Category: Canada

On 20 March 2025, the delegation of National Bank of Canada and representatives of ABA Bank paid a courtesy visit to Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia. The meeting reaffirmed both financial institutions’ strong support for Cambodia’s economic future.

The delegation to Peace Palace was led by Laurent Ferreira, President & CEO of National Bank of Canada. The dialogue with the Prime Minister encompassed various topics, including strengthening investment potential, promotion of sustainable economic growth, and investments in critical infrastructure and sustainability projects since National Bank of Canada is acclaimed as one of Cambodia’s the largest foreign direct investors.

In his remarks, Laurent Ferreira praised the Royal Government of Cambodia for the country’s long-term economic development and continuous advancement. He also commended the government’s focus on digital transformation and strengthened government partnerships.

“I express sincere appreciation to the Royal Government of Cambodia for its steadfast commitment to ensuring economic and social development,” commented Laurent Ferreira. “Cambodia’s vibrant economy and supportive business climate have created ideal conditions for ABA’s expansion. National Bank of Canada appreciates and praises the opportunity to operate in Cambodia and be a good example of a successful investment in the country,” he added.

As one of Canada’s largest banks and a shareholder of ABA Bank, National Bank of Canada reaffirmed its support for promoting investment and enhancing Cambodia’s reputation as a secure and attractive investment hub. Laurent Ferreira emphasized that the bank’s successful investment in a Cambodian financial institution has raised Cambodia’s profile in Canada as a favorable investment destination. National Bank of Canada actively introduces Cambodia to its clients who explore international expansion, further strengthening confidence in the Kingdom’s potential.

In August 2024, National Bank of Canada facilitated high-level meetings between Cambodian government officials and Canadian business leaders and investors. The Investment Roadshow, led by H.E. Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia, highlighted Cambodia’s promising investment opportunities in the U.S. and Canada.

Another focus of the meeting was the ongoing partnership between ABA and the government in promoting digital transformation. The Bank emphasized its dedication to working with the government to implement innovative digital solutions, improving efficiency and accessibility across various sectors. 

ABA Bank: Driving Economic Development

ABA Bank has solidified its position as a key driver of Cambodia’s economic development, extending $8.5 billion in loans to vital sectors such as trade, tourism, manufacturing and agriculture. Beyond traditional banking, ABA also finances infrastructure projects that enhance the country’s competitiveness.

Its recent financing includes green bonds supporting a solar farm to reduce electricity costs and strengthen Cambodia’s regional standing. Additionally, ABA has provided financing to Techo International Airport, a transformative initiative to enhance economic connectivity and drive growth in tourism and logistics.

The bank’s collaboration with the government extends further, particularly in tax collection. As Cambodia’s largest tax-collecting bank, ABA facilitates 25% of all tax payments and 10% of all levies and customs duties through its nationwide branch network and digital banking platforms, reinforcing its role in strengthening the country’s fiscal operations.

ABA also stands out as a significant taxpayer, having contributed approximately $500 million since 2009. Recognized for its commitment to transparency and best practices, the bank has received the GOLD Tax Compliance Certificate from the General Department of Taxation for eight consecutive years.

Supporting Cambodia’s Future Vision

Cambodia’s economic outlook is promising. The Royal Government of Cambodia’s ambitious Pentagonal Strategy and its vision to achieve Upper-Middle-Income Country status by 2030 set a clear and inspiring roadmap. ABA stands ready to support these national objectives by promoting financial inclusion, fostering innovation, and enabling economic participation. 

With the continued support of the Royal Government of Cambodia, ABA Bank looks forward to realizing the shared vision for a more prosperous and financially inclusive Cambodia.

About ABA Bank 

ABA Bank (www.ababank.com) is Cambodia’s largest commercial bank by assets, deposits, loans, and profitability, according to the Annual Supervision Report 2021-2023 of the National Bank of Cambodia. 

The Bank’s wide-reaching footprint covers 99 branches, 46 self-banking spots, 1,700+ self-banking machines, and advanced online and mobile banking platforms, providing more than 4.5 million customers with the convenience of modern financial services.

ABA Bank is a subsidiary of National Bank of Canada, one of the largest banks in Canada.

