Category: Canada

Matador Technologies Inc. announced on Tuesday that it has begun trading on the Frankfurt Stock Exchange under the ticker “IU3,” adding a key European listing to its existing U.S. and Canadian markets.

The listing supports Matador’s goal of offering near round-the-clock trading access to its shares globally, a structure modeled after the 24/7 availability of Bitcoin (BTC). 

With the addition of Europe, investors in three major regions can now trade Matador stock in their local time zones.

“This listing completes a key part of our global capital markets strategy,” said CEO Deven Soni. “It enables European investors to participate more easily in our growth story.”

Bitcoin-backed treasury

Matador, which brands itself as a Bitcoin Ecosystem Company, focuses on building a Bitcoin-backed treasury and fintech platform.

It joins a growing cohort of public companies aligned with Bitcoin, such as Japan’s Metaplanet and U.S.-based MicroStrategy, which have integrated Bitcoin into their financial strategies.

The company’s approach aims to leverage Bitcoin’s qualities as a reserve asset, and the expanded listings may help Matador attract a broader investor base while enhancing liquidity.

Interest from corporations in digital assets is increasing, with more and more public companies allocating Bitcoin to their balance sheets, according to a recent report from Binance. 

Last week, Trump Media and Technology Group closed a $2.44 billion private placement with approximately 50 institutional investors, aiming to establish one of the largest Bitcoin treasuries among publicly traded U.S. companies.  

Shares of Matador will continue to trade on the TSX Venture Exchange under “MATA,” the OTCQB under “MATAF,” and now the Frankfurt Stock Exchange under “IU3.”

Exxon Mobil, Hess, and CNOOC, a trio of oil producers in Guyana, posted a 64% increase in profit in 2024 to $10.4 billion. This was due to the fact that facility upgrades allowed for sustained production growth.

Guyana, a South American nation, has been a profitable operation due to its rapid production expansion, low taxes and royalties, and the relatively low amount of government revenue.

Guyana, along with its neighbors who share the same oil basin, is expected to be one of the last frontiers in the world for oil exploration.

Exxon reported in January that it expects to earn $33,46 billion by 2024. Of this, $4.7 billion will come from Guyana.

Hess profit in Guyana grew from $1.9 billion to $3.1 billion, and CNOOC profit increased from $1.5 billion to $2.5 billion.

Government figures show that the consortium’s oil production rose by 3% on an annual basis to 631,00 barrels of crude per day during the first quarter. The output is expected to exceed 900,000 barrels per day once the companies finish installing a fourth vessel which arrived in the country’s waters in Feb.

The Guyana government recently revoked a license granted to a possible rival consortium headed by Frontera Energy, whose shares are listed on the Toronto Stock Exchange.

Exxon is planning to increase its natural gas supply in Guyana as the pressure on Guyana increases.

strategy

Earlier this year, executives from the company said that they needed to plan and develop supply and development of reserves.

Exxon announced that the consortium achieved a gross production volume of 652,000 barrels per day in the fourth quarter following updates to some of its floating installations. Exxon reported that the production capacity will reach 1.7 millions bpd in 2030.

Exxon said that the group’s expenses for Guyana increased by 42%, to $4.9 billion. This would result in a profit of $12.8 billion before taxes.

(source: Reuters)

Coordination, it turns out, wasn’t limited to law firms. Barrett describes an extraordinary meeting involving over 40 participants – lawyers, stock exchange officials, and clearinghouses from both sides of the border – to figure out how the new South Bow shares could trade effectively. “We needed to create different markets so people could trade an entitlement to receive shares before the spinout occurred,” he says. “This doesn’t occur very often… particularly not when you have both TSX and NYSE-listed entities.”

What distinguished South Bow from TC Energy – and in many ways justified the separation – was the divergent nature of the businesses. “South Bow… it’s a very utility-like, very steady, very dependable business,” he says. “On the other hand… TC’s power and renewables are a much more high growth business.” The separation, according to Barrett, enabled investors to choose between steady returns or growth-oriented exposure, and allowed each business to pursue capital strategies aligned with their distinct risk profiles.

From a legal execution standpoint, Barrett believes the success of the deal hinged on proactive planning. “We had a Gantt chart that was about six pages long with 40 key transaction items,” he says. “We were trying to look two steps ahead and see what potential challenges could occur… and address them now, as opposed to respond to them later.”

