*Bad loans to oil and gas sector rise to C $410 million. TORONTO/ NEW YORK, May 25- Bank of Montreal will shed around 4 percent of its 46,000 workforce as part of a drive to cut costs, staff were told in a memo on Wednesday after the lender reported a decline in quarterly profit. The bank, which didn't disclose where the cuts will be made, earlier Wednesday announced a C $132... » Read More
STOCKHOLM-- Nordic telecommunications company TeliaSonera AB says it will cut 2,000 jobs, or 7 percent of its staff, after sales and profits slumped in the third quarter.
NEW YORK-- Fertilizer maker Potash Corp. of Saskatchewan Inc. said Wednesday that its full-year earnings will come in below the low end of its prior forecast mostly because of weaker-than-expected potash sales volumes due to contract delays. The Canadian company previously predicted earnings in a range of $2.80 to $3.20 per share.
ARLINGTON, Texas-- First Cash Financial Services Inc.' s third-quarter net income rose 3 percent as the company made more money from its pawn shops and fees and saw continued strength in Mexico.
NEW YORK-- Pfizer Inc.' s advanced kidney cancer treatment Inlyta missed its main late-stage study goal when compared to another drug in patients who had not been treated for the disease.
NEW YORK-- U.S. stock futures are mixed as the market digests a new round of earnings from major U.S. corporations like Bank of America, PepsiCo, and Halliburton. The Commerce Department releases its latest housing report Wednesday and economists expect that builders started construction on more homes in September than in August.
The deal gives ExxonMobil Canada access to 649,000 acres in two shale formations, the Montney and Duvernay, as well as additional acreage in other parts of Alberta, the company said. Those include acres in the Inga area of British Columbia, the Grande Cache area of Alberta, and oil and gas properties in Karr, Alberta, the company said.
PARIS-- France is creating a new government-backed investment bank that will aim to spur economic growth by lending to small and medium-sized enterprises. Jean-Pierre Jouyet, the head of French state-owned financial institution CDC, has been named chairman of the new investment bank, known by its French intials BPI.
NEW YORK-- Social media will be a big component of a new program announced by Disney Wednesday in which the company's parks in California and Florida will feature weekly surprise themes and events.
BRUSSELS-- The European Union's farmers' union is warning that drought, cold and hail have conspired to produce the worst wine harvest for the region in up to half a century. Farmers union expert Thierry Coste said Wednesday that France's grape harvest is expected to slump by almost 20 percent compared to last year.
ST. PAUL, Minn.-- Ecolab is selling its vehicle care operations to Zep Inc. for about $120 million in cash as part of its strategy to shed non-core businesses. Zep, based in Atlanta, makes cleaning and maintenance products and services for commercial, industrial, institutional and consumer markets.
The International Olympic Committee has signed a deal with U.S. sportswear giant Nike to supply uniforms and products to members and staff. IOC members will wear Nike outfits at the 2014 Winter Games in Sochi, Russia, and 2016 Summer Olympics in Rio de Janeiro, as well as various other meetings and events.
NEW YORK-- Halliburton Co. said Wednesday its third-quarter net income fell 12 percent as drilling activity declined and costs rose in its core North American business. Halliburton is a major provider of hydraulic fracturing, or "fracking," services that unlock oil and natural gas from underground shale deposits.
NEW YORK-- Bank of America said Wednesday that it narrowly turned a profit from July through September, good enough to beat Wall Street expectations. Profits were hurt largely because of a settlement with shareholders who accused the bank of misleading them when it decided in 2008 to purchase Merrill Lynch.
Strong corporate earnings reports and hopes that Spain may be close to requesting a bailout to alleviate its debt crisis helped oil prices move higher above $92 a barrel on Wednesday. By early afternoon in Europe, benchmark oil for November delivery was up 24 cents at $92.33 a barrel in electronic trading on the New York Mercantile Exchange.
LISBON, Portugal-- Portugal managed to raise 1.85 billion in a debt auction Wednesday despite the country's bleak economic prospects and growing political tension over austerity policies.
NEW YORK-- PepsiCo Inc.' s net income dipped 5 percent in the third quarter, as the food and beverage maker poured more money into bolstering its flagship brands and developing new products that position it for the future.
Insurance broker Willis Group Holdings has named McKinsey& Co. senior partner Dominic Casserley its next CEO, starting Jan. 7. The London- based company also said Wednesday that Steve Hearn, 46, will serve as Willis Group deputy CEO.
JERSEY CITY, N.J.-- Knight Capital Group Inc. reported a large loss in its third quarter because of the fallout from a disastrous software glitch. The glitch in Knight Capital's trading software, which occurred in August, flooded the market with erroneous trades. Knight Capital takes orders from big brokers like TD Ameritrade and E-Trade.