Author: train2invest Admins

  • Scotiabank reports $2.09B Q4 profit, down from $2.56B a year ago

    Scotiabank reports $2.09B Q4 profit, down from $2.56B a year ago

    Scotiabank reported fourth-quarter net income of $2.09 billion, down from $2.56 billion in the same quarter last year.

    The first of Canada’s big banks to report its fourth-quarter results said Tuesday the profit amounted to $1.63 per diluted share for the quarter ended Oct. 31, down from $1.97 per diluted share a year earlier.

    Revenue for the quarter totalled $7.63 billion, down from $7.69 billion in its fourth quarter last year.

    Provisions for credit losses totalled $529 million, up from $168 million in the same quarter a year ago.

    On an adjusted basis, Scotiabank said it earned $2.06 per diluted share, down from an adjusted profit of $2.10 per diluted share a year earlier.

    Analysts on average had expected a profit of $2.00 per share, according to financial markets data firm Refinitiv.

    Scotiabank said its Canadian banking operations earned $1.17 billion in net income in its latest quarter, down from $1.24 billion in the same quarter last year due to an increase in provisions for credit losses in its most recent quarter.

    Meanwhile, Scotiabank’s international banking operations earned $679 million in net income in its latest quarter, up from $607 million a year ago.

    Global wealth management net income totalled $363 million for the quarter, down from $387 million a year ago, while global banking and markets earned $484 million in net income, down from $502 million in the same quarter last year.

    For its full financial year, Scotiabank said its net income totalled $10.17 billion or $8.02 per diluted share on $31.42 billion in revenue, compared with a profit of $9.96 billion or $7.70 per diluted share on $31.25 billion in revenue in the same period a year earlier.

    On an adjusted basis, Scotiabank said it earned $8.50 per diluted share for its full financial year, up from an adjusted profit of $7.87 per diluted share a year earlier.

  • Hawaii’s Mauna Loa, world’s largest active volcano, starts to erupt for first time in nearly four decades

    Hawaii’s Mauna Loa, world’s largest active volcano, starts to erupt for first time in nearly four decades

    The world’s largest active volcano, Hawaii’s Mauna Loa, has started to erupt for the first time in nearly four decades, prompting volcanic ash and debris to fall nearby, authorities said Monday.

    The eruption began at approximately 11:30 p.m. Sunday in Moku‘āweoweo, the summit caldera of the Mauna Loa volcano, inside Hawai‘i Volcanoes National Park on the Big Island. 

    As of 2:43 a.m. local time, “the eruption continues at the summit of Mauna Loa,” according to the latest Hawaiian Volcano Observatory Status Report from the  U.S. Geological Survey (USGS). “All vents remain restricted to the summit area,” the report said. “However, lava flows in the summit region are visible from Kona. There is currently no indication of any migration of the eruption into a rift zone.”

    https://www.foxnews.com/us/hawaiis-mauna-loa-worlds-largest-active-volcano-starts-erupt-first-time-nearly-four-decades

  • Shanghai hit by Covid protests as anger spreads across China

    Shanghai hit by Covid protests as anger spreads across China

    • Hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China’s stringent Covid restrictions flared for a third day and spread to several cities in the wake of a deadly fire in the country’s far west.
    • The wave of civil disobedience is unprecedented in mainland China since President Xi Jinping assumed power a decade ago, as frustration mounts over his signature zero-Covid policy nearly three years into the pandemic.
    • The Covid measures are also exacting a heavy toll on the world’s second-largest economy.

    https://www.cnbc.com/2022/11/27/shanghai-hit-by-covid-protests-as-anger-spreads-across-china.html

  • Federal government posts $1.7-billion surplus for April to September period

    Federal government posts $1.7-billion surplus for April to September period

    The federal government posted a surplus of $1.7-billion during the first six months of the 2022-23 fiscal year.

    In its monthly fiscal monitor, the finance department says the surplus between April and September compares to a deficit of $68.6-billion reported for the same period last year.

    Compared to the same period in the previous fiscal year, government revenues were up $32.8-billion, or 18.6 per cent, as revenue streams continue to improve.

    Program expenses were also down $40.3-billion, or 17.9 per cent, largely due to the expiration of COVID-19 measures.

    Higher interest rates and inflation have driven up the cost of public debt charges by $5.6-billion, or 47.8 per cent, compared to the same period last year.

    Net actuarial losses were down $2.8-billion, or 36.1 per cent.

