OTTAWA — Former Prime Minister Jean Chr
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OTTAWA — Former Prime Minister Jean Chr
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The price of oil fell Monday as traders concerned about global energy demand took profits ahead of economic data from China and the United States.
Benchmark oil for July delivery was down 58 cents to $93.67 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 10 cents to $94.15 a barrel on Friday.
Analysts said traders took profits before May unemployment data is released Tuesday in Washington, which should help clarify the state of the recovery in the world’s biggest economy.
“We’re starting to build confidence in the economic data, but that’s not going to stop anyone from taking money off the table ahead of a long weekend,” Carl Larry of Oil Outlooks and Opinions said in a market commentary, referring to the Memorial Day holiday in the U.S. on Monday.
The global economic picture was clouded last week by a private survey showing weak Chinese manufacturing. That raised questions about the strength of oil demand in the world’s No. 2 economy.
Qinwei Wang, an economist with Capital Economics, said in a market commentary that recent Chinese indicators suggest that “general economic conditions remain downbeat.” The more closely watched official manufacturing survey is due Saturday, Wang said.
Brent crude, a benchmark for many international oil varieties, fell 12 cents to $102.46 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
_ Wholesale gasoline fell 0.1 cent to $2.817 a gallon.
_ Heating oil fell 0.6 cent to $2.851 a gallon.
_ Natural gas fell 4.6 cents to $4.215 per 1,000 cubic feet.
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Repairs to the Gardiner Expressway as well as several walks and runs will lead to a number of road closures in the city this weekend.
The World Partnership Walk will close Wellington St. W. from John St. to University Ave. and southbound of Queen’s Park Crescent W. from Hoskin Ave. to College St. from 10:30 a.m. and 1:30 p.m. Sunday.
University Ave. will be closed both ways from Front St. to College.
Walk with Israel will close Bremner Blvd. between 8:30 a.m. and noon Sunday. The route boundaries are Strachan Ave. to the west, Queens Quay to the south, York St. to the east and Adelaide St. to the north.
Toronto Women’s half marathon and 5-km run will also be taking place Sunday at Sunnybrook Park. Runners will be using the southbound curb lane at Don Mills Rd. between Gateway Blvd. N. and the park entrance south of Overlea Blvd. from 8 a.m. to 11 a.m. There may be delays with TTC buses southbound on Don Mills Rd. and at Overlea due to the run.
Before Sunday’s extra disruptions, however, there are also partial lane closures on the Gardiner Expressway and along portions of Lake Shore Blvd credit score. due to construction this weekend.
On-ramp access to the westbound Gardiner Expressway from Lake Shore at Jarvis St. will be closed until May 31 due to repairs. The Bay St. on-ramp to the eastbound Gardiner will be closed until May 31.
On Lake Shore, one lane in each direction from Jarvis St. to Bay St. will be closed from 9:30 a.m. to 3:30 p.m. Two westbound lanes will be closed overnight for structural repairs.
Two westbound lanes on Lake Shore at Yonge St. will be closed. One northbound and southbound lane on Yonge at Lake Shore will be closed overnight.
Two right lanes of Lake Shore westbound on either side of Jarvis will be closed. Access to the westbound Gardiner Expressway from Lake Shore at Jarvis will also be closed until May 31.
FAIRFIELD, CONN.—Public safety officials in Connecticut say about 50 people have been hurt after two commuter trains collided outside New York City. Four of those injuries were deemed serious.
No fatalities were reported following Friday evening’s collision near Fairfield on the Metro-North Railroad.
The rail line referred to it in a news release as a “major derailment.”
A spokesman for public safety officials in nearby Bridgeport says about 250 people were on the two trains that collided after one derailed.
The railroad says a train that departed New York City’s Grand Central station en route to New Haven derailed. A westbound train on an adjacent track then struck the derailed train.
Some cars on the second train also derailed as a result of the collision.
Cisco Systems led the Dow Jones industrial average slightly higher Thursday after the technology company reported higher sales. Mixed corporate earnings and economic reports kept the major stock indexes flipping between slight gains and losses.
