Vancouver Canucks’ free agency haul highlighted by winger Jake DeBrusk

TORONTO – Canada’s main stock index fell in late-morning trading, weighed down by losses in base metal stocks, while U.S. stock markets were mixed to start the trading week.

The S&P/TSX composite index was down 44.33 points at 23,912.49.

In New York, the Dow Jones industrial average was down 101.56 points at 42,211.44. The S&P 500 index was down 0.67 points at 5,737.50, while the Nasdaq composite was up 3.97 points at 18,123.56.

The Canadian dollar traded for 74.04 cents US compared with 74.08 cents US on Friday.

The November crude oil contract was up 66 cents at US$68.84 per barrel and the November natural gas contract was up two cents at US$2.93 per mmBTU.

The December gold contract was down US$14.90 at US$2,653.20 an ounce and the December copper contract was down seven cents at US$4.53 a pound.

This report by The Canadian Press was first published Sept. 30, 2024.

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NEW YORK (AP) — The union representing U.S. dockworkers signaled that 45,000 members will walk off the job at midnight, kicking off a massive strike likely to shut down ports across the East and Gulf coasts.

The coming work stoppage threatens to significantly snarl the nation’s supply chain, potentially leading to higher prices and delays for households and businesses if it drags on for weeks. That’s because the strike by members of the International Longshoremen’s Association could cause 36 ports — which handle roughly half of the goods shipped into and out of the U.S. — to shutter operations.

ILA confirmed over the weekend that its members would hit the picket lines at 12:01 a.m. Tuesday. In a Monday update, the union continued to blame the United States Maritime Alliance, which represents the ports, for continuing to “to block the path” towards an agreement before the contract deadline.

“The Ocean Carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA Longshore Workers an unacceptable wage package that we reject,” ILA said in a prepared statement. “ILA longshore workers deserve to be compensated for the important work they do keeping American commerce moving and growing.”

The Associated Press reached out to a USMX spokesperson for comment.

If drawn out, the strike would led would force businesses to pay shippers for delays and cause some goods to arrive late for peak holiday shopping season — potentially impacting delivery of anything from toys or artificial Christmas trees, to cars, coffee and vegetables. Americans could also face higher prices as retailers feel the supply squeeze, all ahead of a tight presidential election.

ILA members are demanding higher wages and a total ban on the automation of cranes, gates and container-moving trucks used in the loading or unloading of freight.

The coming strike by the ILA workers will be the first by the union since 1977. And the Biden administration has signaled that it will not intervene.

President Joe Biden, during an exchange with reporters on Sunday, said “no” when asked if he planned to intervene to plan a potential work stoppage impacting East Coast ports.

“Because it’s collective bargaining, I don’t believe in Taft-Hartley,” Biden said referring to a 1947 law that allows the president to intervene in labor disputes that threaten the nation’s health or safety.

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TORONTO – Canada is poised to see significant growth in Indigenous-related project financing, international credit rating agency Morningstar DBRS said Monday.

In a report released on the fourth annual national day for Truth and Reconciliation, the credit rating agency said Indigenous-related capital markets activity is on a steady upward trend with “considerable potential” for more.

“We have seen a gradual increase in capital markets activity by Indigenous-related organizations and we anticipate this segment of financing will grow significantly in the coming years, supported by increased federal and provincial government guarantees and other forms of support,” the Morningstar report states.

Indigenous communities across Canada are showing growing interest in acquiring equity positions in major projects and infrastructure as a way to generate revenue and economic opportunity for their people.

But historically, one of the biggest barriers preventing Indigenous partners from pursuing equity ownership has been a lack of access to capital. Canada’s Indian Act prohibits First Nations from using their land as collateral, meaning Indigenous communities have struggled to access competitive interest rates through mainstream capital markets.

But the federal and provincial governments are increasingly getting on board with the need to provide Indigenous communities and organizations access to capital to facilitate economic development, Morningstar said.

The report identifies more than $13 billion in available federal and provincial programs, such as loan guarantees, which are leading to increased financing activities by Indigenous communities and groups.

Morningstar pegs the value of Indigenous financing activity, including government loan guarantees, at almost $800 million annually over the past five years.

It also points out there are several high-profile transactions involving Indigenous communities on the horizon, including Ottawa’s planned sale of the Trans Mountain pipeline to Indigenous groups, TC Energy Corp.’s planned sale of its NGTL pipeline system to an Indigenous consortium, and the development of the Cedar LNG project by the Haisla Nation and Pembina Pipeline Corp.

“We believe that there is significant growth potential for Indigenous-related financings in the coming years,” Morningstar said, adding increased Indigenous participation on capital markets is a win-win for everyone.

This report by The Canadian Press was first published Sept. 30, 2024.

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