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☆ Canada's Rogers to sell $2.2 bln in bonds to repay debt
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSept 7 (Reuters) - Canada's Rogers Communications (RCIb.TO) said on Thursday it is pricing in a C$3 billion ($2.19 billion) bond offering to repay short-term debt and other borrowings. Rogers is selling its Canadian dollar-denominated senior bond in four parts, the telecoms company said in a statement, adding that the longest tranche of the offering, due for 2033, is priced at C$1 billion of 5.9% senior bonds. In March, Canada approved Rogers' buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network. ($1 = 1.3685 Canadian dollars)Reporting by Nilutpal Timsina in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Rogers, Nilutpal, Rashmi Aich, Sherry Jacob, Phillips Organizations: Rogers, Rogers Communications, REUTERS, Canada's Rogers Communications, Shaw Communications, Thomson Locations: Toronto, Ontario, Canada, Bengaluru

☆ Toronto stocks extend losses for third day as BlackBerry tanks
▼ + stars: | 2023-09-07 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1419 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 90.43 points, or 0.45%, at 20,136.53. Both the U.S.- and Canadian-listed shares of BlackBerry (BB.TO), tumbled over 15% after the technology company forecast a 21.4% decline in second-quarter revenue, due to weakness in its cybersecurity segment. Technology stocks (.SPTTTK) slumped 1.8%, leading sectoral declines and hitting their lowest levels in more than a month. Peyto Exploration & Development (PEY.TO) shares fell 2.4%, after the natural gas firm agreed to buy Spanish energy company Repsol's (REP.MC) assets in Canada for $468 million.

Persons: Chris Helgren, Peyto, Morningstar, Siddarth, Tasim Zahid, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Spain's, Toronto Stock, BlackBerry, Peyto, Development, U.S, Thomson Locations: Toronto , Ontario, Canada, Toronto, U.S, Bengaluru

Prelude, whose deck is longer than four soccer fields, was the world's first floating LNG facility to use novel technology and cost over $12 billion, according to estimates. That means the 3.6-million-ton-per-year LNG plant could continue to encounter operational issues, the sources said. A Shell executive said on Wednesday that Prelude was currently undergoing a major turnaround that would last around two months. The decision not to go ahead with extended repairs stemmed in part from concerns that Shell (SHEL.L) would miss out on sales of LNG at a time of strong demand, the sources said. Shell said in response that "turnarounds are a regular part of maintaining LNG facilities and are planned well in advance".

Persons: Chris Helgren, Shell, Wael Sawan, Sawan, Cederic Cremers, Ron Bousso, Nick Macfie Organizations: Shell, REUTERS, Companies Shell, LNG, Thomson Locations: Vancouver , British Columbia, Canada, Australia, China, Europe, Ukraine

The deal is seen as a bet on the future of natural gas in a regulated market even as energy companies and consumers are transitioning to a greener future by phasing out fossil fuels. But some analysts were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. Enbridge struck the deal just over a month after CEO Greg Ebel told analysts the company saw 'tuck-in' acquisition opportunities 'across the board'. By late morning, Enbridge shares were down 5.5% at C$45.50, while the benchmark Canadian share index was off 0.5%. Enbridge is selling new shares at a discount of 7.2% to its Tuesday close to part-fund the transaction.

Persons: Chris Helgren, Moody's, Morningstar, Stephen Ellis, Ellis, Enbridge, Greg Ebel, Wells, Mrinalika Roy, Denny Thomas, Anil D'Silva, Alexandra Hudson Organizations: REUTERS, Enbridge, Dominion Energy, East Ohio Gas, Public Service Co, Management, TC Energy, Alexandra Hudson Our, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, company's, Bengaluru

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. Analysts, however, were surprised at the timing, the scale and impact such a deal would have on the company's already leveraged balance sheet. "I don't see how you can keep piling more issuance - debt and equity - on this company at these rates. Enbridge shares provisionally closed down 5.9% at C$45.31, while the benchmark Canadian share index was off 0.9%. "While Enbridge paid a reasonable price, high leverage and funding gap could act as overhang," Wells Fargo analysts said in a note.

