Canada-U.S. trade talks ‘difficult to discern' after deadline passes: Reid
CTV News Political Commentator Scott Reid on why he believes there's 'not much reason for optimism' after Trump hiked tariffs following the trade deal deadline.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
8 minutes ago
- Winnipeg Free Press
Asian shares track rally on Wall Street that won back most of Friday's wipeout
BANGKOK (AP) — Asian shares advanced on Tuesday, following U.S. stocks higher after they won back most of their sharp loss from last week. Investors appeared to have recovered some confidence after worries over how President Donald Trump's tariffs may be punishing the economy sent a shudder through Wall Street last week. At the same time, a stunningly weak U.S. jobs report Friday raised expectations that the Federal Reserve will cut interest rates at its next meeting in September, potentially a plus for markets. This week's highlights will likely include earnings reports from The Walt Disney Co., McDonald's and Caterpillar, along with updates on U.S. business activity. In Asian trading, Tokyo's Nikkei 225 index gained 0.6% to 40,515.81, while the Kospi in South Korea jumped 1.4% to 3,192.57. In Hong Kong, the Hang Seng rose 0.3% to 24,799.67. The Shanghai Composite index was up 0.5% at 3,602.13. Australia's S&P/ASX 200 jumped 1.1% to 8,759.90, while the SET in Thailand also gained 1.1%. India's Sensex was the sole outlier, losing 0.5% on concerns over trade tensions with the United States, with the Trump administration insisting on cutbacks in oil purchases from Russia. India has indicated that it will continue buying oil from Russia, saying its relationship with Moscow was 'steady and time-tested,' and that its stance on securing its energy needs is guided by the availability of oil in the markets and prevailing global circumstances. 'Trump's threats of 'substantial' tariff hikes on account of imports of Russian crude pose a quagmire for India,' Mizuho Bank said in a commentary. 'Between exacerbated U.S.-imposed geo-economic headwinds and financial/macro setbacks from Russian oil advantages lost, pain will be hard to avert.' On Monday, the S&P 500 jumped 1.5% to 6,329.94. The Dow Jones Industrial Average climbed 1.3%, or 585.06 points, to 44,173.64. The Nasdaq composite leaped 2% to 21,053.58. Idexx Laboratories helped Wall Street recover from its worst day since May, soaring 27.5% after the seller of veterinary instruments and other health care products reported a stronger profit for the spring than analysts expected. The pressure is on U.S. companies to deliver bigger profits after their stock prices shot to record after record recently. Reports from big U.S. companies have largely come in better than expected and could help steady a U.S. stock market that may have been due for some turbulence. A jump in stock prices from a low point in April had raised criticism that the broad market had become too expensive. Tyson Foods likewise delivered a bigger-than-expected profit for the latest quarter, and the company behind the Jimmy Dean and Hillshire Farms brands rose 2.4%. They helped make up for a nearly 3% loss for Berkshire Hathaway after Warren Buffett's company reported a drop in profit for its latest quarter from a year earlier. The drop-off was due in part to the falling value of its investment in Kraft Heinz. American Eagle Outfitters jumped 23.6% after Trump weighed in on the debate surrounding the retailer's advertisements, which highlight actor Sydney Sweeney's great jeans. Some critics thought the reference to the blonde-haired and blue-eyed actor's 'great genes' may be extolling a narrow set of beauty standards. 'Go get 'em Sydney!' Trump said on his social media network. Wayfair climbed 12.7% after the retailer of furniture and home decor said accelerating growth helped it make more in profit and revenue during the spring than analysts expected. Monday Mornings The latest local business news and a lookahead to the coming week. Tesla rose 2.2% after awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. The move could alleviate worries that Musk may leave the company. In other dealings early Tuesday, U.S. benchmark crude oil shed 9 cents to $66.20 per barrel while Brent crude, the international standard, gave up 8 cents to $68.68 per barrel. The U.S. dollar was unchanged at 147.09 Japanese yen. The euro slipped to $1.1555 from $1.1573. ___ AP Business Writers Stan Choe and Matt Ott contributed.
