Juul halts sales of its popular mint flavor - CNBC

Juul Labs products are seen at a store in Palo Alto, California on September 21, 2019.

Yichuan Cao | Sipa USA | AP

Market leading e-cigarette company Juul is halting sales of its popular mint flavor, following the release of two damaging studies this week that showed the company's role in a dramatic spike in teen use, the company announced Thursday.

Studies published Tuesday in the Journal of the American Medical Association found high school students use mint more than any other of Juul's flavors. Juul said it made the decision to pull mint in light of the results.

"These results are unacceptable and that is why we must reset the vapor category in the U.S. and earn the trust of society by working cooperatively with regulators, Attorneys General, public health officials, and other stakeholders to combat underage use. We will support the upcoming FDA flavor policy" and regulatory process to get its nicotine pods cleared for sale in the U.S., Juul CEO K.C. Crosthwaite said in a statement.

Juul last month suspended sales of its other sweet flavors — mango, creme, fruit and cucumber. The company pulled these flavors from convenience stores, vape shops and other retailers last fall amid pressure from the Food and Drug Administration. Juul continued selling them on its age-verified website. 

Juul has not made any final decisions on which flavors it will send to the FDA for review, a Juul spokesman said. All e-cigarette companies are required to submit applications to the FDA for a formal review by May.

Mint accounts for about 70% of Juul's U.S. sales, according to a person familiar with the company's finances who asked not to be named because the information is private. Juul will now sell just three flavors in the U.S.: menthol, Virginia tobacco and classic tobacco.

The Trump administration is expected to announce a policy that would ban flavored e-cigarettes, including mint. Local and state governments are pursuing similar policies. Public health advocates say sweet flavors attract kids to e-cigarettes.

Juul is widely blamed for fueling a surge in teen vaping after decades of successfully convincing kids not to smoke cigarettes. Crosthwaite, who joined Juul in September, is trying to repair Juul's image.

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2019-11-07 19:37:42Z
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Barrick CEO Bristow sees long-term potential for Freeport tie-up - BNNBloomberg.ca

Barrick Gold Corp.’s chief said there’s a logic to combining with Freeport-McMoran Inc. as a way to expand into copper, but isn’t committing to any deals yet.

A tie-up with Freeport could bolster Barrick’s U.S. presence, where it already operates gold mines in Nevada, said Chief Executive Officer Mark Bristow, who cautioned that it’s not something currently being considered.

“Everyone has been fingered as a potential suitor of Freeport,” said Bristow, when asked if he was interested in a combination. “There’s a bit of work for us to do before we can get our head around broadening our scope.”

Freeport has long been seen as a takeover target for mining majors such as Rio Tinto Group and BHP Group. The biggest miners are all bullish on copper because it’s crucial for the electrification of transport and cities, but supplies look constrained in the long term.

Freeport CEO Richard Adkerson said last year that any strategic move is possible, including acquisitions, partnerships, or even a full sale. The company operates several open-pit copper mines in North America, as well as the giant Grasberg project in Indonesia.

Tier-One Copper

Bristow has previously expressed an interest in buying copper assets because the two metals are often mined together. While Barrick, the world’s second-largest gold producer, already has some copper assets, they’re lower in quality compared with other major mining companies.

“I’ve raised the flag up the pole on copper,” Bristow said in an interview in London. “If there is a strategic metal, it’s copper. If you believe in electrification, copper is the metal and copper comes with gold.”

“For me, it’s all about tier-one assets,” he added.

Bristow, who took the top job this year, already has a track record of bold M&A moves in his short tenure at Barrick. After making a failed hostile bid for Newmont Mining Corp. in February, he stitched together a joint venture to combine their giant Nevada gold projects.

Barrick shares rose two per cent on Wednesday after the company reported better-than-expected profit and raised its dividend. Third-quarter adjusted earnings were 15 cents US a share, compared with the average analyst estimate of 11 cents US. The miner also said it’s on schedule with plans to sell US$1.5 billion of non-core assets by the end of next year.

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November 07, 2019 at 12:17AM

BC Ferries orders 4 new hybrid-electric vessels from Europe for $200 million | Urbanized - Daily Hive

BC Ferries has made a further order of four additional electric-battery hybrid Island Class vessels from a major European shipyard.

The ferry corporation announced today Damen Shipyards Group of the Netherlands has been awarded the contract to build the new vessels.

The combined cost of the design-build, fixed-price order is $200 million. According to a release, BC Ferries’ procurement process resulted in 18 bids from international shipyards, with a shortlist of nine shipyards invited to participate in the detailed bidding process. No Canadian shipyards expressed interest in competing for the contract.

This adds to the first two Island Class vessels ordered from the same shipyard in Spring 2017, with these vessels recently completing sea trials and set to arrive in Victoria by January 2020. By the middle of next year, these initial vessels will be used on the routes from Powell River to Texada Island and from Port McNeill to Alert Bay to Sointula Island.

