Telecom stocks help lift S&P/TSX composite in late-morning trading
The S&P/TSX composite index was up 30.30 points at 27,064.56.
The move on the Toronto market came with U.S. markets closed for the Fourth of July holiday.
The Canadian dollar traded for 73.48 cents US compared with 73.66 cents US on Thursday.
The August crude oil contract was down 44 cents US at US$66.56 per barrel.
The August gold contract was up 40 cents US at US$3,343.30 an ounce.
Monday Mornings
The latest local business news and a lookahead to the coming week.
This report by The Canadian Press was first published July 4, 2025.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
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Toronto Star
an hour ago
- Toronto Star
What if killing Canada's digital services tax is just the beginning for Donald Trump?
Prime Minister Mark Carney, left, listens to U.S. President Donald Trump while posing for a photograph during the G7 Summit in Kananaskis, Alta. on June 16, 2025. DARRYL DYCK THE CANADIAN PRESS Flash forward to last week. There was Trump, posting on social media that Canada's incoming Digital Services Tax — a policy that would force American tech giants and other firms, including Canadian ones, to pay up — was nothing short of a 'blatant attack' on the United States. Trump declared he had cut off all negotiations to resolve the trade war that started earlier this year with his wave of tariffs on Canadian goods. In other words, Canada's most important commercial and military partner, the destination for 76 per cent of all exports last year, was willing to ditch talks and dictate terms that could jeopardize thousands of jobs and hundreds of billions of dollars in economic activity. All over a domestic policy the Americans didn't like. Barely 48 hours later, shortly before midnight on a Sunday, the government announced the tax was dead. Not only would Canada not implement the policy as planned, it would repeal the 2024 law that created it. Is this Trump using economic pressure to force Canada's hand? 'It is exactly that,' said Lawrence Herman, a veteran trade lawyer and special counsel with the firm, Cassidy Levy Kent. 'It's an example of, on a particular issue, how much pressure can be brought to bear to force Canada to abandon not only a policy, but a law that has been in force for 18 months.' In Herman's view, the decision looks like a 'significant retreat' by the government, which shows 'how dependent we are on a reasonable relationship' with Canada's largest trading partner. Other policies that Trump has complained about, such as the supply management system for dairy and poultry, could be next, he said. Pete Hoekstra, the U.S. ambassador to Canada, told the CBC this week that he has a 'strong belief' Canada could water down that system by changing a law designed to protect it if that becomes part of a new trade deal. 'It's not a particularly good start to this so-called new economic and security relationship,' Herman said. He was referring to Carney's stated goal of talks that are now continuing under an agreement struck at the Group of 7 summit in the Alberta Rockies last month to strive for a deal to redefine the relationship by July 21. Others have been harsher in their judgment. Lloyd Axworthy, a former Liberal foreign affairs minister, posted online that Carney was acquiescing to Trump in a way that contradicts his 'elbows up' mantra on the campaign trail. 'Forget any dreams of a more sovereign, self-directed Canada. We're doubling down on the corporate cosiness and U.S. dependency that's defined our last half-century,' he wrote on Substack. Axworthy did not respond to an interview request Thursday. For Jean Charest, a former Quebec premier who sits on the government's Canada-U.S. advisory council, the situation illustrates the 'chaos' of dealing with Trump, whose administration is grappling with trade talks and tariffs threats against most countries on the planet. This meant that Carney's government was operating 'in a world of very bad choices,' Charest said. Deciding to scrap the Digital Services Tax, in that context, was 'certainly a legitimate choice,' he said. 'We are not in an ordinary world of negotiations,' Charest added. 'It would be nice to think, 'You give, I give ... we compromise.' It doesn't work that way with Donald Trump, and we're making our way through this by trying to protect essentially what's the most important for us in the short term, and that's a negotiation that has some legs.' Charest noted that there was opposition inside Canada to the Digital Services Tax, which would have applied back to 2022 with a three per cent tax on Canadian revenues from digital services companies with more than $1.1 billion in global earnings and $20 million inside Canada. The U.S. also pushed back against the policy when Joe Biden was in power. David Pierce, vice-president of government relations with the Canadian Chamber of Commerce, said his business lobby group felt the Digital Services Tax should be paused. He also said it would have been wrong to proceed with it after the U.S. dropped a controversial provision from Trump's major budget bill last week: the so-called 'revenge tax' that would have hit the U.S. assets of foreign businesses and individuals. That decision came as the G7 agreed to exempt American firms from a co-ordinated effort to ensure corporations pay a minimum tax, which was 'absolutely a win' for the U.S. Even so, Pierce said Canada likely had no choice but to drop the policy, given Trump's exploitation of Canada's 'weakness' — its major economic reliance on trade with the U.S. 'We just hope that this now paves the way for a good renewed deal,' said Pierce. The ultimate goal of the federal government in that deal, at least publicly, has been to return to the terms of the Canada-United States-Mexico Agreement (CUSMA), which Trump signed in 2018 during his first term, after disparaging North American free trade as unfair to his country. That would mean lifting the rounds of tariffs Trump has imposed since the winter, with import duties tied to concerns about drugs and migration over the border, and others that Trump slapped on Canadian autos, steel and aluminum in a bid to promote those sectors in the U.S. Canada has responded with countertariffs on its own that the government says hit more than $80 billion worth of American imports to Canada. Canada's lead trade negotiator with the Trump administration, Ambassador Kirsten Hillman, was not available for an interview this week, the embassy in Washington told the Star. Charest, however, said he believes it is possible that Canada could accept some level of tariffs in a July 21 deal, so long as they have no material effect. Such 'zero-effect' tariffs could only kick in at levels of trade that Canada doesn't or likely won't achieve, for example.
