📉Markets rattled by U.S. inflation 💲Canadian dollar rolls over ‼️ Top telecom execs address Bay Street Here’s what you need to know today:
Inflation pressures didn’t ease as much as expected last month, which is bound to fire up questions about how much higher the U.S. Federal Reserve will need to hike its main policy rate. The consumer price index rose 8.3 per cent year-over-year in August, down a couple ticks from the 8.5 per cent rate in July. But the median estimate was for a sharper slowdown to 8.1 per cent. Stripping out food and energy, core inflation rose.
Medical Facilities Corp., a Toronto-based and TSX-listed firm that scoops up surgical facilities in the U.S. in partnership with physicians,it’s backing away from its growth-by-acquisition strategy. It also announced two directors resigned from its board. The company also said it’s planning to repurchase up to $34.5 million of its shares.it scooped up an additional 10,453 shares after it extended its substantial issuer bid at the end of August.
The timing of Oracle’s US$28-billion acquisition of Cerner turned out to be opportune, as the health-care technology company contributed record revenue to Oracle’s. Despite that boost, Oracle’s total revenue was merely in line with expectations. If not for the effect of the U.S. dollar’s rally during the period, the software company said its adjusted earnings per share would have been eight cents higher, which would have allowed it to handily beat expectations.
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