Latest news with #Mackenzie
Cision Canada
4 hours ago
- Business
- Cision Canada
Mackenzie Investments Announces Revised July 2025 Distributions for Three Exchange Traded Funds Français
TORONTO, July 31, 2025 /CNW/ - Mackenzie Investments ("Mackenzie") today announced a revision to the July 2025 cash distributions for three Exchange Traded Funds ("ETFs") listed below that trade on the Toronto Stock Exchange ("TSX"). Please note that this is a correction to the July 2025 cash distributions previously announced on July 25, 2025 for the below listed ETFs. Unitholders of record on August 1, 2025, will receive cash distributions payable on August 11, 2025. Details of the revised per-unit distribution amounts are as follows: Further information about Mackenzie ETFs can be found at Commissions, management fees, brokerage fees and expenses all may be associated with Exchange Traded Funds. Please read the prospectus before investing. Exchange Traded Funds are not guaranteed, their values change frequently and past performance may not be repeated. The payment of distributions is not guaranteed and may fluctuate. The payment of distributions should not be confused with an Exchange Traded Fund's performance, rate of return or yield. If distributions paid by the Exchange Traded Fund are greater than the performance of the Exchange Traded Fund, your original investment will shrink. Distributions paid as a result of capital gains realized by an Exchange Traded Fund, and income and dividends earned by an Exchange Traded Fund are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero. About Mackenzie Investments Mackenzie Investments ("Mackenzie") is a Canadian investment management firm with approximately $224 billion in assets under management as of June 30, 2025. Mackenzie seeks to create a more invested world by delivering strong investment performance and offering innovative portfolio solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, it is a global asset manager with offices across Canada as well as in Beijing, Boston, Dublin, Hong Kong and London. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), part of the Power Corporation group of companies and one of Canada's leading diversified wealth and asset management organizations with approximately $283 billion in total assets under management and advisement as of June 30, 2025. For more information, visit
CNBC
10 hours ago
- Business
- CNBC
Trump's 50% copper tariff includes a major exemption. That won't halt price rises
A major exemption to President Donald Trump's 50% copper tariff has shocked traders and sent U.S. market prices plummeting. The final order on copper tariffs, which the Trump administration says will boost the domestic copper production industry, applies to semi-finished products such as pipes, rods, sheets and wires. It also impacts copper-intensive items like cables and electrical components. But crucially, it does not include the raw input material copper cathode, copper ores, concentrates or scraps, as had been widely expected. However, analysts say that may not be enough to avoid prices for a range of consumer goods containing the metal, from cookware to air conditioning units, being pushed higher as a result of the changes. U.S. copper prices on the Chicago Mercantile Exchange (CME) shot to a record high earlier this month, also hitting an all-time premium over the global benchmark London Metal Exchange (LME), following the initial July announcement of a 50% tariff. While importers had already sent refined copper flooding stateside at record levels through the first half of the year in anticipation of new duties, the scale of a blanket 50% rate jolted markets and put severe upward pressure on U.S. prices. The eventual reveal on Wednesday of a tariff targeting only semi-finished products has provided yet another massive shock. In the minutes after the news, COMEX copper (metals futures contracts on the CME) fell 19% in the biggest intraday fall on record, according to bank ING. The gap between COMEX above LME prices has been around 30% since the initial July 8 announcement, implying continued uncertainty that the overall tariff rate would end up at 50%. However, traders were instead considering possible exemptions for countries such as major exporter Chile, or for delays to full implementation of tariffs, Albert Mackenzie, copper analyst at Benchmark Mineral Intelligence, told CNBC. The actual situation is almost a 180-degree pivot from what was expected and what was being priced in to the CME, which was tariffs on refined copper, Mackenzie continued. The deviation sent the CME price premium plummeting from around $2,637 at the start of Wednesday to just $90 on Thursday morning in Europe, Mackenzie said — a scale of a drop that would look like a mistake were it not for the tariff context, he added. While traders were taking advantage of a price arbitrage, part of the reason for the huge redirection of copper supply into the U.S. has been that it would take decades for the country to be able to sufficiently increase domestic production of the metal to meet demand. The U.S. currently imports around half its copper, with major exporters including Chile, Canada, Peru and Mexico. Analysts at Deutsche Bank stressed the "huge shock to the market" this week, noting Thursday that shares of Arizona-based miner Freeport-McMoRan — the copper company most exposed to tariffs on refined copper driving up U.S. prices — closed