Then in 2022, the vessels from the latest order will arrive, serving the routes from Campbell River to Quadra Island and from Nanaimo Harbour to Gabriola Island. This deployment effectively replaces one larger ship with two smaller vessels on each of these routes, providing more frequent service and increased passenger capacity per hour. It will result in shorter vehicle queues, improved safety, and reduced road congestion.

These all-electric Island Class ferries will initially operate on their low-sulphur diesel hybrid systems, before eventually transitioning to electric charging when the technology matures.

“Our Clean Futures Plan spells out our strategy to reduce GHG emissions by replacing our legacy carbon intensive fossil fuelled vessels with ships using clean energy,” said Captain Jamie Marshall, BC Ferries’ vice president of business development and innovation, in a statement.

“These next four Island Class ships are a major step in our plan to progressively lower emissions across the fleet and be a leader in the energy transition to a lower carbon future.”

Twin propellers reduce underwater radiated noise, and machinery is vibration-isolated to lower underwater and ambient noise. The ferry corporation says these vessels will be amongst the most energy efficient and quietest electric-hybrid ferries in the world.

Artistic rendering of BC Ferries’ Island Class vessels. (BC Ferries)

Each of the six vessels will have the capacity to carry at least 47 vehicles and between 300 and 450 passengers and crew, depending on configuration.

As with the latest ferry designs on the fleet, there are comfortable passenger lounges and solariums for optimal views during each sailing. A variety of seating choices, along with charging stations for electronic devices, will be made available.

The design of the vessels is uniquely fully accessible without the need for elevators. All lighting in the vessels are achieved with LED.

BC Ferries is in the process of delivering its 12-year, $3.9-billion plan of upgrading a dozen ferry terminals, and replacing and adding vessels.

The largest ferry order in recent memory has yet to come, as the ferry corporation also plans on acquiring five new vessels to replace all five C-Class ferries built in the late 1970s and early 1980s.

This includes the Queen of Alberni, Queen of Coquitlam, Queen of Cowichan, Queen of Oak Bay, and Queen of Surrey, with each sister vessel sharing the same length of 138 metres (457 feet) but offering varying capacities of between 1,200 and 1,494 passengers and crew and about 300 vehicles.

Damen Shipyards also recently performed the mid-life refit of the Spirit of Vancouver Island and Spirit of British Columbia — the two largest vessels on the BC Ferries fleet — and built TransLink’s newest SeaBus vessel.

Artistic rendering of BC Ferries’ new Island Class vessel. (BC Ferries)

Artistic rendering of BC Ferries’ new Island Class vessel. (BC Ferries)

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November 07, 2019 at 08:18AM

Canadian Tire profit misses estimates as e-commerce costs weigh - The Globe and Mail

Retailer Canadian Tire Corp Ltd missed third-quarter profit estimates on Thursday, hurt by higher e-commerce-related transportation costs and a drop in retail sales.

Competition from U.S. e-commerce giants Walmart and Amazon.com has hurt Canadian Tire’s brick-and-mortar sales and forced the 97-year-old company to invest heavily in its online business and provide faster delivery.

However, higher freight costs related to its SportsChek e-commerce business hurt net income, which fell to $227.7-million, or $3.20 per share in the third quarter ended Sept. 28, from $231.3-million, or $3.15 per share, a year earlier.

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Revenue at the company’s retail segment fell marginally to US$3.3 billion, while analysts on average were expecting it to be US$3.43 billion, according to IBES data from Refinitiv.

Excluding items, Canadian Tire earned $3.46 per share, missing estimates of $3.47.

Total revenue rose marginally to $3.64 billion (US$2.77 billion), but missed estimates of $3.73 billion, according to IBES data from Refinitiv.

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November 07, 2019 at 06:20PM

Canada Pension Giant Interested in Energy Sector, Not Aramco IPO - Bloomberg

[unable to retrieve full-text content]Canada Pension Giant Interested in Energy Sector, Not Aramco IPO  BloombergView full coverage on Google News

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November 06, 2019 at 08:41PM

OPEC and EIA Bring No Relief for Crude Oil Prices - Market Realist

Today, at 10:54 AM ET, WTI crude oil prices were up 0.6% from their last closing level. At 10:30 AM ET, the EIA (US Energy Information Administration) reported its Weekly Petroleum Status Report for the week ended November 1.

Based on the report, crude oil inventories rose by 7.9 MMbbls (million barrels). A Reuters poll suggested a rise of 1.51 MMbbls. Also, gasoline inventories declined by 2.8 MMbbls, versus Reuters’ forecast for a decline of 1.8 MMbbls.

The bigger-than-expected fall in gasoline inventories might have supported oil prices. But how long can that last?