Persons: Chris Helgren, Ryan Bushell, Enbridge, Greg Ebel, Morningstar, Stephen Ellis, Ellis, Wells, Alan Armstrong, Mrinalika Roy, Nia Williams, Denny Thomas, Anil D'Silva, Alexandra Hudson, Devika, Marguerita Choy Organizations: REUTERS, Dominion Energy, Ohio Gas, Public Service Co, Newhaven Asset Management, Management, TC Energy, Williams Companies, Barclays CEO Energy, Power Conference, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, North Carolina, North America, Newhaven, Enbridge, New York, Bengaluru

The U.S. in January granted Venezuela's PDVSA, Shell and NGC a two-year authorization to revive the project, which could boost Trinidad and Tobago's gas processing and exports. Negotiations between the trio initially had progressed little over a U.S. demand that the proposed Dragon gas project exclude cash payments to Venezuela or its state companies. "Discussions on the Dragon project involving the governments of Venezuela and Trinidad and Tobago and Shell are ongoing and commercially confidential," Shell told Reuters. PDVSA, Venezuela's oil ministry and Trinidad's energy ministry did not reply to requests for comment. A second could connect to Shell's Hibiscus field on Trinidad's side, allowing gas to flow to Trinidad, the people said.

Persons: Chris Helgren, Venezuela's PDVSA, Biden, PDVSA, Shell, Stuart Young, Nicolas Maduro, Keith Rowley, Trinidad's, Curtis Williams, Marianna Parraga, Timothy Gardner, Marguerita Choy Organizations: Shell, REUTERS, Rights, Tobago's National Gas Company, NGC, Reuters, Trinidad's Energy, U.S . Treasury, U.S . State Department, Trinidad's, U.S, Washington, Thomson Locations: Vancouver , British Columbia, Canada, Trinidad, U.S, Venezuela, Trinidad and Tobago, Maduro, Guiria, Point Fortin, Houston, Washington

The logo of Calgary-based Enbridge, one of North America's largest energy infrastructure companies, is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Acquire Licensing RightsSept 5 (Reuters) - Enbridge (ENB.TO) will buy three utilities from Dominion Energy (D.N) for $14 billion including debt, the Canadian pipeline operator said on Tuesday, creating North America's largest natural gas provider and doubling its gas distribution business. The deals for East Ohio Gas, Questar Gas, and Public Service Co of North Carolina will consist of $9.4 billion in cash and $4.6 billion of assumed debt. U.S.-listed shares of Enbridge fell 6.5% to $33.01 in extended trading after the company also announced a C$4 billion ($2.9 billion) bought-share sale to fund a portion of the deal. The modest improvement in Enbridge's business risk profile is not enough to "offset ongoing pressure on the company's financial profile," said Gavin MacFarlane, vice president and senior credit officer at Moody's, in a statement.

Persons: Chris Helgren, Berkshire Hathaway, Greg Ebel, Enbridge, Patrick Murray, Moody's, Gavin MacFarlane, Morgan Stanley, Sullivan, Cromwell, McCarthy Tétrault, Arunima Kumar, David French, Denny Thomas, Shailesh Kuber, Sriraj Kalluvila, Richard Chang Organizations: REUTERS, Dominion Energy, East Ohio Gas, Public Service Co, Dominion, Federal Trade Commission, Foreign Investment, Co LLC, RBC Capital Markets, Thomson Locations: Calgary, North, Vancouver , British Columbia, Canada, Canadian, North Carolina, Enbridge, Point, United States, Ohio , North Carolina , Utah , Idaho, Wyoming, North America, Bengaluru, New York

☆ Citigroup's Russian subsidiary to halt ATMs in Russia by year end
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. In a statement, the bank said that all its cash machines in Russia would stop working by the end of 2023, and that customers could use mobile banking for most transactions. Citigroup Inc announced at the end of last summer that it was closing its Russian division, which resulted in a write-off of about $170 million. At the end of last year, Russian bank Uralsib (USBN.MM) announced that it had bought Citibank's portfolio of consumer loans and would continue servicing them. Reporting by Elena Fabrichnaya; writing by Felix Light; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Elena Fabrichnaya, Felix Light, Jason Neely Organizations: Citigroup Inc, Citi, REUTERS, Thomson Locations: Toronto , Ontario, Canada, Russian, Russia

☆ Shell to sell home energy business in UK, Germany to Octopus Energy
▼ + stars: | 2023-09-01 | by ( Susanna Twidale | ) www.reuters.com time to read: +2 min

The logo of British multinational oil and gas company Shell is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsLONDON, Sept 1 (Reuters) - Shell (SHEL.L) said on Friday it would sell its home energy business in the UK and Germany to British energy supplier Octopus Energy Group as part of a deal in which the two companies explore a partnership on EV charging. “This agreement follows the announcement during our Capital Markets Day to divest our home energy retail business in Europe,” said Shell Executive Vice-President Steve Hill. Shell Energy Retail Limited in the UK and Shell Energy Retail GmbH in Germany provide domestic gas, power and broadband services to about two million customers and operate under the Shell Energy brand. Shell and Octopus have also signed a memorandum of understanding to explore a potential international partnership over electric vehicles (EV) charging, including for Shell Recharge subscribers, Shell said.

