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Rogers CEO announces new protocols, investment in wake of major service outage – CBC News



Rogers Communications on Sunday announced new steps it will take to avoid a repeat of what happened during a nationwide service outage on July 8.

In a letter to customers, CEO Tony Staffieri outlined the company’s “enhanced reliability plan” in response to the outage, which left millions in Canada without cellphone and internet service — some for days — and prompted questions and concern from the federal government and regulators.

On 911 calls, which were disrupted in many parts of the country during the outage, he said Rogers is working on a formal agreement with competitors “to switch 911 calls to each other’s networks automatically — even in the event of an outage on any carrier’s network.”


Rogers has said on its website that customers can call 911 without a SIM card at any time, but it’s unclear if that would have worked during the outage.

On the wireless and internet front, Staffieri pledged the company will “physically” separate those services to create an “always on” network so customer won’t experiences outages for both at the same time — something that happened to many on July 8. 

WATCH | Outage shows need for telecom Plan B, analysts say: 

Rogers outage shows need for Plan B when wireless, internet services fail, analysts say

13 days ago

Duration 45:48

Monday, July 11 – The Canadian economy, and everyday life, is tethered to our communications networks, and when they go down, like Rogers did for much of the day Friday, there is no universal Plan B to keep widely-used – and vital — services online.We’ll talk about the need for a backup plan.

Staffieri also said the company will invest $10 billion over the next three years on such things as oversight, testing and artificial intelligence.

“I know that it is only through these actions that we can begin to restore your confidence in Rogers and earn back your trust,” Staffieri said.

The letter to customers comes two days after a letter Rogers sent to Canada’s broadcasting regulator was released detailing the cause and immediate aftermath of the service outage.

Rogers told the Canadian Radio-television and Telecommunications Commission (CRTC) that coding from an update to its network deleted a routing filter that “allowed for all possible routes to the internet to pass through the routers,” which flooded and overwhelmed the core network, causing it to stop processing internet traffic altogether.

The letter met a deadline by the CRTC for Rogers to answer questions about the outage, but it has many redactions where Rogers is believed to have offered more specific details.

On Monday, officials from Rogers and a slew of other stakeholders are set to appear at a parliamentary committee in Ottawa to further explain the cause of the outage and to outline the steps they are taking to make sure it won’t happen again.

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Canadian defence investments have ‘changed the tone’ of U.S. relations: ambassador – Global News



Canada’s ambassador to the United States says she’s seen a change of tone in how Washington views its northern ally’s commitment to defence thanks to a slew of new investments — reducing a potential thorny point of discussion ahead of this week’s presidential visit to Ottawa.

U.S. President Joe Biden on Thursday will make his first trip to Canada since being sworn into office over two years ago, sitting down with Prime Minister Justin Trudeau to discuss a range of issues before addressing Parliament.


North American defence is sure to be a top priority for the summit after the recent flight of a Chinese spy balloon over the continent last month and incursions by China and Russia in the Arctic, along with Russia’s ongoing war in Ukraine.

Read more:

The dates are out for Joe Biden’s 1st presidential visit to Canada

But after years of calls from Washington for Canada to meet its defence spending obligations and modernize its military, Ambassador Kirsten Hillman says she’s beginning to see a shift.

“There is no doubt that the U.S. will always be looking to Canada and other allies to do as much as they can,” she told Mercedes Stephenson on The West Block Sunday.

“But I have noticed that, as we have made our announcements with respect to the investments in NORAD modernization, the purchase of the F-35s, the fact that we are now in the middle of another defence policy review … I think it’s changed the tone from where I sit in Washington to a pretty important degree.”

Click to play video: 'U.S. President Joe Biden to visit Canada in late March'

U.S. President Joe Biden to visit Canada in late March

The federal government has committed nearly $40 billion in investments over the next 20 years to modernize NORAD, something Canada’s military brass and Defence Minister Anita Anand pointed to as crucial in the wake of the Chinese spy balloon and the subsequent detection and shootdown of three other unidentified objects over North American airspace in February.

However, it remains unclear how much of that spending is actually new money.

Among the first priorities that are being fast-tracked is over-the-horizon radar systems, which will broaden NORAD’s surveillance capabilities further north and detect modern foreign threats in the Arctic.

Hillman suggested a continued focus on the Arctic will further strengthen Canada-U.S. relations when it comes to defence.

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“The Arctic is a really important contribution that we can make to the continental defence that other partners are less able to make,” she said. “So I think focusing in on that, as we’re doing, makes a lot of sense and is deeply appreciated by the Americans.”

Read more:

Chinese surveillance efforts in Arctic have been tracked, stopped: Canadian Armed Forces

Yet the Canadian Armed Forces is also facing a personnel crisis and recruitment challenge that has stretched the military thin between its commitments to Ukraine and NATO.

Chief of the Defence Staff Gen. Wayne Eyre has said the lack of capacity would make it “challenging” to deploy a new mission to somewhere like Haiti, which has become engulfed in gang violence — another top priority for Trudeau and Biden to discuss as pressure grows for Canada to lead a security mission there.

