The Daily Chase: Global oil prices are surging; PwC gives up on Bridging Finance sale
BNN Bloomberg
Global energy prices are spiking this morning as hope for a diplomatic solution to Russia-Ukraine tension appeared to fall by the wayside yesterday.
Global energy prices are spiking this morning as hope for a diplomatic solution to Russia-Ukraine tension appeared to fall by the wayside yesterday after Russian President Vladimir Putin ordered "peacekeeping" troops into two breakaway regions in Ukraine as he recognized their independence. Brent crude rose as high as US$99.50 per barrel this morning, and West Texas Intermediate surged as much as 5.4 per cent to US$96.00. We're on watch for sanctions against Russia and will focus our attention on the risk to global energy supplies. Importantly, German Chancellor Olaf Scholz said this morning that the crucial Nord Stream 2 pipeline can’t be certified right now.
FROZEN ACCOUNTS
The Royal Canadian Mounted Police said yesterday that 219 “financial products” have been frozen thus far under emergency measures invoked by the government. As well, the RCMP said the addresses of 253 Bitcoin holders were shared with crypto exchange operators, and it pointed out that it only flagged “influencers in the illegal protest in Ottawa” and owners/drivers of vehicles that jammed up the nation’s capital. We’ll continue chasing insight on the delicate task that’s been handed to financial institutions.
BRIDGING FINANCE SALE PROCESS ABORTED
PricewaterhouseCoopers dumped a 249-page update about the receivership of Bridging Finance on Friday. A key takeaway: it said it is giving up on the sale and investment solicitation process and will instead conduct a wind down of the troubled lender's assets. And it's estimating that process will result in more than $1 billion in losses for Bridging's unitholders.
B.C. BUDGET DAY