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April's unexpected acceleration in inflation to 4.4% from 4.3% in March has some economists forecasting a hike later this year. "Inflation has come down. We expect it will continue to come down," Macklem said when asked about the inflation figures published this week. He did, however, acknowledge that April inflation "did come in stronger than we expected." "While most households are proving resilient to increases in debt-servicing costs, early signs of financial stress are emerging," particularly among recent home buyers, according to the so-called Financial System Review.

☆ How to join a board of directors
▼ + stars: | 2023-05-18 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

NEW YORK, May 18 (Reuters) - When Hayley Woodin was thinking of giving back to the community while taking her career to the next level, one option stood out: serving on a board of directors. The Catch-22 is that companies want directors with board experience to fill board seats. Before you reach that stage, you will likely start on a volunteer board, as Hayley Woodin did. To find such opportunities, "often local boards of trade will host events designed to pair those looking for board experience, with organizations looking for board members," Woodin said. "If an organization is looking to bring someone onto their board, what is the first thing they are going to do?

☆ Investor Edenbrook Capital says Absolute Software's take-private deal undervalues company
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

May 18 (Reuters) - Investment advisory firm Edenbrook Capital sent a letter to the board of Canada's Absolute Software Corp (ABST.TO) saying the deal for the company to be taken private by Crosspoint Capital Partners "significantly undervalues" the firm. Edenbrook, which has a stake of 10.4% in Absolute Software, said on Thursday the "transaction is unfair to public shareholders". Last week, Absolute Software agreed to be bought by Crosspoint for $657 mln and said its shareholders will receive $11.50 per share in cash. Absolute Software and Crosspoint did not immediately respond to requests for comment. Shareholders are set to vote on the acquisition at a special meeting expected to be held in late June.

☆ A 26-year-old started living on sailboats because apartments were 'crazy expensive.' Now she and her husband see the most beautiful sights in the world from their 250-square-foot home — and are prepar
▼ + stars: | 2023-05-17 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +1 min

Maya, a 26-year-old from Canada's West Coast, fell in love with sailing around where she grew up. Maya, on Magic Carpet I, a boat she refitted with her husband, Aladino, a Swiss and Italian sailor and boat builder. Courtesy of Maya and Aladino"We have a massive housing crisis here, it's crazy expensive," she told Insider, of Canada's housing market. I was like, 'Well, I love sailing. Maya and her husband, Aladino, asked to be identified only by their first names to retain some anonymity in public-facing jobs.

However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

☆ Canada's annual inflation rate unexpectedly speeds up to 4.4% in April
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, May 16 (Reuters) - Canada's annual inflation rate surprisingly ticked up to 4.4% in April, as higher shelter costs contributed to the first acceleration in the consumer price index in 10 months, Statistics Canada data showed on Tuesday. Analysts polled by Reuters had expected the annual inflation rate to edge down to 4.1% from 4.3% in March. Higher rent and mortgage interest costs contributed the most to the annual inflation rate in April, Statscan said. The higher interest rate environment may have contributed to rising rents in April by stimulating higher rental demand, the agency said. The month-over-month inflation rate was driven by gasoline prices, which posted the largest monthly increase since October, following an announcement from OPEC+ to cut oil output, Statscan said.

OTTAWA, May 16 (Reuters) - Canada's annual inflation rate rose in April for the first time in 10 months, data showed on Tuesday, adding pressure on the central bank to raise interest rates again after having paused its tightening campaign since January. Annual inflation unexpectedly rose to 4.4% in April, Statistics Canada said. Higher rent and mortgage interest costs contributed the most to the annual inflation rate in April, Statscan said. The higher interest rate environment may have contributed to rising rents by stimulating higher rental demand, the agency said. Excluding food and energy, prices rose 4.4% compared with a rise of 4.5% in March.

☆ Oil recoups losses on plans for SPR refill, higher seasonal demand
▼ + stars: | 2023-05-09 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Companies Bank of America Corp FollowTOKYO, May 9 (Reuters) - Oil prices ticked up on Tuesday, reversing a more than 2% drop earlier in the session, as markets weighed U.S. government's plans to refill the nation's emergency oil reserve and anticipated higher seasonal demand. Brent crude settled 43 cents, or 0.6% higher, at $77.44 a barrel, while U.S. West Texas Intermediate (WTI) crude closed up 24 cents, or 0.3%, at $73.39. Biden administration plans to begin purchasing oil to replenish the Strategic Petroleum Reserve helped cover speculative short positions, said Robert Yawger, executive director of energy futures at Mizuho. A report from the Energy Information Administration (EIA) pointing to higher seasonal demand and lower-than-expected output also supported prices. "We expect the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months," the Energy Information Administration said in its Short-Term Energy Outlook.

☆ Oil prices ease in cautious trade ahead of US inflation data
▼ + stars: | 2023-05-09 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." "If tomorrow's CPI data remains at around 5% by market consensus, and if the core CPI does not drop significantly, it will likely continue to support the rise in oil prices," said CMC Markets analyst Leon Li. While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone.

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone. "Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.

