Here are five things you need to know this morning
Oil rebounds on Iran ceasefire skepticism: The price of oil rebounded in early trading on skepticism over a fragile and muddled ceasefire deal between the U.S. and Iran. Doubts about the durability of the ceasefire arose just hours after the announcement as a round of intense Israeli strikes on Lebanon killed and injured hundreds. Iran again closed the Strait of Hormuz in response to the attacks in Lebanon. That sent oil prices climbing back toward US$100 a barrel, reversing an earlier plunge on optimism over the temporary ceasefire agreement.
Blackberry tops expectations: Shares of Blackberry traded higher in the premarket after the long-running Canadian technology company posted fourth‑quarter sales that beat estimates. Blackberry also raised its revenue outlook for the first quarter. Momentum continued in its QNX division, which provides secure, real-time operating systems used in mission-critical embedded systems, most notably in automobiles. CEO John Giamatteo says the business is highly regulated and delivers mission‑critical solutions, strengthening the company against generic products.
Roots swings to profit: Roots swung to a profit in its latest quarter, as sales topped expectations. Revenue rose by more than five percent, and margins improved. The Toronto-based clothing retailer launched a strategic review last month that could include the sale of the company. CEO Meghan Roach says the company is pleased with the level of interest and engagement in the process.
Job cuts at CAE: CAE is cutting 280 jobs from its global workforce. The flight training company says 180 of those positions will be in Quebec. The move is part of a restructuring and will include jobs in contracts, procurement and technical areas. The firm says it has to take several necessary steps to respond to market changes, including soft demand in its civil aviation unit, as well as opportunities in its defence and security segment.
$3B mining deal: G Mining Ventures is buying G2 Goldfields in an all-stock deal valued at about $3 billion. The Quebec-based company calls the transaction a uniquely synergistic acquisition that will create a tier‑one gold mining hub in Guyana. Executives say the combined projects in the region will deliver significant results. They say shared infrastructure will lower operating costs and increase production. We’ll find out more when we speak with G Mining CEO Louis-Pierre Gignac today just after 11am eastern time.
