Here are five things you need to know this morning:
GM posts US$3B profit: General Motors credited strong demand for its most expensive and most profitable internal combustion engine vehicles for a US$3 billion quarterly profit this morning. The automaker raised its EBITDA forecast for the year to $14 billion, up from $13 billion previously, on the strong quarterly numbers. New vehicle sales are falling at most automakers, but GM has managed to gobble up market share without having to deeply discount prices. The relatively strong performance in its home market contrasted with continued weakness in its China business, where GM lost $137 million during the quarter. That brings the tally of losses for GM in China this year to $350 million and counting.
Canada’s C-suite worry about U.S. vote results, KPMG says: Canada’s business leaders are worried about the collateral damage that could come from the U.S. election scheduled for two weeks from today. That’s according to a new survey from KPMG that polled business leaders for their thoughts, and the vast majority – nearly 90 per cent – said they feared that Canada’s economy could become collateral damage from the protectionist trade policies being bandied about by both candidates. Bigger companies in integrated regulated sectors like manufacturing, energy and technology said they were especially worried about the outcome and what it would mean for Canada and their businesses.
Lululemon strikes deal with NHL to make gear: Vancouver-based athleisure giant Lululemon has entered an arrangement with sports merchandiser Fanatics and the National Hockey League to design and develop apparel for pro hockey fans. The deal will see Lulu develop and sell hoodies, jackets, pants and belt bags featuring the logos of 11 NHL teams, including the Leafs and Canucks.
Cost of cyberattacks has doubled: Canadian businesses spent $1.2 billion last year recovering from cyberattacks in 2023. That’s according to Statistics Canada which said in a report Monday that the figure has doubled since 2021. The proportion of businesses who say they have been attacked actually decreased from 21 per cent in 2019 to 16 per cent last year, but the economic cost is going up as the stakes and damages increase.
Trucking company TFI misses: Shares in trucking and logistics company TFI are under pressure this morning after the company posted quarterly results after the bell yesterday which mostly missed expectations. Adjusted earnings came in at $1.60 per share. That’s up slightly from $1.57 last year but less than the $1.78 that analysts were looking for. Profit came in at just over $203 million. That’s a slight increase from last year but once again below expectations. The company did however boost its quarterly dividend by 13 per cent to 45 cents per share.