Additional steel tariffs increasing pressure on Canadian producers
Additional steel tariffs increasing pressure on Canadian producers
CTV News' Kamail Karamali says Canadian steel producers have described Trump's additional tariffs as 'a crushing blow' to the industry.
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Canada Standard
27 minutes ago
- Canada Standard
Daily World Briefing, June 7
Libyan PM orders investigation into clashes in coastal city Libyan Prime Minister Abdul-Hamed Dbeibah on Friday ordered an investigation into clashes that broke out Thursday in the northwestern coastal city of Sabratha. The Information Office of the Prime Minister said in a statement that Dbeibah had instructed the commander of the Western Military Zone "to start an immediate and thorough investigation" into the clashes. "The instructions are part of orders made yesterday to assign the Western Military Zone commander to urgently interfere on ground and stop the fighting," the statement added. According to local media, clashes broke out on Thursday between rival armed groups in Sabratha, some 70 km west of the capital Tripoli, and lasted until Friday morning. No casualties have been reported so far. NATO defense ministers struggle to bridge divides over military spending goals NATO defense ministers meeting in Brussels on Thursday "broadly" agreed to pursue a significant increase in member states' military spending to 5 percent of GDP. However, sharp disagreements over the timeline and spending categories revealed deep divisions ahead of the alliance's upcoming summit in The Hague, scheduled for June 24-25. "There's broad support. We are really close," Mark Rutte, NATO's secretary general, told reporters after the meeting. He stressed that he has "total confidence that we will get there" by the next NATO summit in three weeks. Rutte proposed a compromise plan: setting a target of 3.5 percent of GDP for core military spending, and an additional 1.5 percent for broader security-related areas such as infrastructure, by 2032. Wildfire smoke causes poor air quality in major Canadian cities Smoke from wildfires burning in northern Ontario and the Prairies of Canada caused poor air quality and reduced visibility in major cities including Toronto, Ottawa and Montreal on Friday. Environment Canada issued special air quality statements for these areas on Friday, warning that people most likely to suffer health effects from air pollution should avoid strenuous activities outdoors and seek medical attention if experiencing symptoms. Environment Canada's David Phillips said on CTV News that as wildfires ramp up across the country, air quality is deteriorating. "What we've seen this week, of course, in Ontario is a lot of that smoke from fires has come south," Phillips said. Trump to sell his Tesla car as feud with Musk carries risks for both: report U.S. President Donald Trump planned to sell the red Tesla car he said he bought in March, reported The New York Times on Friday, noting that Trump originally purchased the car to demonstrate his support for Elon Musk amid a backlash over his role in the administration. "Administration officials said Mr. Trump showed little interest in engaging with Mr. Musk, even after the billionaire signaled he would be open to de-escalating the fight" they currently have, added the report. Late Thursday, Musk backed off a threat to "immediately" decommission SpaceX's Dragon spacecraft, which transports NASA astronauts and supplies to and from the International Space Station. A short time later, when Bill Ackman, the hedge-fund billionaire, posted on social media that the two men "should make peace for the benefit of our great country," Musk responded, "You're not wrong." "For Musk, a prolonged feud with Trump could be hugely expensive," noted the report. His companies, including SpaceX, have benefited from billions of dollars in government contracts and were positioned to receive billions more. Trump threatened on Thursday to end those contracts. United Airlines resumes flights to Israel over month after Houthi airport attack U.S. carrier United Airlines has resumed flights to Israel after a suspension of more than a month. Flight UA84 departed from Newark Liberty International Airport in New York on Thursday and landed at Ben Gurion Airport near Tel Aviv on Friday. United Airlines suspended its operations in Israel on May 4 after a missile fired from Yemen by the Houthi group exploded near Ben Gurion Airport. The incident prompted several international airlines to suspend flights to the country, with only a few having since resumed service. Among those resuming operations is Latvia's national airline, airBaltic, which completed a flight from Riga International Airport to Tel Aviv on Friday.
Globe and Mail
39 minutes ago
- Globe and Mail
Robinhood May Enter S&P 500 Club: A Win for Retail Investors?
