Here are five things you need to know this morning
“Landmark” Canada-China trade deal: Canada has reached a new trade deal with China. Prime Minister Mark Carney says Ottawa expects Beijing to drop canola seed duties to 15 per cent from 84 per cent by March 1, and called that “enormous progress.” Canadian canola meal, lobsters, crabs and peas will no longer be subject to Chinese “anti-discrimination” tariffs from March to at least the end of the year. There was no mention of canola oil, which is subject to a 100 per cent tariff. In return, up to 49,000 Chinese electric vehicles will be allowed into the Canadian market each year at a 6.1 per cent tariff instead of the current 100 per cent tariff. The announcement came after the Prime Minister met with Chinese President Xi Jinping looking to reset trade relations.
First Quantum reports Panama progress: First Quantum Minerals says the government of Panama will authorize the removal and processing of certain materials at the Cobre Panama copper mine. The Toronto-based miner says it is awaiting formal approval to carry out the activities in co-ordination with the government of Panama. First Quantum says the move marks a positive step, but that it does not constitute a reopening of the mine. Panama took control of the mine back in 2023.
Another TSX company going private: The Toronto Stock Exchange is losing another listing. Titanium Transportation Group has agreed to go private in a transaction valuing the company at $2.22 per share. The buyer is an acquisition group that includes the company’s president and chief executive officer. The offer comes at a premium of more than 40 per cent from Titanium’s recent trading price. The company is based north of Toronto. It has nearly 40 operating locations across North America.
Housing starts pick up: Housing starts picked up in Canada at the end of last year. Starts came in at a seasonally adjusted annualized rate of 282,439 units in December, an 11 per cent rise from the month before. Activity had been soft through the second half of last year, as the sector had been held back by uncertainty around the economy, tariffs and interest rates.
Paramount meets with Macron: Bloomberg News is reporting French president Emmanuel Macron met with leaders of Paramount Skydance to discuss the company’s hostile bid for Warner Brothers studio. The visit to France is said to be part of a larger European push for support from Paramount, with chairman David Ellison meeting in London with the culture secretary on Thursday. Despite Warner Brothers rejecting Paramount’s offer in favour of Netflix, Paramount continues to seek a deal.
