Honda halts Canada EV plans over tariffs, forecasts 59% profit drop
Forecasting a steep 59 per cent profit drop for the year, Honda is postponing its $15 billion plan to build an EV supply line in Canada for at least two years due to concerns about U.S. auto tariffs. The plan was expected to create 1,000 jobs.
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National Post
30 minutes ago
- National Post
CI Global Asset Management Continues to Enhance Digital Assets Lineup with Proposed Staking Strategy for ETHX
Article content TORONTO — CI Global Asset Management ('CI GAM') today announced a proposal to introduce a staking strategy to CI Galaxy Ethereum ETF ('ETHX' or 'the ETF'), Canada's largest ETF investing directly in the Ether digital currency. Article content CI GAM believes that its proposal to stake a portion of the Ether tokens ('ETH') held within the ETF's portfolio will benefit unitholders by enhancing the total return of the ETF, which trades on the Toronto Stock Exchange under the tickers ETHX.B and ETHX.U. Article content Article content As part of the proposal, CI GAM is seeking unitholder approval to receive a portion of the net staking rewards (the 'Staking Service Fee') in consideration for implementing and administering staking (the 'Staking Arrangements'). CI GAM expects to hold a unitholder meeting to vote on the proposed fee on or about August 20, 2025. Full details of the proposal will be available in July, with meeting materials being mailed to unitholders on or about July 21, 2025. Article content 'CI GAM is a leader in providing digital asset investment solutions to Canadians and we continue to build on that position with this enhancement to ETHX and our recent launch of CI Galaxy Solana ETF,' said Jennifer Sinopoli, Executive Vice-President and Head of Distribution for CI GAM. Article content 'Our solutions allow investors to benefit from the growth potential of decentralized finance and other blockchain applications while investing with all the advantages of ETFs and mutual funds. These include convenience, transparency, liquidity, professional management, eligibility for registered plans, and the ability to integrate digital assets into your overall investment plan.' Article content ETHX provides investors with exposure to ETH, the digital currency underlying the Ethereum network, a decentralized software platform using blockchain technology. Ethereum operates on a proof-of-stake system, in which validators verify transactions and ensure the smooth operation of the network in exchange for the opportunity to receive rewards of additional ETH. Validators must lock up or 'stake' ETH in order to participate in this process. Article content Deep expertise in digital assets Article content Galaxy Asset Management Article content ('Galaxy'), the sub-advisor to the ETF, has been engaged to facilitate the Staking Arrangements, given the firm's deep expertise in digital assets and extensive experience as a validator on the Ethereum and other blockchain networks. Article content CI GAM intends to take a measured approach by initially allocating up to 50% of the ETF's ETH holdings to staking. CI GAM is proposing to share in the rewards generated for the ETF by the Staking Arrangements (net of fees payable to the validator), such that no less than 75% of the net rewards accrue to the ETF and up to 25% accrue to CI GAM as the Staking Service Fee. Article content CI GAM believes that ETH staking offers the following potential benefits: Article content Enhanced returns through earning staking rewards. Increased capital efficiency by using ETH holdings that would otherwise remain idle to generate rewards. Enhanced competitive positioning by expanding the investment strategies of the ETF. A complement to the ETF's core strategy of providing exposure to ETH. Article content The Independent Review Committee for the ETF has reviewed the proposal for the Staking Arrangements and Staking Service Fee with respect to potential conflict of interest matters and provided a positive recommendation, having determined that the proposal, if implemented, achieves a fair and reasonable result for the ETF. Article content A comprehensive lineup Article content CI GAM partners with Galaxy to provide one of the industry's most comprehensive lineups of digital asset solutions: Article content CI Galaxy Bitcoin ETF (BTCX.B, BTCX.U) and CI Bitcoin Fund CI Galaxy Ethereum ETF (ETHX.B, ETHX.U) and CI Ethereum Fund CI Galaxy Solana ETF (SOLX.B, SOLX.U) CI Galaxy Multi-Crypto ETF (CMCX.B, CMCX.U) CI Galaxy Blockchain Index ETF (CBCX). Article content Galaxy Asset Management Article content , an affiliate of Article content Galaxy Digital Inc. Article content (Nasdaq/TSX: GLXY), is dedicated to providing institutional-quality access to the digital assets ecosystem. Galaxy has nearly US$7 billion in assets on platform, including passive, venture, and active strategies and staking, all leveraging the broader capabilities of Galaxy Digital Inc., a global leader in digital assets and data centre infrastructure. Headquartered in New York City and operating globally across North America, Europe, and Asia, Galaxy combines proven expertise with innovative solutions. For more information, visit Article content . Article content CI Global Asset Management ('CI GAM') is one of Canada's largest investment management companies. It offers a wide range of investment products and services and is on the web at CI GAM is a subsidiary of CI Financial Corp. (TSX: CIX), an integrated global asset and wealth management company with approximately $546.1 billion in assets as at March 31, 2025. Article content Galaxy Asset Management operates Galaxy Digital Capital Management LP, the sub-advisor to ETHX. Article content CI Galaxy Ethereum ETF (the 'ETF') is an exchange traded mutual fund that invests in the digital currency Ether ('ETH'). Given the speculative nature of digital assets, including ETH, and the volatility of ETH markets, there is no assurance that the ETF will be able to meet its investment objective. An investment in the ETF is not intended as a complete investment program and is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment. An investment in the ETF is considered high risk. Article content Commissions, management fees and expenses all may be associated with an investment in exchange-traded funds (ETFs). You will usually pay brokerage fees to your dealer if