Trudeau has repeatedly said “outside intervention” won’t lead to long-term stability in the country and that Canada is focused on supporting local police and sanctioning those who enable the gangs, which Hillman reiterated.

“We talk with the Americans about the situation in Haiti, if not every day, several times a week,” she said.

“At this point, what we’re focusing on — and this is because of what the Haitians are telling us — is that what they really need is for their police services to be properly trained to deal with the security situation. That’s where we’re focusing. That’s what we’re talking to the U.S. about and other partners in the region who would help us in that.”

Read more:

Haiti doesn’t need ‘outside intervention,’ Trudeau suggests ahead of Biden visit

Asked if sending an RCMP mission to Haiti was a possibility, Hillman said it “might be,” but quickly added she could not speak on behalf of the police force or the military.

Safe Third Country Agreement up for discussion

Insecurity in countries like Haiti and many others has also sparked a global refugee crisis that has impacted both the U.S. and Canada and is being felt at their shared border.

Quebec and federal Conservatives are calling for Ottawa to close the Roxham Road border crossing where more than 39,000 migrants were intercepted by RCMP last year, according to federal statistics — compared with 4,095 in 2021.

Republicans in the U.S., meanwhile, are highlighting a surge in encounters with people trying to cross the opposite way. U.S. statistics suggest the number of attempted illegal crossings into the U.S. from Canada has more than doubled.

Read more:

Canada’s immigration minister heads to Washington amid high scrutiny of border crossings

The Safe Third Country Agreement allows both Canada and the U.S. to turn away asylum claimants from a third country who try to make a claim for asylum at an official entry point. Trudeau has said the 2004 agreement should be renegotiated so migrants aren’t incentivized to cross irregularly into Canada, which Hillman says will be up for discussion with Biden this week.

“I think that we are in a place where we can talk to the U.S. administration, the Biden administration, about all the tools that we have” to address migration, she said.

“I think that the administration will be open and is open to talking about all those tools, including the Safe Third Country Agreement.”

Meanwhile, over two million migrants crossed into the U.S. from Mexico in the most recent fiscal year — something Hillman says further underscores the issue of hemispheric migration that should also be addressed.

“They will talk about the root causes of that migration, they will talk about these people that are in danger and whose lives are at risk,” she said. “Then they will talk about the implications of that for our borders, for the U.S. southern border and of course for the Canada-U.S. border and the Roxham Road situation, as well as other crossings where people come.”

Click to play video: 'Trudeau says Safe 3rd Country Agreement needs renegotiation amid Roxham Road illegal crossings'

Trudeau says Safe 3rd Country Agreement needs renegotiation amid Roxham Road illegal crossings

Finally, Hillman says continued cooperation on trade and economic opportunities for both countries will also be discussed, building on talks and agreements signed at the so-called “Three Amigos” summit earlier this year with Mexican President Andrés Manuel López Obrador.

Despite a continued push by the Biden administration for so-called “Buy American” initiatives that prioritize U.S.-based manufacturing, Hillman says Canada is still being included on things like electric vehicle production and critical minerals.

Those Canadian-made materials will be eligible for tax incentives under the U.S. Inflation Reduction Act, she said, but has prompted concerns that the incentives will make it difficult for Canada to attract investors in its own electrification and minerals strategies.

“I think one of our big messages to the Americans next week is going to be, this is good, but let’s make sure we’re doing it in a way that moves us both forward as much as possible, as fast as possible, and isn’t a sort of zero-sum game where we try and outcompete each other,” she said.

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Saudi National Bank loses over $1 billion on Credit Suisse investment – CNBC



In this article

Signage for Credit Suisse Group AG outside a building, which houses the company’s branch, in Tokyo, Japan, on Monday, March 20, 2023. UBS Group AG agreed to buy Credit Suisse Group in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.
Kosuke Okahara | Bloomberg | Getty Images

Saudi National Bank is nursing major losses in the wake of Credit Suisse’s failure after a deal was reached for UBS to buy the embattled Swiss lender for $3.2 billion.

Saudi National Bank — Credit Suisse’s largest shareholder — confirmed to CNBC on Monday that it had been hit with a loss of around 80% on its investment.


The Riyadh-based bank holds a 9.9% stake in Credit Suisse, having invested 1.4 billion Swiss francs ($1.5 billion) in the 167-year-old Swiss lender in November of last year, at 3.82 Swiss francs per share.

Under the terms of the rescue deal, UBS is paying Credit Suisse shareholders 0.76 Swiss francs per share.

The significant discount comes as regulators try to shore up the global banking system. The scramble for a rescue follows a tumultuous few weeks which saw the collapses of U.S.-based Silicon Valley Bank and First Republic bank as well as major stock price downturns across the banking sector internationally.

Shares of UBS, Switzerland’s largest bank, traded down 10.5% at 9:28 a.m. London time, while Europe’s banking sector was around 4% lower. Credit Suisse was down a whopping 62%.