Persons: Chris Helgren, ”, Steve Hill, Shell, Susanna Twidale, Radhika Anilkumar, Savio D'Souza, Chizu Organizations: Shell, REUTERS, Octopus Energy, EV, Shell Energy Retail Limited, Shell Energy Retail GmbH, Shell Energy, Gas, Shell Energy Retail, Thomson Locations: Vancouver , British Columbia, Canada, Germany, British, Europe, Britain, London, Bengaluru

☆ In surprise move, Canada pauses talks on trade treaty with India
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsOTTAWA, Sept 1 (Reuters) - Canada on Friday unexpectedly said it had paused talks on a proposed trade treaty with India, just three months after the two nations said they aimed to seal an initial agreement this year. Canada and India have been talking off and on since 2010 about a comprehensive economic partnership agreement. India and Canada said in May they aimed to seal an initial agreement this year to increase trade and expand investment while setting out a mechanism to deal with disputes. Last month, a top Indian trade official said New Delhi planned to hold bilateral free trade talks with Canada and other nations on the sidelines of a G20 summit next week. Neither Trudeau's office or the office of Trade Minister Mary Ng were immediately available for comment.

Persons: Justin Trudeau, Chris Helgren, we've, Sanjay Kumar Verma, Trudeau, Mary Ng, David Ljunggren, Jonathan Oatis, Andy Sullivan Organizations: Canada's, Seventh Assembly of, Global Environment, REUTERS, Rights, Canadian Press, Ottawa, Trade, Thomson Locations: Vancouver , British Columbia, Canada, India, New Delhi, Delhi

☆ US SEC accuses Citigroup of record-keeping violations related to underwriting expenses
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo/File Photo Acquire Licensing RightsCompanies Citigroup Inc FollowAug 29 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday issued a cease-and-desist order against Citigroup Global Markets Inc over accusations the company's underwriting business willfully violated record-keeping requirements. Citigroup, without admitting or denying the findings, agreed to the order and agreed to pay a $2.9 million penalty, according to an SEC statement. The SEC said that "from at least 2009 through May 2019, CGMI used an unsubstantiated and unverified method to calculate and record indirect expenses associated with its work as an underwriter." Reporting by Ismail Shakil, Dan Whitcomb and Tatiana Bautzer; Editing by Caitlin Webber and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, CGMI, Ismail Shakil, Dan Whitcomb, Tatiana Bautzer, Caitlin Webber, Jonathan Oatis Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, U.S . Securities, Exchange Commission, Citigroup Global Markets Inc, SEC, Thomson Locations: Toronto , Ontario, Canada

☆ Canada's competition bureau ordered to pay nearly $10 mln to Rogers, Shaw
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

The Rogers Building, the green-topped corporate campus of Canadian media conglomerate Rogers Communications is seen in downtown Toronto, Ontario, Canada July 9, 2022. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsCompanies Rogers Communications Inc FollowAug 29 (Reuters) - Canada's merger court asked the competition bureau to pay about C$13 million ($9.58 million) to Rogers Communications (RCIb.TO) and Shaw Communications for the lengthy court battle after its failed attempt to block the telecom firms' C$20-billion merger. The Competition Tribunal, Canada's merger court, in a ruling dated Aug. 28 said the Commissioner of Competition Matthew Boswell's approach to block the deal was "unreasonable". The Rogers-Shaw merger had faced intense opposition from Canada's antitrust regulator whose efforts to block it were rejected by the Competition Tribunal and a Canadian court. In March, Canada approved Rogers' buyout of Shaw Communications after securing binding commitments to pay financial penalties if it failed to create new jobs and invest to expand its network.

Persons: Chris Helgren, Matthew Boswell's, Boswell, Rogers, Shaw, Nilutpal Timsina, Sherry Jacob, Phillips Organizations: Rogers, Rogers Communications, REUTERS, Shaw Communications, Competition, Thomson Locations: Toronto, Ontario, Canada, Bengaluru

☆ TSX set to open flat ahead of data-packed week
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1105 GMT), after finishing the week flat on Friday. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended higher on Friday, lifted by gains in energy stocks. Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO), reporting this week. Wall Street futures edged higher on Monday.

