Here are five things you need to know this morning
Carney to announce ‘nation-building projects’: Prime Minister Mark Carney is speaking in Edmonton today, where he will be making an announcement about “nation-building projects that will connect and transform the Canadian economy.” CTV News is reporting that one of these projects will include a liquified natural gas (LNG) expansion project that will double Canada’s production. Other potential projects that may be on the list include mines, ports, nuclear projects and high-speed rail.
Premier backs Anglo-Teck deal: The Premier of British Columbia says Anglo American’s combination with Teck Resources is an “incredible opportunity” the federal government should consider as it reviews the deal. In an interview with Bloomberg News, David Eby said pledges by the companies to have Vancouver as the global head office of Anglo Teck and to invest further in Canadian projects constitute a “home run.” The two miners earlier this week agreed to create a more than $70 billion company in one of the biggest mining deals in over a decade. “I’m really challenged to imagine another bid that would meet those commitments or be able to top them,” Eby said. “It’s an incredible opportunity for British Columbia and Canada and I’ll be delivering that message directly to the federal government as they do their assessment of this bid.”
Barrick sells Canadian mine: Barrick Mining is selling its Hemlo mine in central Ontario for as much as $ 1.09 billion. The buyer is a Calgary-based company listed on the Venture Exchange called Carcetti Capital. Barrick’s CEO says the company is concentrating less on gold to focus more on copper. This deal leaves Barrick without any operating mines in Canada, where it was founded. Carcetti says it plans to change its name to Hemlo Mining Corporation.
Revenue, profit up at Empire: Profit in the latest quarter at grocery retailer Empire Co. came in in-line with expectations – though revenue was slightly below analyst estimates. Both figures were modestly higher compared to the same period last year. Same store fuel revenue was down as prices fell due to the removal of the federal carbon tax. Empire is the parent company to many grocery banners including Sobeys, Farm Boy and Safeway.
U.S. inflation accelerates: Inflation in the United States accelerated in August at a 2.9 per cent annual rate — a faster pace than in June and July. On a monthly basis, prices rose 0.4 per cent — a bit hotter than expectations. Core inflation, which strips out food and energy and is viewed as a steadier gauge of underlying pressures, rose 3.1 per cent from a year earlier, matching economists’ projections as well as July’s annual pace.
