Here are five things you need to know this morning
Surprise job gains: Canada’s employment picture continues to look better than expected. The Canadian economy added 66,600 jobs in October, marking a second consecutive month of surprise employment gains. The employment increase helped bring down the jobless rate to 6.9 per cent. Job gains were driven by part-time work. The employment increase was focused on Ontario, led by wholesale and retail trade, transportation and warehousing, information, culture and recreation as well as utilities. Despite pressures from U.S. tariffs, Canada has added a net 164,500 jobs so far this year.
Enbridge profit below estimates: Adjusted profit in the latest quarter at Enbridge came in slightly below estimates. Cash from core business operations fell 3.5 per cent since the same time last year. The Calgary-based pipeline and energy company reaffirmed its financial outlook and growth targets. Enbridge also notes it has more than $3 billion dollars of approved projects on the way.
Telus Q3 misses expectations: Telus’s adjusted profit and revenue missed analysts’ expectations in the third quarter. The Vancouver-based telecommunications company’s mobile phone additions also fell short of estimates, falling 37 per cent since the same time last year. This drop was attributed to fewer new customer sign ups and more customers leaving the service.
West Fraser closes mills: West Fraser Timber is permanently closing its lumber mills in Augusta, Ga. and 100 Mile House, B.C. by the end of this year. The company says the decision is a result of timber supply challenges and soft lumber markets. The closures will impact 295 employees, and to mitigate the impact on affected employees, West Fraser will provide work opportunities at other company operations, where available.
Elon got his bag: Tesla shareholders have voted in favour of CEO Elon Musk’s almost US$1 trillion pay plan, with 75 per cent support among voting shares. Results of the vote were announced at the company’s annual shareholders meeting in Austin, Texas. Top proxy advisors Glass Lewis and ISS recommended voting against it. Musk responded to the approval by making a series of extravagant predictions about what the company will be capable of in the years to come, including humanoid robots that will be able to perform surgery with “beyond human” levels of precision … and Tesla vehicles playing a big role in establishing bases on the moon and Mars.
