NEW YORK, N.Y. - Lowe's Cos. said Wednesday that its first-quarter net income rose nearly 3 per cent, but results fell short of expectations as rainy weather hurt spring gardening sales.
Shares dropped almost 3 per cent in premarket trading.
TORONTO - A new report suggests nearly half of Canadian homeowners intend to buy a property in the next five years, despite a cooling off in the housing market.
The BMO Housing Confidence Report says the 48 per cent figure is mostly unchanged from late 2012, suggesting continued confidence in the housing market.
MONTREAL - Almost a third of Canadian households report never or almost never having any money left to save after paying their bills, according to a new study issued Wednesday.
Households that reported no wealth accumulation tended to be working, middle-aged people — although of varying income levels, says the study by the Certified General Accountants Association of Canada.
VATICAN CITY - The Vatican has taken another step in trying to show greater financial transparency by publishing a first annual report from its new financial watchdog agency.
The report released Wednesday showed the agency received six reports of suspicious internal transactions in 2012, up from one a year earlier, and that two were sent onto Vatican prosecutors for investigation.
LONDON - The International Monetary Fund has softened its assessment of the British government's economic policies, saying in a report Wednesday that it did well to ease its pace of austerity cuts, but stressing more was needed to support the recovery.
The report had been hotly anticipated after the IMF last month criticized the government's focus on debt reduction at the expense of economic growth. But while the Washington-based international lender offered mild sanction, the tone was decidedly less heated than predicted.
TOKYO - Sony's CEO Kazuo Hirai says the electronics giant's board will discuss a proposal by U.S. hedge fund manager Daniel Loeb to spin off up to 20 per cent of its movie, TV and music division.
Hirai was asked about the proposal at a corporate strategy presentation Wednesday. He did not give a timetable for a decision, and would not give his own opinion about the suggestion raised by Loeb, who is CEO of hedge fund Third Point LLC.
REYKJAVIK, Iceland - Progressive Party leader Sigmundur David Gunnlaugsson has been chosen as Iceland's new prime minister.
He was named Wednesday after several weeks of talks on the formation of a new government.
NEW YORK, N.Y. - Target Corp. is reporting a 26 per cent drop in first-quarter profits as cool temperatures and financial pressures limited customers' appetite for spending.
The company, based in Minneapolis, also cut its annual profit outlook.
TORONTO - Sears Canada Inc. (TSX:SCC) posted a $31.2-million loss as well as lower revenue in its latest quarter but says its transformation program is showing positive results that have improved margins and boosted some categories.
Calvin McDonald, Sear Canada's president and chief executive officer, said the company had growth in its apparel and accessories segment for the second quarter in a row — the first time that has happened in more than six years.
DETROIT - The Detroit automakers are largely forgoing the traditional two-week summer break at their factories and speeding up production to meet buyers' growing demand for new cars and trucks.
Ford Motor Co. said Wednesday that 21 of its North American factories will shut for only one week this summer. That includes the Chicago plant that makes the Ford Explorer SUV and the Mexican plant that makes the Fusion sedan.
BRUSSELS - The European Union's leaders are seeking to advance their fight against tax evasion and close loopholes for large corporations' creative tax avoidance schemes.
European officials say tax evasion costs the 27-nation bloc an estimated 1 trillion euros ($1.3 trillion) per year.
BANGKOK - The price of oil fell Wednesday as investors waited for a report on U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy.
Benchmark crude for July delivery was down 62 cents to US$95.56 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The June contract fell 55 cents to settle at $96.16 a barrel on Tuesday.
BANGKOK - World stock markets were mixed Wednesday, hours before Federal Reserve chairman Ben Bernanke is to deliver remarks before Congress on the state of the U.S. economy.
The Fed is also scheduled to release the minutes of its most recent policy meeting, which along with the Congressional testimony will undergo scrutiny for clues about whether the U.S. central bank is closer to winding down its aggressive bond-buying program.
PHOENIX - It was the customer service disaster heard around the Internet.
An Arizona restaurateur, fed up after years of negative online reviews and an embarrassing appearance on a reality television show, posted a social media rant laced with salty language and angry, uppercase letters that quickly went viral last week, to the delight of people who love a good Internet meltdown.
REDMOND, Wash. - Will gamers want One?
After four years of development, Microsoft unveiled the Xbox One entertainment console and touted it as an all-in-one solution for playing games, watching TV and doing everything in between. Microsoft wants the Xbox One to be central to your living room and packed the new Xbox with such features as the ability to change TV channels through voice commands.
