Readout - Prime Minister Carney meets with His Majesty King Abdullah II of Jordan
Prime Minister Carney welcomed His Majesty King Abdullah II to Ottawa. The leaders underscored the long-standing partnership between Canada and Jordan, including in trade, defence, and security. They discussed opportunities to strengthen bilateral commerce and investment as Canada diversifies its trade partners and builds a stronger economy.
To that end, Prime Minister Carney announced that Canada will allocate $28.4 million to support border security and development efforts in Jordan. This includes helping Jordanian security forces protect against terrorism and transnational crime, using Canadian steel to repair border infrastructure, and reducing global pressures by assisting with education, health, and job creation for refugees.
The Prime Minister and His Majesty also discussed the situation in the Middle East, including the imperative of a ceasefire in Gaza, called for urgent, life-saving humanitarian aid to reach civilians, and the imperative for stability in Syria.
His Majesty King Abdullah II thanked Prime Minister Carney for his hospitality, and the leaders looked forward to remaining in close contact.
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Cision Canada
25 minutes ago
- Cision Canada
Statement by Prime Minister Carney on Canada-U.S. trade Français
OTTAWA, ON, Aug. 1, 2025 /CNW/ - "President Trump has announced that the United States will increase its tariffs to 35% on those Canadian exports that are not covered under the Canada-United States-Mexico Agreement, or CUSMA. While the Canadian government is disappointed by this action, we remain committed to CUSMA, which is the world's second-largest free trade agreement by trading volume. The U.S. application of CUSMA means that the U.S. average tariff rate on Canadian goods remains one of its lowest for all of its trading partners. Other sectors of our economy – including lumber, steel, aluminum, and automobiles – are, however, heavily impacted by U.S. duties and tariffs. For such sectors, the Canadian government will act to protect Canadian jobs, invest in our industrial competitiveness, buy Canadian, and diversify our export markets. The United States has justified its most recent trade action on the basis of the cross-border flow of fentanyl, despite the fact that Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes. Canada's government is making historic investments in border security to arrest drug traffickers, take down transnational gangs, and end migrant smuggling. These include thousands of new law enforcement and border security officers, aerial surveillance, intelligence and security operations, and the strongest border legislation in our history. We will continue working with the United States to stop the scourge of fentanyl and save lives in both our countries. While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong. The federal government, provinces, and territories are working together to cut down trade barriers to build one Canadian economy. We are developing a series of major nation-building projects with provincial, territorial, and Indigenous partners. Together, these initiatives have the potential to catalyse over half a trillion dollars of new investments in Canada. Canadians will be our own best customer, creating more well-paying careers at home, as we strengthen and diversify our trading partnerships throughout the world. We can give ourselves more than any foreign government can ever take away by building with Canadian workers and by using Canadian resources to benefit all Canadians."
Cision Canada
25 minutes ago
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Oppenheimer Holdings Inc. Reports Second Quarter 2025 Earnings
NEW YORK, Aug. 1, 2025 /CNW/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the second quarter of 2025, compared with net income of $10.3 million or $0.99 basic earnings per share for the second quarter of 2024. Revenue for the second quarter of 2025 was $373.2 million, an increase of 12.9%, compared to revenue of $330.6 million for the second quarter of 2024. , President and CEO commented, "The Firm's improved operating results for the quarter showcase the strength of our businesses and the maturing of investments in experienced team members over the past several years. At the outset of the quarter, recession fears mounted as announced policies on trade drove significant market volatility and triggered a large selloff in the equity markets. As tariffs were suspended, the markets broadly rallied with both the NASDAQ and S&P 500 reaching new record highs to close out the quarter. Concerns remained over tariff-induced inflation, a potentially softening labor market and conflict in the Middle East. Rising markets proved quite favorable to our Wealth Management business revenue, with the rally driving assets under management ("AUM") to a fresh record, resulting in higher asset-based advisory fees when compared with the prior year period. Retail trading volumes, driven by investor interest, also remained robust, boosting commission revenue. However, the fees we earn on our FDIC sweep program are reduced from the prior year period due to lower deposit balances as clients sought higher returns in money market funds and other investments. The Capital Markets businesses showed a substantial increase in total revenue. Institutional trading volumes were strong during the quarter due in part to increased volatility, which buoyed our sales and trading revenue. Investment Banking revenue also improved on the back of more advisory assignments that closed in the quarter and robust underwriting levels as capital markets re-opened. We are hopeful that higher deal volumes will continue in the latter half of the year as policymakers firm up key trade policy decisions and concerns around recession recede. The Firm continues to maintain an unlevered balance sheet and ended the quarter with its capital reaching yet another all-time high. As we move into the second half of the year, we remain optimistic about our capabilities and our ability to continue delivering high quality services to our clients." (1) Attributable to Oppenheimer Holdings Inc. (2) Represents book value less goodwill and intangible assets divided by number of shares outstanding. Highlights Increased revenue for the second quarter of 2025 was primarily