Trump gave Interior nominee one directive for a half-billion acres of US land: ‘Drill.’
TORONTO (AP) — Canada’s most populous province may bar American-made alcohol in addition to restricting electricity exports to Michigan, New York and Minnesota if U.S. President-elect Donald Trump imposes sweeping tariffs on all Canadian products, a senior official said Thursday. The official in Ontario Premier Doug Ford's government said that it's contemplating restricting Ontario's liquor control board from buying American-made alcohol. Ontario is also considering restricting exports of critical minerals required for electric vehicle batteries and preventing U.S.-based companies from the government's procurement process, the official said on condition on anonymity because the functionary wasn't authorized to speak publicly about the potential measures. Ford confirmed on Wednesday evening that Ontario is contemplating restricting electricity exports to Michigan, New York State and Minnesota. He reiterated that on Thursday and said it would make electricity unaffordable for Americans. “It’s a last resort,” Ford said. “I don’t think President-elect Trump wants that to happen. We're sending a message to the U.S. If you come and attack Ontario, you attack livelihoods of people in Ontario and Canadians, we are going to use every tool in our tool box to defend Ontarians and Canadians. Let's hope it never comes to that." Trump has threatened to impose a 25% tax on all products entering the United States from Canada and Mexico unless they stem the flow of migrants and drugs . Ontario powered 1.5 million homes in the U.S. in 2023 and is a major exporter of electricity to Michigan, Minnesota and New York. "That's OK if he that does that. That's fine,” Trump told CNBC when asked about Ford's remarks on the floor of the New York Stock Exchange. “The United States is subsidizing Canada and we shouldn't have to do that," Trump said. "And we have a great relationship. I have so many friends in Canada, but we shouldn't have to subsidize a country. We're subsidizing more than a $100 billion a year. We shouldn't have to be doing that." The CNBC reporter said off camera that Trump told him that they hope they can work something out with Canada. The premier of the oil rich Canadian province of Alberta ruled out cutting off oil exports. “Under no circumstances will Alberta agree to cut off oil and gas exports,” Alberta Premier Danielle Smith said. “Instead, we’re taking a diplomatic approach and we’re meeting with our allies in the U.S. We’re making the case for Alberta oil and gas to be part of the solution to energy affordability and energy security.” Canada supplies more oil to the U.S. than any other country, nearly 4.5 million barrels a day. About 60% of U.S. crude oil imports are from Canada and a fifth of the crude refined in the U.S. comes from Canada. “If you put a 25% tariff on oil from Alberta that increases every gallon of gasoline by one dollar,” Ford said. About 85% of U.S. electricity imports come from Canada as well. Canada also has 34 critical minerals and metals the Pentagon is eager for. Nearly 3.6 billion Canadian dollars ($2.7 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states. Canada has promised more border security spending to address Trump’s border concerns. Ford said that will include more border and police officers, as well as drones and sniffer dogs. Public Safety Minister Dominic LeBlanc, who along with Prime Minister Justin Trudeau recently had dinner with Trump at Mar-a-Lago, his private club in Florida, said they plan to share details of those border plans with the incoming Trump administration in the coming days. Alberta's government is creating a new sheriff patrol unit to shore up security at the border. It will be supported by about 50 sheriffs, 10 cold weather surveillance drones and four drug detection dogs. Alberta Public Safety Minister Mike Ellis said a two-kilometer (1.2-mile) deep zone along the border with Montana will be deemed critical infrastructure, so sheriffs can arrest without a warrant anyone found attempting to cross illegally or trafficking illegal drugs or weapons. At the Mar-a-Lago dinner, Kristen Hillman, Canada’s ambassador to the U.S., said that Washington's trade deficit with Canada was also raised. Hillman said the U.S. had a $75 billion trade deficit with Canada last year but noted a third of what Canada sells into the U.S. is energy exports and prices have been high. Trudeau said this week that U.S.-imposed tariffs would be “absolutely devastating” for the Canadian economy , but it would also mean real hardship for Americans. Canada imposed duties in 2018 against the U.S. in a tit-for-tat response to new taxes on Canadian steel and aluminum. Canadian officials have said that it's unfair to lump Canada in with Mexico. LeBlanc said that illegal migration from Canada to the U.S. is only 0.6% of the total, and fentanyl from Canada is 0.2% of the total of U.S. seizures. Quebec Premier Françoise Legault said that Trump told him in Paris last week that he doesn't want to see anymore illegal immigration coming from Canada. Quebec is a major supplier of electricity to the U.S. Legault noted Trudeau's plan to strengthen border security. “I prefer that than starting a war and stopping sending energy to the United States,” Legault said. Newfoundland Premier Andrew Furey said he had a call with New England governors this week and said there is a significant degree of concern on both sides of the border. “We hope it is just bluster,” Furey said. “We are preparing as if it is not. There will be no winner in a trade war."Packham resigns as RSPCA president after animal cruelty claims at approved