☆ Oil prices dip in cautious trade ahead of U.S. inflation data
▼ + stars: | 2023-05-09 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Oil prices fell in early trade on Tuesday, paring strong gains from the previous two sessions as markets remain cautious ahead of U.S. inflation figures for April which will be key to the Federal Reserve's next interest rate decision. Markets are awaiting U.S. consumer price inflation figures for April due on Wednesday to provide some indication on the U.S. central bank's next rate decision. U.S. consumers said last month they expected slightly lower inflation in a year's time, a report showed on Monday. While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession in the U.S., the world's biggest oil consumer, eased and some traders saw crude's three-week slide on demand worries as overdone. "Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.

☆ Canada's Cenovus Energy shuts down some production due to Alberta wildfire
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +1 min

Companies Cenovus Energy Inc FollowMay 8 (Reuters) - Canada's Cenovus Energy Inc (CVE.TO) said on Monday it has shut down production plants in some areas of its conventional business, due to wildfires in Alberta. The company added that production of about 85,000 barrels of oil equivalent per day has been impacted in Cenovus' Rainbow Lake, Kaybob-Edson, Elmworth-Wapiti and Clearwater operating areas. Cenovus, one of Canada's top energy producers, said it was working with provincial and municipal agencies to support efforts and staff in the area. The company added that its 2023 production outlook remains unchanged. Canada's main oil-producing province Alberta on Saturday declared a provincial state of emergency due to wildfires.

TORONTO, May 8 (Reuters) - Canada's oil and gas producers shut down some production after Alberta was hit by an unprecedented wildfire season, although rain and cooler weather are expected to bring some relief on Monday. Canada is home to the world's third-largest reserves, and most of these are in northern Alberta's vast oil sands. NuVista Energy (NVA.TO) said on Monday it had temporarily shut in about 40,000 boepd as a precaution. In neighboring British Columbia, several communities remained under evacuation orders after heavy rain last week and flood warnings stayed in place. ($1 = 1.3319 Canadian dollars)Reporting by Denny Thomas; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

LONDON, May 4 (Reuters) - U.S. private equity firm Summit Partners is looking to sell a stake in Swiss wealth manager Cinerius Financial Partners amid increasing consolidation in the sector, two people familiar with the matter told Reuters. Summit intends to bring in another private equity fund to help fund Cinerius' growth, particularly through acquisitions, one of the people said. Asset manager BlackRock Inc (BLK.N) provides debt financing for Cinerius' acquisitions through its private credit arm, the person added. BlackRock, Cinerius and Summit Partners did not respond to requests for comment. Belgian private bank Degroof Petercam is reviewing strategic options after drawing interest from rivals, Reuters reported last Friday.

☆ Canada's Rogers beats profit estimates on wireless business strength
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Rogers Communications Inc (RCIb.TO), reported a better-than-expected quarterly profit on Wednesday, as gains in its wireless business helped offset weakness in its cable TV unit. The telecom giant's wireless revenue grew 10% in the first quarter. Rogers blamed increased competitive promotional activity and a decline in video and home phone revenue for the shortfall. In the three months ended March 31, Rogers added 95,000 monthly bill paying wireless phone subscribers, compared with 193,000 in the previous quarter. The Toronto Blue Jays owner is also seeing its media business recover from the effects of the pandemic.

☆ Somebody stole gold and other valuables worth $15 million from Canada's busiest airport, police said
▼ + stars: | 2023-04-21 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Thieves made off from Toronto Pearson airport with gold and valuables worth $15 million, police said. The gold was part of an intra-bank trade involving TD Bank, per a memo seen by the Toronto Sun. Police are investigating a "very rare" heist in which gold and other valuables worth more than C$20 million (about $15 million) were stolen from Canada's busiest airport. This did not involve access to Toronto Pearson itself and did not pose a threat to passengers or GTAA staff." Air Canada, and TD Bank didn't immediately respond to requests for comment from Insider, made outside normal working hours.

☆ Federal government to restore Hockey Canada funding
▼ + stars: | 2023-04-16 | by ( Steve Keating | ) www.reuters.com time to read: +2 min

BRAMPTON, Ontario, April 16 (Reuters) - The Canada government will restore funding to Hockey Canada after the body met three conditions to make the sport safer, said Minister of Sport Pascale St-Onge on Sunday, ahead of the women's ice hockey world championship gold medal game between the United States and Canada. Hockey Canada had its funding frozen last year when the national governing body came under scrutiny over its handling of sexual assault allegations. "Today marks an important milestone for Hockey Canada in our journey to earn and maintain the trust of Canadians," said Hugh Fraser, chair of the Hockey Canada Board of Directors. Hockey Canada must also review and implement the recommendations from the independent governance review led by Thomas Cromwell. CBC reported that Hockey Canada received $7.7 million from Sport Canada in the 2022 fiscal year.

