2023-07-31 18:51:11
(Illustration: Camille Charbonneau)
NEWS ESSENTIALS
• Canadian dockers and employers reach tentative agreement. Canada’s west coast dockworkers and their employers’ association reached a settlement agreement overnight Sunday into Monday, the parties said in a joint statement, as they seek to end a dispute that risked cause further disruptions in the country’s busiest ports.
• Amazon investors on the lookout before the publication of results. Amazon investors await updates on the tech giant’s cloud business, ad revenue growth and consumer health signals ahead of the holiday season as inflation continues to have an impact on business and consumer spending.
• The Foxconn Consortium for Electric Vehicles will use BlackBerry software. BlackBerry said the Mobility in Harmony (MIH) consortium, led by Foxconn, chose the Canadian tech company to provide it with software and some services.
• Glencore buys Pan American’s stake in a copper project in Argentina for 475 million dollars. Miner Pan American Silver said it plans to sell its 56% stake in the Minera Agua Rica Alumbrera copper project in Argentina to Swiss commodities giant Glencore for US$475 million.
• TC Energy begins to repressurize an unaffected section of pipeline in Virginia. Canada’s TC Energy has begun repressurizing part of its Columbia Gas Transmission Pipeline in Strasburg, Virginia, which was not directly impacted by an unplanned incident last week, the company said Friday in end of the day.
TRENDS BEFORE OPENING
Futures contracts for the main Canadian stock market index were subdued as metal prices rose on hopes of further economic stimulus from China, but weak manufacturing data from the main consumer raised concerns regarding demand, which limited the earnings. THE wall street futures were little changed as investors awaited earnings results from major companies and key employment data later in the week. European action jumped as Germany’s blue chip index hit a record high following data showed consumer prices in the eurozone fell in July. At the same time, british action fell as beverage stocks lost ground due to a lackluster outlook for Heineken. On the Asian front, the Nikkei Japanese market ended higher thanks to a calm bond market and an increase in profits. Furthermore, the Chinese and Hong Kong stocks rose as support measures put in place by the Chinese government boosted private sector sentiment. The price of gold fell while the American dollar varied little. Oil prices rose on expectations that Saudi Arabia will extend voluntary production cuts in September and tighten global supply.
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TITLES TO FOLLOW
• BlackBerry Ltd: The company said the Mobility in Harmony (MIH) consortium, led by Foxconn, has chosen the Canadian technology company to provide software and certain services. The consortium’s electric vehicle platform will use BlackBerry’s QNX operating system for vehicles and the IVY automotive artificial intelligence platform to help process and store data collected by sensors in vehicles. One of MIH’s electric vehicle platforms, called Project X, aimed at Asian consumers, is expected to be unveiled in Japan at the end of 2023, while it will launch six-seat and nine-seat vehicle platforms in the coming years. coming. These platforms should use BlackBerry software.
• Enbridge Inc: The company said on Friday it was working to repair an aquifer rupture in rural Minnesota that was linked to the construction of its Line 3 pipeline replacement project, completed in 2021 and carrying Canadian crude to American refineries. The Minnesota Department of Natural Resources (DNR) said this was the fourth aquifer rupture related to the project. “Through our ongoing investigation, including reviewing a series of groundwater reports commissioned by the DNR, we have recently confirmed that there is a confined aquifer breach at the site,” said the agency in a press release. The DNR said groundwater flow at the surface of the last aquifer breach near Swatara in Aitkin County is “significantly lower” than the flow observed at the other three breach sites.
• Pan American Silver Corp: The mining company said on Monday it was considering selling its 56% stake in the Minera Agua Rica Alumbrera copper project in Argentina to Swiss commodities giant Glencore for US$475 million. The MARA project, in Argentina’s Catamarca province, was set up in December 2020 following the integration of the Minera Alumbrera plant and mining infrastructure with the Agua Rica deposit, according to Pan American’s website. The asset has proven and probable mineral reserves of 5.4 million tonnes of copper and 7.4 million ounces of gold, with an initial mine life of 28 years. The asset sales include a 92.3% stake in its unit that owns the Morococha mine in Peru for $25 million, a 57.75% stake in a Chilean company that owns the Jeronimo project in northern Chile for $45.55 million, and a number of non-controlling interests amounting to $47.1 million.
• TC Energy Corp: The company has begun repressurizing a portion of its Columbia Gas Transmission Pipeline in Strasburg, Va., which was not directly impacted by an unplanned incident last week, the company said late Friday. daytime. On July 25, TC Energy declared force majeure and isolated a section of its “Line VB” gas pipeline in Virginia following detecting a drop in pressure. The pipeline system will now operate with additional risk mitigation measures, including reduced operating pressures, the company said, adding that the affected pipeline segment will remain closed until it is possible to restart it safely. TC Energy does not have a timeline for the repair and return to service of the affected section of pipe, which has been removed and will be transported for analysis by a third-party lab, the company said on its website.
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