2023-11-06 19:44:35
(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• The Canadian Minister of Energy defends an exemption from the carbon tax for home heating oil. Canadian Prime Minister Justin Trudeau’s decision to grant a three-year carbon tax exemption for heating oil aims to provide targeted assistance to rural and low-income households, Canada’s energy minister said to Archyde.com, while defending the general need for carbon pricing to achieve climate goals.
• EIG confident it can win $10.5 billion bid for Origin Energy. EIG Partners chief executive Blair Thomas has expressed confidence in the Brookfield-EIG consortium’s ability to secure support for its $10.5 billion bid for Origin Energy, despite shareholder opposition principal of the Australian energy group.
• Tesla will manufacture a car for 25,000 euros in a German factory (source). Tesla will make a car costing 25,000 euros at its factory near Berlin, a source familiar with the matter said on Monday, a long-awaited development for the electric vehicle maker which is aiming for mass adoption of its cars.
• Berkshire Posts Bigger Loss Amid Falling Stocks; operating profit reached a record level. Berkshire Hathaway, Warren Buffett’s group, posted its first quarterly loss in a year on Saturday due to the fall in the price of Apple and other of its holdings. The company, however, said improved insurance results helped push its operating profit to a record level.
• Telecom Italia accepts KKR’s offer, Vivendi protests. Telecom Italia announced on Sunday that its board of directors had approved the offer of the American fund KKR for an amount of 20 billion dollars, becoming the first telecommunications group from a major European country to separate itself from its telephone network fixed.
TRENDS BEFORE OPENING
THE futures of the main Canadian index are progressing, stimulated by the prices of oil as the biggest exporters, Saudi Arabia and Russia, reaffirmed their commitment to further voluntary oil supply cuts until the end of the year. HAS Wall Street, futures contracts advance slightly, the American central bank considering that it has completed its cycle of raising interest rates. THE European stocks are down slightly, with the real estate sector losing strength. THE Nikkei closed at its highest level in more than a month, driven by chip-related stocks. The price ofor and the American dollar are down.
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HEADLINES TO FOLLOW
• Brookfield Asset Management Ltd: EIG Partners chief executive Blair Thomas expressed confidence in the Brookfield-EIG consortium’s ability to secure support for its $10.5 billion bid for Origin Energy, despite opposition from the main shareholder of the Australian energy group. Superannuation fund AustralianSuper said it had increased its stake in Origin from 13.67% to 15.03% and that the offer of A$9.53 per share remained “substantially” below its long-term value estimate. . Origin will hold a general meeting of shareholders on November 23, during which investors will be invited to vote in favor of the transaction. Approval of the operation requires 75% of votes. If applicable, Brookfield will take ownership of Origin’s energy markets activities, while GIE subsidiary MidOcean Energy will take a 27.5% stake in Australia Pacific LNG.
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