Investment

Glenn Cooke Makes ‘Major’ Investment In Ganong

Published

2 years ago

October 13, 2022

SAINT JOHN – Two New Brunswick business titans are teaming up to grow the 150-year-old Ganong Bros. Limited. Glenn Cooke, the CEO of Cooke Inc., has made what the companies are calling a “major partnership investment” in the St. Stephen-based candy and chocolate company.

Cooke’s investment will be used to purchase new equipment and leverage the company’s global retail grocery presence to grow Ganong.

Bryana Ganong, the president and CEO, and her brother Nick Ganong, the COO, will continue to lead the management team for Ganong Bros. Inc.

“This partnership, and the strategic investment from the Cooke family, is designed to ensure that Ganong remains competitive in an ever-changing global confectionary market,” said Bryana Ganong in a release.

“We were committed to finding an investor that understood the history of our company and our commitment to our employees and New Brunswick. We are pleased to partner with the Cooke family because they understand what it takes to run a globally competitive business from a base in New Brunswick.”

Joel Richardson is the vice president of public relations at Cooke. He tells Huddle the Cooke investment presents some key benefits for Ganong.

“As a food producer working with another producer of confectionary products it was sort of a nice match, a nice fit,” he says. “It gives Ganong an opportunity to partner with a company that’s selling products all over the world in the grocery market.”

Richardson said the deal also means Ganong can expand while keeping its important connection to New Brunswick.

“Glenn Cooke has a deep passion for the Charlotte County community and the Charlotte County region and the people who live in Charlotte County. He felt that an investment in Ganong was something he wanted to do to support and grow the company,” Richardson said.

Richardson says it’s too early to speculate on where specific investments will be made. However, he says there is “certainly a commitment on behalf of Glenn Cooke and the family to be able to invest in new equi[ment and increase productivity … and be able to grow the operation from St. Stephen.”

Established in 1873, Ganong is Canada’s longest-standing family-owned and operated chocolate company. It has 300 dedicated employees who manufacture a variety of chocolates and confectionery treats. Ganong manufactures its own brands as well as co-manufactures production of other brands for Canada and the US.

“For generations, our family and our employees have been helping Canadians celebrate their sweetest moments and we’re thrilled to be partnering with the Cooke family who have built a global food processing company with roots in Charlotte County,” said Ganong.

“This exciting investment by Cooke will enhance the company’s capacity to serve customers, provide more opportunities for our incredible employees, and help us continue to enhance our community.”

The privately owned companies are not releasing the terms of Cooke’s investment.

With files from Alex Graham.

Source link

Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

1 week ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Source link

Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

2 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

Source link

Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.