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Bill coming to fix Ottawa’s environmental impact law, Wilkinson says
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The Liberals passed the act in 2019 to overhaul how major projects are assessed for their environmental and social impacts.
In October, the Supreme Court of Canada ruled the law was too broad because it allowed Ottawa to wade into provincial jurisdiction.
The new legislation to fix that is part of a plan Wilkinson is publishing today to speed up the regulatory approval and permitting process for major projects.
Canada needs massive investments in the electrical grid and potentially hundreds of new critical mineral mines to meet the growing demand of the clean tech revolution.
But it can take more than 15 years to get a new mine approved and built because of inefficiencies in the review process, a timeline Wilkinson says must be cut by more than half.
— The Canadian Press
11:00 a.m.
Industry group warns job vacancies are piling up at Ontario manufacturers
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CME says Ontario has more than 18,900 vacancies and about 7,000 confirmed new manufacturing jobs opening up.
The association says the industry could see as many as 18,500 retirements from baby boomers in the province every year between now and 2034.
It adds the labour shortage will be more pronounced in the auto and electric vehicle sector as EV production ramps up.
Dennis Darby, chief executive of CME, says manufacturing is more important than ever to Ontario’s future.
CME is calling on the provincial government to invest more in the training and skills upgrading of workers, bolster its tax credit for employer-led training and better align its programs to match employers with workers.
— The Canadian Press
10:40 a.m.
Markets open: U.S. stocks rise, TSX up on energy
U.S. stocks advanced as traders awaited earnings from a trio of megacaps, while weighing mixed economic data in the run-up to Friday’s jobs report.
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Oil rose on a news report that the United States approved plans for strikes in Iraq and Syria.
The S&P 500 was up 0.62 per cent, while the Dow Jones industrial average rose 0.32 per cent. The Nasdaq composite index was up 0.75 per cent.
In Toronto, the S&P/TSX composite index was up 0.49 per cent on strength in energy and materials stocks.
— Bloomberg
9:30 a.m.
Canada Goose revenue rises 6% from year ago
The luxury parka maker said the profit amounted to $1.29 per diluted share for the quarter ended Dec. 31 compared with net income attributable to shareholders of $134.9 million or $1.28 per diluted share a year earlier when it had more shares outstanding.
Revenue for the quarter totalled $609.9 million, up from $576.7 million in the same quarter a year earlier.
On an adjusted basis, Canada Goose says it earned $1.37 per diluted share in its latest quarter, up from an adjusted profit of $1.27 per diluted share a year earlier.
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In its outlook, the company said it expects revenue between $310 million and $330 million for its fourth quarter and an adjusted profit between two and 13 cents per diluted share.
For its full 2024 financial year, Canada Goose said it expects total revenue between $1.285 billion and $1.305 billion compared with its earlier guidance for between $1.2 billion and $1.4 billion. Adjusted net income per diluted share is now expected between 82 cents and 92 cents compared with earlier guidance for between 60 cents and $1.40.
— The Canadian Press
8:32 a.m.
AIMCo sets up $1B fund to invest in energy transition opportunities
The investment manager says the money represents new capital and investments made through the fund will be in addition to its other climate-related investments across asset classes.
AIMCo chief investment officer Marlene Puffer says it has been strategically evaluating climate change risks and opportunities for the last decade and the organization has a strong track record of making investments in the energy transition space.
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AIMCo says the new fund will look to offer exposure to a range of energy transition opportunities such as industrial decarbonization, carbon capture and sequestration.
Other areas could include renewable fuels, low-carbon renewable energy production and related technologies and electrification, storage and energy efficiency.
AIMCo invests on behalf of pension, endowment, insurance and government funds in Alberta and has more than $158 billion in assets under management.
— The Canadian Press
7:30 a.m.
Shell profits tumble by almost a third
London-based Shell said today its post-tax earnings fell 29 per cent, to US$28.3 billion from the previous year’s all-time high of US$40 billion.
The main reason behind the decline was the fall in energy prices, with oil trading at an average of US$82 a barrel against US$100 the year before.
Shell chief executive Wael Sawan said the company had “made good progress” over the year and that it would focus on “more value with less emissions.”
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— The Associated Press
Stock markets before the opening bell
Stocks looks set for a slight bounce after the steepest slump in four months Wednesday.
Chair Jerome Powell said after Wednesday’s decision he doesn’t think it’s likely the Fed will cut in March. In a sign that officials are not in a hurry to lower rates, the central bank also said it “does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 per cent.”
United States megacap earnings are back in focus, with Apple Inc., Amazon.com Inc. and Meta Platforms Inc. all due to release results.
— Bloomberg
What to watch today
Recommended from Editorial
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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