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Prep Business Report – CP

Source: The Canadian Press – Broadcast wire
Nov 20, 2018 

Canada’s main stock index wasn’t immune to the pain Wall Street saw yesterday on the weakness in the tech sector.

Toronto’s S-and-P / T-S-X index fell 84 points to 15,071.

In New York, the Dow Jones industrial average tumbled 395 points to 25,017.

And the Nasdaq dropped a whopping three per cent, shedding 219 points, to 7,028.

In Tokyo this morning, the Nikkei index lost 238 points, to 21,583.

Hong Kong’s Hang Seng index dropped 531 points, to 25,840.

And the Canadian dollar is trading overseas this morning at 75.89 cents U-S, up three -100ths of a cent from yesterday’s average value of 75.86.

(World-Markets)

Asian stocks slid today after tech losses dragged down Wall Street and Nissan’s chairman was arrested on charges of financial misconduct.

Tokyo’s Nikkei index lost 1.1 per cent, while China’s Shanghai Composite Index fell 2.1 per cent and Hong Kong’s Hang Seng tumbled two per cent.

Yesterday in New York, Apple, Microsoft and Amazon sustained some of the worst losses as technology companies tumbled again.

Apple shares slid another four per cent on a Wall Street Journal report that iPhone sales won’t be as strong as originally expected.

Facebook shares fell amid reports that C-E-O Mark Zuckerberg blamed chief operating officer Sheryl Sandberg for the handling of scandals facing the company. (Associated Press)

(US-Nissan-Alliance-Ghosn)

The arrest of C-E-O Carlos Ghosn (gohn) for alleged financial improprieties could threaten the Renault-Nissan-Mitsubishi global alliance.

The Brazilian-born executive is set to be ousted later this week from his spot as Nissan chairman.

Ghosn could also lose his roles as C-E-O and chairman of Renault, threatening the auto alliance formed in 1999 that’s now selling 10.6-million vehicles a year _ more than any other manufacturer.

One analyst says Ghosn has been the glue that holds the companies together, but that a gulf may be opening between the companies.

Ghosn was arrested in Japan yesterday for allegedly abusing company funds and misreporting his income.

Nissan said another senior executive, Greg Kelly, was also arrested for allegedly collaborating with Ghosn to underreport 44-million dollars in income.

(Associated Press)

(Oil-Prices)

Benchmark U-S crude is down 43 cents this morning to $56.77 U-S per barrel in electronic trading on the New York Mercantile Exchange.

The January contract gained 52 cents in trading yesterday to settle at $57.20.

(Bombardier)

Shares of Bombardier rebounded yesterday.

They closed up nearly 24 per cent after hitting a multi-year low following a regulatory review of the company’s executive stock disposition plan.

The Montreal-based company’s stock gained 40 cents to $2.07 in heavy trading on the Toronto Stock Exchange with over 44-million shares changing hands.

The increase put the stock above the level it was at before Friday’s dramatic decrease to $1.58. (The Canadian Press)

(BC-Ride-Hailing)

Ride-hailing companies could begin operations in British Columbia by next fall under legislation introduced yesterday.

B-C Transportation Minister Claire Trevena says her government’s bill strikes a balance between meeting consumer demand and protecting public safety.

Among other things, the bill would give the Passenger Transportation Board the power to set rates, accept applications, and set terms and conditions for licences covering taxis and ride-hailing services, like Uber and Lyft.

A spokesman for Uber says the bill is a step forward, but it remains to be seen when the service will be ready to go.

Michael van Hemmen says the company wants a model that allows as many people as possible to participate safely.(The Canadian Press)

(DiDi-Ride-Hailing)

China’s largest ride-hailing firm has launched a research facility in Toronto.

Didi Chuxing says it officially launched DiDi Labs, which follows the establishment of a lab in Mountain View, California in March 2017.

The California facility has worked on product development and safety technology for DiDi’s international operations in Brazil, Mexico, Australia, Japan and Greater China.

The new DiDi Labs in Toronto will focus on research into intelligent driving and artificial intelligence.(The Canadian Press)

(Lookahead)

Bank of Canada senior deputy governor Carolyn Wilkins will speak in Montreal before the Max Bell School of Public Policy. The topic will be major public policy issues around monetary policy frameworks and how those issues have become more complex in the post-global financial crisis world.

Auditor General of Canada Michael Ferguson will release his fall report. Chapters include studies on connectivity in rural areas, conserving heritage properties, fighter jets, security at diplomatic missions, and military sexual misconduct.

Health groups and the NDP will call on Health Canada to crack down on the recent explosion of lifestyle advertising of e-cigarettes on T-V and social media.

Quarterly earnings will be released today by George Weston Ltd.

The National Energy Board hears oral traditional evidence in Calgary from Indigenous groups as it reviews the marine shipping impacts of the Trans Mountain pipeline expansion.

Alberta Premier Rachel Notley will deliver a keynote speech at the 2018 Rural Municipalities of Alberta fall convention in Edmonton.

The Manitoba government opens a new session of the legislature with a speech from the throne.

Members of the Ridesharing Now for B-C Coalition will provide their reaction in Vancouver to the B-C government’s new ride-sharing legislation.

B-C Premier John Horgan and Green Leader Andrew Weaver will reveal the province’s long-term plan for clean-energy vehicles. (The Canadian Press)

(Business Report by The Canadian Press)

(The Canadian Press)

INDEX: BUSINESS

 

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