There have certainly been better times to be looking at your financial portfolio.
“I was just meeting with my accountant,” Calgary resident Shannon Matheson said.
“Things are in the minus… it’s ouchy.”
“It’s not been great,” said Darrin Ambrose, another Calgary resident.
Trillions have been lost from the global stock market since the U.S. Trump administration announced retaliatory tariffs on dozens of countries — leading to economic volatility, poor sentiment and lots of red on index screens around the world.
The Canadian dollar, Toronto Stock Exchange (TSX) and crude oil all finished lower on the day Monday, despite an earlier rally.
Adding to the frustration for investors, isn’t the fact the pull-back is happening — it’s why it happened.
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“The difference here is that it’s a manufactured situation,” explained Darren Cooper, Senior Investment Advisor with Wellington-Altus Private Wealth in Calgary.
The top 500 companies in the United States have lost a year’s worth of value in three trading days since the Donald Trump announcement on Wednesday, Apr. 2.
The U.S. president has shown few signs of backing down on widespread tariffs levied against nations around the world, despite the mounting pressure in the financial markets.
“There were decisions made that had binary outcomes that turned things towards this negative situation,” Cooper said.
“The reality is it’s up to one, or a very narrow set of people to make an announcement that could change that view.”
How to react to stock market plummet, expert advice
Phones are ringing off the hook in Cooper’s office as his clients try to manage the current situation.
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“We are on top of things, we’re paying close attention to what’s changing — what’s more worry versus fact.”
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“You want to make sure you’re working hand-in-hand with your clients, making sure they’re not overly worried things are being missed.”
But Cooper admits people in his line of work are having a hard time deciphering what might come next from the White House, and how that could impact people’s net worth.
“If somebody comes up for air with us, we want to make sure they’re confident they’re going to be okay.”
Similar conversations are also happening in Calgary counselling and psychologist offices.
“It might not be the first thing that gets mentioned on an intake, but ultimately (finances) end up being part of the service we provide,” said Sarah Rosenfeld with the Calgary Counselling Centre.
“The piece that’s usually helpful for folks is that thematically, we’re all seeing some of these (impacts).”
Rosenfeld says many people feel isolated when they’re dealing with a catastrophic situation such as a dramatic loss in their net worth.
But the widespread nature of this particular market development can also bring people closer together.
“In the absence of connection, they feel it’s only happening to them.”
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“Nobody’s immune from what’s happening — it’s just that some people don’t see that as an opportunity to connect.”
Calgarians say they handle the losses — and emotions — in different ways.
“I have two monitors at work: one is Yahoo Finance and the other is my work,” Ambrose said. “I try to make decisions based on facts and technicals… you learn to deal with these things but it’s never exciting when they happen.”
“I’m a little bit younger so I have some time to wait it out… it’s part of the path, it goes up and it comes back down. Is it going to go up (again)? I’m hopeful.”
Retirement investment concerns following Trump tariff announcement
Advisors and counsellors are aligned in their suggestions as well.
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“There’s still beautiful things happening around you,” Rosenfeld said. “There’s still kind people in the world. Trying to find moments of just sharing a smile with somebody can make a big difference during a really difficult time.”
“I can’t say I’ve slept the best I’ve ever slept the last week,” Cooper admits.
“But at the end of the day I still have my two daughters, my wife and my dog and I can go and relax with them for however many days this persists.”
Trump insists on tariff ‘medicine’ as volatility grips global stock markets
Donald Trump frequently bragged about stock market gains during his first term, and the threat of losses on Wall Street was viewed as a potential guardrail on risky economic policies in his second term.
But that hasn’t been the case, and Trump has described days of financial pain as necessary.
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“I don’t mind going through it because I see a beautiful picture at the end,” he said.
The Republican president has remained defiant despite fears that he could be pushing the U.S. toward a recession, insisting that his tariffs are necessary for rebuilding domestic manufacturing and resetting trade relationships with other countries.
After more than three years, Galaxy Digital Holdings Ltd. is inching closer to a listing on the Nasdaq exchange. It now awaits a shareholder vote sometime in May.
It follows a green light from the U.S. Securities and Exchange Commission on Monday afternoon to change Galaxy’s registration from the Cayman Islands to Delaware.
Galaxy Digital first signaled its intent to list on Nasdaq in January 2022, marking the SEC’s go-ahead as one of the last few hurdles before the company gets approved for a listing under the ticker “GLXY.”
“We’re on track to list on Nasdaq shortly after our shareholder vote on May 9, contingent on completing our reorganization,” CEO Mike Novogratz shared on X. “Let’s go!”
Galaxy’s registration statement via the SEC’s database details how the crypto and artificial intelligence infrastructure firm plans to shift its home base and reorganize under a new Delaware-based company, adopting a structure common among U.S. firms.
The plan removes current restrictions on U.S. shareholders’ voting rights. After the change, Novogratz will maintain control with nearly 60% of voting power.
Galaxy is currently listed on the Toronto Stock Exchange. Internally, it plans to ask shareholders to approve a corporate reorganization that it says would “provide legal, administrative, and other similar efficiencies.”
Galaxy said it chose Delaware as it deems it to be the “choice of domicile for many publicly traded corporations,” and because it believes moving its registration to it would “provide a favorable corporate environment.”
Based on the management circular in the filings, all issued and outstanding Class A ordinary shares will convert one-for-one into Class A common stock “without redemption or cancellation.”
For a limited and transitional period following reorganization, Galaxy will maintain dual listings on both Nasdaq and the Toronto Stock Exchange while fulfilling all Nasdaq listing requirements, according to the documents.
The firm expects the transition to be completed by mid-May, pending shareholder approval after the May 9 vote.
A wealth legacy sounds complex but it’s a concept that creates financial success. In stock investing, you use money to accumulate shares to build wealth from investment income. The solid foundation becomes not only financial wealth over time but lasting wealth.
Invest in the financial services sector if you want to create a wealth legacy through Canada’s primary stock exchange. It’s a heavyweight sector that accounts for 33% of the S&P/TSX Composite Index. The constituents include Canadian banks, insurance companies, and asset managers.
Do you need substantial capital to invest in financial services stocks? Not really. You can start with $8,500. Let it compound exponentially over a longer investment horizon. It can be your wealth legacy in the future.
Sector performance
Data from S&P Global shows that Canadian financial services only lost in one of the last five years. It delivered positive total returns in 2020 (+1.62%), 2021 (+36.5%), 2023 (+13.7%), and 2024 (+30.1%). In 2022 (-9.4%), inflation peaked to 8.1% in June leading to a 0.25% increase in the Bank of Canada’s policy rate to 5% a year later.
