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U.S. SEC probes Elon Musk's role in Tesla self-driving claims - Bloomberg News

(Reuters) -The U.S. securities regulator is investigating Elon Musk's role in shaping EV maker Tesla's self-driving claims, Bloomberg News reported on Friday, citing a person with knowledge of the matter. The review is part of an ongoing Securities and Exchange Commission (SEC) probe of the company's statements about its Autopilot driver-assistance system, the report added. SEC officials are


Chevron annual profit hits record but Q4 miss hits shares

By Sabrina Valle HOUSTON (Reuters) - Chevron Corp on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns and rising costs. The second largest U.S. oil producer's adjusted net profit for 2022 exceeded its previous record set in 2011 by about $10 billion. Still,


White House and European Commission to launch first-of-its-kind AI agreement

By Suzanne Smalley (Reuters) - The White House and European Commission will announce on Friday an agreement to speed up and enhance the use of artificial intelligence to improve agriculture, healthcare, emergency response, climate forecasting and the electric grid. A senior U.S. administration official, discussing the initiative shortly before the official announcement, called it the first


Shopify CTO Allan Leinwand steps down for 'personal reason,' Lütke to take over R&D

OTTAWA — Shopify Inc. says chief technology officer Allan Leinwand will be departing the company with chief executive Tobi Lütke to take on some of his responsibilities. In a statement from Leinwand provided by the Ottawa-based e-commerce giant, he says he is leaving Shopify for an unspecified "personal reason." Leinwand, once a senior vice-preside...


EV maker Lucid surges on reports Saudi PIF to buy remaining stake

(Reuters) - Lucid Group's shares doubled on Friday on market speculation that Saudi Arabia's Public Investment Fund is working on plans to buy out the rest of the electric vehicle maker. The speculation came as a result of an "uncooked" alert from deals website Betaville. The website uses the term "uncooked" to refer to market gossip. The PIF, the sovereign wealth fund that owns more than 65% of


White House blasts Big Oil stock buybacks again as Chevron profits double

By Nandita Bose and Jarrett Renshaw WASHINGTON (Reuters) - The White House on Friday launched a fresh attack against U.S. oil companies, accusing them of using profits to pay shareholders instead of boosting supply, after Chevron Corp said its annual profit doubled for 2022. Chevron posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, kicking off what


Wall Street ticks higher to close out another strong week

NEW YORK (AP) — Stocks closed higher on Wall Street, marking the market’s third winning week in the last four. The S&P 500 rose 0.2% Friday, having given up much of its afternoon gain. The Nasdaq composite climbed 0.9% and the Dow ended up about 0.1%. American Express helped lead the way. It jumped after giving a profit forecast that topped expecta...


Regina, Saskatoon rental vacancy rates hit lowest levels since 2014: CMHC

In Regina, vacancy rates for purpose-built rental units plummeted from 7 per cent in 2021 to 3.2 last year— while in Saskatoon vacancy rates dropped to 3.4 per cent. The national vacancy rate for purpose built rentals in Canadian census metropolitan areas is 1.9 per cent.


Dollar clings to gains after U.S. data; traders eye Fed next week

By Saqib Iqbal Ahmed NEW YORK (Reuters) -The dollar clung to modest gains against the euro on Friday after data showed falling U.S. consumer spending and cooling inflation, and as investors awaited a slew of central bank meetings next week. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, dropped 0.2% last month, the Commerce Department said on Friday. Data


Bayer investor calls for swift replacement of CEO: newspaper

FRANKFURT (Reuters) - Bayer investor Deka has called for CEO Werner Baumann to be replaced ahead of his scheduled departure, adding to mounting pressure on the German drugmaker. "Bayer needs a new strategic positioning, which cannot be credibly accomplished under Werner Baumann," Ingo Speich, head of sustainability and corporate governance at Deka, told the Frankfurter Allgemeine Sonntagszeitung


Mexican president set to meet Citigroup CEO, spokesperson says

By Kylie Madry and Isabel Woodford MEXICO CITY (Reuters) -Citigroup Chief Executive Jane Fraser is planning to meet with Mexican President Andres Manuel Lopez Obrador, a government spokesperson told Reuters on Friday, amid the bank's attempt to finalize the sale of its local unit. Fraser will be in Mexico in the "first week of February" during a planned visit with her leadership team, a


Medical school to open at Cape Breton University by 2025, Houston says

Nova Scotia Premier Tim Houston's state of the province address on Friday touched on the economy, focused on the government's firm commitment to fix health care and included the announcement of a new medical school for Cape Breton University.


Wealthy boomers are trading in their Nikes for Skechers

Demand for Skechers is being fueled by more affluent consumers, as high inflation is prompting shoppers to trade down from Nike and Adidas.


