
Chinese surveillance camera maker Hikvision appeals order to leave Canada
Article content
Hikvision said in a media statement it is asking for judicial review of a June 27 federal government order stating that the company must close down its Canadian operations.
Article content
Article content
It's also asking the Federal Court to put the shutdown order on hold until the court decides on the judicial review.
Article content
Article content
The federal government made its decision following a national security review under the Investment Canada Act.
Article content
Article content
'Since entering the Canadian market, we have followed all applicable laws and regulations, and will continue to defend our position that Hikvision products and technology have not endangered the national security of Canada or any other country in which we operate,' the company said in its statement.
Article content
'We expect the legitimate rights and interests of all investors and businesses operating in the country to be fully respected and protected by its judicial system.'
Article content
Hikvision said it will continue operating normally for the time being, following an 'agreement' with the attorney general.
Article content
The company describes itself as the world's largest manufacturer of surveillance equipment. It has had a Canadian subsidiary since 2014.
Article content
Following the June 27 order, Industry Minister Melanie Joly said in an online post that the government looked at information and evidence provided by Canada's security and intelligence community.
Article content
Article content
Hikvision has also faced sanctions in the U.S., Australia and the U.K.
Article content
Article content
Some of those sanctions are due to claims that Hikvision supplied China with surveillance cameras used in the Xinjiang region, where the Uyghur population has faced human rights abuses.
Article content
The three companies did not immediately respond to questions from The Canadian Press about whether they still sell Hikvision products.
Article content
China has taken aim at Canada over the shutdown directive.
Article content
'This seriously undermines the legitimate rights and interests of Chinese enterprises and disrupts and hurts the normal economic and trade cooperation between China and Canada. China strongly deplores and firmly opposes this,' a Chinese embassy spokesperson said in a June 28 statement.
Article content
The statement urged Canada to 'change course immediately, stop abusing national security and politicizing economic and trade issues.'
Article content
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Globe and Mail
10 minutes ago
- Globe and Mail
Gilead Sciences Rallies 27.2% in Six Months: Buy or Sell the Stock?
Shares of Gilead Sciences, Inc. GILD have gained 27.2% in the past six months against the industry 's decline of 2.2%. The stock has also outperformed the sector and the S&P 500 index in this time frame. Gilead Outperforms Industry, Sector & S&P 500 Index It has been an eventful year for GILD so far. The company recently obtained FDA approval for its twice-yearly injectable HIV-1 capsid inhibitor, lenacapavir, for the prevention of HIV. This groundbreaking injectable therapy marks the first and only twice-yearly pre-exposure prophylaxis (PrEP) option available in the United States. Let's delve further into GILD's strengths and weaknesses to analyze how to play the stock at present. Lenacapavir Approval Boosts GILD's HIV Franchise Gilead has a market-leading portfolio of HIV treatments. Flagship drug Biktarvy accounts for over 51% share of the treatment market in the United States and should maintain momentum. Descovy (FTC 200 mg/TAF 25 mg) for PrEP is also witnessing good uptake. It maintains over 40% market share in the PrEP market in the United States. The recent FDA approval of lenacapavir under the brand name Yeztugo solidifies GILD's HIV portfolio as its other prevention drug, Truvada, faces generic competition. At present, there are two FDA-approved daily oral medications for PrEP — Truvada and Descovy. As the first long-acting injectable PrEP administered just twice a year, Yeztugo addresses persistent barriers, such as challenges with daily oral PrEP, adherence, stigma and healthcare access, which have limited broader PrEP adoption. This approval also represents a paradigm shift in HIV prevention and is expected to catalyze uptake among populations that have historically been underserved by existing prevention tools. Yeztugo has a competitive advantage as it needs to be taken only twice a year, unlike daily oral pills, and addresses a broad population. The European Medicines Agency has also validated the Marketing Authorization Application for twice-yearly lenacapavir for HIV prevention. Livdelzi Strengthens GILD's Liver Disease Portfolio GILD's diverse portfolio also includes drugs for liver, hematology/oncology and inflammation/respiratory diseases. The FDA approval of seladelpar for the treatment of primary biliary cholangitis (PBC) has strengthened GILD's liver disease portfolio and validated its CymaBay acquisition. The drug's initial uptake is encouraging. The candidate was approved under the brand name Livdelzi. Gilead also recently received conditional marketing authorization from the European Commission for seladelpar for the treatment of PBC. Challenges for GILD's Oncology Business Gilead's oncology portfolio, comprising the Cell Therapy franchise and breast cancer drug Trodelvy, has diversified its overall business. However, the Cell Therapy franchise, comprising Yescarta and Tecartus, is currently under pressure due to competitive headwinds in the United States and Europe that are expected to continue in 2025. Breast cancer drug Trodelvy's sales were lower than expected in the first quarter due to inventory dynamics. Nonetheless, Gilead announced positive top-line results from the phase III ASCENT-03 study on Trodelvy, which showed highly statistically significant and clinically meaningful improvement in progression-free survival in patients with first-line metastatic triple-negative breast cancer (mTNBC) who are not candidates for checkpoint inhibitors. The potential launch