Trudeau’s potential exit lifts Canadian dollar
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 6 January 2025
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Monday, January 6th. I'm Julie Morgan. Canada could soon have a new prime minister. Paychecks wants to buy Paycour, and SpaceX could be signing up Italy as a new customer. |
| 0:22.8 | The Canadian currency strengthened 0.4% against the U.S. dollar overnight, following a report |
| 0:29.8 | that Canadian Prime Minister Justin Trudeau could resign as leader of the ruling Liberal Party |
| 0:35.6 | as early as today. The Globe and Mail reported citing three sources that while the definite timing of his |
| 0:42.2 | announcement is unknown, one of the sources said it'll likely happen before a Liberal Party |
| 0:47.5 | caucus meeting on Wednesday. So it doesn't look like Trudeau was forced out by his own MPs. |
| 0:53.8 | Trudeau, who has led the Liberal Party |
| 0:55.7 | since 2013 and served as Prime Minister since 2015, has been facing mounting pressure to step down |
| 1:02.7 | following the sudden resignation of the finance minister last month. The Atlantic Liberal Caucus |
| 1:08.9 | wrote in a recent letter to Trudeau that the country |
| 1:11.6 | faces instability, notably from an economic threat in the potential of a 25% U.S. tariff on |
| 1:18.7 | Canadian imports for the incoming administration. They added that it's not tenable for him to remain |
| 1:24.6 | as the leader. It remains unclear whether Trudeau will exit immediately or stay on as |
| 1:30.5 | Prime Minister until his replacement is chosen. If he resigns, the Liberal Party can either appoint an |
| 1:36.8 | interim leader or hold a shortened leadership race. The Canadian federal election will be held in |
| 1:42.7 | October with opinion polls showing that the ruling liberals are significantly trailing the opposition conservative party. |
| 1:51.5 | Paychecks is in advanced discussions to acquire smaller rival pay corps HCM. |
| 1:56.8 | A deal could be announced as soon as this week if the parties can reach an agreement, |
| 2:01.1 | according to a Bloomberg report on Sunday, which cited people familiar with the matter. |
| 2:06.1 | Paycor has a market cap of $3.3 billion, while paychecks is valued at $50 billion. |
| 2:12.2 | Paychecks and Paycourt did not immediately respond to a request for comment. |
... |
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