The banking sector is solid as a rock, particularly the five Big Banks. These giant lenders have dividend track records of more than 100 years. Besides sound financial health and high capital levels, the regulatory framework ensures a resilient financial system.
Impressive dividend track record
The Canadian Imperial Bank of Commerce (TSX:CM) is Canada’s fifth-largest financial institution by market capitalization. At $80.66 per share, this $75.8 billion lender pays a hefty 4.8% dividend. An $8,500 investment will compound or grow 319.7% to $35,675.30 in 30 years.
The example illustrates the power of compounding through reinvesting the quarterly dividend payouts. Regarding dividend history, CIBC has been paying dividends since 1868. The overall return in the last five years is 173%-plus or a 22.2% compound annual growth rate (CAGR).
In Q1 fiscal 2025 (three months ending January 31, 2025), revenue and net income rose 17% and 26% respectively to $7.3 billion and $2.2 billion versus Q1 fiscal 2024. Victor G. Dodig, President and CEO of CIBC, said the diversified business platform, robust capital position, and strong credit quality form the foundation to deliver for stakeholders in 2025 and beyond. However, he expects volatility in the cross-border business environment.
Screaming buy
On the asset management side, Power Corporation of Canada (TSX:POW) stands out for its resiliency. At $50.78 per share, current investors enjoy a 14.6%-plus market-beating year-to-date gain, notwithstanding the tariff chaos. If you invest today, the dividend yield is a lucrative 4.8% (recently increasing 10%).
The core holdings of this $32.6 billion diversified international management and holding company are in insurance, retirement, wealth management and investment businesses. Its two subsidiaries, both TSX companies, are the primary earnings drivers.
In Q4 2024, net earnings from continuing operations climbed 142.3% year-over-year to $933 million. The $3.6 billion asset monetization over the last five years supported investments and funded share buybacks. According to management, Power is well-positioned to continue generating attractive returns through Great-West Lifeco and IGM Financial.
Wealth creation
CIBC and Power Corporation of Canada are a formidable combination for wealth creation. In an extended holding period, the wealth could endure, prosper, and be the legacy you leave behind for succeeding generations.
With stocks flying on both sides of the Atlantic, after big gains in Asia, here’s a quick recap.
Global stock markets are recovering some of their recent heavy losses, on hopes that some of America’s trading partners can strike deals to avoid Donald Trump’s new tariffs.
Shares are romping higher on Wall Street, where the S&P 500 index jumped by 3.3% in early trading.
US Treasury secretary ScottBessent told CNBC that other countries appear to be more willing to negotiate than China. He explained:
“If they come to the table with solid proposals, I think we can end up with some good deals, and part of the calculus of that may be that some part of the tariffs stay on.”
Bessent also claimed the US holds a substantial advantage over China in the trade talks. He told CNBC:
“I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos.”
China has refused, so far, to fold, though – overnight, it vowed to “fight to the end” if the US continues to escalate the trade war.
Donald Trump has posted that China wants to make a deal, adding that “we are waiting for their call”.
Earlier today, China’s CSI300 share index rose by 1.7%, while Japan’s Nikkei surged by 6%.
The UK’s FTSE100 has jumped by 3.5%, which would be its best day since February 2022.
Across Europe, the Stoxx600 index is now up 3.4%, on track for its best day since March 2022.
The City money markets are expecting the Bank of England (BoE) to cut interest rates next month, with a small chance of a large cut.
Rachel Reeves stepped in to soothe stock market jitters, tellingparliament she had spoken to Andrew Bailey, the governor of the BoE, who confirmed “markets are functioning effectively and that our banking system is resilient”.
Reeves argued again that a trade war “is in nobody’s interest”, confirming that the UK was seeking to negotiate a new deal with the US and that she would meet the US Treasury secretary, Scott Bessent, “shortly”.
Porsche sales slumped in the first three months of the year as an increase in deliveries to the US was overshadowed by falls in Europe and China, while Donald Trump’s trade war has triggered uncertainty in the global car industry.
The German car manufacturer reported a 37% rise in North American deliveries in the period from January to March, hitting 20,698, which Porsche said was partly because of low figures last year when car deliveries were delayed due to import restrictions on Chinese components.
However, the growth in American orders was not enough to offset steep falls in China, Germany and the rest of Europe – where deliveries fell by 42%, 34% and 10% respectively. Overall, deliveries of Porsche cars fell by 8% in the first quarter of the year to 71,470.
Italy’s prime minister Giorgia Meloni will travel to the US next week for talks on tariffs with Donald Trump, her office has said.
Meloni has called Trump’s decision on tariffs a mistake, but warned that EU countermeasures could escalate a trade war, and called for negotiations to mitigate the crisis.
Italy last year ran the third-largest trade surplus in the EU for goods with the US, after Germany and Ireland.
FTSE 100 closed 208.5 points up at 7,910.5, a 2.7% rise
France’s CAC closed 131.9 points up at 5,265.0 a 2.6% rise
Germany’s DAX rose 2.5% to 20,280.3, up 490.6 points
The pan-European Stoxx 600 index rose 2.7%
US trade representative Jamieson Greer has said Donald Trump is not expected to announce exemptions to his global tariffs “in the near term”.
Greer, speaking before the US Senate finance committee on Tuesday, said:
The president has been clear, again, that he’s not doing exemptions or exceptions in the near term.
He added that “Swiss cheese” in the process would undermine the goal of trade reciprocity.
Asked if there is a timeline for negotiations, Greer said:
We don’t have any particular timeline set on that because … the outcome is more important than setting something artificially for us.
“What I can say is I’m moving as quickly as possible, and a lot of these countries are moving very quickly,” he added.
Canada’s main stock index rose on Tuesday after three straight sessions of losses as investors watch for any signs of the US opening up for tariff negotiations.
Toronto Stock Exchange’s S&P/TSX composite index was up 2% at 23,325.64 points.
Reuters cites Graham Priest, investment advisor at BlueShore Financial, as saying:
The TSX often mirrors US indices, and with those showing cautious optimism today after tariff-driven sell-offs, any overnight developments — especially if China doubles down — could trigger volatility.
Donald Trump supporter and billionaire fund manager Bill Ackman says he is calling for a “30, 60, or 90- day pause before the tariffs are implemented tomorrow” in a post on X.
