Category: Canada

This is all the more so when it comes to manufacturing job losses in Scotland, perhaps because of the extent to which this sector has dwindled over the decades.

The news that up to 400 jobs are at risk at Falkirk bus manufacturing firm Alexander Dennis is first and foremost a massive blow to the people directly affected. It means there is a very real prospect of hundreds more people joining the ranks of the unemployed in an area hit hard by the closure of Scotland’s only oil refinery at Grangemouth, with the loss of around 400 job losses.

It is always disheartening when concerns over widespread job cuts come a distant second in the minds of those seeking to score political points from corporate decisions taken to reduce workforces.

Yet, coming so soon after further job cuts were announced by oil and gas giant Harbour Energy in Aberdeen, a move blamed by the company on the UK Government’s energy profits levy, the proposed cuts at Alexander Dennis have led to an impression of decline in Scottish industry.

Opponents of the Scottish Government have been quick to assert that events at Alexander Dennis are yet more evidence of the administration’s flawed strategy and failure to protect industry and jobs. These critics repeatedly point to the delays and cost over-runs in the delivery by the nationalised Ferguson Marine shipyard of two ferries to serve the west coast and the time it has taken to find a buyer for Prestwick Airport, which was taken into state ownership in 2013, in justification of these claims (even though Prestwick is now regularly making profits and beginning to build a lucrative air freight operation). The Scottish Government has also come under for fire failing to deliver the amount of “green” jobs in the transition from oil and gas production to renewable energy that ministers forecast.

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But in the matter of Alexander Dennis, which has been part of NFI Group since the North American company acquired the firm for £320 million in 2019, any culpability on the part of the Scottish Government seems hard to discern. Winnipeg-based NFI, which is listed on the Toronto Stock Exchange, looks simply to have assessed its costs and concluded that it can save money by consolidating its UK bus body building operations into a single site. Unfortunately for Scotland, the site selected for this work is in Scarborough, not Falkirk.

Euan Stainbank, the Scottish Labour MP for Falkirk, said the Scottish Government should have done more to support Alexander Dennis by ordering more buses from domestic manufacturers to serve local networks. He said Greater Manchester had bought more than five times the amount of buses from Alexander Dennis than had been purchased to serve the industry in Scotland.

But ultimately in Scotland it is down to private bus companies to decide which manufacturers they wish to buy their vehicles from – not the Scottish Government.

Naturally, those fighting to prevent the proposed cuts in Falkirk are urging Scottish ministers to do all they can to stop or limit the amount of redundancies during the consultation period that is now under way. Perhaps there is some financial incentive that can be offered to entice NFI to change its mind, but it is hard to be optimistic. Paul Davies, president and managing director of Alexander Dennis, hinted at the limitations of UK policy when the proposed cuts were announced on Wednesday.

“While stakeholders have been sympathetic of the situation, the stark reality is that current UK policy does not allow for the incentivisation or reward of local content, job retention and creation, nor does it encourage any domestic economic benefit,” he said.

“We have warned of the competitive imbalance for some time and would like to see policy and legislative changes that incentivise the delivery of local benefit where taxpayer money is invested. We strongly believe funding that supports public transport should lead to investment in local jobs, domestic supply chains, technology creation and a recurrent tax base.”

There is a certain, painful irony to the situation too. While the Grangemouth refinery was declared by Petroineos to be no longer financially viable in the face of global competition and the drive to net zero, the Alexander Dennis site in Falkirk has been involved in the production of buses powered by electrical batteries and hydrogen, in other words at the cutting edge of modern transport technology. As veteran Scottish politician Kenny MacAskill, leader of the Alba Party, noted, it is “perverse when Scotland is awash with renewable energy and is the base for the UK’s green hydrogen that a company specialising in hydrogen buses is forced to relocate elsewhere”.

Sadly, past experience in Scotland suggests that once a company decides to close operations, there is no going back. Petroineos could not be persuaded to change course at Grangemouth, and back in 2009 Diageo proceeded to shut down its Johnnie Walker plant in Kilmarnock despite significant protests at the time.

It looks for all the world that the proposed cuts at Alexander Dennis are destined to become another sad chapter in Scottish industrial history, and one that will be especially poignant given the company’s proud and long manufacturing legacy.

Highlights 

• Adriatic Metals enters a trading halt 
• Speculation builds around corporate activity 
• Share price shows notable momentum 

Adriatic Metals (ASX:ADT), a prominent producer of critical minerals and gold, has placed its shares in a trading halt as it prepares for an announcement regarding a possible corporate transaction. The pause in trading is scheduled to remain in effect until 16 June or until further updates are disclosed by the company. 

