Here are five things you need to know this morning
World effort to increase oil supplies amid Iran war: World governments are stepping up efforts to calm energy markets as the U.S. and Israel’s war on Iran chokes off supply routes and missile fire on both sides shows no sign of ending. Bloomberg News is reporting the International Energy Agency is proposing a release of emergency oil reserves in the range of as much as 400 million barrels, which would be the largest release in history. A decision is possible later today with G7 ministers meeting again to further their discussions.
Ottawa looks to boost energy production: Meanwhile Canada is urgently exploring options with provinces and the energy industry to boost oil supply. This, according to a spokesperson for Energy Minister Tim Hodgson. As trade disruptions caused by war in the middle east surge oil prices, Canada is looking at ways to increase output and adjust transportation if supply routes need to be changed.
Oracle tops expectations: Shares of Oracle traded sharply higher in the pre-market. The software company beat revenue expectations and posted a 68 per cent sales rise from the previous quarter. Oracle is working to deliver on massive cloud infrastructure contracts with customers like OpenAI and Meta. The company says it is delivering cloud capacity to customers, with 90 per cent in the quarter completed or ahead of schedule.
MDA Space plans U.S. listing: MDA Space is looking to raise $300 hundred million dollars in an initial public offering in the U.S. Last month, the CEO of the satellite company told Bloomberg a subsidiary in the U.S. or Europe would help the company become a government contractor in those jurisdictions. The Brampton-based company did not disclose how many shares it would offer, or the price per share.
Campbell’s forecast disappoints: Shares of Campbell’s traded lower in the pre-market. The packaged foods company cut its profit guidance for the full year, missing estimates. The American company says results fell short of expectations due to weaker than expected performance in snacks. Storm related shipment disruptions in January and the associated supply chain costs also hurt the bottom line.
