John Risley, the seafood magnate, got in bed with private credit giant HPS, and they’re taking everything in his flagship holding company
He owes HPS US$776-million, and is paying 28% annual interest in kind. He’s also got a $331-million tax bill from the CRA
www.theglobeandmail.com/business/art...
Dubai was the top destination for millionaire migration last year. Stability and political calm were a big reason for that
This weekend threw that promise into question. And it puts the Gulf, which has become a hub of global capital, in a new light
www.theglobeandmail.com/business/art...
The narrative around North American free trade isn’t pretty, so it was refreshing to hear Dom LeBlanc’s counter yesterday
There’s a “public prosecution” of free trade, he says. But, actually, behind the scenes the talks are quite cordial. Even “very friendly”
AI may not be propping up the US economy nearly as much as you think
The skinny: When calculating GDP, only the portion that is produced/manufactured in the US counts. With AI, a lot of the inputs, like chips, come from other countries
www.washingtonpost.com/technology/2...
But that can’t be the end of the story, because when it comes to Alabama, many Canadians would be floored by what’s happening there
One teaser: Alabama now produces nearly as many vehicles per year as Ontario
The idea has lingered for years, so it was time to investigate. Because if it's real, it has major implications for Canada’s standing on the global stage
On per capita GDP: It was quickly clear that its usefulness is hotly contested. No single data point can measure a country’s wellbeing
The argument started flying around economic circles in 2023 because of some number crunching that measured per capita GDP for every Canadian province and every U.S. state.
It took on a life of its own in 2024 when even The Economist wrote about it
For the past few years, I’ve been dying to know: Is Canada seriously poorer than Alabama?
So, some answers:
www.theglobeandmail.com/business/art...
“The 6-3 decision, released Friday, is a major rebuke of the President on a signature economic policy. However, it’s only a partial – and likely temporary – setback for the administration”
www.theglobeandmail.com/business/art...
Picking Victor Dodig, who, by coincidence or not, also worked with Telus board chair John Manley when the latter chaired CIBC’s board, brings back all the whispers about Canada’s old boys club.
www.theglobeandmail.com/business/com...
Of all the questions swirling around Telus Corp’s CEO shuffle, and there are many, two stand out.
The first: Was there really no one else? And, second, if that’s true, why not?
The surprise share sale, announced Tuesday, is designed to fix the balance sheet, but it's heavily dilutive
The problem: It had to be done because of the threat of a debt rating downgrade. No good options.
All makes for a scenario where no one's happy
Allied Properties REIT is now trading below its 2008 financial crisis levels. There's too much debt, and the Westbank development partnership played a big role in that
www.theglobeandmail.com/business/art...
A very good read. There's also another way of saying this: The rich get richer. Which is why the resentment keeps growing
www.wsj.com/economy/jobs...
The deal is being sold as an age-old 're-rating' opportunity, but both companies have development assets coming on stream this year, and that alone should have helped with re-rating
t's an all-Canadian mining deal, for one of Ottawa's 'major projects,' no less. And yet both miners' shares have tumbled on the news
Eldorado is buying Foran for $3.8-billion -- at time of announcement -- but investors aren't all that enthused
www.theglobeandmail.com/business/art...
"It’s like if Apple had actually built the long-rumored Apple Car and everything just…worked."
www.wsj.com/tech/persona...
Heated Rivalry is in the lede of Lex
All five developments are either in receivership or have restructured under creditor protection, according to a Globe and Mail analysis, and each of the five projects has borrowed more than $100-million from Romspen
www.theglobeandmail.com/business/art...
Investors in Romspen's $2.7-billion private real estate fund have been trapped for 3 years, and the chances of getting their money out any time soon aren't looking good, according to new intel
Romspen is struggling to recover money lent to 5 “large, complex” projects. 3 are in Canada, 2 in the US
This is a proxy war against a rival superpower (China). And who knows what payment Trump will demand. He tried to take Ukraine’s critical minerals, for instance.
Canadian companies - particularly miners - are caught in the middle
www.theglobeandmail.com/business/art...
If you think Trump’s done with Latin America, you need to read his official strategy. He’s not joking about going after cartels inside Mexico.
So far, there’s been some optimism from execs about more U.S. influence long-term. But the transition period could be very, very rocky
It’s about oil. Full stop. Trump’s own words:
“We’ll be selling large amounts of oil to other countries
“We’re going to be taking a tremendous amount of wealth out of the ground”
It’s a wrap on a year of complicated men
Howard Lutnick. Donald Trump. Doug Ford. Patrick Dovigi
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It's easy for wealthy former bankers, corporate lawyers and execs to give back, but it's a different calc for younger folks, who might go from making ~$500K a year as a VP in i-banking to $150K when they've got a mortgage and young kids. (Yes I understand how insane that sounds)
Ottawa’s newly created Major Projects Office is hunting for staff on Bay Street, and its requests to borrow, or second, top talent at the junior and mid-career levels are fuelling some anger, particularly over compensation
www.theglobeandmail.com/business/art...
Canada's real estate development industry is broken, or at least frozen, so Ottawa is weighing tax reforms to attract foreign capital
www.theglobeandmail.com/business/art...
Barrick's board chair considered carving up the Canadian gold miner into three parts and selling off its African mines, but instead doubled down on the risky jurisdiction
1) It backfired. And 2) An activist is now pushing him to split the miner again
www.theglobeandmail.com/business/art...
A very smart read on Europe's tough energy transition
Consumers and businesses are stuck in the worst of both worlds. Still at the mercy of electricity prices linked to importing fossil fuels while shouldering upfront costs to overhaul grids for intermittent renewables
www.wsj.com/business/ene...
Quite the read on Zelensky’s right-hand man, who just resigned as the Ukraine corruption probe widens
www.ft.com/content/4d61...
