Category: Uncategorized

  • Justin Trudeau’s reality: Much of the country dislikes him

    Justin Trudeau’s reality: Much of the country dislikes him

    Will Justin Trudeau know when it’s time to go?

    Surely, this is something occupying at least some of his energy during his much-discussed vacation to Costa Rica. Will he return reinvigorated, primed for a fall battle against the presumptive new leader of the Conservative Party of Canada, Pierre Poilievre? Or will he begin laying the groundwork for his departure?

    There has been conjecture that he might even trigger a fall election. I don’t believe that for a second. The man has never been as unpopular as he is now, so why would he do that? Particularly given that he is still in a position to govern for almost three more years under the confidence-and-supply agreement reached with the NDP.

    My guess is he won’t return from vacation with any grand revelation resulting from a walk on the beach – the summer version of his father, Pierre’s, famous walk in a snowstorm that inspired his retirement in 1984. Instead, Justin will likely gird for a fight with Mr. Poilievre while trying to refurbish an agenda that has been hijacked and uprooted by a series of unfortunate events: a pandemic, inflation, war in Ukraine, and a new political adversary who is skilled in landing devastatingly effective political punches.

    But the Prime Minister must also face another reality: he is not well-liked by broad swaths of the public.

    Mr. Trudeau incites a visceral response in many Canadians, and not just those living in Western Canada. After a certain length of time in office, most politicians accumulate unsightly barnacles that are difficult to shake. Mr. Trudeau is no exception.

    Justin Trudeau is spending two weeks in Costa Rica. So what?

    There has always been a “to-the-manor-born” aura about the Prime Minister, something that comes with being the scion of a famous family. Many people have never felt comfortable with the way he speaks – it can seem affected, unnatural. It’s a subjective matter, but one that can influence the way a person thinks about you.

    Mr. Trudeau has also been hurt by self-inflicted wounds. He has cemented the impression that there is one set of rules for him, and another for the rest of us. The whiff of privilege enveloping him appeared early on, when he spent the Christmas of 2016 on the Aga Khan’s private island, in violation of federal conflict-of-interest laws. That feeling extended to his latest holiday in Costa Rica, where he and his family emerged from a private jet, maskless. Again, one rule for him, another for the lumpenproletariat forced to fly commercial.

    The Prime Minister is seen by many as a woke virtue signaller, more concerned with image than substance. There was his showy trip to Kyiv in May to reopen the Canadian embassy, which hasn’t been occupied since. He travelled to Tofino, B.C., for a surfing holiday on the first-ever National Day of Truth and Reconciliation last year, despite his oft-repeated declaration that nothing is more important to him than treating Indigenous peoples with respect and dignity.

    Fair or not, Mr. Trudeau is taking the blame for just about every travel woethese days: security delays and chaos at airports, days-long lineups for passports, flight cancellations. It’s all because of the federal government’s COVID-19 mandates and the ArriveCAN app, his critics protest. It’s not, of course, but the PM is wearing it anyway.

    In a response to a previous column, one letter writer suggested to me that when people feel their interests and values are systemically being disregarded by governments, they begin to look for alternatives – as unappealing as some of those other options might be to them. That may explain a recent Abacus poll that showed the Conservatives up five points over the Liberals if an election were to have been held last month.

    A dangerous rage is sweeping the land

    The same poll asked respondents if they had a positive or negative impression of Mr. Trudeau. Fifty-one per cent responded in the negative – his worst number on this question, ever. The survey also indicated that a dwindling number of people believe the country is heading in the right direction.

    Mr. Trudeau has always been unpopular in the Prairies. But that enmity is now spreading. There is an impression that the Prime Minister is a master of wedge politics, which has divided the country more than anything the Conservatives have done in recent memory. Many Canadians haven’t been able to trust the PM since the SNC-Lavalin scandal and his showdown with Jody Wilson-Raybould.

    Can Mr. Trudeau rise from the stupor in which he currently finds himself? It’s possible. He has a fairly long runway ahead of him thanks to the NDP. But a lot of the damage that has been done to the Trudeau brand is likely irreversible.

    The Prime Minister is many things, but stupid he is not. He can see what’s going on. The question is – what will he do about it?

  • Hong Kong’s Hang Seng drops around 2% as Asia markets slip; China’s inflation rises

    Hong Kong’s Hang Seng drops around 2% as Asia markets slip; China’s inflation rises

    • Asia-Pacific shares fell on Wednesday as investors digest inflation data from China and look ahead to the U.S. CPI report.
    • China’s consumer prices increased 2.7% in July compared with the same period in 2021, the most since July 2020.
    • Economists predict that consumer inflation in the U.S. will come in at 8.7%, compared with 9.1% in June, according to Dow Jones.

    https://www.cnbc.com/2022/08/10/asia-markets-china-inflation-cpi-earnings-economic-data.html

  • Telus’ Net Income Soars 45% In Q2 As It Reports Rise In Mobile, Internet Customers

    Telus’ Net Income Soars 45% In Q2 As It Reports Rise In Mobile, Internet Customers

    Telus Corp. says its net income soared by 45 per cent in its most recent quarter as the company nabbed more mobile phone and internet customers.