driven by significantly higher investment banking revenue due to an uptick in underwriting volumes and larger advisory mandates, an increase in transaction-based commissions and greater advisory fees attributable to a rise in billable AUM Rising markets lifted assets under administration and under management to fresh records at June 30, 2025 Compensation expenses increased from the prior year quarter largely as the result of higher production and salary-related expenses Non-compensation expenses increased from the prior year quarter primarily due to higher technology related expenses and greater travel and other miscellaneous costs Total stockholders' equity, book value and tangible book value per share reached new record highs as a result of positive earnings Wealth Management Wealth Management reported revenue for the current quarter of $246.4 million, 5.1% higher compared with the prior year period. Pre-tax income was $62.8 million in the current quarter, a decrease of 2.2% compared with a year ago. Financial advisor headcount at the end of the current quarter was 927, compared to 934 at the end of the second quarter of 2024. Revenue: Retail commissions increased 3.6% from the prior year period primarily due to higher retail trading activity Advisory fees increased 7.2% due to higher AUM during the billing period Bank deposit sweep income decreased $6.2 million from a year ago due to lower cash sweep balances and lower short-term interest rates Interest revenue was flat compared to the prior year period Other revenue increased from a year ago primarily due to an increase in the cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in the fair value of the policies' underlying investments Assets under Management (AUM): AUM reached a record high of $52.8 billion at June 30, 2025, which is the basis for advisory fee billings for July 2025 The increase in AUM from the prior year period was comprised of higher asset values of $8.9 billion on existing client holdings, offset by net distributions of $3.6 billion Total Expenses: Compensation expenses increased 7.1% from the prior year period primarily due to higher production related expenses and higher deferred compensation costs, partially offset by lower expenses associated with share appreciation rights Non-compensation expenses increased 9.7% from a year ago primarily due to an increase in interest and other miscellaneous expenses Capital Markets Capital Markets reported revenue for the current quarter of $123.0 million, 33.5% higher when compared with the prior year period. Pre-tax loss was $3.9 million compared with a pre-tax loss of $21.8 million a year ago. Revenue: Investment Banking Advisory fees earned from investment banking activities increased 83.0% compared with the prior year period due to increased deal volumes and larger mandate sizes Equities underwriting fees increased 9.1% compared with the prior year period primarily due to higher underwriting fees associated with larger deal sizes Fixed income underwriting fees increased 115.3% compared with the prior year period primarily due to higher corporate and sovereign issuance activity levels Sales and Trading Equities sales and trading revenue increased 20.2% compared with the prior year period mostly due to higher trading volumes and greater options-related commissions revenue Fixed income sales and trading revenue increased 23.6% compared with a year ago largely due to higher trading volumes and interest income on trading inventory Total Expenses: Compensation expenses increased 10.0% compared with the prior year period largely due to greater production-related expenses Non-compensation expenses were 13.8% higher than a year ago primarily due to an increase in communication and technology expenses and travel-related costs Other Matters The Board of Directors announced a quarterly dividend of $0.18 per share payable on August 29, 2025 to holders of Class A non-voting and Class B voting common stock of record on August 15, 2025 Compensation expense as a percentage of revenue was modestly lower at 64.1% during the current period versus 66.8% during the same period last year The effective tax rate for the current period was 32.7% compared with 35.3% for the prior year period, as the impact of certain unfavorable permanent items and nondeductible foreign losses was reduced in the current period Company Information Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 89 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong. Forward-Looking Statements This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Oppenheimer Holdings Inc. Consolidated Income Statements (Unaudited) ('000s, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change REVENUE Commissions $ 110,025 $ 97,055 13.4 $ 220,903 $ 192,905 14.5 Advisory fees 125,628 117,197 7.2 254,431 232,044 9.6 Investment banking 43,533 29,119 49.5 91,156 79,656 14.4 Bank deposit sweep income 28,654 34,846 (17.8) 58,729 71,531 (17.9) Interest 38,017 34,805 9.2 74,386 61,571 20.8 Principal transactions, net 14,532 10,074 44.3 23,507 28,308 (17.0) Other 12,789 7,493 70.7 17,891 17,712 1.0 Total revenue 373,178 330,589 12.9 741,003 683,727 8.4 EXPENSES Compensation and related expenses 239,074 220,727 8.3 466,165 442,440 5.4 Communications and technology 26,204 24,682 6.2 52,386 49,258 6.4 Occupancy and equipment costs 15,578 15,516 0.4 31,587 31,364 0.7 Clearing and exchange fees 7,041 6,780 3.8 14,793 12,622 17.2 Interest 22,529 21,980 2.5 43,925 42,528 3.3 Other 30,542 25,039 22.0 58,561 52,195 12.2 Total expenses 340,968 314,724 8.3 667,417 630,407 5.9 Pre-Tax Income 32,210 15,865 103.0 73,586 53,320 38.0 Income tax provision 10,536 5,599 88.2 21,257 17,310 22.8 Net Income $ 21,674 $ 10,266 111.1 $ 52,329 $ 36,010 45.3 Less: Net loss attributable to non-controlling interest, net of tax — — — (310) Net income attributable to Oppenheimer Holdings Inc. $ 21,674 $ 10,266 111.1 $ 52,329 $ 36,320 44.1 Earnings per share attributable to Oppenheimer Holdings Inc. Basic $ 2.06 $ 0.99 108.1 $ 4.99 $ 3.49 43.0 Diluted $ 1.91 $ 0.92 107.6 $ 4.63 $ 3.29 40.7 Weighted average number of common shares outstanding Basic 10,520,219 10,327,818 1.9 10,493,145 10,367,636 1.2 Diluted 11,349,049 11,111,903 2.1 11,308,979 11,083,422 2.0 Period end number of common shares outstanding 10,517,924 10,327,510 1.8 10,517,924 10,327,510 1.8 SOURCE Oppenheimer Holdings Inc.
