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
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
Facing a $1.4 billion deficit shortfall, the provincial government says its large-animal vet service will be privatized over the next three years.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
Top Picks from Greg Newman, Senior Wealth Advisor & Portfolio Manager, Newman Group, ScotiaMcLeod
Dan Tobon outlines key market wildcards, including geopolitical risks, AI disruption and shifting investor sentiment.
U.S. stocks are sinking Friday as hopes wither on Wall Street for a possible cut to interest rates by the Federal Reserve this year because of the war with Iran.
Pinterest CEO Bill Ready called on world leaders to ban social media for youth under 16 in a LinkedIn post on Friday.
Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.