Move due to changes in banking preferences, operational streamlining
Two key indicators of the economy climbed in August as Statistics Canada reported manufacturing sales rose 0.7 per cent to $72.4 billion that month, while wholesale trade sales excluding petroleum, petroleum products and other hydrocarbons, and excluding oilseed and grain, increased 2.3 per cent to $83 billion. China Drawn Cup Bearing
StatCan said Monday that manufacturing sales in August were boosted by the petroleum and coal, food and machinery subsectors. Sales of petroleum and coal products rose 10.5 per cent to $8.4 billion in August on higher volumes and prices, while sales of food products rose 1.5 per cent to $12.6 billion in August, the highest level on record.
Sales in the machinery subsector increased 2.4 per cent to $4.8 billion, a record high, mainly on higher sales of industrial machinery.
The agency attributed the overall monthly increase to higher prices as sales in real terms decreased 0.7 per cent in August.
It said the port workers strike in B.C., which ended early that month, continued to affect the manufacturing sector, but to a lesser degree than in July.
Around 8.4 per cent of manufacturing plants reported that their operations were impacted by the strike in August, mainly from shortages of raw materials and transportation disruptions.
Olivia Cross, an economist at Capital Economics, said the 0.7 per cent rise in manufacturing sales values was weaker than expected based on the jump in exports.
"Indeed, the fall in manufacturing sales volumes suggests that the sector is no longer benefitting from the end of earlier temporary disruptions, including parts shortages, the intensive wildfires and the port strike in British Columbia," said Cross in a note.
"With the manufacturing surveys on a renewed downward trend and higher interest rates likely to weigh on the durables manufacturing in particular, the outlook for manufacturing sales volumes remains poor."
Meanwhile, StatCan reported in a separate news release that wholesale trade sales increased, driven by the machinery, equipment and supplies subsector and the miscellaneous subsector.
It said sales in the machinery, equipment and supplies subsector rose 5.2 per cent to $18.6 billion in August, recording its first increase in three months, led by higher sales in the farm, lawn and garden machinery and equipment industry group.
The miscellaneous subsector grew 6.9 per cent to $10.3 billion.
Sales in Ontario led provincial gains, followed by Saskatchewan and B.C., as a majority of the provinces reported increases.
This report by The Canadian Press was first published Oct. 16, 2023.
Sammy Hudes, The Canadian Press
LONDON (Reuters) -Absolut Vodka and lemonade drinkers will soon be able to sip their preferred cocktail from a can, after drinks makers Pernod Ricard and Coca-Cola agreed to a pre-mixed version made from the spirit combined with Sprite. France's Pernod and Coke said on Monday the Absolut & Sprite canned cocktail will be launched in select European markets, including Britain, the Netherlands and Spain, from early 2024. Soft drinks makers like Coke, which launched a partnership with Jack Daniels whiskey last year, have been pushing further into alcohol, often via such partnerships, amid the growing popularity of pre-mixed cocktails in a number of key markets.
(Bloomberg) -- The UK should focus on expanding heat pumps and rule out using hydrogen to warm homes as it drives toward net-zero emissions, the government’s top infrastructure advisers say.Most Read from BloombergHospital Blast Kills Hundreds as Israel, Hamas Trade BlameBiden Says Israel Probably Wasn’t Behind Gaza Hospital BlastIsrael Latest: Biden to Visit as Oil Climbs After Hospital BlastOil Jumps; Futures Fall as Morgan Stanley Drops: Markets WrapTreasury Yields Climb as Hot Data Fuel Fed
City experts expect the headline inflation rate to dip to 6.6%, the lowest rate since February 2022: the month Russia invaded Ukraine.
In its annual Life Trends report, Accenture Song analysts found businesses are sacrificing “customer obsession” to protect profits.
Every heard of Keedoozle? It's the almost Amazon Go-like grocery store that was way ahead of its time, founded by the businessman who set up Piggly Wiggly.
A funeral was held on Monday in Bridgeview, Ill., for a six-year-old Palestinian-American boy who local officials say was fatally stabbed in a hate crime sparked by the Israel-Hamas conflict. Photo: Kamil Krzaczynski/Getty Images
Netflix (NFLX) will be reporting its third-quarter earnings results on Wednesday, October 18. Oppenheimer Managing Director & Head of Internet Research Jason Helfstein joins Yahoo Finance Live to discuss the three things he is watching for in the company's earnings. Helfstein is watching for net subscriber adds, average revenue per membership, and plans for ad-tier. “There is a general view that [Netflix will] beat the overall street estimate. The question's how much they come higher than that?,” Helfstein says. Average revenue per membership, or ARM, was “basically flat year-over-year… but the pushback on the ARM is that if ultimately you’re getting more people to opt into paid sharing... why isn’t it going up more than that?” Netflix “can control the rollout of paid sharing… and they are purposely slow-rolling that. We think they wouldn’t do that if they weren’t otherwise confident in their guidance,” Helfstein adds. Netflix has also said that they will increasing prices after the Hollywood strike ends. Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.
