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Group: Canadian Blue-chip Industrial Forum
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Futures for Canada's main stock index ticked higher ahead of a key rate decision where the Bank of Canada is widely expected to make its largest rate hike since the late 1990s to tackle an overheating economy and runaway inflation
Wall Street futures gained, while European shares slipped, with investor focus on the key U.S. inflation data, scheduled for release later in the day, for clues on the pace of interest rate hikes by the Federal Reserve
Japanese shares closed higher, lifted by chip-related stocks and airlines and the euro hovered just above parity against the U.S. dollar while gold prices steadied
Oil prices edged slightly higher
STOCKS IN THE NEWS Source: Thomson Reuters Alphabet Inc. (GOOG):
The company said it would slow the pace of hiring for the rest of the year, the latest company to make such a move as decades-high inflation and the fallout from the Ukraine crisis pressure businesses
The announcement aligns the parent of search giant Google with other major tech companies including Uber and Twitter and comes a day after Microsoft said it would eliminate some positions
"Like all companies, we're not immune to economic headwinds," Alphabet said in a regulatory filing
Hiring efforts will be focused towards engineering and technical roles, it said
Rogers Communications Inc. (RCI-B.TO):
The Canadian company will be crediting customers with the equivalent of five days service, it said on Tuesday after the Canadian telecoms operator suffered a major outage that paralyzed the country's banking and emergency services last week
Rogers has come under pressure from Canadian government, customers and politicians over last Friday's unprecedented glitch that lasted 19 hours
On Tuesday, the telecoms regulator ordered Rogers to respond within ten days to its questions about the network outage that impacted millions of Canadians
"We know that we need to earn back their trust, and as a first step, we will be crediting our customers with the equivalent of five days service," Rogers said in a statement late on Tuesday
Rogers needs to provide a detailed account as to "why" and "how" the outage happened, and what measures the company is putting in place to prevent future outages, the Canadian Radio-television and Telecommunications Commission said in a statement
Tesla Inc. (TSLA):
Panasonic Energy, a major Tesla supplier, is working on new technology to increase battery energy density by a fifth by 2030, the Japanese company's chief technology officer told Reuters
That gain, if achieved, could boost the driving range of a Model Y, for example, by over 100 km with the same size battery pack or it could allow manufacturers to create roomier and possibly lighter electric vehicles (EVs) while keeping driving range unchanged
Panasonic Energy, a core Panasonic Holdings unit, plans to achieve those gains by using a new mix of additives to allow individual cells to run at a higher voltage without damaging the batteries' performance, Shoichiro Watanabe said in an interview
"The race among battery makers has been to come up with more potent and effective additives," he said
EARNINGS SPOTLIGHT Source: Thomson Reuters Delta Air Lines Inc. (DAL):
The airline forecast a "meaningful" profit for the full-year as robust travel demand helped it post its strongest quarterly earnings since the start of the pandemic
The Atlanta-based carrier expects a solid profit in the third quarter as well, with operating margin estimated to be in the range of 11%-13%
The No 3. U.S. airline by fleet size said there is no evidence of a pullback in consumer demand
It reported an adjusted profit of $1.44 per share for the second quarter and that was below analysts' expectations of $1.73 per share, according to Refinitiv, yet still marked the carrier's best performance since 2019
Revenue for the quarter through June came in at $13.8 billion, topping Wall Street estimates and the company expects third-quarter revenue to be up as much as 5% from 2019, even as its capacity is projected to be down 15%-17%
Separately, European plane maker Airbus is in talks with Delta Air Lines to expand the U.S. carrier's existing order for A220 small jetliners, two people familiar with the matter said
THINGS TO KNOW Source: Bloomberg Finance L.P.
There's a raging debate whether we are already in the midst of a recession, but the final call will be made by the National Bureau of Economic Research
Twitter Inc. sued Elon Musk over his abandoned $44 billion takeover bid, accusing the billionaire of having buyer’s remorse after his fortune declined
Lawyers say they need only four days in Delaware Chancery Court to prove that the world’s richest man should be forced to honor his agreement and pay $54.20 a share for Twitter
President Joe Biden is visiting the Middle East this week as he continues his push to get more barrels into the market
Calibre Mining Corp.* (CXB: $0.89) Gran Tierra Energy Inc* (GTE: $1.35) i-80 Gold Corp.* (IAU: $2.16) Yamana Gold Inc.* (YRI: $6.12)