Shortly after noon, the Dow was up 12 points at 15,288. The Standard & Poor’s 500 index was up less than a point at 1,659.
The news on the economy Thursday wasn’t encouraging. Applications for unemployment benefits rose last week, and manufacturing slowed in the mid-Atlantic region. The manufacturing report from the Philadelphia branch of the Federal Reserve sent bond prices up in morning trading and turned stocks lower, but not for long.
“We’ve been seeing a lot of that this year,” said Scott King, an investment adviser at Unified Trust Co. in Lexington, Ky. “The news isn’t great, yet the market holds tight.”
Cisco jumped 13 percent, or $2.68, to $23.87. Cisco turned in quarterly results late Wednesday that beat analysts’ expectations, with the help of better revenue from the U.S. and emerging markets.
The networking equipment company sells its routers, switches, software and services to corporate customers and government agencies around the world. As a result, Cisco’s performance is often considered a gauge of how the technology industry is doing.
The Nasdaq rose 8 points to 3,479, a gain of 0.2 percent.
Wal-Mart fell 2 percent, the biggest drop among the 30 Dow stocks. The world’s largest retailer turned in weaker sales and a dim forecast for profits. The company blamed bad weather and delayed tax refunds for earnings and sales that fell short of what analysts had expected. Wal-Mart’s stock lost $1.68 to $78 business card.11.
Companies have reported record quarterly profits this earnings season. Seven of every 10 in the S&P 500 have trumped analysts’ earnings estimates, according to S&P Capital IQ. Earnings have climbed 5 percent over the year before.
But revenue has looked weak: six out of every 10 companies in the S&P 500 have missed forecasts, and revenue has edged up just 1 percent. Without higher sales, companies are getting more of their profits from laying off staff and other cost-cutting moves.
If the market is going to keep climbing this year, King said, sales will have to start rising. Analysts are looking for that to happen as economic growth gains strength later this year.
“It’s hard to see how companies can squeeze more earnings growth out of cost savings,” King said. “At some point, the economic numbers and revenue have to pick up.”
The Philadelphia branch of the Federal Reserve reported that manufacturers in the region said business conditions have slumped this month. Orders for manufactured goods and shipments have been weak.
In Washington, the Labor Department reported that the number of Americans seeking unemployment benefits rose last week to 360,000. That suggests companies are laying more people off, just one week after applications for benefits hit a five-year low.
The yield on the 10-year Treasury note sank to 1.88 percent from 1.94 percent late Wednesday. It’s a sign that traders are shifting money into low-risk investments like U.S. government debt.
Smartphones are increasingly popular not only with consumers, but also with thieves who see the devices as another way to tap into bank accounts and other sensitive information, experts say.
Many consumers simply don’t realize how vulnerable their Androids, iPhones and other devices can be. An April study by the Federal Reserve Bank of Atlanta said threats are proliferating, ranging from “phishing” — where consumers click a phony email or text message and are tricked into handing over personal information — to consumers’ reluctance to use security protections they normally have on home computers, like a password.
The study said there are several things that can make smartphones an easy target. Vast amounts of personal data are stored in emails, texts and other applications, and personal information is increasingly easily found on social media. Organized crime operations also see smartphones as the most vulnerable entry point into the electronic financial system, according to the Federal Reserve.
“We have some very bad characters who would like to take our money, take our identification, and run away with it,” said Marie Gooding, first vice president of the Atlanta Fed.
Research the Fed cited, done by Boston-based Trusteer Inc., involved 20 computer servers that were used to send out more than 100,000 “phishing” emails. By studying the server records, Trusteer found that about 2,200 of the 3,000 responses the scam artists received came from smartphones.
Doug Johnson, vice president of risk management for the American Bankers Association, said he expects those numbers to get worse.
“This is one more platform criminals will continue to exploit as the channel grows,” he said.
The Fed helps operate the industry’s Automated Clearing House, a system that processed 21 billion transactions last year. While banks are required to adhere to authentication standards for ACH transactions, those protections are often unknowingly compromised by consumers.
