North American morning briefing: Opening of actions -2-

The Beijing Winter Olympics drew the smallest average US prime-time audience for the Olympics since NBCUniversal began broadcasting the event decades ago.

The Winter Olympics, broadcast on Comcast Corp.’s NBCU broadcast, cable and streaming platforms, averaged 11.4 million prime-time viewers over more than two weeks, it said. the society. This was a drop of around 42% from the 2018 Pyeongchang Olympics, which had the lowest Olympic viewership so far.

   
 
 

Lycra, the manufacturer of stretch fibers, targeted by the creditors of the Chinese textile group

Creditors of textile and fashion conglomerate Shandong Ruyi Technology Group Co. said the Chinese company defaulted on a loan used to buy Lycra Co. and they would seek control of the stretch fabric maker.

The move is the latest financial challenge for Ruyi, the company assembled by textile magnate Qiu Yafu, which had promised to challenge LVMH Moët Hennessy Louis Vuitton SE as a global luxury conglomerate. After a flurry of acquisitions in recent years, Ruyi has folded. Some of his creditors took control of the brands purchased by Ruyi.

   
 
 

Chicken industry officials brace for retrial in price-fixing case

Executives who worked for some of America’s largest chicken farmers are set to stand trial for a second time starting Tuesday as they fight Justice Department charges that they conspired to fix prices.

The government’s case against the 10 former poultry executives previously ended in a mistrial in December after jurors failed to reach consensus on a verdict after days of deliberation. Prosecutors decided to pursue a new trial, which is expected to last 22 days in federal court in Colorado.

   
 
 

Meituan shows that China Tech is not yet up to the task

Investors in Chinese tech stocks hoping to take a break from last year’s brutal crackdown find themselves dodging new curves instead.

Chinese food delivery giant Meituan is the latest example. Shares of the Hong Kong-listed company fell 18% – or about $32 billion in market value – in two trading days after China’s state planner suggested on Friday that online food delivery platforms should cut fees to help struggling restaurants. Meituan shares have more than halved from their peak about a year ago.

   
 
 

Putin orders deployment of troops to separatist regions of Ukraine

Russian President Vladimir Putin has ordered Russian troops into two breakaway regions of Ukraine after recognizing their independence, a move that threatened to derail negotiations with the West over the future security of Eastern Europe. ‘Is.

His two decrees were published on the Russian government’s legal portal after a televised address on Monday evening in which Mr Putin outlined his grievances over Western support for Ukraine after the collapse of the Soviet Union and the Western arms deliveries to Kiev against the backdrop of a massive crisis. Gathering of Russian troops near its borders.

   
 
 

Bearish bets against the markets are increasing

Investors are betting that the recent crisis in stock and bond markets will intensify.

Short sellers are adding to their positions against the SPDR S&P 500 Exchange-Traded Fund Trust, which tracks the broad U.S. equity index at the fastest pace in nearly a year. Other investors are scooping up options contracts at a record pace that would pay off if recent stock and bond market declines worsen.

   
 
 

Frackers enter once-dead shale slabs as oil nears $100 a barrel

Boosted by the highest oil prices in years, shale companies are moving drilling rigs into oil fields that were all but abandoned a few years ago.

Private oil producers are leading an industry comeback in places like the Anadarko Basin in Oklahoma and the DJ Basin in Colorado, where drilling had almost completely stopped by mid-2020 when those areas became unprofitable due to falling oil prices.

   
 
 

The German business climate increases in February

Germany’s business climate improved for the second month in a row in February amid falling coronavirus cases.

The Ifo business climate index fell from 96.0 points in January to 98.9 points in February, data from the Ifo Institute showed on Tuesday.

   
 
 

As Covid-19 cases drop, UK to lift remaining curbs

LONDON – The British government will this week lift all remaining Covid-19 restrictions in England, including a legal requirement that those infected with the virus self-isolate, as Prime Minister Boris Johnson seeks to fully reopen the British economy and society two years after the pandemic first hit.

Mr Johnson said on Monday that with the virus in decline, government-imposed rules are no longer needed to stop the spread of Covid-19.

   
 
 

Australia’s rising inflation expectations argue for higher rates

SYDNEY-Australian inflation expectations hit their highest level in more than seven years last week, which is likely to put further upward pressure on wage growth and strengthen the case for a rise in interest rates before the end of this year.

