2023-04-25 17:41:52
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• First Republic plummets following losing more than US$100B in deposits in Q1. First Republic Bank shares fell ahead of the open following the troubled bank reported a more than US$100 billion drop in deposits in the first quarter in the wake of the larger crisis that has hit the banking sector since 2008.
• PepsiCo raises its annual forecast thanks to demand, price increases. PepsiCo raised its full-year sales and profit forecast following beating revenue expectations in the first quarter on strong demand for its sodas and snacks, as well as price hikes to offset rising costs .
• McDonald’s exceeds sales forecast in Q1 thanks to prices, traffic. McDonald’s same-store sales rose 12.6% in the first quarter, beating Wall Street expectations, as the burger chain banked on higher prices and enjoyed more visits to its stores. restaurants.
• UBS hit by old toxic debts before managing the purchase of Credit Suisse. UBS said it had set aside more money to draw a line under its involvement in toxic US mortgages, halving its first-quarter profit as the bank prepares for the ‘difficult’ task of swallow its fallen rival Credit Suisse.
• Alberta authorities apologize for poor communication with aboriginal people. The chief executive of the Alberta Energy Regulator (AER) apologized on Monday for his organization’s failure to communicate adequately with local Indigenous communities over a toxic tailings leak from the Kearl oil sands mine in ‘Imperial Oil in Northern Alberta.
TRENDS BEFORE OPENING
Futures for Canada’s main stock index tumbled as oil and oil prices decline on a possible further interest rate hike and as caution is called for in the season announcements of results. U.S. stock futures are down as First Republic Bank stock tumbled following the regional bank reported a major drop in deposit levels in the first quarter, as investors sift through numerous disclosures from results for clues regarding the health of the US economy and businesses. European stocks fell on comments from European Central Bank officials on the outlook for interest rates. The Japanese Nikkei rose to its highest level in eight months, benefiting from the expansion of government aid for the production of electronic chips. The US dollar is rising on growing concerns regarding global economic growth.
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TITLES TO FOLLOW
• Imperial Oil: The chief executive of the Alberta Energy Regulator (AER) apologized on Monday for his organization’s failure to communicate adequately with local Indigenous communities over a leak of toxic tailings from the mine. Imperial Oil’s Kearl oil sands in northern Alberta. Before a parliamentary committee in Ottawa, Laurie Pushor echoed the apology presented last week by the CEO of the oil company. Imperial Oil, a division of Exxon Mobil, first observed a buildup of discolored water near Kearl’s facilities in May. The company notified the ARE and local indigenous communities, but did not tell those communities that the water contained residue until February, when a second leak occurred.
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