Officials say final say rests with cabinet, noting ministers have the power to ask for more information, which would mean extending the deadline
Business
Teck’s massive $20.6-billion oilsands project could be delayed
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OTTAWA — The Canadian government has the power to delay a decision on whether to approve a massive new oilsands project, a key cabinet minister said on Tuesday, a sign Ottawa could push back what will be a contentious decision.
Ottawa must decide by end-February if Teck Resources Ltd can build the $20.6 billion (US$15.7 billion) Frontier mine in northern Alberta, capable of eventually producing 260,000 barrels of crude oil per day.
If the minority Liberal government of Prime Minister Justin Trudeau says yes, it would call into question his promise to reduce greenhouse gas emissions to net zero by 2050. But saying no could infuriate Alberta, already angry over what local politicians claim is Ottawa’s bias against the energy industry.
“Cabinet can make a decision to approve, it can make a decision to reject, it can make a decision to delay,” Environment Minister Jonathan Wilkinson told reporters.
“I’m not going to opine on what that decision is going to be,” said Wilkinson, who must formally decide whether to approve the project or refer the matter to cabinet.
Officials say the final say will rest with cabinet, noting ministers have the power to ask for more information about the project. This would mean extending the end-February deadline.
“Obviously this government has made commitments with respect to addressing greenhouse gas emissions and we would have to ensure that they fit within that context,” said Wilkinson.
Alberta premier Jason Kenney said on Tuesday that Frontier had been through years of rigorous environmental scrutiny and added “It’s time this $20 billion project got approved.”
Trudeau has repeatedly said Canada will need to rely on crude oil for years to come as it moves to build a cleaner economy. The project has also split the country’s Indigenous people, whose living standards Trudeau vows to improve.
“The Trudeau government needs to show us how they will support the workers and communities currently dependent on oil as we meet the 2050 deadline for a fossil fuel-free economy, not approve a massive new oilsands mine to operate until 2067,” said Greenpeace Canada campaigner Keith Stewart.
By Thomson Reuters
Business
Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily
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Business
Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance
Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.
On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.
The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.
“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.
Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.
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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.
Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.
Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.
Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.
Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.
The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.
Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.
Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.
On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.
Read the latest financial and business news from Yahoo Finance
Business
Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com
- Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
- Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
- Iranian media reported activating their air defense systems, not an Israeli strike.
Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.
Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.
The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.
Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.
However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.
Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.
The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.
The Isfahan province is home to Iran’s nuclear site for uranium enrichment.
“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.
The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”
At the time of writing Brent was trading at $87.34 and WTI at $83.14.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana Paraskova
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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