Federal Reserve Cuts Interest Rates 25 Bps, Signals Cautious Optimism
The Federal Reserve announced a quarter-point cut in its benchmark interest rate on Wednesday, lowering the target range to 4.25% to 4.5%. This marks the third rate reduction in 2024, bringing the total cuts to 1 percentage point since September. In its statement, the Federal Open Market Committee noted that economic activity continues to expand […]
Canadian Western Bank’s Profit Drops 17% As Provisions for Credit Losses Spike Over 400%
Canadian Western Bank (TSX: CWB) has released its fourth-quarter and fiscal year 2024 financial results, revealing mixed performance characterized by revenue growth, heightened credit provisions, and operational challenges. For fiscal 2024, CWB reported common shareholders’ net income of $268 million, a decline of 17% compared to $324 million in 2023. This translated to diluted earnings […]
Biden Finally Takes Side in Congressional Trading Dispute
In his last few weeks in office, President Joe Biden is voicing support for banning members of Congress from trading stocks, a significant shift in his position on a long-standing controversy over congressional trading. “Nobody in the Congress should be able to make money in the stock market while they’re in the Congress,” Biden said […]
Honda-Nissan Merger Talks Poised To Create A $54B Auto Industry Giant
Japanese automakers Honda Motor Co. and Nissan Motor Co. have initiated discussions regarding a potential merger, in a move to enhance their competitiveness in the rapidly evolving electric vehicle market. This development comes as traditional car manufacturers face mounting pressure from industry leaders like Tesla and emerging Chinese companies such as BYD. According to reports, […]
Organigram Reports Revenue Growth in Fiscal 2024, But Net Losses Continue
Organigram Holdings Inc. (TSX: OGI) has reported its financial results for fiscal year 2024, ending September 30, 2024, posting annual net revenue of $159.8 million, up 6% compared to $150.4 million in fiscal 2023. This modest growth stemmed primarily from increased recreational cannabis sales and expanding international revenues. While the increase is noteworthy in a […]
Torex Gold To See Production Resume At Morelos Complex
Operations are set to restart at Torex Gold’s (TSX: TXG) Morelos Complex in Mexico, following the Director General of Mines under Mexico’s Federal Ministry of Economy lifting the temporary suspension of operations. The suspension had been put in place following an incident that saw three workers killed due to carbon monoxide poisoning at the underground […]
Hot Chili Hits 0.5% Copper, 0.3 g/t Gold Over 308 Metres At La Verde
Hot Chili Limited (TSXV: HCH) has released the first set of drill results from its La Verde project in Chile. The results come from a 6,000 metre drill program that is currently ongoing. Highlights from the results include: The results are said to reflect a “significant copper-gold discovery” at La Verde, which is found 30 […]
Patriot Battery Metals Secures $69 Million Investment From Volkswagen, Enters Offtake Agreement
Patriot Battery Metals (TSX: PMET) has secured a major investment from Volkswagen, with the automaker set to take a 9.9% interest in the lithium explorer. The arrangement will see Volkswagen acquire 15.6 million common shares of Patriot at a price of $4.42 per share, which represents a 65% premium to the 30 day volume weighted […]
Meta Hit with €251 Million Fine Over 2018 Data Breach
Ireland’s data protection watchdog has fined Meta Platforms (Nasdaq: META) €251 million over a 2018 data breach that exposed personal information of approximately 29 million Facebook users worldwide, including 3 million in the European Union. The Irish Data Protection Commission announced two decisions on Monday following own-volition inquiries into the breach, which occurred when unauthorized […]
Jaguar Mining Sees Turmalina Mine Shutdown By Regulators
Jaguar Mining (TSX: JAG) is facing further difficulties at its Turmalina Mine in Minas Gerais, Brazil. The mine this morning saw the Regional Superintendence of Labor of Minas Gerais suspend operations at the mine as a result of safety risks. The suspension follows the company experiencing a landslide associated with its dry stack tailings on […]