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☆ National Bank of Canada quarterly profit falls on higher expenses, provisions
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - National Bank of Canada (NA.TO) posted a lower fourth-quarter profit on Wednesday, as the Canadian lender set aside higher provisions in the face of an economic downturn. The company recorded $87 million in provisions for the three months ended Oct 31, compared to $41 million a year ago. The Canadian lender's personal and commercial unit saw net income jump 13% on strong lending as the central bank pumps up interest rates to combat decades-high inflation. The Canadian lender joined Bank of Nova Scotia in reporting a lower profit as fees from advisory and deals tank due to escalating worries of an economic downturn. ($1 = 1.3526 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

The transaction is also fraught with regulatory risks, analysts said, though RBC argues that HSBC's Canada business accounts for just 2% of Canadian banking market share. The finance minister has the authority to impose any terms and conditions, the finance department said in a statement. "This regulatory assessment isn't likely to be completed for some time," Calvin Goldman, former commissioner of Canada's competition bureau, told Reuters, referring to the latest deal. QUICK MOVEDespite the expected regulatory risks, RBC was keen to move quickly. RBC is paying 9.4 times HSBC's 2024 adjusted earnings, which KBW analysts said was a steep price, though offset by savings potentials.

Nov 27 (Reuters) - Top Canadian banks are expected to post a decline in fourth-quarter profits as choppy markets hurt wealth management and a slow deal pipeline dents income from investment banking, offsetting expected gains from business loans. On average, profit for the Big Six banks are expected to drop 4% from last year, hurt by lower investment banking activity. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO), which have the largest capital markets businesses, are expected to see the biggest hit to profits. "Business lending was particularly strong and aided by strength in balances outside of Canada," KBW analysts Mike Rizvanovic and Abhilash Shashidharan said. National Bank of Canada (NA.TO) and Toronto-Dominion Bank (TD.TO), also among the Big Six, will report earnings on Wednesday and Friday, respectively.

☆ Stocks finish higher as the Street awaits key inflation data next week
▼ + stars: | 2022-11-25 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Stocks finished higher on this holiday-shortened trading week, with all the major U.S. averages posting gains. Under the hood, all sectors closed higher for the week, led by utilities, materials and financials. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. The U.S. Federal Reserve, alongside global central banks, has been trying to get a handle on soaring inflation.

Critical shortages of the ADHD drug Adderall and the antibiotic amoxicillin have left families reeling as the medicines their loved ones need become harder to find. In the case of amoxicillin, demand has become particularly acute amid a so-called tripledemic of Covid, respiratory syncytial virus, or RSV, and the flu that are converging this season. The Food and Drug Administration's website currently lists amoxicillin and Adderall, also known as mixed amphetamine salts, as being in short supply. NBC News reached out to two of the drugmakers responsible for producing both Adderall and amoxicillin. In 2020, Congress passed the Mitigating Emergency Drug Shortages Act, which aimed to address some of these issues.

One of the biggest makers of generic drugs, Israeli-based Teva said it aims eventually to secure a 10% global market share of biosimilars. A division of Novartis (NOVN.S), Sandoz is currently the second biggest player after Pfizer Inc (PFE.N) in the biosimilar market by gross sales globally, per IQVIA data, cited by Sandoz. Sandoz launched eight biosimilar drugs between 2017 and 2021, including a version of Bristol-Myers’ multiple myeloma drug Revlimid. The analysis projected the value of the global biosimilar market could more than triple to an estimated $74 billion by 2030. Sandoz and Teva are both working on biosimilars for Humira.

☆ She fled her home, abandoned her possessions, and escaped Russian occupation in Kherson. Now, her small business is booming.
▼ + stars: | 2022-11-20 | by ( Stephanie Stacey | ) www.businessinsider.com time to read: +6 min

Before Russia's invasion, her retail business It's Craft operated out of a warehouse in Nova Kakhovka — a small, strategically-significant city in the Kherson region of Ukraine. In April, Viktoria fled her home in Nova Kakhovka and reestablished herself — and her online store — in a new city. Now, she told Insider, business is booming — and sales have even outstripped pre-war figures. Viktoria joined 2,000 residents of Nova Kakhovka to protest Russian occupation in March. A hardened resolveBefore escaping Nova Kakhovka, Viktoria had applied to the Ukrainian Social Venture Fund to seek financial support for relaunching and relocating It's Craft.

Russia had said last week its troops would occupy positions that were easier to defend on the opposite bank of the Dnipro River. Russia had artillery still capable of striking Kherson from those new positions, but "we also have something to answer with", she said. [1/10] Local residents gather near their residential building hit by a Russian missile strike, amid Russia's attack on Ukraine, in Kyiv, Ukraine November 15, 2022. There were no confirmed reports that Ukrainian troops had crossed the river to pursue the Russians. Russia is a member and Ukraine is not, but Russian President Vladimir Putin stayed home.