About National Bank of Canada

National Bank of Canada (www.nbc.ca) is a financial institution with around USD 334 billion in assets as of 31 January 2025 and a vast network of correspondent banks worldwide. National Bank of Canada holds credit ratings of “A” from S&P, “A+” from Fitch, and “A1” from Moody’s.

It is headquartered in Montreal and has branches across Canada, serving 2.8 million clients. National Bank of Canada is the leading bank in Quebec, where it is the partner of choice among SMEs.

The bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). Clients in the United States, Europe, and other parts of the world are served through a network of representative offices, subsidiaries, and partnerships.

A British Columbia judge says Saskatchewan farming magnate Darrel Monette must pay the $12 million he promised to an adviser in a multimillion-dollar ranching deal in 2021.

David Dutcyvich owns Vancouver Island-based 3L Developments Inc., which advised Monette in the ranching deal, the judgment said.

Born on a farm in Saskatchewan, Dutcyvich moved to B.C. as a teen and started working as a logger. He went on to create Lemare Lake Logging and then, from those profits, form 3L Developments, now part of a related group of companies through which he carries out development, ranching and agricultural activities. 

Monette is the owner of Monette Farms Ltd., a ranching and farming operation with holdings in Saskatchewan, B.C., Manitoba and the United States. In a news release March 31, he said that the company, based in Swift Current, Sask., about 245 kilometres west of Regina, is appealing the ruling.

Justice Emily Burke’s 50-page ruling on March 25 from the Supreme Court of British Columbia details the complex maneuvering behind the multimillion-dollar deal involving cattle and thousands of hectares scattered across 16 ranches in the province’s interior.

For all its complexities, Burke’s decision came down to deciding which of the two multimillionaire farmers was telling the truth about what was or wasn’t said on a day in May 2021 when the two men took a helicopter ride near Kamloops to tour the ranches.

Burke chose to believe Dutcyvich’s account of what happened. 

“Mr. Dutcyvich said he had a brief early morning conversation with Mr. Monette just prior to the helicopter tour, during which he advised Mr. Monette that his work was essentially done and he expected his $12 million when the deal closed,” Burke wrote.

“Mr. Monette says this conversation did not occur.”

B.C. cattle country

The dispute began in 2020 when the Blue Goose Cattle Company in Vancouver wanted to sell its ranching interests in B.C. The shares in Blue Goose Cattle were owned by Blue Goose Capital, which is a subsidiary of the Dundee Corp., a public company listed on the Toronto Stock Exchange. 

Blue Goose Cattle owned 16 separate ranches with more than 18,200 hectares and 14,000 cows. It started negotiating the sale with LBJ Capital Inc., based in Okotoks, Alta, about 45 kilometres south of Calgary. As part of its due diligence, LBJ hired Dutcyvich and his company, 3L Developments, to review the deal.

“He is an 81-year-old, self-made, successful businessman,” Justice Burke wrote.

According to Burke’s decision, Blue Goose wanted just over $100 million for its holdings. Dutcyvich’s deal with LBJ was to see if the price was fair, and if he could get it lower, he would get a portion of anything under the $100 million asking price.

“For example, as Mr. Dutcyvich explained, if he was able to reduce the purchase price by $20 million, Mr. Dutcyvich and 3L Developments would receive $10 million,” Burke wrote.

The judgment details how Dutcyvich’s chief financial officer at 3L Developments reviewed the company’s private financial statements, while Dutcyvich did on-the-ground inspections to ultimately value the holdings at $76 million. He concluded that Blue Goose had claimed to have more cows than it did, moved equipment between ranches to fudge the amount of assets, and would have a problem with its land leases as property was being returned to First Nations peoples.

After providing LBJ Capital the advice, the company and Blue Goose entered into a preliminary deal in June 2020 to sell the package for $76 million.

This would net Dutcyvich a $12 million fee — half the $24 million difference from the original $100 million asking price.

Monette Farms enters the picture

As it happened, LBJ Capital was unable to close the deal and by the fall of 2020 Blue Goose decided it wouldn’t deal with the company.

“At this time, unknown to Mr. Dutcyvich and 3L Developments, it appears that the defendants, Darrel Monette and Monette Farms, were making arrangements to have some measure of involvement with LBJ,” Burke wrote.