“A lot of it has to do with all of the players making sure they have the strongest security controls they have, and then consumers being aware of what those controls are, and making use of them,” Gooding said.
Miami attorney Andrew Carter learned the hard way, after misplacing his phone amid the hubbub of a Christmas vacation. He had a mobile banking app installed on his phone, but had turned off his passcode lock because he found it annoying to enter whenever he wanted to use the phone.
“That was a big mistake,” he said. “I knew it intellectually, but I hadn’t really intuitively grasped that I had to be able to be a lot more secure with it.”
Weeks later, Carter found $2,000 had been withdrawn from his account by someone in Texas, possibly through emails retrieved from his phone. He also found someone trying to hack his Facebook account.
Today, he keeps his phone locked and changed to a brand that allows him to remotely erase phone data — something he couldn’t do with his old phone.
Several manufacturers are planning new “biometric” technology, such as fingerprint scanners, that can make phones more secure. But even with those safeguards, consumer behavior can still lead to danger.
Vikram Thakur, principal security response manager for security software giant Symantec, said attackers can get complete control of a phone simply by getting people to click on a link. Without actually having the phone in their hands, the hackers can access messages, phone calls and personal information.
“The amount of information we’re storing on mobile phones these days kind of incentivizes the attackers to go after the platform,” he said.
European stocks fell for the first time in five days and U.S. equity-index futures dropped before a report that may show American retail sales slipped. Oil declined while the yen swung between gains and losses after sliding beyond 102 per dollar for the first time since October 2008.
The Stoxx Europe 600 Index slipped 0.5 percent at 6:05 a.m. in New York. Standard & Poor
Consumer borrowing in the U.S. climbed less than projected in March as Americans reduced credit-card purchases for the first time this year.
The $7.97 billion increase followed an $18.6 billion advance the previous month that was the biggest since May 2012, Federal Reserve figures showed today in Washington. The median forecast in a Bloomberg survey called for a $15.6 billion rise. Revolving credit, which includes credit-card spending, fell, while non-revolving borrowing rose.
The tempering of credit-card use coincides with a slowdown in March consumer spending amid higher payroll taxes and limited income growth. At the same time, rising stock prices and home values are enabling households to repair finances, putting them in a position to take advantage of low borrowing costs for purchases such as new cars.
Asian stock markets rose Monday after a surprisingly strong U.S. jobs report pushed Wall Street stocks to new highs. Malaysian shares jumped after the country’s ruling political alliance won national elections.
The Dow Jones industrial average and the Standard & Poor’s 500 index both rose to record highs Friday after the Labor Department reported that U.S. employers added 165,000 workers last month and many more in February and March than previously estimated. The unemployment rate fell to 7.5 percent, which was the lowest level in four years.
The report counterbalanced weeks of mixed signals about manufacturing and corporate earnings and renewed hopes of a recovery in the world’s largest economy.
“The dichotomy between hard economic data and asset market performance continues but unlike over past weeks at least there was some justification for the rally in equity markets following the stronger than expected US April jobs report,” said a market commentary from Credit Agricole CIB in Hong Kong.
Malaysia’s KLSE Composite surged 2.9 percent to 1,744.50 after the country’s governing coalition won national elections, albeit with a weakened majority, to extend its unbroken, 56-year rule.
Hong Kong’s Hang Seng rose 1.1 percent to 22,932.93. South Korea’s Kospi was 0.3 percent higher at 1,972.27. Australia’s S&P/ASX advanced 1 percent to 5,178.80. Benchmarks in Singapore, Taiwan and the Philippines also rose. Japan’s Nikkei 225 index was closed for a public holiday.
On Friday, the Dow crossed 15,000 for the first time before closing 1 percent higher at 14,973.96. The S&P 500 index rose 1 percent to 1,614.42, closing above 1,600 for the first time. The Nasdaq composite index 1.1 percent to 3,378.63.
Benchmark oil for June delivery was up 97 cents to $96.58 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.62 to close at $95.61 a barrel on the Nymex on Friday.
In currencies, the euro rose to $1.3124 from $1.3110 late Friday in New York. The dollar rose to 99.09 yen from 99.04 yen.
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