Here are five things you need to know this morning
Iran warns oil tankers to use approved routes
Iran’s joint military command is warning that all oil tankers moving through the Strait of Hormuz must use its approved routes or face a “forceful response,” adding to tensions over the crucial waterway. The warning comes after both U.S. and Iranian diplomats met with mediators earlier this week in Qatar. The strait has been one of the top issues in negotiations as the countries seek an end to the war. The U.S. military’s central command says leaders have underscored their shared commitment to the free flow of commerce through the strait.
Alberta proposes southern route for new pipeline
The government of Alberta is proposing a southern route for a new oil pipeline for the west coast. The proposal marks a sharp turnaround for Premier Danielle Smith, who insisted that a channel to the Pacific should be routed to British Columbia’s northern coast. Prime Minister Mark Carney says the best route for a new pipeline is one that already exists. Alberta is partnering with federally owned Trans Mountain Corporation and Calgary-based Pembina Pipeline for the build, and it would follow the existing Trans Mountain route. The project is expected to deliver more than one million barrels a day to tankers, which would then ship to Asian markets. The project has yet to secure private-sector backing and several First Nations are opposing the build.
Ottawa, B.C. announce landmark agreement
Prime Minister Mark Carney has announced a landmark agreement to advance major projects in British Columbia. Ottawa will provide funding for energy, mining, and transportation projects in the province, including $3.5 billion for the North Coast Transmission Line and $500 million to expand the Red Chris copper and gold mine. The federal government will also provide up to $3 billion toward the replacement of the George Massey Tunnel. Carney says Ottawa will also maintain the existing oil tanker ban off B.C.’s north coast. Carney says the agreement will unlock the province’s full economic potential and will help Canada double its non-U.S. exports over the next decade.
Greater Toronto home sales up 9.4% Y/Y
Home sales across the Greater Toronto Area saw an increase last month. Data from the Toronto Regional Real Estate Board shows the number of keys changing hands rose 9.4 per cent compared to the year before. Meanwhile, the average selling price fell nearly four per cent. TRREB says the increase in sales marks an improvement in the second quarter after a slow start to the year. The board expects both accelerating transactions and more competition between buyers in the second half, which could push prices higher.
Are there still cheap stocks in this market? Value investor Lorne Steinberg says yes, if you know how to spot them. BNN Bloomberg contributor Jon Erlichman explains Steinberg’s test for what makes a stock cheap, plus eight quality names on his buy list.
