HEADLINES

Canada Says Anglo American's Pledges to Secure Teck Resources Deal Not Enough

Canadian Industry Minister Melanie Joly is aiming to deliver a decision next month on whether Anglo American can proceed with its takeover of Teck Resources, but warned that the British miner's pledges to date aren't enough.

Under a revised Canadian industrial strategy, the government wants to maintain homegrown global companies with big Canadian headquarters, Joly said.

"What I've said is that what Anglo Teck was offering was not enough. And I think that Canadians should get more out of this merger of equals, and the process is continuing," she said.

A spokeswoman for Joly declined to comment about what else the minister would like Anglo and Teck to propose to secure government approval.

Liberal Government Survives Budget Vote

Canada's minority Liberal government survived a crucial vote in the legislature Monday evening over its annual budget plan, averting the possibility of a Christmas-time election.

The legislative win means former central banker Mark Carney, who became the Prime Minister in March and led the Liberals to a fourth-straight electoral victory in late April, can begin implementing the government's 2025 budget plan -- which serves as a blueprint to lift Canada out of a deep economic funk caused by hefty U.S. tariffs

The Liberal government won the vote 170 to 168, on a motion seeking lawmakers' support on the government's economic and fiscal policy, as outlined in the annual budget plan. The 2025 budget plan was released two weeks ago, and seeks about $200 billion in spending and tax measures over the next five years to reboot an economy struggling under the squeeze of President Trump's hefty tariffs.

Housing Starts Drop in October With Weakness in Ontario, British Columbia

Canadian housing starts pulled back sharply in October as a slump in construction in Ontario and British Columbia countered a pickup in activity elsewhere in the country.

Housing starts across Canada came in at a seasonally adjusted annualized rate of 232,765 units, a 17% drop from the month before, Canada Mortgage and Housing Corp. said Tuesday. The market was expecting 265,000 residential housing projects to have started for the month, according to economists at TD Securities.

The trend measure--a six-month moving average of the monthly seasonally adjusted annual rate of housing starts--declined 3.0% to 268,907 units last month, Canada's national housing agency said.

Scotiabank Names Phil Thomas Chief Strategy and Operating Officer

Bank of Nova Scotia moved risk officer Phil Thomas into the role of chief strategy and operating officer as the Canadian lender shuffles its executive ranks.

Scotiabank said it was making several key executive appointments, effective Dec. 2, to strengthen its leadership and help it deliver profitable growth.

Thomas, who joined the bank in 1997, will take on the post of group head and chief strategy and operating officer. He has been group head and chief risk officer since September 2023, and chief risk officer since late 2021.

MTY Food Reviewing Strategic Options Including Sale of Company

Fast-food franchisor MTY Food Group is considering a possible sale of all or parts of its business as part of a strategic review.

The Canadian company said its board launched a review process and has hired a financial advisor to identify and evaluate a range of possible strategic alternatives.

MTY Food said there can be no assurance that any transaction will occur, and that it doesn't intend to comment further unless further disclosure is appropriate or required by law.

MTY Food shares fell 7.6% to C$35.38.

Canacol Energy Seeks Creditor Protection to Restructure

Colombia-focused natural-gas producer Canacol Energy is seeking creditor protection from a Canadian court to give it breathing room to restructure.

The Calgary, Alberta, company said its board made the decision to begin proceedings under Canada's Companies' Creditors Arrangement Act after considering all other options and given a looming liquidity crises from upcoming interest and principal payments under funded debt obligations. The company has also faced reduced natural-gas production, and increased trade and other accounts payables.

Canacol is seeking an order for protection from the Court of King's Bench of Alberta that among other things would provide a stay of proceedings in favor of the company and the appointment of KPMG to monitor the company. It said it plans to apply for recognition on an initial order and protection proceedings in the U.S.

Element Fleet Management Renews Share-Buyback Plan

Element Fleet Management renewed a buyback program, allowing it to target up to about 10% of its public float of shares over a one-year period.

The automotive fleet manager said the Toronto Stock Exchange approved its plans for a normal course issuer bid that would allow it to buy up to 39.9 million of its shares through Nov. 19, 2026.

Saltire Capital Names Imad Mushtaq to Succeed Chief Financial Officer Hassan Baqar

Saltire Capital appointed Imad Mushtaq as company's next chief financial officer, succeeding Hassan Baqar who moved into a new role.

Mushtaq joined Saltire in 2025 as chief accounting officer.

Baqar has served as the chief financial officer of the Canadian company since its inception.

TALKING POINT

Canada, U.S., Finland Outline Plan to Build New Icebreakers

By Steven Chase of The Globe and Mail

Canada, the United States and Finland laid out a plan to collaborate on building new icebreakers to resupply their aging fleets, a sign of ongoing co-operation between Ottawa and Washington despite stalled trade talks.

Canadian ambassador to the U.S. Kirsten Hillman, Homeland Security Secretary Kristi Noem and Finland's Minister of Economic Affairs, Sakari Puisto, signed a joint statement of intent in Washington Tuesday vowing co-operation on the polar vessels.

The statement effectively resurrects a Biden-era initiative -- the Icebreaker Collaboration Effort, or ICE, Pact -- which President Donald Trump had dismissed shortly before taking office in January, 2025.

Back in 2024, Ottawa, Washington and Helsinki had signed the pact but there was little progress before the November U.S. presidential election.

In January, 2025, Trump, then-president elect, appeared prepared to abandon the pact, accusing Canada of leeching off the U.S. when it comes to defense spending. He said he didn't want to work with Canada on constructing polar vessels.

"We're buying icebreakers, and Canada wants to join us in the buying of icebreakers," Trump told reporters at the time. "We don't really want to have a partner in the buying of icebreakers. We don't need a partner."