The Saudi National Bank (SNB) headquarters beyond the King Abdullah Financial District Conference Center in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022.
Bloomberg | Bloomberg | Getty Images

Despite the loss, Saudi National Bank says its broader strategy remains unchanged. Shares of the lender were up 0.58% on Monday at 9:30 a.m. London time.

“As at December 2022, SNB’s investment in Credit Suisse constituted less than 0.5% of SNB’s total Assets, and c. 1.7% of SNB’s investments portfolio,” the Saudi National Bank said in a statement.

It said there was “nil impact on profitability” from a “regulatory capital perspective.”

“Changes in the valuation of SNB’s investment in Credit Suisse have no impact on SNB’s growth plans and forward looking 2023 guidance,” it added.

The Qatar Investment Authority, Credit Suisse’s second-largest investor, holds a 6.8% stake in the bank and also suffered a steep loss. QIA did not reply to a request for further details.

Saudi shareholder ‘shot themselves in the foot’

Credit Suisse’s demise was a long time coming, with a culmination of years of scandals, multi-billion dollar losses, leadership changes and a strategy that failed to inspire investor confidence. In February, the bank — Switzerland’s second-largest — reported its biggest annual loss since the 2008 financial crisis after clients withdrew more than 110 billion Swiss francs ($120 billion).

In December 2022, Credit Suisse raised some $4 billion in funding from investors, including major Gulf banks and sovereign wealth funds like Saudi National Bank, the Qatari Investment Authority and the Saudi Olayan Group. Norway’s sovereign wealth fund, Norges Bank Investment Management, is also a major shareholder.

SNB’s feeling right now is probably like all shareholders in CS — utter anger that management have let the situation get to this point.
Simon Fentham-Fletcher
Chief investment officer, Freedom Asset Management

The sharp and sudden downturn that began last week and led to the bank’s emergency sale is partially the fault of Saudi National Bank itself, some argue.

Saudi National Bank chairman Ammar Al Khudiary on Wednesday was asked by Bloomberg if it would increase its stake in the troubled Swiss lender. His reply was “absolutely not, for many reasons outside the simplest reason, which is regulatory and statutory.”

The comment triggered investor panic and sent Credit Suisse shares down 24% during that session, even though the statement wasn’t in fact new; the Saudi bank said in October that it had no plans to expand its holdings beyond the current 9.9%.

“Even though the situation at Credit Suisse was not perfect and investors had a lot of question marks about the future of the bank, SNB didn’t help calm down investors and shot themselves in the foot” with the chairman’s comments, one UAE-based investment banker, who requested not to be named due to professional restrictions, told CNBC.

“As the largest shareholders in the bank, they had the most to lose if the bank goes under, and this is exactly what happened,” the banker said.

The Saudi National Bank chairman did attempt to calm the situation the following day, telling CNBC’s Hadley Gamble in Riyadh that “if you look at how the entire banking sector has dropped, unfortunately, a lot of people were just looking for excuses.”

“It’s panic, a little bit of panic. I believe completely unwarranted, whether it be for Credit Suisse or for the entire market,” Al Khudairy said. His comments ultimately failed to stem the bank’s continued rout.

The messy fallout, which spilled over across the entire banking sector, has ruptured market confidence and stoked fears of another global banking crisis. Swiss Finance Minister Karin Keller-Sutter set out to reassure angry taxpayers during a press conference Sunday, stressing that “this is a commercial solution and not a bailout.”

“SNB’s feeling right now is probably like all shareholders in CS — utter anger that management have let the situation get to this point,” Simon Fentham-Fletcher, chief investment officer at Abu Dhabi-based Freedom Asset Management, told CNBC.

“For years CS lurched from crisis to regulatory fine and changed management as it emerged in a new path. Finally the bank ran out of time,” he said.

He said that shareholders, specifically large ones like Saudi National Bank, will likely now want to reappraise the way they make investments and “where the stake is as large as it was here, will probably want to start embedding people so they properly understand what is happening inside their investments.”

“This might see a rise in activist shareholders not just wanting a board seat but real eyes and ears,” he added, noting that the last few weeks of market turmoil will undoubtedly put a significant dent in investor desire for risk.

From a risk perspective, Fentham-Fletcher said, “generally I think that we will see a pull back in all risk appetite as confidence has just taken a severe beating, and this combined with the apparent upending of the capital structure rules will undoubtedly make people pause.”

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Enbridge: Investment Grade Company Offering 7.6% Bond (NYSE:ENB)



Mongkol Onnuan

Author’s note: All financial data in this article is presented in Canadian dollars.

Enbridge Inc. (NYSE:ENB), a North American energy transportation and distribution giant is currently finding itself near a 52-week low. Income investors may see the rising

Enbridge 2083 Bond Data


Enbridge Statement of Earnings

SEC 10-K

Enbridge Balance Sheet

SEC 10-K

Enbridge Cash Flow Statement

SEC 10-K

Enbridge Cash Flow Statement

SEC 10-K

An Enbridge Preferred Share Price Quote

Seeking Alpha

Enbridge Debt Maturities

SEC 10-K

Enbridge Liquidity

SEC 10-K

Enbridge Notes Automatic Conversion Covenant

2083 Notes 424B Filing


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