He said yesterday that the president is losing the confidence of business leaders and should pause his trade war – which could cause an economic collapse while damaging his supporters the most.
“The president has an opportunity to call a 90-day time out,” Ackman said on Sunday in a post on X, to resolve trade issues via negotiation.
But this afternoon he clarified his remarks:
Some have misinterpreted my thoughts on tariffs. I am totally supportive of President @realDonaldTrump using tariffs to eliminate tariffs and unfair trading practices of our trading partners, and to induce more investment and manufacturing in our country.
I am advocating for a 30, 60, or 90- day pause before the tariffs are implemented tomorrow to enable negotiations to be completed without a major global economic disruption that will harm the most vulnerable companies and citizens of our country.
If a country does not negotiate in good faith, then @realDonaldTrump can bring the hammer down, but doing so without giving time to make deals creates unnecessary harm. I welcome the counterpoint.
India is seeking to strike more trade deals with other countries at a time of “global uncertainty”, its finance minister, Nirmala Sitharam, said before talks with the UK chancellor, Rachel Reeves.
Sitharam, who serves as finance and corporate affairs minister in Narendra Modi’s government, said she was hopeful the UK and India would finalise a free trade deal “sooner rather than later”.
Speaking at the Indian high commission during a visit to London, Sitharam said global uncertainties were “multiplying by the day”, which was “driving many countries to clearly be active on [seeking] bilateral arrangements” that went beyond their old ideological and political ties.
“India is also looking at many bilateral arrangements. In the recent past, we’ve signed agreements with Australia, the UAE, with Oman, and we’re looking forward to concluding the bilateral trade agreement with the UK, negotiating also with the EU,” she said. “I think that’s the way the world is going.”
Oil prices ticked higher on Tuesday but remained near four-year lows.
Brent futures were up 66 cents, or 1.03%, at $64.87 a barrel at 10:13am EST.
In the latest example of name-calling among Donald Trump’s top aides, billionaire Elon Musk has described the president’s trade adviser as a “moron”.
In an attempt to distance himself from Trump’s tariffs, Tesla CEO Musk posted on X that Peter Navarro is “truly a moron”.
He wrote:
Navarro is truly a moron. What he says here is demonstrably false.
It comes as Navarro dismissed Musk’s push for “zero tariffs“ between the United States and Europe, calling him a “car assembler” reliant on parts from other countries.
Navarro, widely seen as the architect of Trump’s tariff plans, told CNBC Musk had done a good job with his work to streamline government, but his comments on tariffs were not surprising given his role as “car person,” the latest salvo in a growing feud between the Trump advisers.
“When it comes to tariffs and trade, we all understand in the White House – and the American people understand – that Elon is a car manufacturer, but he’s not a car manufacturer. He’s a car assembler,” Navarro said, adding that many Tesla parts came from Japan, China and Taiwan.
“He’s a car person. That’s what he does, and he wants the cheap foreign parts.”
India and China should stand together to overcome difficulties in the face of tariffs imposed by US president Donald Trump’s administration, the spokesperson of the Chinese embassy in India said on Tuesday.
“China-India economic and trade relationship is based on complimentarity and mutual benefit. Facing the US abuse of tariffs … the two largest developing countries should stand together to overcome the difficulties,” spokesperson Yu Jing said in a post on X.
With stocks flying on both sides of the Atlantic, after big gains in Asia, here’s a quick recap.
Global stock markets are recovering some of their recent heavy losses, on hopes that some of America’s trading partners can strike deals to avoid Donald Trump’s new tariffs.
Shares are romping higher on Wall Street, where the S&P 500 index jumped by 3.3% in early trading.
US Treasury secretary ScottBessent told CNBC that other countries appear to be more willing to negotiate than China. He explained:
“If they come to the table with solid proposals, I think we can end up with some good deals, and part of the calculus of that may be that some part of the tariffs stay on.”
Bessent also claimed the US holds a substantial advantage over China in the trade talks. He told CNBC:
“I think it was a big mistake, this Chinese escalation, because they’re playing with a pair of twos.”
China has refused, so far, to fold, though – overnight, it vowed to “fight to the end” if the US continues to escalate the trade war.
Donald Trump has posted that China wants to make a deal, adding that “we are waiting for their call”.
Earlier today, China’s CSI300 share index rose by 1.7%, while Japan’s Nikkei surged by 6%.
The UK’s FTSE100 has jumped by 3.5%, which would be its best day since February 2022.
Across Europe, the Stoxx600 index is now up 3.4%, on track for its best day since March 2022.
The City money markets are expecting the Bank of England (BoE) to cut interest rates next month, with a small chance of a large cut.
Rachel Reeves stepped in to soothe stock market jitters, tellingparliament she had spoken to Andrew Bailey, the governor of the BoE, who confirmed “markets are functioning effectively and that our banking system is resilient”.
Reeves argued again that a trade war “is in nobody’s interest”, confirming that the UK was seeking to negotiate a new deal with the US and that she would meet the US Treasury secretary, Scott Bessent, “shortly”.
The sight of shares soaring on Wall Street is cheering the mood in the City.
The FTSE 100 is now up by almost 3.5% today at 7,966 points, up 264 points today. That would be its biggest daily gain since February 2022.
Every one of the 30 stocks on the DowJonesindustrialaverage is up in early trading.
UnitedHealthGroup are the top riser, up 7.7%. after the US government yesterday announced higher than expected reimbursement rates for Medicare Advantage health plans.
They’re followed by chip giant Nvidia (+7.1%), JPMorgan (+5.6%) and GoldmanSachs (+5.1%)
Boom! Stocks are surging on Wall Street at the start of trading.
The S&P 500 share index has jumped by 3.3% as investors pile into stocks, up 169 points at 5,232 points.
The DowJonesIndustrialAverage, which tracks 30 large US companies, has surged by 1,380 points, or 3.6%, to 39,346 points. The tech-focused Nasdaq index jumped 3.7%.
Shares are rallying after US Treasury secretary ScottBessent said that he believes the US can reach “some good deals” with trading partners.
This will bring some relief to stock holders, after the sharp plunge in share values on Thursday and Friday last week.
That follows a wild day’s trading yesterday, in which the Dow ended up down 0.9% while the S&P 500 dropped 0.2% for the day. The Nasdaq was 0.1% up.
Traders appear to be hoping that some of the tariffs announced by Donald Trump last week will be negotiated away, as some countries call the White House to agree talks.
However, as Donald Trump just posted, he is still waiting for the phone to ring from Beijing.
