Canada’s major banks have increased their prime lending rate by 50 basis points to 3.2 per cent, a two-year high.
Canada’s four biggest banks (Royal Bank of Canada, Toronto-Dominion Bank, Bank of Nova Scotia, and Bank of Montreal) said the higher prime rate will come into effect on Thursday, April 14, 2022. Variable-rate mortgages are tied to the prime rate.
It’s hoped that the rate hike will put a damper on the country’s rising housing markets.
In recent months, Canada has witnessed a rise in the popularity of variable-rate mortgages because of the gulf between them and fixed-rate mortgages. Data from the Bank of Canada states that variable-rate mortgages account for more than half of all mortgages.
On Wednesday, the Bank of Canada raised its overnight rate by 50 basis points to 1 per cent. It was the highest single hike in 22 years. The central bank was responding to the instability caused by Russia’s attack on Ukraine.
As the Easter holiday approaches, oil prices went down on Thursday. Brent futures were down 86 cents or 0.8 percent to $107.92 a barrel, while U.S. West Texas Intermediate futures lost $1.10 or 1.1 per cent to drop to $103.15 a barrel at 13:35 GMT.
After making US$16.4 billion from sales of Tesla Inc shares last year, Elon Musk wants to buy Twitter Inc for $43 billion in cash. Tesla CEO, who is currently Twitter’s second-largest shareholder, said that the social media company needs to be transformed into a platform for free speech.
At a TED Talk in Vancouver when asked about why he made the bid to take over Twitter, Musk said: “I think it’s very important for there to be an inclusive arena for free speech.”
On Wednesday, JPMorgan Chase & Co. surprised Wall Street by setting aside US$902 million for potential loan losses in its fiscal first quarter. In a conference call with analysts on Wednesday, the company’s Chief Financial Officer Jeremy Barnum noted that the odds of a recession were slightly higher because of rising inflation and the war in Ukraine.
Let’s take a look at five stories that captured the attention of our readers this week. These include agriculture, energy, mining, and health care.
Affinor Growers Inc. (CSE:AFI) announces upcoming media event
Affinor Growers Inc. (AFI) will be showcasing its vertical farming technology at an exclusive media event on April 20, 2022.
The company expects to launch its vine-ripened, cultivar strawberries in grocery stores in Greater Vancouver, BC later in April. The premium, sustainable, greenhouse strawberries will be available under the company’s own “Eco-spirit®” branding.
Affinor CEO Nick Brusatore commented on the upcoming event.
Affinor Growers Inc. (AFI) rose to 0.055, gaining $0.02 or 37.50 per cent in the past 5 days.
Saturn Oil & Gas (TSXV:SOIL) announces results of an evaluation of the company’s crude oil and natural gas assets
Saturn Oil & Gas (SOIL) has announced the results of the independent reserves evaluation of the company’s crude oil and natural gas assets effective December 31, 2021.
The evaluation is in compliance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (NI 51-101) and in accordance with the Canadian Oil and Gas Evaluation Handbook.
CEO John Jeffrey sat down with Shoran Devi to highlight the results.
Saturn Oil & Gas Inc. (SOIL) rose to $3.26, with a gain of $0.35 or 12.03 per cent in the past 5 days.
Avrupa Minerals (TSXV:AVU) reports on first operations at the Kolima Project
Avrupa Minerals (AVU) reports on first operations at its recently-acquired Kolima Project in the Pyhäsalmi VMS Belt in central Finland.
The company announced an agreement with privately-held Akkerman Exploration B.V. to acquire subsidiary Akkerman Finland Oy and has now completed the first portion of the acquisition.
Avrupa Minerals CEO and Director Paul Kuhn sat down with Shoran Devi to discuss the news.
Avrupa Minerals Ltd. (AVU) rose to $0.095 gaining $0.02 or 26.67 per cent in the past 5 days.
Cybin (NEO:CYBN) announces positive results from a pharmacokinetic study of CYB004
Cybin (CYBN) has announced positive preclinical data from a pharmacokinetic study of its proprietary deuterated dimethyltryptamine (DMT) molecule, CYB004.
When inhaled CYB004 demonstrated significant advantages over both IV DMT and inhaled DMT, including a longer duration of action, and improved bioavailability.
CEO Doug Drysdale sat down with Dave Jackson to discuss the news.
Cybin (NEO:CYBN) gained $0.02.
Baroyeca Gold & Silver (TSXV:BGS) provides an update on exploration at the Atocha and Santa Barbara projects
Baroyeca (BGS) has provided an update on exploration work at the flagship Atocha Project and upgrades at the Santa Barbara Project.
Both projects are located in the Southern Bolivar region of Colombia.
Baroyeca President Raul Sanabria sat down with Dave Jackson to discuss the updates.
Baroyeca Gold & Silver Inc. (BGS) rose and fell but remained unchanged at $0.43 by Thursday.
While we wish you a happy Easter holiday, we ask that you join us next week Friday for another Top 5 Stories.