This development follows a wave of market speculation and investor interest sparked in May, when reports emerged suggesting Adriatic Metals was in discussions with Canadian mining group Dundee Precious Metals (TSX:DPM). The potential transaction has been described as being in the early stages but is believed to carry a value exceeding £700 million (approximately $935 million). 

The prospective deal, though not yet confirmed, has already had a measurable impact on Adriatic Metals’ stock performance. Over the past month, the company’s shares have climbed approximately 26.9%, reflecting heightened market anticipation. As of the latest close, shares were trading at $5 on the Australian Securities Exchange and at £2.41 ($5.04) on the London Stock Exchange. 

Adriatic Metals, which has built its reputation through strategic mining developments in Europe, is being closely watched by investors and analysts alike, given its strong portfolio of critical mineral assets and a growing global focus on resource security. The potential tie-up with Dundee Precious Metals could strengthen both companies’ positions in the global mining sector, particularly in the context of increasing demand for key metals used in clean energy and advanced technologies. 

Market capitalization for Adriatic Metals currently stands at around $1.72 billion, underpinned by both speculation and solid fundamentals. The market’s interest is likely to stay elevated until a definitive announcement is made, potentially shaping the direction of the company’s operations and investor outlook for the coming quarters. 

Until then, the spotlight remains firmly on Adriatic Metals as stakeholders await clarity on what could be a transformative corporate decision. Investors and industry observers are advised to stay tuned for official communications by or before 16 June. 

4:07pm: S&P 500 finishes strongly

Stocks wrapped up Thursday’s session on a high note, lifted by fresh signs of easing inflation, upbeat earnings from Oracle, and renewed optimism around US-China trade talks.

The Dow ended the day at 42,968, up 102 points or 0.2%, with industrials and financials leading the charge. The S&P 500 climbed 23 points to 6,045, also up 0.4%, as investors piled into technology and healthcare stocks. The Nasdaq added 47 points to finish at 19,662, with tech giants once again in the driver’s seat, though momentum cooled slightly into the close.

The Russell 2000, which tracks smaller companies, lagged behind—slipping 11 points, or 0.5%, to 2,137, as worries over borrowing costs and uneven growth weighed on sentiment.

Fueling the rally was a cooler-than-expected reading on wholesale inflation for May, echoing earlier consumer price data and reinforcing hopes that the Federal Reserve might begin cutting rates later this year. Lower inflation typically boosts investor confidence by reducing the pressure on the Fed to keep rates elevated.

Adding to the bullish tone, Oracle’s blowout earnings and optimistic cloud growth forecast gave tech stocks a boost, helping to propel both the S&P 500 and Nasdaq to fresh highs.

Meanwhile, the ongoing narrative of improving U.S.-China trade relations added another layer of support. Investors remain cautiously hopeful that negotiations are inching toward a framework that could ease global trade tensions.

All in all, a broadly positive session—with some rotation beneath the surface—as investors weigh cooling inflation and strong earnings against a still-uncertain macro backdrop.

3:40pm: Proactive news headlines

• GameStop Corp (NYSE:GME) shares tumbled nearly 20% after the company announced a $1.75 billion private offering of zero-coupon convertible senior notes due 2032.
• Northstar Gold Corp (CSE:NSG) has outlined a high-grade copper exploration target at its Cam Copper Mine, estimating up to 140,000 tonnes grading as high as 18% copper.
• New Era Helium Inc (NASDAQ:NEHC) said its AI-focused joint venture, Texas Critical Data Centers, is in active discussions with enterprise customers to support a new AI infrastructure project.
• M2i Global (OTC:MTWO) is set to be acquired by aviation tech company Volato Group Inc., forming a dual-platform public company across minerals and aviation.
• Lancaster Resources Inc (CSE:LCR, OTCQB:LANRF) has acquired full ownership of the Lac Iris polymetallic project in Quebec, located near key regional lithium discoveries.
• Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF) secured a $175,000 contract to deliver 2,000 3D models and cloud services to an enterprise client over the next year.
• Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) received up to £4.19 million in UK grant funding to advance its Bartles Foundry project at the South Crofty site.
• Bango PLC (AIM:BGO, OTCQX:BGOPF) signed a landmark deal with South Korea’s KT to support subscription bundles using its Digital Vending Machine platform, lifting its shares 11%.
• CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) outlined 2025 goals including a feasibility study, pilot production scaling, and regulatory approvals for its flagship Chilean project.
• Imaging Biometrics Ltd (LSE:IBAI, OTCQB:IQAIF) plans to revise its FDA application for Breakthrough Therapy Designation for its brain cancer drug, oral gallium maltolate.
• Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF) shares soared 46% after it agreed to a proposed $75 million bond deal with a U.S. investor to fund its copper development plans.
• Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF) has secured a 10-year contract to operate Colombia’s .co internet domain, home to over 3 million active registrations.
• Vinanz Ltd (LSE:BTC, OTCQB:VINZF) is launching a £1 million retail share offering to give UK investors access to Bitcoin through a London Stock Exchange-listed company.
• Peninsula Energy Ltd (ASX:PEN, OTCQB:PENMF) is nearing completion of Phase II construction at its Lance uranium project in Wyoming, with commissioning expected to begin in June 2025.

