Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
Asia Pacific markets traded mixed on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
"The last thing I want is to put a date out there for lifting the grounding," said Dan Elwell, acting administrator for the FAA.Transportationread more
The charges allege he published secret documents obtained by former Army intelligence analyst Chelsea Manning, some of which included the disclosure of foreigners who were...Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
See which stocks are posting big moves after the bell on Thursday, May 23.Market Insiderread more
Sentiment is "not negative enough to trigger a huge rally ... unless we get some kind of real breakthrough with China," Jim Cramer says.Mad Money with Jim Cramerread more
(Adds details on cost savings program; outlook)
May 2 (Reuters) - SNC-Lavalin Group Inc on Thursday reported a 73 percent plunge in adjusted quarterly profit and said it would speed up its plans to simplify its operational structure to save costs and improve efficiency.
The Montreal-based engineering and construction company, which has been under pressure from rising trade challenges in Saudi Arabia and China as well as corruption charges back home, said it was disappointed with its first quarter performance.
However, SNC said it was confident of delivering its 2019 outlook for earnings and said plans to cut the overhead cost by $250 million annually.
For the rest of 2019, it aims to cut just over $100 million in costs.
The more than 100-year old company, which reiterated it 2019 outlook, has been looking to focus on some core geographies, while removing unprofitable businesses in 15 countries where it has smaller operations.
SNC had also said that it stopped bidding on lump-sum engineering, procurement, and construction projects in mining, and plans to take such projects only in the infrastructure and oil & gas sectors.
Adjusted net income attributable to shareholders fell to C$36.9 million ($27.47 million), or 21 Canadian cents per share, in the first quarter ended March 31, from C$136 million, or 77 Canadian cents per share, a year earlier.
The company said delays in claims settlements and issues with some projects have hit first-quarter earnings, with revenue falling to C$2.36 billion from C$2.43 billion. ($1 = 1.3431 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Shailesh Kuber)