Suez buying snow

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Suez buying snow

Veolia announced its ambitions to swallow up its former rival Suez, which first viewed the takeover plan as hostile, in the summer of , triggering a takeover war which lasted several months until a deal was finally reached last April. By Reuters. Share this article Comments. Share this article. You might also like Now playing Next. Tech News. Now playing Next.

Talking Points

Suez buying snow

Douglas Porter , CFA. Douglas Porter has over 30 years of experience analyzing global economies and financial markets. As Chief Econom Amid a generally robust global economic outlook over the next two years, key risks we identified were supply chain disruptions and bottlenecks. As if on cue, the aptly named Ever Given ship stuck in the Suez Canal has given us ever more concern on this front. The high drama in the Suez added to some broader rumblings in the markets around the strength of the recovery. Weighing on the global outlook, beyond supply chain issues, are widening restrictions and lockdowns in Europe , an unnerving back-up in new cases in many other regions including Canada , a variety of hiccups in the vaccination roll-out , trauma in Turkey , and more signs that even the U. We fully expect the softness to prove fleeting for U. On balance, our expectation of 6. However, at the same time as the conventional wisdom is gelling around the view that U. And we have trimmed our call by a further half-point to 4. Notably, industry surveys for March were surprisingly upbeat in Europe, with the composite PMI pushing above 50 to Still, the big picture is that growth revisions in the U. Even the mighty Canadian dollar backed off a tad this week, dragged by softer commodities. But the bigger picture is that the loonie is one of the few currencies in the world that has managed to gain ground against the greenback in Indeed, even with a small slip this week, it retained its perch as the leading major currency in Q1. March is the only month of the year, at least in Canada, that can possibly have as many as 23 working days. And even then, Good Friday has to be in April check , and the month has to start on a Monday, Tuesday, or Wednesday check. So, yes, this is our lucky year, where March offers the full meal deal of 23 days of working from home. But if that seems long, we are now looking at a record month interval between federal budgets. Ottawa announced that the budget will be released on April We respectfully offer some advice:. However, assuming the funds are indeed allocated, it should be directly aimed at supporting medium-term growth e. Support needs to be better focused , both for individuals and businesses. On the latter, various sectors have seen wildly different outcomes in the past year and support should be accordingly more precisely targeted at industries under direct pressure from ongoing restrictions. The key is to encourage increased activity when safe , not just give cash to tide firms over. Many American restaurants are now finding it hard to regain staff because of disincentives to work, and demand will only accelerate later this year. Measures to curb housing speculation are entirely appropriate, such as a stiff tax on flipping gains. Work with provinces to encourage new construction, say by reducing zoning costs. However, supply can only respond slowly over time, and the focus should be on reining in demand at this point. Even a loose fiscal anchor is needed to set a broad direction for policy. Yes, the backdrop is still extremely uncertain, but Ottawa can help reduce some of that uncertainty by setting broad direction for fiscal policy goals. Do not rely on a permanently low interest rate world —the rapid rebound in yields since the start of to pre-pandemic levels is a clear warning shot that investor demand for low-yielding bonds has limits. One over-riding message would be that this is not a typical recession by any metric , and the responses cannot be typical either. For example, while increased infrastructure spending is welcome, the construction sector overall fared reasonably well in this cycle. Moreover, we believe that prior support and a wave of pent-up demand for services like travel will help drive a powerful recovery when the economy can safely re-open. A major long-term issue will be a deepening strain on provincial finances from rapidly rising health care costs. Ultimately Ottawa will need to support provinces even more heavily, a key factor behind our skepticism over moves to further weaken federal finances. BMO does not represent that this document may be lawfully distributed, or that any financial products may be lawfully offered or dealt with, in compliance with any regulatory requirements in other jurisdictions, or pursuant to an exemption available thereunder. This document is directed only at entities or persons in jurisdictions or countries where access to and use of the information is not contrary to local laws or regulations. Their contents have not been reviewed by any regulatory authority. The opinions, estimates and projections contained in this report are those of BMO Capital Markets as of the date of this report and are subject to change without notice. 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Suez buying snow