The Market Online
2 hours ago
- The Market Online
@ the Bell: Bay Street sings on 4th of July
Canada's main stock index showed enough strength to overcome a marketplace split, with enough gains across several sectors contributing to the positive momentum. This uptick reflects the meagre investor optimism amid stable commodity prices and encouraging economic signals. Trading volume was moderate, suggesting steady participation without significant volatility. US markets were closed for the July 4th Independence Day holiday. The Canadian dollar traded for 73.49 cents US compared to 73.75 cents US on Thursday. US crude futures traded $0.50 lower at US$66.50 a barrel, and the Brent contract fell $0.50 to US$68.30 a barrel. The price of gold was up US$3.27 to US$3,336.74. In world markets, the Nikkei was up 24.98 points to ¥39,810.88, the Hang Seng was down 153.88 points to HK$23,916.06, the FTSE was down 0.29 point to ₤8,822.91, and the DAX was down 146.68 points to €23,787.45. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here. Stockhouse does not provide investment advice or recommendations. All investment decisions should be made based on your own research and consultation with a registered investment professional. The issuer is solely responsible for the accuracy of the information contained herein.
Cision Canada
2 hours ago
- Cision Canada
TotalEnergies Launches Quartz EV-Drive R 3.1 in Canada: A Milestone in Sustainable Innovation
MONTREAL, July 8, 2025 /CNW/ - TotalEnergies Marketing Canada Inc. proudly announces the launch of Quartz EV-Drive R 3.1, a next-generation synthetic fluid engineered specifically for electric drivetrain reducers. This marks a significant milestone as TotalEnergies becomes the first major supplier in Canada to offer a fluid tailored to the extreme demands of modern electric vehicles (EVs), reinforcing our commitment to innovation and sustainability. Innovation at the Core New technical constraints for the electrification of vehicles require the development of new fluids that must meet the following properties. The Quartz EV-Drive R 3.1 is the result of years of advanced R&D and is designed to meet the rigorous requirements of high-speed, high-efficiency EV gearboxes. It features: Compatibility Augmented Technology: Compatibility properties with copper & insulating materials. Thermal Control : Thermal properties to enhance heat transfer & cooling capability. Insulation : Dielectric properties to prevent short-circuits and static charge build-up. This launch is part of a broader innovation roadmap that includes: Quartz 0W-8 ultra-low viscosity engine oil launched in 2024, developed to reduce friction and improve fuel economy in hybrid and electric vehicles. Fluidsyn launched in 2024, our high-performance synthetic base fluid platform that underpins many of our advanced formulations. Quartz 0W-12 launching this fall, which will further push the boundaries of efficiency and protection in next-gen powertrains. Driving Toward a Cleaner Future This launch is fully aligned with TotalEnergies' global ambition to achieve carbon neutrality by 2050, together with society. As part of our broader EV strategy, which includes fast-charging infrastructure and energy storage solutions, Quartz EV-Drive R 3.1 supports the transition to cleaner mobility by improving EV performance and lifespan. Leadership in the Canadian Market With this launch, TotalEnergies strengthens its leadership in the Canadian lubricants sector. The product will be available nationwide starting mid-June, with full support from our technical and marketing teams. Marketing Momentum A dynamic campaign is already underway, including a visually striking animated email banner designed to capture attention and reinforce the product's electric excellence. About TotalEnergies Marketing Canada Inc. TotalEnergies Marketing Canada Inc., a subsidiary of TotalEnergies, has been manufacturing and distributing a full range of lubricants for the automotive, heavy-duty, and industrial vehicle markets across Canada since 2007, including fuel-economy engine oils, biodegradable lubricants, and high-performance greases. TotalEnergies Canada totalenergies_ca About TotalEnergies TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our 105,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people. Media Contact at TotalEnergies Marketing Canada Rima ABOUASSALY l [email protected] Cautionary Note The terms "TotalEnergies", "TotalEnergies company" or "Company" in this document are used to designate TotalEnergies SE and the consolidated entities that are directly or indirectly controlled by TotalEnergies SE. Likewise, the words "we", "us" and "our" may also be used to refer to these entities or to their employees. The entities in which TotalEnergies SE directly or indirectly owns a shareholding are separate legal entities. TotalEnergies SE has no liability for the acts or omissions of these entities. This document may contain forward-looking information and statements that are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future and are subject to a number of risk factors. Neither TotalEnergies SE nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Information concerning risk factors, that may affect TotalEnergies' financial results or activities is provided in the most recent Registration Document, the French-language version of which is filed by TotalEnergies SE with the French securities regulator Autorité des Marchés Financiers (AMF), and in the Form 20-F filed with the United States Securities and Exchange Commission (SEC).