2:35pm: Stocks on the move

• Oracle Corp shares jumped over 14% to a record high as analysts lauded its accelerating cloud revenue and massive $275 billion deal backlog, despite rising capex and margin concerns.
• GameStop Corp shares plunged 19.5% after the company announced plans to raise up to $1.75 billion through a private offering of zero-coupon convertible notes due 2032.
• BioNTech is acquiring fellow mRNA developer CureVac in an all-stock deal valued at $1.25 billion to enhance its cancer immunotherapy pipeline and manufacturing capabilities.
• Northstar Gold Corp. defined a high-grade copper exploration target at its Cam Copper Mine with estimated grades averaging 12% copper.
• New Era Helium Inc. said its AI-focused joint venture, TCDC, is in discussions with large enterprise clients to anchor a planned infrastructure buildout in Texas.
• Boeing Co shares dropped 8% following the crash of one of its aircraft in India, with no survivors expected among the 228 passengers and crew.
• Phoenix Copper Ltd soared 46% after signing a letter of intent for a $75 million bond placement with a U.S. investor to fund its mining expansion.

1:55pm: Oracle at all time high

Oracle Corp (NYSE:ORCL, ETR:ORC) shares surged more than 14% to a record high of $201.72 on Thursday, as analysts praised the software giant’s accelerating cloud growth and massive deal backlog, despite concerns over rising capital expenditures and margin pressure.

UBS analysts said the stock’s rally is justified by “bullish demand signals,” even if the company’s free cash flow outlook deteriorated.

The backlog surge caught attention across Wall Street. Jefferies analysts called it a signal of “Cloud upside in FY26,” adding that “massive RPO guide… bolsters confidence in continued OCI revenue growth.” Oracle’s infrastructure-as-a-service (IaaS) revenue is expected to grow more than 70% in FY26, up from 51% last year, while total cloud revenue is guided to rise more than 40%, according to Jefferies.

12:50pm: Trump comments stir Fed, EV debate

US stocks are edging higher at midday Thursday as investors sift through fresh economic signals and headline-making comments from both corporate and political heavyweights.

The Dow is up 0.1%, while the S&P 500 and Nasdaq are both up 0.3%, supported by upbeat sentiment around IPOs and corporate resilience.

Shares of fintech company Chime ($CHYM) made a splashy debut, opening at $43—an impressive 59% above its IPO price.

On the policy front, investors are watching China-US trade dynamics after Treasury Secretary Bessent suggested the current pause on China tariffs might end as soon as August.

Meanwhile, Donald Trump made headlines with comments on interest rates and his conversation with Elon Musk. Trump said Musk was “very honest” about the electric vehicle mandate but “got a little bit strange” after discussing its broader impact.

Trump also took aim at Fed policy, claiming he told Jerome Powell to hike rates if inflation resurfaces—but added, “I may have to force something” if rates stay too high.

11:47am: BioNTech to buy CureVac

Big news out of the biopharma sector: BioNTech (NASDAQ:BNTX) announced that it is acquiring CureVac (NASDAQ:CVAC), a fellow German mRNA vaccine developer, in an all-stock deal valued at approximately $1.25 billion.

The acquisition aims to combine the two companies’ complementary scientific capabilities, proprietary technologies, and manufacturing expertise of both companies to strengthen BioNTech’s research, development, manufacturing, and commercialization of mRNA-based cancer immunotherapy candidates.

Shares of CureVac popped almost 38% at about $5.60 on the news while BioNTech’s Nasdaq-listed shares traded up 0.2% at about $106.

11:15am: PPI lifts sentiment

US producer price data pushed the dollar lower and lifted gold prices on Thursday, offering a boost to market sentiment, according to Chris Beauchamp, Chief Market Analyst at IG.

Beauchamp noted that while Wednesday’s consumer price inflation report failed to lift markets, “the buyers are trying again in the wake of the PPI data, which has followed a similar pattern.”