Barrett also credits the sophistication of TC Energy’s in-house legal department. “The depth and strength of TC really sets them apart from the vast majority of Canadian companies,” he says. “We were able to… work on this transaction as partners, which is super rewarding.”

For Barrett, it’s more than just a career highlight – it’s a career-defining experience. “I was recently talking with one of the most senior practitioners in our group,” he shares. “He said… appreciate the moment, appreciate the significance of this deal.” Barrett is doing just that. “This is one of the transactions that when I look back 10, 20, 30 years… [will be] one of those transactions that I am most proud of.”

Algoma Steel Group Inc. ASTL-T chief executive Michael Garcia says 50-per-cent tariffs on Canadian steel imports could make the company’s U.S. business unviable.

U.S. President Donald Trump on Friday said he intends to double tariffs on steel and aluminum to 50 per cent from 25 per cent, effective on Wednesday.

His original tariffs, which were put in place in March, were framed around the need to protect the country’s national security. Mr. Trump says the higher tariffs are now necessary to eliminate any threat of foreign steel making its way into the U.S. market. They apply to all its imports of the metals, not just those from Canada.

The existing U.S. tariff has already caused considerable damage to Algoma. The percentage of its revenue coming from the U.S. has fallen to 50 per cent from as high as 65 per cent. A doubling of the tariff may ground its U.S. business to a halt entirely, Mr. Garcia said in an interview on Monday.

“Unless the price of steel rises to the 2020-2021 levels, paying a 50-per-cent tariff would be commercially unviable,” he said.

U.S. aluminum, steel prices jump while shares drop on Trump’s 50% tariff announcement

The price of U.S. Midwest domestic hot-rolled coil steel futures traded around US$900 a tonne on Monday. Mr. Garcia says a doubling of the steel price will be necessary to keep it in business in the U.S., if Mr. Trump forges ahead with his 50-per-cent tariff. The steel price hit almost US$2,000 a tonne in September, 2021.

“Our focus and our job is to get through the current environment for as long as we need to, and preserve liquidity,” Mr. Garcia added.

Algoma, based in Sault Ste. Marie, Ont., is Canada’s only independent steelmaker. In the Northern Ontario border city, Algoma employs around 2,750 people. Among the liquidity-saving measures the company has already rolled out are job cuts.

Bill Slater, president of United Steelworkers Local 2724, said the company recently informed the union that 35 job cuts are coming. Nineteen of those will be longer-term layoffs (greater than eight weeks), and they will take effect on July 21. The rest will be a mix of retirements and short-term contract workers whose contracts are ending early.

Mr. Slater said that while the 25-per-cent tariffs are clearly making Algoma less competitive in the U.S., market dynamics at home are even tougher. That’s because foreign steelmakers are making deep inroads into Canada since they are being increasingly shut out of the U.S.

“All these other countries are dumping steel into Canada and that has reduced prices in Canada too much,” Mr. Slater said.

“We’re even losing more money in Canada than we are in the States.”

Investigations into allegations of dumping in the steel industry are carried out by Canada Border Services Agency. If dumping has occurred, the Canadian International Trade Tribunal determines whether it has caused material injury to the industry, or threatens to do so. CBSA can then ultimately impose anti-dumping duties against offenders.

Canada has already taken action against China owing to its long record of dumping steel into the domestic market.

Ottawa late last year imposed 25-per-cent tariffs against China, after a similar crackdown made by then-U.S. president Joe Biden. But Algoma’s CEO has been clear that dumping into Canada goes far beyond Chinese steel mills. Earlier this year, he told The Globe and Mail that producers from South Korea, Malaysia, India, Vietnam, the Middle East and Turkey are also selling into the Canadian market at cutthroat levels.

Despite the massive uncertainty caused by the tariff dislocation in both the U.S. and Canadian steel markets, Mr. Garcia is hopeful that talks between Canada and the U.S. will lead to a breakthrough in trade and an eventual resetting of the relationship.

Algoma Steel CEO asks Carney to ‘immediately engage’ with Trump on steel tariffs

He even expressed optimism the steel producer over the longer term can emerge in a stronger position because of the increased focus on buying Canadian, the push to diversify Canada’s trade beyond the U.S. and the rollout of its new electric arc furnace technology, which should drive its costs down.

