Connect with us

Business

S&P 500 ends higher on growing hopes Fed will stay accommodative

Published

on

S&P Global equities rallied on Tuesday, first on upbeat Chinese data and later on an increase in U.S. factory output, while the U.S. dollar see-sawed on uncertainty regarding the Federal Reserve’s outlook on the economy when policymakers meet this week.

Gold retreated and investors drove longer-term U.S. Treasury yields higher, steepening the closely-watched yield curve, as the Fed began a two-day meeting.

Canada’s main stock index gained on Tuesday as domestic factory sales rose for a third straight month in July, signaling that a post-pandemic economic rebound was on track.

Canadian factory sales rose 7.0% in July from June, helped by motor vehicle, petroleum and coal sales, Statistics Canada said on Tuesday.

The Toronto Stock Exchange’s S&P/TSX composite index closed unofficially up 71.13 points, or 0.43%, at 16,431.27.

The energy sector slid 0.4% despite oil prices rising more than 2% on Tuesday, supported by hurricane supply disruptions in the United States, but demand concerns loomed as energy industry forecasters predicted a slower-than-expected recovery from the pandemic.

Brent crude gained 92 cents, or 2.3%, to settle at $40.53 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.02, or 2.7%, to settle at $38.28 a barrel. Both contracts fell on Monday.

Futures gained ahead of Hurricane Sally’s expected landfall on the U.S. Gulf Coast. More than a quarter of U.S. offshore oil and gas production was shut and key exporting ports were closed as the storm’s trajectory shifted east toward western Alabama, sparing some Gulf Coast refineries from high winds.

The financials and industrials sectors gained 0.1% and 0.8%, respectively.

The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.2% as gold slipped from a near-two week high as the dollar rose, although hopes for a dovish monetary policy stance from the Fed limited the safe-haven metals’ losses.

U.S. gold futures settled up 0.1% at $1,966.20 an ounce.

The S&P 500 ended up slightly on Tuesday as investors hoped the Federal Reserve would stick with its supportive policy stance as the central bank’s two-day meeting got under way.

Apple Inc shares rose on Monday and early in Tuesday’s session, giving the indexes a boost. But Apple turned slightly lower in the wake of its product event, which included the rollout of a new virtual fitness service and a bundle of all its subscriptions, Apple One. The stock often dips after running up prior to that event.

The Nasdaq also rose and outperformed the other two major indexes, while the S&P 500 index gained, extending its recovery from a brutal sell-off earlier this month that had halted a Wall Street rally.

In its first policy meeting since Fed Chair Jerome Powell announced a more accommodative stance on inflation, the central bank could switch its Treasury purchases toward more long-dated debt to keep long-term yields low, some strategists said.

“While the economy is slowing, the upcoming macro news should be friendly, which should indicate the Fed will have no change in terms of policy,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Data on Tuesday showed U.S. factory output increased strongly in August. Separately, U.S. import prices increased more than expected for the same month, supporting the view that inflation pressures were building up.

Unofficially, the Dow Jones Industrial Average rose 1.42 points, or 0.01%, to 27,994.75, the S&P 500 gained 17.58 points, or 0.52%, to 3,401.12 and the Nasdaq Composite added 133.67 points, or 1.21%, to 11,190.32. ROBOT

The S&P 500 financial index fell, with Citigroup Inc dropping following a report that federal regulators were preparing to reprimand the U.S. lender for failing to improve its risk-management systems.

JPMorgan Chase & Co also slipped as it lowered its full-year net interest income forecast.

Data showed Chinese industrial output accelerated the most in eight months in August, up 5.6%, to spark a jump in the yuan to a 16-month high. Retail sales in China also grew for the first time this year, beating forecasts.

Commodity-linked currencies such as the Australian, New Zealand, and Canadian dollars gained after the positive Chinese data.

“China is an economic winner at this point in the pandemic,” said Kit Juckes, head of FX strategy at Societe Generale.

MSCI’s all-country world index rose 0.65% to 576.43, while Europe’s broad FTSEurofirst 300 index added 0.71% to 1,439.08.

MSCI’s emerging markets index rose 0.75%.

The euro initially gained after the ZEW economic sentiment survey showed investor sentiment in Germany rose in September, but later slipped amid headwinds from Brexit and rising coronavirus infections.

Euro zone bond yields were steady to a bit lower, shrugging off the positive economic sentiment data from Germany and the improvement in risk appetite that lifted global stock markets.

The dollar index rose 0.024%, with the euro down 0.16% to $1.1849.