Today’s rally may calm concerns that Wall Street was sinking into a bear market, as AJ Bell investmentdirector Russ Mould, explains:
“The good news is that bear markets tend to be much shorter than bull ones, even if they can be undeniably brutish and nasty and laden with traps which lure in the unwary before their work is done.
“The S&P 500’s rally on Monday takes it out of bear market territory, but the technology-laden NASDAQ Composite has fallen by 23% from its December zenith, so the situation remains delicately poised, especially as share prices seem to be hanging upon president Trump’s every word on the subject of trade and tariffs.
Donald Trump has just announced that he is waiting for China to call to begin trade negotiations.
In a post on Truth Social, the US president says he has had a ‘great call’ with South Korea’s acting leader.
Trump writes:
I just had a great call with the Acting President of South Korea. We talked about their tremendous and unsustainable Surplus, Tariffs, Shipbuilding, large scale purchase of U.S. LNG, their joint venture in an Alaska Pipeline, and payment for the big time Military Protection we provide to South Korea.
They began these Military payments during my first term, Billions of Dollars, but Sleepy Joe Biden, for reasons unknown, terminated the deal. That was a shocker to all! In any event, we have the confines and probability of a great DEAL for both countries. Their top TEAM is on a plane heading to the U.S., and things are looking good. We are likewise dealing with many other countries, all of whom want to make a deal with the United States.
Like with South Korea, we are bringing up other subjects that are not covered by Trade and Tariffs, and getting them negotiated also. “ONE STOP SHOPPING” is a beautiful and efficient process!!! China also wants to make a deal, badly, but they don’t know how to get it started. We are waiting for their call. It will happen! GOD BLESS THE USA.
Reminder: yesterday Trump threatened China with new 50% tariffs unless Beijing abandoned their new 34% retaliatory tariffs against the US, by today.
But today, China’s government says it will “fight to the end” if the US continues to escalate the trade war.
European stock markets are flying now, on track for their best day in two and a half years.
The Stoxx600, which tracks stocks across Europe, is now up 2.7% today, which would be the biggest daily rise since October 2022.
France’s CAC has jumped by 2.5%, while Germany’s DAX index is 2.3% higher.
In it, the US Treasury Secretary explains that there was a discussion last night about which countries to prioritise in tariff negotiations.
Countries who have not retaliated to Donald Trump’s tariffs “will get priority in the queue”, Bessent explained, before criticising China for escalating the situation with their own tariffs on US goods.
Wall Street is on track to jump at the start of trading, in just over an hour’s time.
The futures market is indicating that the S&P 500 will jump by 2.7%, recovering some of the stinging losses suffered last week.
The Dow Jones industrial average is on track to jump by 3%, a gain of 1,160 points, which would take the Dow back up to 39,326 points.
Traders may be heartened by Treasury secretary ScottBessent’scomments today that some 70 countries have reached out to the White House to begin talks about tariffs.
This follows solid gains in Europe, where the UK’s FTSE100 index is now up 2.5%, or 192 points, to 7894 points, having ended Monday at a one-year closing low.
Instead, hopes of a breakthrough in trade negotiations are rising, following reports that Japan is moving to the front of a long line of countries seeking to roll back President Donald Trump’s so-called reciprocal tariffs.
US stocks dived on Tuesday after yet another volatile trading day.
The S&P 500 fell 1.6% after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February.
The Dow Jones Industrial Average was down 683 points, or 1.8%, after giving up an earlier surge of 1,460 points.
The Nasdaq composite was down 3.2%.
Energy commodities gave up early gains to finish lower on Tuesday.
US crude fell 1.8% to $59.58 a barrel. Natural gas dropped 5.2%.
Shares of most oil and gas companies closed with losses.
Donald Trump has been speaking as he signed executive orders from the White House.
Trump claimed that the US is making $2bn a day from tariffs. He did not provide any details.
“The tariffs are on and money is pouring in at a level we’ve never seen,” he said.
“America is going to be very rich again very soon,” he said.
US stocks dived on Tuesday after yet another volatile trading day.
The S&P 500 fell 1.6% after wiping out an early gain of 4.1%, which had it on track for its best day in years. That brought the index nearly 19% below its record set in February.
The Dow Jones Industrial Average was down 683 points, or 1.8%, after giving up an earlier surge of 1,460 points.
The Nasdaq composite was down 3.2%.
The price of bitcoin fell to around $76,600 as it gave up an earlier gain, similar to stocks.
The US stock market is careening through a second straight day of stunning swings with Wall Street’s main indexes flitting between red and green, as investors’ hopes ebbed for US delays or concessions on tariffs ahead of a midnight deadline.
The S&P 500 lost an early gain of 4.1%, which had it on track for its best day in years, and slumped 1.7% with about an hour left in trading.
The Dow Jones Industrial Average lost 403 points, or 1%, after giving up its earlier surge of 1,460 points, while the Nasdaq composite was 2.4% lower, as of 3.13pm Eastern time.
Stocks globally had rallied much more earlier in the day, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai.
But even after those jumps, analysts had been warning to expect more swings up and down for financial markets not just in the days ahead but also the hours.
The UK health minister, Stephen Kinnock, said the global economic headwinds were “very turbulent” amid Donald Trump’s imposition of tariffs.
“It is very turbulent. Nobody benefits from a trade war,” he told Sky News on Tuesday.
We live in an incredibly deeply integrated global economy with very integrated supply chains and hugely interdependent commercial relationships, so nobody benefits from a trade war.
Keir Starmer and Rachel Reeves are actively considering nationalising British Steel in an escalation of plans first revealed in the Guardian last year.
The prime minister said all options were on the table to secure the future of the Scunthorpe plant, which is owned by the Chinese firm Jingye and employs about 3,500 people.
The possibility of nationalisation was first revealed in December but discussions have taken on fresh urgency with US tariffs and talks about a financial support package to move to less polluting technology having faltered.
The government has now been forced to consider more drastic options, ranging from nationalisation to buying materials to keep the blast furnaces going.
If the plant is stopped, it could be even less economical to reopen, with only about 48 hours to buy raw materials to keep it burning. The facility makes the steel for almost all UK rail tracks.
Whitehall sources said Starmer and Reeves were aligned in considering steel to be of “huge strategic importance” and that “all options are on the table, including nationalisation”. The chancellor spoke to union leaders involved in talks over the weekend and made clear her support for the steel industry.
Oil prices fell more than $1 a barrel on Tuesday, trading at four-year lows, as recession fears exacerbated by the trade conflict between the US and China offset a stock market rebound.
