Here are five things you need to know this morning
Watching Carney: We are watching Ottawa for two expected events today. The Canadian Press is reporting the federal government and Ontario are set to sign a deal that will reduce the regulatory burden on large projects, including the road to the Ring of Fire area in Northern Ontario. The report says Ottawa has committed to completing its impact assessment on the same timeline as the province’s environmental assessment, as two First Nations groups say they are set to begin building the roads in 2026. Meanwhile, CTV News has confirmed PM Mark Carney will host a virtual First Ministers Meeting today. Recently these meetings have been held to update the Premiers on trade talks between Canada and the U.S. The last meeting was Nov. 17.
Warner favours Netflix: Warner Bros. Discovery is advising its shareholders to reject the hostile takeover bid by Paramount in favour of its original agreement with Netflix, deeming the Paramount offer inferior and inadequate. Executives from both Paramount and Netflix have argued they would be the best owners to utilize the Warner library to boost streaming operations.
Trump’s Venezuela blockade: Oil and gold traded higher this morning as U.S. President Donald Trump ordered a blockade of sanctioned oil tankers going into and leaving Venezuela. The move severely targets the country’s economy but will have a less profound impact on global markets due to the diminished status of its oil industry. The OPEC member’s crude output could potentially rebound if the governing regime were to change. The Maduro government has characterized the U.S. actions as a grab for Venezuela’s oil reserves, the biggest in the world.
Transalta ordered to operate power plant: A Canadian company has come into the crosshairs of the Trump administration. U.S. Energy Secretary Chris Wright has issued an emergency order directing TransAlta to keep Unit 2 of the Centralia Generating Station in Centralia, Washington available to operate. Unit 2 of the coal plant was scheduled to shut down at the end of 2025. The energy department says reliable supply of power from the Centralia coal plant is essential for grid stability in the U.S. Northwest.
Scotia to revive metals trading desk: Bank of Nova Scotia is planning to revive the metals trading desk it dismantled at the peak of the pandemic. The new desk will trade, lend and hedge raw materials including precious and base metals. The bank has hired recruiters to reach out to commodities traders, sales specialists and strategists to staff the unit. The move follows record-breaking rallies in gold, copper and silver that have renewed interest in metals trade.
