The Daily Chase: B.C. floods add to supply chain woes; CIBC debunks 'great resignation'
BNN Bloomberg
The devastation in British Columbia is adding to already complicated supply chain problems, and there’s no indication of when normal operations will be able to resume at the Port of Vancouver.
The devastation in British Columbia is adding to already complicated supply chain problems, and there’s no indication of when normal operations will be able to resume at the Port of Vancouver. In a statement late yesterday, the port warned about ongoing vessel delays and disruptions to rail and highway traffic. We’ll keep chasing insight on the ripple effect for the economy and assess the outlook for the insurance industry as severe weather events seemingly become the norm.
D.C. SUMMIT
For the first time in five years, the leaders of NAFTA nations are meeting in person today as U.S. President Joe Biden hosts his counterparts. Officially, Prime Minister Justin Trudeau has said the agenda items include climate change, COVID-19, creating middle class jobs, and migration. Unofficially, you have to imagine the dispute over Enbridge’s Line 5 will come up, as will protectionism in all its forms (which we were reminded of yesterday when the PM panned America’s plan for made-in-America electric vehicle tax credits). Maybe also some friendly ribbing over World Cup qualifying.
A PAIR OF IPOS LIVE UP TO EXPECTATIONS
We’ve got two Canadian companies that managed to rally enough interest in their initial public offerings to price at the high end of their target ranges. Economical Insurance finally (!) reached the finish line last night as its parent company – Definity Financial Corp. – confirmed its IPO priced at $22 per share. Combined with a private placement, the insurer raised $2.1 billion. Meanwhile, Montreal-based Coveo Solutions priced its initial public offering at $15.00 per share, meeting the high end of its target range. The company, whose enterprise software appears to be designed to enhance search results, says the $215.1 million in proceeds will go toward growing its business.
‘TAKE THIS JOB AND SHOVE IT’ … OR NOT