TIMIKA, Indonesia - Rescuers on Wednesday recovered the last of 28 miners killed last week when an underground room of a giant Indonesian gold and copper mine collapsed, the operator of the U.S.-owned facility said.
Thirty-eight workers had been undergoing safety training inside the Big Gossan facility in the province of Papua when the roof collapsed May 14. Ten injured miners were rescued.
LIMA, Peru - Prime Minister Stephen Harper meets with mining executives and the Peruvian president this morning as he puts the new "extractive industries" focus of his aid and foreign policy into practice.
He is expected to take questions from the media in the early afternoon — his first since the Senate expenses scandal boiled over on the long weekend.
TOKYO - A steady decline in the yen is proving a godsend for exporters such as Toyota and has won solid support from Japan's main trading partners, who are betting the impact on their own currencies will be offset by gains from a recovery in the world's third-largest economy. It's not such good news for entrepreneurs like Thamonwan Thawornthaweewong, whose Angry Bird fish balls, squid rings and other products now cost more to sell in Japan.
The yen slipped past 100 to the U.S. dollar earlier this month and is now hovering near 102 yen per dollar — over 20 per cent weaker than six months ago versus the U.S. dollar and euro — a level that is giving pause even to Japanese companies and policymakers.
BANGKOK - The price of oil fell Wednesday as investors waited for a report on U.S. crude stocks and the Federal Reserve's latest views on the U.S. economy.
Benchmark crude for July delivery was down 46 cents to US$95.72 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The June contract fell 55 cents to settle at $96.16 a barrel on the Nymex on Tuesday.
TOKYO - Japan's central bank says the world's third-biggest economy is "picking up" as demand recovers in other countries and remains resilient at home, though the trade deficit widened in April, for the tenth straight month.
The Bank of Japan ended a policy meeting on Wednesday with no change to its strategy of doubling the monetary base to reach a 2 per cent inflation target and jolt the economy out of two decades of stagnation. That outcome was expected.
TORONTO - As the frantic search for a missing Canadian bushwalker continues in Australia's Snowy Mountains region, there are reports of "voices" being heard in the area.
The Canberra Times reports that an air search for Prabhdeep Srawn is focusing on a specific location within the Kosciuszko National Park, about 350 kilometres southwest of Sydney.
OTTAWA - "Colleagues, there can be no business as usual. Enough is enough."
The clarion call from James Cowan, the Liberal leader in the Senate, came late Tuesday evening as Parliament's chamber of sober second thought returned from a 10-day break to assess the damage.
HAMILTON - A memorial service is planned today for Tim Bosma, the Hamilton, Ont., man found dead after he took two men on a test drive.
Bosma's disappearance and death captured national attention and many in the community are expected to attend the public funeral, which is scheduled to begin at 11 a.m.
LIMA, Peru - Prime Minister Stephen Harper meets with mining executives and the Peruvian president this morning as he puts the new "extractive industries" focus of his aid and foreign policy into practice.
He is expected to take questions from the media in the early afternoon — his first since the Senate expenses scandal boiled over on the long weekend.
VICTORIA - One person is dead following a float-plane crash off Vancouver Island.
Coroner Barb McLintock said the crash took place earlier Tuesday near Campbell River, B.C. which is located on Vancouver Island's east coast and is 257 kilometres north of Victoria.
OTTAWA - A "very upset" Prime Minister Stephen Harper tried to settle down a scandal-rattled Conservative caucus Tuesday with talk of accountability and Senate reform, but shed no new light on the $90,000 transaction that cost him his chief of staff.
Conservative MPs and senators heading into Tuesday's caucus meeting had hoped Harper would provide more facts behind the growing scandal that forced his right-hand man, Nigel Wright, to resign over the weekend.
OTTAWA - Conservative senators have sent Mike Duffy's controversial improper expenses back to the same closed-door committee that initially reviewed them, rejecting a Liberal bid to have the matter referred directly to the police.
Liberal Senate Leader James Cowan argued late Tuesday night that the committee on internal economy had lost credibility with Canadians and the police should take over.
OTTAWA - Foreign Affairs Minister John Baird says a Canadian is among those killed in a spate of recent sectarian violence in Iraq.
A string of attacks in the middle eastern country has killed more than 270 people in just the past week.
VANCOUVER - Krista Bouchard was married to a Mountie for 13 years — a quirky, funny, chatty guy she'd met on a blind date.
Thirty-year-old Martin Bouchard was an RCMP officer in Manitoba and had a French accent and plenty of friends.
OTTAWA - Family members joined a frantic search Tuesday for a Canadian man with survival training missing for more than a week in Australia's Snowy Mountains region.
