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Group: Canadian Blue-chip Industrial Forum
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Canada's main stock index futures fell on weaker gold prices as the U.S. dollar strengthened
U.S. stock index futures were down as investors worried about a global downturn from aggressive rate hikes by central banks
European shares tumbled as a host of companies warned about the effect of rising inflation and costs on their businesses
Japan's Nikkei ended higher, led by drugmakers, while Chinese stocks tracked losses in global markets
Oil prices firmed on indications that OPEC+ might cut output
Canada's GDP data for July is scheduled for release
STOCKS IN THE NEWS
Source: Thomson Reuters
Amazon.com Inc (AMZN):
The online retailer’s warehouse and transportation workers will receive an increased average starting pay of more than $19 per hour from $18, Amazon.com said on Wednesday
The wage hike would help the company attract and retain workers in a tightening U.S. labor market as the peak season for gifting gets underway
Amazon said the pay hikes would cost the company nearly $1 billion over the next year
Employees will now earn between $16 and $26 per hour depending on their position and location in the United States, the company added
Amazon's minimum wage for hourly employees in the U.S. remains $15, a spokesperson told Reuters
The online retailer's decision also comes as some workers continue to push to unionize Amazon facilities in the United States
Only one Amazon facility has voted to unionize so far
Earlier on Wednesday, Amazon announced new devices including a lineup of voice-controlled devices, an updated e-reader which users can write on and a contactless gadget that can monitor people's sleep
Separately, the company is planning to close several call centers in the United States in a move toward remote working, Bloomberg News reported on Wednesday citing people familiar with the matter
Warren Buffett's company bought another 5.99 million shares of the petroleum company, boosting its stake to 20.9% after the oil company's shares lost about a fifth of their value in less than a month
The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Wednesday
Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental's Wednesday closing price of $61.41
The Houston-based oil company's share price later rose, peaking at $77.11 on Aug. 29, before declining amid broader weakness in U.S. equity markets
Berkshire paid in the high-50s to low-60s per share in this week's purchases
Berkshire's stake would allow Buffett's Omaha, Nebraska-based conglomerate to report its proportionate share of Occidental's earnings with its own operating results, through the so-called equity method of accounting
Teck Resources Ltd (TECK.B):
The company is considering revising the value of its Zafranal copper project in Peru to more than $2 billion from $1.3 billion, one of its executives said Wednesday
The initial value of the project was set in 2019, when copper prices were below their current levels, the general manager of Zafranal Mining, Mario Baeza, said at a conference on Peru's mining industry
"We are updating capex and project numbers," Baeza said, adding that the value of the project could be raised to "more than $2 billion."
The project is waiting on approval of an environmental study
Baeza said he expects the Peruvian government to approve the environmental impact study by the end of 2022 or "at the latest" in the first quarter of next year
Construction could start at the end of 2024 and would take three years, he added
The facility is expected to produce at least 1.5 million tonnes of copper over about 19 years, Baeza said
EARNINGS SPOTLIGHT
Source: Thomson Reuters
Jefferies Financial Group Inc (JEF):
The company on Wednesday beat analysts' estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking
The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said
The unit reported a 60% jump in revenue to $397.8 million in the three months ended Aug. 31, Jefferies said, compared with a 32% drop in its crown jewel, the investment banking and capital markets unit
Excluding costs tied to a regulatory settlement, New York-based Jefferies earned $1.10 per share, comfortably beating Refinitiv IBES estimate of 73 cents
Net income tumbled 52%, while revenue slumped 21% from a year earlier
THINGS TO KNOW
Source: Bloomberg Finance L.P.
Ian was downgraded to a tropical storm as it continued to move northeastward across central Florida
The former Category 4 hurricane made landfall west of Fort Myers near Cayo Costa shortly after 3 p.m
The UK's financial crisis is threatening to tip the economy into recession, with Prime Minister Liz Truss digging her heels in, defending the historically large tax-cut package and describing it as the "right plan"