Globe and Mail
32 minutes ago
- Globe and Mail
Vitesse (VTS) Q2 Revenue Jumps 23%
Key Points - Earnings per share (non-GAAP) and revenue (GAAP) both beat analyst estimates, with revenue boosted by a major one-time litigation settlement. - Production volume saw a significant lift from the Lucero acquisition, driving overall output up 40% compared to Q2 2024. - The dividend remains unchanged at $0.5625 per share, with balance sheet strength supporting ongoing shareholder returns. These 10 stocks could mint the next wave of millionaires › Vitesse Energy (NYSE:VTS), a company specializing in non-operated oil and gas investments, posted its second quarter earnings results on August 4, 2025. The headline news was a substantial revenue (GAAP) and earnings (non-GAAP) beat, with actual results boosted by a large, non-recurring litigation settlement. Management noted that, while underlying operations were strong, top-line growth was notably aided by a $24 million litigation settlement, with $16.9 million of that recognized as revenue. Overall, Vitesse delivered operational improvements in line with its stated strategy, but the one-off gain skews the degree of progress shown in the headline metrics. Metric Q2 2025 Q2 2025 Estimate Q2 2024 Y/Y Change EPS (Non-GAAP, Diluted) $0.18 $0.15 N/A EPS (GAAP, Diluted) $0.60 $0.33 81.8 % Revenue (GAAP) $81.8 million $71.5 million $66.6 million 23.0 % Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report. Understanding Vitesse Energy's Core Business and Strategy Vitesse Energy operates as a non-operated investor in oil and natural gas wells. This means it primarily holds interests as a non-operator in wells managed by other companies. This model is central to its business, enabling Vitesse to spread risk, reduce direct operating costs, and maintain flexibility in how it allocates capital. Recent focus areas for Vitesse include acquiring additional non-operated interests in key shale plays, managing commodity price risk through hedging, and carefully controlling costs. Strategic acquisitions, such as the Lucero Energy deal completed on March 7, 2025, have been pivotal in boosting output and expanding the company's footprint. Key success factors for Vitesse are disciplined capital allocation, strong relationships with well operators, an active hedging program, and a firm commitment to shareholder returns—primarily through steady dividends. Quarterly Highlights: Growth, One-Time Gains, and Financial Discipline The quarter saw Vitesse complete the integration of the Lucero Energy assets, which directly contributed to marked operational growth. Production averaged 18,950 barrels of oil equivalent per day, a 40% increase from Q2 2024 and a 27% jump over the previous quarter (Q2 2025 vs Q1 2025). This rise was mainly driven by the Lucero acquisition, completed in March 2025, and reflects Vitesse's focus on buying producing assets rather than starting new operations itself. Revenue (GAAP) was sharply higher than both last year and analyst projections, but it is crucial to note that $16.9 million of revenue came from a one-time litigation settlement. Adjusted net income, which strips out the impact of non-cash and non-recurring items, was $18.4 million (non-GAAP), compared to $24.7 million in GAAP net income, highlighting the size of the one-off benefit. Vitesse's risk management stood out, with the company expanding its hedging program amid volatile oil prices. About 71% of 2025 oil production and nearly half (49%) of natural gas output for the remainder of the year were hedged at favorable rates, reducing exposure to price swings. As a result, the realized price for hedged oil was $64.21 per barrel, better than the $59.50 per barrel received for unhedged volumes. Gains on commodity derivatives further added $5.3 million to results, while the company also reported an unrealized derivative gain of $13.2 million. Cost management remains a focus, though some expenses did rise due to higher output and acquisition integration. Lease operating expense—a measure of the direct costs of running wells—rose 60% year over year to $19.6 million. General and administrative costs fell significantly after accounting for litigation reimbursements, but underlying core G&A spending is running at about $3.50 per barrel of oil equivalent. Despite rising costs, net debt dropped to $104 million and the net debt to adjusted EBITDA ratio (non-GAAP) improved to 0.43x, well below its target of 1.0x for Net Debt to Adjusted EBITDA ratio (non-GAAP). Liquidity was $146.0 million, providing flexibility for future acquisitions or capital returns. An important feature in the company's strategy is its dividend. Management declared a quarterly payout of $0.5625 per share, unchanged from previous quarters. This maintains an annualized dividend rate of $2.25 per share. The steady dividend is a visible sign of the company's commitment to returning capital to shareholders, supported by free cash flow (non-GAAP) of $21.9 million. Management continues to emphasize that 'our product is our dividend,' underlining both policy and marketing as a core part of the business model. Looking Ahead: Guidance and Key Watchpoints Management reaffirmed full-year guidance provided last quarter. Expected average daily production is forecast at 15,000 to 17,000 barrels of oil equivalent per day, with oil making up 64–68% of output. Capital expenditures are projected between $80 million and $110 million, a range that builds in flexibility for opportunistic acquisitions if favorable deals arise. Management did not adjust production or spending guidance after the strong quarter, preferring a cautious approach amid continued commodity price volatility and recent cost pressures. No material constraints were reported on the company's ability to maintain either its capital expenditure or dividend levels, with balance sheet strength and available liquidity providing significant headroom. Investors in Vitesse will likely monitor two areas in coming quarters: underlying operational trends, once one-time gains roll off; and how normalized costs evolve as the acquisition is further integrated. The $24 million litigation settlement received is not expected to recur, so ongoing trends in free cash flow and earnings will be of particular interest in the remainder of the year. The quarterly dividend was confirmed at $0.5625 per share. Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted. Where to invest $1,000 right now When our analyst team has a stock tip, it can pay to listen. After all, Stock Advisor's total average return is 1,019%* — a market-crushing outperformance compared to 178% for the S&P 500. They just revealed what they believe are the 10 best stocks for investors to buy right now, available when you join Stock Advisor. See the stocks » *Stock Advisor returns as of August 4, 2025 JesterAI is a Foolish AI, based on a variety of Large Language Models (LLMs) and proprietary Motley Fool systems. All articles published by JesterAI are reviewed by our editorial team, and The Motley Fool takes ultimate responsibility for the content of this article. JesterAI cannot own stocks and so it has no positions in any stocks mentioned. The Motley Fool has positions in and recommends Vitesse Energy. The Motley Fool has a disclosure policy.
CTV News
34 minutes ago
- CTV News
How to choose the right laptop for back to school
As back to school season approaches, purchasing the right in market laptop can make a tremendous difference. CTV's Pat Foran has some advice for you.
