Here are five things you need to know this morning
Assessing Carney’s nation-building plans: The prime minister expressed support for five resource and infrastructure projects Thursday, citing the need to build a more prosperous Canada. That support will mainly involve streamlining regulatory assessments and helping to structure financing. At least two projects, the possible LNG Canada expansion and Foran’s copper mine in Saskatchewan, already have approvals, and there’s the question of soaring expenses and who will shoulder them. The cost of the new Port of Montreal terminal has risen to $2.3 billion from the previous estimate of $1.6 billion. Dawn Farrell, who previously oversaw the Trans Mountain pipeline expansion is in charge of Ottawa’s new major projects office and some of these projects are likely to spark friction with, if not outright opposition from, environmentalists and some indigenous communities.
Feds consider scrapping emissions cap: Reuters is reporting Ottawa is in discussions with energy companies and Alberta about eliminating a federal cap on emissions from the oil and gas sector if the industry and province reduce their carbon footprint in other ways. The report says the federal government has discussed removing the cap with oil companies and the Alberta government if they make other environmental concessions. Canada’s emissions cap has not yet been implemented through legislation, but the prospect of it has been criticized by Canadian oil and gas companies who have said it will force them to cut production.
Canada Post update: The union representing Canada Post workers will be giving an update on negotiations with the crown corporation on Friday. Last month, the union responded to management’s most recent offer with a proposal that asked for higher wages while making some allowances for part-time workers. The press conference will take place at 10 a.m. ET, where the union will answer questions and address what is calls misinformation around the bargaining process.
Adobe cashing in on AI: Shares of Adobe rose in the pre-market after the U.S. design software maker reported third-quarter results that topped analysts’ estimates. The company also gave a strong quarterly revenue outlook. The results suggested that it is seeing investment in new AI features pay off and spur growth for the company. Adobe’s CEO says recurring revenue from AI-influenced products has exceeded US$5 billion.
Warner Bros surges on bid reports: There are multiple reports that Paramount Skydance is working with an investment bank as it prepares an offer for Warner Bros Discovery. The reports sent Warner stock soaring by more than 28 per cent yesterday. Warner Bros. Discovery recently announced plans to separate its global TV networks – including TNT and CNN -- from its streaming business and studios. Paramount Skydance owns broadcast network CBS, as well as pay TV networks like BET, MTV and Nickelodeon, and streaming service Paramount+.
