Today’s headlines
Top story
Feds seek ideas at national summit to help put brakes on auto theft
Officials from various levels of government are set to gather with police and industry leaders in Ottawa today to brainstorm on fighting the scourge of automobile theft.
The federal government says an estimated 90,000 cars are stolen annually in Canada, resulting in about $1 billion in costs to Canadian insurance policy-holders and taxpayers.
It says auto theft increasingly involves organized crime groups, and the proceeds of these crimes are used to fund other illegal activities.
Ottawa says most stolen autos shipped abroad are destined for Africa and the Middle East.
On Wednesday, the government earmarked $28 million in new money to help tackle the export of stolen vehicles.
The announcement followed persistent pressure from the federal Conservatives, who have been pitching ideas this week to deal with the problem.
— The Canadian Press
8:16 a.m.
Cineplex reports $9M Q4 loss, revenue up from year ago
Cineplex Inc. reported a fourth-quarter loss $9 million compared with a profit of $10.2 million a year earlier as its revenue edged higher.
The movie theatre company says the loss amounted to 14 cents per diluted share for the quarter ended Dec. 31 compared with a profit of 16 cents per diluted share a year earlier.
Revenue for the quarter totalled $315.1 million, up from $309.9 million in the last three months of 2022.
The increase in revenue came as theatre attendance rose to 9.6 million patrons compared with 9.2 million a year earlier.
Box office revenue per patron was $12.90, down from $13.06 a year earlier, while concession revenue per patron was $9.28, up from $8.93 in the same quarter in 2022.
Cineplex also announced a refinancing plan it says will improve its financial flexibility and reduce the dilutive impact of its convertible debentures.
— The Canadian Press
7:30 a.m.
Stock markets before the opening bell
Stocks and bonds posted small moves on Thursday as investors grappled with a slew of company reports and prepared for a sale of 30-year United States government debt.
Europe’s Stoxx 600 gauge climbed 0.3 per cent on the busiest earnings day of the season. Unilever PLC rallied on better-than-expected sales growth while A.P. Moller-Maersk A/S tumbled more than 13 per cent after predicting the shipping industry will be hit by a slowdown later this year. Futures on the S&P 500 were flat after the underlying index hit a fresh high on Wednesday that took it closer to the 5,000 level.
After successful sales of three- and 10-year bonds, the U.S. Treasury’s latest auction of longer-maturity debt could prove a tougher test of investor appetite. Markets have so far largely shrugged off fears around the commercial real estate sector and absorbed a run of warnings from U.S. Federal Reserve policy makers that a cut isn’t likely until May at the earliest.
“This week’s government bond auctions have generally been well received, with the latest selloff in rates likely helping the case,” said Evelyne Gomez-Liechti, a multi-asset strategist at Mizuho in London. “Today’s 30-year Treasuries auction will be the last test of the week.”
What to watch today
The government of Canada will hold a national summit on combating auto theft.
The Toronto Regional Real Estate Board hosts its 2024 Market Outlook and Year in Review event.
Earnings today include Bombardier Inc., Brookfield Corp., Indigo Books & Music Inc., Colliers International Group Inc., ARC Resources Ltd., Saputo Inc. and Silvercorp Metals Inc.
Need a refresher on yesterday’s top headlines? Get caught up here.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.
