US Economy Contracts by Most On Record In Q2, GDP Falls by 32.9%
The US economy contracted by most on record since the 1940’s, exposing the true extent of the damage caused by the coronavirus pandemic. According to latest data released by the Commerce Department, GDP fell by 32.9% in the second quarter, which is the sharpest decline on a quarterly basis compared to records that date back […]
Kirkland Lake Announces Revenues Of $581.0 Million, Net Earnings of $150.2 Million In Second Quarter 2020
Kirkland Lake Gold (TSX: KL) this morning released its second quarter financial results, demonstrating why M&A activity is about to heat up in the resources space. The company announced total revenues of $581.0 million, more than doubling its Q2 2019 results thanks in part to its acquisition of Detour Lake earlier this year, whom generated […]
Superior Gold Sees CEO Resign, Strategic Review Process Commenced
Superior Gold Inc (TSXV: SGI) announced this morning that it is in the process of conducting a strategic review process to explore potential alternatives for the firm to “maximize shareholder value.” Such actions could include a sale or merger of the firm, a joint venture, or new financing alternatives. In connection with the review process, […]
FSD Pharma To Forfeit Cannabis License, Liquidate FV Pharma To Focus On Coronavirus
FSD Pharma (CSE: HUGE) (NASDAQ: HUGE) this morning announced that it is going all in on the ongoing coronavirus pandemic, and as a result, is closing down its FV Pharma subsidiary. FV Pharma currently holds a Health Cannabis license to cultivate cannabis, which it intends to forfeit. Specifically, the company has notified Health Canada that […]
Fitch Ratings Reaffirms China’s A+ Credit Rating Amid Strong Coronavirus Recovery
While much of the US economy continues to struggle through the coronavirus pandemic, it appears that China has seemingly been faring much better than anticipated. Fitch Ratings has recently reaffirmed China’s long-term foreign currency issuer default rating at A+, stating a stable outlook in light of the country’s successful external finances and robust macroeconomic responses. […]
US Dollar’s Role as a Reserve Currency May Soon Come to an End: Goldman Sachs
As the Federal Reserve continues to pump trillions of dollars into the US economy, concerns over inflation continue to mount. As a result, Goldman Sachs warns that the US dollar may soon lose its leading role in the global markets, all while the price of gold continues to skyrocket. According to Goldman Sachs strategists, the […]
US Federal Reserve Maintains Current Interest Rates As Economic Activity Remains Low
The Federal Open Market Committee finished its two-day meeting on Wednesday, and has decided to keep interest rates at their current levels, citing continued declines in economic activity for the remainder of the year. In a much anticipated move, the US Federal Reserve announced it will maintain its benchmark overnight lending rate near zero, where […]
US Federal Reserve Extends Emergency Lending Programs to Dec. 31 Despite Lower Than Anticipated Uptake
As the US economy continues to struggle amid the coronavirus pandemic, the Federal Reserve has decided to extend its emergency lending programs by an additional three months, given the current anticipation of an increase in demand over the next several months. US Treasury Secretary Steven Mnuchin recently stated that he has approved three-month extensions on […]
Condo Sales Activity in Toronto Drops to Lowest Since 2009 While Prices Increase by 8%
The coronavirus pandemic has distorted housing markets across Canada, causing interest rates to drop to record-low levels, selling activity to diminish, and prices to increase. According to a recent Condominium Market Survey released by Urbanation Inc, the second quarter of 2020 saw new condo sales in the Greater Toronto Area fall by 85% to only […]
Oil Sands Production Expected to Decline by Most on Record in 2020, Rebound to Follow After Coronavirus Slump
Alberta’s oil sands have not been faring too well during the pandemic, as low oil prices and reduced demand have caused oil production to decline significantly. In fact, according to research firm IHS Markit, oil production in the oil sands will be the lowest on record in 2020, with a drop of approximately 175,000 barrels […]