Global Markets: Maple Leaf profits increased 80 per cent

By MarketsFarm

WINNIPEG, May 2 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Canadian food packaging company Maple Leaf recently reported an 80 per cent jump in quarterly profits, driven by higher prices for its products and lower input costs for prepared meats. The company’s net earnings rose to C$50.1 million, or 41 Canadian cents per share, in the first quarter ended March 31, from C$27.9 million, or 22 Canadian cents per share, a year earlier.

– Documents obtained by Reuters confirm the United States State Department allowed the Iraq, Kuwait, Malaysia, Saudi Arabia, Slovakia, Thailand and the European Union to rent condominiums in President Donald Trump’s Trump World Tower in 2017. This action violates the U.S. Constitution’s emoluments clause, which clearly bans U.S. officials from accepting gifts or payments from foreign governments without congressional consent. “This new information raises serious questions about the President and his businesses’ potential receipt of payments from foreign governments,” Elijah Cummings, chairman of the House Oversight and Reform Committee, said in a statement to Reuters. “The American public deserves full transparency.”

– Some experts are expecting the Bank of England to raise interest rates by more than predicted, once the United Kingdom leaves the European Union. Since the deadline to leave was extended to October, the Bank of England published a new economic forecast. The British economy has been mired by uncertainty, resulting in falling investments. The report said the “timing and nature of Brexit remained the biggest factor for the outlook,” according to Bloomberg.

– After months of controversy, SNC-Lavalin reported a 73 per cent plunge in adjusted quarterly profit. The Montreal-based engineering and construction company said it was “disappointed” with its performance. “We will be focusing on our core geographies and are removing unprofitable revenues across 15 countries where we have sub-scale operations,” said Neil Bruce, chief executive officer of SNC-Lavalin.

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