Galaxy Digital Inc. Announces Public Offering of Common Stock
NEW YORK, May 27, 2025 /CNW/ - Galaxy Digital Inc. ("Galaxy" or the "Company") (NASDAQ: GLXY) (TSX: GLXY), a global leader in digital assets and data center infrastructure, today announced an underwritten offering of 29,000,000 shares of its Class A common stock, consisting of 24,150,000 shares offered by Galaxy and 4,850,000 shares offered by certain stockholders of Galaxy. The underwriters for the offering also have a 30-day option to purchase up to 4,350,000 additional shares of its Class A common stock from secondary shares. This is Galaxy's first underwritten public offering of its Class A common stock as a listed company on the Nasdaq Global Select Market.
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CBC
34 minutes ago
- CBC
Labour dispute drags on as Canada Post rejects union's arbitration request
Canada Post has rejected a request from the union representing about 55,000 of its workers to send their ongoing labour dispute to binding arbitration. The Canadian Union of Postal Workers made the request in a statement on Saturday, saying it was inviting Canada Post to a fair, final and binding arbitration process to resolve negotiations that have dragged on for months without producing a new collective agreement. But the Crown corporation dismissed the proposal in a response on Sunday, saying it wants to "restore stability" to the postal service and arguing the union's request for binding arbitration would do the opposite. Canada Post said arbitration would be long and complicated and would likely last more than a year, adding to what it described as its significant financial challenges. The corporation presented what it called its "final offer" to the union on Wednesday, with concessions including an end to compulsory overtime and a signing bonus of up to $1,000. But it stuck to a proposal for a 14 per cent cumulative wage hike over four years and using part-time staff on weekend shifts, a major sticking point in the talks. Canada Post said the two sides are at loggerheads after months of conciliation and mediation, and it's asked Jobs Minister Patty Hajdu to force a union membership vote on its latest proposals. A statement from CUPW on Sunday evening said the forced union vote would not bring lasting labour peace — regardless of the vote's outcome. "This refusal constitutes yet another demonstration that [Canada Post] is not interested in a reasonable outcome to this round of negotiation. A forced vote may fail to end the labour conflict and risks further division, prolonging uncertainty for all parties," the statement said. The union has been in a legal strike position as of May 23, but so far it's opted to ban members from working overtime instead.
Toronto Sun
an hour ago
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Ontario, Saskatchewan sign agreement to boost trade ahead of PM meeting
Published Jun 01, 2025 • 2 minute read Saskatchewan Premier Scott Moe, left, and Ontario Premier Doug Ford shake hands during a media event to sign a memorandum of understanding in Saskatoon on Sunday, June 1, 2025. Photo by Liam Richards / THE CANADIAN PRESS SASKATOON — Ontario and Saskatchewan signed an agreement Sunday to remove trade barriers ahead of a meeting with Prime Minister Mark Carney to hash out a plan they hope will supercharge the economy. 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 The memorandum of understanding sees both provinces mutually recognize each other's goods, workers and investment. They are also working to advance measures that would see willing provinces allow the sale of alcohol directly to consumers. Ontario Premier Doug Ford told reporters the move helps grow provincial economies as U.S. President Donald Trump threatens more tariffs on Canadian steel. 'We're going to band together,' Ford said. 'We've never been attacked by any leader in the world like we have by President Trump. He doesn't give two hoots about Canada. '(But) he's going to have a rude awakening. We're going to fight like we've never fought before.' It's Ford's latest deal with a province to open trade, measures he says could unlock $200 billion in economic gains. 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. Read More The premiers are meeting Monday with Carney to discuss major nation-building projects that could boost the economy. Ford said the prime minister needs to remove regulations to make it easier to build projects. That includes scrapping the Impact Assessment Act, he said. 'It all depends on the speed right now (in getting projects built),' Ford said. Saskatchewan Premier Scott Moe said he's hoping for a port-to-port corridor in Western Canada to ship more goods out of northern B.C. and Hudson Bay in northern Manitoba. 'It's the largest single opportunity that I've seen in my lifetime,' Moe said. This advertisement has not loaded yet, but your article continues below. 'All we need to do is come together, and then stand by side by side and defend the opportunities we have from a trade perspective. Defend them like hell.' Building more oil and gas pipelines must be part of Canada's future, Moe added. 'If we truly are going to become the strongest economy in the G7 nations, if we truly are going to become a global energy superpower, it means we need to open up the opportunity for all of our industries,' Moe said. 'I think (Carney) is aware that there's a feeling of alienation in certain areas of the nation.' RECOMMENDED VIDEO Both Alberta and Saskatchewan have long had grievances with former prime minister Justin Trudeau, who they say made it difficult for the industry to build energy projects. This advertisement has not loaded yet, but your article continues below. Alberta Premier Danielle Smith has said more pipelines are the only way to get more products to market efficiently and without one, there could be a national unity crisis. She has called on Carney to scrap the oil and gas emissions cap and clean electricity regulations, repeal industrial carbon pricing and overhaul regulations. But getting a pipeline through Quebec might be difficult. The province had opposed the former Energy East oil pipeline from Alberta and rejected the GNL Quebec project in Saguenay in 2021. However, Quebec Premier Francois Legault said last month he's open to some projects. Ford said all provinces must be on the same page for any pipeline to move forward. 'I hope (Legault) is going to bring a pipeline through,' he said. 'Last time I checked, Quebecers drive cars, they need gas.' Editorial Cartoons World Toronto & GTA Sports Columnists
Globe and Mail
2 hours ago
- Globe and Mail
Costco Stock: Can the Momentum Continue?
