BMO to cut 1,000 jobs
TORONTO (Reuters) - Bank of Montreal said on
Wednesday it will cut about 1,000 jobs and take a C$135 million
($115 million) charge in the first quarter as it tries to rein
in costs to help meet its 2007 financial targets, a move that
took analysts by surprise. Canada's fourth-largest bank, whose
large domestic retail banking operation reported an 11 percent
drop in earnings in the fourth quarter, said most of the job
cuts would take place this year and across all business
sectors.
Google profit rises
NEW YORK (Reuters) - Google Inc. said on Wednesday
quarterly profit nearly tripled, helped by a lower tax rate,
but revenue growth was largely in line with Wall Street
expectations despite some hopes of an upside surprise. The news
pushed shares in the Web search leader down more than 3 percent
in after-hours trading.
Starbucks 1st-quarter profit up 18 percent
LOS ANGELES (Reuters) - Starbucks Corp. , the
world's largest coffee shop chain, on Wednesday said quarterly
earnings rose 18 percent as the number of stores grew and
established outlets attracted more customers. Net income for
the fiscal first quarter was $205 million, or 26 cents per
share, compared with $174 million, or 22 cents per share, a
year ago.
Founder Michael Dell back in charge of Dell Inc
SAN FRANCISCO (Reuters) - Michael Dell replaced Kevin
Rollins as CEO of Dell Inc. on Wednesday as the No. 2
PC maker struggles with missteps in the U.S. consumer market
and lost market share to Hewlett-Packard Co. . The
company also warned that results in its current quarter would
fall below analysts' estimates, the latest sign of the
challenge it faces from its reinvigorated rival HP.
Canadian dollar, bonds rise after Fed statement
TORONTO (Reuters) - The Canadian dollar shot to its highest
level in four days against the U.S. dollar on Wednesday,
rebounding from early weakness after the U.S. Federal Reserve
left interest rates unchanged and issued a somewhat dovish
statement. Domestic bond prices rose after the Fed
announcement.
Indigo profit gets boost from strong holiday sales
VANCOUVER, British Columbia (Reuters) - Canadian retailer
Indigo Books & Music Inc. credited strong Christmas
sales on Wednesday for a 3 percent jump in its third-quarter
profit. The company said it earned C$40.9 million, or C$1.62 a
diluted share, in the quarter ended December 30. That compared
with a profit of C$39.8, or C$1.61 per diluted share, in the
same quarter a year ago.
AGF Management profit down 25 pct, sales on a roll
VANCOUVER, British Columbia (Reuters) - AGF Management Ltd.
posted a 25 percent drop in fourth-quarter profit on
Wednesday when compared with year-before figures that were
boosted by gains from an operation that has since been sold.
The company, Canada's third-largest publicly traded fund
management firm, reported net income of C$21 million ($17.8
million), or 23 Canadian cents a share, for the three months
ended November 30. That compared with earnings of C$28 million,
or 31 Canadian cents a share, in the same quarter in 2005.
Toronto stock index sets record closing high
TORONTO (Reuters) - The Toronto Stock Exchange's main index
ended at a record closing high on Wednesday, helped up by
rallying gold prices and the U.S. Federal Reserve's decision to
hold interest rates steady, which offset a weak forecast from
Celestica Inc. The Toronto Stock Exchange
S&P/TSX composite index <.GSPTSE> closed up 19.52 points, or
0.15 percent, at 13,034.12, surpassing its previous record high
close of 13,021.77, set on December 14.
Microsoft says Zune executive to leave the company
SEATTLE (Reuters) - A senior Microsoft Corp.
executive who oversaw the launch of its Zune digital music
player plans to leave the company, the world's largest software
maker said on Wednesday. Bryan Lee, corporate vice president at
Microsoft's entertainment and devices division, also played a
key role in shaping the Xbox game console business and the
introduction of its Internet Protocol television software.
Sierra Wireless profit beats expectations
TORONTO (Reuters) - Sierra Wireless Inc.
reported a fourth-quarter profit that beat expectations on
Wednesday, as new products and strong sales of its AirCard
wireless modems pushed revenue to a record. The company said it
earned $2.4 million, or 9 cents a share, for the three months
ended December 31 That was up from a profit of $911,000, or 4
cents a share, in the same period a year earlier.
© Reuters Limited. All Rights Reserved.
Reproduction or redistribution of Reuters content, including framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