over 9% lower the previous day. "Fundamentally, this does not change the copper supply-demand balance (and arguably improves it due to less demand destruction risk), but is likely to put COMEX under heavy pressure," they wrote. Downward price pressure is likely to follow through onto the LME on a less dramatic scale, they said, in the wake of the massive build-up in refined inventories in the U.S. so far this year. The overhang "could see high shipments from the U.S. back into the global market," they said, where supply has become tight. Duncan Wanblad, CEO of mining giant Anglo American – which has major copper operations around the world – told CNBC's "Squawk Box Europe" on Thursday that while there was currently a "material dislocation" in the placement of inventories, the demand fundamentals for copper "look great." "Through a medium- to long- term lens, the fundamentals of copper are really underpinned by the fact that demand is looking to be very strong still in terms of the world's need for an energy transition, for the likes of battery-electric vehicles, for the likes of new energy supply, data centers, AI," he said. Supply on that longer-term outlook remains constrained, he added, amid difficulties obtaining permits and getting product into market. One policy revealed Wednesday is that the copper tariffs will not stack on top of Trump's new duties on automobile imports, meaning only the latter rate would apply to an impacted product. However, Benchmark Mineral Intelligence's Mackenzie pointed out that a lower U.S. market price premium does not mean no feed-through into prices for consumer products. "If you're a manufacturer of fridges or air conditioning units, or even houses, you don't buy copper cathode. You buy wiring and other semi-finished copper products, which are the things being tariffed. So it's reasonable to assume the price increase will be reflected in some end goods," Mackenzie said. Russ Bukowski, president of manufacturing solutions firm Mastercam, agreed. "Although there are currently high inventories of copper in the country, the 50% increase on copper tariffs is going to hurt manufacturers in the long run and lead to higher production costs," Bukowski told CNBC. "To stay afloat, manufacturers may have to pass these costs to consumers, which will likely drive-up prices on various goods." Michael Reid, senior U.S. economist at RBC Capital Markets, said the impact on consumer prices would be "nuanced" as it appears via an input to other goods. "The largest sectors that use copper as inputs include motor vehicles, plumbing fixtures and valve fittings, communications wire (i.e., cable and internet providers), and various electrical components. To that end, the manner by which those products are made matters – which is to say, if a car is imported, its copper content won't be tariffed," Reid said by email. "Where we would expect to see it impact consumer prices the most would be in the housing/construction sector where copper inputs play a big role for electric wiring and plumbing." "But in the context of the overall cost of a house, the impact is not as harsh as the 50% may sound – assuming the typical cost of plumbing and electric components is $10k then an aggressive full passthrough to the end consumer would mean costs rise to $15k. In the overall cost of a home, that $5k increase would be around 10%," he added.
Indian Express
12 hours ago
- General
- Indian Express
At least 400 bodies buried, brainwashing and more: What was Kenya's ‘doomsday' starvation cult?
A Kenyan court has ordered the exhumation of bodies suspected to belong to people who were starved and suffocated in a religious cult ritual around two years ago, leaving at least 400 people dead. According to a Reuters report, bodies are believed to be buried in shallow graves on the outskirts of the coastal city of Malindi in Kenya, where the cult's headquarters was previously located. Paul Mackenzie, a pastor from Kenya, was at the centre of one of the all-time worst cult-related incidents. In April 2023, a tip-off to the police helped arrest Mackenzie and resulted in his Church Good News International organisation's 800-acre estate in Shakahola forest being searched. Authorities initially recovered around 80 bodies from shallow graves. Most showed signs of death by starvation, while a few had signs of asphyxiation or loss of oxygen. Some surviving members of the church were also found in weak condition. Mackenzie was a taxi driver-turned-Evangelical preacher who had been a religious leader for two decades. The New York Times reported in 2023 that, unlike Roman Catholic or Anglican churches, which are governed by hierarchies and rules, many evangelical churches in the East African country are 'run by independent preachers who have no oversight'. A blogspot website of the pastor stated that Good News International was established 'to nurture the faithful holistically in all matters of Christian spirituality as we prepare for the second coming of Jesus Christ through teaching and evangelism.' It mentioned their TV show titled 'End Time Messages', which would broadcast 'God's word based teachings, preaching and prophecy on end times… to bring the Gospel of our LORD Jesus Christ which is free of deceit and man's intellect.' Subsequently, Mackenzie established a sprawling campus in the Shakahola forests near Malindi. With his show and YouTube videos, Mackenzie's popularity rose. In the most extreme sign of their total belief in his views, he told his followers that the world was going to end soon and Satan would rule for the next 1,000 years. He ordered them to starve themselves and their children to death so they could meet Jesus in heaven instead, the victims' relatives said. A deadly end Mackenzie is said to have had a three-stage plan, first involving the deaths of children, then women and then himself, along with men. Mackenzie denied that he told anyone not to eat, investigators said in 2023. Reuters also found that four relatives of those who died said he would cut off his followers from their families and society through his extreme teachings. 