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Canadian Business Online

Samsung earns $6.1 billion last quarter but shares plunge: Here’s why

SEOUL, South Korea – Samsung earned $6.1 billion last quarter but investors were dissatisfied, sending its share price down 4 per cent. The panoply of numbers in its earnings report for the April-June quarter show why. — MONEY SPINNER MALFUNCTIONS Last quarter Samsung sold 18 million fewer handsets than 113 million in the first three months of the year. Smartphones and other handsets have previously contributed about 70 per cent of Samsung’s profits. This quarter it fell to 6 ...
Full article at: Canadian Business Online 30 minutes ago

Nokia to buy part of Panasonic’s wireless network business

HELSINKI – Finnish wireless equipment maker Nokia says it has a preliminary agreement to acquire part of the wireless network business of Japan’s Panasonic Corp. No financial value for the deal was given. Nokia said Thursday that the two companies aim to finalize the deal by September and close it by the end of the year. The deal covers the base station operations of Panasonic System Networks Co. Ltd., including equipment f ...
Full article at: Canadian Business Online 1 hour ago

German jobless rate edges up to 6.6 per cent in July on seasonal factors, trend still positive

BERLIN – Germany’s jobless rate has edged up to 6.6 per cent in July on an expected seasonal rise as students register as unemployed, but the underlying trend in Europe’s biggest economy remained positive. The Federal Labor Agency said Thursday the unadjusted jobless rate was up from 6.5 per cent in June “solely for seasonal reasons.” There were 2.87 million registered unemployed in the nation of about 80 million — 39,000 more than in June, but 43,000 fewer than a year earlier. ...
Full article at: Canadian Business Online 1 hour ago

Eurozone inflation rate drops further in July to 0.4 per cent

BRUSSELS – Official data show the inflation rate in the 18-nation eurozone fell further in July, to 0.4 per cent from 0.5 per cent a month earlier. The preliminary figures published Thursday by the European Union’s statistical agency are likely to add pressure on the European Central Bank to beef up its efforts to raise inflation and spur the economy. The Eurostat agency says the core inflation rate — ...
Full article at: Canadian Business Online 1 hour ago

World stock markets drift after Federal Reserve delivers no surprises with latest stimulus cut

MUMBAI, India – Global stock markets were uninspired by an upbeat report on the U.S. economy, with most drifting lower Thursday after the U.S. Federal Reserve said it would make further cuts to its monetary stimulus as expected. Investors are now reckoning with an expiry date for the lavishly easy monetary policy that has underpinned gains in global stock markets for several years. KEEPING SCORE: E ...
Full article at: Canadian Business Online 1 hour ago

Panasonic, Tesla to build major US battery plant for electric vehicles, site not announced

TOKYO – American electric car maker Tesla Motors Inc. is teaming up with Japanese electronics company Panasonic Corp. to build a battery manufacturing plant in the U.S. expected to create 6,500 jobs. The companies announced the deal Thursday, but they did not say where in the U.S. the so-called “gigafactory,” or large-scale plant, will be built. The plant will produce cells, modules and packs for Tesla’s electric vehicles and for ...
Full article at: Canadian Business Online 2 hours ago

German beer sales higher in year’s 1st half, given extra froth by soccer World Cup

BERLIN – German beer sales rose by 4.4 per cent in the year’s first half, gaining froth from the beginning of the country’s run to the soccer World Cup title. The Federal Statistical Office said Thursday that German-based breweries sold 4.79 billion litres (1.27 billion gallons) of beer in the January-June period. That was mainly the result of a 14 per cent year-on-year increase in June, the month in which the World Cup started. Sales in June tot ...
Full article at: Canadian Business Online 2 hours ago

Alcatel-Lucent loss narrows on lower charges in 2nd quarter

PARIS – Telcommunications equipment company Alcatel-Lucent SA says its net loss narrowed in the second quarter thanks to lower accounting charges, while revenue stagnated and restructuring charges mounted. The company, which has racked up billions of euros of losses since its creation and undergone repeated rounds of restructuring since 2006, reported a net loss of 298 million euros ($400 million) in the quarter, compared to a net loss of 885 million euros a year earlier when it ...
Full article at: Canadian Business Online 2 hours ago

Nova Scotia finance minister to release audited financial statements

HALIFAX – Nova Scotia’s finance minister will give an update today on the government’s finances for the last fiscal year. Diana Whalen will present the government’s audited financial statements for the 2013-14 fiscal year, which ended March 31. In April, Whalen said the government planned to spend $9.9 billion in this fiscal year, which included a $455-million increase in expenditures. Most of that was already promised by the province’s previous ...
Full article at: Canadian Business Online 2 hours ago

Adidas lowers 2014 profit target, citing risks in Russian market and weakness in golf sector

BERLIN – Sports equipment maker Adidas has lowered its full-year profit target, citing risks in the Russian market and weakness at its golf business. Adidas AG, based in Herzogenaurach, Germany, said Thursday it now expects net profit of about 650 million euros ($870 million) this year, down from its previous forecast of between 830 and 930 million euros. The company cited “higher risks to the short-term profitability contribution from Russia” ...
Full article at: Canadian Business Online 2 hours ago

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