2023-08-25 16:12:18
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• TD expects penalties as part of a US investigation. TD Bank said on Thursday it expects “non-monetary” fines and penalties related to investigations by U.S. authorities into its anti-money laundering compliance program.
• TC Energy seeks approval to sell its share of Gas System to Aboriginal groups. Canada’s TC Energy has applied for permission to transfer its stake in the Nova Gas Transmission system to another legal entity, in order to facilitate the sale of that stake to indigenous groups, according to a regulatory document.
• Fed gains might cause Powell to lay low. Inflation is down in the United States. The unemployment rate is low (3.5%). The economy escaped a banking crisis, and financial markets not only aligned themselves with the Federal Reserve’s credit-tightening policies, but even helped the process by raising market interest rates.
• The United States will soon announce the results of its investigation into Tesla’s self-driving. The National Highway Traffic Safety Administration (NHTSA) will close its two-year investigation into Tesla’s Autopilot system and may make a public announcement soon, the agency’s acting official told Archyde.com.
• Chevron unions in Australia threaten to strike. Labor organizations at Chevron’s liquefied natural gas (LNG) facilities in Australia have warned that work stoppages might cost the US energy giant billions of dollars if grievances over wages and working conditions are not met. are not satisfied.
TRENDS BEFORE OPENING
Futures that track Canada’s main stock index rose as oil prices jumped more than 1%, while Wall Street futures rose slightly ahead of a much-anticipated speech from the Chairman of the Reserve federal Jerome Powell at the Jackson Hole summit for guidance on the interest rate outlook. European equities rose, led by mining and energy stocks. The Japanese Nikkei ended down 2% as chip heavyweights Advantest and Tokyo Electron fell. The price of gold declined as the US dollar held near an 11-week high once morest its major counterparts.
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TITLES TO FOLLOW
• TC Energy: The company has sought permission from regulators to sell a stake in the Nova Gas Transmission Ltd network to another legal person, in order to facilitate the sale of that stake to indigenous groups, according to a document filed with regulators. . The filing, dated Aug. 18, asked the Canadian energy regulator to approve the transfer of ownership of the NGTL System to NGTL GP by NGTL on behalf of NGTL LP. The move is intended to “support business optimization and facilitate potential minority participation in the grid, including the potential participation of Indigenous groups,” TC Energy said. TC Energy requested a decision by November 1 to allow for a reorganization by January 1, 2024.
• Banque Toronto-Dominion: The lender said on Thursday it expected “non-monetary” fines and penalties related to investigations by US authorities into its anti-money laundering compliance measures. TD Bank, Canada’s second-largest lender, made the statement in its quarterly earnings release, saying it was cooperating with US authorities, including with an investigation by the US Department of Justice. “The bank is cooperating with these authorities and is continuing its efforts to improve its Bank Secrecy Act and anti-money laundering compliance program,” TD Bank said in its report. “Although the final results of these investigations are not yet known, the Bank expects that monetary and/or non-monetary penalties will be imposed.”
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