The Daily Chase: Ontario Teachers' Pension Plan writes off FTX investment; Qatar bans FIFA boozes
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Ontario Teachers' Pension Plan is writing off the entire value of its investment in Sam Bankman-Fried's now-bankrupt FTX, citing potential fraud, as the impact of the cryptocurrency exchange's spectacular flameout ripple through to Canada.
MUSK ULTIMATUM SPARKS TWITTER EXODUS
Well, Elon Musk's ultimatum that Twitter employees either commit to the company's new “hardcore” (his words, not mine) work mode or get out has, uh, not gone the way the world's richest man intended. According to reporting from our Bloomberg News partners, employees have been leaving en masse in the wake of the pronouncement, dealing a blow to Musk's shiny new US$44 billion toy. Twitter has reportedly closed it offices until Monday, and Musk has walked back his demands to have everyone abandon work-from-home measures introduced in the pandemic. Not to read into just a single company, let alone one where Musk slashed staff by 50 per cent in the early days of his ownership, the whole debacle does make one wonder how much the balance of power has really tipped back to the employer as recession risks loom.
ANOTHER TWIST IN THE TURQUOISE HILL TAKEOVER
Fortuna Mining to fund West Africa mine expansions with record cash flow, advances Diamba Sud toward final investment decision.
The Alberta government intends to hold a referendum on immigrants’ status, their access to social services and federal influence over provincial laws and services in October this year.
The U.S. International Trade Commission has launched an investigation into rules-of-origin regulations for automobiles under the Canada-U.S.-Mexico agreement on trade.
U.S. stocks fell Thursday, while oil prices rose with worries about a potential conflict between the United States and Iran.
Walmart beats Q4 earnings and posts 27 per cent online growth but keeps cautious full-year outlook amid trade and labour uncertainty.
The federal government is taking another step toward a potential expansion of the Port of Churchill in Manitoba and increased shipping through the Arctic.
GM Canada’s recent layoffs and multimillion dollar funding announcement are all part of a broader strategy to expand operations in its Oshawa plant, the company’s CEO says.
7-Eleven Canada says the big competition it’s facing won’t stop it from growing and evolving its business model.
MTY Food Group Inc. reported a profit in its latest quarter compared with a loss a year earlier as its revenue rose higher.
Teck Resources beat fourth-quarter profit expectations on Thursday, helped by a surge in copper prices and production, as the Canadian miner advanced its proposed merger with Anglo American.
Canadian airlines Air Transat and WestJet both recently announced cutbacks on routes to U.S. cities.
Canada home prices fell to a nearly five-year low in January as sales dropped and new listings rose, according to CREA data.