HEADLINES

Sherritt Flags Uncertain Future as It Looks to Raise Capital to Restart Operations

Sherritt International warned there are doubts about ability to continue as a going concern as the nickel and cobalt refiner looks to secure the capital needed to restart operations.

The stock settled at C$0.11, down 29%.

The Canadian company said it is in active discussions with its senior lenders and bondholders regarding advancing a recapitalization that looks to stabilize its balance sheet and position it to restore normal operations when circumstances allow. Sherritt also remains in talks to sell a controlling stake in the company to Gillon Capital, a private family office linked to Republican financier Ray Washburne.

Sherritt last month moved to shut down operations at its refinery in Fort Saskatchewan, Alberta, as it runs out of feedstock at a mining and processing operation in Cuba.

Sherritt has run up against the U.S. administration's efforts to force regime change in Cuba, and in early May it suspended its participation in joint venture activities on the island.

Canadian Oil Sands Producers Reach Deal With Governments for Carbon Capture Project

The five biggest oil sands companies in Western Canada have reached a deal with the federal and Alberta governments to push ahead with a carbon storage project, setting the industry up to boost production and exports.

Members of the Oil Sands Alliance signed the memorandum of understanding with Ottawa and the provincial government on the heels of Alberta's submission of an application for a new West Coast oil pipeline to the federal government's Major Projects Office.

Prime Minister Mark Carney's government has tied approval for a new pipeline running from Alberta to British Columbia's coast to the Pathways carbon capture project, a vehicle to lower emissions.

The Oil Sands Alliance said the trilateral memorandum envisages a series of regulatory reforms and fiscal measures needed to lift oil sands production and get Canada's oil to new markets.

Condor Energies Hits Fresh Production Milestone in Uzbekistan

Condor Energies continues to ramp up its Uzbekistan project, hitting a production milestone after testing a new well and tying it into the production facilities.

The Canadian energy company said it averaged 16,921 barrels of oil equivalent a day over the past 72 hours, an increase driven in part by the recently drilled Kumli-42 vertical well. In late May, the company reached 15,283 oil-equivalent barrels a day as the K-47 well started production.

Condor said two rigs continue drilling operations on pad one in the Kumli NW extension.

Voyager Therapeutics Presents Positive Toxicology Findings for Alzheimer's Therapy

Voyager Therapeutics plans to begin a clinical trial in the second half of the year of its investigational gene therapy for Alzheimer's disease after positive toxicology data.

The biotechnology company in a conference presentation taking place in London said six-month good laboratory practice toxicology data for VY1706 showed the therapy targeting intracellular and extracellular tau for Alzheimer's disease showed it was well tolerated and resulted in sustained tau protein reduction up to 75% in key brain regions of non-human primates following a single intravenous dose over a six-month period.

Tau refers to a protein found abundantly in the neurons of the central nervous system.

Enterprise Lines Up 2 New Natural Gas-to-Electricity Clients

Enterprise Group added a pair of oil-and-gas producers as clients as it expands its presence across Western Canada, delivering mobile and semi-permanent natural gas power offerings.

The Canadian company said it has a new business relationship with two companies, both of which have adopted its natural gas-to-electricity solutions.

Enterprise said additional projects that build on these deployments are now either underway or in various stages of planning.

"We believe the industry is still in the early stages of adopting natural gas-powered electrification, and we continue to see increasing demand from producers," Chief Executive and Chairman Leonard Jaroszuk said.

Air Canada Reaches Tentative Labor Deal With International Association of Machinists and Aerospace Workers

Air Canada reached a new tentative collective agreement with the union representing about 11,000 of the airline's technical operations, airports and cargo, logistics and supply employees.

The Canadian flag carrier said the four-year agreement with the International Association of Machinists and Aerospace Workers would take effect from April 1 and would remain in place until March 31, 2030.

The tentative deal remains subject to ratification by the union members, which Air Canada said is expected to be completed over the coming days.

If ratified, this would represent the sixth collective agreement concluded at Air Canada this year. The airline in June ratified a new collective bargaining agreement with Unifor, which represents about 6,000 employees, including contact center, customer relations, concierge, airport in-terminal and customer journey-management workers.