Persons: Chris Helgren, Canada's, Shashwat Chauhan, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Bank of Canada, Toronto Stock, Bank of Montreal, Bank of Nova, National Bank of Canada, Wall, Brent, Thomson Locations: Toronto , Ontario, Canada, United States, China, Bank of Nova Scotia, Bengaluru

☆ China's Sinopec's interim profit down 20.1% on lower oil prices
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: +2 min

Chinese refiners overall benefited from cheap crude oil supplies from Iran, Venezuela and Russia, as Western sanctions forced those producers to sell oil at deep discounts to keep revenue flowing. Although state majors have shied away from Iranian and Venezuelan oil, Sinopec has been taking in Russian supplies, traders have said. Sinopec produced 139.68 million barrels of crude oil during the six months, up 0.02% year on year, while its natural gas output gained 7.6% to 660.88 billion cubic feet. Capital expenditure for the half-year came in at 74.67 billion yuan, versus 64.65 billion yuan a year earlier. Its Hong Kong-listed shares have risen 14.4% year-to-date, outperforming Hang Seng Index (.HSI) which has fallen 10.9% during the period.

Persons: Chris Helgren, Sinopec, Chen Aizhu, Judy Hua, Robert Birsel Organizations: China Petroleum & Chemical Corporation, REUTERS, Rights, China Petroleum & Chemical, Sinopec Corp, Thomson Locations: Vancouver , British Columbia, Canada, Iran, Venezuela, Russia, Sichuan, Hong Kong

☆ TSX ends lower as tech falls, investors weigh bank earnings
▼ + stars: | 2023-08-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 103.96 points, or 0.5%, at 19,775.83, giving back some of the previous day's rally. "Considering the softness on the U.S. side, the Canadian market held up well," said Lorne Steinberg, president, Lorne Steinberg Wealth Management Inc. Shares of Toronto-Dominion Bank (TD.TO) were down 3.2% after the bank missed analysts' estimates for quarterly profit. But Royal Bank of Canada (RY.TO) shares ended 2% higher as it beat estimates, helped by cost cutting measures.

Persons: Chris Helgren, Jerome Powell's, Lorne Steinberg, Steinberg, Fergal Smith, Siddarth, Marguerita Choy, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Tech, RBC, Toronto Stock, Federal, Lorne Steinberg Wealth Management Inc, Dominion Bank, Royal Bank of Canada, Thomson Locations: Toronto , Ontario, Canada, U.S, Toronto, Bengaluru

☆ TSX futures up on higher oil prices; bank earnings start on mixed note
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsAug 24 (Reuters) - Toronto futures crept higher on Thursday, pushed by oil prices, while Canadian big banks' quarterly earnings kicked off on a mixed note as Royal Bank of Canada beat profit estimates, while Toronto-Dominion Bank missed analyst expectations. Canada's main stock index (.GSPTSE) rebounded from a two-month low to close nearly 1% higher on Wednesday. Canada's largest bank, Royal Bank of Canada (RBC) (RY.TO) beat analysts' estimates for the third-quarter profit, boosted by cost-cutting measures and higher interest rates. The country's second-largest bank, Toronto-Dominion Bank (TD.TO), missed Bay Street estimates for quarterly profit as it set aside money to cover unpaid loans.

Persons: Chris Helgren, Jerome Powell, Siddarth, Tasim Zahid Organizations: Toronto Stock Exchange, REUTERS, Royal Bank of Canada, Dominion Bank, Oil, U.S . Federal, RBC, Nvidia, Brent, Thomson Locations: Toronto , Ontario, Canada, Toronto, Canada's, Bengaluru

"It's pleasing that Woodside has made our members a strong offer without industrial action being taken," Gandy added in a statement. The project in Western Australia, along with the Gorgon and Wheatstone LNG facilities of Chevron Corp (CVX.N), account for about one-tenth of global supplies. Workers at Chevron's facilities are also considering industrial action, and the combined threats had supported LNG prices over the past few weeks. The Woodside workers unions had threatened to strike as early as Sept. 2 unless their demands for better pay and conditions were met. Asia spot LNG prices remained supported at above $14 per million British thermal units at Wednesday's close, with traders still cautious about LNG supplies from Australia.

