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Teck Resources Ltd. suffered a major defeat yesterday by failing to earn shareholder support to move forward on a restructuring that had been years in the making, increasing the chances of one of the last of the country’s big miners getting swallowed up by foreign giant.
Only hours before its shareholder meeting, Vancouver-based Teck announced that its planned split separating its legacy coal business from its fast-growing critical minerals business was off the table.
The development is a huge win for Glencore PLC of Switzerland, which had been campaigning to persuade Teck’s shareholders to vote against the split, and instead accept its hostile takeover offer worth US$22.5-billon.
- Analysis: Why Teck Resources’ proposed split never made much sense and shareholders shot it down
- Opinion: Teck’s ambitious break-up proposal crashes and burns. Mistakes were made that worked in Glencore’s favour
Teck Resources CEO Jonathan Price pauses while responding to questions from reporters after the company's special meeting of shareholders, in Vancouver, April 26, 2023.DARRYL DYCK/The Canadian Press
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Evacuation plans for Sudan stalled by inability to find landing spots
The federal government says it will soon attempt evacuation flights out of Sudan, but can’t say exactly when it might get a plane to the beleaguered East African country, citing the complications of landing during an escalating conflict.
Ottawa is also cautioning it will only evacuate Canadian citizens, permanent residents and their immediate family from Sudan.
As well, it says any airlift will be to a third country, from which evacuees must make their own way home.
- Sudan’s Bashir moved from jail as allies walk free, fighting flares
Xi-Zelensky phone call signals China’s red lines in the Ukraine, Russia conflict
The timing of the phone call between Ukraine’s President Volodymyr Zelensky and Chinese President Xi Jinping contained a coded warning for both sides in Russia’s war against Ukraine.
The call came at a time when Ukrainian troops are in the final stages of preparing for a counteroffensive they hope will lead to the liberation of parts of southern and eastern Ukraine occupied by Russia. To some, the counteroffensive would look like an aggressive move that shows Ukraine is not interested in peace.
Also, by talking to Mr. Zelensky on April 26 – the anniversary of the 1986 disaster at the Chernobyl nuclear reactor – Mr. Xi was making it clear that while China stood with Russia, it did not support the use of nuclear weapons.
Federal workers’ union leader calls on Trudeau to get directly involved in negotiations
Talks between the Public Service Alliance of Canada and the federal government are at a standstill, and the union representing more than 100,000 striking federal workers says it’s time Prime Minister Justin Trudeau joined the bargaining table.
The government has offered the workers a 9-per-cent raise over three years, and this week, it also included a “signing bonus,” though it didn’t reveal the size of the bonus. The union has been seeking a 13.5-per-cent wage increase over three years for its members.
PSAC president Chris Aylward said Wednesday that Mr. Trudeau can either turn his back on the striking workers, or give the Treasury Board a new mandate to present the union with a higher wage offer.
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Also on our radar
Sajjan says he didn’t check e-mails during fall of Afghanistan: Minister Harjit Sajjan says he wasn’t checking his e-mail during the 2021 fall of Afghanistan and it’s possible his inbox includes correspondence that a senator’s office was distributing Canadian government travel documents but he didn’t authorize the practice. He also said that he wasn’t aware that his then chief of staff, George Young, had sent templates of the federal documents to Senator Marilou McPhedran’s office. Or that the senator then helped distribute them to hundreds of Afghans trying to escape the brutal Taliban regime.
Ottawa announces first step of firearm buyback program: Public Safety Minister Marco Mendicino said the federal government is working with the Canadian Sporting Arms and Ammunition Association to figure out how to compensate retailers who own weapons on a list of banned guns, in the first phase of the long promised gun buyback program.
Calgarians on the hook for proposed arena cost overruns: The City of Calgary says it would cover any anticipated expenses if the revived effort to build a new arena complex in the downtown core blows through its proposed $1.2-billion budget. The city said it would use cash from future land sales and investment income to cover those expenses.
New legislation surrounding sex offender registry: Serious child sex offenders and repeat sex offenders would be placed automatically on a revamped National Sex Offender Registry, but judges would have discretion over lifetime registration, under government legislation proposed Wednesday in the Senate. The legislation comes after the Supreme Court of Canada last October struck down automatic registration of sex offenders and mandatory lifetime registration for those convicted of two sex offences in a single prosecution. The court gave the federal government a year to fix the registry.
Scientist argues for review around deadly food preservative: Health Canada has tracked a concerning trend of people trying to harm themselves with sodium nitrite, even though it remains classified as a food additive and there are no restrictions on its sale in Canada.
Morning markets
Investors still cautious: The U.S. dollar remained under pressure and world share markets were trying to stay positive on Thursday, as ongoing rumbles in the U.S. banking system kept investors cautious. Around 5:30 a.m. ET, Britain’s FTSE 100 was down 0.13 per cent. Germany’s DAX and France’s CAC 40 gained 0.20 per cent and 0.48 per cent, respectively. In Asia, Japan’s Nikkei added 0.15 per cent. Hong Kong’s Hang Seng rose 0.42 per cent. New York futures were positive. The Canadian dollar was steady at 73.34 US cents.
What everyone’s talking about
Cathal Kelly: “For the Leafs to be in the spot they’re in, up 3-1 in the series, something had to change. The Leafs are terrible at explaining what that is. The best they can come up with is some bumpf about believing in themselves. What? They didn’t believe in themselves last year? Or when they were in a similar position on Montreal? So what happened? Did they all just get better life coaches? What’s really changed is luck. All the little things that have been going wrong for years are suddenly going right.”
Today’s editorial cartoon
Editorial cartoon by David ParkinsIllustration by David Parkins
Living better
Five countries account for half of the wine consumption in the world, which is estimated at 232 mhl (million hectolitre). Can you guess which ones they are? (Hint: Canada is not among them.) With our consumption of 4.2 mhl of wine, Canada ranks in the 13th position, between South Africa (4.6 mhl) and Romania (3.7 mhl).
Looking for recommendations? Here are seven international wines that are new releases at liquor stores.
Moment in time: April 27, 1813
"Arrival of the American Fleet prior to the capture of York, April 27, 1813," by Owen Staples, 1913. This painting shows a U.S. flotilla of 14 ships and 1,700 men under the command of Commodore Isaac Chauncey, preparing to attack York (now Toronto), the capital of Upper Canada, early on the morning of April 27, 1813.Owen Staples/Toronto Public Library
The War of 1812, between the United States and Britain, lasted two years and eight months. The British successfully defended the colonies, but the Americans won a decisive battle on this day in 1813. Around dawn, under Commodore Isaac Chauncey, a U.S. flotilla of 14 ships and 1,700 men attacked York (now Toronto), the capital of Upper Canada. Landing just east of the Humber River, the Americans swiftly advanced eastward toward the garrison as the fleet bombarded the town’s gun batteries. The British forces, including 300 army regulars, 300 Canadian militia and 50 Mississauga and Ojibwa warriors, were outgunned and outnumbered. After a battle of just over five hours, British Major General Roger Hale Sheaffe – seeing a choice between death or surrender – retreated and withdrew his troops to Kingston. However, before he left, he ordered the fort’s massive ammunition depot to be set ablaze. The resultant explosion tossed debris in a 460-metre radius and killed 40 Americans, including U.S. commander Brigadier-General Zebulon Pike, and wounded hundreds. Over the next few days, the enraged Americans sacked and burned York in retaliation. Mr. Sheaffe was later relieved of his military command and sent back to Britain, condemned as a coward. Philip King
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