Brent futures were down $1.47, or 2.29%, at $62.74 a barrel at 1.13pm EDT (1713 GMT).
US West Texas Intermediate crude futures fell $1.26, or 2.08%, to $59.44.
The two benchmarks had slumped by 14% and 15%, respectively, on Monday after Donald Trump’s tariff announcement last week.
Thailand plans to send a high-ranking delegation to Washington to negotiate with their US counterparts over the new tariff policies.
The delegation will be led by the Thai deputy prime minister and finance minister, Pichai Chunhavajira.
Thailand is facing a 36% tariff under the new US rules. Bangkok’s plans reportedly include revising its import duties and amending non-trade barriers.
The UK should not “jump in with both feet” to retaliate against Donald Trump’s trade tariffs, Keir Starmer has said.
“My instinct is that we shouldn’t jump in with both feet to retaliate,” Starmer told members of parliamentary committee on Tuesday.
Obviously we have to keep our options on the table and do the preparatory work for retaliation if necessary. But I think that trying to negotiate an arrangement which mitigates the tariffs is better.
The tariffs are not a “temporary passing phase” but part of a “changing world order”, he added.
The US stock market is careening through a second straight day of stunning swings with Wall Street’s main indexes flitting between red and green, as investors’ hopes ebbed for US delays or concessions on tariffs ahead of a midnight deadline.
The S&P 500 lost an early gain of 4.1%, which had it on track for its best day in years, and slumped 1.7% with about an hour left in trading.
The Dow Jones Industrial Average lost 403 points, or 1%, after giving up its earlier surge of 1,460 points, while the Nasdaq composite was 2.4% lower, as of 3.13pm Eastern time.
Stocks globally had rallied much more earlier in the day, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai.
But even after those jumps, analysts had been warning to expect more swings up and down for financial markets not just in the days ahead but also the hours.
The price of bitcoin fell to around $76,600 as it gave up an earlier gain, similar to stocks.
The US stock market is careening through a second straight day of stunning swings with Wall Street’s main indexes flitting between red and green, as investors’ hopes ebbed for US delays or concessions on tariffs ahead of a midnight deadline.
The S&P 500 lost an early gain of 4.1%, which had it on track for its best day in years, and slumped 1.7% with about an hour left in trading.
The Dow Jones Industrial Average lost 403 points, or 1%, after giving up its earlier surge of 1,460 points, while the Nasdaq composite was 2.4% lower, as of 3.13pm Eastern time.
Stocks globally had rallied much more earlier in the day, with indexes up 6% in Tokyo, 2.5% in Paris and 1.6% in Shanghai.
But even after those jumps, analysts had been warning to expect more swings up and down for financial markets not just in the days ahead but also the hours.
The UK health minister, Stephen Kinnock, said the global economic headwinds were “very turbulent” amid Donald Trump’s imposition of tariffs.
“It is very turbulent. Nobody benefits from a trade war,” he told Sky News on Tuesday.
We live in an incredibly deeply integrated global economy with very integrated supply chains and hugely interdependent commercial relationships, so nobody benefits from a trade war.
Keir Starmer and Rachel Reeves are actively considering nationalising British Steel in an escalation of plans first revealed in the Guardian last year.
The prime minister said all options were on the table to secure the future of the Scunthorpe plant, which is owned by the Chinese firm Jingye and employs about 3,500 people.
The possibility of nationalisation was first revealed in December but discussions have taken on fresh urgency with US tariffs and talks about a financial support package to move to less polluting technology having faltered.
The government has now been forced to consider more drastic options, ranging from nationalisation to buying materials to keep the blast furnaces going.
If the plant is stopped, it could be even less economical to reopen, with only about 48 hours to buy raw materials to keep it burning. The facility makes the steel for almost all UK rail tracks.
Whitehall sources said Starmer and Reeves were aligned in considering steel to be of “huge strategic importance” and that “all options are on the table, including nationalisation”. The chancellor spoke to union leaders involved in talks over the weekend and made clear her support for the steel industry.
Oil prices fell more than $1 a barrel on Tuesday, trading at four-year lows, as recession fears exacerbated by the trade conflict between the US and China offset a stock market rebound.
Brent futures were down $1.47, or 2.29%, at $62.74 a barrel at 1.13pm EDT (1713 GMT).
US West Texas Intermediate crude futures fell $1.26, or 2.08%, to $59.44.
The two benchmarks had slumped by 14% and 15%, respectively, on Monday after Donald Trump’s tariff announcement last week.
Thailand plans to send a high-ranking delegation to Washington to negotiate with their US counterparts over the new tariff policies.
The delegation will be led by the Thai deputy prime minister and finance minister, Pichai Chunhavajira.
Thailand is facing a 36% tariff under the new US rules. Bangkok’s plans reportedly include revising its import duties and amending non-trade barriers.
The UK should not “jump in with both feet” to retaliate against Donald Trump’s trade tariffs, Keir Starmer has said.
“My instinct is that we shouldn’t jump in with both feet to retaliate,” Starmer told members of parliamentary committee on Tuesday.
Obviously we have to keep our options on the table and do the preparatory work for retaliation if necessary. But I think that trying to negotiate an arrangement which mitigates the tariffs is better.
The tariffs are not a “temporary passing phase” but part of a “changing world order”, he added.
The US will impose a 104% tariff on China starting from midnight tonight, the White House’s press secretary Karoline Leavitt said.
“It will be going into effect at 12.01am tonight. So effectively tomorrow,” Leavitt told reporters.
Asked if Donald Trump will do a deal with the Chinese president, Xi Jinping, she said:
The Chinese want to make a deal. They just don’t know how to do it. [Trump] believes China has to make a deal with the United States.
The US president has threatened to impose an additional 50% tariff on imports from China unless Beijing rescinds its retaliatory tariffs of 34%.
The additional 50% tariff on China would be on top of the 34% reciprocal tariff Trump announced last week and the 20% already in place.
The White House’s press secretary, Karoline Leavitt, is holding a press briefing.
Nearly 70 countries have reached out to begin negotiations on tariffs, she told reporters.
“Countries are falling over themselves,” Leavitt said.
Why? It’s because these countries greatly respect President Trump in the sheer power of the American market.
She said Donald Trump met with his trade team earlier today and directed them to create “tailor-made” deals for every trade partner.
Porsche sales slumped in the first three months of the year as an increase in deliveries to the US was overshadowed by falls in Europe and China, while Donald Trump’s trade war has triggered uncertainty in the global car industry.
