Canadian Foreign Minister Francois-Philippe Champagne promised that Iran would be “pressured” to respond to the “exact cause” of the downing of the Ukrainian aircraft. “The world is waiting for the answer and will not calm down until the right answer is received,” he said in London today. Foreign ministers of five countries whose citizens were killed by two Iranian Revolutionary Guards missiles fired on Ukrainian planes met on Tuesday to pressure Tehran into conducting “full and transparent” investigations into the tragedy.
Iran’s Armed Forces General Staff admitted on Saturday that, by “human error,” a missile launched by its army shot down the Ukrainian Airlines Boeing 737 plane with 176 people aboard. In a statement, the Iranian government said the aircraft was wrongly identified as a “hostile aircraft,” and hit it at the time the enemy threat was “at the highest level.” Tehran has apologized for the incident.
Canada and UK claim to have intelligence the Boeing downing that was operated by Ukrainian airlines was done by Iran. Recent reports state that there were over 60 Canadians out of 138 people on board en route to Canada. Many innocent lives were senselessly lost in this tragedy. Canada is a home to over 210,000 Iranian Canadians. There are no direct flights to Iran from Canada. That is one of the reasons many fly to Kyiv and transfer there to reach Canada.
It is official, Russia has been banned from participating in all major sporting events for the next four years. The WADA announcement came today in response to noncompliance by Russia. The World Anti-Doping Agency is a foundation initiated by the International Olympic Committee headquartered in Montreal to promote, coordinate and monitor the fight against drugs in sports. It was established in the 1999. It enforces The World Anti-Doping Code, which is the document that harmonizes regulations regarding anti-doping across all sports and all countries of the world. The Code provides a framework for anti-doping policies, rules, and regulations for sport organizations and public authorities.
The Canadian economy has wilted in the face of the U.S. trade war, weak oil prices, and rising borrowing costs. And now, the country is forecasted to reach 1.5 percent growth by the end of the year. Exports figures are expected to remain stagnant due to increasing protectionism among major economies, such as the United States and China.
The North Atlantic Treaty Organization (NATO) was formed in 1949. It was one of the first defense unions. The main reason for the creation of NATO was a need for a western unified alliance against the threat of the Soviet Union. After the collapse of the Soviet Union in the 1991, NATO integrated some former communist block Eastern European nations into the alliance.
The Human Genome Organization (HUGO) and the European Union developed genetic information privacy regulations to protect the public. A majority of experts have agreed for the need for genetic information privacy. In 2014 the HUGO Committee on Ethics, Law and Society (CELS) presented a human rights approach to an international code of conduct for genomic and clinical data sharing. The code of conduct is supposed to prevent human rights violations during the research of genomes, allowing enough protection to allow scientific research in the genome field.
This week Canadian Prime Minister Justin Trudueau has been re-elected for a second term. Trudeau is the leader of the Liberal Party which was only able to form a minority government this term. Trudeau is disliked in Western Canada. After the election the new movement #Wexit (Western Exit) is gaining popularity on social media. Within 24 hours a Facebook page for VoteWexit.com gained over 200,000 members.
Prime Minister Justin Trudeau’s Liberal Party won Canada’s parliamentary elections Monday night. The party has, however, lost its absolute majority. “Tonight Canadians rejected division and negativity. They rejected cuts and austerity. They elected a progressive agenda and strong action on climate change,” said an evidently relieved Trudeau in his victory speech in Montreal.
Once in a great while you find or learn something that is so unbelievably good, that you have to hear or read it over and over again, often from different sources or perspectives, before the truth of it actually starts to sink in and really make sense. Perhaps it’s that initial bewilderment that has served to curb much of any demand from the fixed income markets for this otherwise “golden” opportunity. Fortunately, this is great news for those that eventually arrive at a deeper understanding of why these Gran Colombia Gold bonds are so darn good… and it is why these bonds are well deserving of overweighting in our high performing FX2 fixed income portfolios.
After causing mass damages in the Bahamas, as well as North Carolina, Hurricane Dorian made landfall Saturday afternoon in Halifax, Nova Scotia. It uprooted trees, blew off roofs and disrupted electricity supply, leaving several in darkness. Hurricane Dorian reached the extreme east of Canada with strong winds on Sunday and left hundreds of thousands of people without power supply.
This week, Durig Capital looks to a Canadian issuer, a specialty pharmaceutical company that is successfully treating long-term HIV patients with its unique medicines so that patients have the opportunity to have a better quality of life. Theratechnologies (TSX:TH) has two landmark drugs, Trogarzo™ and EGRIFTA™ specifically developed to help HIV patients. The company has reported its second quarter results (for the three months ending May 31, 2019) and continues to see outstanding growth over its product lines.
Beyond Belief… this may be the most fascinating debt instrument we have ever reviewed.
Rising with the price of gold, the cash flow and yield of Gran Colombia Gold’s senior secured “Gold Notes” appears to be headed straight into the land of unbelief. Perhaps what we see here is either wrong… or something in this picture seems to have quietly escaped the attention or the view of most other investors in the high yield bond market. Granted, this is not a straightforward and easily understood issue because of the quarterly interest boost linked to its amortized quarterly redemption of principle when the price of gold is higher 1250 per ounce. However, it is precisely this “hard to be understood” feature that is driving its current push into the land of dreams.