Western Forest Products' Port Alberni, B.C., mill closes as company seeks viable path

VANCOUVER — More than 100 workers in Port Alberni are the latest forest industry employees to face layoffs as Western Forest Products confirms it will not restart its sawmill in that Vancouver Island city. The Alberni-Pacific Division facility has been closed since last fall, but the curtailment was only expected to last for six months, unless mark...


Top French university bans use of ChatGPT to prevent plagiarism

PARIS (Reuters) - Sciences Po, one of France's top universities, has banned the use of ChatGPT, an artificial intelligence-based chatbot that can generate coherent prose, to prevent fraud and plagiarism. ChatGPT is a free programme that generates original text about virtually any subject in response to a prompt, including articles, essays, jokes and even poetry, raising concerns across industries


Kelowna B.C. vacancy rate low amid high rental costs

According to the CMHC, a two-bedroom apartment is an average of around $2,300 a month, and these high costs have much to do with a short supply of available rentals.


U.S. and EU to launch first-of-its-kind AI agreement

By Suzanne Smalley WASHINGTON (Reuters) -The United States and European Union on Friday announced an agreement to speed up and enhance the use of artificial intelligence to improve agriculture, healthcare, emergency response, climate forecasting and the electric grid. A senior U.S. administration official, discussing the initiative shortly before the official announcement, called it the first


Passenger fees going up at Regina airport to offset losses and pay for runway project

The cost for a flight out of Regina is going up $10 beginning April 1.


IMSA takes North American sports cars into hybrid era

DAYTONA BEACH, Fla. (AP) — The Cadillac growls, while the Porsche and BMW scream. The Acura sounds like an Indy car, and for fun, turn your back to the track and listen carefully as the cars roar around Daytona International Speedway in a new era of IMSA sports car racing. The top prototype class has switched to hybrid engines this year to make IMS...


Boeing to hire 10,000 workers in 2023 as it ramps up production

By Valerie Insinna and David Shepardson WASHINGTON (Reuters) - Boeing expects to hire 10,000 workers in 2023 as it recovers from the pandemic and increases jetliner production, but will trim some support jobs, the U.S. planemaker said Friday. The Arlington, Virginia-based company boosted overall employment by about 14,000 workers in 2022 to 156,000 as of Dec. 31, up from about 142,000 in 2021.


Goldman Sachs slashes CEO David Solomon's pay by 29% to $25 million

NEW YORK (Reuters) -Goldman Sachs Group Inc. slashed compensation for its Chief Executive Officer David Solomon by 29% to $25 million for 2022, the bank said in a filing Friday. Solomon's pay comprises a $2 million base salary, $6.9 million cash bonus and $16.1 million in restricted stock. He was paid $35 million for 2021. The bank's compensation committee cited the "challenging operating


Twitter research group stall complicates compliance with new EU law

(Repeats unchanged) By Sheila Dang (Reuters) -The stalling of a Twitter program that was critical for outside researchers studying disinformation campaigns throws into question the company's strategy to comply with upcoming regulation in Europe, former employees and experts told Reuters. The European Union's new Digital Services Act (DSA), one of the world's strictest regulations on internet


US inflation and consumer spending cooled in December

WASHINGTON (AP) — The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year in...


Tissue maker Essity sees bigger energy hit after earnings beat

(This Jan. 26 story has been corrected to show Essity's energy costs were helped by subsidies, not that it received 500 million Swedish crowns in energy-related subsidies, in the fifth paragraph) By Agata Rybska and Louise Rasmussen (Reuters) - Essity beat fourth-quarter earnings forecasts on Thursday as price increases and government aid helped offset energy costs at the world's second-biggest


Edmonton luxury real estate market remains strong

Edmonton may not be known for its luxury real estate market, but recent statistics from 2022’s year-end show it’s faring better than other major markets. Sales over $1 million in the Greater Edmonton Area were down about four per cent with 263 sales in 2022 versus 274 in 2021, Realtors Association of Edmonton statistics show. In contrast, Toronto and Vancouver showed sizeable declines in luxury sales, according to a new report by Sotheby’s...


ASML: Steps made towards deal on curbing exports to China

THE HAGUE (Reuters) - ASML Holding NV said on Saturday it understood progress had been made towards an agreement among several governments on new restrictions on semiconductor manufacturing equipment exports to China. ASML, a key supplier to chipmakers, has been restricted from selling its most advanced tools to China since 2019. Tensions between the United States and China over semiconductors


Exclusive-Tesla's Musk met top U.S. officials on EVs Friday in Washington

By Nandita Bose, David Shepardson and Raphael Satter WASHINGTON (Reuters) -Tesla Chief Executive Elon Musk met two top officials in President Joe Biden's administration on Friday in Washington to discuss how the car maker and the Democratic president could work together to advance electric vehicle production and speed electrification of U.S. vehicle networks. Musk met John Podesta, a Democratic


