Energy investor ARC Financial adding companies with carbon-neutral aspirations to the mix
Canadians may be feeling a sense of envy and confusion about reopening the economy this morning as they look across the border, where signs of life as normal abound. That includes news this morning that American travellers will be welcomed back into the European Union. Meanwhile, the feds today announced that restrictions on non-essential border crossings are being extended until July 21. Even when things eventually loosen up, Canadians who took AstraZeneca’s vaccine are finding out they could be shut out from getting back to life as usual, with some high-profile venues barring anyone who accepted that jab (more on that below). And the salt in the wound came yesterday afternoon with another twist in this country's vaccine guidance, as the National Advisory Committee on Immunization threw its weight behind Pfizer and Moderna's products.
MOST CANADIANS IN NO HURRY TO TRAVEL: SURVEY
That’s a key takeaway from a Leger survey conducted for RATESDOTCA (and BNN Bloomberg as the exclusive media partner), with 62 per cent of respondents saying they either have no plan to travel in the near future or are holding off for a specific reason. Greg will dive into this, and the amount that some eager travelers are prepared to spend whenever they’re allowed, on The Close when RATESDOTCA Managing Editor Jameson Berkow returns to BNN Bloomberg.
MSG READY TO ROCK
Madison Square Garden will host its first full-capacity concert in more than a year Sunday when the Foo Fighters play the world-famous arena. Great opportunity for us to explore pent-up demand for live music, and the outlook for stocks like Madison Square Garden Entertainment and Live Nation. An import caveat for Canadians: MSG (like other venues) is ordering attendees to be fully vaccinated with an FDA-approved product. Meaning you're out of luck with Astra.
PLENTY OF ENERGY M&A IN THE PIPELINE
That was the informed view of ARC Financial CEO Brian Boulanger when he joined Tara Weber late yesterday to discuss energy transition and broader industry trends. “I know there’s lots of conversations going behind the scenes,” he said about the prospect for deals. According to Bloomberg data, the value of energy M&A (pending, proposed and completed) in North America has surged almost 130 per cent year-over-year. Speaking of which, Brookfield Infrastructure again re-tooled its hostile offer for Inter Pipeline this morning, announcing the cap on the cash component has been scrapped and that the offer may be sweetened depending on a regulatory review of Inter Pipe’s arrangement with Pembina Pipeline. Brookfield also extended the expiry on its offer until July 13.
OTHER NOTABLE STORIES
- $140 million is up for grabs in a record Lotto Max draw happening later today. Good time to resurface Pattie Lovett-Reid’s pre-pandemic words of wisdom for anyone who wins the jackpot.
- The fate of Benga Mining’s proposed $800-million Grassy Mountain metallurgical coal mine in southwest Alberta is up in the air after Canada’s Joint Review Panel found that it’s “likely to result in significant adverse environment effects” and that the miner’s proposed mitigation strategy was “overly optimistic”. The matter is now in the hands of Environment and Climate Change Minister Jonathan Wilkinson.
- 11:15: Prime Minister Justin Trudeau discusses COVID-19 situation from Rideau Cottage
- 14:15: U.S. President Joe Biden delivers remarks on COVID-19 response