One down, two to go. On Wednesday, the Mexican Senate passed the United States-Mexico-Canada Agreement, becoming the first nation, of three, to ratify the new trade deal. The agreement was met with little resistance, relative speed, and enthusiastic celebration from the Mexican government upon ratification. That was the easy part. The USMCA still faces an uphill battle in Washington, and a race against time in Ottawa.
It was good news all around on Friday, as President Trump announced a deal to lift steel and aluminum tariffs on Canada and Mexico. The tariffs had been a major obstacle to passing the United States-Mexico-Canada-Agreement
- SRI LANKA: No group has yet claimed responsibility for Easter Sunday’s terror attacks. Eight people have been arrested in connection with a series of suicide bombings, targeting churches and hotels across the country, which killed at least 290 and injured 450. They mark the worst acts of violence since the end of Sri Lanka’s decades-long civil war ten years ago.
This week, Durig Capital reviews the largest underground gold and silver producer in Colombia. Gran Colombia Gold has staged an amazing transformation from just a short three years ago, when Durig Capital began to carefully follow this issuer. After completing a well-timed and skillfully crafted restructure of its balance sheet early in 2018, the company has consistently continued to smash its production targets, and has once again impressed us with its most recent results for the fourth quarter and full-year 2018.
This week, Durig Capital reviews a Canadian heavy haul transportation and crane company. Entrec Corporation provides heavy haul transportation and crane solutions to the oil and gas, construction and power generation industries, among others. Entrec’s most recent results for both its fourth quarter and full year 2018 showcase healthy growth in the company’s U.S. operations. And given the volatility in oil and gas late last year, the company’s results are even more impressive.
- EU: President Trump in an early morning tweet on Tuesday touted his administration’s tariffs on $11 billion of European Union products in the wake of a World Trade Organization (WTO) ruling.”The World Trade Organization finds that the European Union subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 Billion of EU products!” he said.
- In European elections, liberal Zuzana Caputova defeated Socialist Maros Sefcovic in the second round, to become SLOVAKIA’s first woman President. The election took place in the shadow of the murder of an investigative journalist last year. Meanwhile, in UKRAINE, incumbent President Petro Poroshenko trails Volodymyr Zelenskiy, a comedian who portrays Poroshenko on television.
- New Zealand is still picking up the pieces after at least 50 people were killed, and another 50 were injured, in Friday’s terror attack, the worst in the country’s history. Prime Minister Jacinda Ardern spent the weekend visiting grieving family members and the Muslim community. The attacks, on two mosques in Christchurch, have also prompted a debate over gun laws. The Police Association has called for a ban on semi-automatic weapons, and the Prime Minister has pledged, “our gun laws will change.”
- Things have, for the most part, returned to normal, after a tumultuous week between nuclear-armed rivals, India and Pakistan. An Indian pilot was returned from Pakistan Friday, after being shot down over the disputed region of Kashmir on Wednesday. Now Washington wants to know if an F-16 was used in the dogfight.
- PHILIPPINES: Terrorist group Daesh has claimed responsibility for a Sunday church bombing, which left 20 people dead and 100 wounded, on the southern island of Jolo. In response, a spokesman for President Rodrigo Duterte vowed to “crush these godless criminals.”
- The slowdown in Chinese growth has become the latest looming cloud over the global economy. The advice from Beijing was not to worry. China is slowing down but it’s not going to be a disaster. “China has been able to avoid financial crisis in the last 40 years. We have a very top down approach to financial risk management.”
- Official data suggested that Germany avoided a recession at the end of 2018 but confirmed a sharp slowdown in growth last year as Europe’s largest economy cooled off from boom times. Economic growth sank to 1.5 percent in 2018 from 2.2 percent in the previous two years, federal statistics authority.
- In emerging and developing Asia, the growth forecast will dip from 6.5 per cent in 2018 to 6.3 per cent in 2019 and 6.4 per cent in 2020. Despite fiscal stimulus that offsets some of the impact of higher US tariffs, China’s economy will slow due to the combined influence of needed financial regulatory tightening and trade tensions with the United States.
- A no-deal Brexit could trigger a further slowdown in global growth, the International Monetary Fund (IMF) has warned. The IMF fund noted the possibility of “a disruptive no-deal Brexit with negative cross-border spillovers” had risen in recent months, while increased euro-scepticism might impact European parliamentary election outcomes in May.
- Canada’s wholesale sales dropped 1% in November, the biggest one-month decline for the sector since March 2016. Factory sales were down 1.4%, the largest drop since January. Both sectors also recorded declines in volumes. The data confirm Canada’s expansion has likely entered what economists believe is a temporary slowdown that is expected to last through the first few months of this year.
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The is likely to witness significant growth, with demand likely to surpass 16 million liters in 2018, according to a latest report by . The substantial growth in the market is influenced by rise in the health-conscious population and growing demand for organic and natural food products.