Dozen hedge funds eye bonanza as Rogers-Shaw deal nears close

By Maiya Keidan and Nell Mackenzie TORONTO/LONDON (Reuters) - As one of Canada's most bitterly contested acquisitions nears the finish line, a dozen hedge funds including Citadel and Millennium Management are heaving a sigh of relief and sitting on profit of more than C$216 million ($162 million) on paper after a nearly two-year roller coaster ride. Prospects for Rogers Communications Inc's C$20


German renewables firm PNE says Morgan Stanley no longer pursuing stake sale

BERLIN (Reuters) - Morgan Stanley's infrastructure investment arm informed the board of German renewables firm PNE AG that it is no longer pursuing talks with potential buyers of Photon's PNE stake, PNE said in an adhoc statement on Friday. Morgan Stanley Infrastructure Partners (MSIP) which acquired the PNE stake following a failed takeover attempt in 2020, was weighing a sale last October,


Goldman Sachs CEO touts bank performance as some investors balk

By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) -To listen to Goldman Sachs Group Inc Chief Executive David Solomon, the bank is doing "great," while skeptical investors wonder what comes next. Days after Goldman reported disappointing profits that sent shares tumbling 6%, and months after it stepped back from a money-losing foray into Main Street banking, Solomon sat for an interview with


Amazon beats claim that warehouse quotas biased against older workers

By Daniel Wiessner (Reuters) - Amazon.com Inc on Friday won its bid to dismiss a proposed class action claiming its strict production quotas for warehouse workers discriminate against older employees. U.S. Magistrate Judge Kandis Westmore in Oakland said the 2021 lawsuit, which alleges the online retailer's hourly quotas place older workers at a higher risk of injury, was too vague and failed to


Visa, Mastercard pin hopes on China reopening as travel boom fades

By Niket Nishant (Reuters) - Mastercard Inc and Visa Inc will rely on China reopening to give travel spending a boost, Wall Street analysts said, as the pace of growth in other parts of the world eases from a post-pandemic boom. Executives at the payments companies on Thursday pointed to further room for travel recovery in China, which earlier this month reopened its borders after dropping its


Dutch PM Rutte: may not disclose result of U.S. chip export control talks

AMSTERDAM (Reuters) - The Netherlands' Prime Minister Mark Rutte said on Friday that it is not clear whether his government will disclose the result of ongoing talks with the U.S. over new export restrictions for the semiconductor industry. U.S. officials have said they expect the Netherlands and Japan soon to adopt restrictions similar to those introduced for U.S. companies in October, aimed at


Israeli justice reforms spark tech investor flight fears

By Steven Scheer and Maayan Lubell JERUSALEM (Reuters) -Barak Eilam, a former Israeli intelligence officer who now heads cloud-based software provider NICE, says he has never had problems selling Israel as an investment destination. But on a call last week, Eilam sensed this may be changing when major investors he had partnered with for years began asking pointed questions about a judicial


Goldman Sachs among investors interested in financing Italy's Serie A - sources

MILAN (Reuters) - Goldman Sachs is one of various fund and bank investors that have expressed interest in financing the growth of the media business of Italy's top-flight soccer league, two people with knowledge of the matter said on Friday. The two people said Goldman Sachs had come forward in October, but news of its interest emerged only after Reuters reported on Thursday rival U.S. bank


Bed Bath & Beyond's efforts to find buyer stalled - Bloomberg News

(Reuters) -Bed Bath & Beyond Inc's efforts to find a buyer ahead of a likely bankruptcy filing have stalled, Bloomberg News reported on Friday, citing people with knowledge of the matter. The troubled home goods retailer is preparing to file for Chapter 11 bankruptcy protection imminently, likely without a bidder in place for its assets including the valuable buybuy Baby chain, the report added.


Bank of Canada signals rate hike pause: Here are the week's top 7 stories

Stephanie Hughes, finance reporter for the Financial Post, walks you through the top seven stories of the week. To read more, click on the links below. 7. CN Rail posts $1.4B in fourth quarter, but outlook is less rosy 6. Metro profits climb 11 per cent in first quarter, hikes dividend 5. Globalive seeks to return to wirelss market with bid for spectrum Correction: Metro hiked its quarterly dividend by 10 per cent to 30.25 cents per share, not...


U.S. Federal Reserve rejects crypto-focused bank's application to be supervised by the Fed

By Hannah Lang (Reuters) -The U.S. Federal Reserve on Friday rejected crypto-focused Custodia Bank's application to become a member of the Federal Reserve System, saying the bank's proposed business model and focus on digital assets presented significant safety and soundness risks. Custodia, which is based in Wyoming and is chartered through the state as a special purpose depository institution,


Wyoming crypto bank's Federal Reserve application denied

CHEYENNE, Wyo. (AP) — The Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S. banking. Many in crypto have been looking to Cheyenne-based Custodia Bank's more than 2-y...