☆ Russian administrators leave second city of Ukraine's Kherson region
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

Nov 15 (Reuters) - Civil servants working for the Russian-installed administration in Nova Kakhovka, the second-largest city in Ukraine's southern Kherson region, have left along with thousands of residents due to fighting, officials said on Tuesday. The city lies on the east bank of the Dnipro river, next to the huge Kakhovka dam, which both Ukraine and Russia have accused each other of shelling. "Indiscriminate fire from the left bank of the Dnipro has made life in the city unsafe ... Thousands of Nova Kakhovka residents responded to the call of the Kherson regional administration to protect their lives and left their homes. "Employees of the Military-Civilian Administration of Nova Kakhovka, state and municipal institutions also left the city and were relocated to safe places in the region." Since Russia's withdrawal from Kherson city and areas to the west of the Dnipro last week, attention has focused on Russian-controlled towns and settlements on the east bank.

☆ Thanksgiving is two weeks away. Get your updated Covid-19 shot now, health officials warn
▼ + stars: | 2022-11-10 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +8 min

CNN —With Thanksgiving just two weeks away, people who are eligible for an updated Covid-19 vaccine booster but still haven’t received the shot will need to roll up their sleeves Thursday to get as much protection as possible before the holiday. After getting the updated Covid-19 vaccine, that biological process can take about 10 to 14 days. Health officials say it’s fine to get the updated Covid-19 booster and flu vaccine at the same time. The vaccine candidate contains components of the companies’ updated Covid-19 booster and their investigational flu vaccine. Moderna is also developing a combined flu and Covid-19 mRNA vaccine and another combination vaccine targeting flu, Covid-19 and RSV.

☆ Situation is 'difficult' along the entire front line, Kyiv says; Crimean bridge damage poses problems for Russia
▼ + stars: | 2022-11-09 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Millions are already without power in Ukraine's capital, and with further Russian attacks on energy infrastructure feared, Kyiv is bracing for the prospect of a winter without electricity, gas and water. That has left officials and residents to confront a scenario in which civilians may be forced to consider leaving their homes to flee the freezing cold. Kyiv Mayor Vitali Klitschko appealed to the city's 3 million residents to be prepared for a worst-case scenario, including making arrangements that would allow them to relocate and stay with friends or relatives elsewhere if it comes to it. "The future of the country and the future of each of us depends on how prepared we are for different situations," he added. During winter, Kyiv sees temperatures plunge below the freezing point, making the potential for power outages in the coming months particularly alarming.

☆ Novavax posts third quarter loss but beats revenue expectations
▼ + stars: | 2022-11-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

In this photo illustration a silhouette of a man holding a medical syringe and a vial seen displayed in front of the Novavax logo on a screen. Novavax posted an unexpected loss on Thursday but beat Wall Street's revenue expectations for the third quarter. The Covid-19 vaccine maker reported a net loss of more than $169 million for the third quarter, compared to a loss of $322 million in the same period last year. Novavax reported third quarter revenue of $735 million, a more than 300% increase year over year. The company previously slashed its annual revenue expectations by 50% to a range of $2 billion to $2.3 billion in the second quarter.

☆ Russia's war in Ukraine rages on without a clear end in sight. Here are 6 ways the conflict could play out.
▼ + stars: | 2022-11-06 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +10 min

As Russia's war in Ukraine continues, there does not appear to be a clear end in sight. Russian victoryWhen it began its unprovoked invasion of Ukraine, Russia's goal was to take over the country completely. Rather than taking more territory, Russia's objectives in the current stage of war seem to be to weaken Ukraine's resources, economy, and army. Nuclear war and/or NATO interventionPutin has repeatedly made nuclear threats since he began the invasion of Ukraine and, in September, claimed that it was "not a bluff." One senior official previously said that a Russian nuclear strike could trigger a "physical response" from NATO itself.

Eastern Canada, with its strong electricity-generating winds and short shipping distance, is a prime potential source for green hydrogen. Most hydrogen output uses natural gas or coal, called gray hydrogen, but companies want to produce green hydrogen without emissions by separating hydrogen from oxygen in water using wind-powered electrolyzers. Green hydrogen is typically more expensive, but soaring natural gas prices have elevated gray hydrogen production costs above those of green hydrogen, according to an October report. GERMANY-CANADA HYDROGEN PARTNERSHIPGermany and Canada signed a non-binding agreement in August to ship clean Canadian hydrogen to Germany by 2025. "We believe in green energy, but we don’t believe in destroying nature for a profit or supplying Germany," Rowe said.

