Kim Mailey and Victoria Rogers are always proud parents of son Brook and daughter Madison Mailey, but these past few weeks have been uniquely exciting. As we noted in a previous blog post, Madison was selected to compete in Bulgaria as part of the Team Canada U23 rowing team. While competing at this level is an honour in itself, we are thrilled to share that Team Canada came in first place, coming in ahead of the United States, Russia, Germany, Denmark and the United Kingdom. In fact, in the heat leading up to the finals, Team Canada set a new world record – an amazing result! Congratulations to all of the U23 competitors from Mailey Rogers Group and our West Vancouver community – you are an incredible group of young women who have made this country proud.
A rapid series of talks at three-week intervals to renegotiate the North American Free Trade Agreement (NAFTA) is set to begin on 16 August, the earliest possible date permitted under US legislation, in pursuit of a US administration goal of concluding discussions by mid-December. The compressed timetable implies a hope of achieving a quick deal on points of common interest that can be held up as an achievement that contrasts with the US administration’s delayed domestic agenda—rather than an all-or-nothing wholesale reworking of NAFTA.
The US Trade Representative’s (USTR) 17 July Objectives for NAFTA’s renegotiation feature a mix of broad modernizations that overlap with Canadian and Mexican priorities; some specific updates and narrow technical requests; a few mutually inconsistent elements; and some extreme demands that go far beyond anything to which Canada or Mexico could agree. In the unlikely event that the USTR holds tight to the pursuit of its entire wish-list, NAFTA renegotiations are likely to be drawn out well into 2019, beyond both the July 2018 Mexican Presidential vote and the November 2018 US Congressional elections, with limited
chances of conclusion.
Strong Economic Date Improves Market Tone
July saw global markets rally on the back of positive economic surprises, particularly amongst major economies such as China, Canada, the Eurozone and Emerging Markets. However, as the table below indicates, the almost 4% gain in the Canadian versus U.S, dollar negated this strength for investors viewing their returns in Canadian dollars.
POW’s second quarter results came in better than Street and our expectations resulting from higher-than-anticipated contributions from Power Financial and income from corporate activities.
Stronger-than-expected income from corporate activities was driven by positive income from investments in hedge funds. The non-public holdings continue to generate positive income. We believe continued positive gains generated from these investments should garner more attention from investors.