“Mr. Monette disputes this. However, I find that the evidence supports this involvement.” 

Monette was involved in conference calls in late 2020 involving LBJ and Dutcyvich, Burke wrote. In January 2021, Blue Goose cut its dealings with LBJ. In March, Monette and Dutcyvich first met in person, which is when Dutcyvich said Monette first asked for help.

Burke wrote that the crucial conversation about Dutcyvich’s fee happened on the helicopter ride to tour the ranches, in the first or second week of May 2021. 

“As part of this conversation, Mr. Dutcyvich said to Mr. Monette: “You know the deal, my fee is $12 million … are you going to pay me?” Mr. Dutcyvich testified that Mr. Monette replied “yes,” he would pay the fee,” Burke wrote.

“When cross-examined on why he took no more steps to confirm the payment owed by Monette Farms, Mr. Dutcyvich said that he took Mr. Monette at his word when he said he would pay Mr. Dutcyvich for the work. He liked and trusted Mr. Monette, and so he didn’t feel the need to pursue him.”

In October 2021, Dundee Corp. announced it had closed the sale of its Blue Goose Capital Corp. shares to Monette Farms.

Justice Burke had harsh words for Monette in her conclusion.

“The defendants’ duplicity throughout sought to minimize and deny the work undertaken by the plaintiffs, and I do not accept those claims. As argued, Mr. Monette appears to be reluctant to pay for those who assist him on his path to accumulate his very significant wealth, and the court will not assist him in those endeavours.”

In the March 31 news release, Monette and Monette Farms wrote “we completely reject and disagree with the findings of the judge and will be appealing the decision to the BC Court of Appeal immediately.”

First Quantum Minerals’ shares rose by as much as 3% on the Toronto Stock Exchange early on Tuesday after the company said it had discontinued arbitration proceedings against the Panama government.

The decision, announced on Monday, raises the prospect of negotiations to resume production at the Cobre Panama copper mine, which had contributed 1% of global copper production until the government of Panama shut it down following public protests in 2023.

The suspension of output impacted both Panama’s and the company’s financial prospects.

The next steps in the dispute depend on the actions of Panama’s president.

The Panama government did not respond to queries from Reuters.

In addition to First Quantum, at least five other companies have filed arbitration cases against Panama over the closure of the Cobre Panama mine.

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• Australia’s S&P/ASX 200 records its first back-to-back monthly fall since October 2023, down 3.39% in March
• Ten out 11 S&P/ASX 200 sectors posted losses with utilities the only sector in the black, up 1.52%
• Metal Powder Works rises 176% in first month on the ASX, making its IPO on March 11 through reverse merger with K-TIG Limited

Australia’s S&P/ASX 200 dropped 3.39% in March, following a 3.79% decline in February, marking its first back-to-back monthly fall since October 2023, according to VanEck Asia-Pacific CEO and managing director Arian Neiron.

Volatility rose across the board as economic impacts of impending tariffs and global geopolitical tensions weighed on global markets.

The S&P 500 tumbled 6% in March – its largest monthly loss since December 2022, according to S&P Dow Jones Indices (S&P DJI).

Aussie small caps fell 3.60% with mid-caps down 3.52% and emerging companies the best performer but still in red, falling 1.34%  in March.

Investors rotate to Europe in another risk-off month

BetaShares chief economist David Bassanese said concerns over US tariffs led to another risk-off month in March, with equity prices generally lower.

“Recent equity market declines have improved global equity valuations, though they remain relatively elevated,” he said.

He said the “great rotation” continued within global equity markets, with value and non-US regions outperforming growth and the US again in March.

Neiron said investors were now seeking value beyond the world’s largest economy.

“Value companies outperformed, and investors rotated away from the US to the more attractively-priced stocks in Europe,” Neiron said.

Bassanese said there was little movement in monetary policy expectations in either the US or Australia over the past month despite continued equity market volatility.

The Reserve Bank of Australia (RBA) made its first rate cut in four years in February but left the cash rate unchanged at 4.1% at its April meeting yesterday, awaiting clear confirmation that inflation was back in its 2-3% target range.

“Markets continue to expect around two rate cuts in each country this year,” Bassanese said.

