Here are five things you need to know this morning
The federal government is set to announce its fiscal update this afternoon. According to recent data, Canada ran a budget deficit of close to $26 billion between April and February, much better than the $78 billion deficit projected in the annual budget plan. Prime Minister Mark carney yesterday said the update will deliver encouraging news on the country’s public finances. BNN Bloomberg will have live coverage of the federal government’s economic update beginning at 4PM eastern time, including interviews with former finance ministers John Manley and Joe Oliver.
The United Arab Emirates says it has decided to exit OPEC and OPEC+ as of May 1. The nation says the decision is in-line with its strategic and economic long-term plan. Following the exit, the UAE says it will continue to act responsibly and gradually increase production in a measure manner aligned with demand and market conditions. The UAE had been a longtime member of OPEC, first through its emirate of Abu Dhabi in 1967 and later when the UAE became its own country in 1971. The move had been rumored for some time, with the Emirates unhappy about production restrictions and increasingly difficult relations with neighboring Saudi Arabia.
Rogers offering employee buyouts
Rogers Communications is offering voluntary departure packages to a significant part of its workforce, as the telecom giant moves to cut costs amid slowing industry growth. Depending on the rate of acceptance, the offers could see as many as 10,000 employees leaving the company. The actual number of departures will likely be significantly less than that. Past examples of buyout programs suggest that around 10% apply for an exit package, which would represent about 1,000 employees in this case. Not everyone who applies will be accepted.
Barrick Mining expects to complete the initial public offering of its North American division by the end of this year. The spinoff is expected to have its primary listing in New York and secondary listing in Toronto. The miner also appointed seven executives dedicated exclusively to North American Barrick. The division will include stakes in its projects in the U.S. and the Dominican Republic.
