Cardinal Energy Ltd. Announces Monthly Dividend for July
About Cardinal Energy Ltd.
Cardinal is a Canadian oil and natural gas company with operations focused on low decline sustainable oil production in Western Canada. Cardinal is currently completing its first thermal SAGD project in Southwest Saskatchewan which will further increase the long-term nature of our assets.
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Globe and Mail
4 minutes ago
- Globe and Mail
Market Analysis: July 15th, 2025
Global Markets Canadian Markets Canada's main stock index dropped following the release of data showing that the country's inflation rate had risen to 1.9% in June. This uptick in inflation has effectively ruled out the possibility of a Bank of Canada rate cut in July, as central banks typically raise interest rates to combat inflation. The 1.9% inflation is still below the Bank of Canada's 2% target, however the small spread leaves little room for the Bank of Canada to loosen monetary policy in the short term, causing traders to head to the sidelines, in a profit taking and risk off move. American Markets U.S. stocks traded Tuesday mixed as the second-quarter earnings season commenced. Corporate earnings reports started trickling in, with market participants closely watching for any signs of economic slowdowns or improved profitability. The June Consumer Price Index (CPI) report showed core inflation—which excludes volatile items like food and energy—rose by 0.2% from the previous month. This increase was slightly lower than economists' expectations but still higher than May's 0.1% gain, signaling that inflation pressures are lingering. Despite the CPI data indicating some level of inflationary pressure, the report may give the Federal Reserve the flexibility to adopt a wait-and-see approach regarding interest rate cuts. The Fed may be cautious in making any sudden moves amid the growing uncertainties surrounding President Trump's tariffs on foreign imports, particularly how they may affect inflation in the U.S. This uncertainty has created an environment where the Fed's policy decisions remain data-dependent, with many analysts predicting that the central bank might not rush into further rate cuts until there's more clarity on inflation and trade policies. European Markets European stocks faced a broad decline, as the anticipation of weaker corporate earnings in the second quarter weighed heavily on investor sentiment. Analysts are forecasting a 0.7% drop in European corporate profits, further dampening the outlook for the region. The combination of disappointing earnings expectations and concerns about trade tensions added pressure to European shares, particularly in sectors like healthcare and financials, which saw notable declines. Investor sentiment in Germany had risen more than expected in July. This increase in sentiment was somewhat encouraging, though it wasn't enough to offset broader concerns in the European markets. The primary focus for many European investors remains on potential developments in the US-EU trade negotiations, as any breakthrough (or lack thereof) could significantly influence the economic outlook for the region. UK stocks also dropped as fears over the impact of tariffs resurfaced amid growing uncertainty over trade negotiations. The Bank of England (BoE) indicated that inflation still remains a challenge and a risk to the economy. UK stocks appear overbought, and are sitting near all time highs while economic data is generally weak, as investors look to reducing risk exposure, locking in profits. Corporate News Alphabet Inc & Brookfield Asset Management Ltd Google has entered into the world's largest corporate clean power pact for hydroelectricity, securing up to 3 gigawatts of U.S. hydropower through a deal with Brookfield Asset Management. The deal includes 20-year power purchase agreements worth $3 billion, supporting Google's energy-hungry data centers. ASML Holding NV Investors are closely watching ASML's second-quarter earnings, hoping robust bookings will support the company's growth ambitions for 2026. The world's largest chip-making equipment supplier has not specified growth projections for 2026 but is optimistic about future prospects. B2Gold Corp B2Gold plans to spend $740 million developing its Gramalote mine in Colombia. The project is expected to produce 227,000 ounces of gold per year for the first five years, with a total mine life of 11 years. Campbell's Company: Jefferies has lowered the target price from $34 to $31, citing a decline in organic sales for fiscal year 2025. CoreWeave Inc The AI cloud computing firm will invest up to $6 billion to build a new data center in Pennsylvania, boosting U.S. technological competitiveness. The project is expected to generate 600 construction jobs and 70 full-time technical positions. DoorDash Inc: Jefferies has raised the target price from $235 to $250, driven by expectations of stronger profits from new delivery verticals and increased advertising. Diageo PLC Diageo has filed a response to a lawsuit accusing the company of misleading U.S. consumers about the purity of certain tequila brands. Diageo called the claims 'outrageous and categorically false' and stated that its tequilas are made from 100% Blue Weber agave. Geely Automobile Geely plans to acquire the remaining