Here are five things you need to know this morning
Trump approves new Canada-U.S. oil pipeline: U.S. President Donald Trump has signed a permit for a new cross-border oil pipeline, reviving elements of the cancelled Keystone XL pipeline project. The pipeline will transport Canadian crude into Wyoming. it is being proposed by Bridger Pipeline, a private oil transportation company based in Wyoming. Keystone XL was proposed by Calgary’s TC Energy. Trump has said America doesn’t need Canada’s oil, but with this announcement officials are saying the new pipeline will support North American energy security.
Air Canada suspends outlook due to fuel price uncertainty: Air Canada has suspended its full year outlook, citing a surge in jet fuel prices linked to the Iran war. The airline says the spike is creating a significant shock for the industry and testing travel demand. Air Canada added it will try to offset some of the cost pressures while also adjusting its route network. Air Canada reported its latest results Thursday after the bell. Revenue and adjusted earnings both came in above estimates.
Apple’s rosy outlook: Shares of Apple traded higher in the pre-market after its revenue forecast for the third quarter came in above expectations. This comes even as the tech company warned that memory-chip costs will increase and that shortages of Mac computers will persist for “several months.” The outlook bodes well for incoming chief executive officer John Ternus, who takes the reins from Tim Cook on Sept. 1.
Agnico Eagle profit more than doubles: Agnico Eagle Mines beat analyst expectations on both profit and revenue in its latest quarter. The gold producer benefited from higher selling prices, with earnings more than doubling from a year ago. The company is also sticking with its forecast of at least 3.3 million ounces of gold production for this year. We’ll find out more when Agnico CEO Ammar Al-Joundi speaks to BNN Bloomberg today at 10:10 am ET.
5 software stocks AI can’t replace: Which software stocks can survive the AI shake-up? BNN Bloomberg contributor Jon Erlichman spoke with Citi software analyst Fatima Boolani about five companies she believes AI cannot easily replace.