Brookfield Plans to Buy Stake in Hudson Square Complex in Bet on Manhattan Tech Hub

Real-estate giant Brookfield is in exclusive talks to acquire a stake in Hudson Square Properties in a deal that would value the complex at $3.5 billion and further solidify the status of Manhattan's West Side as the city's newest tech and media hub.

Brookfield, which would own 10% of the 13-building, 6.2 million-square-foot portfolio, would also take over as its long-term operating partner, according to a person familiar with the matter. The deal is expected to close in the coming months.

Located south of the West Village and a few blocks from the Hudson River, the Hudson Square office district has experienced robust leasing over the past year as fast-expanding tech companies snap up space.

TALKING POINT

Bank of Canada Set to Keep Rates Steady, WSJ Survey Shows

By Paul Vieira

OTTAWA--The Bank of Canada is likely to keep its policy rate unchanged for a sixth consecutive time on Wednesday, as inflation remains too hot to cut and economic activity too tepid to raise.

Economists surveyed by The Wall Street Journal say the central bank remains firmly in a wait-and-see mode, given uncertainty over energy prices as the conflict between the U.S. and Iran reignites, and over trade policy, with the Trump administration unwilling to renew the U.S.-Mexico-Canada trade treaty, or USMCA.

Data indicate Canada's economic activity accelerated in the April-to-June period following two straight quarters of contraction--which economists and central bank officials say should put to bed talk of a recession. Still, analysts say the economy remains fragile, with businesses somewhat hesitant to invest and hire, and households curbing spending amid elevated energy costs. Economists disagree on whether a rate cut could still be in the cards.

Andrew Kelvin, chief Canada strategist for TD Securities, said the return to growth and core inflation at or slightly above 2% should provide some comfort to central-bank policymakers. "But it would be premature to rule out cuts in the medium-term given recent choppy activity data, normalization in oil prices, and ongoing uncertainty around USMCA negotiations," he added.

Carl Gomez, chief economist at Toronto's Centurion Asset Management, said previous language about concern over inflation likely rules out further rate relief. "What ails the Canadian economy is not cyclical. It's structural," Gomez said, in reference to the country adapting to a sea-change in U.S. trade policy, aging demographics and an investment boom tied to the use of artificial intelligence.

Twelve economists surveyed by the Journal last week predicted the Bank of Canada would keep its main interest rate unchanged at 2.25%, where it has been since October of last year. All economists surveyed don't expect the central bank to change the benchmark rate this year. Most anticipate a rate increase in the first half of next year, although some analysts contend that underlying economic weakness could keep the central bank on hold until 2028.

The Bank of Canada sets rate policy to achieve and maintain 2% inflation, or the midpoint of a 1% to 3% range. Inflation expectations ramped up sharply in the second quarter on higher energy costs, according to the central bank's quarterly business-outlook survey. And inflation accelerated in May to 3.2% although measures of core prices remained steady.

Bank of Canada Gov. Tiff Macklem said some of that inflation risk had dissipated with the deal reached last month between Washington and Tehran. However, military attacks re-escalated last week, pushing crude-oil prices slightly higher.

Offsetting some of that inflation risk is the lingering impact of U.S. trade policy uncertainty. A survey from KPMG Canada this week indicated that four out of 10 manufacturers have either moved production to the U.S. or are considering such a move due to the threat posed by the Trump administration's trade policy. The KPMG survey also suggested that over half of manufacturers have paused, reduced or cancelled capital spending due to trade uncertainty. Business investment in Canada has declined for five straight quarters.

Bank of Canada officials "have made it clear that the hurdle for a policy shift, in either direction, is quite high at the moment," said Benjamin Reitzes, economist at BMO Capital Markets. "With no clear near-term catalyst to drive positive economic momentum and the output gap likely to keep underlying inflation contained, policy rates are expected to remain unchanged into next year."

Write to Paul Vieira at [paul.vieira@wsj.com]

Expected Major Events for Tuesday

04:30/JPN: May Revised Industrial Production

06:00/GER: Jun WPI

10:00/US: Jun NFIB Index of Small Business Optimism

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July 13, 2026 16:30 ET (20:30 GMT)

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