Costco Wholesale (NASDAQ: COST) continues to be one of the biggest winners in retail, turning in yet another strong quarter amid tariff uncertainty. Its stock also has kept its winning ways, up about 13% year to date and 235% over the past five years (as of this writing). Let's dig into the retailer's most recent results to see whether its momentum can continue. Another strong quarter Not surprisingly, tariffs were a main topic of discussion when Costco held a call with analysts to discuss its fiscal third-quarter earnings. The company said tariffs pose a significant challenge, but it feels confident in its ability to navigate the current uncertain environment. It's working on ways to mitigate the impact, including sourcing more goods locally and actively rerouting products. It said it also strategically pulled forward seasonal summer items. Costco is also working on improving the customer experience. This includes things like investing in technology to expedite the checkout process, extending gas-station hours, and opening new locations around high-volume warehouse stores to help alleviate congestion. It also recently added a "buy now, pay later" program for big-ticket items, which it says is showing initial promise. These initiatives appear to be paying off, with quarterly revenue rising 8% to $63.21 billion and adjusted earnings per share (EPS) increasing 13% to $4.28. That was ahead of the analyst consensus for EPS of $4.24 on revenue of $63.19 billion, as compiled by LSEG. Same-store sales also rose 8% when adjusting for changes in gasoline prices and foreign currency. U.S. same-store sales jumped 7.9% (adjusted), while Canadian comparable-store sales climbed 7.8% (adjusted). Other international same-store sales increased 8.5% (adjusted). E-commerce revenue increased 15.7% on an adjusted basis. Excluding gasoline and currency effects, the average transaction was up 2.7% worldwide and 2.3% in the U.S. Traffic climbed 5.2% worldwide and 5.5% in the U.S. Meat and produce performed well in the quarter, while gold and jewelry, toys, housewares, and home furnishings were all up by double-digit percentages. Membership-fee revenue climbed 10.4% in the quarter to $1.24 billion, as the company continued to benefit from the fee hike that went into effect in September. Memberships, meanwhile, rose by 6.8% to 79.6 million paid households. Higher-cost executive memberships climbed 9% to 37.6 million; these customers account for only 47% of total paid memberships, but 73% of Costco's worldwide sales. The membership renewal rate was 92.7% in North America and 90.2% worldwide. Both numbers were down slightly due to more digital signups, which have slightly lower renewal rates. The company said that a higher percentage of online signups from younger consumers has led to slightly lower renewal rates. Costco also continues to expand, opening eight new locations in the quarter. It ended the quarter with 905 warehouse stores and expects to open nine more locations this quarter. It said approximately 80% of its openings in fiscal Q4 will be in markets with high levels of traffic and they will cannibalize some existing store sales, but ease congestion. Can Costco's momentum continue? When you compare Costco's same-store sales growth to retail competitors, it's clearly winning and taking market share. Target had an awful quarter in which its comparable-store sales fell 3.8%, but even Walmart's 4.5% growth in U.S. same-store sales couldn't come close to matching Costco's 7.9% rise. Consumers just continue to flock to the value that warehouse stores provide. As Costco continues to outperform, its valuation has continued to expand. The stock now trades at a forward price-to-earnings (P/E) ratio of 57.5. Costco's stock has always had a premium valuation, but that has really ballooned in the past few years: COST PE Ratio (Forward) data by YCharts. While I think Costco is a great company, I also think it's difficult to justify such a high multiple given its revenue growth (with percentages in the low teens). It's adding new locations, but some of these will cannibalize sales at existing stores. In addition, its new-location growth is less than 3% this fiscal year, showing the maturity of the concept. That said, I also don't know what will stop the stock's momentum. A high valuation has long been a knock on the stock, but it just keeps rising. I personally wouldn't chase it here, but Costco has proved many investors wrong in the past. Should you invest $1,000 in Costco Wholesale right now? Before you buy stock in Costco Wholesale, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Costco Wholesale wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $651,049!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $828,224!* Now, it's worth noting Stock Advisor 's total average return is979% — a market-crushing outperformance compared to171%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of May 19, 2025