of anito-cel in multiple myeloma and Trodelvy in first-line mTNBC in 2026 will strengthen the company's oncology business. GILD's Valuation and Estimate Revision According to the price/earnings ratio, GILD's shares currently trade at 13.62x forward earnings, lower than the large-cap pharma industry's average of 15.01X but higher than its mean of 10.52X. Earnings estimates for GILD have moved north in the past 60 days. The bottom-line estimate for 2025 has inched up to $7.92 from $7.91, while that for 2026 has improved to $8.48 from $8.39. Invest in GILD Large biotech companies are generally considered safe havens for investors interested in this sector as they are well-equipped to weather the uncertain macroenvironment. Gilead's efforts to constantly innovate its HIV portfolio should enable it to maintain growth amid competition from GSK plc GSK. The approval of Yeztugo for PrEP is a major boost for the company. GSK's HIV portfolio sales are being driven by strong patient demand for Cabenuva, Apretude and Dovato. GILD has also collaborated with Merck MRK to evaluate the investigational combination of islatravir and lenacapavir for the treatment of HIV. Gilead's strategic deals and acquisitions to diversify its business are encouraging. We recommend the stock to prospective investors, as we believe there is more room for growth following Yeztugo approval, even though Biktarvy sales are expected to be under pressure due to the redesign of Medicare Part D. Another positive factor for both prospective and existing investors is the company's attractive dividend yield. Gilead has been consistently increasing and paying out dividends. The company declared a quarterly dividend of $0.79 per share of common stock for the second quarter of 2025. Its strong cash position (as of March 31, 2025, GILD had $7.9 billion of cash, cash equivalents and marketable debt securities) indicates that the current yield of 2.83% is sustainable. Gilead presently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks' Research Chief Picks Stock Most Likely to "At Least Double" Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren't winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%. See Our Top Stock to Double (Plus 4 Runners Up) >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GSK PLC Sponsored ADR (GSK): Free Stock Analysis Report Merck & Co., Inc. (MRK): Free Stock Analysis Report Gilead Sciences, Inc. (GILD): Free Stock Analysis Report


CTV News
19 minutes ago
- CTV News
Toronto saw lowest rent growth of all major Canadian cities in 2024: report
Condominiums and the CN Tower are shown along the Toronto skyline on Tuesday, April 25, 2017. THE CANADIAN PRESS/Cole Burston Toronto saw the lowest rent growth among all major urban centres across the country in 2024 due, in part, to rising vacancy rates in the city, a new report has found. Released by the Canadian Mortgage and Housing Corporation on Tuesday, the Fall 2024 Rental Market Report showed that for purpose-built rental apartments in the city, rent rose by 2.4 per cent annually in 2024 for a two-bedroom unit, down from 8.7 per cent a year earlier. 'Toronto had the lowest rent growth among major (Census Metropolitan Areas). This is the result of rising vacancy rates and a low turnover rate, which declined further in 2024. For occupied units under rent control, landlords had limited ability to raise rents beyond the provincial guideline,' it read. 'Moreover, with a record increase in the supply of rental apartment condominiums, landlords in the purpose-built sector prioritized keeping existing tenants by taking a more cautious approach to rent increases.' According to the report, the vacancy rate for purpose-built rentals in Toronto rose to 2.3 per cent in 2024, slightly higher than the 10-year historical average. 'An elevated number of condominium projects were completed in the City of Toronto over the past year, with 45% of their units rented out,' it noted. 'This led to a significant influx of condominium rentals in the area, providing much greater choice to renters. Faced with more competition, new purpose-built rental units remained vacant for longer, according to local market intelligence.' In and around Toronto's downtown core, there was an average annual rent reduction of about one per cent for condo apartments, the report said. Vacancy rates were also higher in suburban areas of the GTA, including Durham, York, Peel, and Halton regions. According to the report, those areas saw a 3.3 per cent vacancy rate for purpose-built rentals as 'supply outpaced growth in demand.' The report states that vacancy rates are expected to rise in most major markets in 2025. 'Sluggish job markets and decelerating migration are creating challenging environments for landlords and property managers,' it said. According to the report, while the slower rent growth in Toronto represents 'a modest improvement in rental affordability following years of erosion,' affordability challenges persist in the city. For more affordable units, turnover reached a 'new low,' as existing tenants face a 28 to 43 per cent premium to rent a vacant unit at the market rate, the report notes. 'Supply remained scarce for low-income renters, with a vacancy rate of only 0.4% for the least expensive units,' the report said.


Globe and Mail
25 minutes ago
- Globe and Mail
Cal-Maine Foods, Inc. Announces Release Date for Fourth Quarter and Fiscal 2025 Results
Cal-Maine Foods, Inc. (NASDAQ: CALM) today announced that the Company will release its fourth quarter and fiscal 2025 financial results on Tuesday, July 22, 2025. A press release will be issued after the close of market trading. About Cal-Maine Foods Cal-Maine Foods, Inc. is primarily engaged in the production, packaging, marketing and distribution of fresh shell eggs, including conventional, cage-free, organic, brown, free-range, pasture-raised and nutritionally enhanced eggs, as well as a variety of egg products and prepared foods. The Company, which is headquartered in Ridgeland, Mississippi, is the largest producer and distributor of fresh shell eggs in the nation and sells most of its shell eggs throughout the majority of the United States.