The German car manufacturer reported a 37% rise in North American deliveries in the period from January to March, hitting 20,698, which Porsche said was partly because of low figures last year when car deliveries were delayed due to import restrictions on Chinese components.
However, the growth in American orders was not enough to offset steep falls in China, Germany and the rest of Europe – where deliveries fell by 42%, 34% and 10% respectively. Overall, deliveries of Porsche cars fell by 8% in the first quarter of the year to 71,470.
Italy’s prime minister Giorgia Meloni will travel to the US next week for talks on tariffs with Donald Trump, her office has said.
Meloni has called Trump’s decision on tariffs a mistake, but warned that EU countermeasures could escalate a trade war, and called for negotiations to mitigate the crisis.
Italy last year ran the third-largest trade surplus in the EU for goods with the US, after Germany and Ireland.
FTSE 100 closed 208.5 points up at 7,910.5, a 2.7% rise
France’s CAC closed 131.9 points up at 5,265.0 a 2.6% rise
Germany’s DAX rose 2.5% to 20,280.3, up 490.6 points
The pan-European Stoxx 600 index rose 2.7%
US trade representative Jamieson Greer has said Donald Trump is not expected to announce exemptions to his global tariffs “in the near term”.
Greer, speaking before the US Senate finance committee on Tuesday, said:
The president has been clear, again, that he’s not doing exemptions or exceptions in the near term.
He added that “Swiss cheese” in the process would undermine the goal of trade reciprocity.
Asked if there is a timeline for negotiations, Greer said:
We don’t have any particular timeline set on that because … the outcome is more important than setting something artificially for us.
“What I can say is I’m moving as quickly as possible, and a lot of these countries are moving very quickly,” he added.
Canada’s main stock index rose on Tuesday after three straight sessions of losses as investors watch for any signs of the US opening up for tariff negotiations.
Toronto Stock Exchange’s S&P/TSX composite index was up 2% at 23,325.64 points.
Reuters cites Graham Priest, investment advisor at BlueShore Financial, as saying:
The TSX often mirrors US indices, and with those showing cautious optimism today after tariff-driven sell-offs, any overnight developments — especially if China doubles down — could trigger volatility.
Donald Trump supporter and billionaire fund manager Bill Ackman says he is calling for a “30, 60, or 90- day pause before the tariffs are implemented tomorrow” in a post on X.
He said yesterday that the president is losing the confidence of business leaders and should pause his trade war – which could cause an economic collapse while damaging his supporters the most.
“The president has an opportunity to call a 90-day time out,” Ackman said on Sunday in a post on X, to resolve trade issues via negotiation.
But this afternoon he clarified his remarks:
Some have misinterpreted my thoughts on tariffs. I am totally supportive of President @realDonaldTrump using tariffs to eliminate tariffs and unfair trading practices of our trading partners, and to induce more investment and manufacturing in our country.
I am advocating for a 30, 60, or 90- day pause before the tariffs are implemented tomorrow to enable negotiations to be completed without a major global economic disruption that will harm the most vulnerable companies and citizens of our country.
If a country does not negotiate in good faith, then @realDonaldTrump can bring the hammer down, but doing so without giving time to make deals creates unnecessary harm. I welcome the counterpoint.
India is seeking to strike more trade deals with other countries at a time of “global uncertainty”, its finance minister, Nirmala Sitharam, said before talks with the UK chancellor, Rachel Reeves.
Sitharam, who serves as finance and corporate affairs minister in Narendra Modi’s government, said she was hopeful the UK and India would finalise a free trade deal “sooner rather than later”.
Speaking at the Indian high commission during a visit to London, Sitharam said global uncertainties were “multiplying by the day”, which was “driving many countries to clearly be active on [seeking] bilateral arrangements” that went beyond their old ideological and political ties.
“India is also looking at many bilateral arrangements. In the recent past, we’ve signed agreements with Australia, the UAE, with Oman, and we’re looking forward to concluding the bilateral trade agreement with the UK, negotiating also with the EU,” she said. “I think that’s the way the world is going.”
Oil prices ticked higher on Tuesday but remained near four-year lows.
Brent futures were up 66 cents, or 1.03%, at $64.87 a barrel at 10:13am EST.
The trade war brought on by U.S. President Donald Trump’s tariffs has sent a ripple effect across the globe, leading to economic volatility and a lot of red on markets.
Within the past several months, and especially the last week, stock markets have erased trillions of dollars in value.
Many Canadians may be wondering if they should be hitting the “sell” button before losing more value on their investments, or at the very least are concerned about what the market turmoil means for their families and their livelihoods.
“The current market sell-off is in direct response to erratic trade policies pursued by the Trump Administration over the past few months and especially the press conference last Wednesday,” said Peter Morrow, an economics professor at the University of Toronto.
“An increased probability of recession in the United States might be making investors less optimistic about corporate profits, also pulling down market prices.”
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How bad are things right now?
Ontario defers tax collection for businesses amid Trump tariff fallout
Major stock indexes on Wall Street, including the Dow Jones Industrial Average, the S&P 500, and the NASDAQ, have fallen more than 10 per cent from recent highs, or a market correction.
The NASDAQ has entered a bear market, which is a 20 per cent decline from its peak, and so have many stock markets internationally, including in Hong Kong and Japan.
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The so-called “Magnificent Seven” stocks (Microsoft, Meta Platforms, NVIDIA, Apple, Amazon, Tesla and Alphabet) are down closer to 30 per cent from their highs.
Canada’s main stock index, the Toronto Stock Exchange, is also in a market correction down more than 10 per cent from its peak seen in late January, and continues to decline.
“Frankly, it’s an administration in chaos and we’re not even at the first 100 days yet,” said Derek Holt, vice-president and head of capital markets economics at Scotiabank.
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Rob Gillezeau, assistant professor of economic analysis and policy at the University of Toronto, said that “The Trump regime has opted to implement the broadest and most severe tariffs in over a century, which will cause dramatic economic harm to the United States and countries around the world.”
“It’s as if they looked at the factors that drove the Great Depression and decided it would be a wise idea to implement them today,” he added.
Why are tariffs causing market meltdowns?
Small businesses bracing for tariff impacts, experts say to check supply chains
Last week, Trump announced “reciprocal” global tariffs starting with a 10 per cent baseline tariff on U.S. imports from almost all countries, with many seeing much higher duties.
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Trump’s plans have escalated tensions even further with China and the European Union, among others.
