Rogers Communications says the Competition Bureau has failed to correctly assess the effects of its 20-billion dollar deal with Shaw on competition in the Canadian telecom sector. The company is seeking a dismissal of the antitrust suit filed by the watchdog aiming to block its transaction with Shaw. In a filing late Friday afternoon, Rogers said that any antitrust concerns can be “fully eliminated” by the company’s plan to sell Shaw’s Freedom Mobile division. Rogers and Shaw have agreed not to finalize the acquisition until objections by the Competition Bureau are resolved.

CDPQ TO INVEST $5B IN DP WORLD’S UAE ASSETS

The Caisse de Depot et Placement du Quebec has agreed to a big investment in DP World, a global end-to-end logistics provider based in the UAE. The deal will give the Montreal-based pension fund a 22 per cent stake in three assets, which include the Jebel Ali Port, the Jebel Ali Free Zone and the National Industries Park. CDPQ will invest $2.5-billion and the remainder of the transaction will be financed by debt.

MARKET WATCH

U.S. futures are pointing to a positive open when trading gets underway in North America this morning. Investors are cautiously optimistic after the demand outlook out of China improved when Beijing rolled back some COVID related restrictions.

OTHER NOTABLE STORIES

  • U.S. West Texas Intermediate is trading higher just shy of US$120 a barrel after Saudi Arabia boosted its crude prices for Asia more than expected signaling it has confidence in demand as China emerges from crippling COVID-19 lockdowns
  • U.S. hedge fund Elliott Management has filed a lawsuit against the London Metal Exchange for more than US$456-million over its decision to cancel nickel trades in March after an unprecedented surge in the price of the metal.
  • U.K.’s Prime Minister Boris Johnson will face a vote of confidence today amid growing frustration in his leadership

 NOTABLE RELEASES/EVENTS

  • Release of National Indigenous Economic Strategy (1000; news conference at 1100)
  • Apple opens five-day Worldwide Developers Conference (keynote speech at 1300)
  • Saskatchewan Premier Scott Moe on energy mission in U.S. (first in New York, then to D.C. on June 7; returns to Saskatchewan on June 10)
  • Five-day Summit of the Americas begins in Los Angeles