    The Vancouver telecommunications firm swung to a net income of $498 million in its second quarter, up from $344 million in the same period last year.

    The earnings for the period ended June 30 amounted to 34 cents per share, up 36 per cent from 25 cents per share.

    On an adjusted basis, Telus reported a $422 million profit in the quarter, up more than 21 per cent from $348 million during the same period in 2021.

    The company says it added 93,000 net new mobile phone subscribers and 34,000 net new internet service customers in the quarter.

    Its revenue reached $4.4 billion in the second quarter, up seven per cent from $4.1 billion a year ago.

    This report by The Canadian Press was first published Aug. 5, 2022.

  • Power Corp.’S Q2 Profits Fall 71 Per Cent To $527 Million

    Power Corp.’S Q2 Profits Fall 71 Per Cent To $527 Million

    Power Corporation of Canada says it earned $527 million in the second quarter, a 71 per cent decline from the prior year’s quarter.

    The Montreal-based management and holding company — which holds economic interests in insurance, retirement, wealth management and investment businesses — reported net profit of 78 cents per share, compared with the $994 million or $1.47 per share it earned in the second quarter of 2021.

    On an adjusted basis, Power Corp. reported second-quarter net earnings of $584 million or 87 cents per share, compared with $1.02 billion or $1.51 per share in 2021.

    Power Corp., which holds a 66.6 per cent interest in Great-West Lifeco, says that company’s contribution to its net earnings decreased by 6.5 per cent and contribution to adjusted net earnings was comparable with 2021.

    Power Corp. also holds a 62.2 per cent stake in IGM Financial Inc. and says that company’s contribution to net earnings decreased by 12.8 per cent.

    The company holds a 14.9 per cent interest in Groupe Bruxelles Lambert and says GBL had a negative contribution to earnings of $44 million in the second quarter, including fair value decreases and impairments in its alternative asset portfolio.

    This report by The Canadian Press was first published Aug. 5, 2022.

  • Barrick Gold Reports US$488 Million Q2 Profit, Up From US$411M A Year Ago

    Barrick Gold Reports US$488 Million Q2 Profit, Up From US$411M A Year Ago

    Barrick Gold Corp. reported a second-quarter profit of US$488 million, up nearly 19 per cent from US$411 million in the same quarter last year.

    The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 27 cents per diluted share for the quarter ended June 30 compared with 23 cents per share a year ago.

    Revenue for the quarter totalled US$2.86 billion, down from US$2.89 billion in the second quarter last year.

    Gold production in the quarter was 1,043,000 ounces, up from 1,041,000 in the same quarter of 2021, while its average realized gold price rose to US$1,861 an ounce compared with US$1,820 a year ago.

    On an adjusted basis, Barrick says it earned 24 cents per share, down from 29 cents per share a year ago.

    President and chief executive Mark Bristow says the company has continued to take steps to increase its sustainability.

    “There are challenging times ahead, but Barrick faces them with strong and agile leadership, a robust balance sheet, solid Life of Mine plans, a reliable cash flow and a strategy focused on sustainability and value creation,” he said in a statement.

    This report by The Canadian Press was first published Aug. 8, 2022.

  • Potential curb on Australian LNG exports is another blow to Asia-Pacific gas markets

    Potential curb on Australian LNG exports is another blow to Asia-Pacific gas markets

    • Asia-Pacific has been suffering months of tight LNG supplies and soaring prices in the region due to competition from European buyers looking to replace restricted Russian gas.
    • The Australian Competition and Consumer Commission called for Canberra to protect domestic gas supplies and curb exports after projecting the east coast of the country could suffer a shortfall next year.
    • This could make things tough for new LNG importers such as the Philippines looking to buy their first shipments this year.

    https://www.cnbc.com/2022/08/07/potential-curb-on-australian-lng-exports-is-another-blow-to-asia-pacific-gas-markets-.html

  • China’s July coal imports surge 24% to meet peak power load

    China’s July coal imports surge 24% to meet peak power load

    • China’s coal imports in July rose by nearly a quarter from June to near the highest levels so far this year as power generators increased purchases to provide for peak summer electricity demand.
    • The government has vowed to avoid power rationing this year and has urged coal-burning power generators, which supply about 60% of the country’s electricity, to enlarge coal stocks.
    • Data tracked by Refinitiv showed China’s seaborne coal imports from Russia would hit a record high of 7.38 million tonnes in July.

    https://www.cnbc.com/2022/08/07/chinas-july-coal-imports-surge-24percent-to-meet-peak-power-load.html

  • Earnings Due This Week

    Earnings Due This Week

  • Calendar: Aug 8 – Aug 12

    Calendar: Aug 8 – Aug 12

    Monday, August 8

    China foreign reserves, trade surplus, yuan financing, new yuan loans and M2 money supply.