The Canadian government said in a news release Wednesday the new joint statement of intent strengthens industrial co-operation among the three Arctic countries across all stages of icebreaker production, including a work force development program, shared research and promotional activities.

"This partnership ensures Canada is strategically prepared to address emerging Arctic challenges, while showing that our domestic industries and expertise are central to security, economic growth and long-term prosperity," Joël Lightbound, the federal minister responsible for public works and procurement said.

Officials from Canada, Finland and the U.S. will convene to develop further steps for co-operation, with an "industry day" scheduled for Nov. 20 to talk with private sector partners, the Canadian government said.

Trade talks between the U.S. and Canada remain stalled after Trump, on Oct. 23, abruptly cancelled talks with Ottawa that aimed to reach a deal to scale back his protectionist tariffs on Canadian goods. Trump broke off negotiations because he was angry at an Ontario government TV ad that criticized tariffs.

In October, Trump announced that the U.S. had selected a design from Seaspan Shipyards, which is based in Canada, for six U.S. icebreakers, called Arctic Security Cutters, for his country's Coast Guard. The contract for design and construction was awarded to the U.S.'s Bollinger Shipyards in partnership with Finland's Rauma Marine Construction, Seaspan and Finland's Aker Arctic Technology.

Chantier Davie Canada Inc. is building one of Canada's new heavy icebreakers with construction taking place both in Finland and Quebec. Seaspan, headquartered in North Vancouver, is building a second heavy icebreaker for Canada.

Finland is playing the biggest role in this trilateral co-operation. In October, 2025, the U.S. and Finland finalized a $6.1 billion agreement for the U.S. Coast Guard to obtain 11 new icebreakers. Under this deal, Finland will build four of the vessels at its shipyards, while the remaining seven will be constructed in the U.S., with technical support from Finnish experts.

Expected Major Events for Wednesday

07:00/UK: Oct UK producer prices

07:00/UK: Oct CPI

09:30/UK: Sep UK House Price Index

10:00/ITA: Sep Balance of Payments

12:00/US: 11/14 MBA Weekly Mortgage Applications Survey

13:30/US: Aug U.S. International Trade in Goods & Services

13:30/US: Oct New Residential Construction - Housing Starts and Building Permits (No data during govt shutdown)

15:30/US: 11/14 EIA Weekly Petroleum Status Report

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Wednesday

ADF Group Inc (DRX.T) is expected to report $0.22 for 3Q.

BrightView Holdings Inc $(BV)$ is expected to report $0.27 for 4Q.

Cerence Inc $(CRNC)$ is expected to report $-0.45 for 4Q.

ClearSign Technologies Corp $(CLIR)$ is expected to report for 3Q.

Dycom Industries Inc $(DY)$ is expected to report $3.20 for 3Q.

Dynatronics Corp (DYNT) is expected to report for 1Q.

Ellington Credit Co $(EARN)$ is expected to report $0.22 for 3Q.

Equus Total Return Inc (EQS) is expected to report for 3Q.

Excellon Resources Inc (EXN.T) is expected to report for 3Q.

Global-E Online Ltd $(GLBE)$ is expected to report $0.07 for 3Q.

Griffon Corp $(GFF)$ is expected to report $1.51 for 4Q.

Hall of Fame Resort & Entertainment Co $(HOFV)$ is expected to report for 3Q.

Hillenbrand Inc $(HI)$ is expected to report $0.39 for 4Q.

Jack in the Box Inc $(JACK)$ is expected to report $0.45 for 4Q.

Jewett-Cameron Trading Co Ltd (JCT-T,JCTC) is expected to report for 4Q.

Lowe's Cos $(LOW)$ is expected to report $2.96 for 3Q.

Mega Matrix Inc (MPU) is expected to report for 3Q.

Metro Inc (MRU.T,MTRAF) is expected to report $1.05 for 4Q.

NVIDIA Corp $(NVDA)$ is expected to report $1.20 for 3Q.

New Jersey Resources Corp (NJR) is expected to report $0.17 for 4Q.

ODDITY Tech Ltd $(ODD)$ is expected to report $0.23 for 3Q.

Office Properties Income Trust $(OPITS)$ is expected to report for 3Q.

Omnitek Engineering (OMTK) is expected to report for 3Q.

Orvana Minerals Corp (ORV.T,ORVMF) is expected to report for 4Q.

PACS Group Inc (PACS) is expected to report for 3Q.

Palo Alto Networks Inc (PANW) is expected to report $0.45 for 1Q.

Postmedia Network Canada (PNC.A.T,PNC.B.T) is expected to report for 4Q.

PrimeEnergy Resources Corp $(PNRG)$ is expected to report for 3Q.

ProPhase Labs Inc (PRPH) is expected to report for 3Q.

Progressive Corp $(PGR)$ is expected to report.

RGC Resources Inc (RGCO) is expected to report $0.48 for 4Q.

Raymond James Financial Inc $(RJF)$ is expected to report.

Royale Energy Inc (ROYL) is expected to report for 3Q.

Surmodics Inc $(SRDX)$ is expected to report $-0.40 for 4Q.

TJX Cos $(TJX)$ is expected to report $1.22 for 3Q.

Target Corp (TGT) is expected to report $1.71 for 3Q.

Universal Technical Institute Inc $(UTI)$ is expected to report $0.26 for 4Q.

Valvoline Inc $(VVV)$ is expected to report $0.47 for 4Q.

Williams-Sonoma Inc (WSM) is expected to report $1.85 for 3Q.

Wix.com Ltd $(WIX)$ is expected to report $0.55 for 3Q.

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(END) Dow Jones Newswires

November 18, 2025 16:30 ET (21:30 GMT)

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