Dear valued client,
Happy Good Friday. He is risen, and so have the markets, posting more gains this week.
There is no doubt about Justin Trudeau’s success as a politician. His business acumen, however, was called into question again this week. Foreign leaders, including Greek Prime Minister Kyriakos Mitsotakis, have expressed interest in securing Canadian natural gas, highlighting Canada’s potential as a key supplier in the global energy market. Mitsotakis emphasized Greece’s need for LNG (liquid natural gas). Despite this interest, there has been a lack of official commitment from the Canadian government to facilitate such exports. Previous visits from Japanese Prime Minister Fumio Kishida and German Chancellor Olaf Scholz also ended without concrete agreements on LNG exports. Canada’s current status as the fifth largest producer of natural gas underscores its significance, yet limited infrastructure and regulatory hurdles hinder its ability to capitalize on this position. The urgency to streamline regulatory processes and expand LNG export facilities is echoed by stakeholders like Alberta’s energy minister Brian Jean, who emphasizes the need to meet the demands of allies and trading partners. Canada had an opportunity to be a massive supplier of energy to Europe over the past few years, thereby mitigating the EU’s dependence on Russia… to no avail.
The collapse of the Francis Scott Key Bridge in Baltimore following a cargo ship collision has left six individuals missing and presumed dead. The vessel’s impact not only devastated the bridge, a vital transportation artery connecting sections of the I-695 highway but also disrupted maritime trade routes, significantly impacting the local economy and international supply chains. As debris clearance delays shipping, industries reliant on the Port of Baltimore, such as automotive and agricultural sectors, face potential setbacks, threatening time-sensitive supply chains and endangering thousands of jobs. The extensive reconstruction of the bridge, expected to take years, poses significant financial implications, prompting calls for federal assistance from The White House to cover the considerable costs involved.
The terrorist attack in a concert venue in Russia, which claimed the lives of 143 individuals (so far), prompted a national day of mourning, with President Vladimir Putin confirming the arrest of four suspected gunmen. While ISIS claimed responsibility for the massacre, Putin refrained from mentioning the group in his address to the nation. Instead, he asserted that the perpetrators were apprehended while attempting to flee to Ukraine, a claim refuted by Ukrainian officials as an attempt to shift blame. U.S. National Security spokesperson Adrienne Watson emphasized that ISIS bears sole responsibility for the attack.
Sam Bankman-Fried, the former co-founder of FTX, faced sentencing on Thursday, culminating in a 25-year prison term handed down by U.S. District Judge Lewis Kaplan. This follows Bankman-Fried’s conviction for orchestrating one of the largest financial frauds in U.S. history, which saw customers of the now-defunct cryptocurrency exchange lose a staggering $8 billion. Despite Bankman-Fried’s assertions to the contrary, Judge Kaplan deemed his claims unfounded, underscoring the magnitude of the financial losses incurred by victims. This verdict serves as a stark reminder of the consequences of financial misconduct and the imperative for transparency and integrity in investment practices.
“The person who actually knows just what they want in life has already gone a long way toward attaining it.” – Napoleon Hill
Have a terrific Easter weekend,
PWPS.. For you golf enthusiasts, anticipation builds as the Master’s tournament approaches in a few weeks. Also, a “Happy Gilmore” sequel could be in the works. Christopher McDonald, who played Shooter McGavin, said Adam Sandler recently showed him a first draft of the script.