shares of Zeekr, an electric-vehicle maker, for $2.40 billion, offering $2.687 per share for the 892.7 million units it does not already own. Huawei Analysts suggest President Trump could derail Nvidia's growth by tightening export curbs on chips and software, possibly making Nvidia's business forecast of $50 billion in sales vulnerable to Huawei's local rivals. JPMorgan Chase & Co JPMorgan has created a new unit to offer alternative financing strategies for clients, aimed at tackling increasingly complex financial needs, according to an internal memo. Lockheed Martin Corp Lockheed Martin delivered 72 F-35 jets to the U.S. government by May 1, after delays due to software improvements. A significant portion of funding for new production aircraft remains withheld, with funds being released incrementally into next year. Nvidia Corp Nvidia is filing applications with the U.S. government to resume sales of its H20 AI chips to China. The company anticipates obtaining licenses soon and expects significant demand from Chinese firms for the chips. Oracle Corp Oracle will invest $3 billion in AI and cloud infrastructure over the next five years in Germany and the Netherlands. The company plans to allocate $2 billion for Germany and $1 billion for the Netherlands to meet growing demand. PepsiCo Inc Jefferies has lowered the target price for PepsiCo from $151 to $150, citing weaker-than-expected performance in the U.S. market and softer product demand. Rio Tinto PLC Rio Tinto appointed Simon Trott, the head of its profitable iron ore unit, as its new CEO. Trott replaces Jakob Stausholm, who is stepping down after announcing his intention to leave in May. Taiwan Semiconductor Manufacturing Co Ltd TSMC is expected to report a 52% increase in second-quarter profits, though its outlook may be impacted by U.S. tariffs and a strong Taiwan dollar. The company is expected to report a net profit of T$377.4 billion for the three months through June 30. Tapestry Inc Tapestry will invest $15 million in eco-leather producer Gen Phoenix as part of its efforts to create more sustainable leather goods, helping its brand Coachtopia understand younger consumers' preferences. Tesla Inc Tesla launched the Model Y in India, priced at $70,000, the highest price among major markets. This marks the company's long-awaited entry into India, where CEO Elon Musk once planned to build a factory but faced high import tariffs.
CBC
18 minutes ago
- CBC
Federal government files $60M counterclaim against LaSalle Causeway contractor
The Canadian government is countersuing the contractor it hired to repair the LaSalle Causeway lift bridge in Kingston, Ont., for $60 million and counting. In a statement of defence filed in response to a lawsuit brought by Landform Civil Infrastructures Inc. (LCI), lawyers for the Attorney General argue the company caused a "catastrophic failure" that resulted in the demolition of the century-old crossing. "Any damages suffered by LCI were a consequence of its own failure to properly perform the Work," the 34-page document states. The government says its losses are still adding up and a total will be provided before trial, but the $60-million figure includes more than $7.5 million paid out to LCI for the rehabilitation project, which "failed to result in an operating lift bridge." There's also $1.6 million to tear down the span and another $3.4 million for the temporary crossing now in place, along with a minimum of $15 million to regularly remove it so boats can pass through in the meantime, plus an estimated $30 million for a permanent replacement. The government blames contractual breaches by LCI for causing part of the bridge to buckle, resulting in work that was "defective and of no value." While officials were told the damage could potentially be fixed, the necessary repairs risked outlasting the 2024 boating season, reducing the bridge's lifespan and ultimately resulting in a bridge that no longer lifts. "Canada specifically denies that LCI had any right, contractual or otherwise, to require Canada to permit it to try to repair the catastrophic damage to the Bridge that it and its servants and agents caused," the document reads. LCI says report 'incorrectly' laid blame The statement of defence comes after the contractor filed a lawsuit worth more than $8 million against the government and Sigma Risk, an engineering firm hired by the government to determine what caused the damage. In its statement of claim, LCI alleged Canada is withholding payment and "improperly" told third parties the company was responsible for the buckling that resulted in the bridge being torn down. The contractor also argued Sigma Risk "negligently" and "incorrectly" determined it was at fault. Those actions hurt the company's reputation, made it miss out on other jobs and amounted to defamation, according to court documents filed Jan. 2. Sigma Risk has filed a notice of intent to defend itself against LCI's lawsuit. The latest court filings are part of a flurry of claims as parties involved in the project try to recoup losses and level blame. The claims include several from subcontractors who allege LCI owes them a combined $1.6 million. None of the allegations, including those in the government's defence, have been tested in court. The lift bridge stood for more than a century before