Federal Industry Minister Mélanie Joly said on Sunday that the government is committed to using Canadian steel and aluminum in major infrastructure projects, particularly in the defence sector.

“Whether it’s infrastructure or energy projects or defence projects, I think the market potential for the domestic steel industry is actually pretty bright for Canada,” Mr. Garcia said. “Algoma has the wherewithal to make it through.”

Shares in Algoma fell by 6.9 per cent on Monday on the Toronto Stock Exchange to close at $6.76 apiece.

In a city celebrated for its cultural diversity, Toronto’s most compelling art experiences are increasingly unfolding far beyond traditional museums and galleries. They pulse through the rush of commuters at Union Station, resonate in the bustling corridors of suburban shopping malls, and transform sterile office plazas into destinations. This shift isn’t accidental – it’s driven by a pioneering coalition of private sector giants and grassroots arts organizers who are proving that commerce and culture, far from being at odds, can create vibrant, accessible, and deeply meaningful artistic encounters for millions.

Fueled by a potent blend of civic vision, community accountability, and savvy business strategy, companies like Osmington Inc. (managing Toronto’s iconic Union Station) and Oxford Properties (one of Canada’s largest real estate developers) are partnering with innovative curators like MakeRoom Inc., and community organization The Remix Project, to democratize art access and amplify underrepresented voices. The result? A blueprint for how corporations can authentically integrate art into the daily fabric of urban life.

Union Station: From Transit Hub to Cultural Canvas

When Osmington Inc. won the fiercely competitive bid to manage Union Station’s retail and programming over a decade ago, Vice President Syma Shah described a profound sense of duty. “Osmington felt it was their civic duty to make Union Station a destination,” she explains. “We wanted it world-class and accessible for all.” The initial vision involved partnerships with giants like The Toronto International Film Festival (TIFF) and the Toronto Symphony Orchestra (TSO).

But Shah, drawing on her experience producing major festivals like North America’s largest South Asian festival, Masala! Mehndi! Masti!, knew authentic connection required deeper roots. The challenge? Union is first and foremost a regulated, heritage-designated transportation hub handling 300,000 people daily. “It’s a very different beast,” Shah notes. “You can’t just hang art everywhere.”

Her team literally walked the station “like a palette,” identifying spots where art could be safe, respected, seen, and wouldn’t compromise heritage elements – a process demanding close collaboration with the City of Toronto, the building’s owner. Osmington quickly recognized authentic representation required trusted partnerships. “I’m a woman of color of South Asian origin, but I can’t program something like Black art authentically myself. That should come from within that community,” Shah emphasizes.

This led to transformative collaborations with organizations like MakeRoom Inc., the Nia Centre, and the Gord Downie & Chanie Wenjack Fund, the latter of which ensured Indigenous artists worked with Indigenous curators on exhibitions like 2023’s “We Are Still Here.” The approach involves setting clear parameters for artists: respecting the space’s functional realities and heritage status—no foul language or nudity—while encouraging stories tied to the themes of transit, connection, and community. Exhibits launch during heritage months but extend far beyond – Black History Month in February leads to exhibitions showcased nearly year-round, funded partly through sponsorships like TD Bank.

The impact is personal. Shah recounts the story of Black mature artist Gloria C. Swain, whose image was used in artist Anique Jordan’s Mas’ at 94 Chestnut as part of the city’s 2021-2022 cohort of public art initiative ArtworxTO. Exhibited at Union Station, the photo was vandalized with a racist slave collar drawing. “Sorry isn’t enough,” Shah states. Osmington and MakeRoom responded by featuring Swain as the highlighted artist in the 2023 exhibition I Am Still Here. “It was meaningful to her, not only as a Black person, but as a senior artist, to say ‘I am still here,'” Shah says. “Every exhibition is like that. We ensure their story is told, and every year it’s elevated.”

MakeRoom Inc.: The Radical Transparency Model

Trevor Twells, founder of MakeRoom Inc., is a key partner for Union and others. His organization exists to dismantle the nepotism and gatekeeping pervasive in the art world. “Our mission is platforming marginalized and underrepresented voices,” Twells states. “What makes us different is radical transparency and accountability.” MakeRoom Inc. operates on strict principles, including open calls with pre-determined themes but never pre-selected artists.