Inflation expectations rose 0.1 percentage point to 5.1%, the highest since December 2014, according to a survey by ANZ Bank and pollster Roy Morgan.

   
 
 

Fed official leaves door open for bigger rate hike in March

Federal Reserve Governor Michelle Bowman said on Monday she had an open mind about whether the central bank should initiate interest rate hikes next month with a bigger hike of a month. half a percentage point.

Ms Bowman’s comments follow remarks late last week by two of the Fed’s top officials who brushed off the prospect of a bigger rate hike at their next meeting on March 15-16. .

   
 
 

Putin’s address takes over the US-led world order

Russian President Vladimir Putin’s combative speech Monday from the Kremlin was a nearly hour-long recitation of decades-long historic grievances and an unmistakable challenge by Moscow to the Western-dominated post-Cold War international order. .

The speech, ostensibly aimed at recognizing the independence of two breakaway states that Russia separated from Ukraine in 2014, underscored Putin’s view that Ukraine was a historical accident that the United States turned into a launching pad to attack Russia.

   
 
 

Biden started interview process for Supreme Court pick

WASHINGTON-President Biden began the interview process for his Supreme Court nomination in recent days, according to a person familiar with the process.

Mr Biden has said he intends to appoint a black woman to the Supreme Court for the first time. She would succeed retired judge Stephen Breyer.

   
 
 

Push to ease marijuana laws hit roadblocks

WASHINGTON-Faced with a tough midterm election and splits in Congress, the Biden administration is avoiding the politically sensitive issue of relaxing marijuana laws even as the idea has won support from most Americans.

More than half of US states have legalized the use of cannabis for some purpose. Lawmakers have proposed decriminalizing marijuana, which would result in reduced penalties for users, and pushed to give the industry access to banking services. Those promoting the changes include a wide range of political figures, from former Republican House Speaker John Boehner to progressive Rep. Alexandria Ocasio-Cortez (D., NY).

   
 
 

Write to sarka.halas@wsj.com

TODAY IN CANADA

Earnings:

5N Plus Inc. (VNP.T) 4Q

B2Gold Corp. (BTO.T) 4Q

Chmtrd Lgsts Incm Fd (CHE.UT) 4Q

CI Fincl Corp. (CIX.T) 4Q

Dream Impact Trust (MPCT.UT) 1Q

Unlimited DREAM (DRM.T) 4Q

Gibson Energy Inc. (GEI.T) 4Q

Maxar Tech (MAXR.T) 4Q

Pason Syss Inc. (PSI.T) 4Q

Sierra Wireless Inc. (SW.T) 4Q

Taseko Mines Limited (TKO.T) 4Q

Triple Flag Precs Mtls(TFPM.T) 4Q

Economic indicators (ET):

– Nothing major planned

Actions to watch:

– No article published

Other news:

Canada backs tougher powers to quell Covid protests

Canada’s legislature on Monday approved expanding the use of special emergency powers Prime Minister Justin Trudeau invoked last week to quell protests over Covid-19 mandates, which had crippled the capital and disrupted the cross-border trade.

A motion seeking approval of an Order in Council invoking the powers available under the country’s Emergencies Act for a full 30 days has been passed by the lower house of Canada’s Parliament by 185 votes. against 151. Mr Trudeau, who leads a minority Liberal government, has received support from the country’s leftist New Democratic Party to expand emergency powers. The Conservative Party and the Bloc Québécois opposed it, arguing that the invocation of emergency powers threatened civil liberties.

Extending special powers to deal with any future protests would be one of the most aggressive moves by a Western government in response to public discontent over the pandemic and public health rules.

Those powers, under the cabinet order, allow police to designate certain areas — including streets around Ottawa’s Parliament Hill — as no-protest zones, where people could be arrested. The powers are also forcing service providers, such as tow truck operators, to remove vehicles from the scene and are targeting protesters’ financial assets and sources of cash.

Market Talk:

Brookfield’s stake in AGL could raise regulatory concerns

(MORE TO BE FOLLOWED) Dow Jones Newswires

February 22, 2022 06:16 ET (11:16 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

Comments are closed.