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Post : Five things you need to know before you start your work day on Feb. 14
URL : http://business.financialpost.com/executive/five-things-you-need-to-know-before-you-start-your-work-day-on-feb-14
Posted : February 14, 2018 at 5:05 am
Author : Shari Kulha
Categories : Executive, Executive Summary

Happy Valentine's Day! Shari Kulha — @FPExecEditor ( https://twitter.com/fpexeceditor?lang=en ) — ( https://twitter.com/fpexeceditor?lang=en ) providing you with straight-up business-news snippets, free of flowers and fooferaw (but we do love you nonetheless). The federal budget will be tabled on Feb. 27; the private sector will be urging Finance to hold steady until the fallout from NAFTA is known. Meantime, here are the headlines we're keeping our eyes on for you.

NO-GO ON GLOBAL DOMINANCE

The TSX’s unwillingness to list cannabis companies with exposure to the U.S. is hindering the development of the Canadian marijuana industry ( http://business.financialpost.com/commodities/agriculture/tmx-rules-on-u-s-exposed-marijuana-listings-hurting-industry-insiders-say ) , Mark Rendell ( http://twitter.com/markrendell ) reports. Despite a green light given by the Canadian Securities Administrators last week, TSX reiterated this week that cannabis companies listed on its exchanges are not allowed to operate in the U.S. due to concerns about the legality of the drug.

Quote: “Not being able to participate in the U.S. cannabis market for TSX-V and TSX listed issuers is a disadvantage, and really kind of hinders of the growth of our market and also erodes our leadership position on a global basis,” said Hugo Alves, CEO of Cannabis Wheaton Income Corp.

CSE GOES FOR STOs

The Canadian Securities Exchange, aiming to create competition in securities clearing and settlement ( http://business.financialpost.com/news/fp-street/cse-aims-to-use-blockchain-to-bring-competition-to-trade-clearing-and-settlement ) using blockchain technology, "expects to be the first recognized exchange in Canada to introduce a fully developed blockchain platform for trading, clearing and settling tokenized securities.” As Barb Shecter ( http://twitter.com/batpost ) notes, the platform would use Securities Token Offerings for both equity and debt issues.

Quote: “Our platform represents an intersection between blockchain and the capital markets that delivers on blockchain’s promise to disrupt conventional transaction and record-keeping mechanisms, thereby providing tangible benefits for market stakeholders,” CSE's CEO said.

ENRON DEBACLE GOES ON

The Tax Court of Canada has ordered a February 2019 trial in the dispute over CIBC's efforts to deduct $3 billion ( http://business.financialpost.com/tax-season/top-tax-judge-says-cibcs-enron-related-deduction-case-to-go-to-trial-in-2019 ) in Enron-related lawsuit settlements and legal costs. As Geoffrey Zochodne ( http://business.financialpost.com/executive/gzochodne@postmedia.com ) reports, Revenue Canada refused the deductions, saying they weren't allowed expenses. Enron went bankrupt in 2001, and this case will finally hit the courts 18 years later.

Bottom line: CIBC transferred $1.05 billion more than 10 years ago to the taxman as a deposit for monies owed should the case not end in a favourable result for the bank. Both parties have a lot of money on the line.
WILL ENERGY STOCKS GO UP?

Oil and gas equities have been underperforming crude prices for almost a year, and major oil benchmarks fell more than 10% in the past two weeks. So is now the time to buy ( http://business.financialpost.com/investing/is-now-the-time-to-buy-energy-stocks ) ? Jonathan Ratner ( http://twitter.com/jonratner ) looks at the situation at a time when the Canadian oil and gas group is trading at the largest discount to the overall market in 10 years.

Quote: According to one analyst, "oil prices needed a breather and investors should not discount the caution signs that have been emerging. The market has been overly focused on the race toward rebalance without realizing that transient pockets of oversupply have been emerging in the physical market.”

DRONE DELIVERY GETS GO-AHEAD
Transport Canada has issued a compliance certificate ( http://business.financialpost.com/transportation/canadian-company-one-step-closer-to-starting-drone-delivery-service-after-ottawa-issues-certificate ) to Drone Delivery Canada Corp., bringing commercial drone delivery service here a step closer. The go-ahead gives these drones the right to fly beyond "line of sight," Alicja Siekierska ( http://business.financialpost.com/executive/asiekierska@postmedia.com ) writes. DDC's next move is “to file flight paths, potentially choose where we can fly to and from — and essentially start up a pilot program and demonstrate how this technology is an infrastructure solution for communities.”

Quote: “Three or four years ago, when we talked about using drones to deliver goods, people thought we were insane,” CEO Tony Di Benedetto said. “But we don’t see it as a far-stretch endeavour. We have a supportive regulator who sees technology and innovation as a key driving force in Canada.”

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