it was damaged on March 30, 2024, then torn down last June. Thousands of motorists cross the causeway between downtown Kingston and the city's eastern suburbs each day. It remained closed to traffic for more than six months, resulting in regular traffic jams and financial losses estimated in the millions for businesses and local tourism operators. Engineer's report found supports were removed As previously reported by CBC, Sigma Risk's analysis found workers tasked with repairing the bridge removed steel lacing that acted as a critical support from both the top and bottom of a steel truss supporting its massive counterweight, weakening the truss to less than half its strength and causing it to buckle. That document, obtained through access to information laws, concluded deviation from the work procedure — failure to follow directions in the prescribed order — contributed to the bridge failure. It also found the work was missing a "necessary step," and that plans for the project did not show extra bracing would be needed after the supports were pulled off. In its statement of defence, the federal government denies it designed the work procedure for the project, and argues LCI was responsible for maintaining structural stability of all parts of the truss during the project. It goes on to allege the contractor failed to submit calculation packages stamped by two professional engineers before starting work on the piece of the bridge that buckled. However, the federal lawyers also included a cross-claim as part of their defence, stating if the court determines Sigma Risk negligently misrepresented the cause of the buckling, Canada should be protected from liability and the engineering firm should contribute to any amounts it's found to owe LCI. The government is asking for the contractor's lawsuit, its counterclaim and cross-claim to be tried at the same time.
National Post
41 minutes ago
- National Post
Hudson's Bay hearing on lease deal adjourned as B.C. billionaire Ruby Liu appears without lawyer
Article content Liu said she intends to hire a new lawyer. She was previously represented by both Cassels Brock & Blackwell LLP and Miller Thomson but has parted ways with each. Article content Gavin Finlayson, a Miller Thomson lawyer, appeared in court to confirm he was no longer representing Liu, but did not say why. Article content Speaking to reporters outside the courthouse later, Liu said she had been dropped by her lawyer 'all of a sudden' on Sunday after a disagreement over whether his firm should be paid $3 million more to represent her. Article content Liu said her legal counsel was the topic of a letter she sent Osborne, but declined to offer further details. Osborne had advised her during the court session that parties are not to communicate with the judge outside of the hearing. Article content Article content Osborne pressed Liu to find a lawyer in part because it will help her navigate the Bay's creditor protection case, which began in March, when the retailer admitted it was unable to cover bills and had no hope of finding lender support. Article content A sales process uncovered no one willing to buy the business, so it liquidated all 80 of its stores and 16 Saks locations. Article content The company got 12 bids for 39 leases but chose Liu to buy 28 because the terms she offered were 'the most favourable.' Article content A copy of the agreement she entered with the Bay was given to the court over the weekend but sealed. Prior filings, however, show Liu made a deposit of $9.4 million, which would equate to a purchase price of $94 million for 25 leases. Article content A package prepared by Liu's former lawyers and obtained by The Canadian Press early June shows she told landlords she could open stores within 180 days of receiving leases and would pour millions into rehabilitating properties. Article content Article content Landlords almost immediately panned her plans, saying she doesn't have the suppliers, financing or retail management experience to run a department store. Article content Bay lawyer Ashley Taylor told Osborne there has since been 'an ongoing dialogue' between Liu and stakeholders. David Bish, who represents Cadillac Fairview, disagreed and said the landlords remain 'deeply concerned.' Article content 'This is the hill to die on for landlords,' Bish said. Article content To aid in the Bay's wind down, Restore wants the court to appoint a 'super monitor' to subject the department store chain to even more oversight. If the court doesn't agree, Restore suggests appointing Richter Consulting Inc. as a receiver. Article content The Bay argued it doesn't need more oversight because it's properly governed. It maintains the Liu deal is the best shot it has at recovering more cash for creditors. Article content Pathlight Capital LP, one of the Bay's other lenders, supports the Liu transaction but won't finance the extra time it could take to close the deal. Article content Meanwhile, the monitor said more oversight may be appropriate at some point. It's prepared to step up, when necessary. Article content Its report also revealed the Bay has several other lease deals in the works. One has been reached with a landlord wanting to buy its own lease for less than $250,000. Another is with an unnamed party wanting seven leases. Article content