Global uncertainty about how businesses, both big and small, will be able to adapt has led to widespread volatility.
The free flow of goods across borders benefits international companies and their shareholders. When companies perform well or investors see strong potential, their stock price goes up or the company might choose to issue or increase dividends. In many cases, these can impact people’s savings and retirement savings, whether through investments they’ve made as individuals or through pension plans through their employer.
Big companies that report quarterly earnings and issue forward guidance such as forecasts are painting dim outlooks, including Nike, which lowered its revenue forecast citing tariff uncertainty among other headwinds.
There is also the issue of the labour market as companies adapt to an economic slowdown with job losses, something already becoming reality.
The latest employment report from Statistics Canada for the month of March showed a loss of 33,000 jobs, while unemployment started ticking up.
Another pulse on the Canadian economy shows businesses are feeling less optimistic about the potential for growth amid the trade war, including for potential new hires.
The Bank of Canada’s business outlook survey for the first quarter describes a deteriorating sentiment where business owners are preparing for challenges that tariffs could bring.
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What could come next?
Political Panel: Carney matches Trump auto tariffs & B.C. kills consumer carbon tax
The interest rate landscape has also changed as central banks, including the U.S. Federal Reserve and the Bank Of Canada, reassess whether or not to continue lowering borrowing costs.
Industry experts have widely forecast that tariffs will ultimately put upward pressure on inflation, which could lead to higher interest rates.
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Although Trump may want rates to come down to give the economy some wiggle room, it may not be so easy, Holt says.
“There are also massive moral hazard issues for the Fed to bail out U.S. policy ineptitude; doing so could only embolden Trump’s severely misguided trade policies,” he said.
Amid pressure from experts painting a dim outlook, Trump seems to be digging in his heels.
Speaking to reporters aboard Air Force One late Sunday, the U.S. president said he didn’t want global markets to fall, but also that he wasn’t concerned about the massive sell-offs, adding, “sometimes you have to take medicine to fix something.”
Manitoba braces for tariff impact but ‘Buy Canadian’ offers hope
Although the inclination may be to join in the selling frenzy, it’s important to see investing as a marathon and not a sprint. Advisors, for the most part, recommend riding out the storm.
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“Given the shorter term nature of U.S. politics, with midterms in two years, I would advise against overreacting to the current U.S. administration’s day-to-day decisions,” said Adam Rafelman, investment advisor at Richardson Wealth Management.
“Short-term volatility, whatever the cause, is a normal part of investing and while it’s definitely unpleasant I don’t think it changes the long-term outlook.”
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
Auditor Licensing & Personnel Issues Delays Issuance of Audit Opinion The Company expects to file within 1 week
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TORONTO, April 07, 2025 (GLOBE NEWSWIRE) — Avicanna Inc. (“Avicanna” or “Company”) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products, that further to its March 31, 2025 new release, its application for a management cease trade order (“MCTO”) under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“) has been approved by the Ontario Securities Commission (“OSC”). The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
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The Company announced on March 31, 2025 (“Default Announcement”), the Company will miss the deadline of March 31, 2025 (“Filing Deadline”) to file the Company’s audited financial statements for the 2024 Full Year End Financial Statements, as required by National Instrument 51-102 and the Company’s Management’s Discussion & Analysis for the year ended December 31, 2024 (“Documents”) due to the Company’s auditors, Ramirez Jimenez International CPAs (“RJI”) informing the Company that RJI has substantially finalized the 2024-year end audit engagement and has obtained a third-party engagement quality review (an EQR); however, due to the internal-RJI personnel and jurisdictional licensing issue that recently arose, RJI will not be able to issue the audit report by the filing deadline. RJI is addressing the matter and anticipated it will not take more than two weeks to resolve the matter and issue the audit opinion, at which time the Company will file the Documents.
The MCTO restricts trading in securities of the Company by management and certain other insiders of the Company until such time as the Documents have been filed by the Company and the MCTO is no longer in effect. The MCTO does not affect the ability of shareholders who are not insiders of the Company to trade their securities.
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Until the Company has filed the Documents, members of the Company’s management and other insiders are subject to an insider trading black-out as per its internal Insider Trading and Reporting Policy. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 14, 2024 of the Company’s latest interim financial reports for the nine month period ended September 30, 2024.
The Company is not currently subject to any insolvency proceedings. If the Company becomes subject to any insolvency proceedings and provides any information to any of its creditors during the period in which it is in default of filing the Documents, the Company confirms that it will also file material change reports on SEDAR+ containing such information as is required. The Company continues to operate normally and reports that the cause of the delay is not material to the Company’s operations. The Company will issue a news release announcing completion of the requisite filings once posted on SEDAR+.
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The Company confirms that since the date of the Default Announcement: (i) there has been no material change to the information set out in the Default Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About Avicanna:
Avicanna is a commercial-stage international biopharmaceutical company focused on the advancement and commercialization of cannabinoid-based products and formulations for the global medical and pharmaceutical market segments. Avicanna has an established scientific platform including R&D and clinical development leading to the commercialization of more than thirty proprietary, evidence-based finished products and supporting four commercial stage business pillars.
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Medical Cannabis formulary (RHO Phyto™): The formulary offers a diverse range of proprietary products including oral, sublingual, topical, and transdermal deliveries with varying ratios of cannabinoids, supported by ongoing patient and medical community education. RHO Phyto is an established brand in Canada currently available nationwide across several channels and expanding into new international markets.
Medical cannabis care platform (MyMedi.ca): MyMedi.ca is a medical cannabis care platform formed with the aim to better serve medical cannabis patients’ needs and enhance the medical cannabis patients’ journey. MyMedi.ca is operated by Northern Green Canada Inc. and features a diverse portfolio of products and bilingual pharmacist-led patient support programs. MyMedi.ca also provides specialty services to distinct patient groups such as veterans and collaborates with public and private payers for adjudication and reimbursement. MyMedi.ca provides educational resources to the medical community to facilitate the incorporation of medical cannabis into health care regimens.
Pharmaceutical pipeline: Leveraging Avicanna’s scientific platform, vertical integration, and real-world evidence, Avicanna has developed a pipeline of proprietary, indication-specific cannabinoid-based candidates that are in various stages of clinical development. These cannabinoid-based candidates aim to address unmet needs in the areas of dermatology, chronic pain, and various neurological disorders.
