The Daily Chase: Target takes aim at third-party selling with Shopify partnership
BNN Bloomberg
Here are five things you need to know this morning.
Target partners with Shopify to boost third party online offerings: U.S. retailer Target has struck a deal with Canadian e-commerce giant Shopify to beef up its online marketplace. The deal will see Target use Shopify to allow third-party merchants to sell things via Target’s online portal, Target Plus. It’s a move to keep up with rivals Walmart and Amazon where revenue from third-party selling is a growing business. Shopify merchants can apply to sell their wares on Target’s portal, and a select number of them will be invited to sell inside physical stores, too.
Gone Fission: Paladin Energy Ltd. has launched a friendly all-stock takeover offer for TSX-listed uranium miner Fission Uranium Corp. in a move to create a new major player in the booming sector. Paladin’s all-stock offer implies $1.30 for every Fission share, a 26 per cent premium to the last closing price. After years of inactivity, uranium prices have surged in recent years on booming demand for nuclear power and rising concerns about a lack of supply. Paladin shares trade in Australia but as part of the deal, the company would dual-list on the TSX.
Real estate slump leaves trail of red ink across pension fund books: Canada’s major pension plans have all revealed their financial performances for the past year in recent weeks, and if there’s one trend that can be gleaned from the numbers, it’s that the value of their real estate portfolios have all taken major haircuts. CPP, the Caisse, Teachers and OMERS all revealed a declined of between five and seven per cent in their commercial real estate portfolios. The decline at the Public Sector Pension Investment Board, which invests on behalf of federal civil servants, was even larger, down 16 per cent. Bloomberg reports that the trend has prompted a rethink in strategy at the funds which typically viewed real estate as an attractive holding for their long-term mindset. “The real estate sector is changing dramatically,” York University professor Jim Clayton said. “We have this structural shift in the way we work and live which has sped up post-Covid. So I think you have people really rethinking what real estate is.”
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.
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.