Prabhdeep Srawn of Brampton, Ont., hasn't been heard from since parking his rental car on May 13 in the village of Charlotte Pass in Kosciuszko National Park.
Note to readers: This is a corrected story. An earlier version said Prabhdeep Srawn was missing in Australia's Gold Coast region.
VANCOUVER - Two unions may have lost a Federal Court battle disputing a mining company's plan to bring in 201 temporary foreign workers from China, but they're celebrating the spotlight they've shone on the problems associated with the employment program.
HD Mining International Ltd had come under increased scrutiny after arguing there were no Canadians qualified to do specialized work at a planned underground coal mine in northeast British Columbia. In its successful application for temporary foreign workers it had said the ability to speak Mandarin was an essential requirement of the job.
HAMILTON - "Speculation" surrounding the accused in the case of a Hamilton, Ont., father found dead after taking two men on a test drive is unfairly poisoning the suspect's image, his lawyer said Tuesday.
Deepak Paradkar said some media reports and police statements are turning public opinion against his client, Dellen Millard, and could threaten his right to a fair trial.
OTTAWA - Federal NDP Leader Tom Mulcair says he was contacted by the provincial police anti-corruption squad in Quebec to discuss a suspected 17-year-old bribe offered to him.
Mulcair says he never reached out to the police himself because he had no proof a bribe was actually being offered at a 1994 meeting with the now-controversial ex-mayor of Laval, Que.
Note to readers: This is a corrected story. An earlier version incorrectly said Vaillancourt was entering a guilty plea.
MONTREAL - Three years of negotiations between Resolute Forest Products and environmental groups aimed at protecting Canada's boreal forest have ended in failure, with talks breaking down over how much land to set aside for conservation.
Environmentalists accused Resolute of not living up to its promises to protect habitat for caribou while also ensuring the livelihoods of communities that depend on the forest industry.
MONTREAL - Quebec's alleged election-night shooter has waived his right to a preliminary hearing and will head straight to trial.
Richard Henry Bain will face 15 charges including first-degree murder.
OTTAWA - The Conservative government says people are already starting to ask about the new Canada Jobs Grant it began heavily promoting with TV ads last week.
Kellie Leitch, the parliamentary secretary for Human Resources and Skills Development Canada, is defending the pricey advertising campaign amid opposition criticisms that the Harper government is promoting a program that doesn't yet exist.
EDMONTON - It was a celebratory dinner, a night out for an Edmonton family because their toddler had finally overcome his fear of the potty.
Two-year-old Geo Mounsef proudly got his pick from a Potty Prize Pail at home on Sunday afternoon, then went with his parents and baby brother to eat on an outside patio at Ric's Grill restaurant on the southwest side of the city.
WASHINGTON - David Jacobson is leaving his post as U.S. ambassador to Canada in July to become vice-chairman of one of Canada's largest banking groups.
Jacobson, 61, is joining BMO Financial Group (TSX:BMO) in October. He'll be based in Chicago, his hometown, where BMO's main U.S. operations are headquartered.
Note to readers: This is a corrected story. An earlier version said Jacobson would be joining the bank's board of directors.
TORONTO - Canadians face a significantly lower risk than their American neighbours of finding themselves in the path of a tornado, but should still be prepared to face the worst if mother nature decides to defy the odds, experts said Tuesday.
The perils of tornado season were tragically demonstrated Monday when a massive twister flattened homes and demolished an elementary school in Moore, Okla. At least 24 people, including nine children, were killed during the mammoth storm which sprang up with less than 20 minutes notice.
QUEBEC - Quebec's Coalition party, which promises a zero-tolerance approach to political corruption, has suddenly suspended one of its own members.
Legislature member Daniel Ratthe has been punted from the party caucus amid allegations he engaged in illegal financing back when he was in municipal politics.
SASKATOON - Saskatoon Blades captain Brenden Walker and his teammates know their time together is almost up.
The 20-year-old overage centre leads a veteran roster at the MasterCard Memorial Cup that's looking to go out on top after a trying season that still has a chance for a happy ending.
SASKATOON - The Halifax Mooseheads are still searching for perfection.
If they find it before the end of the MasterCard Memorial Cup, it's hard to imagine them not lifting the trophy after Sunday's final.
MIAMI - Delmon Young homered and Ryan Howard added three hits and three RBIs to help carry the Philadelphia Phillies to a 7-3 win over the Miami Marlins on Tuesday night.
Tyler Cloyd (1-0) allowed two runs and eight hits in seven innings after being recalled from Triple-A Lehigh Valley earlier in the day.