farmsKUWAIT: Kuwait’s foreign minister, Abdullah Al-Yahya, and the chairman of the board of trustees of the Dr Abdulrahman Al-Sumait Prize for African Development received on Thursday a group of winners of the Dr Abdulrahman Al-Sumait Prize for African Development for the years 2022-2023 in the fields of education and food security, namely Dr Catherine Nakalembe and representatives of the African Agricultural Technology Foundation and the International Camfed Organization. During the meeting, they reviewed the winners’ efforts in presenting model programs, studies, and effective projects in the fields of education and food security on the African continent and enabling research and educational institutions to use modern technologies and technology in developing and advancing these two vital sectors. The foreign minister and chairman of the board of trustees of the Dr. Abdulrahman Al-Sumait Prize for African Development expressed his happiness and appreciation for the efforts made to achieve the goals and objectives of the prize, wishing the winners continued progress and success. — KUNABenzinga examined the prospects for many investors’ favorite stocks over the last week — here’s a look at some of our top stories. Major averages jumped on Friday but still logged weekly losses, with the Dow down 2.3%, the S&P 500 falling 2%, and the Nasdaq losing 1.8%. The Federal Reserve’s widely anticipated 25-basis-point rate cut on Wednesday was overshadowed by its revised 2025 inflation forecasts and Jerome Powell ‘s cautious stance, dampening hopes for deeper cuts next year. Powell emphasized a "new phase" of monetary policy after a 100-basis-point reduction in 2024, signaling only gradual easing in 2025 . Bitcoin BTC/USD , which had reached a record $108,388 before the Fed meeting, fell below $100,000 as markets absorbed the news. Benzinga provides daily reports on the stocks most popular with investors. Here are a few of this past week’s most bullish and bearish posts that are worth another look. The Bulls “ Elon Musk Hopes TSLA Stock Will Reach $690 As Analysts Raise Price Target Despite Technical Indicators Flashing Warning Signals ,” by Anan Ashraf , reports Elon Musk's optimism about Tesla Inc. TSLA reaching $690, as analysts upgraded the stock with $515 price targets, citing potential benefits from Musk's alignment with Donald Trump's pro-autonomous vehicle policies. “ Dave Portnoy Says He Owns $1.5 Million Bitcoin, $1.3 Million XRP: ‘Bet It And Set It, Not Trading’ ,” by Chris Katje , reveals that Dave Portnoy , founder of Barstool Sports , holds $1.5 million in Bitcoin and $1.3 million in XRP XRP/USD , emphasizing a long-term investment strategy rather than active trading, following insights from a recent conversation with Michael Saylor . “ Nvidia And 5 Other Stocks Are Analyst’s Top Semiconductor Picks For 2025, Sees 2 AI Trends ,” by Hayden Buckfire , highlights a Bank of America analyst naming NVIDIA Corp. NVDA , Broadcom Inc. AVGO , and Marvell Technology Inc. MRVL as top AI-driven semiconductor picks for 2025, alongside Lam Research Corp. LRCX , ON Semiconductor Corp. ON , and Cadence Design Systems Inc. CDNS . For additional bullish calls of the past week, check out the following: Microsoft Scoops Up 485,000 Nvidia AI Chips, Twice As Many As Its Closest Rival Meta: Report Amazon Has 20,000 Rivian Electric Delivery Vans In Fleet: Here’s What Could Be Next For Both Companies Joby Clears FAA Tail Test, Stock Flies Higher The Bears “ Jim Cramer Warns Nvidia’s ‘Vicious’ And ‘Fast’ Reversal Is Coming Amid 174% Surge This Year And China Antitrust Probe ,” by Kaustubh Bagalkote , features Jim Cramer 's caution about NVIDIA Corp. NVDA facing a sharp correction after its 174% YTD gain, amid heightened regulatory scrutiny from China over its Mellanox Technologies acquisition. “ Dogecoin Bull Says He ‘Had To Sell’ As Meme King Plunges To 5-Week Low But Derivative Traders Remain Bullish ,” by Aniket Verma , reports on Dogecoin DOGE/USD dropping amid Federal Reserve concerns, with early adopter Glauber Contessoto selling some holdings. “ CVS, Cigna, UnitedHealth Shares Slide As Trump Targets Drug ‘Middleman’ ,” by Adam Eckert , reports that shares of CVS Health Corp. CVS , Cigna Group CI , and UnitedHealth Group Inc. UNH dropped after Trump vowed to eliminate Pharmacy Benefit Managers, citing their role in inflating drug prices and contributing to industry inefficiencies. For more bearish takes, be sure to see these posts: Trump Administration Could Ban Amazon’s Top-Selling Routers Linked To Chinese Cyberattacks: Report Bitcoin Crash Could Trigger Stock Market Decline In 2025, Warns Expert: ‘I’m Very Worried That People Overextended Themselves’ Costco Warns That Tariffs Raise Prices, Trump Team Says Trade Policies Will ‘Make Life Affordable’ Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter . This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