Persons: Chris Helgren, Brad Gandy, Woodside, Gandy, Warren Patterson, Saul Kavonic, Renju Jose, Florence Tan, Sonali Paul, Stephen Coates, Miral Organizations: Woodside Energy, REUTERS, Rights, Woodside, North West Shelf, Workers, Chevron Corp, Chevron, North West, Australia . Energy, Thomson Locations: Vancouver , British Columbia, Canada, Rights SYDNEY, SINGAPORE, Western Australia, Woodside, Asia, Wednesday's, Australia, Sydney, Singapore

REUTERS/Chris Helgren/File Photo Acquire Licensing RightsSINGAPORE, Aug 23 (Reuters) - Shell is considering a sale of its Singapore refining and petrochemical plants as part of a broader strategic review and has hired investment bank Goldman Sachs to explore a potential deal, said several sources close to the matter. "Our strategic review is ongoing and we are exploring several options including divestment," a Shell spokesperson told Reuters on Wednesday. Companies that are reviewing Shell's Singapore assets include Asia's largest refiner, China's Sinopec (600028.SS), as well as global trading companies Vitol and Trafigura, the sources said. For trading companies, the site is seen as a potential oil storage and distribution hub, some of the sources said. In March, Shell decided not to proceed with two projects it was studying to produce biofuels and base oils in Singapore.

Persons: Chris Helgren, Goldman Sachs, Wael Sawan, China's Sinopec, Shell, Trixie Yap, Chen Aizhu, Florence Tan, Tony Munroe, David Goodman Organizations: Shell, REUTERS, Rights, Reuters, Thomson Locations: Vancouver , British Columbia, Canada, Singapore, Jurong, Asia

☆ TSX hits a 2-month low as dividend-paying stocks fall
▼ + stars: | 2023-08-21 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 33.52 points, or 0.2%, at 19,784.87, its lowest closing level since June 27. "Interest rates continue to climb, which is something negative for the TSX which is littered with dividend payers," said Barry Schwartz, a portfolio manager at Baskin Financial Services. Stocks paying high dividends dominate the real estate, utilities and financials sectors. Shares of Restaurant Brands International (QSR.TO) gained 0.9% after J.P.Morgan initiated coverage on the stock with an "overweight" rating.

Persons: Chris Helgren, Barry Schwartz, Stocks, Fergal Smith, Shubham Batra, Shashwat Chauhan, Shilpi Majumdar, Deepa Babington Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, TSX, Baskin Financial Services, Bank of Canada, Technology, Restaurant Brands, Thomson Locations: Toronto , Ontario, Canada, Real, Toronto, Bengaluru

☆ Citigroup mulls plan to split its largest division - source
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The bank is unlikely to replace Ybarra, the head of its Institutional Clients Group (ICG), the source said on Monday. The plans are still being considered and have not been finalized, the source said. The ICG unit provides financial services to institutional investors and governments. Its shares fell 0.6% alongside a broader decline in the S&P bank index, which dropped 0.5% in Monday trading.

Persons: Chris Helgren, Paco Ybarra, Jane Fraser, Scott Siefers, Piper Sandler, Ybarra, Tatiana Bautzer, Saeed Azhar, Lavanya, Dhanya Ann Thoppil, Hugh Lawson, Mark Potter Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Ybarra, Group, ICG, Financial Times, Reuters, Thomson Locations: Toronto , Ontario, Canada, New York, Bengaluru

☆ Higher oil prices lift TSX at open
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsAug 21 (Reuters) - Canada's main stock index rebounded on Monday after a sharp selloff last week, led by a jump in oil prices, while investors awaited Federal Reserve Chairman Jerome Powell's comments later this week for clues on interest rates. At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 12.91 points, or 0.07%, at 19,831.3. Reporting by Shubham Batra in Bengaluru, Editing by Tasim ZahidOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jerome Powell's, Shubham Batra, Tasim Zahid Organizations: Toronto Stock Exchange, REUTERS, Federal, Toronto Stock, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ Citi mulls plan to split Institutional Clients Group in overhaul- FT
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. The plan envisages splitting the bank's Institutional Clients Group (ICG) into its three primary business segments: investment and corporate banking, global markets and transaction services, the FT report said, citing people familiar with the proposal. The Institutional Clients Group which provides financial services to institutional investors and governments is one of the biggest divisions of the bank. The new segments will be run by their current heads, who would report directly to Fraser, the newspaper said. Reporting by Lavanya Ahire in Bengaluru; Editing by Nivedita Bhattacharjee and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jane Fraser, Fraser, Paco Ybarra, Lavanya, Nivedita Bhattacharjee, Dhanya Ann Thoppil Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Financial Times, Group, ICG, Reuters, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

