• Link Administration's proposed $1.6 billion buyout by Canada's D&D falls through
Link Administration's $1.63 billion proposed deal to be acquired by Canada's Dye & Durham (D&D) fell through, after a local court denied approving the offer citing failure to meet key conditions.
• LG Energy inks cobalt, lithium supply deals with three Canadian miners
South Korean battery maker LG Energy Solution said it has signed agreements on lithium and cobalt sourcing with three Canadian mining firms in a bid to expand its footprint in North America.
• Biden to announce $1.5 billion to fight U.S. opioid crisis
U.S. President Joe Biden will announce on Friday nearly $1.5 billion to fund access to medications for opioid overdoses, sanctions against traffickers, and increased funding for law enforcement, the White House said.
• U.S. cutting global donations of Pfizer COVID shots as demand slows
The United States is significantly cutting back the number of Pfizer/BioNTech COVID-19 vaccine doses it will buy for donation to poorer nations this year, Pfizer said on Thursday, citing diminished demand for the shots in those countries.
• Crypto exchange Kraken has no U.S. SEC registration plans, says incoming CEO
Cryptocurrency exchange Kraken has no plans to delist tokens the U.S. Securities and Exchange Commission has labeled as securities, or to register with the agency as a market intermediary, said incoming chief executive officer Dave Ripley on Thursday.
BEFORE THE BELL
Canada's main stock index was set to open lower as oil prices fell over 3% amid recession fears. Wall Street futures were lower, mirroring global equities, as worries around more interest rate hikes by the major central banks weighed on sentiment. UK's FTSE 100 tumbled to a more than two-month low as the new government's economic plan did little to ease concerns about a potential recession. The euro and sterling dropped after surveys showed the downturn in business activity across the euro zone and Britain. A stronger U.S. dollar hurt gold prices. Canada’s retail sales data for July is on the economic calendar.
STOCKS TO WATCH
• Dye & Durham Ltd: Link Administration's $1.63 billion proposed deal to be acquired by Canada's Dye & Durham (D&D) fell through, after a local court denied approving the offer citing failure to meet key conditions. The share registry firm had flagged this week that Britain's Financial Conduct Authority (FCA) could fine Link's UK unit, Link Fund Solutions Ltd (LFSL), 50 million pounds in addition to potential 306.1 million pounds in redress over its management of its now-defunct LF Woodford Equity Income Fund. Last week, the regulator had approved D&D's acquisition of LFSL, subject to D&D committing to make up for any shortfall within LFSL in the amount available to cover any redress payments. The FCA had said Link had 14 days to say if it will challenge its fine or resolve the case by agreement. However, Link considered that liabilities related to the probe were confined to LFSL. Link said the conditions necessary for the deal to go through, including the requirements from the FCA, have not been met. It is still considering paying its shareholders a special dividend of A$0.08 per share.
How Texas' abortion ban hurts Big Oil's effort to transform its workforce
Oil companies have spent millions to counter the frayed image of fossil fuels and recruit a younger and more diverse workforce. But a flaring of political culture wars - around abortion, religion and LGBT+ rights - threaten to undo hiring and retention goals, according to interviews with more than two dozen workers and a national survey.
• Canadian National Railway Co: RBC cuts target price to C$161 from C$163, citing recessionary headwinds and the potential impact to the demand environment.
• Dialogue Health Technologies Inc: RBC cuts target price to C$5 from C$6, to reflect the company's third-quarter guidance.
ECONOMIC EVENTS (All timings in U.S. Eastern Time)
0830 Retail sales mm for July: Expected -2.0%; Prior 1.1%
0830 Retail sales ex-autos mm for July: Expected -1.2%; Prior 0.8%
COMPANIES REPORTING RESULTS
No major companies are scheduled to report for the day.
Dye & Durham Ltd: Expected Q4 earnings of 17 Canadian cents per share
CORPORATE EVENTS (All timings in U.S. Eastern Time)
1000 Yellow Pages Ltd: Shareholders Meeting
National Bank of Canada: Amount C$0.92
(All analysts' estimates are according to I/B/E/S Refinitiv data.)