Business• Экономика » Бизнес Brief: The
Stars and Dogs
of 2024
Business• Экономика » Бизнес Brief: The Stars and Dogs of 2024
Sierra Bein
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Good morning and happy new year• Памятные даты, праздники » Праздники » Новый год! Today, we’re looking at the year ahead by
seeing what we can learn from the stocks that defined 2024 – and the stories
behind them that continue to capture our attention.
In the news
The Ontario Teachers’ Pension Plan is doubling down with more focused ventures
after tech valuation stumbles.
Armed with Canadian taxpayer support, AtkinsRéalis and Westinghouse are
competing to export nuclear reactors.
Rogers Sugar is spending big on a Montreal expansion to meet insatiable demand
from food makers.
On our radar
Canadian manufacturing data for December is released today. In November,
lowering interest rates and a stronger U.S• Соединённые Штаты Америки (США). dollar pushed activity to its
fastest pace in 21 months.
The same data is released in the United States• Соединённые Штаты Америки (США), where manufacturers are
optimistic that 2025 will bring better days after a prolonged period of
contraction.
Today is World Introvert Day . See you at the party?
Open this photo in gallery:
Dogs explore the stars. Illustration by Stella Zheng
In focus
Heavy hits and low blows
It was a year of extremes in politics and weather. Interest rates fell. So did
the dollar. We’re still worried about artificial intelligence, but we’re maybe
more worried about the bubble. And this year, despite the curveballs, the
market still surprised us• Экономика » Финансы » Платежные средства » Доллар США as well.
This is just a snippet from our annual roundup of stocks that took your
returns out of this world• Объект организация » Организации по алфавиту » Организации на Am » Amiga » Игры Для Amiga » Another World and the doozies that pulled them down to Earth. Tim
Shufelt and John Heinzl have the full story , and many more examples of what
might be in your portfolio.
Stars
Open this photo in gallery:
Gildan Activewear Inc.
Gildan is a global leader in blank T-shirts. While the company’s mission
statements may serve as a sedative, that doesn’t stop this dullard of the TSX
from kicking up the odd fuss. The battle over Gildan was the Canadian
boardroom story of the year. After co-founding chief executive officer Glenn
Chamandy was shown the door, a very public feud erupted between Gildan’s board
and the ousted leader. Backed by powerful shareholders, Chamandy was
eventually reinstated . Was this triumphant return to the C-suite commemorated
with a “Keep Calm and Win Back Gildan” T-shirt? – Tim Shufelt Open this photo
in gallery:
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin
In the cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта bloodbath of 2022, the industry seemed to be on the
brink of a mass-extinction event. With inflation and interest rates surging,
bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and other speculative digital assets cratered. An estimated
US• Экономика » Финансы » Платежные средства » Доллар США$2-trillion of value was vaporized. But even as FTX founder Sam
Bankman-Fried landed in prison , the unexpected happened: Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin rose from
the ashes. Propelled by falling interest rates and Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд’s vow to turn
the U.S• Соединённые Штаты Америки (США). into the “crypto capital of the planet,” the FOMO crypto trade was
back and bigger. In December, bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price blasted past US• Экономика » Финансы » Платежные средства » Доллар США$100,000 for the
first time. Clearly, crypto had entered a new era of legitimacy and limitless
wealth creation, or so the crypto bros claimed. – John Heinzl Open this photo
in gallery:
GFL Environmental Inc.
Tony Soprano famously turned the phrase “I’m in waste management” into mobster
shorthand (queue the reminder about the gunshots fired at the homes of two
executives tied to the waste-management giant). The always-lucrative trash
business• Экономика » Бизнес has become even more attractive over the past few years.
Recession-proof and practically immune to inflation, waste management is
generating juicy margins after a period of industry consolidation. In GFL’s
third fiscal quarter, it posted an adjusted EBITDA margin of 31 per cent.
While some investors may have shied away from the company’s heavy debt load in
the past , GFL is in the process of selling its environmental-services segment
for around $8-billion , which will go a long way to improving its balance
sheet. – TS Open this photo in gallery:
Dollarama Inc.
How often have you thought to yourself, “Canada is a nice place, but we could
use more Dollarama stores”? The retailer recently announced its intention to
open about 600 new stores over the next 10 years, on top of the roughly 1,600
it already operates. Thanks to new store openings, growing customer traffic
and rising prices, Dollarama’s shares have produced a compound annual return
of more than 22 per cent over the past decade. The gains in 2024 were even
more impressive, as the stock soared nearly 50 per cent through mid-December,
demonstrating Dollarama’s resilience in the face of growing economic
uncertainty. – JH
Dogs
Open this photo in gallery:
Toronto-Dominion Bank
Maybe those big green chairs were just too cozy. But then a bunch of U.S• Соединённые Штаты Америки (США). drug
dealers sat in them. And the bank never thought to say, “I’m sorry, those
chairs are for our non-money-laundering clients only.” In chasing an ambitious
U.S• Соединённые Штаты Америки (США). expansion, TD lost its way , forgetting the basic principles of
transaction monitoring, risk management and not letting crime syndicates
launder hundreds of millions in cash through your branches. In October, the
bank pleaded guilty to conspiracy to commit money laundering – the first bank
in U.S• Соединённые Штаты Америки (США). history to do so. TD was slapped with fines totalling US• Экономика » Финансы » Платежные средства » Доллар США$3.1-billion ,
as well as a cap on the bank’s U.S• Соединённые Штаты Америки (США). retail assets – a worst-case scenario that
deprives TD of its growth engine indefinitely. – TS Open this photo in
gallery:
Intel Corp• Объект организация » Организации по алфавиту » Организации на In » Intel Corp..
