home Funds Posthaste: Deutsche Bank’s desperate move, CSIS docs on pipeline protestors and a cannabis shortage looms

Posthaste: Deutsche Bank’s desperate move, CSIS docs on pipeline protestors and a cannabis shortage looms

A sign that reads "United Against Enbridge" is displayed in a window in the First Nations village of Old Massett, British Columbia, Canada, on Friday, Aug. 26, 2016.Ben Nelms/Bloomberg

Good morning!

Across the pond, Deutsche Bank has unveiled a desperate plan to revive the investment bank that involves cutting a fifth of its workforce and closing its equities operations — but some analysts think the plan looks overly optimistic. Citigroup analysts said the goal of achieving a return on tangible equity of 8 per cent by 2022 looks “highly improbable.

The bank did not give a geographic breakdown of the job cuts, but Deutsche Bank has offices in Toronto that offers corporate finance, corporate advisory, asset securitization, underwriting, derivatives trading and stock lending, according to its website.

The B.C. Civil Liberties Association is expected today to release documents disclosed by the Canadian Security Intelligence Service on the alleged spying on peaceful protest and organizing activities of Indigenous groups and environmentalists who were opposed to the Enbridge Northern Gateway Pipeline project.

Bank of Canada governor Stephen Poloz will have an easier job of holding interest rates on June 10, than his counterpart Jay Powell south of the border when his turn comes later in the month, according to BMO economist Avery Shenfeld.

“Markets aren’t clamoring for a move in the near term, and neither, for that matter, are Canada’s political leaders. Jay Powell would no doubt like that sort of quietude,” Shenfeld said in a note to clients.

Here’s what’s breaking this morning:

Deutsche Bank begins 18,000 job cull in $8.3 bln reinvention Global shares muted as prospect of sharp U.S. rate cut fades Encana to sell its Arkoma Basin natural gas assets for $165 million Poloz’s comfort level with stronger Canadian dollar faces a test British Airways faces landmark $230 million data-theft fine Outage problems at mobile service providers causing voice service issues Spies welcomed energy industry info about alleged threats, documents show Premiers to meet at Calgary Stampede in advance of Council of the Federation B.C. civil liberties association to release CSIS papers on environmental groups ‘Smoking gun’: Huawei staff employment records link them to Chinese military agencies CannTrust warns of cannabis shortages after Health Canada finds greenhouse facility non-compliant Boeing’s 737 Max loses first customer as Flyadeal goes to Airbus Google, Dish Network in talks to create 4th mobile carrier Amazon workers plan Prime Day strike despite $15-an-hour pledge Linton likely headed to U.S. next after Canopy Gold gains as Fed rate cut bets hold, growth concerns linger Greek bond yields hit fresh all-time low after conservatives win election

Why StatCan’s jobs report was good despite the headline numbers

The top winners and losers in the TSX’s best first half in more than a decade Why investors give up on their big winners way too soon How will history judge Canopy Growth’s founder as a dealmaker?

Condo flippers beware: The taxman is watching you, and has new tools at his disposal to ‘take action’

The 2019 Calgary Stampede runs through July 14 in Calgary Premier Jason Kenney hosts annual Premier’s Stampede Breakfast International scientific conference explores ideas and opportunities for sustainable plant production and food and water security at the University of Saskatchewan The British Columbia Civil Liberties Association releases documents disclosed by the Canadian Security Intelligence Service on the alleged spying on peaceful protest and organizing activities of Indigenous groups and environmentalists who were opposed to the Enbridge Northern Gateway Pipeline project

In the first of a new series, Innovation Energy, the Financial Post looks at how the energy industry still gets a bad rap when it comes to innovation, while it is actually by far the largest spender on clean tech in Canada — to the tune of $1.4 billion a year. In fact, if the global oil industry were forced to produce its crude at Canadian standards, the world would see an immediate 23 per cent reduction in emissions, says Canadian Natural Resources.

Have a great weekend and feel free to send your thoughts, tips and news to Yadullah Hussain at yhussain@postmedia.com — @YAd-FPenergy

— With files from The Canadian Press, Thomson Reuters and Bloomberg