LONDON, Nov 1 (Reuters) - New G7 and European Union sanctions on Russian oil exports will have a muted impact on flows and global prices according to analysts polled by Reuters, as Russia is set to largely succeed in rerouting its trade eastward. Analysts at the Bank of Nova Scotia, however, saw oil export and production levels remaining relatively flat despite the sanctions. Up to 80-90% of Russian oil could still flow if Moscow seeks to flout the G7 price cap, a U.S. treasury official told Reuters last month, leaving 1-2 million bpd shut in. "The implementation of Russian sanctions ... will remove 1.5 million bpd of supply from the market. "While we believe (the price cap) would be very difficult to implement, it would directionally raise the likelihood of more Russian oil staying on the market at any price."

His complete radio silence has raised concerns about the orderly handover of power, while also adding to doubts about how long the blockades could last. However, Normando Corral, president of farm group Famato, said the roadblocks in the top grains-growing state of Mato Grosso could disrupt agricultural shipments if they persist. One of the state's main exports this time of year is Brazil's winter corn crop, which is planted after soybeans are harvested. Evandro Lermen, a member of grain cooperative Coacen in the Brazilian 'soy capital' Sorriso, Mato Grosso, told Reuters corn shipments were not being disrupted by the protests. Rumo, a leading rail company that operates Latin America's biggest grain terminal in Rondonopolis, Mato Grosso, said none of its operations in Brazil had been affected so far.

☆ QatarEnergy in talks for 30% stake in Lebanon offshore gas project, says CEO
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

DOHA, Oct 30 (Reuters) - State-owned QatarEnergy is in talks with the Lebanese government to take a 30% stake in an offshore exploration block and is also negotiating with TotalEnergies (TTEF.PA) and ENI (ENI.MI) on this matter, CEO Saad al-Kaabi confirmed on Sunday. "We are in the process of discussing that with the government of Lebanon and the partners, Total and ENI for a participation of around 30% ownership of that exploration block," Kaabi said. The initial exploration license was held by a three-part consortium of TotalEnergies, Italy's Eni and Novatek (NVTK.MM). The sources had said that the understanding between TotalEnergies and Lebanon was that the French group would enter negotiations with QatarEnergy over the former Novatek stake, and that Qatar was seeking a 30% stake, comprised of Novatek's former stake and a 5% stake from each of TotalEnergies and Eni. Offshore areas in the eastern Mediterranean and Levant have yielded major gas discoveries in the past decade.

☆ Ex-Russian diplomat warns Putin willing to sacrifice 20 million soldiers to win the war with Ukraine
▼ + stars: | 2022-10-23 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +3 min

An ex-Russian diplomat has warned that Putin will sacrifice 20 million soldiers to win the war in Ukraine. Putin is using the nuclear button to "compel other countries to whatever he wants," he said. He may sacrifice 10 or 20 million Russians just to win this war just to slaughter all Ukrainians because it's a matter of principle. A destroyed Russian Armoured Personnel Carrier (APC) is seen near the village of Nova Husarivka, Ukraine, on September 15, 2022. "While Putin and his regime are in power in Russia, this threat of war — the threat of nuclear war — will not go anywhere," he said.

☆ FDA authorizes Novavax's Covid shots as mix-and-match booster to Pfizer or Moderna
▼ + stars: | 2022-10-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

The authorization of Novavax's booster could significantly increase the role that its shot plays in U.S. vaccination efforts. The Centers for Disease Control and Prevention still has to give the final go ahead before pharmacies can start administering Novavax's booster. Only 35,300 people have received Novavax's shots so far in the U.S., according to data from the CDC. By comparison, some 372.5 million Pfizer shots, 235.8 million Moderna doses and 18.9 million Johnson & Johnson shots have been administered across the U.S. so far. People who received Novavax's vaccine as their primary series are also eligible for Pfizer and BioNTech's new omicron booster.

☆ FDA, CDC sign off on Novavax Covid-19 vaccine as a first booster shot
▼ + stars: | 2022-10-19 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +4 min

CNN —Novavax’s Covid-19 vaccine is now available in the United States for use as a first booster dose for people 18 and older. The company said its booster is for adults for whom a Pfizer/BioNTech or Moderna updated booster vaccine is not accessible or clinically appropriate, and for adults who elect to receive the Novavax vaccine because they would otherwise not get a booster dose of a Covid-19 vaccine. “The U.S. now has access to the Novavax COVID-19 Vaccine, Adjuvanted, the first protein-based option, as a booster,” Novavax President and CEO Stanley Erck said in a news release Wednesday. Novavax executives have long suggested that their Covid-19 vaccine could be used as a booster dose, even for people who got another vaccine type as their primary series. The most common side effects reported with the Novavax booster were pain or tenderness at the injection site, fatigue, muscle pain and headache.

