Daily Wrap-Up: Timmies’ owner eyes Popeyes, wholesale sales gain

Daily Wrap-Up: Timmies’ owner eyes Popeyes, wholesale sales gain

Daily Wrap-Up: Timmies’ owner eyes Popeyes, wholesale sales gain Timmies’ owner eyes Popeyes, wholesale sales gain
The Toronto and New York stock exchanges were closed for holidays but Monday still brought plenty of interesting developments.

European equities closed their session flat or slightly higher while Asian indexes were also generally higher.

Closer to home, it’s reported that the owner of Tim Hortons and Burger King will be expanding its restaurant portfolio with the addition of Popeyes. Restaurant Brands International will pay around U$1.7 billion for the business which has 2,000 outlets. 

Meanwhile, Canada’s wholesale sales data released Monday by Statistics Canada reveals a 0.7 per cent rise in December to $57.3 billion. In volume terms, sales were up 0.9 per cent.

Six of the seven sectors gained with the machinery, equipment and supplies subsector and the building material and supplies subsector contributed the most to the advance. 

Oil prices are trending higher this evening with Brent at $56.12 and WTI at $53.69, but concerns over US output remain. 

Gold prices are essentially flat. 

Tributes paid to union pioneer Bob White
The man who led the drive to create a separate union for Canada’s auto workers has died at the age of 81.

Bob White’s movement saw the Canadian Auto Workers union formed after a break from the US union before a combination with the Communications, Energy & Paperworkers union created Unifor.

White, who died Sunday, was described as a “true maverick” by Unifor president Jerry Dias who issued a statement paying tribute:

“Bob White's legacy is a stronger and more equitable Canada, and a labour movement that stands up for Canadian workers,” said Dias. “Bob was a trailblazer, who fought not just for the union but also for social justice. He believed in using our collective strength to make both our workplaces and our world better places. His vision lives on and we will continue the fight in his honour.”