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The Globe and Mail Published April 16, 2021 Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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We’re a year out from the worst of the pandemic’s impact on financial markets, but the punishment for savers and conservative investors only gets worse.
Already scant returns on savings accounts have been sliding lately to a point where 1.25 per cent is becoming the new standard. EQ Bank, which has held the line better than most on rates in the past year, cut its savings rate to 1.25 per cent from 1.5 per cent on April 16. The introductory rate of 2.3 per cent for savings held in tax-free savings accounts and registered retirement savings plans falls to 1.25 per cent at the end of May.
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Citi warns markets eerily similar to what preceded the 2000 crash. Plus, COVID-19 lessons from an income property investor Published April 7, 2021 Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account
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Citi’s chief U.S. equity strategist Tobias Levkovich does not like this market at all. In Wednesday’s
Feeling a 1999 Vibe (and That’s Risky), the strategist directly compares current market euphoria to the last months before the collapse of the 1990s technology bubble.
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The above table includes non-GAAP financial measures which may not be comparable to other companies. Please see the "Non-GAAP Financial Measures" section of the accompanying Management's Discussion and Analysis.
(2)
Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type.
Message to Shareholders
Vermilion started 2020 on a strong footing in what appeared to be a constructive outlook for commodity prices. That all changed in mid-February as the effects from the COVID-19 pandemic started to take hold. As we are all too aware now, the pandemic had devastating effects on the global economy and commodity prices. As commodity prices collapsed, we took swift and decisive action, making drastic changes to our business in order to protect the balance sheet and preserve financial liquidity. We reduced our 2020 capital program in March, suspended our dividend in April and, with other cost saving initiatives, reduced over $550 million combined of annualized cash outflows. In the months following, we made several changes to our executive leadership team and undertook a global organizational review to improve profitability and long-term sustainability. While these collective decisions were difficult to make, we can look back now with confidence and know that they were in the best interests of the Company. Not only did Vermilion successfully navigate this downturn, we have made several structural changes to our business that will improve our long-term sustainability and add value for our shareholders over the coming years.
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