☆ Here are Monday's biggest analyst calls of the day: Apple, Amazon, Netflix, Kroger, SunPower & more
▼ + stars: | 2022-10-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are the biggest calls on Wall Street on Monday: Morgan Stanley reiterates Apple as overweight Morgan Stanley named the tech giant as its top pick in a downturn. Cowen reiterates Amazon as outperform Cowen said shares remain attractive heading into earnings later this month. Morgan Stanley resumes Prologis as overweight Morgan Stanley resumed coverage of the supply chain logistics company and named it a top pick. Morgan Stanley upgrades Clorox to equal weight from underweight Morgan Stanley said in its upgrade of Clorox that it sees some earnings upside ahead of the company's earnings later this quarter. Oppenheimer reiterates Chipotle as outperform Oppenheimer says Chipotle is a "rarity" as the firm sees earnings upside among a deteriorating macro.

☆ Novavax says COVID booster dose shows benefit against Omicron variants
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

Oct 12 (Reuters) - Novavax Inc (NVAX.O) said on Wednesday data from studies in adults and adolescents showed that the booster dose of its COVID vaccine produced robust antibodies against several Omicron variants, including BA.1, BA.2 and BA.5. The data was from two studies - a late-stage study evaluating the booster in adults and adolescents who had received Novavax primary vaccination and another study testing it in those aged 18 to 49 who had received primary series of Novavax vaccine or other authorized or approved vaccines. In the late-stage study, a single homologous booster dose significantly increased antibody levels against these variants relative to pre-boost levels, the company said. "These data are an early indication that our vaccine may be effective against variants such as Omicron," Novavax executive Gregory M. Glenn said. The company said ongoing trials are studying the efficacy of the vaccine against variants including BA.4 and BA.5.

☆ Some 349,000 still without power in Puerto Rico after Fiona
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Sept 28 (Reuters) - An estimated 349,000 homes and businesses were still without power in Puerto Rico on Wednesday after Hurricane Fiona hit on Sept. 18, causing an island-wide power outage for its 3.3 million people. After hitting Puerto Rico and the Dominican Republic, Hurricane Fiona turned north and slammed into eastern Canada on Sept. 24, leaving over a third of Nova Scotia without power. Register now for FREE unlimited access to Reuters.com RegisterFiona hit Puerto Rico about five years after Hurricane Maria knocked out all power on the island. At that time the now bankrupt Puerto Rico Electric Power Authority (PREPA) was still operating the grid. Puerto Rico is restoring power to homes more quickly in the wake of Hurricane Fiona than after Hurricane Maria five years ago, when it took months before the island fully recovered.

☆ Scotiabank names Thomson as chief executive officer
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterA person walks infant of a sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos OsorioSept 26 (Reuters) - Bank of Nova Scotia (BNS.TO) said on Monday it appointed Scott Thomson to succeed Chief Executive Officer Brian Porter, at a time when the Canadian banking sector is struggling with market turmoil and rising interest rates. Thomson, who has been a member of the board of Bank of Nova Scotia since 2016, will initially start as president from Dec. 1, overseeing Canadian banking, global banking and markets, global wealth management and international banking at the bank. Register now for FREE unlimited access to Reuters.com RegisterAt Finning, Thomson helped boost return on invested capital in all business units, particularly in Latin America. read moreLast month several brokerages aggressively downgraded the largest Canadian bank as profits at its international banking segment fell below estimates and risks rose from modest net interest margin expectations.

☆ Canada braces for ‘extreme event’ as storm Fiona nears after leaving path of destruction
▼ + stars: | 2022-09-24 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Phil-Helsel-Circle-Byline-Template.Jpg | Phil Helsel | ) www.nbcnews.com time to read: +4 min

Residents of Nova Scotia and other parts of Canada were bracing for hurricane-force winds and a potential historic storm surge as Hurricane Fiona approached Friday. “It is going to be certainly a historic extreme event for Eastern Canada,” said Bob Robichaud, warning preparedness meteorologist with the Canadian Hurricane Centre, at a briefing Friday. At 9 p.m. Halifax time, the storm was “accelerating quickly” toward Nova Scotia, Canada’s hurricane center said. Damage in Nova Scotia was estimated at almost $102 million, the CBC reported. In 2003 Canada was hit by Hurricane Juan, a Category 2 storm at landfall that ripped through Nova Scotia.

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