'Education is evil…Children are being taught lesbianism and gayism in school curriculums,' he said in one video from March. Earlier in 2017, the compound was searched by authorities, and they found 43 children living there without attending school. In 2019, too, the authorities ordered Mackenzie's church to shut down, police said, prompting his relocation to the Shakahola forest. In March 2023, a local man told police that his brother and his wife had starved their children to death in the forest on Mackenzie's orders. Officers searched and found the bodies, after which Mackenzie was arrested, but a magistrate freed him on bail. This only sped up his plans – he returned to the forest and told his followers that the world would end on April 15 instead of August. On April 13 that year, police acted on a tip-off and returned to the forest, eventually finding the bodies. What comes next Mackenzie, who faces charges of murder and terrorism, denies the accusations against him. Kenyan President William Ruto in 2023 said that the government would form a judicial commission of inquiry to establish why Mackenzie's alleged activities were not detected earlier. He was criticised not just for his handling of the incident, but also for allegedly being reluctant to act quickly because of his own strong religious views and those of his wife, Rachel, who is also an evangelical preacher.
Perth Now
a day ago
- Perth Now
Kenya court orders exhumations in suspected cult deaths
A Kenyan court has ordered the exhumation of bodies suspected to belong to people who were starved and suffocated in the same county where hundreds of members of a doomsday cult were found dead two years ago, prosecutors say. The bodies in the new case are believed to be buried in shallow graves on the outskirts of Malindi in southeastern Kenya's Kilifi County, and 11 suspects are being investigated, Kenya's Office of the Director of Public Prosecutions said on X. "Investigators suspect multiple individuals were murdered through starvation and suffocation," it said. "The victims may have been starved and suffocated as a result of adopting and promoting extreme religious ideologies." More than 400 bodies were exhumed from the nearby Shakahola Forest in 2023 in one of the world's worst cult-related disasters in recent history. In that case, prosecutors have alleged that cult leader Paul Mackenzie ordered his followers to starve themselves and their children to death so that they could go to heaven before the world ended. Mackenzie, who faces charges of murder and terrorism, denies the accusations against him. The prosecutor's office said people in the area of the recently-discovered graves had been unable to account for the whereabouts of several children, leading to suspicion of foul play. The court ordered the exhumations to be followed by post-mortem examinations, DNA testing and toxicological analysis, it said. In April, Kenyan police also recovered two bodies and rescued 57 people who looked weak and frail from a church in the country's west.
Straits Times
a day ago
- Straits Times
Kenyan court orders exhumations in suspected cult-related deaths
Sign up now: Get ST's newsletters delivered to your inbox NAIROBI - A Kenyan court has ordered the exhumation of bodies suspected to belong to people who were starved and suffocated in the same county where hundreds of members of a doomsday cult were found dead two years ago, prosecutors said on Wednesday. The bodies in the new case are believed to be buried in shallow graves on the outskirts of Malindi in southeastern Kenya's Kilifi County, and 11 suspects are being investigated, Kenya's Office of the Director of Public Prosecutions said on X. "Investigators suspect multiple individuals were murdered through starvation and suffocation," it said. "The victims may have been starved and suffocated as a result of adopting and promoting extreme religious ideologies." More than 400 bodies were exhumed from the nearby Shakahola Forest in 2023 in one of the world's worst cult-related disasters in recent history. In that case, prosecutors have alleged that cult leader Paul Mackenzie ordered his followers to starve themselves and their children to death so that they could go to heaven before the world ended. Mackenzie, who faces charges of murder and terrorism, denies the accusations against him. The prosecutor's office said people in the area of the recently-discovered graves had been unable to account for the whereabouts of several children, leading to suspicion of foul play. The court ordered the exhumations to be followed by postmortem examinations, DNA testing and toxicological analysis, it said. In April, Kenyan police also recovered two bodies and rescued 57 people who looked weak and frail from a church in the country's west. REUTERS
