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TMX opens up unexpected new customer for Canadian oil



A surprising twist for Canadian oil: Hollywood might not just be the land of movie stars and glitz anymore. With the Trans Mountain Pipeline Expansion poised to open, Canadian crude oil is finding its way to an unexpected destination – Los Angeles. Recent shipments totaling nearly 2 million barrels have made their way from Vancouver to Los Angeles, a move that hasn't been seen on this scale in four years. At least two of these shipments contain heavy crude destined for Marathon Petroleum Corp.’s refinery in LA. This shift suggests that West Coast refineries could become significant customers due to their proximity to Vancouver, offering competitive transportation costs for Canadian crude.


Q1 market strength: As the first quarter comes to a close, North American stock markets have been on a record-breaking spree. However, history cautions against excessive optimism. Analysis shows that strong first quarters don't always translate into sustained growth throughout the year. Despite impressive Q1 returns, the second quarter often sees more modest gains, with some years even experiencing negative returns. Nevertheless, in the majority of cases, the market tends to end the year positively, showcasing the importance of a long-term perspective.


Sentencing for FTX's Sam Bankman-Fried: The rise and fall of Sam Bankman-Fried, the mastermind behind FTX cryptocurrency exchange, reaches a critical juncture today as he faces sentencing in a New York courtroom for his role in the company's collapse. Convicted of fraud, Bankman-Fried's fate hangs in the balance as prosecutors seek a lengthy prison term, while his defense argues for a more lenient sentence. The outcome will mark the culmination of a saga that has captivated the business world.


BC's pursuit of QuadrigaCX assets: British Columbia authorities are pursuing assets belonging to Michael Patryn, the surviving co-founder of QuadrigaCX, a cryptocurrency exchange that collapsed following the death of its founder. Patryn faces demands to explain the origin of assets found in his possession, including cash, gold bars, and luxury items. The legal action sheds further light on the murky circumstances surrounding QuadrigaCX's downfall and the complex web of individuals involved.


Big Tech under fire from Ontario school boards: In a groundbreaking move, four major school boards in Ontario have launched lawsuits against the parent companies of popular social media platforms. Alleging that platforms like Facebook, Instagram, Snapchat, and TikTok are detrimental to student learning and well-being, the boards seek over $4 billion in damages. The lawsuits highlight concerns about the addictive nature of social media and its impact on students' attention spans and mental health, signaling a growing pushback against Big Tech's influence in education.


These developments underscore the diverse challenges and dynamics shaping various sectors in Canada, from energy to finance to education, as stakeholders navigate an ever-evolving landscape.


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