift in consumer preference toward online channel packages like Sling TV, which at $20 a month, is far cheaper than traditional pay TV packages…
Disney’s stock tumbled 9 per cent Wednesday, a day after reporting that it was trimming its forecast for TV subscriber-fee profit growth through next year because of subscriber losses at its flagship ESPN sports network. Other channel operators also saw shares drop. Viacom fell 7.5 per cent, Time Warner fell 9 per cent, CBS fell 4.6 per cent and Discovery Communications fell 12.1 per cent.
Dish said its satellite TV subscriber losses accelerated in the quarter through June, falling 81,000 to 13.9 million, nearly double the loss of 44,000 a year ago.
Analysts say that popular channels like ESPN would likely survive any dramatic shift in consumer preference toward online channel packages like Sling TV, which at $20 a month, is far cheaper than traditional pay TV packages…