Three historically terrible decisions lie at the heart of Intel• Объект бренды » Бренды на i » Intel
• Объект организация » Организации по алфавиту » Организации на In » Intel Corp.’s downfall.
Figuring it had built up an insurmountable lead as the world’s largest chip
maker, Intel• Объект бренды » Бренды на i » Intel
• Объект организация » Организации по алфавиту » Организации на In » Intel Corp. cut deeply into its research and development budget over more
than a decade of underinvestment. The company also took a pass on the iPhone
and pretty much missed out on the whole mobile revolution. And then it
neglected the graphics space and is now badly behind the curve in AI
technology , having ceded that ground to the likes of Nvidia Corp• Объект организация » Организации по алфавиту » Организации на Nv » Nvidia. – TS Open
this photo in gallery:
Canadian dollar
Years before COVID-19• Медицина » Эпидемиология » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19
• Медицина » Заболевания » Инфекционные заболевания » Острая респираторная вирусная инфекция » COVID-19, the scourge of “cross-border shopping” erupted into an
epidemic whenever the Canadian dollar traded near par with its U.S• Соединённые Штаты Америки (США).
counterpart. This sad chapter in our nation’s history has largely faded, but
it took a massive drop in our dollar to stem the southward flow of bargain
shoppers. The most remarkable part? The loonie is still falling . In 2024, the
currency was kneecapped by interest-rate cuts, a strong U.S• Соединённые Штаты Америки (США). economy, tariff
threats and political turmoil in Ottawa. With the Canadian dollar sinking
below 70 US• Экономика » Финансы » Платежные средства » Доллар США cents in December, who can afford to visit Walt Disney World when
everything costs nearly 50 per cent more in Canadian money? – JH
Open this photo in gallery:
Boeing• Объект бренды » Бренды на b » Boeing Co.
You had one job, Boeing• Объект бренды » Бренды на b » Boeing: make good planes. Planes that don’t plummet from the
sky . Boeing• Объект бренды » Бренды на b » Boeing, whose once-venerable safety record went a long way to
popularizing jet travel, started doing its utmost to shatter our faith in
flying. In its last fiscal quarter, it posted a loss of US• Экономика » Финансы » Платежные средства » Доллар США$6.2-billion . Its
credit rating is on the verge of junk status . Boeing• Объект бренды » Бренды на b » Boeing has now become a
turnaround case of epic proportions. If it can pull it off, at least part of
the agenda should be learning how to make airplanes great again – MAGA, for
short. – TS
Uncharted
Canada needs pilots – and a new way to train them
Open this photo in gallery:
Dr. Suzanne Kearns is founding director of the Waterloo Institute for
Sustainable Aeronautics (WISA) Alicia Wynter/The Globe and Mail
Experts in Canada’s aviation sector say outdated systems and barriers to entry
for new talent are plaguing work-force expansion while the industry continues
to grow. That’s why some are turning to tools such as AI and eye-tracking
technology to make pilot training more efficient, affordable and sustainable.
At the Waterloo Institute for Sustainable Aeronautics, researchers are working
to help prepare student pilots by changing the way they’re trained and
evaluated .
Bookmarked
On our reading list
A lasting legacy: Jimmy Carter• Объект человек » Персоналии по алфавиту » Персоналии на Дж » Картер, Джимми fought inflation by deregulation and appointing
Paul Volcker to head the Federal Reserve.
“I was just an object”: Why one temporary foreign worker• Политика » Геополитика » Международные отношения » Международное право » Миграционное право » Трудящийся-мигрант
• Государство » Законы и право » Теория государства и права » Отрасль права » Трудовое право » Трудящийся-мигрант decided to call it
quits on Canada.
Poor connection: Canadian telecom companies had a very bad year. Will 2025 be
any better ?
Taste test: Changing demographics and tastes are reshaping Canada’s grocery
stores .
Morning update
Global markets were mixed as trading resumed following the New Year• Памятные даты, праздники » Праздники » Новый год’s Day
holiday and investors cautiously eyed the return of U.S. president• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США-elect
Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд to the White House• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США » Белый дом (США)
• Соединённые Штаты Америки (США) » Населенные пункты США » Города США » Вашингтон » Белый дом (США)
• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США » Белый дом (США)
• Политика » Политика США » Политики США » Президент США » Белый дом (США)
• Государство » Государственное устройство США » Президент США » Белый дом (США). Wall Street futures pointed higher after the
main indexes closed down on Tuesday, while TSX futures rose as commodity
prices climbed.
Overseas, the pan-European STOXX 600 was little changed in morning trading.
Britain’s• Великобритания FTSE 100• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Биржи » Биржевые индексы » FTSE 100 gained 0.33 per cent, Germany• Германия’s DAX edged up 0.03 per cent
and France• Франция’s CAC 40• Экономика » Экономика Франции » CAC 40
• Экономика » Финансы » Финансовый рынок » Рынок ценных бумаг » Биржи » Биржевые индексы » CAC 40
• Франция » Экономика Франции » CAC 40 gave back 0.67 per cent.
In Asia, Japan’s Nikkei closed 0.96 per cent lower, while Hong Kong’s Hang
Seng fell 2.18 per cent.
The Canadian dollar traded at 69.32 U.S• Соединённые Штаты Америки (США). cents.
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Президент США в 1977-1981 годах, 1924-2024. Президент США (1977/01/20-1981/01/20) Трамп, Дональд
Избранный президент США Президент США (2017/01/20-2021/01/20) организации Intel Corp. Nvidia соц_роль Президент США
