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Huawei Snubbed by Canadian Firms Ahead of Trudeau’s Crucial 5G Call

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(Bloomberg) — Two major Canadian wireless companies said they will build out their next-generation 5G wireless networks with equipment from European providers, sidelining China’s Huawei Technologies Co.Montreal-based BCE Inc. said that Ericsson AB will provide the radio access network equipment — the critical antennas and base stations — for its 5G network. Telus Corp. said in a separate statement that it has selected Ericsson and Nokia Oyj “to support building” its network, without elaborating.

Those announcements come ahead of a closely watched — and long overdue — decision by Prime Minister Justin Trudeau on whether to ban Huawei from participating in the nation’s 5G infrastructure amid deeply troubled relations with Beijing. Huawei previously played a large role in Canadian wireless networks but has faced growing national security concerns from Western governments.

BCE would still consider working with Huawei if the government allows their participation in 5G, the Canadian company said in an e-mailed response to questions.

The Trump administration has lobbied allies to ban Huawei 5G, saying its equipment would make networks vulnerable to exploitation by the Chinese government. Despite that, the U.K. said in January it would allow Huawei a limited role. In recent days, Prime Minister Boris Johnson’s government has backtracked, saying it seeks to reduce reliance on the company’s technology and on China.

Telus and BCE awarded Huawei its first major project in North America in 2008 — a pivotal contract that helped cement the Chinese provider’s reputation as a global player that could compete on quality. The deal paved the way for it to become a major supplier to all three of Canada’s biggest telecom companies over the next decade.

Stalling in Ottawa

The Telus announcement comes as a particular surprise after Chief Financial Officer Doug French told the National Post in February that “we’re going to launch 5G with Huawei out of the gate” by the end of the year.

Telus spokeswoman Donna Ramirez didn’t immediately respond to a question on whether the company’s announcement still leaves room for Huawei to participate in its 5G rollout. Huawei said in an emailed statement it looks forward to the federal government completing its 5G review and making an evidence-based decision about its role in helping build Canada’s next-generation wireless networks.

Trudeau has stalled on whether to ban Huawei. Tensions between the two countries have been rising since Canadian authorities arrested Huawei CFO Meng Wanzhou on a U.S. handover request in late 2018. After her arrest, China put two Canadian citizens in jail, halted billions of dollars in Canadian imports and put two other Canadians on death row.

The extradition proceedings against Meng, the eldest daughter of the company’s billionaire founder, have pushed Canada’s relationship with its second-biggest trading partner into its worst state in decades. Beijing has accused Canada of abetting a U.S.-led “political persecution” against a national champion.

(Updates eighth paragraph with statement from Huawei)

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How home buyers are competing in the GTA's fired up market amid COVID-19 pandemic – CTV News

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TORONTO —
People looking to buy a home in the Greater Toronto Area are facing stiff competition to secure their purchase.

Peter Yu and his wife are currently learning what it’s like to be buyers in the Yonge Street and Eglinton Avenue area.

“There’s a lot of competition still in the market. It’s not what we were anticipating, but it’s a process we’re working through,” Yu said.

The couple started looking into purchasing a home in the city in May. They missed out on one house already after they were out bid by five per cent.

As COVID-19 pandemic lockdown restrictions have lifted, findings from the Toronto Regional Real Estate Board show a fired up market.

Sales in the month of May compared to June spiked up to 89 per cent, and the average selling price for all homes in June was $930,869 — up 11.9 per cent compared to last year.

house

Bosley Real Estate Broker Davelle Morrison told CTV News Toronto Tuesday that there are many people who have decided they want to buy a home after being cooped up for months.

She said people living in condos are looking for homes, and people with homes are looking for cottages.

Morrison said she’s aware of several properties in the GTA which received multiple offers and is aware of one place in Toronto’s west end that received dozens of bids before it sold over the asking price.

“We got a bit of pent up demand and now the number of showings is basically back to pre-COVID levels. Everybody is ready to get out of their house and they want a new home,” Morrison said.

Morrison’s advice for buyers is to get a mortgage broker, have finances lockdown and do research.

Toronto couple with $1.1M budget looking to buy a home for a year

Together for a decade, Grégory Thinet and husband Jason Chow would love to upgrade from their two bedroom condo and buy a house.

couple

They want a backyard, and have more space for pets and family.

“It’s been very frustrating to find our little piece of heaven because of how crazy the situation is in Toronto,” Thinet said.

The couple both have steady employment, but said they have yet to put in an offer because many properties sell for two to three hundred dollars above the listed price and therefore are out of reach.

“We’re hopeful. We’re always hopeful,” said Chow.

“This is our next step in our life, and we’d like to take it, but we can’t right now.”

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Oil Price Rally On Hold After API Reports Rising Crude Inventories – OilPrice.com

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Oil Price Rally On Hold After API Reports Rising Crude Inventories | OilPrice.com

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3.

Analysts had predicted an inventory draw of 3.114 million barrels.

In the previous week, the API reported a major decrease in crude oil inventories of 8.156 million barrels, after analysts had predicted a much smaller build. It was the largest crude draw this year.

WTI was trading slightly down on Tuesday afternoon prior to the API’s data release with prices feeling minor pressure from an increase in the number of new coronavirus cases in the United States.

Oil production in the United States has now fallen from 13.1 million bpd on March 13 to 11 million bpd for June 26, according to the Energy Information Administration, for the second week in a row.  Production has rebounded somewhat from week ending June 12, which saw an average of 10.5 million bpd produced.

At 3:23 pm EDT on Tuesday the WTI benchmark was trading down on the day by $0.20 (-0.49%) at $40.43. The price of a Brent barrel was trading down on Tuesday as well, by $0.20 (-0.46%), at $4290—both benchmarks are trading up on the week.

The API reported a draw of 1.825 million barrels of gasoline for week ending July 3—compared to last week’s 2.459-barrel draw. This week’s draw compares to analyst expectations for a smaller 2,000-barrel draw for the week.

Distillate inventories were down by 847,000 barrels for the week, compared to last week’s 2.638-million-barrel build, while Cushing inventories saw a build of 2.219 million barrels.

At 4:42 pm EDT, WTI was trading at $40.33 while Brent was trading at $42.78.

By Julianne Geiger for Oilprice.com

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Uber launches grocery-store delivery service in Montreal and Toronto – Montreal Gazette

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You can now order your groceries in Montreal and Toronto via your Uber app.

San Francisco-based Uber Technologies announced on Tuesday that it is launching a new service in Montreal, Toronto and 16 Latin American cities that allows Uber users to order from grocery stores, including Metro and IGA. You can order using the Uber and Uber Eats apps.

“We want to make life easier for our users,” said Jonathan Hamel, manager of public affairs in Quebec for Uber, in a phone interview Tuesday. “So now we’re adding this new product.”

The service in Montreal will also allow people to order from Jean Coutu, Walmart, Première Moisson, Costco, Canadian Tire, Sephora, Mondou and Yves Rocher.

You can also select what time of day you’d like the delivery to arrive.

Uber is launching the service in partnership with Cornershop, a Chilean grocery-delivery startup. In 2019, it was announced that Uber had acquired a majority stake in Cornershop, a deal that is expected to close in the coming days. The purchase price has not been revealed.

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