    Earnings include: American International Group Inc.; Barrick Gold Corp.; Capstone Mining Corp.; CT REIT; Curaleaf Holdings Inc.; Dominion Energy Inc.; Hudbay Minerals Inc.; RioCan REIT; WSP Global Inc.

    Tuesday, August 9

    (6 am ET) NFIB U.S. small business economic trends survey for July.

    (830 am ET) U.S. productivity and unit labour costs for the second quarter. Unit labour costs are expected to be up 9.7% on an annualized basis.

    Earnings include: Andlauer Healthcare Group Inc.; Bausch Health Companies Inc.; Boardwalk REIT; Boyd Group Income Fund; Coinbase Global Inc.; Cronos Group Inc.; ECN Capital Corp.; Freehold Royalties Ltd.; Hydro One Ltd.; InterRent REIT; Kinaxis Inc.; Lundin Gold Inc.; Nuvei Corp.; Osisko Gold Royalties; Pet Valu Holdings Ltd.; Summit Industrial Income REIT; Superior Plus Corp.

    Wednesday, August 10

    China CPI and PPI data for July. They are expected to be up 2.9% and 4.9%, respectively.

    Germany and Italy CPI for July. Inflation in both countries is expected to be about 8.5% higher than a year ago.

    (7 am ET) U.S. MBA mortgage applications

    (830 am ET) U.S. consumer prices for July. Consensus calls for a rise of 8.8% from June – slightly tamer than May’s rise of 9.1% – or 6.1% when excluding food and energy.

    (830 am ET) U.S. wholesale inventories for June. They are expected to be up 1.9%, holding stable from May.

    (2 pm ET) U.S. budget balance for July.

    Earnings include: ATS Automation Tooling Systems Inc.; Ballard Power Systems Inc.; CAE Inc.; Canada Goose Holdings Inc.; Canadian Apartment Properties REIT; CCL Industries Inc.; Centerra Gold Inc.; Crombie REIT; Element Fleet Management Corp.; Emera Inc.; Franco-Nevada Corp.; Goeasy Ltd.; Granite REIT; Killam Properties Inc.; Linamar Corp.; Manulife Financial Corp.; Metro Inc.; Pan American Silver Corp.; Parex Resources Inc.; Peyto Exploration & Development Corp.; Russel Metals Inc.; Stantec Inc.; Stelco Holdings Inc.; Stella-Jones Inc.; Tricon Capital Group Inc.; Trulieve Cannabis Corp.; Walt Disney Co.

    Thursday August 11

    (830 am ET) U.S. initial weekly jobless claims

    (830 am ET) U.S. producer product price index final demand for July. It’s expected to be up 10.4%, easing from June’s reading of 11.3%.

    Earnings include: Algonquin Power & Utilities Corp.; Altus Group Ltd.; Brookfield Asset Management Inc.; Canadian Tire Corp. Ltd.; Chartwell Retirement Residences; CI Financial Corp.; E-L Financial Corp.; Equitable Group Inc.; Exchange Income Corp.; Filo Mining Corp.; H&R REIT; Lifeworks Inc.; Northland Power Inc.; Northwest Healthcare Properties REIT; Onex Corp.; Primo Water Corp.; Quebecor Inc.; Smart REIT; TransAlta Renewables Inc.; Vermilion Energy Inc.; Westshore Terminals Investment Corp.; Wheaton Precious Metals Corp.

    Friday August 12

    Euro area industrial production for June. France CPI for July. Also: UK GDP, services index, industrial production, manufacturing production and trade deficit data.

    (830 am ET) Canada construction investment for June.

    (830 am ET) Canada new motor vehicle sales for June, expected to be down 10% from a year ago.

    (10 am ET) U.S. import prices for July. They are expected to be up 9.3% from a year earlier, easing from June’s reading of 10.7%.

    (10 am ET) U.S. University of Michigan consumer sentiment for August. It’s expected to be at 52.0, up slightly from 51.5 in July.

    Earnings include: Cresco Labs Inc.; Dentalcorp Holdings Ltd.; Lassonde Industries Inc.; MDA Ltd.; Nexus REIT; Seabridge Gold Inc.