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Teck Resources Ltd. has agreed to sell its coal business to Swiss commodities trading giant Glencore PLC and two Asian steelmakers in a US$8.9-billion transaction. The deal requires federal approval, and will be closely scrutinized by the federal government before it goes ahead.
The Vancouver-based mining company has been fielding offers for its core metallurgical coal business since the spring, when an earlier plan to spin it off was cancelled because there was not enough shareholder support.
Glencore originally proposed buying all of Teck in April, including the company’s copper and zinc mines, in what would have been a US$23.1-billion cash and stock deal. Teck repeatedly rejected Glencore’s advances, citing a number of risks – some jurisdictional, some related to the deal’s execution and some related to concerns about Glencore’s past bribery and market manipulation settlements with international regulators.
Teck Resources CEO Jonathan Price responds 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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Newly approved flavoured nicotine pouches target teens, health experts say
Anti-smoking advocates warn that a flavoured nicotine product recently approved by Health Canada is being marketed and sold directly to children and teens, and they are calling on the federal government to restrict the sale of the product.
Imperial Tobacco Canada last month announced the launch of Zonnic, a pouch that contains up to four milligrams of nicotine and is designed to be placed under a user’s lip. The product is being sold at convenience stores and gas stations with no legal restrictions on who can buy it.
Rob Cunningham, senior policy analyst with the Canadian Cancer Society, said the company’s advertising strategy and roster of flavours are clearly targeting youth and need to be addressed.
Canadian peace activist Vivian Silver confirmed dead in Israel
Vivian Silver, a Canadian-Israeli peace activist and humanitarian who had been missing since Hamas’s Oct. 7 attack on Israel and was feared to be taken hostage, has been confirmed dead.
Toronto’s Israeli Consul-General Idit Shamir said yesterday the 74-year-old was killed by Hamas in Kibbutz Be’eri, where she lived, only a few kilometres from the Gaza border.
It is believed Silver is the eighth person with Canadian connections killed in Israel. On Oct. 26, Global Affairs Canada announced seven others, accounting then for six Canadian citizens and one person with “deep connections to Canada.”
- Medics and patients, including babies, stranded as battles rage around Gaza hospitals
- Canadian lawyers, spurred by UOttawa law students, issue a call for unity on Middle East
- Opinion: Netanyahu’s tough approach to Gaza may wipe out Hamas, but at what cost?
- Editorial: Who we are, and must be, as Canadians
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Also on our radar
Cities seek ways to foot massive infrastructure bills: As the federal government pushes cities to build the new homes needed to address the country’s housing shortage, municipal politicians are finding themselves in a financial conundrum: Even though the housing crisis is a national problem, many of the costs of solving it are entirely local.
Reburial of residential school victims offers peace: Tamara St. John and Dianne Desrosiers painstakingly worked for six years to get the remains of two Indigenous children who died at the first residential school in North America returned to their communities in South Dakota. After unmarked graves were found in Canada, Indigenous communities are also pondering similar efforts.
Russia skirting Canadian sanctions: Russia is circumventing Canadian sanctions to arm its invasion of Ukraine by purchasing made-in-Canada electronic detonators through Kyrgyzstan, according to an alliance of pro-democracy activists from authoritarian countries.
More tech companies disappearing from TSX: Q4 Inc., a Toronto tech company, has decided to end its two-year run as a public company listed on the Toronto Stock Exchange. The move comes as a number of other technology companies that listed on the TSX during the pandemic continue to leave the exchange. All 20 tech companies that went public on the TSX as valuations soared in the pandemic saw their shares subsequently fall below their issue prices, and most are still below those levels.
Sarah Bernstein wins 2023 Scotiabank Giller Prize: Montreal poet and novelist Sarah Bernstein has won this year’s Scotiabank Giller Prize for her novel Study for Obedience.
Morning markets
Markets await U.S. inflation data: European stocks rose on Tuesday as global markets awaited U.S. inflation data later in the session, which could provide an indication of whether global interest rates start to fall. Just after 5:30 a.m. ET, Britain’s FTSE 100 fell 0.25 per cent. Germany’s DAX and France’s CAC 40 advanced 0.53 per cent and 0.22 per cent, respectively. In Asia, Japan’s Nikkei finished up 0.34 per cent. Hong Kong’s Hang Seng slid 0.17 per cent. New York futures were positive. The Canadian dollar was lower at 72.34 US cents.
What everyone’s talking about
Tom Rachman: “Public shame is so rare among failed politicians. Maybe those with hubris enough to consider themselves right to run the world are unlikely to possess the psychological capacity for disgrace.”
Martin Olszynski: “Viewed this way, the ‘Tell the Feds’ campaign isn’t about feasibility, affordability or reliability, but rather a thinly disguised attempt to enlist ordinary Canadians in Alberta’s unyielding service to the fossil fuel industry. But as year after year of extreme weather and fire seasons have made clear, climate inaction and delay come with their own significant – sometimes immeasurable – costs for the rest of us. Canadians would be justified in telling Alberta those are costs they’re no longer willing to bear.”
Today’s editorial cartoon
Illustration by David Parkins
Living better
A guide to buying a long-lasting, stylish accent chair
The Globe and Mail’s Aruna Dutt is ready to upgrade her hand-me-down furniture for purchases that last. In this new shopping series, she asks experts to help her make buying decisions that are worth the investment. Interior designer Jackie Kai Ellis shares tips on finding a stylish and functional chair for your space.
Moment in time: Nov. 14, 1969
Bobbie "Fanny" Rosenfeld looking at picture of herself at Sports Hall of Fame, August 1961.Harry McLorinan/The Globe and Mail
Death of Fanny (Bobbie) Rosenfeld
There isn’t any facet of women’s sports or journalism that Fanny (Bobbie) Rosenfeld did not succeed in. The Canadian – who was born in Russia, moved to Barrie, Ont., as a child and lived most of her life in Toronto – starred at the highest level in track, basketball, softball, hockey, tennis, golf, lacrosse and speed skating throughout the 1920s. Nicknamed Bobbie for her bobbed haircut, she won track gold and silver medals at the 1928 Summer Olympics. Afterward, suffering from arthritis, she turned to coaching, managing and organizing women’s sports, where she was a respected executive. In 1937, Ms. Rosenfeld conquered the most impenetrable men’s world there was – sports journalism. At The Globe and Mail, she wrote a column called Sports Reel, where for 20 years, she was a pioneering advocate for women’s rights and equality. Eventually, Ms. Rosenfeld (she never married) became the newspaper’s public-relations manager. Her athletic accomplishments did not go unnoticed. She was chosen Canada’s female athlete of the first half of the 20th century and today, the Bobbie Rosenfeld Award is presented annually by The Canadian Press to the country’s top female athlete. She died on this day in 1969, aged 65. Philip King
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