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Saudi Arabia extends cut of 1 million barrels of oil a day through September, trying to boost prices

Published Fri, 22 Nov 2024 11:11:59 GMT

DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year.The kingdom announced the extension in a statement on the state-run Saudi Press Agency, quoting an anonymous official in the kingdom’s Energy Ministry. The official added that the cut “can be extended or deepened” if the need arises.“This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets,” the official said.The move was widely expected by analysts. Benchmark Brent crude traded Thursday at over $80 a barrel.A series of production cuts over the past year has failed to substantially boost prices amid weakened demand fr...

Alberta announces pause on renewable energy, citing rural concerns

Published Fri, 22 Nov 2024 11:11:59 GMT

EDMONTON — Alberta’s United Conservative government is announcing a pause on all approvals of large renewable energy projects.In a statement this morning, the government says it will stop approving all wind and solar power projects greater than one megawatt, effective immediately.Nathan Neudorf, minister of affordability and utilities, says the move is in response to rural concerns about development on agricultural land, the effect on scenery, reclamation security and system reliability. Paul McLaughlin of Rural Municipalities Alberta is welcoming the move, saying his group wants to see an approval process that takes local concerns into account. Alberta has been a leading province for renewable power generation, which provided 17 per cent of the province’s electricity in 2022. The Alberta Utilities Commission is currently reviewing 15 renewable, thermal and energy storage projects.This report by The Canadian Press was first published Aug. 3, 2023. The Canadian Press

S&P/TSX composite down, U.S. markets mixed

Published Fri, 22 Nov 2024 11:11:59 GMT

TORONTO — Canada’s main stock index fell in late-morning trading while U.S. markets were mixed.The S&P/TSX composite index was down 113.74 points at 20,104.47.In New York, the Dow Jones industrial average was down 44 points at 35,238.52. The S&P 500 index was down 12.97 points at 4,500.42, while the Nasdaq composite was up 11.73 points at 13,985.17.The Canadian dollar traded for 74.99 cents US compared with 74.99 cents US on Wednesday.The September crude oil contract was up US$1.58 at US$81.04 per barrel and the September natural gas contract was up eight cents at US$2.55 per mmBTU.The December gold contract was down US$1.30 at US$1,973.70 an ounce and the September copper contract was up four cents at US$3.88 a pound.This report by The Canadian Press was first published Aug. 3, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

SNC-Lavalin beats earnings expectations as engineering services in hot demand in U.S.

Published Fri, 22 Nov 2024 11:11:59 GMT

MONTREAL — SNC-Lavalin Group Inc. raised its financial forecast for the year on the heels of healthy organic revenue growth, as the company chipped away at a costly backlog of big, over-budget rail contracts.On Thursday, the engineering firm projected organic revenue growth of between 12 and 15 per cent in 2023, more than doubling its previous prediction of between five and seven per cent.The second-quarter figures underwrite SNC’s confidence. Its engineering services saw 25.1 per cent organic growth year over year to $1.47 billion in revenue, accounting for more than two-thirds of the company’s total revenue.SNC hit organic revenue growth “out of the park,” said Desjardins analyst Benoit Poirier in a note to investors.Overall services bookings climbed nine per cent year over year to a record-high backlog of $12.4 billion, fuelled by demand for SNC’s engineering services in the United States.“In the U.S., we continue to reap the benefits of our increased foothold in the market and t...

Stock market today: Wall Street is mixed as its big rally cools some more

Published Fri, 22 Nov 2024 11:11:59 GMT

NEW YORK (AP) — Stocks are mixed Thursday as Wall Street’s red-hot rally for the year cools a bit more.The S&P 500 was 0.2% lower in midday trading and on pace for a third straight loss after hitting a 16-month high. The Dow Jones Industrial Average was down 40 points, or 0.1%, at 35,242, as of 11:30 a.m. Eastern time, and the Nasdaq composite was 0.1% higher.A day earlier, U.S. stocks tumbled to their worst loss in months. While the drop came after Fitch Ratings downgraded the U.S. government’s credit rating, several analysts say they expect the move to have minimal impact on financial markets. U.S. Treasury debt is the cornerstone of the global financial system, but the downgrade by itself likely won’t push any investors to dump theirs.The big questions remain whether the economy will avoid a recession, how corporate profits will do and where interest rates are heading. Hanging over them all is whether the stock market’s big run this year was overdone, as critics suggest.Treas...

