By Ketki Saxena
Investing.com — The TSX rallied for the second straight day in the new year, boosted by miners as spot gold prices hit a seven month high and tracking Wall Street higher as investors await meeting minutes from the Federal Reserve’s December Policy meeting.
Despite hawkish guidance from the Fed at its last policy meeting of 2022, investors are hoping for the Fed to temper its aggressive approach as signs of a recession mount domestically and globally.
Further gains on the commodity heavy Canadian index were capped by losses in crude over weakening global demand and the deflation of hopes that China’s repeal of lockdown measures would help boost demand in the world’s top importer of crude.
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CIBC (TSX:CM) plans to appeal a New York court decision that found the bank liable for damages in a lawsuit brought by Cerberus Capital Management LP in 2017. CIBC expects the total amount of damages, inclusive of prejudgment interest, will be about US$848 million through to Dec. 1, 2022. The case related to an October 2008 transaction in which CIBC issued a limited recourse note to Cerberus, and a subsequent transaction in 2011.
The Federal Court of Appeal will hear the Competition Bureau's appeal of a decision related to the $26 billion Shaw-Rogers deal on January 24. The Competition Bureau is appealing the Competition Tribunal's of its case last week as it judged the takeover would not materially reduce competition in the Canadian telecom market. The Competition Bureau earlier this week secured a temporary, emergency stay to halt the deal until the Federal Court of Appeal hears its case.
Aurora Cannabis Inc (TSX:ACB). has closed the sale of its Aurora Polaris facility as part of a plan to streamline its operations, with gross proceeds from the sale totaling about $15 million. Aurora also reiterated its expectation of achieving profitability based on adjusted earnings before interest, taxes, depreciation and amortization for the quarter ended Dec. 31, 2022.
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