you purchase or sell units of an ETF on recognized Canadian exchanges. If the units are purchased or sold on these Canadian exchanges, investors may pay more than the current net asset value when buying units of the ETF and may receive less than the current net asset value when selling them. Please read the prospectus before investing. Important information about an exchange-traded fund is contained in its prospectus. ETFs are not guaranteed; their values change frequently and past performance may not be repeated. Article content This communication is intended for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase mutual funds managed by CI Global Asset Management and is not, and should not be construed as, investment, tax, legal or accounting advice, and should not be relied upon in that regard. Every effort has been made to ensure that the material contained in this document is accurate at the time of publication. Individuals should seek the advice of professionals, as appropriate, regarding any particular investment. Investors should consult their professional advisors prior to implementing any changes to their investment strategies. These investments may not be suitable to the circumstances of an investor. Article content CI Galaxy Ethereum ETF is an alternative mutual fund and has the ability to invest in asset classes or use investment strategies that are not permitted for conventional mutual funds. Galaxy Digital Capital Management LP is the sub-advisor for the Fund. CI Global Asset Management is the manager, trustee, and promoter of the Fund. Article content Certain statements contained in this communication are based in whole or in part on information provided by third parties and CI Global Asset Management has taken reasonable steps to ensure their accuracy. Market conditions may change which may impact the information contained in this document. Article content Certain statements in this document are forward-looking. Forward-looking statements ('FLS') are statements that are predictive in nature, depend upon or refer to future events or conditions, or that include words such as 'may,' 'will,' 'should,' 'could,' 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,' or 'estimate,' or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained herein are based upon what CI Global Asset Management and the portfolio manager believe to be reasonable assumptions, neither CI Global Asset Management nor the portfolio manager can assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise. Article content Article content Article content Article content Contacts
National Post
30 minutes ago
- National Post
NMG Receives Over US$1 Billion in Letters of Interest for its Project Debt Financing
Article content Letters of interest obtained thus far for a total of US$1 billion toward NMG's Phase-2 project financing with ongoing solicitation of interest Targeted capital providers include Export Development Canada, Canada Infrastructure Bank, Export–Import Bank of the United States, and various governmental bodies, public institutions, and export credit agencies Related due diligence exercises well advanced in preparation for debt providers investment committee reviews with a view to reach FID NMG's fully integrated Phase-2 graphite projects cater to current North American efforts to develop local and reliable supply chains for the battery and EV sector Article content MONTRÉAL — Nouveau Monde Graphite Inc. ('NMG' or the 'Company') ( NYSE: NMG, TSX: NOU) is firming up its project debt financing structure with the intended participation of syndicate institutional funds and export credit agencies for over US$1 billion toward the Company's Phase-2 Matawinie Mine and Bécancour Battery Material Plant. NMG released earlier this year the NI 43-101 Updated Technical Feasibility Study Report for the Matawinie Mine and Bécancour Battery Material Plant Integrated Graphite Projects (the 'Updated Feasibility Study') which confirmed the technical and economic viability of the Company's projected integrated production of natural graphite and active anode material within a 150-km radius of Montréal, Québec, Canada, with an after-tax internal rate of return ('IRR') of 17.5% and net present value ('NPV') of US$1,053 million. NMG has since entered its project financing stage to bring its Phase 2 to a final investment decision ('FID'). Article content Eric Desaulniers, Founder, President, and CEO of NMG, declared: 'We have been extremely busy in the past weeks to present the results of our Updated Feasibility Study and engage with our financial stakeholders to advance our project financing. Feedback has been positive as demonstrated by the quality of lenders rallying behind our business plan. Economies around the world are seeking opportunities to relocate and secure critical minerals mining and processing to enable local manufacturing, economic resilience, energy autonomy, and national security.' Financing Update NMG has now received letters of interest from targeted capital providers totaling over US$1 billion in potential debt financing support. This milestone provides a foundation for NMG Phase-2 project financing and further solidifies the Company's path toward FID. These letters of interest include: Article content US$430 million from Export Development Canada ('EDC'), Canada's export credit agency that specializes in providing financing solutions to support Canadian exporters in global markets with a special focus on sustainable, responsible and inclusive trade. EDC facilitated over US$7.6 billion in business activities supporting customers in the mining and metals sector in 2024, reinforcing its ongoing commitment to Canada's critical minerals strategy and global resource leadership. US$172 million from Export–Import Bank of the United States ('EXIM'), the official export credit agency of the United States, who issued a letter of interest to NMG in support of securing access to critical minerals via a potential financing under EXIM's Supply Chain Resiliency Initiative ('SCRI'). The SCRI aims to diversify and strengthen U.S. supply chains, reduce dependency on the People's Republic of China, and strengthen U.S. national and economic security, while protecting and creating American jobs. Over US$481 million from undisclosed parties. While specific terms remain confidential at this stage, these discussions reflect interest in the project's strategic and economic