Mediterranean fast-casual chain Cava (CAVA) reported a profit in its first earnings report release since the company's IPO in June. Same-store sales soared 18.2% from the year prior. The company anticipates significant sales growth throughout the rest of the year, but it remains cautious due to concerns about the consumer. Yahoo Finance Reporter Brooke DiPalma breaks down the story.
Subway Oddities: 30 Things You Won't Believe You Saw on the TrainCALGARY — Suncor Energy Inc. says it earned $1.88 billion in the second quarter of 2023, down from approximately $4 billion in the same period last year when oil prices were higher. The Calgary-based energy giant says it took a $275-million restructuring charge in the quarter related to its previously announced plans to cut 1,500 jobs by the end of the year.
HONG KONG — A $5.4 billion acquisition of Israeli chip manufacturer by Intel has been called off after China failed to sign off on the deal amid rising tensions with the United States. It was a mutual decision between Intel and Tower Semiconductor, the companies said Wednesday. Intel said that the deal was terminated “due to the inability to obtain in a timely manner the regulatory approvals required under the merger agreement.
OTTAWA — Canada’s annual inflation rate rose to 3.3 per cent in July, as economists warn the latest consumer price index report spells bad news for the Bank of Canada. The uptick in price growth comes after inflation tumbled to 2.8 per cent in June, falling within the Bank of Canada’s target range of between one and three per cent for the first time since March 2021.
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