The Japanese yen strengthened 0.26% versus the greenback at 105.45 per dollar.

Overnight, MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5% for a fourth straight day of gains that have boosted it 3% for the year after its recent reversal from its coronavirus plunge.

Source:- The Globe and Mail

Source link

Business

Online thieves scam Toronto couple out of more than $1,000 in PC Optimum points hack – CBC.ca

Published

on


When Chris Eggers and his wife signed up for an in-store text message promotion at a Toronto Shoppers Drug Mart, they thought they’d collect extra PC Optimum points.

Instead, Eggers alleges, hackers stole them all.

“Every week, [PC Optimum] would text me, ‘See if you’re a winner and click on the link!'” he explained.

“One of the links I clicked, and I still have the text, asked me to enter my PC optimum information.”

So, Eggers, 37, entered the couple’s log-in details.

“I believe it is at that point that my identity was compromised,” he told CBC Toronto.

All the text messages came from the same number. But only one, he says, asked him to enter his account information.

Eggers signed up for an in-store contest at the end of August at a Toronto’s Shoppers Drug Mart that would send him text messages like these. (Chris Eggers)

A few days later, the couple was alerted that all their points had been cashed in.

“My wife got emails saying that our PC Optimum points were being redeemed at Vaughan Mills Mall, 600,000 of them,” Eggers explained.

“And so, of course, we panic, you know, try to open the app and change everything, but at that point it was all gone.”

Hackers redeemed more than $1,100 worth of points

Emails the couple supplied to CBC Toronto show a total of $1,149.99 worth of merchandise was redeemed at the Shoppers Drug Mart located in the Vaughan Mills Shopping Centre in Vaughan, Ont. north of Toronto.

Eggers notified Loblaw Companies Ltd., the corporation that operates the PC Optimum program, and has since filed a report with York Regional Police.

Eggers’s wife received a series of email alerts from PC Optimum congratulating them for redeeming points, as scammers used their account to redeem over $1,100 worth of merchandise. The couple desperately tried to change their passwords, but weren’t fast enough and all their points were stolen. (Chris Eggers)

Scammers have targeted the reward system before.

Two years ago, CBC News interviewed eight people across Canada who said they’d each had more than 100,000 points stolen from their accounts after Loblaw merged its two rewards programs — PC Plus and Shoppers Optimum — to form PC Optimum on Feb. 1, 2018.

The reported thefts are just one more problem plaguing Loblaw, which was already dealing with technical glitches involving PC Optimum, and fallout from a bread price-fixing scandal, including the related controversy over asking some people to send their ID to collect a $25 gift card as compensation for the overpriced bread.

No connection to text promotion, Loblaw says

When the company replied to Eggers days later, he was told his email had been compromised and there was no connection to the in-store text promotion.

That’s something Eggers still has trouble accepting.

“I don’t believe that because if somebody was going to compromise my email, then they would have gone after my banking,” he said.

The PC Optimum card replaced the PC Plus and Shoppers Optimum loyalty rewards cards following the 2014 merger of Loblaw and Shoppers Drug Mart. Technical issues, including the loss of points and an inability to register, have plagued the new Optimum card since its launch on Feb. 1, 2018. (Evan Mitsui/CBC)

“It’s quite a leap to think that when you get into somebody’s email that they have a Shoppers Optimum and that’s … the cherry they want to pick.”

In a statement to CBC News, Loblaw says the company reviewed screen shots of Eggers’s contest text messages and related links and has “not found any site/page that asked for PC Optimum account information.”

“The links provided simply show a promotional code,” the statement reads

Loblaw apologizes for ‘the inconvenience this has caused’

However, the retailer does acknowledge recent “smishing campaigns” — text messages asking for information, claiming to be from PC Optimum in recent months. 

“We’re still reviewing to see if that could be the case in this instance,” the company said, adding their investigation is ongoing.

“We are committed to understanding the scenario and how we can best help our customers moving forward.”

Loblaws says representatives have worked with Eggers and his wife to restore their points and secure their account.

The company also says it apologizes for “the inconvenience this has caused [for the couple] and the delay in resolving it.”

Eggers says he’s happy to have their points back but worries others could have also been hacked.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Video: Woman refuses to wear mask, asked to leave Kelowna LUSH – News 1130

Published

on


KELOWNA (NEWS 1130) — A tense exchange filmed at a Kelowna mall shows a woman arguing with staff at a LUSH Cosmetics store after they told her she had to leave because she wasn’t wearing a mask.

