Canadian department store operator Hudson’s Bay Co reported a wider second-quarter loss on Thursday, hurt by several shuttered stores and declining sales at its namesake brand. The company’s net loss from continuing operations widened to $462-million, or $2.51 per share in the quarter ended Aug. 3, from $104-million, or 58 cents a year earlier. Total revenue fell to $1.85-billion from $1.86-billion.
Canadian discount store operator Dollarama Inc reported a 2% rise in quarterly profit on Thursday, boosted by higher comparable-store sales and opening of new stores. The Montreal-based company's net income rose to C$143.2 million ($108.61 million), or 45 Canadian cents per share, in the second quarter ended Aug. 4, from C$140.4 million, or 42 Canadian cents, a year earlier. Sales rose to C$946.4 million from C$868.5 million.
President Donald Trump said he was postponing the imposition of five per cent extra tariffs on Chinese goods by two weeks, a move that delays the next escalation of the trade war and brightens the backdrop for upcoming negotiations. Negotiators are due to meet in Washington in coming weeks to push forward talks to end the trade war, which is causing increasing economic damage as it stretches into its second year. There’s little sign that substantive progress is being made on the two countries’ differences, while Trump still has further tariff increases lined up.
Mario Draghi faces one of the most contentious policy meetings of his European Central Bank presidency on Thursday as he prepares to ramp up monetary stimulus again despite skepticism from the euro area’s biggest economies. The mood is expected to be tense when the 25-member Governing Council discusses how to respond to fading growth and inflation, according to officials who spoke on condition of anonymity. While interest rates will almost certainly be cut further below zero, governors from nations including Germany, France and the Netherlands have warned they see no compelling need to resume quantitative easing. The blows of trade wars and Brexit have forced Draghi into an about-turn just nine months after he signaled the ECB was done cutting rates and buying debt. It’s a remarkable shift, weeks before he’s due to be replaced by former International Monetary Fund chief Christine Lagarde
India wants to more than triple its annual exports to $1 trillionin the next five years, an exacting target given slowing global growth and escalating trade tensions. Achieving that export goal is key to making India a $5 trillioneconomy, Commerce Minister Piyush Goyal said in New Delhi on Thursday. The South Asian nation’s exports totaled $330 billion in the year ended March, in comparison to China’s $2.6 trillionin 2018.
Chinese startup Kuaishou is considering to go public in the U.S. to bankroll its expansion in short videos and fend off competition from TikTok owner ByteDance Inc., according to people familiar with the matter. The company, backed by Tencent Holdings Ltd., plans to list next year, the people said, requesting not to be named because the matter is private. One person said Kuaishou also weighed the option of going public this year. The video startup is raising more than $1 billion at a $25 billion valuation in a pre-IPO round mostly from Tencent, one of the people said.