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European leaders debate timing of UK's exit; Britons sign petition for new EU vote - The Globe and Mail (subscription) + MORE Jun 26th
The Globe and Mail (subscription)European leaders debate timing of UK's exit; Britons sign petition for new EU voteThe Globe and Mail (subscription)German Chancellor Angela Merkel sought on Saturday to temper pressure from Paris, Brussels and her own government to force Britain into negotiating.... More »
Student Money Guide Jun 22nd
There’s more to college and university than just classes. Navigating the costs that come with a post-secondary program is just as much a learning experience as Psych 101—for both students, and the adults in their lives. The best time to start—both saving for school, and learning how to handle .... More »
Make your purchases count with credit card rewards + MORE Apr 29th
If you’ve been using the same no-annual-fee credit card for years, you could be missing out on a wealth of rewards. Credit cards with rich rewards programs often charge a higher annual fee, but if you shop around, you can find one of those rare cards that offers both great perks and a $0 annual fe.... More »
Markets are in turmoil. Where should you invest your RRSP? Feb 16th
Indexes have bounced around by hundreds of points within the space of a few hours. The fear this causes should be a factor in making RRSP decisions, writes Gordon Pape..... More »
Altcoins vs. bitcoin: What to consider while building your crypto portfolio + MORE Oct 20th
Cryptocurrencies have skyrocketed in popularity over the last couple of years. While bitcoin remains the “king of the hill” of virtual coins, some other altcoins (smaller cryptos) are gaining traction and market value, driven by broader acceptance among retail and institutional investors.
.... More »
Business Highlights
– canadianbusiness.com
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Markets reel as world absorbs shock of UK vote for Brexit
LONDON (AP) — Britain has jumped. Now it is wildly searching for the parachute.
The U.K.’s unprecedented decision to leave the European Union sent shockwaves through the country and around the world Friday, rocking financial markets, toppling Prime Minister David Cameron and even threatening the ties that bind the United Kingdom.
Britons absorbed the overwhelming realization that their anti-establishment vote has pushed the British economy into treacherous and uncertain territory and sparked a profound crisis for a bloc founded to unify Europe after the devastation of World War II.
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Global stocks tumble after Britain votes to leave the EU
NEW YORK (AP) — Stocks plunged in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy…
Markets reel as world absorbs shock of UK vote for Brexit
LONDON (AP) — Britain has jumped. Now it is wildly searching for the parachute.
The U.K.’s unprecedented decision to leave the European Union sent shockwaves through the country and around the world Friday, rocking financial markets, toppling Prime Minister David Cameron and even threatening the ties that bind the United Kingdom.
Britons absorbed the overwhelming realization that their anti-establishment vote has pushed the British economy into treacherous and uncertain territory and sparked a profound crisis for a bloc founded to unify Europe after the devastation of World War II.
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Global stocks tumble after Britain votes to leave the EU
NEW YORK (AP) — Stocks plunged in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy…
British brace for economic repercussions of EU exit decision
– canadianbusiness.com
LONDON – The British were warned for weeks that a vote to leave the European Union would result in economic pain. Now they’ll find out.
U.K. financial leaders are scrambling to reassure households, businesses and investors that they can contain the doom and gloom they had predicted in case of a British exit, or Brexit. The pound plunged to its lowest level in over 30 years on Friday, raising concerns about price inflation, and shares in the U.K.’s biggest banks and real estate builders posted double-digit declines as economists predicted the country would fall into recession.
Holly Miller, 32, said the vote would affect her economic life profoundly.
“I’m quite shocked by it all,” she said. “I’m just applying for a mortgage so we’re worried about that.”
In an early sign of problems, Moody’s Investors Service downgraded the U.K. outlook from “stable” to “negative.” The referendum result, it said, “will herald a prolonged period of uncertainty for the UK, with negative implications for the country’s medium-term growth outlook…
U.K. financial leaders are scrambling to reassure households, businesses and investors that they can contain the doom and gloom they had predicted in case of a British exit, or Brexit. The pound plunged to its lowest level in over 30 years on Friday, raising concerns about price inflation, and shares in the U.K.’s biggest banks and real estate builders posted double-digit declines as economists predicted the country would fall into recession.
Holly Miller, 32, said the vote would affect her economic life profoundly.
“I’m quite shocked by it all,” she said. “I’m just applying for a mortgage so we’re worried about that.”
In an early sign of problems, Moody’s Investors Service downgraded the U.K. outlook from “stable” to “negative.” The referendum result, it said, “will herald a prolonged period of uncertainty for the UK, with negative implications for the country’s medium-term growth outlook…
Most actively traded companies on the TSX
– canadianbusiness.com
Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (13,891.88, down 239.50 points):
B2Gold Corp. (TSX:BTO). Miner. Up 34 cents, or 12.23 per cent, to $3.12 on 12.6 million shares.
Yamana Gold Inc. (TSX:YRI). Miner. Up 46 cents, or 7.44 per cent, to $6.64 on 9.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financial Services. Down $1.39, or 7.42 per cent, to $17.35 on 9.4 million shares.
Kinross Gold Corp. (TSX:K). Miner. Up 41 cents, or 6.56 per cent, to $6.66 on 9.1 million shares.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 98 cents, or 9.97 per cent, to $8.85 on 8.9 million shares.
Baytex Energy Corp. (TSX:BTE). Oil and gas. Down 60 cents, or 7.84 per cent, to $7.05 on 8.6 million shares.
