2024-01-17 15:13:54
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• The Canada Energy Regulator draws the wrath of activists with the approval of a modification to Trans Mountain. Environmental advocates are criticizing the Canada Energy Regulator for approving a request for changes to a section of the Trans Mountain pipeline expansion project, calling the new conditions for the supply of materials that accompany the approval.
• Tesla cuts Model Y prices in Germany following cutting prices in China. Tesla has cut prices for its Model Y cars in Germany, where the company lost its spot as the top seller of electric vehicles to Volkswagen in 2023, a week following the automaker cut prices for its Model 3 and Model Y in China.
• Biden administration unveils proposals to limit overdraft fees. The Biden administration unveiled new proposed regulations that its officials say would save consumers $3.5 billion a year by reducing fees that big banks charge on overdraft deposit accounts.
• Albemarle is looking to sell its stake in the Liontown lithium mine following a $4.3 billion bid fell through. Albemarle is trying to sell its stake in Australian company Liontown Resources, a document shows, three months following Australia’s richest person blocked his $4.3 billion takeover bid for the lithium developer .
• Gildan Activewear claims its former CEO failed to disclose ties to shareholder. Canadian clothing maker Gildan Activewear said Tuesday that its former chief executive Glenn Chamandy failed to disclose certain fund investments and had an undisclosed relationship with a shareholder.
TRENDS BEFORE OPENING
Futures contracts for major Canadian stock indexes are falling as the price of gold slides and oil has fallen more than 1% due to China’s economic woes and a strong U.S. dollar. At the same time, Wall Street futures are falling as upbeat comments from the Fed dampened hopes for a March interest rate cut, while attention turned to bank profits U.S. regional and retail sales data in December. European stocks fell as remarks from ECB officials dampened expectations for interest rate cuts. Japan’s Nikkei index retreated from the previous session’s gains due to profit-taking, while China’s blue chip index closed at its lowest levels in nearly five years as domestic growth appearing more fragile and weak real estate data aggravates concerns.
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HEADLINES TO FOLLOW
• Gildan Activewear: The Canadian clothing maker alleged Tuesday that its former chief executive Glenn Chamandy failed to disclose certain fund investments and had undeclared ties with a shareholder. Remarks, which the company says highlight why the board “lost confidence” in Glenn Chamandy, coming a day following new CEO Vince Tyra took office and as the he company is facing pressure from activist investors following the sudden ousting of the co-founder as chief executive. Glenn Chamandy invested in funds managed by a Gildan shareholder, whose senior executive also purchased property at Apes Hill, the private Barbados golf resort owned by Glenn Chamandy, Gildan alleged, citing information obtained by accessing to the former CEO’s electronic records and information. “Chamandy appears to have treated Browning West differently from other Gildan shareholders,” Gildan claimed, adding that the ousted CEO hosted Browning West co-founders, as well as a number of the hedge fund’s investors, during a visit exclusive rights to a Gildan facility in Honduras.
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