☆ Wildfire-hit British Columbia blanketed with hazardous smoke pollution
▼ + stars: | 2023-08-21 | by ( Nia Williams | ) www.reuters.com time to read: +3 min

[1/4] A boat passes under the Lions Gate bridge to enter Vancouver Harbour, shrouded in a haze of wildfire smoke, as seen from Cypress Mountain in North Vancouver, British Columbia, Canada, August 21, 2023. REUTERS/Chris Helgren Acquire Licensing RightsREVELSTOKE, British Columbia, Aug 21 (Reuters) - Millions of people in the western Canadian province of British Columbia were under air quality warnings on Monday as hundreds of wildfires filled the skies with smoke and turned the sun orange. In the cities of Kelowna and Kamloops, the air quality index (AQI) was above 350, a "hazardous" level, real-time air quality information platform IQAir showed. Wildfire smoke is a seasonal occurrence for much of heavily-forested British Columbia, but the number of wildfires and amount of land burned is trending higher as a result of climate change, increasing concerns about the impact on human health. "This type of extreme smoke event covering all of our province does not happen every year," said Jalena Bennett, smoke information specialist with BlueSky Canada, adding 2018 was the last time wildfire smoke was so widespread.

Persons: Chris Helgren, Jalena Bennett, Ash, Marie, Eve Hervieux, Bobby Sekhon, Nia Williams, Denny Thomas, Josie Kao Organizations: REUTERS, Rights, British Columbia, BlueSky, Environment, Thomson Locations: Lions, Vancouver, Cypress Mountain, North Vancouver, British Columbia, Canada, Rights REVELSTOKE, Canadian, British, Kelowna, Kamloops, Lahore, Pakistan, BlueSky Canada, Shuswap Lake, Environment Canada, Metro Vancouver, Revelstoke

But that can take time, analysts say, since airlines must manually override automated systems that raise fares in the case of higher demand. Here is a look at how airlines deal with a sudden surge in demand on a particular route. DISASTERS VERSUS HIGH DEMANDAirlines set a range of ticket prices based on factors like purchase timing and demand. They then allocate seats to each fare, explained Chris Amenechi, founder of startup SeatCash, which offers subscribers a product that predicts future flight prices. Travel site Expedia Group (EXPE.O) said air partners set flight prices and availability on its site.

Persons: Chris Helgren, Chris Amenechi, ”, Amenechi, Robert Mann, Mann, Allison Lampert, Doyinsola, Denny Thomas, Josie Kao Organizations: REUTERS, Air Canada, HIGH, CAP, Air, Expedia, Airlines, WestJet Airlines, U.S, Amtrak, Thomson Locations: Okanagan, West Kelowna, British Columbia, Canada, Yellowknife, Air Canada, Calgary, Maui, Honolulu, U.S, Washington, New York

☆ Fire tourists, drone fliers told to stay clear of British Columbia blazes
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +3 min

[1/2] People walk on a marina as smoke from wildfires hangs low in the Lake Okanagan city of Kelowna, British Columbia, Canada August 19, 2023. REUTERS/Chris Helgren Acquire Licensing RightsAug 19 (Reuters) - Wildfire tourists and drone operators who could be impeding the work of firefighters are being told by British Columbia officials that they are unwelcome while fast moving and unpredictable forest fires rage in the Canadian province. More than 35,000 people were under evacuation order by Saturday following British Columbia Premier David Eby's declaration of a state of emergency late on Friday, giving authorities more powers to tackle fire-related risks. Some 3,400 workers are involved in firefighting in British Columbia in western Canada. "Leaving Yellowknife, you're driving into the smoke," the 33-year old said of his 20-hour journey home to Calgary in Alberta province.

Persons: Chris Helgren, British Columbia Premier David Eby's, Bruce Ralston, Eby, Ralston, Ma, that's, Brent Saulnier, I've, Denny Thomas, George Sargent, Grant McCool Organizations: REUTERS, British Columbia, British Columbia Premier, Emergency Management, Climate Readiness, Thomson Locations: Lake Okanagan, Kelowna , British Columbia, Canada, British, Canadian, British Columbia, Canada's Northwest Territories, Yellowknife, Calgary, Alberta, Toronto

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