significance. Article content The Company is advancing discussions with these various governmental bodies, public institutions, and export credit agencies to support the overall debt funding package. Article content The senior debt amount aligns with NMG's financing projections, consistent with the anticipated debt-to-equity ratio for the project. Debt providers are contemplating long-term debt or guarantees with a maturity beyond 10 years, with no capital repayment during the construction period. The received letters of interest were provided to the Company by various parties and are non-binding; they express an interest and intent to work towards completing a final term sheet. Project financing also relies on the successful completion of equity financing with strategic investors as well as the completion of outstanding conditions precedent, including an updated project timeline, necessary to secure the purchase obligations under the offtake agreements with the anchor customers. While discussions between the various parties are ongoing, there is no guarantee or assurance that final agreements will be reached and/or funding will be provided to the Company. Article content Path to FID Article content The due diligence processes are progressing, supported by specialized advisory firms, which are proceeding concurrently to assess the corporate, technical, market, and ESG components of NMG's planned Phase-2 operations and to guide financial stakeholders' risk assessment. The due diligence outcomes will feed into the structuring of legal documentation and a project debt package ahead of investment committee reviews. Article content NMG is also advancing the project development of technical documentation in preparation for FID through engineering work, negotiation of contracts with key suppliers, preparation of call for tenders for construction, and value engineering, all with the objective of enabling an efficient execution upon financing close. Article content About Nouveau Monde Graphite Article content Nouveau Monde Graphite is an integrated company developing responsible mining and advanced processing operations to supply the global economy with carbon-neutral active anode material to power EV and renewable energy storage systems. The Company is developing a fully integrated ore-to-battery-material source of graphite-based active anode material in Québec, Canada. With recognized ESG standards and structuring partnerships with anchor customers, NMG is set to become a strategic supplier to the world's leading lithium-ion battery and EV manufacturers, providing advanced materials while promoting sustainability and supply chain traceability. Subscribe to our news feed: Cautionary Note Regarding Forward-Looking Information This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities legislation (collectively, 'forward-looking statements'), including, but not limited to, statements relating to future events or future financial or operating performance of the Company and reflect management's expectations and assumptions regarding the Company's growth, results, performance and business prospects and opportunities. Such forward-looking statements reflect management's current beliefs and are based on information currently available to it. These forward-looking statements include, but are not limited to, the Company's ability to secure its project financing and to secure a positive FID, including to complete the term sheet and finalize the legal documentation, to execute contracts with key suppliers and construction contractors, to complete the detailed engineering, to develop a fully integrated ore-to-battery-material source of graphite-based active anode material in the Province of Québec, the completion of the Phase-2 Matawinie Mine and Bécancour Battery Material Plant, , and the expected results of the initiatives described in this press release, and those statements which are discussed under the 'About Nouveau Monde' paragraph and elsewhere in the press release which essentially describe the Company's outlook and objectives. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions are not guarantees of future performance and may prove to be incorrect. Moreover, these forward-looking statements are based upon various underlying factors and assumptions, including the business relationship between the Company and its stakeholders, the ability to obtain sufficient financing for the development of the Matawinie Mine and the Bécancour Battery Material Plant, the Company's ability to satisfy the due diligence processes of the stakeholders, and are not guarantees of future performance. Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, availability financing or financing on favorable terms for the Company, delays in the reaching FID, , and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in NMG's Annual Information Form dated March 31, 2025, including in the section thereof captioned 'Risk Factors', which is available on SEDAR+ at and on EDGAR at Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements. Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management's expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law. Further information regarding the Company is available in the SEDAR+ database ( and for United States readers on EDGAR ( and on the Company's website at: . Article content Article content Article content Contacts Article content MEDIA Article content Julie Paquet VP Communications & ESG Strategy +1-450-757-8905 #140 jpaquet@ INVESTORS
Globe and Mail
30 minutes ago
- Globe and Mail
Craig-Hallum Sticks to Their Buy Rating for IonQ (IONQ)
Craig-Hallum analyst Christian Schwab maintained a Buy rating on IonQ (IONQ – Research Report) today. The company's shares closed last Friday at $39.02. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter According to TipRanks, Schwab is a 5-star analyst with an average return of 11.9% and a 56.21% success rate. Schwab covers the Technology sector, focusing on stocks such as Adtran, Marvell, and Nokia. The word on The Street in general, suggests a Strong Buy analyst consensus rating for IonQ with a $40.00 average price target. IONQ market cap is currently $9.67B and has a P/E ratio of -26.18. Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is neutral on the stock. Most recently, in March 2025, Peter Hume Chapman, the Executive Chair of IONQ sold 2,000,000.00 shares for a total of $37,440,000.00.
