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Scotiabank reports Q4 profit down from year ago, provision for credit losses up

Published Wed, 05 Mar 2025 02:08:24 GMT

TORONTO — Scotiabank reported its fourth-quarter profit fell compared with a year ago as the amount it set aside to cover bad loans more than doubled.The bank says its net income totalled nearly $1.39 billion or $1.02 per diluted share for the quarter ended Oct. 31, down from $2.09 billion or $1.63 per diluted share in the same period a year earlier.Revenue totalled nearly $8.31 billion, up from nearly $7.63 billion in the same quarter last year.The bank says its provision for credit losses for the quarter amounted to nearly $1.26 billion, up from $529 million a year earlier.On an adjusted basis, Scotiabank says it earned $1.26 per diluted share in its latest quarter, down from an adjusted profit of $2.06 per diluted share a year earlier.Analysts on average had expected an adjusted profit of $1.65 per share, according to financial markets data firm Refinitiv.This report by The Canadian Press was first published on Nov. 28, 2023.Companies in this story: (TSX:BNS)The Canadian Press

Kenya court strikes out key clauses of a finance law as economic woes deepen from rising public debt

Published Wed, 05 Mar 2025 02:08:24 GMT

NAIROBI, Kenya (AP) — The Kenyan High Court on Tuesday struck out key clauses of a contentious finance law that has been blamed for significantly raising taxes and the cost of living in East Africa’s largest economy.High court judges David Majanja, Christine Meoli and Lawrence Mugambi said parts of the Finance Act 2023, including a mandatory housing levy, were unconstitutional and couldn’t be enforced.“The levy against persons in formal employment to the exclusion of other nonformal income earners without justification is discriminatory, irrational, arbitrary and against the constitution,” according to the 160-page judgment.The housing levy is a significant agenda of President William Ruto, who has pledged to construct 1 million homes by 2027 under his affordable housing program already underway in parts of the country.Political analyst Herman Manyora said that the court ruling was a big blow to the government, “which has lost public support by pushing an unpopular legis...

Thick fog likely caused a roughly 30-vehicle collision on an Idaho interstate, police say

Published Wed, 05 Mar 2025 02:08:24 GMT

POCATELLO, Idaho (AP) — A thick layer of fog is believed to have caused a roughly 30-vehicle collision on an Idaho interstate, state police said.The collision occurred Monday morning on eastbound Interstate 86, near milepost 56, west of Pocatello, near the Pocatello Regional Airport. Police said the fog caused visibility to significantly decrease in a short amount of time.“Due to the fog, vehicles slowed down suddenly,” the Idaho State Police said in a news release. “Commercial and personal vehicles collided with one another causing a chain reaction of approximately thirty vehicles.”One person with minor injuries was taken by ambulance to a hospital. Several others were taken by personal vehicles, police said.Traffic on I-86 was blocked between exits 56 and 59 for seven hours, allowing for emergency responders and tow trucks to assist those involved and to clear the scene.“This is unusual to have this many vehicles involved, but when we’re driving in winter conditions in Idaho, we n...

Tornadoes forecast in the Black Sea region as storm reportedly impacts Russian military operations

Published Wed, 05 Mar 2025 02:08:24 GMT

Tornadoes were forecast for the Black Sea region on Tuesday, a day after a storm that left more than 2 million people without electricity in Crimea, Russia and Ukraine. A think tank said that the weather also impacted Russian military operations.The storm killed at least 14 people in Russia and Ukraine officials said as it toppled trees, tore down power lines and flooded coastal areas.President Volodymyr Zelenskyy said at least five people died in the Odesa region of southern Ukraine, and that engineers were working to restore electricity to villages that have been cut off. On Tuesday morning, almost 100,000 people were still without power on the Crimean Peninsula and some still had no water supply, the Russia-installed governor said, announcing that several regions were still under a state of emergency.Crimea, which was annexed from Ukraine by Russia in 2014, is a key military and logistics hub for Russia as it pursues its war in Ukraine.The damage caused by the storm affected “the...

As Dubai prepares for COP28, some world leaders signal they won’t attend climate talks

Published Wed, 05 Mar 2025 02:08:24 GMT

DUBAI, United Arab Emirates (AP) — Dubai prepared to host the COP28 climate talks Tuesday as world leaders including U.S. President Joe Biden signaled they would not be attending the negotiations that come during the ongoing Israel-Hamas war roiling the wider Middle East. Workers under a still-scorching November sun stapled up bunting and decorated Dubai Expo City’s iconic Al Wasl Dome with trees and other green foliage ahead of the summit, scheduled to start Thursday in the United Arab Emirates. Armed United Nations police patrolled about half the area of Expo City where the delegates will debate, while the other half will host other climate events. Airport-style security screenings greeted those coming into both areas. The two-week meeting of international leaders aims to assess where the world stands when it comes to limiting emissions to slow global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times. Emirati officials said Tuesday th...

