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Unproven Competitiveness of Upstream Assets Would Hamper Rumoured Petronas Sale: Analyst

CALGARY • The Malaysian company rumoured to be seeking buyers for its Pacific NorthWest LNG project could struggle to offload its upstream natural gas assets due to the still-unproven competitiveness its operations, one analyst says. Rumours have been circulating that Petroliam Nasional Berhad, or Petronas, is looking for a way out of its massive investment in Canada’s nascent LNG space …

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BlackBerry Still a Big Hit in Indonesia

BlackBerry Ltd. may have decided to stop making its iconic handsets, but that doesn’t mean the gadgets will disappear, especially in places where they’re still popular. Case in point: an Indonesian wireless company is already hatching plans to introduce its own version of the keyboard-equipped smartphone for those who can’t live without the device. PT Tiphone Mobile Indonesia Tbk, an …

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Cost-cutting Helps Costco’s Bottom Line

Costco Wholesale Corp. reported fourth-quarter earnings that beat analysts’ estimates, even as falling grocery prices cut into its sales growth. Profit amounted to $1.77 (U.S.) a share in the period, which ended Aug. 28, the Issaquah, Washington-based company said in a statement. Analysts had estimated $1.73 a share, according to data compiled by Bloomberg. Costco has been working to control …

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TSX Ends Slightly Lower as U.S. Indexes Rally

Gold and materials stocks pushed the Toronto stock market to a slightly lower close, while south of the border markets rallied. The S&P/TSX composite index gave back 28.57 points to 14,725.98. The Canadian dollar was trading at 76.24 cents US, up 0.19 of a cent. In New York, the Dow Jones industrial average shot up 164.70 points to 18,308.15, the …

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Bearish Credit Suisse Forecasts Bank of Canada Rate Cut, Weak Loonie

Forecasts for a Bank of Canada interest-rate cut this year are building. Credit Suisse Group AG joined Citigroup Inc. and HSBC Holdings Plc in forecasting easier monetary policy, possibly as early as next month, amid sluggish Canadian growth and slower-than-expected inflation. The Swiss bank has penciled in a quarter-point cut to the central bank’s 0.5 per cent overnight target rate …

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OPEC Production Deal Greeted With Skepticism in Canada

Canada will certainly benefit if the world’s biggest oil producing countries move to restrict production, but skepticism exists on whether they will follow through on their promises. “Assuming they stick to it, and that’s a big if, it should support oil prices,” said Benjamin Reitzes, senior economist at BMO Capital Markets. “The competition producing a little less is always good.” …

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Pepsi Earnings Get Lift From Healthier Products

PepsiCo Inc.’s push into healthier fare is invigorating its sales. Products such as Sabra hummus and guacamole, Naked cold-press juices and Lipton Pure Leaf tea bolstered results last quarter, chief financial officer Hugh Johnston said. That helped the company beat profit estimates last quarter and raise its forecast for the year. The health kick is part of a makeover for …

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Philip Morris Sinks Money into ‘Heat-Not-Burn’ Cigarette Alternative

Philip Morris International Inc. said it’s boosting investment in cigarette alternatives to expand sales to as many as 35 countries next year, aiming to lead the tobacco industry in the development of reduced-risk products that it says will eventually replace traditional smokes. The Marlboro maker has “increasing confidence” that it will reach the upper end of its forecast for that business to …

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Rogers Email Users Warned in Massive Yahoo Data Hack

Yahoo said Friday that it had issued notices to the majority of email accounts potentially affected by a massive security breach, including to Rogers customers in Canada who use Yahoo email services. Washington-based Yahoo spokesman Charles Stewart said the email notifications prompt customers to change passwords, and security questions and answers. As of Friday morning, he said the bulk of …

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Twitter Shares Surge on Takeover Report

Twitter shares soared the most in more than two years Friday after CNBC said the company may soon receive a takeover offer. The beleaguered social media company is engaged in conversations with potential suitors that are said to include Salesforce.com and Alphabet Inc. unit Google, among others, CNBC said without citing its sources. Twitter may get a formal offer shortly, …

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