He said recent equity market declines have improved global equity valuations, although they remain relatively elevated.

“Expected earnings growth is fairly broad based across sectors, though with particular strength in technology and communications,” he said.

The Aussie dollar was modestly stronger in March, rising 0.6% from 62.1 to 62.5 US cents.

“The strength in the Australian dollar largely reflected a weaker US dollar in global markets, with the USD Index down 3.2%,” Bassanese said.

While the Aussie dollar edged higher in March, the price of Bitcoin, the world’s largest cryptocurrency, declined. At the time of writing, after an eleventh-hour surge from a US time-zoned perspective, Bitcoin was trading at around US$84,000. Overall, it moved down 2.3% in March. It could have been worse, considering how poorly tech fared globally in the latter stages of the month.

Tech drags on market

Unlike February, where the big banks were the worst performers, tech (-9.66%) and consumer discretionary (-6.14%) were the biggest drags on the ASX in March.

“As has been the case globally, the growth/technology areas have tended to be hardest hit locally during the current equity sell-off,” Bassanese said.

Neiron said this reflected a broader risk-off sentiment that was driven by concerns over tariffs, lower growth and higher inflation expectations.

The best performers for March were utilities, up 1.52%, materials down 0.32% and consumer staples down 1.46%.

“International equities, represented by MSCI World ex Australia, followed the same pattern as domestic stocks, falling 4.67% due to drops in tech and consumer discretionary,” Neiron said.

Momentum continues correction, fixed income resilient

All reported Australian factor indices were in the red in February. Momentum – the best-performing factor in 2024 – continued its correction, declining by 7% for two consecutive months, according to S&P DJI.

In contrast, defensive factors, such as high dividend and low volatility, held up relatively better.

“Volatility rose across the board, in both implied and realised terms, reflecting heightened uncertainties surrounding impending tariffs, geopolitical tensions and their potential economic impact,” S&P DJI said.

Known as the fear gauges, the S&P/ASX 200 VIX surged to 14.9%, while the S&P 500’s VIX closed March at 22.3%.

S&P DJI said fixed income indices remained relatively resilient, with the S&P/ASX Australian Fixed Interest 0+ Index staying in positive territory.

The 50 best performing ASX stocks in March

Metal Powder Works (ASX:MPW) rose 176% in its first month on the Aussie bourse, having made its IPO on March 11 after raising $10 million at 20 cents per share through a reverse merger with formerly listed K-TIG Limited.

MPW has developed its patented DirectPowder process, which offers a new approach to powder production in additive manufacturing. The tech has already been tested across various methods like 3D printing and laser fusion, with MPW counting big names like the US Department of Defense, Westinghouse, and Toho Titanium as customers.

Discount store chain The Reject Shop (ASX:TRS) was up 97% in March after following a $259 million takeover offer from Dollarama, a Canadian giant in the bargain basement retail chain store business.

TRS said it had entered into a binding scheme implementation agreement with Toronto Stock Exchange-listed Dollarama for the takeover price of $6.68 per share, representing a 112% premium to the company’s most recent closing price.

The takeover has the backing of the Aussie company’s largest shareholder, Kin Group, controlled by billionaire Raphael Geminder. If approved by its broader shareholders, the deal is expected to be completed in the second half of this year.

RareX (ASX:REE) rose 171% in March after an unexpected gallium discovery elevated its Cummins Range project to the most advanced gallium deposit in Australia with historical drill holes containing values up to 6826 g/t Ga203.

The critical metal, a key material in semiconductor chips currently subject to export bans from its main producer China, could transform Cummins Range, already one of Australia’s largest pre-development rare earths and phosphate projects.

Gallium assays were identified in the upper 80m of the carbonatite pipe, occurring alongside high-grade rare earths, phosphate, and scandium mineralisation, after RareX assessed historical regolith RC drilling conducted between 2007 and 2012 by Navigator Resources and Kimberly Rare Earths.

Lykos Metals -LYK (ASX:) was up 90% in March after raising ~$400,000 via a placement of ~44,42 million fully paid ordinary shares at 0.09 cents (A$0.009) per share.

The placement issue price is at a 18.2% discount to the last close and includes one free attaching unlisted option for every two shares issued, exercisable at 2 cents ($0.02) with an expiry date of three years from the date of issue and subject to shareholder approval.