The confrontation in Orchard Park Shopping Centre was filmed and posted to social media by the woman and comes at a time when B.C.’s COVID-19 numbers are still high.

The woman refused to wear a mask when she entered the store, then said staff and security were breaching her human rights by not allowing her to browse.

The woman can be heard in the video speaking to a masked security guard.

“Explain to me how my human rights, with my medical condition, I cannot walk through a store when it’s totally fine for me to walk through a store.”

When asked to provide a medical note, the woman said she didn’t need to and instead said she could show her “puffer,” before saying that was none of the security guard’s business.

While there isn’t a provincial mandate on masks, they are encouraged to slow the spread of COVID-19.

But it is a policy for the store and has been since mid-July.

A spokesperson for LUSH tells NEWS 1130 they support how the staff handled the situation calmly and compassionately, and remain committed to ensuring the policy is followed.

“The health and safety of our staff and community remains top priority as we continue to navigate these challenging times together.”

The camera later pans over slightly to show three staff members, also wearing masks, and the woman accuses them of harassment.

“All I’m doing is looking in LUSH,” she says.

Staff suggest the woman instead shop online, but she refuses, saying “I want to browse here in the store.”

After multiple requests, the security guard says they might have to call the police if the woman doesn’t leave. He reminds her it is private property and she had been told to go.

Once the woman is given the number for the head office, she turns to leave.

Let’s block ads! (Why?)



Source link

Continue Reading

Business

Woman refuses to wear mask at LUSH, films altercation

Published

on

[embedded content]

A Lake Country woman claims she was the victim of “commie intimidation” after she was asked to leave Kelowna’s LUSH Cosmetics Thursday for refusing to wear a mask.

In a video that is not publicly available on her Facebook page, Susan Roth Drazdoff Faechner is seen arguing with a security guard and three female employees after she was refused service and told to leave LUSH for refusing to wear a face covering – which is company policy.

In the video, she describes the employees’ conduct as “commie intimidation.”

“I have the right to say no to a mask,” Faechner told Castanet. “I went in for an anniversary present for my husband. I picked up one thing I was going to buy. I turned around, I was ready to go, and security is there asking for my medical information.”

In the video, the security guard asks Faechner for a medical note after she tells him she can’t wear a mask due to her medical condition. When Faechner declines, the security guard explains that it’s store policy for customers to wear a face covering while inside. When Faechner argues the store is “public property to walk on,” the security guard says it is, in fact, private property.

“I know the law, and I know my constitutional human rights,” she says to the security guard.

“I felt like I was under, I don’t want to sound dramatic, but it was like great grievous bodily mental harm,” Faechner told Castanet. “Not that they were going to beat me up, but it was causing me extreme stress. When they came up to me it was like holy cow, I’m under attack and I’m all alone.

“This is like communism like, ‘you get out otherwise we call the police.’ Thats intimidation.”

Faechner says after the video ended she left peacefully as she didn’t want to escalate the situation further.

LUSH Kelowna manager Spence Dagneau says the incident with Faechner was one of the first times a customer has gotten upset about the mask policy.

“[The staff members] were pretty shaken up for the rest of the day but we have a really small, tight-knit group here and they’re all feeling pretty confident again today so its nice to see,” Dagneau said.

All LUSH stores across North America mandated face coverings on July 18, 2020.

“Shoppers who wish to enter a store but do not have their own face covering will be provided with one, or can choose contactless ordering instead by remaining outside the store while staff assist,” the LUSH website states. “The change comes following new guidelines from the Centers for Disease Control, along with our ongoing commitment to the safety of our customers, staff and overall community.”

Other retailers like Walmart and Real Canadian Superstore have also chosen to mandate the use of masks inside their stores.

But, echoing sentiments from a vocal minority in the community, Faechner says the mask rules infringe on her human rights.

“Masks are a freedom of choice,” she says. “Wear it, or don’t. Know your information, know what you’re talking about. You shouldn’t blindly wear a mask because some organization is telling you to do it.”

Faechner says after the incident she went to a different store in the shopping centre and was given service without a mask. She says she’ll no longer be shopping at LUSH stores.

“I call myself a Christ crusader and people with faith, they don’t just outright lie because they have a creator that they have to answer to at some point,” she says. “I’m not going to outright lie, I just think something’s happened to humans where we’ve just lost our sense of humanity.”

Faechner acknowledges the COVID-19 virus exists, but doesn’t trust the numbers of cases and deaths published by the government. To date, 223 British Columbians have died from COVID-19.

Source: – Kelowna News – Castanet.net

Source link

Continue Reading

Trending