The Daily Chase: Rogers family feuding for control; Longest TSX winning streak in 36 years
BNN Bloomberg
Rogers Communications is in chaos as two sets of boards of directors claim to be overseeing Canada’s largest wireless telecom operator.
Rogers Communications is in chaos as two sets of boards of directors claim to be overseeing Canada’s largest wireless telecom operator. Edward Rogers proceeded with his meeting of directors last night, where he was named chairman less than a week after being ousted from that role by the incumbent board of directors. Next up, he says he’s going to British Columbia’s Supreme Court to confirm the validity of his newly-constituted board. Meanwhile, the other (?!) board of directors said Mr. Rogers’ group doesn’t have “any authority to purport to act” as the board. Through it all, Martha Rogers (one of Edward’s sisters) was on Twitter, lobbing zingers at her brother and lambasting Phil Lind and Alan Horn – who were both close with company founder Ted Rogers -- for aligning themselves with the company’s new board.
So much to cover. We’ll get expert insight at 8 a.m. on how the legal battle could play out. Layered on top of that, we’ll chase investor reaction as the chaos plays out amid Rogers’ attempt to close it acquisition of Shaw Communications Inc. On that note: RBC Capital Markets Analyst Drew McReynolds today downgraded Rogers and cut his price target due to the dispute about who’s in charge.
TSX ON LONGEST WINNING STREAK IN 36 YEARS
The composite index barely ended Friday in positive territory, but the gain of 3.76 points was enough for a 13th straight day of gains, matching a streak that was recorded in January of 1985. Futures are little changed this morning, though the price of West Texas Intermediate crude punched through US$85 per barrel.
TECH EARNINGS BONANZA
The biggest names in technology are reporting this week, starting with arguably the most controversial of all today when Facebook releases its quarterly numbers after the closing bell. The numbers are landing in the aftermath of explosive revelations from a whistleblower, whose revelations are continuing to make headlines – including today, as Bloomberg News reports on a document showing the social media network’s eroding popularity with teens.
Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
Global oil prices will continue to rise as the war in the Middle East continues and the Strait of Hormuz remains inaccessible, according to an energy expert.
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.
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.
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