Here are five things you need to know this morning
Rogers buying remaining stake in MLSE
Rogers Communications Inc. is buying the remaining 25 per cent ownership stake in Maple Leaf Sports and Entertainment from Kilmer Sports Inc. The price is $4.35 billion, increasing Rogers’ ownership in MLSE to 100 per cent. Rogers says it’s already raised the cash it needs for the deal. The transaction is subject to league approvals and is expected to close in the fourth quarter of this year. Kilmer is the firm controlled by longtime MLSE investor Larry Tanenbaum.
Canada selects company to build new sub fleet
The Canadian government has chosen German company ThyssenKrupp Marine Systems (TKMS) to build its new submarine fleet, according to sources cited by the Globe and Mail. TKMS will be awarded the lucrative contract to build 12 new submarines for Canada, beating out a bid from South Korea’s Hanwha. Prime Minister Mark Carney is expected to announce the decision in Halifax today.
BoC business outlook survey
We will also hear from the Bank of Canada today, with its business outlook and consumer expectations surveys for the second quarter, due at 11:30 a.m. EDT. Governor Tiff Macklem said last month he’ll be watching the results closely to determine if the central bank is correct that business investment is beginning to recover.
OPEC+ countries boosting output
A handful of countries in the OPEC+ alliance are increasing their output target by 188,000 barrels per day staring in August. This comes as Saudi Arabian crude exports are heading to the U.S. for the first time since February. It marks a major step in normalizing energy flows after the reopening of the Strait of Hormuz -- which blocked million of barrels per day in Saudi crude.
BP selling Bay du Nord stake
BP is selling its nearly 40 per cent non-operated interest in the Bay du Nord oil project off the coast of Newfoundland to Equinor, the operator of the development. BP says the decision is part of its plan to exercise “strict capital discipline,” and allocate funds to the opportunities that create the most value for the company. The value of the transaction wasn’t disclosed. Bay du Nord is located about 500 kilometres northeast of St. John’s, N.L. It has an estimated 400 million barrels of oil in place and is expected to begin production in 2031.