Bud Light parent says US market share stabilizing after transgender promotion cost sales

Published Fri, 22 Nov 2024 11:11:59 GMT

Bud Light’s parent company expressed confidence Thursday that its U.S. market share has stabilized after a promotion with a transgender influencer cost it sales.Anheuser-Busch Inbev said Thursday that its U.S. revenue fell 10.5% in the second quarter. Bud Light sales plunged amid a conservative backlash after the brand sent a commemorative can to transgender influencer Dylan Mulvaney in early April.The company said its total U.S. market share for all brands fell more than 5% to 36.9% in April, but then remained stable from the end of April through the end of June. Some of the company’s brands, like Busch Lite and Michelob Ultra, have gained U.S. market share.Still, the Bud Light saga has been a costly one for the brewer. In June, Bud Light lost its place as America’s best-selling beer after more than two decades, slipping into second place behind Mexican lager Modelo Especial. InBev also owns Modelo, but in the U.S. the brand is imported and sold by Constellation Brands....

Educator Edith Dumont appointed lieutenant-governor for Ontario

Published Fri, 22 Nov 2024 11:11:59 GMT

Prime Minister Justin Trudeau says Edith Dumont, an educator and community advocate, has been appointed as the new lieutenant-governor for Ontario.Dumont will be the first Franco-Ontarian lieutenant-governor in the province’s history when she assumes office.In a written statement issued today, Trudeau says Dumont has dedicated her career to supporting Francophone communities in Ontario, Canada, and around the world.Dumont has worked as a special education teacher, a school principal, and an executive.She was also the first woman to lead the Conseil des ecoles publiques de l’Est de l’Ontario.Trudeau’s office says the prime minister thanked outgoing Lt.-Gov. Elizabeth Dowdeswell for her service, which he said has had a lasting impact.

Consumer and business insolvencies rising under weight of higher interest rates

Published Fri, 22 Nov 2024 11:11:59 GMT

The Office of the Superintendent of Bankruptcy says both consumer and business insolvencies rose significantly in the second quarter amid heightened interest rates.The agency says the 31,224 consumer insolvencies in the April to June period were up 23.5 per cent compared with the same period last year, while business insolvencies rose 36.9 per cent to 1,090. The agency says that for June, total insolvencies were up 19.6 per cent compared with June 2022, but down 2.8 per cent from May.  Total insolvencies for the 12-month period ending June 30 were 116,653, up 23.2 per cent from the previous period. The Canadian Association of Insolvency and Restructuring Professionals says interest rate hikes are increasing stress on businesses as they face higher costs and weakening consumer demand.The association says consumer insolvencies are rising steadily and reaching levels comparable to pre-pandemic, and it expects they will surpass pre-pandemic averages later this year.This report by The Ca...

Pet emu escapes, becomes local sensation in Indiana

Published Fri, 22 Nov 2024 11:11:59 GMT

LINTON, Ind. (WTWO/WAWV) — "He flopped over the fence and just took off."Sam Messmer said he was out of town on a backwoods hiking trip when one of his two pet emus, Rigby, got loose from his enclosure. When Messmer got cell service, he found out the bird was still on the loose. Rigby, affectionately called "Turdbird" by the Messmer family, ended up on a two-week-long adventure around Greene County, Indiana."He went obviously all the way down the highway and went all the way into Jasonville, Messmer said. "He circled back a couple times pretty close to here (the Messmer farm in Linton) and then he took off down towards Lone Tree, in the woods, through cornfields and soybean fields." An ’emusing’ encounter: Putnam County deputy comes face-to-face with feathered fugitive The search for Rigby became a countywide task, with locals reporting sightings of him regularly. But emus like Rigby can travel up to 30 mph, making it hard to wrangle them.Messmer said he convinced some friends to ...

City files lawsuit against property management company after alleged unfair selling tactics to lower-income residents

Published Fri, 22 Nov 2024 11:11:59 GMT

CHICAGO -- The city has filed a lawsuit against Vision Property Management LLC for allegedly committing unfair practices while selling homes to lower-income families in Chicago.The mayor's office released the complaint claiming that the property company lured customers into signing "rent-to-own" agreements for neglected or "dilapidated" properties. The statement says the agency failed to reveal true conditions of the properties and having the buyers take care of home repairments while treating them as tenants. The city also said that Vision Properties charged customers for property taxes on their homes but failed to remit the payments to the county which caused many individuals to lose their homes. Trump to face judge in DC in third indictment “Defendants’ actions misled consumers by burdening them with all the responsibilities of homeownership and none of the benefits, while also denying them the legal protections to which residential tenants are entitled,” Corporation Counsel Ma...