Toronto Sun
25 minutes ago
- Toronto Sun
CHARLEBOIS: Canada's food chain just got tariff-slapped — again. Ottawa has only itself to blame.
In the face of rising tariffs and global trade turbulence, Ottawa didn't just drop the ball—it left the field entirely, and now Canada's agri-food sector and Canadians will be paying the price. Customers grocery shopping in an aisle at the Real Canadian Superstore on March 3, 2025 in Toronto, Canada. Photo by Katherine KY Cheng / Getty Images As August 1 quietly slipped by, so did Canada's last, best chance to avoid a sharp escalation in trade tensions with its most important economic partner. Unlike Mexico, which secured a temporary reprieve, Canada is now fully exposed to a 35% tariff imposed by the United States on a range of non-USMCA-covered goods. For the Canadian agri-food sector — and for consumers from coast to coast — this is less a policy adjustment and more a gut punch. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Prime Minister Mark Carney — the seasoned economist who campaigned on his negotiating acumen and international gravitas — is failing. Instead of delivering results, Parliament was sent home for the summer, and Ottawa's silence echoed through what is arguably Canada's most consequential trade dispute in a generation. To be clear, not all food exports are affected. Products covered under USMCA quotas — dairy, poultry, and some meat — remain exempt. But for producers of grains, oilseeds, processed foods, and niche value-added products, this 35% tariff is a major blow. Margins in agri-food are notoriously thin. For many exporters, the choice is binary: absorb the cost, or exit the U.S. market. Either path reduces revenues, heightens the risk of layoffs, and weakens Canada's competitive position. With the U.S. absorbing over half of our agri-food exports annually, this is no minor hiccup — it's a strategic failure. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. And this is not an isolated case. Canadian farmers are already facing stiff tariffs in other key markets. India continues to impose duties on Canadian lentils and pulses, while China maintains restrictions and tariffs on pork, canola, and lobster. For a trading nation, these accumulating barriers are suffocating — yet Ottawa seems content to manage the damage rather than prevent it. There may be isolated benefits. As seen in the cocoa and chocolate supply chain, tariffs can shift some production northward, potentially boosting domestic processing. But these are exceptions. The broader story is one of uncertainty, rising input costs, and declining production volumes. And even for goods that never cross the border, Canadian consumers are unlikely to be spared. Processors losing export markets may attempt to recover margins domestically, pushing prices higher — particularly in small markets or for export-facing SKUs like baking products, specialty grains, and packaged goods. This advertisement has not loaded yet, but your article continues below. Tariffs also wreak havoc upstream. Input sourcing, contract logistics, and production planning are all disrupted. Expect more volatility in prices, sporadic availability of staple ingredients, and even stockouts for certain SKUs. Compounding this are retaliatory tariffs and ripple effects through global supply chains. Many Canadian food manufacturers depend on imported inputs — machinery, additives, packaging — that are themselves caught in the crossfire. Inflationary pressures will persist, even if headline food inflation slows. What's most alarming isn't the tariff itself — but the absence of a coordinated Canadian response. Washington gave plenty of notice. And yet, no contingency plan emerged, no strategy was communicated, and most telling of all, no serious negotiation took place. This advertisement has not loaded yet, but your article continues below. Supporters of Bill C-202 may take solace in the temporary shielding of supply-managed sectors. But that's little comfort for the rest of the agri-food economy — and let's not pretend supply management is immune to geopolitical pushback. It is, at best, a partial solution in an increasingly complex trade environment. Canada once led in global trade diplomacy. Today, we are reactive, overly reliant on past frameworks, and slow to acknowledge that trade has become a geopolitical chessboard, not a rules-based playground. The agri-food sector — which accounts for nearly 1 in 9 jobs and close to 7% of Canada's GDP — deserves more than summer recesses and bureaucratic platitudes. It requires decisive leadership, policy agility, and a proactive strategy to preserve market access and stabilize domestic food systems. If Prime Minister Carney hopes to reset the narrative this fall, he'll need to do far more than issue statements. Targeted tariff relief, short-term support for exposed sectors, and a clear diplomatic pathway with Washington must be top priorities. Without this, more markets will close, more family farms will shutter, and more grocery bills will climb. — Dr. Sylvain Charlebois is Director of the Agri-Food Analytics Lab at Dalhousie University, co-host of The Food Professor Podcast and Visiting Scholar at McGill University. Sunshine Girls Toronto & GTA World World Tennis
