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Today’s news: Trending business stories for February 13, 2024

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Top story

BlackBerry to cut more jobs, close offices to contain costs

BlackBerry Ltd. says it’s taking action to streamline costs, including cutting jobs, as part of the ongoing process to separate two of its business divisions.

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The Waterloo, Ont.-based technology company said last quarter it cut around 200 jobs as part of efforts to slash costs.

This quarter, the company said it anticipates further job losses within its cybersecurity business, which it expects to generate annualized savings of around US$27 million.

It’s also taking other steps to save money, including exiting six of its 36 global office locations.

The company says it expects to return to positive cash flow by the fourth quarter of its 2025 financial year.

BlackBerry reported a loss of US$21 million in its third quarter ended Nov. 30.

— The Canadian Press


7:30 a.m.

Stock markets before the opening bell

Stock markets February 13, 2024

United States equity futures slumped before the release of keenly awaited inflation data that could set the stage for the timing of the Federal Reserve move to interest-rate cuts. Treasuries rose.

Contracts on the rate-sensitive Nasdaq 100 slid 0.6 per cent while those on the S&P 500 fell 0.4 per cent, extending Monday’s decline in the main U.S. stock gauge from a high of near 5,050. Nvidia Corp. dropped one per cent in premarket trading.

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The inflation report, which is expected to show the first reading below three per cent on year-over-year headline inflation since March 2021, may not be enough to justify a more rapid shift to monetary easing. Employment, manufacturing and economic growth in the U.S. have surprised on the upside, proving resilient to the fastest rate increases in a generation.

“Despite expecting CPI to print below three per cent later, we still think the market is over-exuberant when it comes to when that first cut comes in,” Grace Peters, head of global investment strategy at JPMorgan Private Bank, said in an interview with Bloomberg TV.

The S&P/TSX composite index closed up 0.27 per cent on Monday.

— Bloomberg


What to watch today

The CRTC hosts a five-day hearing for its review of the wholesale high-speed access framework.

Finance Minister Chrystia Freeland will provide an update on the government’s economic plan in Ottawa in. Housing Minister Sean Fraser, Employment Minister Randy Boissonnault and Gudie Hutchings, minister of rural economic development, will join her.

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The Financial Accountability Office of Ontario will release a report that provides an updated outlook for the provincial economy and the province’s finances on the website at fao-on.org/en. At 10 a.m. senior officials from the FAO will provide a brief presentation and answer technical questions.

Fresh U.S. inflation data drops this morning with the release of the consumer price index for January.

Companies reporting earnings today include Shopify Inc., Restaurant Brands International Inc., Hydro One Ltd., Coca-Cola Co., Airbnb Inc., Moody’s Corp. and Dream Industrial Real Estate Investment Trust.

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Additional reporting by The Canadian Press, Associated Press and Bloomberg


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