Global Markets: Chinese tech company buys 12% stake in Snapchat

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By Commodity News Service Canada

Nov. 9 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.


– A Chinese tech giant has taken a bite out of a well-known social media company. Tencent has purchased a 12 percent stake in Snap, the parent company of the camera app Snapchat. Snap is facing increased competition these days from industry leaders such as Google and Apple and lost US$443 million in the last quarter.


– Prices for new houses in Canada rose in September. The country’s new housing price index inched up by 0.2 percent on a monthly basis. Officials with the Royal Bank said the rise largely met market expectations. The index includes values for newly built single-detached and semi-detached dwellings and row houses. It does not include prices for new condominiums.


– One of Canada’s largest energy companies has recorded a tidy profit. TransCanada Corp. is reporting a C$612 million profit in the most recent quarter. That compares to a loss of C$135 million during the same time last year.