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Is Rogers quietly cutting staff?

Concerns are mounting over the possibility of quiet layoffs at Rogers Communications (TSE: RCI.B) during recent restructuring activities within the company. According to information provided to Samfiru Tumarkin LLP, an undisclosed number of employees across various roles were let go in April.

These alleged layoffs, notes the law firm, coincide with the cancellation of Cityline, a long-running daytime talk show owned by Rogers that has been on the air for the past four decades. 

You can read more on the matter here.

What’s going on?

• WSJ Cuts Hong Kong Editorial Staff, Expands Singapore Team (theDeepDive)

• Fed’s Bowman Says Inflation to Remain Elevated for ‘Some Time’ (Bloomberg)

• Is Rogers Quietly Laying Off Employees? (theDeepDive)

• Lithium giant Albemarle’s plans to reopen a resource rich mine in North Carolina will take years (CNBC)

• WHO chief urges countries to finalise pandemic accord by deadline (Reuters)

• Breakfast Commodity Prices Surge, Outpacing Broader Markets (theDeepDive)

• U.S. jobs post smallest gain in 6 months as unemployment rises (BNN)

• Turkey To Halt All Trade With Israel (theDeepDive)

• Boeing sending first astronaut crew to space after years of delay (Reuters)

• Boeing Supplier Whistleblower Joshua Dean Dies, Just Two Months After First Whistleblower’s Death (theDeepDive)

• FTC Seeks More Information on $16.5 Billion Novo-Catalent Deal (WSJ)

What’s the latest?

• Weak Jobs Market: U.S. job growth decelerated and the unemployment rate rose unexpectedly in April, indicating a cooling labor market. Nonfarm payrolls increased by 175,000, marking the smallest gain in six months, and the unemployment rate increased to 3.9%. Additionally, average hourly earnings grew by only 0.2% from the previous month and 3.9% from the previous year, which is the slowest pace since June 2021.

• FIFA Support: The federal government has allocated $104.34 million to support Toronto in hosting six matches during the 2026 FIFA World Cup. This funding is part of a broader commitment by the government, which also includes $116.66 million for Vancouver's games. Together with additional funds from provincial and city sources, these contributions are aimed at covering operational and capital expenses associated with the tournament.

• TD Bank Problems: TD Bank is under scrutiny due to allegations of inadequate controls that failed to prevent hundreds of millions of dollars from being laundered through its systems. This investigation stems from illegal drug sales in New York and New Jersey, with indications that bank employees may have been bribed. In response TD has already reserved $450 million for potential fines related to just one of these inquiries.

• Home Sales: The Greater Toronto Area witnessed a slight decline in home sales in April, dropping by five percent from the previous year, with 7,114 homes sold compared to 7,487 in April 2023. However, the market saw a substantial increase in new listings, which surged by 47.2 percent year-over-year.

• China To The Moon: China has successfully launched the Chang'e-6 probe to the far side of the moon, aiming to collect rock and soil samples from the South Pole-Aitken Basin, an area never before sampled directly. This mission marks another significant achievement in China's rapidly advancing space program. The Chang'e-6, which launched atop a Long March-5 rocket, follows the Chang'e-5 mission's success in 2020, which was the first lunar sample return in over four decades.

China's buying frenzy igniting gold rally

The stock market and stuff

• Skydance bid for Paramount hinges on Shari Redstone as special committee ends exclusive talks (CNBC)

• BHP’s Biggest Rivals Sit on the Sidelines of Anglo M&A Drama (Bloomberg)

• Gazprom Sees First Annual Net Loss In 25 Years As Flows To Europe Fall To Lowest Levels In 5 Decades (theDeepDive)

• Carvana shares spike 30% as used car retailer posts record first quarter (CNBC)

In the juniors

• Sandstorm Gold Monetizes Assets For $21 Million Cash, Royalty Retention (theDeepDive)

• SNDL To Gain Exposure To US-Based Cannabis Assets Found Across Five States (theDeepDive)

• Canopy Growth Raises US$50 Million Via Convertible Debenture (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.