“All our public exhibits are open call,” Twells states unequivocally. “Artists know exactly how much they’re getting paid, and know exactly what criteria they’re selected from. We don’t care who you know or your prior experience so much as about the art submitted for the theme.”

MakeRoom Inc. built its own digital platforms for submissions and partners with community artists and curators to jury the work, ensuring diverse perspectives select the art. According to Twells, Union has been an ideal partner precisely because they embraced this ethos. Through exhibitions sponsored by TD and co-curated in partnership with MakeRoom, Twells has been given carte blanche on projects. “They understood we needed full transparency, open calls, and their involvement was just helping with the jury process,” says Twells. This alignment allowed for powerful, year-round exhibitions. Theodore Walker Robinson’s large-scale Braille transcription of the Langston Hughes poem “Dreams” as part of 2024 exhibition Black Dreams and Aspirations comes to mind, as does the currently running A Transit Through Time, celebrating the legacy and creativity of Black communities, alongside featured artist Jordan Sook’s butterfly-themed Nothing More, Nothing Less. “Union isn’t just Black-washing for February. The work is up two-thirds of the year,” Twells notes, countering superficial diversity efforts.

The human impact is Twells’ driving force. “Seeing a little Black girl looking up at artwork featuring someone like her… that felt transformational.” MakeRoom intentionally focuses on joy and possibility alongside historical narratives. “It’s well-received to focus on Black joy because people see themselves represented without the trauma porn aspect often presented through a white colonial lens.” He’s even been asked to give tours of MakeRoom exhibits at Union, more proof people are visiting the station specifically for the art.

Oxford Properties: Malls as the Modern Town Square

While Union transforms a transit hub, Oxford Properties is reimagining the suburban shopping mall and Toronto’s office towers. Daniel O’Donnell, Senior VP of Corporate Affairs, articulates a clear philosophy: “We want our buildings, especially our shopping centers, to be like the town square — not just for commerce, but for socializing, connection, and experiencing culture. Art is integral to that.”

Their flagship initiative was with The Remix Project, a Toronto-based organization that provides mentorship and professional training to budding artists 16 to 24 years of age. This started at suburban malls including Scarborough Town Centre, Square One, Yorkdale, and offices in Toronto’s downtown financial district. “These malls are the downtown for their communities,” O’Donnell explains. “Scarborough Town Centre is where people hang out and meet friends. Putting art there feels authentic because it’s genuinely part of their community asset.”

Oxford leverages its colossal audience — 54 million visitors across its three suburban malls in 2023 and 2024 — to offer artists unprecedented visibility and career support. “It’s a win-win,” O’Donnell stresses. “It keeps the customer experience fresh, allows people to see themselves represented, and provides artists a huge platform. Who knows what connection or sale it might spark?” Beyond space, Oxford also provides direct financial support for equipment and materials that help young artists and creatives in their career pursuits.

The power of art to transform is evident in projects like Spanish artist Jaume Plensa’s “Dreaming” sculpture at Oxford’s Richmond Adelaide Centre. “Before, it was just a terrace in the financial core,” O’Donnell recalls. “Now, it attracts thousands daily.” He highlights the deliberate juxtaposition: Plensa’s modern sculpture alongside the historic, publicly accessible Group of Seven painter J.E.H. MacDonald’s mural nearby. “Art creates a sense of place and elevates us from the mundane while creating a sense of community and connection.”

The Toronto Blueprint: Shared Principles for Impact

Despite operating in different spaces—transit hubs, curated pop-ups, sprawling malls — Shah, Twells, and O’Donnell champion core principles driving this movement’s success. Authentic partnerships over tokenism, with corporations ceding significant curatorial control to trusted community organizations. A way of working authentically that isn’t about checking boxes, or having one-sided conversations. Toronto’s private sector, guided by passionate leaders and grassroots partners, is proving that supporting art is far more than corporate philanthropy. Enhanced brand value, deeper community connection, enriched customer experiences, and the profound satisfaction of empowering diverse voices are driving this movement.

Most importantly, it brings art directly to where people already are—in the rush of their commute, the routine of their shopping, the lunch break in a financial district. It democratizes access and proves that culture doesn’t just thrive behind the white walls of institutions, but also the vibrant, everyday tapestry of the city. When the private sector makes genuine, respectful space for art, where gallery walls vanish and the city becomes the canvas, everyone wins.