  • ‘Heated’ and ‘really ugly’: Europe fails to thrash out details on gas price cap as talks turn sour

    ‘Heated’ and ‘really ugly’: Europe fails to thrash out details on gas price cap as talks turn sour

    • “The gas price cap which is in the document currently doesn’t satisfy any single country. It’s a kind of joke for us,” Anna Moskwa, Poland’s minister for climate, said in Brussels Thursday.
    • Speaking at a press conference Thursday, Jozef Sikela, Czech minister for industry and trade, also said: “we’re not opening the champagne yet, but putting the bottle in the fridge.”

    https://www.cnbc.com/2022/11/25/heated-and-really-ugly-europe-fails-to-thrash-out-details-on-gas-price-cap.html

  • Black Friday online sales top $9 billion in new record

    Black Friday online sales top $9 billion in new record

    • Consumers spent a record $9.12 billion online shopping during Black Friday this year, according to Adobe.
    • Overall online sales for Black Friday were up 2.3% year-over-year.
    • Buy Now Pay Later payments increased by 78% compared with the past week, beginning Nov. 19, as consumers continue to grapple with high prices and inflation.

    https://www.cnbc.com/2022/11/26/black-friday-online-sales-top-9-billion-in-new-record.html

  • Shanghai hit by Covid protests as anger spreads across China

    Shanghai hit by Covid protests as anger spreads across China

    • In Shanghai, China’s most populous city, residents gathered on Saturday night at Wulumuqi Road – which is named after Urumqi – for a candlelight vigil that turned into a protest in the early hours of Sunday.
    • On Sunday, Xinjiang officials said public transport services will gradually resume from Monday in Urumqi.
    • Many of its 4 million residents have been under some of China’s longest lockdowns, barred from leaving home for as long as 100 days.

    https://www.cnbc.com/2022/11/27/shanghai-hit-by-covid-protests-as-anger-spreads-across-china.html

  • Taiwan President Tsai resigns as chair of ruling party after it suffers major defeat in local elections

    Taiwan President Tsai resigns as chair of ruling party after it suffers major defeat in local elections

    Taiwan’s President Tsai Ing-wen has resigned as chairman of the ruling party after it suffered a major defeat in Saturday’s local elections seen as a midterm test of her rule.

    In particular, her independence-leaning Democratic Progressive Party (DPP) lost the closely watched mayoral seat in the capital city, which was won by the rising star of the opposition Kuomintang (KMT), Mr Chiang Wan-an.

    About an hour after Mr Chiang claimed victory in Taipei, Ms Tsai announced she was stepping down as chairman to take responsibility for the DPP’s poor performance.

    “We humbly accept the outcome, and accept the decision of the Taiwanese people,” she said at a press conference, bowing deeply. She added that Premier Su Tseng-chang also offered to resign, but she has asked him to stay on.

    Mr Chiang had beaten both the DPP’s candidate, the former health minister Chen Shih-chung who was the face of Taiwan’s Covid-19 fight, as well as independent candidate Huang Shan-shan, who was the city’s former deputy mayor.

    “I will lead Taipei to realise its potential…. I want the world to see Taipei’s greatness,” the 43-year-old mayor-elect said in his victory speech while thanking his cheering supporters.

    Mr Chiang is set to replace Mr Ko Wen-je of the small Taiwan People’s Party (TPP), who cannot stand again after two terms in office.

    This contest was in the limelight, not only because it was for the highest post in the capital city, but also as it has been seen as a stepping stone to the presidency.

    The Taipei mayoral race was part of the island’s municipal elections where voters elect officials spread across nine levels of administration, ranging from neighbourhood chiefs to city councillors to mayors. More than 19 million Taiwanese, or 82 per cent of the population, were eligible to vote, including 760,000 first-time voters.

    In total, the KMT claimed victory in 13 of the 21 city mayor and county chief seats up for grabs, compared with the DPP’s five. Independent candidates took two seats, while the TPP took the mayorship in Hsinchu.

    Besides Taipei, the KMT’s Simon Chang snatched the Taoyuan mayorship from the DPP, whose office-holder Cheng Wen-tsan had reached his two-term limit. The fight to retain this seat had been challenging for the ruling party throughout its campaign after its original nominee, Mr Lin Chih-chien, was forced to withdraw following a plagiarism scandal.

    While these elections focus on local issues such as a neighbourhood’s road improvement work or a city’s recycling efforts, they have important implications for the different political parties as they set the stage for Taiwan’s presidential and legislative elections in 2024. Ms Tsai must step down then as president as she cannot stand again because of term limits.

    The local elections also have little to do with issues such as cross-strait tensions, though the DPP had attempted to bring the China factor into its campaign.

    Beijing, which views Taiwan as a breakaway province to be reunified with the mainland one day, by force if necessary, has stepped up military pressure on the island in the wake of United States House Speaker Nancy Pelosi’s visit in August, which China viewed as an infringement of its territorial integrity.

    The DPP played up its strategy of “resisting China and protecting Taiwan” at a time of Chinese aggression in the hope that this would work to its advantage against the Beijing-friendly KMT.

    “Taiwan is facing strong external pressure. The expansion of Chinese authoritarianism is challenging the people of Taiwan every day to adhere to the bottom line of freedom and democracy,” Ms Tsai told supporters late on Friday. She has also said multiple times on the campaign trail that the election results will influence how the world views Taiwan.

    But experts noted how this campaign strategy never took off at these elections.

    “At the local elections, voters don’t really care about party identification. They care more about personalities and the competency of specific candidates,” said Professor Wang Yeh-lih, a National Taiwan University political scientist.

    Along with the local government elections, a referendum was held asking if the voting age should be lowered from 20 to 18. But it fell short of the threshold needed to pass, dealing a blow to groups pushing to bring the island’s voting age in line with most other democracies.