Robinhood Markets Inc. HOOD is poised for potential inclusion in the S&P 500 Index, with an official announcement expected tomorrow. The index's quarterly rebalancing occurs later this month. Per the latest guidelines for the stocks' inclusion in the S&P 500 index, companies must have a market value of at least $20.5 billion and be profitable on a GAAP basis for the past four quarters cumulatively and in the most recent quarter. HOOD fits the bill. It has a market capitalization of almost $63 billion and has been consistently profitable over the trailing four quarters. Inclusion in the S&P 500 is significant, as it often leads to increased demand from index funds and passive investors who aim to replicate the index's performance. This heightened demand can boost a company's stock price and liquidity. For Robinhood, such inclusion would not only validate its growth trajectory but also enhance its visibility and credibility in the financial markets. However, the company must navigate potential challenges, including market volatility and regulatory scrutiny, especially given its involvement in cryptocurrency trading. HOOD's recent stock performance has been impressive, with a 94% rally this year. This has been driven by the expansion of its product suite, acquisitions, and favorable developments in the cryptocurrency space. Last month, Robinhood's competitor, Coinbase Global COIN, joined the S&P 500 Index. In the week following the announcement of its inclusion in the index, Coinbase shares soared 33.7% despite the news of a hack and regulatory scrutiny. America's largest registered cryptocurrency exchange, Coinbase, is well-placed to capitalize on heightened crypto market volatility and rising asset prices. Another HOOD peer that could become a part of the index this time is the global electronic broker, Interactive Brokers IBKR. With a market cap of approximately $87 billion, Interactive Brokers has been witnessing solid improvement in profitability as retail market participation continues to rise. This year, Interactive Brokers' stock has gained 16.6%. Robinhood's potential inclusion in the S&P 500 could be seen as a triumph, symbolizing the growing influence of retail trading platforms in mainstream finance. It underscores the shift towards democratized investing, where individual investors have greater access to financial markets. Robinhood's Valuation and Estimate Analysis Given the solid price performance, HOOD shares are currently trading at a massive premium to the industry. The company has a forward price-to-earnings (P/E) of 54.33X compared with the industry average of 13.61X. Moreover, the Zacks Consensus Estimate for Robinhood's 2025 and 2026 earnings reflect a growth of 11.9% and 20.5%, respectively, on a year-over-year. In the past month, earnings estimates for 2025 has remained unchanged, while for 2026, it has moved marginally upward. Image Source: Zacks Investment Research HOOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.5% per year. So be sure to give these hand picked 7 your immediate attention. See them now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Interactive Brokers Group, Inc. (IBKR): Free Stock Analysis Report Coinbase Global, Inc. (COIN): Free Stock Analysis Report Robinhood Markets, Inc. (HOOD): Free Stock Analysis Report This article originally published on Zacks Investment Research (
Winnipeg Free Press
an hour ago
- Winnipeg Free Press
Democratic states double down on laws resisting Trump's immigration crackdown
As President Donald Trump's administration targets states and local governments for not cooperating with federal immigration authorities, lawmakers in some Democratic-led states are intensifying their resistance by strengthening state laws restricting such cooperation. In California alone, more than a dozen pro-immigrant bills passed either the Assembly or Senate this week, including one prohibiting schools from allowing federal immigration officials into nonpublic areas without a judicial warrant. Other state measures have sought to protect immigrants in housing, employment and police encounters, even as Trump's administration has ramped up arrests as part of his plan for mass deportations. In Connecticut, legislation pending before Democratic Gov. Ned Lamont would expand a law that already limits when law enforcement officers can cooperate with federal requests to detain immigrants. Among other things, it would let 'any aggrieved person' sue municipalities for alleged violations of the state's Trust Act. Two days after lawmakers gave final approval to the measure, the U.S. Department of Homeland Security included Connecticut on a list of hundreds of 'sanctuary jurisdictions' obstructing the enforcement of federal immigration laws. The list later was removed from the department's website after criticism that it errantly included some local governments that support Trump's immigration policies. States split on whether to aid or resist Trump Since taking office in January, Trump has enlisted hundreds of state and local law enforcement agencies to help identify immigrants in the U.S. illegally and detain them for potential deportation. U.S. Immigration