Here are five things you need to know this morning
U.S. - EU tensions overhang Davos summit: European Commission President Ursula von der Leyen says the economic coercion U.S. President Donald Trump is threatening to acquire Greenland is a mistake and warned the European Union’s response would be “unflinching, united and proportional.” Speaking at the World Economic Forum in Davos, Ms. von der Leyen pushed back against Trump’s threats of tariffs on European allies until he is allowed to annex Greenland. The U.S. President, who has said there is “no going back” on taking Greenland, is due to arrive at the World Economic Forum Wednesday. U.S. stock markets are set to open more than one per cent lower in response to the turmoil.
Carney set to speak at WEF: Prime Minister Mark Carney is in Davos to pitch Canada as an investment destination at the World Economic Forum. Carney is scheduled to meet French President Emmanuel Macron and is set to deliver a keynote talk about the emerging new world order and Canada’s plans to take a pragmatic approach to dealing with it. Carney’s schedule has him leaving Wednesday afternoon to head back to Canada for a cabinet retreat Thursday and Friday.
Netflix goes all-cash in Warner bid: Netflix has tweaked its offer to buy Warner Brothers, in an attempt to push the proposed deal over the finish line. Netflix is now offering US$82.7B in cash for Warner’s. It was previously offering a mix of cash and Netflix stock. Warner plans to call a special meeting of shareholders to approve the deal. The changes are designed to expedite a sale and address claims by Paramount that its cash tender offer is superior.
Silvercorp deal in Kyrgyzstan: Vancouver-based Silvercorp Metals has acquired a 70 per cent stake in Chaarat Gold for US$162 million in cash. The gold mining company holds licensing rights to projects in Kyrgyzstan. The deal includes hosting fully permitted gold projects and surrounding exploration licenses. Silvercorp plans to invest US$150 million for phase one of the development of mines in the central Asian country.
BHP raises cost estimates for Saskatchewan project: The world’s largest mining company is raising cost estimates for a major potash project in Canada. The Jansen mine in Saskatchewan was approved in 2020 to 2021 for US$5.7 billion. Australian company BHP has now raised projected investment in the first phase to US$8.4 billion. First production is now expected in the middle of 2027.