Active pharmaceutical ingredients (Aureus Santa Marta™): Active pharmaceutical ingredients supplied by the Company’s majority owned subsidiary Santa Marta Golden Hemp SAS (“SMGH”) is a commercial-stage business dedicated to providing various forms of high-quality CBD, THC and CBG to the Company’s international partners for use in the development and production of food, cosmetics, medical, and pharmaceutical products. SMGH also forms part of the Company’s supply chain and is a source of reliable input products for its consumer retail, medical cannabis, and pharmaceutical products globally.
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SOURCE Avicanna Inc.
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For more information about Avicanna, visit our website or contact Ivana Maric by email at info@avicanna.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This news release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information contained in this news release may be identified by the use of words such as, “may”, “would”, “could”, “will”, “likely”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “outlook” and other similar expressions. Forward-looking information contained in this news release includes, without limitation, statements related to the Offering, the use of proceeds of the Offering, the receipt of all approvals of the Toronto Stock Exchange in connection with the Offering, statements with respect to the Company’s future business operations, the opinions or beliefs of management and future business goals. Although the Company believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking information. Such risks and uncertainties include, but are not limited to current and future market conditions, including the market price of the common shares of the Company, and the risk factors set out in the Company’s annual information form dated April 1, 2024, filed with the Canadian securities regulators and available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The statements in this news release are made as of the date of this release. The Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content.
/NOT FOR DISTRIBUTION OVER U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
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TORONTO, April 07, 2025 (GLOBE NEWSWIRE) — Firm Capital Mortgage Investment Corporation (the “Corporation”) (TSX: FC) is pleased to announce that it intends to redeem early all of its outstanding $25,000,000 aggregate principal amount of 5.40% convertible unsecured subordinated debentures due June 30, 2025 (the “Debentures”) on May 12, 2025 (the “Redemption Date”). The Debentures, which have a maturity date of June 30, 2025, will be redeemed by the Corporation early in accordance with the terms of the Debenture trust indenture. The Debentures, which are listed and posted for trading on the Toronto Stock Exchange under the symbol FC.DB.I, will cease trading on the Redemption Date.
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On the Redemption Date, the Corporation will pay holders of Debentures a redemption price equal to $1,000 for each $1,000 principal amount of Debentures and all accrued and unpaid interest up to but excluding the Redemption Date. The Corporation intends to use cash on hand to pay the redemption price of the redeemed Debentures.
Formal notice of redemption is being delivered to the Debenture holders through the Debenture Trustee, Computershare Trust Company of Canada, in accordance with the trust indenture. Beneficial holders of the Debentures are encouraged to contact their investment dealer to coordinate the surrender of their Debentures or if they have any questions about the redemption. No action is required to be taken by holders of the Debentures if they wish to have their Debentures redeemed in cash.
About the Corporation
Where Mortgage Deals Get Done®
The Corporation, through its mortgage banker, Firm Capital Corporation, is a non-bank lender providing residential and commercial short-term bridge and conventional real estate financing, including construction, mezzanine and equity investments. The Corporation’s investment objective is the preservation of shareholders’ equity, while providing shareholders with a stable stream of monthly dividends from investments. The Corporation achieves its investment objectives through investments in selected niche markets that are under-serviced by large lending institutions. Lending activities to date continue to develop a diversified mortgage portfolio, producing a stable return to shareholders. The Corporation is a mortgage investment corporation (MIC) as defined in the Income Tax Act (Canada). Accordingly, the Corporation is not taxed on income provided that its taxable income is paid to its shareholders in the form of dividends within 90 days after December 31 each year. Such dividends are generally treated by shareholders as interest income, so that each shareholder is in the same position as if the mortgage investments made by the Corporation had been made directly by the shareholder. Full reports of the financial results of the Corporation for the year are outlined in the audited financial statements and the related management’s discussion and analysis of the Corporation, available on the SEDAR+ website at www.sedarplus.ca. In addition, supplemental information is available on the Corporation’s website at www.firmcapital.com.
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Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws including, among others, statements associated with the proposed redemption date of the Debentures, the source of funds to complete such redemption, the expected date that the Debentures will cease trading, and statements related to the Corporation’s business, including those contained in the Corporation’s Annual Information Form for the year ended December 31, 2024, as well as statements with respect to management’s beliefs, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “believe”, “should”, “plans” or “continue” or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management.
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These statements are not guarantees and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in the Corporation’s Annual Information Form for the year ended December 31, 2024 under “Risk Factors” (a copy of which can be obtained at www.sedarplus.ca). Those risks and uncertainties include, among others mortgage lending, dependence on the Corporation’s manager and mortgage banker, competition for mortgage lending, real estate values, interest rate fluctuations, environmental matters, shareholder liability and the introduction of new tax rules. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information include, among others, that the Corporation is able to invest in mortgages at rates consistent with rates historically achieved, adequate mortgage investment opportunities are presented to the Corporation and adequate bank indebtedness and bank loans are available to the Corporation, that adequate cash on hand is available to the Corporation. Although the forward-looking information continued in this new release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results and performance will be consistent with these forward-looking statements.
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All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, the Corporation undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
For further information, please contact:
Firm Capital Mortgage Investment Corporation Eli Dadouch President & Chief Executive Officer (416) 635-0221
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Company to hold virtual Annual Meeting of Shareholders Meeting materials are now available
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TORONTO, April 07, 2025 (GLOBE NEWSWIRE) — Kinross Gold Corporation (TSX: K; NYSE: KGC) will release its financial statements and operating results for the first quarter of 2025 on Tuesday, May 6, 2025, after market close. On Wednesday, May 7, 2025, at 7:45 a.m. EDT Kinross will hold a conference call and audio webcast to discuss the results, followed by a question-and-answer session. The call-in numbers are as follows:
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Canada & US toll-free – 1 (888) 596-4144; Passcode: 9425112 Outside of Canada & US – 1 (646) 968-2525; Passcode: 9425112
Replay (available up to 14 days after the call):
Canada & US toll-free – 1 (800) 770-2030; Passcode: 9425112 Outside of Canada & US – 1 (609) 800-9909; Passcode: 9425112
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com. The audio webcast will be archived on www.kinross.com.
Virtual Annual Meeting of Shareholders
Kinross’ Annual Meeting of Shareholders will be held on Wednesday, May 7, 2025, at 10:00 a.m. EDT.
The Company has elected to hold a virtual meeting via a live audio webcast to continue to provide enhanced flexibility and opportunity for shareholder participation irrespective of their geographic location and share ownership.
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact Victoria Barrington Senior Director, Corporate Communications phone: 647-788-4153 victoria.barrington@kinross.com
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