Commentary Economic activity in the first quarter disappointed. Real gross domestic product (GDP) grew at a paltry 1.1 percent annual pace between January and March. That was better news than a zero-to-negative figure that would have indicated recession but a poor showing, nonetheless. The detail behind this overall measure painted an even less attractive picture,…
China Shows Strength, But Questions Remain
May 2, 2023
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Business & MarketsBusiness ColumnistsChinaeconomic growthfirst quartergross domestic product (GDP)OpinionThinking About China
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Commentary Beijing reported that the country’s real gross domestic product (GDP) grew in this year’s first quarter by 4.5 percent over the first quarter of 2022. That is a vast improvement over the 2.9 percent growth reported for the fourth quarter of last year. Because Beijing rescinded its draconian zero-COVID policy last January, most forecasters…
GTA Average Rent Reaches Record High of Over $3,000 in First Quarter of 2023
The rental market in Toronto has hit a record high, with the average rent for purpose-built rental buildings soaring to over $3,000 in the first quarter, the latest data shows. According to the latest figures released by Urbanation, the average monthly rent for purpose-built rentals in the Greater Toronto Area (GTA) reached a record high of…
Bank of America First-Quarter Earnings Beat Expectations
April 18, 2023
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Bank of AmericaBusiness & MarketsCompaniesEarnings Reporteconomic policieseconomyfirst quarterinflationInvestmentMarketsrecessionUS
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Bank of America’s first-quarter earnings and revenue beat expectations due to higher interest rates. The banking giant reported its best quarter in a decade, according to its latest quarterly earnings report from April 18. BofA said its net interest income (NII) saw its largest boost, surging 25 percent, to $14.4 billion from the year-ago quarter due…
World’s Top Chipmaker Posts Drop in Revenue, Its First Decline in Four Years
April 10, 2023
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Asia & PacificBusiness & MarketsCompanieseconomic policieseconomyfirst quarterinflationInvestmentMarketssemiconductorTechTech NewsTSMCUSWorld
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Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s top chipmaker, posted a double-digit drop in revenue last month, its first decline in four years. The chip-making giant’s filing on April 10 showed that revenue for March fell 15 percent from the same month a year earlier, after economic headwinds hit the semiconductor market, according to Dow Jones Newswires….
Rogers Clocks 4 Percent Revenue Growth in Q1 Backed by Improving Canadian Economy; Raises FY22 Guidance
Rogers Communications Inc. reported first-quarter FY22 revenue growth of 4 percent year-on-year to C$3.62 billion. Service revenue grew 6 percent Y/Y to C$3.2 billion. Rogers attracted 66,000 net postpaid mobile phone subscribers, up from 22,000 last year, with a churn of 0.71 percent. Wireless service revenue increased by 7 percent Y/Y, mainly due to higher roaming…
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