☆ Bank of Canada says rates may have to remain restrictive for longer
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, April 12 (Reuters) - Interest rates in Canada may have to stay restrictive for longer to ensure inflation declines to the Bank of Canada's 2% target, Governor Tiff Macklem said on Wednesday. Macklem, speaking after the bank announced that it was holding its key rate at 4.50%, said the central bank's governing council had discussed whether rates had been raised enough. Macklem said that while the bank was encouraged inflation was dropping, the job of monetary policy was not done. "We considered the likelihood that the policy rate may need to remain restrictive for longer to return inflation to the 2% target," he said. (Reporting by David Ljunggren, editing by Steve Scherer)((Reuters Ottawa bureau, david.ljunggren@tr.com))Keywords: CANADA CENBANK/MACKLEMOur Standards: The Thomson Reuters Trust Principles.

☆ Canadian Olympians among 333 banned from entering Russia
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Some of Canada's best known athletes, including Olympic gold medallists Tessa Virtue and Hayley Wickenheiser, have been included on a list of 333 Canadians banned from entering Russia, the Russian Foreign Ministry said on Wednesday. Most of the athletes on the list are retired Canadian Olympians who signed a letter last month urging the Canadian Olympic Committee (COC) to support a ban of Russia and Belarus from taking part at the 2024 Paris Summer Games unless Russia withdraws from Ukraine. The sanctions are mostly symbolic, with Russia banned from hosting major sporting events and Canadian athletes having no reason to travel to the country. Others on the list barred from entering Russia include the Governor General of Canada Mary Simon and members of the Ontario, Alberta and British Columbia provincial legislatures. Reporting by Steve Keating in Toronto, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

TORONTO, April 10 (Reuters) - Glencore Plc (GLEN.L) Chief Executive Gary Nagle plans to meet with some of Teck Resources Ltd's (TECKb.TO) Canadian shareholders in Toronto this Thursday to personally lobby them for support of Glencore's proposed takeover of the copper and zinc miner, according to a source who was invited. Royal Bank of Canada's (RY.TO) RBC Capital Markets will host the Toronto lunch meeting, according to Jonathan Case of CI Global Asset Management, a Teck shareholder who was invited. RBC has been one of Glencore's bankers in the past. Teck's executives on Monday reinforced their rejection of Glencore's unsolicited $22.5 billion takeover offer. Reporting by Divya Rajagopal in Toronto; Editing by Ernest Scheyder and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

☆ How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-10 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp., Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ Freezing rain in Canada leaves more than a million without power
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

Tony Salador via REUTERSOTTAWA, April 6 (Reuters) - More than 1.2 million people were without power in Canada's two most populated provinces, Ontario and Quebec, on Thursday morning a day after freezing rain and strong winds hit the southeast of the country, toppling trees onto power lines. "We are confident that we can restore power to some of the affected customers today," Hydro-Quebec said in a statement. In Ottawa, crews were expected to restore power for a large portion of some 65,000 affected customers by noon, mayor Mark Sutcliffe said. Some areas in the national capital "remain hazardous due to fallen debris and power outages affecting traffic signals," he said. Montreal is among the worst affected by the power outages after Wednesday's ice storm, according to Hydro-Quebec.

The economy gained a net 34,700 jobs, almost entirely in the private sector, and the unemployment rate held steady at 5.0%, Statistics Canada reported. Analysts surveyed by Reuters had forecast that a net 12,000 jobs would be gained in March and the unemployment rate would edge up to 5.1%. Since December, the jobless rate has stayed just a notch above the record low of 4.9% observed in mid-2022. Thursday's jobs figures as well as robust GDP data released last week are likely to complicate the central bank's plans to avoid further rate moves. There were 18,800 full-time jobs added in the month, and 15,900 part-time jobs.

☆ Why two of North America's richest families are coming together to fortify Greg Fleming's Rockefeller Capital Management
▼ + stars: | 2023-04-05 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

A firm owned by one of Canada's richest clans has invested $622 million in wealth firm Rockefeller. Two of North America's richest families have partnered up to invest in wealth management powerhouse Rockefeller Capital Management. The Desmarais family invested $622 million through the Power Corporation of Canada, the financial services conglomerate the family controls, for a 20.5% stake in Rockefeller Capital Management. Paul's son and deputy chairman of Power Corp, Andre Desmarais considered the late David Rockefeller Sr. as a mentor. Courtesy of Rockefeller Capital ManagementThe Desmarais family has worked with Rockefeller on big dealsRockefeller chief executive Fleming also has a two-decade-long relationship with the Desmarais clan.

☆ C$ posts biggest gain in nearly 2 months on OPEC+ output cut
▼ + stars: | 2023-04-03 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The price of oil, one of Canada's major exports, settled 6.3% higher at $84.93 a barrel as the Organization of the Petroleum Exporting Countries and allies, or OPEC+, jolted markets with plans to cut more production. The Canadian dollar was trading 0.8% higher at 1.3412 per greenback, or 74.56 U.S. cents, its biggest single-day advance since Feb. 10 and its strongest level since Feb. 16. Canadian government bond yields eased across the curve, tracking the move in U.S. Treasuries. The 10-year was down 1.5 basis points at 2.884%, while the gap between it and its U.S. equivalent narrowed by four basis points to 55.1 basis points in favor of the U.S. bond. Reporting by Fergal Smith; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

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