The Daily Chase: Honda nears deal to make EVs in Canada
BNN Bloomberg
Here are five things you need to know this morning.
Honda nears deal to make EVs in Canada: Canadian officials are close to a deal with Honda that would see the Japanese carmaker build electric vehicles and their components in Canada. The company already has a presence in Ontario’s manufacturing heartland, with a sprawling complex in Alliston, Ont. Bloomberg reports, citing unnamed sources close to the talks, that a deal is imminent. The main question is what the price tag is. The government has inked similar deals with Stellantis and Volkswagen – the latter came with more than $13 billion in subsidies from various levels of government.
Mass turnover at Gildan board: The up-and-down saga at TSX-listed apparel company Gildan took a significant turn over the weekend as the company announced a new proposed chair of the board, along with a handful of new names to be added in a last-ditch effort to convince investors not to back an activist shareholder’s plans for the company. Gildan’s board has been fighting a battle with investment firm Browning West LP ever since the company abruptly fired long-time CEO Glenn Chamandy and replaced him with Vince Tyra. Browning West wants Chamandy to be reinstated and is proposing an entire new slate of directors for the company. Gildan is now recommending two members of Browning’s proposed slate, along with a new chair and four new directors. Shareholders are scheduled to vote on the matter once and for all on May 28, but one gets the distinct impression after Monday’s news that things are coming to a resolution some time before that.
Wildfire season prompts evacuation near Fort Mac: Officials in Alberta say a 30-hectare wildfire southeast of the oilsands capital of Fort McMurray is out of control, and have told residents of Saprae Creek to prepare for possible evacuation. The warning by the Regional Municipality of Wood Buffalo comes as a grim reminder that wildfire season seems to be starting early this year. A record-setting number of blazes last year impacted air quality across North America last year, and early indications are that wildfire-prone areas should brace for more of the same. Wildfires have already started burning everywhere from Texas to Australia, and officials have previously noted that snowpack levels in parts of Western Canada are at seasonal lows.
Jurors wade through daunting evidence in high-stakes Meta trial about social media risks to children
A stream of testimony and evidence has been presented in a New Mexico case exploring what Meta knew about the effects of its platforms on children.
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.
FedEx shares surged about 10 per cent before the bell on Friday, after the package-delivery giant raised its full-year profit forecast and signaled steady shipping demand despite geopolitical tensions and surging fuel costs.
Wall Street is stumbling toward the finish line of a fourth straight losing week, but an ease in oil prices is taking some of the pressure off stock markets worldwide.