By TOM KRISHER, Associated Press DETROIT (AP) — For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk’s lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla’s board and had engineered the outsize pay package during sham negotiations . Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla’s board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla’s market value by billions of dollars. McCormick rejected that argument. In her 103-page opinion, she ruled that under Delaware law, Tesla’s lawyers had no grounds to reverse her January ruling “based on evidence they created after trial.” On Monday night, Tesla posted on X, the social media platform owned by Musk, that the company will appeal. The appeal would be filed with the Delaware Supreme Court, the only state appellate court Tesla can pursue. Experts say a ruling would likely come in less than a year. “The ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners — the shareholders,” Tesla argued. Later, on X, Musk unleashed a blistering attack on the judge, asserting that McCormick is “a radical far left activist cosplaying as a judge.” Legal authorities generally suggest that McCormick’s ruling was sound and followed the law. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, said that in his view, McCormick was right to rule that after Tesla lost its case in the original trial, it created improper new evidence by asking shareholders to ratify the pay package a second time. Had she allowed such a claim, he said, it would cause a major shift in Delaware’s laws against conflicts of interest given the unusually close relationship between Musk and Tesla’s board. “Delaware protects investors — that’s what she did,” said Elson, who has followed the court for more than three decades. “Just because you’re a ‘superstar CEO’ doesn’t put you in a separate category.” Elson said he thinks investors would be reluctant to put money into Delaware companies if there were exceptions to the law for “special people.” Elson said that in his opinion, the court is likely to uphold McCormick’s ruling. Experts say no. Rulings on state laws are normally left to state courts. Brian Dunn, program director for the Institute of Compensation Studies at Cornell University, said it’s been his experience that Tesla has no choice but to stay in the Delaware courts for this compensation package. The company could try to reconstitute the pay package and seek approval in Texas, where it may expect more friendlier judges. But Dunn, who has spent 40 years as an executive compensation consultant, said it’s likely that some other shareholder would challenge the award in Texas because it’s excessive compared with other CEOs’ pay plans. “If they just want to turn around and deliver him $56 billion, I can’t believe somebody wouldn’t want to litigate it,” Dunn said. “It’s an unconscionable amount of money.” Almost certainly. Tesla stock is trading at 15 times the exercise price of stock options in the current package in Delaware, Morgan Stanley analyst Adam Jonas wrote in a note to investors. Tesla’s share price has doubled in the past six months, Jonas wrote. At Monday’s closing stock price, the Musk package is now worth $101.4 billion, according to Equilar, an executive data firm. And Musk has asked for a subsequent pay package that would give him 25% of Tesla’s voting shares. Musk has said he is uncomfortable moving further into artificial intelligence with the company if he doesn’t have 25% control. He currently holds about 13% of Tesla’s outstanding shares.Ahead of Ohio State's appearance in the College Football Playoff, head coach Ryan Day received a vote of confidence from his athletic director despite the Buckeyes' latest loss to Michigan. Ohio State AD Ross Bjork appeared on 97.1 The Fan in Columbus on Thursday, where a radio host asked him whether Day would be the Buckeyes' coach at the start of next season regardless of how the playoffs shake out. "Absolutely," said Bjork, who came to Ohio State from the same role at Texas A&M in July. "Coach Day and I have just hit it off so well. I've been really, really impressed. Every single time I've talked to him, I've learned something. He's innovative. He recruits at the highest level. He's got a great staff. There's always tweaks. There was tweaks after last year, right? You're always going to tweak things. You're always going to make adjustments. You're always going to make improvements." Bjork continued by addressing the "championship or bust" attitude held by some of the fanbase. "This whole mentality about -- and look, we live it, and we sign up for it -- but if you get fixated on the end result and not have the process fully baked every time, you're going to lose," Bjork said. "The mindset's going to lose because you're only fixated on one thing. And so what we have to do is this whole ‘championship or bust' mentality, you want that as the goal, but it has to be about the process. "To me, we've got to maybe change some conversations a little bit. I think we need to maybe just approach things a little bit differently." Day is 66-10 as Ohio State's coach and led the Buckeyes to one national championship game appearance, a 52-24 loss to Alabama to cap the 2020 season. Ohio State went 10-2 in the regular season but missed out on a place in the Big Ten championship game when rival Michigan defeated the Buckeyes 13-10 on Nov. 30. It was Michigan's fourth straight win in The Game, and Day is now 1-4 as a head coach against the Wolverines. At the time, Bjork released a statement of support for Day, and he doubled down during Thursday's radio hit. "He's great to work with. He totally gets it. He loves being a Buckeye, and so we're going to support him at the highest level throughout," Bjork said. "But here's the thing too, and the reason why we needed to say something after that game is we're still breathing. They're still alive. The season's not over. The book is not closed, right? And so we've got to have confidence. I mean, Ohio State should be confident every single day. We're Ohio State. "But we also have to make sure we stay to our values and we stick to what we believe in. And so to me, it's the process as much as it is about the end result." --Field Level Media
Harvey Fineberg Announces Plan to Step DownAMMO Deadline: POWW Investors Have Opportunity to Lead AMMO, Inc. Securities Fraud Lawsuit
APAC: Ransomware to Cause ‘Bumpy’ Security Ride in 2025
Ohio State AD: Ryan Day ‘absolutely’ back in 2025