The increasing demand for sugar alternatives and convenience food products in North America is leading to the rise in production and consumption of maple water. Increase in growth and plantation of sugar maple tree across eastern Canada and the northeastern US is also driving maple water consumption in the region.
On account of growing demand for maple water and maple products in North America, the key players in the region are focusing on increasing the production capacity using efficient technologies. This is likely to put downward pressure on the price of maple water as the supply expands. Additionally, maple syrup, a product derived from maple water is witnessing increasing demand from baking and confectionery industries in North America.
- SYRIA: President Trump threatened to “devastate Turkey economically,” if it attacks Kurdish forces in Syria, upon the Americans’ withdrawal. Trump also pushed for the creation of a safe zone for the Kurds, without mentioning any other details.
- GREECE: A deal to end a decades-long naming dispute between Macedonia and Greece has thrown the latter’s government into chaos. One of Prime Minister Alexis Tsipras’ coalition partners announced their withdrawal ahead of parliamentary elections in October.
- CANADA: Foreign Minister Chrystia Freeland welcomed 18-year old Saudi refugee Rahaf Mohammed Alqunun to Canada, as she arrived in Toronto on Saturday. Alqunun captured international attention, and thousands of Twitter followers, by resisting deportation in a Bangkok hotel room.
- CONGO: The Southern African Development Community is urging the creation of a unity government in the Democratic Republic of Congo, after long-delayed presidential elections ended in dispute. Two opposition leaders, Felix Tshisekedi and Martin Fayulu both insist they won.
- VENEZUELA: Opposition leader Juan Guaido had a simple message for followers and opponents Sunday, after being briefly detained by intelligence agents: “Here we are! We are not afraid!” Guaido was dramatically pulled from his car while driving from the capital, Caracas.
- PREVIOUS: International Roundup: Bongo, Belgade, Beijing, Bolsonaro
- CANADA: Prime Minister Justin Trudeau has continued to call for the release of two Canadians, Michael Kovrig and Michael Spavor, detained in China in response to the arrest of Huawei executive Meng Wanzhou. Beijing promised retaliation after Meng was arrested at U.S. request.
- FRANCE: President Emmanuel Macron says he deeply regrets his American counterpart’s decision to withdraw troops from Syria. “To be allies is to fight shoulder to shoulder,” Macron said on a visit to French troops in Chad. France is a key part of the coalition, and will remain in Syria.
- BELGIUM: King Filip of Belgium accepted the resignation of Prime Minister Charles Michel on Friday. The meeting was necessitated by the withdrawal of Michel’s Flemish nationalist coalition partners, the N-VA, over the UN’s Migration Compact. A caretaker government will be in place until regularly-scheduled elections in May.
- DR CONGO: Members of the opposition are furious after the electoral commission announced a weeklong delay to presidential elections in the Democratic Republic of Congo. The DRC election body said the delay was necessary after last week’s warehouse fire destroyed voting materials.
- CUBA: Major League Baseball and the Major League Baseball Players’ Association announced a major agreement with the Cuban Baseball Federation on Wednesday, aimed at stemming the smuggling of Cuban players. The agreement faces an uncertain legal future with the Trump administration.
- PREVIOUS: International Roundup: Climate, Coalitions, Comrades and Cease-Fire
- Recreational use of marijuana is now legal in Canada, a move Wall Street pros say is akin to the end of prohibition in the U.S. back in the 1930s that legalized the sale of beer and booze after a nearly 15-year ban.
- Canopy Growth CEO: Here’s What the Future of Cannabis Looks Like for Investors. Cannabis has potential anti-inflammatory properties. Could we see a beverage that’s going to be absolutely disruptive to Gatorade?
- No prudent investor would consider a pot stock like Tilray (TLRY), with a market capitalization of US$22-billion and trailing revenue (not profit, revenue) of US$17-million.
- Canada’s big day: Forecast for cannabis industry gets a boost. On the eve of Canada’s historic launch of its recreational marijuana program, the global cannabis industry appears poised for explosive growth thanks to the confluence of a host of market developments.
- “More likely we’re going to have a hard landing than a soft landing.” For those that have built market-leadership positions and fortress balance sheets, there remains a great deal of opportunity.
- It’s hard to persuade pot farmers who have been producing in the shadows for decades to fill out voluminous paperwork, pay taxes and comply with reams of environmental regulations. Parallels between Canada and California, especially in British Columbia, where growers have operated in the wilds for decades just as they have in Humboldt County.
This week’s bond review shines a light on the solar industry, focusing on the second largest solar company by revenues. Canadian Solar has experienced outstanding growth over the past few years, with revenues growing by nearly 19% between 2016 and 2017. In addition, the company is projecting revenue growth this year of over 35% over last year. Growth has been driven by the large demands in China in recent years, but also increased demand in countries such as Brazil, Mexico and India. Canadian Solar’s first quarter results show the company is off to a solid start this year.
Gross profit in Q1 increased 57% over Q1 2017.
Net revenue in Q1 was up an impressive 110.5% from Q1 2017.
Operating expenses and general and administrative expenses both decreased year-over-year in Q1.
Interest coverage for Q1 was a solid 2.6x.