(Illustration: Camille Charbonneau)
THE ESSENTIAL NEWS
• Buffett says Berkshire is in good hands and praises Apple despite reducing its stake. Warren Buffett assured Berkshire Hathaway shareholders on Saturday that his successors were ready for the job, and he praised Apple even though Berkshire had reduced its position in the group.
• The Chinese group Sinopec is in talks to purchase gas and a stake in Cedar LNG in Canada. China’s Sinopec is in talks with Pembina Pipeline for a liquefied natural gas (LNG) sales deal and for a stake in the Canadian company’s proposed Cedar LNG project, two sources with knowledge of the matter told Reuters .
• TD Bank said a complete review of its anti-money laundering program is underway. Canada’s second-largest bank said Friday that a comprehensive review of its anti-money laundering program in the United States and around the world is well underway.
• WestJet reaches agreement in principle to avoid shutdown of maintenance engineers. The Canadian airline WestJet has reached an agreement in principle with the union representing its maintenance engineers in order to avoid a shutdown of their activities, the two parties announced in a joint press release.
• The suitors for the takeover of Paramount are awaiting the conclusions of the special committee responsible for evaluating the different options. A special committee of Paramount Global’s board charged with evaluating takeover bids for the company met Saturday morning as suitors wait to hear next steps.
TRENDS BEFORE OPENING
THE futures of the main Canadian stock index are on the rise while oil price are progressing, supported by the increase in the price of crude oil in Saudi Arabia in June and by fears of a worsening of the conflict between Israel and Hamas. THE gold price are also progressing due to the weakening of American dollar after the publication on Friday of a weaker than expected employment report in the United States. This indicator has revived bets on a fall in interest rates, which should allow the New York stock market to open higher on Monday. THE Chinese stocks rebounded following indications from the Chinese Communist Party Politburo regarding support for the economy. In Europe continental, the actions advance on optimism about rate cuts and gains in the energy sector. While the yen weakened after a strong rally last week, traders were cautious about the possibility of further volatility.
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HEADLINES TO FOLLOW
• Toronto-Dominion Bank (TD): Canada’s second-largest bank said Friday that a comprehensive review of its anti-money laundering program in the United States and around the world is well underway. The bank reported investing more than CA$500 million in remediation and platform enhancements to address these issues. The bank also said it had hired anti-money laundering professionals and made significant investments in technology to improve its anti-money laundering compliance. “Our efforts have resulted in tangible improvements, but there is still work to be done. We continue to work closely with our regulators to accelerate our progress and meet our obligations,” said Bharat Masrani, Chief Executive Officer of TD Bank.
• Pembina Pipeline Corp: China’s Sinopec is in talks with Pembina Pipeline for a liquefied natural gas (LNG) sales deal and for a stake in the Canadian company’s proposed Cedar LNG project, two sources with knowledge of the matter told Reuters . Cedar would produce 3 million tonnes of LNG per year, following completion in 2028, pending a final investment decision in mid-2024. Combined with the larger LNG Canada project, led by Shell and under development, the terminals would allow Canadian gas to access Asian markets, reducing its dependence on sales to the United States. Sinopec is in talks to buy 1.5 million tonnes per year of Cedar’s LNG output under a purchase contract held by Pembina, two of the sources said, declining to be named as the discussions do not are not public. One of the sources said Sinopec was under pressure from the Chinese government to find a way to make the assets more profitable.