Beauchamp added that fears of an immediate Israeli strike on Iran have eased somewhat, helping to calm nerves. With major economic data and earnings behind them, and no rate change expected from the Federal Reserve next week, he cautioned investors to remember the market adage: “never short a quiet market.”

10:35am: May inflation remains cool

Recent data showing cooler inflation and a softening labor market has made a potential Federal Reserve rate cut in 2025 more plausible, according to Bill Adams, Chief Economist at Comerica Bank.

Initial jobless claims remained elevated at 248,000 for the second week in a row, while continued claims rose to nearly 2 million—the highest since 2021.

“Reading between the lines of initial and continued claims, people who are losing jobs in 2025 are having a harder time finding new ones than in 2024 or 2023,” Adams noted, pointing to a slowdown in hiring as well.

Meanwhile, May’s Producer Price Index (PPI) data came in cooler than expected, suggesting that inflation pressures—especially from tariffs—may be less intense than business surveys had indicated. Core PPI, which excludes food and energy, rose just 0.1% on the month, while the annual rate eased to 3%.

“Tariffs were expected to add to the increase of core PPI goods…but that component registered an unremarkable moderate increase,” Adams said, contrasting PPI with hotter input cost readings from PMI surveys.

Despite these softer readings, Adams cautioned that fiscal stimulus from pending tax cuts and slower labor force growth due to stricter immigration enforcement could still keep the Fed on hold through year-end. While a rate cut isn’t Comerica’s base case, Adams said, “cooler-than-expected inflation and labor market data do make a federal funds rate cut later this year more plausible.”

9.55am: Stocks lower

US stocks indeed started lower, as predicted.

The Dow Jones dropped 0.4%, while the S&P 500 fell 0.1% and the Nasdaq 0.2%, with the worst effected being the domestically focused Russell 2000 small cap index, down 0.7%.

Boeing is a big drag on the Dow, down 4.4% now. 

Oracle is the top riser in the S&P, up 11% after lifting its revenue guidance due to AI demand. 

8am: Stocks called lower as dollar falls to 3yr low on tariffs, Iran

US stock futures were pointing lower as the dollar slumped to a three-year low, gold inched back towards record highs and Treasury bills attracted demand to send yields lower.  

Wall Street equity futures were lower across the major indexes, led by a 1% fall for the Russell 2000, more focused on domestic small caps, while Dow Jones futures slid 0.7% and the broader S&P 500 and tech-heavy Nasdaq 100 both dropped 0.6% ahead of the opening bell.

The dollar index subsided heavily over the early hours, sinking to a three-year low of 97.8, with the dollar down 0.9% versus the euro to $1.1587, and down 0.55% against the Japanese yen and 0.3% versus the British pound.   

Analysts said it followed President Trump statement that he will impose new unilateral tariff rates within the next two weeks, while this week’s deal with China left tariffs at 55%.

Trump told reporters in Washington last night that: “We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is. At a certain point, we’re just going to send letters out, and I think you understand that, saying ‘this is the deal, you can take it or leave it’.”

More positively, US Treasury Secretary Bessent suggested that they could extend the deadline by 90 more days if they believe “good faith” efforts are being made.

Market analyst Fawad Razaqzada at City Index said: “Just when it looked like the trade uncertainty was coming to an end with the US resuming talks with China and implying several other deals were on the cards, Trump has done it again.”

Whether or not this turn out to be “another so-called TACO trade” – Trump Always Chickens Out – remains to be seen.

“But after a big rally off the April lows and without much progress on the trade front, investors are now asking questions and want to see results to justify holding expensive stocks amid all the trade uncertainty, and that’s before considering other risks that include valuations, bond market troubles, and a potential military conflict between Iran and Israel.”

Rising tension with Iraq caused WTI crude oil to rally to $67.5 a barrel overnight, while gold is higher today and oil has retreated to $66.9 a barrel.

Iran’s defence minister has warned of retaliatory strikes on US military assets in the region should hostilities break out, after Trump expressed growing scepticism over the prospect of a nuclear accord, threatening military action should diplomacy fail.

“Five rounds of talks have been held since April, but with little progress, markets are increasingly factoring in the possibility of a more serious conflict,” said Razakzada. 

In individual stock news, Boeing was down 7.7% premarket after a 787 Dreamliner operated by Air India crashed on a flight to the UK.

CureVac jumped 30% after BioNTech agreed to acquire the biotech in an all-stock deal.

GameStop was down 16.5% premarket after its fundraising proposal the day before.

Voyager Technologies surged after hours on its first day of trading, with shares jumping 82% to give the defence and space technology firm a valuation of roughly $3.5 billion.