Most importantly, the difference between US crude oil inventories and their five-year average widened to 3%. A week ago, this difference (the inventories spread) was at 1%. And this expansion in the inventories spread might limit crude oil prices’ upside up to November 14.

On November 14, the EIA will report inventory data for the week ended November 9. To learn more, check out Rising Inventories Spread Might Drag Oil Prices.

A possible downturn in crude oil prices could impact Chesapeake Energy (CHK). In today’s trading session, CHK’s share prices have lost 21%. The recent Chesapeake earnings disappointment could be behind this decline.

API inventory data

Yesterday, the API (American Petroleum Institute) reported inventory data for the week ended November 1. A Reuters poll suggested a rise of 2.25 MMbbls in API crude oil inventories figures. However, the API reported a rise of 4.25 MMbbls. However, the API also reported a fall of 4.17 MMbbls in gasoline inventories.

This decline was more than double Reuters’s estimated fall. Reuters had forecast a decline of 2 MMbbls in API gasoline inventories. So we’re seeing a similar trend to the EIA data.

OPEC lowered demand outlook

On November 5, OPEC released its WOO (World Oil Outlook) report. The report says, “Non-OPEC total liquids supply is projected to grow by 9.9 mb/d (million barrels per day) between 2018 and 2024, reaching 72.2 mb/d.” US shale oil’s share will be over 60% in non-OPEC supplies’ rise up to 2024, based on the report.

The report also highlights that in 2019, global oil demand growth is expected at 1.1 mb/d. However, this demand growth should fall to 0.9 mb/d in 2024.

This contraction in demand growth, plus rising non-OPEC supplies, could impact Middle-Eastern oil producers’ market share. In fact, I think Saudi Arabia’s stake sale in Aramco aligns with these new dynamics in the oil market. To learn more, see Aramco IPO: Will Crude Oil Prices Keep Declining?

Crude oil prices’ moving averages

On November 1, US crude oil active futures moved above their 20-DMA (day moving average). The 20-DMA at $55.91 is an important support zone for oil prices in today’s trading session.

Moreover, at 11:37 AM ET, US crude oil active futures fell below their 50- DMA. The 50-DMA could turn into a critical resistance zone this week. Crude oil prices are 4.1% and 2.7% above their 100- and 200-DMAs.

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November 07, 2019 at 01:21AM

Sterling falls after Bank of England split on interest rate cut - CNBC

Bank of England

Justin Tallis | AFP | Getty Images

The Bank of England (BOE) held interest rates steady on Thursday, opting not to adjust borrowing costs in the world's fifth-largest economy ahead of a snap election.

With 35 days to go before Britons head to the ballot box, the BOE's nine-member Monetary Policy Committee (MPC), led by Mark Carney, voted to hold interest rates at 0.75%.

Seven policymakers, including Carney, voted in favor of leaving interest rates unchanged, but Jonathan Haskel and Michael Saunders surprised financial markets by voting for a quarter-point rate cut.

Sterling traded at $1.2808 at around 1:30 p.m. London time, falling over 0.3%.

"With the risk of a no-deal Brexit falling recently, we expect the uncertainty facing households and businesses to fall. We also expect global growth to recover gradually," the BOE said in its Monetary Policy Report.

The central bank suggested these developments would help growth in the U.K., but conceded if that does not happen then it "may need to lower interest rates to support U.K. growth and ensure that we return inflation to our 2% target sustainably."

Saunders and Haskel said their vote for an interest rate cut was driven by reduced job vacancies and downside risks from the global economy and Brexit.

Other members of the MPC suggested a willingness to cut rates over the coming months, if necessary, but did not vote in favor of lower borrowing costs in November because the U.K. economy had performed largely in line with expectations from three months ago.

"This is a clear shift in the Bank's policy balance from the earlier neutral-hawkish position, which will likely set the tone for the Bank's signaling, and likely growing divergence on the MPC, following Governor Carney's departure in early 2020," Lena Komileva, chief economist at G+Economics, said in a research note. 

Brexit uncertainty

Much has changed in British politics since the MPC last voted to leave interest rates unchanged in mid-September.

Prime Minister Boris Johnson ultimately failed to rush his Brexit deal through Parliament, prompting the Conservative Party leader to request a Brexit extension and call a snap vote for December 12.

The EU agreed to push back the Brexit deadline until the end of January, with an earlier departure possible should U.K. lawmakers ratify their divorce deal.

Economists believe the BOE will cut interest rates at some point next year, amid a slowing economy and Brexit uncertainty.

Ahead of the central bank's split vote, market expectations for a quarter-point rate cut by the end of 2020 stood at 55%, according to the CME BOE Watch Tool. Shortly after Thursday's surprise announcement, expectations jumped up to 80%. 

A long-running U.S.-China trade war and a global economic downturn have prompted the Federal Reserve and European Central Bank to cut interest rates in recent months, but, so far, the BOE has resisted following suit.

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2019-11-07 12:45:29Z
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