With Ukraine’s counteroffensive making slow progress, Russia launched a large-scale assault on the eastern city of Avdiivka last week. Kyiv said it resulted in heavy losses for Russia, showing how difficult it is for either side to move the frontline. Photo: Alexander Ermochenko/Reuters
Nepotism has been a topic for many in terms of jobs and opportunities, but how about "nepo-homebuying"? Yahoo Finance's Alexandra Canal, Josh Schafer, and Pras Subramanian break down this practice that now has a name—and how it could impact homebuyers who don't have assistance from family to buy their homes. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
(Bloomberg) -- A hearing for China Evergrande Group in a Hong Kong insolvency court later this month will lay bare the once-unthinkable possibility of liquidating the property developer’s assets. Most Read from BloombergIsrael Latest: Blinken Works on Gaza Aid as Biden Set to VisitPutin Arrives in China to Meet Xi on Rare International TripYour Guide to Understanding the Roots of the Israel-Hamas WarBiden Plans High-Stakes Israel Visit to Keep War From EscalatingIsrael Latest: Army Says Hamas Of
An explosive testimony from FTX's former Head of Engineering Nishad Singh was heard by prosecutors today. Singh, also a former high school classmate of defendant Sam Bankman-Fried, is one of three top executives who have already pleaded guilty to multiple fraud charges and have agreed to cooperate with the prosecution. Singh walked the prosecution through conversations with Bankman-Fried that illustrate the FTX co-founder's original intent to commit fraud. Yahoo Finance reporter Alexis Keenan details Singh's testimony and what it means for the prosecution's case. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Ferrari (RACE) is hosting a gala in New York City's Hudson Yards complex. While showcasing some of their historic vehicles, the automaker is also attempting to reach potentially new clientele. Yahoo Finance's Pras Subramanian sits down with Chief Commercial Officer Enrico Galliera to discuss the company's expansions with a new line of cars and accepting cryptocurrency as a form of payment. Galliera speaks on innovation "We're also working to identify opportunities to offer alternatives and services to our clients. It was pretty clear the fact that there were opportunities offering the clients the possibility to pay also in crypto which is opening two different opportunities. One side, say from existing clients, we know that even in our investors, some of them are diversifying their portfolio investing in crypto...but also a big portion of potential new clients that are younger generation that made fortune through crypto." Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.
It's early innings in Q3 earnings season, but results from 32 companies in the S&P 500 suggest the tides are turning.
NEW YORK (AP) — Donald Trump will be back in court Tuesday for his New York civil fraud trial, but a face-to-face showdown with former lawyer and fixer Michael Cohen will have to wait. Cohen, a key witness in the state’s case against the former president, postponed his testimony, saying he needed to attend to a health problem. “I’m not bowing out. I’m not nervous to testify. I’m not being paid off. I have a medical issue that I need to attend to. It’s as simple as that,” Cohen said last week on
The long-anticipated U.S. launch of a group of exchange-traded funds tracking ether offered fresh evidence of the malaise at a time when investors are running from risk amid economic gloom and war in Ukraine and the Middle East. The six ETFs launched on Oct. 2 offering exposure to ether futures contracts pulled in just under $10 million in their first week of trading, according to CoinShares data. "The timing of the futures ETFs could hardly be worse," said Vetle Lunde, senior analyst at K33 Research.
ROYAL CANADIAN MINT HOLDING MONTREAL-AREA COIN EXCHANGES TO HELP PUBLIC TRADE THEIR CHANGE FOR ITS 2023 COMMEMORATIVE CIRCULATION COINS AND ITS SPECIAL $2 COIN HONOURING QUEEN ELIZABETH II
(Bloomberg) -- Germany has fired up a refurbished coal unit to help meet energy needs as the region’s first cold spell takes hold.Most Read from BloombergIsrael Latest: Blinken Works on Gaza Aid as Biden Set to VisitYour Guide to Understanding the Roots of the Israel-Hamas WarPutin Arrives in China to Meet Xi on Rare International TripIsrael Latest: Army Says Hamas Officials Dead; Over 600,000 in Gaza Flee SouthXi’s $1 Trillion ‘Project of the Century’ Gets a Reality CheckA unit of a power plant
TORONTO — The six teams in the Professional Women’s Hockey League will open training camps on Nov. 15 in advance of the league's inaugural season. The league released the roster of 184 players that will open camp in Montreal, Ottawa, Toronto, New York, Boston and Minnesota. That includes the three initial free agent signings each team was allowed to make, 88 players who were selected in the PWHL draft last month and 78 undrafted free agents invited from the draft eligibility list Teams were perm
(Bloomberg) -- Nomura Holdings Inc. is cutting roughly 20 staffers following a review of the firm’s markets and investment banking businesses.Most Read from BloombergHundreds Dead at Gaza Hospital as Israel, Hamas Trade BlameIsrael Latest: Biden to Visit as Oil Climbs After Hospital BlastTreasury Yields Climb as Hot Data Fuel Fed Wagers: Markets WrapWill Xi Jinping’s Gamble on Vladimir Putin Pay Off?UPenn Donors Pile Pressure on School as David Magerman Pulls SupportJordan Rochester, a foreign-e
China Bearing Analysis Hold quality growth stocks such as Okta and WSP Global in your TFSA to benefit from outsized gains over time. The post TFSA: Invest in These 2 Stocks for a Real Shot at $1 Million appeared first on The Motley Fool Canada.