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West Fraser Timber closing Fraser Lake sawmill
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The Vancouver-based company said it’s unable to access economically viable fibre in the region.
West Fraser says the closure will affect about 175 employees, and it will mitigate the impact by providing work opportunities at its other operations.
The closure will reduce the company’s Canadian lumber capacity by around 160 million board feet.
The news comes after an announcement earlier in January that West Fraser was closing its Maxville, Fla., sawmill and indefinitely curtailing operations at its Huttig, Ark., sawmill.
The company attributed the decision to high fibre costs and soft lumber markets.
The Canadian Press
11:33 a.m.
‘Pharma Bro’ lifetime ban from drug industry upheld on appeal
The Manhattan-based federal appeals court on Tuesday cited “Shkreli’s pattern of past misconduct, the obvious likelihood of its recurrence, and the life-threatening nature of its results.” It upheld the ban and an order that he pay US$64 million over a scheme to control the market for the drug Daraprim.
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The court rejected arguments from Shkreli, 40, the former chief executive of Vyera Pharmaceuticals, who claimed the 2022 court order violated his constitutional rights, blocking him even from getting a job as a Walgreens cashier.
The three-judge panel noted that the ban allows Shkreli to accept limited types of employment with drug companies, subject to objections from the United States Federal Trade Commission and several states, including New York and California, that sued Shkreli for violating antitrust law. If he finds their objections unreasonable, he can take his complaint to the judge, the court said.
Shkreli in 2015 acquired the rights to Daraprim from the only supplier of the drug and immediately raised the price to US$750 a tablet from US$17.50, earning him the unofficial title of the “most hated man in America.”
The U.S> Probation Office in May said Shkreli was living with his sister in the New York City borough of Queens and making US$2,500 a month consulting for a law firm.
The case is Federal Trade Commission v. Shkreli, 22-00728, 2nd US Circuit Court of Appeals (Manhattan).
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Bloomberg
10:48 a.m.
BlackRock to invest $500 million Canadian Solar unit
A BlackRock fund is buying preferred equity in Canadian Solar’s Recurrent Energy unit that is convertible into a 20 per cent stake, according to a statement reviewed by Bloomberg News. Canadian Solar will continue to own a majority of the business.
The fresh capital will help Recurrent Energy expand its project development pipeline, as well as transition into being a developer and long-term owner and operator of assets in markets including the United States and Europe. The transaction is the first by BlackRock’s fourth climate infrastructure fund, which the firm launched in June with a target of US$7 billion.
The deal aligns with BlackRock’s ambitions to become a player in the rapidly growing market for alternative assets. This month, it agreed to buy Global Infrastructure Partners for about US$12.5 billion.
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Recurrent Energy had a development pipeline of 26 gigawatts in solar and 55 gigawatt-hours in storage as of end-September, according to the statement. The BlackRock investment will exclude Recurrent Energy’s project development business in Japan and China, as well as some assets in Latin America.
Founded in 2001, Canadian Solar has operations in more than 30 countries with 20,000 employees, its website shows. It holds a majority stake in Shanghai-listed CSI Solar Ltd., which encompasses solar module and battery storage manufacturing.
Bank of America Corp. and Banco Santander SA advised Canadian Solar on the deal.
Bloomberg
10:00 a.m.
Markets open: Wall Street mostly up on solid earnings outlooks
Stocks on Wall Street kept to small ranges ahead of a slew of company results that should offer insights on the state of the global economy.
The S&P 500 edged up 0.07 per cent while the Nasdaq 100 rose 0.14 per cent after positive earnings reports from United Airlines Holdings Inc., Verizon Communications Inc. and Johnson & Johnson. The Dow Jones Industrial Average fell 0.18 per cent.
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“The fourth quarter U.S. earnings season is off to a solid start, with over 80 per cent of companies that have reported so far beating profit estimates and forward guidance largely unchanged,” according to Solita Marcelli at UBS Global Wealth Management. “This bucks the normal trend whereby companies typically guide analysts to lower estimates.”
Equities have broadly shrugged off the United States Federal Reserve’s warnings that interest-rate cuts are some way off. Instead they have cheered the economy’s resilience even after the most aggressive policy-tightening cycle in decades.
In Canada, the S&P/TSX composite index was up 0.51 per cent at 21,031.04.
Bloomberg
9:29 a.m.
Pret A Manger joins rush of fast food outlets to Canada
Pret A Manger’s first standalone Canadian restaurant is opening today.
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The U.K. cafe chain with hundreds of international locations says the Toronto store is located at 90 Adelaide St. W in the heart of the city’s Financial District.
Its menu features a range of baked goods, salads, wraps, soups and sandwiches prepared onsite daily.
Pret favourites including its ham and cheese baguette, Mediterranean salad, croissants and organic coffee and tea will all be on offer.
The standalone store comes after A&W Food Services of Canada Inc. and Pret signed a deal in 2022 to bring the brand to Canada, initially through a pilot with grab-and-go Pret items sold at some A&W locations.
The Canadian Press
7:30 a.m.
Stock markets before the opening bell
Stocks kept to small ranges ahead of a slew of company results that should offer insights on the state of the global economy.
Europe’s Stoxx 600 index slipped about 0.3 per cent, boosted by commodity companies. U.S. equity futures were flat after another record close on Monday. Netflix Inc., Johnson & Johnson and Procter & Gamble Co. will report quarterly results today, and results from Tesla Inc. and Intel Corp. are due later this week.
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Meanwhile, Chinese markets rebounded after Bloomberg News reported that authorities are considering a package of measures to stabilize the slumping stock market. In currencies, the yen rose after the Bank of Japan signalled the door was open for an interest-rate rise in April.
“There’s been no sign so far of a U.S. recession, that’s why the fourth-quarter earnings season is so important,” said Kenneth Broux, a strategist at Societe Generale SA in London. “Investors will want to see what companies’ guidance is for 2024 on consumer demand and profit margins.”
The S&P/TSX composite index closed up 0.09 per cent on Monday.
Bloomberg
What to watch today
Prime Minister Justin Trudeau’s cabinet retreat continues in Montreal.
The Association of Mineral Exploration hosts its annual industry conference in Vancouver.
Canadian National Railway Co., Netflix Inc., Procter & Gamble Co., Johnson & Johnson report earnings today.
Recommended from Editorial
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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