SAN JOSE, Calif. - Joe Thornton set the tone for the San Jose Sharks with a dominant first period. After that, the Sharks did their best to hang on and tie up their playoff series against the Los Angeles Kings.
Thornton set up Brent Burns' first-period goal and Logan Couture added a power-play goal early in the second to give the Sharks just enough offence to beat the Kings 2-1 Tuesday night to knot their series at two games.
BALTIMORE - Nate McLouth homered leading off the bottom of the 10th inning, Chris Dickerson hit a pair of solo shots and the Baltimore Orioles beat the New York Yankees 3-2 Tuesday night to snap a six-game losing streak.
McLouth hit a 1-1 pitch from Vidal Nuno (1-1) into the bleachers in right-centre to give the Orioles their first win since May 12.
SAN ANTONIO - When Tony Parker started running low on masterful plays, Tim Duncan was there to take over and lead the San Antonio Spurs to a 2-0 lead in the Western Conference finals.
Parker had 15 points and a career playoff-high 18 assists, Duncan scored San Antonio's first six points of overtime and the Spurs bounced back after squandering a 13-point lead in the fourth quarter to beat the Memphis Grizzlies 93-89 on Tuesday night.
NEW YORK, N.Y. - Daniel Paille snapped a tie with 3:31 left in the third period, and the Boston Bruins put the New York Rangers on the brink of elimination with a 2-1 victory in Game 3 of the Eastern Conference semifinal series on Tuesday night.
Boston leads the best-of-seven series 3-0 and can advance to the conference finals as early as Thursday at Madison Square Garden. Only three teams in NHL history have rallied from an 0-3 hole to advance.
BUFFALO, N.Y. - Five innings in a triple-A start would have been enough to give Ricky Romero's confidence a big boost. Unfortunately for the lefthander, he stuck around for the sixth.
Romero showed small signs of improvement in his third start before enduring a troublesome finish as the Buffalo Bisons defeated the Charlotte Knights 8-7 in 10 innings on Tuesday.
TORONTO - Right-hander Ramon Ortiz has done a decent job filling in for Toronto's banged-up rotation over his last two starts.
He was rewarded with another start Tuesday night and made his first appearance against the Tampa Bay Rays this season. It didn't take them long to figure him out.
NEW YORK, N.Y. - It took 40 years for Original Six rivals Boston and New York to face off again in the playoffs.
Beantown's Bruins seem intent on wrapping up the long-awaited get-together in a hurry.
VIRGINIA WATER, England - Tiger Woods and Sergio Garcia don't like each other, and they're making no effort to disguise their feelings.
The verbal feuding began May 11 during the third round of The Players Championship. It resumed this week on both sides of the Atlantic when Woods offered a one-word answer if he thought about contacting Garcia to put the matter to rest.
NEW YORK, N.Y. - What's not to like? Being in the lottery every year.
Nick Gilbert expects the Cleveland Cavaliers are through with it, and if so he sent them out a winner again.
FORT WORTH, Texas - Jose Canseco is back in the independent United League as a player-coach. At least for one series.
The 48-year-old Canseco will be with the Fort Worth Cats for their opening four-game homestand, which starts Thursday night.
TORONTO - Rays manager Joe Maddon changed course Tuesday, saying he has no problem with the way shortstop Yunel Escobar celebrates home runs.
Escobar, who played for Toronto last season, drew loud jeers after he hit a homer in the ninth inning of Monday's 7-5 loss to the Blue Jays, and then made an exaggerated safe sign as he crossed home plate.
BOSTON - The NFL will celebrate its 50th Super Bowl in northern California, where its newest, most high-tech venue is being built.
That makes South Florida, in the midst of a spat over expensive stadium renovations, a loser for the 2016 game.
MONTREAL - A stretch of road in front of the stadium where he began his Hall of Fame career has been renamed in honour of former Montreal Expos catcher Gary Carter.
Signs indicating Rue Gary-Carter were already in place on Tuesday as municipal officials announced the renaming of Faillon Street West after the most popular player in the history of the defunct National League baseball club.
MONTREAL - There will be much to get used to in the coming months for former amateur world boxing champion Artur Beterbiev.
The 28-year-old light heavyweight will begin his professional career in Canada after signing a three-year deal with Montreal promoter Yvon Michel.
IRVING, Texas - Tony Romo pointed here and there, showing receiver Dez Bryant the best way to use a block on the first day of off-season practice.
That's about what he can do for now.
With the Grey Cup in on home turf this year, the Saskatchewan Roughriders would very much like to headline rather than just host.
So it isn't surprising they tapped the piggy bank to land some marquee players that might help make that happen.