LYK said funds would go towards exploration and development of its existing projects along with new opportunities and working capital.

The 50 worst performing ASX stocks in March

At Stockhead, we tell it like it is. While RareX is a Stockhead advertiser, the company did not sponsor this article.

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Despite uncertainty about U.S. tariffs, Canadian stocks staged a recovery on the final day of March as easing bond yields and rising crude oil and gold prices helped lift investor sentiment. The S&P/TSX Composite Index climbed 158 points, or 0.6%, on Monday to close at 24,918 — recouping a large portion of last week’s losses.

Nearly all key sectors, except technology, ended the session in the green, but the market rally was mainly driven by solid gains in consumer, industrial, and financial stocks. However, this rally couldn’t help the TSX end March in positive territory, as the index still posted a monthly decline of 1.9%, marking its second straight monthly loss.

Top TSX Composite movers and active stocks

Restaurant Brands International, Torex Gold Resources, North West Company, and K92 Mining were the top-performing TSX stocks for the day, with each inching up by at least 3.5%.

On the flip side, SSR Mining (TSX:SSRM) dived by 7.4% to $14.42 per share, making it the day’s worst-performing TSX stock. Despite the ongoing record rally in gold prices, this selloff in SSRM stock came after the precious metals mining firm released its 2025 operating guidance.

For the year, SSR Mining forecasts gold equivalent production of 410,000 to 480,000 ounces, excluding potential output from the suspended Çöpler mine. The increase reflects over 10% year-over-year growth, largely driven by its recent Cripple Creek & Victor acquisition. However, investors reacted negatively to this news as the company highlighted cost pressures and higher operating costs across the portfolio. On a year-to-date basis, SSRM stock is still up 44% and offers a 2.7% annualized dividend yield.

Ivanhoe Mines, Algoma Steel, and Capstone Copper were also among the bottom performers on the Toronto Stock Exchange, after falling by more than 4% each.

Based on their daily trade volume, TC Energy, Bank of Nova Scotia, TD Bank, Canadian Natural Resources, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Oil and gold prices continued to trade positively in early trading on Tuesday, but most other commodity prices remained negative amid lingering global growth concerns. This divergence could lead to a muted open for the resource-heavy TSX today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. manufacturing and job openings data this morning. More importantly, investor attention will remain focused on any updates related to trade policy as we come close to the implementation date for new U.S. tariffs.

On the corporate events side, the TSX-listed NovaGold Resources will announce its latest quarterly results today, which will keep its stock in the spotlight.

Market movers on the TSX today

Shares of Aptose Biosciences (NASDAQ:) plunged 38.4% premarket today after the Nasdaq Hearings Panel decided to delist the company’s common shares from The Nasdaq Stock Market, News.Az reports citing Investing.

The clinical-stage precision oncology company, which focuses on developing therapies for acute myeloid leukemia (AML), confirmed through its advisor on March 31, 2025, that it had not regained compliance with the Exchange’s minimum equity requirement.

The delisting decision comes as a significant setback for Aptose, which was unable to meet the Nasdaq’s equity rule by the March 31 deadline, marking the limit of the Panel’s discretion to allow continued listing while the company was non-compliant. Trading in Aptose’s common shares is set to be suspended at the open of business on April 2, 2025.

Despite the delisting, Aptose’s management and board are considering all available options, including an appeal against the Panel’s determination. The company has expressed its intention to continue executing its business plan and aims to seek listing on another U.S. national securities exchange when appropriate. For the time being, Aptose’s shares will remain listed on the Toronto Stock Exchange (TSX) under the ticker symbol “APS”.

The delisting news is a blow to Aptose, which has been working on a tuspetinib (TUS) based triple drug frontline therapy for patients with newly diagnosed AML. The impact on the company’s stock is a reflection of investor concerns over the financial stability and future access to capital markets following the Nasdaq’s decision.

As Aptose explores its next steps, the company’s focus remains on advancing its clinical programs and seeking alternative avenues to support its operations and research endeavors. The situation underscores the challenges faced by clinical-stage biotech companies in maintaining financial and regulatory standards required by major stock exchanges.

News.Az