and Customs Enforcement now lists 640 such cooperative agreements, a nearly fivefold increase under Trump. Trump also has lifted longtime rules restricting immigration enforcement near schools, churches and hospitals, and ordered federal prosecutors to investigate state or local officials believed to be interfering with his crackdown on illegal immigration. The Department of Justice sued Colorado, Illinois and New York, as well as several cities in those states and New Jersey, alleging their policies violate the U.S. Constitution or federal immigration laws. Just three weeks after Colorado was sued, Democratic Gov. Jared Polis signed a wide-ranging law expanding the state's protections for immigrants. Among other things, it bars jails from delaying the release of inmates for immigration enforcement and allows penalties of up to $50,000 for public schools, colleges, libraries, child care centers and health care facilities that collect information about people's immigration status, with some exceptions. Polis rejected the administration's description of Colorado as a 'sanctuary state,' asserting that law officers remain 'deeply committed' to working with federal authorities on criminal investigations. 'But to be clear, state and local law enforcement cannot be commandeered to enforce federal civil immigration laws,' Polis said in a bill-signing statement. Illinois also has continued to press pro-immigrant legislation. A bill recently given final approval says no child can be denied a free public education because of immigration status — something already guaranteed nationwide under a 1982 U.S. Supreme Court decision. Supporters say the state legislation provides a backstop in case court precedent is overturned. The bill also requires schools to develop policies on handling requests from federal immigration officials and allows lawsuits for alleged violations of the measure. Legislation supporting immigrants takes a variety of forms Democratic-led states are pursuing a wide range of means to protect immigrants. A new Oregon law bars landlords from inquiring about the immigration status of tenants or applicants. New laws in Washington declare it unprofessional conduct for bail bond agents to enforce civil immigration warrants, prohibit employers from using immigration status to threaten workers and let employees use paid sick leave to attend immigration proceedings for themselves or family members. Vermont last month repealed a state law that let law enforcement agencies enter into immigration enforcement agreements with federal authorities during state or national emergencies. They now need special permission from the governor to do so. As passed by the House, Maryland legislation also would have barred local governments from reaching immigration enforcement agreements with the federal government. That provision was removed in the Senate following pushback from some of the seven Maryland counties that currently have agreements. The final version, which took effect as law at the start of June, forbids public schools and libraries from granting federal immigration authorities access to nonpublic areas without a judicial warrant or 'exigent circumstances.' Maryland Del. Nicole Williams said residents' concerns about Trump's immigration policies prompted her to sponsor the legislation. 'We believe that diversity is our strength, and our role as elected officials is to make sure that all of the residents within our community — regardless of their background — feel safe and comfortable,' Williams said. Many new measures reinforce existing policies Though legislation advancing in Democratic states may shield against Trump's policies, 'I would say it's more so to send a message to immigrant communities to let them know that they are welcome,' said Juan Avilez, a policy associate at the American Immigration Council, a nonprofit advocacy group. In California, a law that took effect in 2018 already requires public schools to adopt policies 'limiting assistance with immigration enforcement to the fullest extent possible.' Some schools have readily applied the law. When DHS officers attempted a welfare check on migrant children at two Los Angeles elementary schools in April, they were denied access by both principals. Legislation passed by the state Senate would reinforce such policies by specifically requiring a judicial warrant for public schools to let immigration authorities into nonpublic areas, allow students to be questioned or disclose information about students and their families. 'Having ICE in our schools means that you'll have parents who will not want to send their kids to school at all,' Democratic state Sen. Scott Wiener said in support of the bill. But some Republicans said the measure was 'injecting partisan immigration policies' into schools. 'We have yet to see a case in California where we have scary people in masks entering schools and ripping children away,' said state Sen. Marie Alvarado-Gil. 'Let's stop these fear tactics that do us an injustice.' ___ Associated Press writers Susan Haigh, Trân Nguyễn, Jesse Bedayn, John O'Connor and Brian Witte contributed to this report.