Suncor buys smaller stake in Canada oil sands mine after TotalEnergies challenges Teck deal

By Nia Williams (Reuters) -Canada's Suncor Energy on Friday said it was buying a smaller stake in the Fort Hills oil sands mine in northern Alberta from Teck Resources after partner TotalEnergies exercised its right of first refusal and announced it would buy a slice of Teck's share of the project. Suncor announced in October an agreement to buy Teck's 21.3% stake in the bitumen mine, but in


Tech gains help TSX add to weekly winning streak

By Fergal Smith (Reuters) -Canada's main stock index edged higher on Friday, led by technology and energy shares, as U.S. data showed inflation pressures easing ahead of interest rate decisions next week from some major central banks. The Toronto Stock Exchange's S&P/TSX composite index ended up 13.98 points, or 0.1%, at 20,714.48, its highest closing level since June 8. For the week, the index


Tesla chair testifies she would have quit if Musk had lied in 2018 tweets

By Hyunjoo Jin and Jody Godoy SAN FRANCISCO (Reuters) - The board chair of Tesla Inc defended CEO Elon Musk in a securities fraud trial on Friday, telling jurors that she would have quit as a director if she had thought Musk lied by tweeting in 2018 that he had "funding secured" to take Tesla private. Tesla board Chair Robyn Denholm is a defendant in the lawsuit alongside Musk, Tesla and other


Intel's 'historic collapse' set to erase $10 billion from market value

By Aditya Soni and Nivedita Balu (Reuters) - Intel Corp was set to erase nearly $10 billion in market value on Friday after the U.S. chipmaker stumped Wall Street with dismal earnings projections, fanning fears around a slump in the personal-computer market. The company predicted a surprise loss for the first quarter and its revenue forecast was $3 billion below estimates as it also struggled


Opinion: Now is the time to invest in post-secondary education

If the last few years have taught us anything, it’s that the world — and the global economy — can go through seismic shifts in a relatively short amount of time. Since I began my term as president of the University of Alberta in 2020, we have witnessed a pandemic and a corresponding global recession, followed by an economic rebound. We have turned the corner, perhaps more quickly than any of us could have imagined. Alberta’s economic outlook is...


TotalEnergies buys extra Canada oil sands project stake, squeezing Suncor

By Nia Williams and Sudip Kar-Gupta (Reuters) -France's TotalEnergies will buy an extra stake in western Canada's Fort Hills oil sands mine from Teck Resources, the companies said on Friday, leaving partner Suncor Energy with a smaller slice than planned in a project that has struggled with operational challenges. Suncor announced in October an agreement to buy Teck's 21.3% interest in the mine,


Inflation-focused Pierre Poilievre back to Parliament as health-care talks loom

OTTAWA — It's no secret what Pierre Poilievre thinks about government spending and inflation. Same with guns. But what does the Conservative leader think should happen when premiers ask for billions more in federal health transfers? With a deal under negotiation between Ottawa and provinces, and premiers invited to a meeting with Prime Minister Jus...


Australia regulator to probe social media influencers for false endorsements

SYDNEY (Reuters) - Australia's competition regulator said on Friday it would check whether influencers on social media platforms had failed to disclose their affiliation with the brands they were promoting. The Australian Competition and Consumer Commission (ACCC) said it would look at more than 100 influencers after several consumers informed the regulator about some endorsements and


EV maker Lucid surges on report Saudi PIF to buy remaining stake

(Reuters) -Lucid Group's shares surged 43% on Friday, paring gains after doubling on market speculation that Saudi Arabia's Public Investment Fund (PIF) wanted to buy out the electric vehicle maker. The speculation originated from an "uncooked" alert attributed to deals website Betaville, using its term for market gossip. Lucid was the sixth-most traded stock on U.S. exchanges and third top mover


DOJ probing Visa on U.S. debit card practices, competition

(Reuters) - Visa Inc said on Friday the antitrust division of the U.S. Department of Justice had issued investigative demand earlier this month seeking documents and information about U.S. debit card practices and competition with other payment networks. The probe, which began in early 2021, followed reports the United States was investigating whether the credit card company uses anticompetitive


Suncor buying smaller stake in Canada oil sands mine after TotalEnergies challenges deal with Teck

(Reuters) - Canada's Suncor Energy on Friday said it is buying a smaller stake in the Fort Hills oil sands mine in northern Alberta from Teck Resources, after partner TotalEnergies exercised its right of first refusal and announced it will buy a slice of Teck's share of the project. Suncor announced in October an agreement to buy Teck's 21.3% stake in the bitumen mine, but in December France's