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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over .... More »
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Correction: Earns-TowneBank story
– canadianbusiness.com
PORTSMOUTH, Va. – In a story July 24 about TowneBank earnings — generated by Automated Insights using data from Zacks Investment Research — The Associated Press reported erroneously the company’s headquarters location. It is based in Portsmouth, Virginia.
A corrected version of the story is below:
TowneBank posts 2Q profit
TowneBank posts 2nd-quarter profit of $17.8 million
TowneBank (TOWN) on Friday reported second-quarter net income of $17.8 million.
The bank, based in Portsmouth, Virginia, said it had earnings of 35 cents per share.
The community bank posted revenue of $78 million in the period.
TowneBank shares have risen 11 per cent since the beginning of the year. In the final minutes of trading on Friday, shares hit $16.78, an increase of 13 per cent in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TOWN at http://www.zacks…
A corrected version of the story is below:
TowneBank posts 2Q profit
TowneBank posts 2nd-quarter profit of $17.8 million
TowneBank (TOWN) on Friday reported second-quarter net income of $17.8 million.
The bank, based in Portsmouth, Virginia, said it had earnings of 35 cents per share.
The community bank posted revenue of $78 million in the period.
TowneBank shares have risen 11 per cent since the beginning of the year. In the final minutes of trading on Friday, shares hit $16.78, an increase of 13 per cent in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TOWN at http://www.zacks…
Housing prices in Calgary won’t be dropping dramatically despite fewer sales and uneasiness about the slumping economy, says the local real estate board.
(Christinne Muschi/Reuters)It’s a generally accepted axiom in business that bigger is better. Bigger sales, bigger profits, bigger market share. And in Canada right now, the title of biggest company just got snatched away from the biggest of the Big Five banks, Royal Bank of Canada (RBC). The new big kahuna on the Toronto Stock Exchange, when measured by market capitalization—meaning the total value of its outstanding shares—is a drug company from Laval, Que., named Valeant Pharmaceuticals, worth roughly $115 billion.
But is bigger really always better? That’s a valid question when it comes to Valeant, not only because of the grim fate that befell other companies that have preceded it in that top spot, but also because of the persistent questions swirling around how it got there. It certainly would seem as if congratulations are in order for Valeant’s chairman and CEO, Michael Pearson, the former pharmaceutical consultant who has spearheaded the company’s rapid ascent and wants to transform Valeant into one of the five most valuable drug companies in the world by 2017…
The Financial Post’s Jonathan Ratner looks at some of the day’s top business and financial stories.
Matson, state agree to $15M settlement for shipping company molasses spill in Honolulu Harbor
– canadianbusiness.com
HONOLULU, Hawaii – A major shipping company has agreed to pay more than $15 million to compensate for a 2013 molasses spill in Honolulu Harbor, Hawaii’s attorney general said Wednesday.
Attorney General Doug Chin called the settlement with Hawaii-based Matson Navigation Co. one of the largest for an environmental violation in Hawaii’s history. The settlement includes a combination of cash, restoration efforts and funding for environmental programs, he said.
Matson is also agreeing to cease its molasses operation in Hawaii and pay for removal of its molasses tanks and any remaining molasses, Chin said.
The company will pay $5.9 million to the state, and the costs related to ending the molasses operation are estimated between $5.5 million and $9.5 million, which would put the total settlement amount between $11.4 million and $15.4 million, Matson Inc. said in a statement.
“The range Matson provides in its press statement appears to reflect a desire to report a smaller loss to its investors for its next earnings report,” Chin said in response…
Attorney General Doug Chin called the settlement with Hawaii-based Matson Navigation Co. one of the largest for an environmental violation in Hawaii’s history. The settlement includes a combination of cash, restoration efforts and funding for environmental programs, he said.
Matson is also agreeing to cease its molasses operation in Hawaii and pay for removal of its molasses tanks and any remaining molasses, Chin said.
The company will pay $5.9 million to the state, and the costs related to ending the molasses operation are estimated between $5.5 million and $9.5 million, which would put the total settlement amount between $11.4 million and $15.4 million, Matson Inc. said in a statement.
“The range Matson provides in its press statement appears to reflect a desire to report a smaller loss to its investors for its next earnings report,” Chin said in response…
