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Canada’s grocery profiteers have got a lot of nerve

Canadian grocery giant Metro Inc. (TSX: MRU) released its quarterly earnings this past Tuesday, while also announcing that sticker price on their grocery items are going up.

Supplier costs are going up, you see, and the increases are “too high to justify..”.

Canadian media is all over the maddening contradiction of grocery barons raising prices to pass supplier costs on to consumers while preserving their dividends. It’s a compelling story that affects everyone.

Blog.to did some tweet aggregation to give us a feel for just how pissed everyone is, and it seems as though even Dalhousie University “Food Professor” Dr. Sylvain Charlebois, who 11 months ago tried to convince his readers that the grocer’s profits’ portion of inflation wasn’t a big deal in the grand scheme, has apparently changed his mind.

You can read more on the matter here.

What’s going on?

• Shell Hydrogen Shuts Down California Stations, Dealing Blow to Hydrogen Car Market (theDeepDive)

• CPA Canada cuts 20% of workforce ahead of split with Ontario and Quebec (BNN)

• ‘Never Incorporate Your Company in the State of Delaware’: Musk Moves Neuralink to Nevada (theDeepDive)

• President Biden Joins TikTok in Bid to Reach Younger Voters (WSJ)

• Who Is To Blame For The Growing Fentanyl Problem? (theDeepDive)

• Shoppers turn to 'imperfect produce' as grocery prices rise (BNN)

• Western Nuclear Supplier Prepared to Replace Russian Uranium, Says Urenco CEO (theDeepDive)

• Cape Town to Pay Homes for Excess Solar in South African First (BNN)

• Dumb-Bell: There’s Never Been a Better Time to Nationalize the Telcos (theDeepDive)

• EU Proposes Curbs on Three Chinese Firms for Aiding Russia (Bloomberg)

• Uzbekistan Appears To Be The Latest Country To Cut Uranium Production Targets (theDeepDive)

• Musk denies selling Starlink terminals to Russia after Kyiv alleges their use in occupied areas (CNBC)

• Jagmeet Singh Sets March 1 Deadline For Pharmacare Bill, Warns Of ‘Repercussions’ If Trudeau’s Government Doesn’t Follow Through (theDeepDive)

What’s the latest?

• ArriveCan Disaster: The Auditor General of Canada released a report criticizing the management practices behind the ArriveCan app, revealing that due to poor financial record-keeping by the Canada Border Services Agency (CBSA), the exact cost of the app's development and operation is undeterminable. While CBSA estimated the app's expenses at around $54 million, Hogan's assessment puts the figure at approximately $59.5 million, based on available data.

• Bitcoin Surge: Bitcoin's price has hit a new multi-year high, rising as high as $49,979. The price is the highest point the crypto coin has reached since December 2021, and is up close to 13% since the start of the year.

• Major Merger: Diamondback Energy Inc. has announced a significant acquisition of Endeavor Energy Resources LP in a $26 billion cash-and-stock deal, marking a major move in the consolidation of the US energy sector, particularly within the Permian Basin. The deal, which involves 117.3 million shares and $8 billion in cash, will result in Diamondback shareholders owning 60.5% of the merged entity, with Endeavor's shareholders owning the remainder.

• CPA Layoffs: Chartered Professional Accountants of Canada (CPA Canada) is reducing its workforce by 20%. The decision for downsizing follows a review triggered by the announced exit of the two provincial oversight bodies, which are set to leave CPA Canada by December. CPA Canada, formed in 2013 to unify the accounting profession across the country, currently employs about 400 people nationwide.

• Rogers Targeted: Beanfield Metroconnect, a Toronto-based independent telecommunications provider, has filed an application with the CRTC to challenge the "bulk agreements" practice used by Rogers Communications Inc. and other major carriers. These agreements, which Beanfield argues limit competition and consumer choice, involve carriers providing internet service for all units in a new condo building, with costs typically included in residents' rent or condo fees.

The problem with Cameco Earnings

The stock market and stuff

• Jeff Bezos Sells $2 Billion Worth of Amazon Shares (theDeepDive)

• Shares of UFC and WWE parent company are primed to rally 40% (CNBC)

• Cameco Earnings: There’s Some Problems (theDeepDive)

• NYCB shares gains as stake purchase by top executives lifts investor trust (Reuters)

• Amazon Sued For Breaching Consumer Law With Price Increase (theDeepDive)

• Bitcoin hits highest in more than two years (Reuters)

In the juniors

• Benton Resources Mobilizes For 3,000 Metre Phase 2 Drill Program At Great Burnt Copper Project (theDeepDive)

• Sigma Lithium Receives LOI For Development Bank Financing Of Facility Expansion (theDeepDive)

• JetBlue resets with new CEO, industry veterans to run airline on time, and profitably (CNBC)

• ATHA Energy Adds Uranium Bench Strength To Exploration, Corporate Teams (theDeepDive)

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