The Daily

November 23, 2022 Daily Market Commentary Canadian Headlines Alberta announced plans to spend C$2.4 billion ($1.8 billion) on tax breaks and increased social benefits, as the oil-rich Canadian province uses part of its budget surplus to help residents deal with soaring inflation. The package includes a six-month suspension of the provincial fuel tax, C$600 for parents [...]

November 22, 2022 Daily Market Commentary Canadian Headlines Shaw Communications Inc. told Canada’s Competition Tribunal that it couldn’t compete effectively without merging with Rogers Communications Inc. “This isn’t the first time that we considered consolidation within the sector,” Trevor English, Shaw’s chief financial officer, said Monday in testimony. “This has been part of our process that’s been going on [...]

November 21, 2022 Daily Market Commentary Canadian Headlines Home Capital Group Inc., the Canadian mortgage lender that nearly collapsed five years ago and was bailed out by Berkshire Hathaway Inc., agreed to a C$1.7 billion ($1.3 billion) takeover by the co-founder of a rival financial firm. Smith Financial Corp., the family holding company of First National Financial Corp. co-founder Stephen Smith, [...]

November 18, 2022 Daily Market Commentary Canadian Headlines Canada’s government was worried about the hit to its reputation from trucker-convoy trade disruptions as it negotiated with the US on electric-vehicle incentives. Michael Sabia, the top civil servant in the finance department, told a public inquiry into Prime Minister Justin Trudeau’s invocation of emergency powers that border blockades came [...]

November 17, 2022 Daily Market Commentary Canadian Headlines Brookfield Asset Management Inc. plans to expand into Saudi Arabia, joining BlackRock Inc. and global banks to tap investment opportunities in the biggest Gulf economy. Managing director Aanandjit Sunderaj will relocate to the Riyadh office once open, according to a statement. “There are vast investment opportunities within our main [...]

November 15, 2022 Daily Market Commentary Canadian Headlines Brookfield Asset Management Inc. is making a foray into the recycling business, creating a new firm with an investment of as much as $700 million through its sustainability fund. Publicly traded Brookfield Renewable Partners LP struck a deal with Closed Loop Partners LLC to establish a company called Circular Services. The new entity, formed [...]

November 14, 2022   Daily Market Commentary NEWS US stock futures declined Monday and Treasury yields rose as a cautious tone from a Fed speaker tempered some of the ebullience that inflation may have peaked. Contracts on the tech-heavy Nasdaq 100, typically more sensitive to interest rates, slipped 0.6% while those on the S&P 500 [...]

November 11, 2022 Lest we forget. Remembrance Day Daily Market Commentary Canadian Headlines Onex Corp. said Bobby Le Blanc will become its chief executive officer next year, replacing Gerry Schwartz, who has been in charge of the private-equity firm since he founded it in 1984. Le Blanc will take over after next year’s annual meeting. Schwartz, 80, will remain chairman [...]

November 10, 2022   Daily Market Commentary Canadian Headlines Brookfield Asset Management Inc.’s earnings declined as volatile markets weighed on valuations of its holdings of private assets. Net income fell to $716 million in the third quarter from $2.7 billion in the same period last year because of lower valuation and disposition gains, the Toronto-based asset [...]

November 9, 2022   Daily Market Commentary Canadian Headlines Rogers Communications Inc. reported earnings that were below analysts’ estimates, as a network failure cost the company hundreds of millions in revenue from wireless and internet service. The Canadian cable and wireless firm earned 84 Canadian cents a share on an adjusted basis in the third quarter, short [...]