Companies reporting major news:
Aimia Inc. (TSX:AIM). Loyalty programs. Down 38 cents, or 4.63 per cent, to $7.82 on 398,246 shares. The Canadian company that runs the Nectar loyalty-points program in the United Kingdom says it doesn’t expect the Brexit vote or the weakness of the British pound to have a significant impact on its financial results in the medium term…
Toronto Stock Exchange (13,891.88, down 239.50 points):
B2Gold Corp. (TSX:BTO). Miner. Up 34 cents, or 12.23 per cent, to $3.12 on 12.6 million shares.
Yamana Gold Inc. (TSX:YRI). Miner. Up 46 cents, or 7.44 per cent, to $6.64 on 9.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financial Services. Down $1.39, or 7.42 per cent, to $17.35 on 9.4 million shares.
Kinross Gold Corp. (TSX:K). Miner. Up 41 cents, or 6.56 per cent, to $6.66 on 9.1 million shares.
First Quantum Minerals Ltd. (TSX:FM). Miner. Down 98 cents, or 9.97 per cent, to $8.85 on 8.9 million shares.
Baytex Energy Corp. (TSX:BTE). Oil and gas. Down 60 cents, or 7.84 per cent, to $7.05 on 8.6 million shares.
Companies reporting major news:
Aimia Inc. (TSX:AIM). Loyalty programs. Down 38 cents, or 4.63 per cent, to $7.82 on 398,246 shares. The Canadian company that runs the Nectar loyalty-points program in the United Kingdom says it doesn’t expect the Brexit vote or the weakness of the British pound to have a significant impact on its financial results in the medium term…
Judge says Energy Transfer Equity can quit Williams deal
– canadianbusiness.com
DOVER, Del. – Texas pipeline company Energy Transfer Equity L.P. can back out of its proposed $33 billion acquisition of Williams Cos., a Delaware judge said Friday.
The ruling came in a lawsuit filed by Williams to hold Energy Transfer to the deal.
The companies announced in September that Dallas-based Energy Transfer would acquire Williams, based in Tulsa, Oklahoma. Williams shareholders were to receive Energy Transfer stock, $6 billion cash, and a special dividend.
But the deal became less attractive as oil prices plummeted.
Energy Transfer later said it has been unable to get an opinion from attorneys confirming the transaction would be tax-free for Williams shareholders, which is a deal requirement.
Williams argued that Energy Transfer was using the tax opinion as a ruse to miss a June 28 merger deadline and was deliberately trying to scuttle the deal.
Shares in Williams fell $1.45, or almost 7 per cent, to $19.86 in after-market trading following the ruling. Energy Transfer rose $1…
The ruling came in a lawsuit filed by Williams to hold Energy Transfer to the deal.
The companies announced in September that Dallas-based Energy Transfer would acquire Williams, based in Tulsa, Oklahoma. Williams shareholders were to receive Energy Transfer stock, $6 billion cash, and a special dividend.
But the deal became less attractive as oil prices plummeted.
Energy Transfer later said it has been unable to get an opinion from attorneys confirming the transaction would be tax-free for Williams shareholders, which is a deal requirement.
Williams argued that Energy Transfer was using the tax opinion as a ruse to miss a June 28 merger deadline and was deliberately trying to scuttle the deal.
Shares in Williams fell $1.45, or almost 7 per cent, to $19.86 in after-market trading following the ruling. Energy Transfer rose $1…
What’s been said about Brexit vote by financial experts, politicians
– canadianbusiness.com
TORONTO – Comments from financial analysts and politicians on the economic ramifications of the Brexit vote:
“The Brexit result is a net negative for the global growth outlook, but it’s not a crippling blow. The initial financial market reaction was especially sour mostly because the market had become so convinced that Remain would win and not so much because it’s a massive negative for the outlook.” Douglas Porter, BMO Capital Markets chief economist.
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“Given the economic uncertainty, it is difficult to see how the U.K. economy will avoid a recession.” Benjamin Tal, deputy chief economist at CIBC World Markets Inc.
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“For now, the most immediate impact will be lower interest rates… The Bank of Canada will wait and see what happens… If anything, continued very low interest rates could further boost already hot Toronto and Vancouver housing markets.” Sherry Cooper, chief economist at Dominion Lending Centres.
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“In the longer term, the key issue for investors is whether Brexit marks a turn toward nationalism… Equity investors particularly have benefited from globalization over many decades as companies have been able to move production to lower-cost jurisdictions and penetrate new markets, providing a significant long-term tailwind to earnings…
“The Brexit result is a net negative for the global growth outlook, but it’s not a crippling blow. The initial financial market reaction was especially sour mostly because the market had become so convinced that Remain would win and not so much because it’s a massive negative for the outlook.” Douglas Porter, BMO Capital Markets chief economist.
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“Given the economic uncertainty, it is difficult to see how the U.K. economy will avoid a recession.” Benjamin Tal, deputy chief economist at CIBC World Markets Inc.
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“For now, the most immediate impact will be lower interest rates… The Bank of Canada will wait and see what happens… If anything, continued very low interest rates could further boost already hot Toronto and Vancouver housing markets.” Sherry Cooper, chief economist at Dominion Lending Centres.
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“In the longer term, the key issue for investors is whether Brexit marks a turn toward nationalism… Equity investors particularly have benefited from globalization over many decades as companies have been able to move production to lower-cost jurisdictions and penetrate new markets, providing a significant long-term tailwind to earnings…