More cities crack down on homeless encampments. Advocates say it's not an answer

Published Wed, 05 Mar 2025 02:08:24 GMT

PORTLAND, Ore. (AP) — Tossing tent poles, blankets and a duffel bag into a shopping cart and three wagons, Will Taylor spent a summer morning helping friends tear down what had been their home and that of about a dozen others. It wasn't the first time and wouldn't be the last.Contractors from the city of Portland had arrived to break down the stretch of tents and tarps on a side street behind a busy intersection. People had an hour to vacate the encampment, one of more than a dozen cleared that July day, according to city data.Whatever they couldn't take with them was placed in clear plastic bags, tagged with the date and location of the removal and sent to an 11,000-square-foot (1,020 square meter) warehouse storing thousands like them.A woman gathers possessions to take before a homeless encampment was cleaned up in San Francisco, Tuesday, Aug. 29, 2023. Cities across the U.S. are struggling with and cracking down on tent encampments as the number of homeless people grows, largely...

Downtown Austin Alliance to discuss proposed light rail

Published Wed, 05 Mar 2025 02:08:24 GMT

AUSTIN (KXAN) – The future of how Austin moves its people around the city and its downtown will the main topic of a panel discussion Tuesday on transportation.The Downtown Austin Alliance said it will host leaders from Austin Transit Partnership to talk about the proposed Austin light rail.The Alliance said ATP will talk about how it is designing the rail system to move people around downtown better. ATP is also expected to talk about how the rail system will focus on “the user experience that puts people first,” the Alliance said. What does next year look like for Project Connect's light rail development? ATP will send the following three representatives to the panel, according to the announcement. Lindsay Wood is executive vice president of engineering & construction. Peter Mullan is executive vice president of architecture and urban design. Courtney Chavez is senior vice president of equity & community partnerships.The panel happens from 8 a.m. to 9 a.m. at St. David’s ...

Sunshine briefly returns today ahead of next storm

Published Wed, 05 Mar 2025 02:08:24 GMT

AUSTIN (KXAN) -- More sunshine and winds swinging around to a southeasterly direction bring a milder day Tuesday with highs in the lower 60s.The next storm, however, starts to impact our weather Wednesday with increasing clouds and a few light rain showers late in the day.Good rain chance Thursday as an upper-level storm approachesPreliminary forecasts are showing a low severe weather threat early Thursday.Severe storm threat for ThursdayThe storm appears to bring a likelihood of rain and thunderstorms early Thursday, with some areas seeing 0.25"-0.50" of rain. Highest totals will be east of Austin. Future-cast radar Thursday morningStay tuned to KXAN and your First Warning Weather app for updates this week. NEW BLOG: NOAA updates December, winter forecasts Winter Weather Outlook: What a strong El Niño could mean for rainfall and ice risk Austin Interactive Weather Stats (2023) FIRST WARNING WEATHER: Stay up to date with your Central Texas forecast, sign up for our weather n...

Santa Claus coming to Kyle

Published Wed, 05 Mar 2025 02:08:24 GMT

KYLE, Texas (KXAN) – Santa Claus is making a holiday visit to an Austin suburb Friday afternoon. Kyle officials said St. Nicholas will make a stop in their city for the annual tree-lighting ceremony downtown. Santa's Arrival celebration begins at 4 p.m. at Mary Kyle Hartson City Square Park at 101 S. Burleson St., the city said. The tree will be lit at sundown around 5:45 to 6:00 p.m. The city said community can enjoy music from local school choirs and bands as well as starting on their holiday shopping. Photos with SantaPeople can take free pictures with Santa at the Krug Activity Center from 4 to 8 p.m. According to the city, the doors will open for photos at 4 p.m. and the line will be cut off at a certain point at 8 p.m. The city said people must be take their Santa photos with personal cameras or cellular devices because a professional photographer will not be present. Other photo opportunities with Santa will be available in December during the 25 Days of Christmas and Christm...

DPS to hold public safety career fair Friday

Published Wed, 05 Mar 2025 02:08:24 GMT

AUSTIN (KXAN) – More than 20 national, state and local law enforcement agencies will be recruiting at a career fair at a central Austin hotel on Friday, the Department of Public Safety said Monday.According to DPS, the 2023 Public Safety Diversity Career Fair will happen at the Hill Country Ballroom at the Holiday Inn at 6000 Middle Fiskville Rd. from 10 a.m. to 3 p.m. on Friday.DPS, the Texas Veterans Commission and Workforce Solutions Capital Area are co-hosting the fair. APD, citing staffing issues, takes 3 hours to respond to crash According to the fair’s Eventbrite page, representatives from the following agencies will be at the event:Central Intelligence AgencyFederal Bureau of InvestigationAustin Police DepartmentAustin Fire DepartmentAlcohol Tobacco and FirearmsDrug Enforcement AgencyImmigration and Customs EnforcementTravis County Sheriff’s OfficeU.S. Secret ServiceFederal Air MarshalsVirginia State PolicePhiladelphia Police DepartmentHouston Police DepartmentTexas Depart...