Here are five things you need to know this morning
Stocks rally and oil falls on Iran deal
Stocks are surging and oil prices are falling after the U.S. and Iran reached an interim peace agreement to reopen the Strait of Hormuz. Both sides still need to decide on the final steps related to the memorandum that’s set to be signed in Switzerland on Friday. The plan extends the ceasefire by two months and begins talks on restricting Iran’s enrichment of uranium. Iran is meant to reopen the strait immediately after the deal is signed.
Prime Minister Mark Carney is heading to Evian-les-Bains in France for the G7 summit. Early this morning, Carney said he would have an opportunity at the G7 to see what Canada and other countries can do to help reinforce progress on peace in the Middle East. While in Ireland over the weekend, Carney said the war in Iran was “topic number one” at the G7, adding that the war in Ukraine is also a key issue. The prime minister is scheduled to meet with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen today. Later, he will attend a working dinner on geopolitical and economic issues.
Joly in China to talk EVs
Industry minister Melanie Joly is in China this week to meet with four companies that are considering building electric vehicles here. The companies are BYD, Chery, Geely and Shangai Launch Automotive Technology’. Joly’s trip is looking to boost investment in Canada’s auto sector. She says she wants to see Canadian companies manufacture for Chinese EV-makers in factories and plants in this country.
Nuvei buying Payoneer for US$2.75 billion
Montreal-based Nuvei is buying U.S. company Payoneer for US$2.75 billion. The combined company will create a single partner to accept, hold and move money across more than 190 countries. It’s expected to generate about three billion dollars in annual revenue and process more than 500 billion dollars in annual payments. There were reports last week that the two companies were close to finalizing a deal.
Fox is buying streaming pioneer Roku in a cash-and-stock deal valued at about US$22 billion. The deal gives Fox access to the Roku channel, first-party data and more than 100 million global streaming households. Existing fox shareholders are expected to own 73 per cent of the combined company.
