- October 20, 2023
- Posted by: John Arcena
- Category: Uncategorized
Continued concerns over the potential for escalation of the war in the Middle East weighed on the North American equity markets this week. Cash continued to move to safety and why not, with U.S. 10-year bond rates nearing a 16-year high of 5%. Both Canadian and U.S. markets are ending the week on a down note.
On Tuesday, Statistics Canada revealed Canada’s consumer price index for September came in at 3.8 percent, down 0.1 percent from August, lower than economists’ expectations. The latest data will likely compel the Bank of Canada to continue to pause hikes during its rate decision in the middle of next week. However, if the downward inflation trend does not continue, the Bank of Canada could be quick to hike rates again.
On Thursday Federal Reserve Chair Jerome Powell suggested the U.S. central bank is inclined to hold interest rates steady again at its next meeting while leaving open the possibility of a future hike. Powell said, “Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” implying higher-for-longer was still the plan. Fed rate plans will be revealed on November 1, 2023.
The geopolitical uncertainty has been beneficial to precious metals, with gold trending up for the last two weeks reaching $1,986 today. Silver also bottomed at the start of the month and is in an uptrend, reaching $23.06. A move above $2,000 for gold may signal something of a breakout and prices could run much higher. Base metals did not catch a lift and continued to slide lower through October remaining at lows for the year. Battery materials pricing may be showing some signs of bottoming but remain at lows for the year. Operating costs for producers of the base metals and battery materials necessary for the energy transition continue to increase and future supply may be threatened. Uranium is holding just below $70/lb. Oil continues its strength just below $90/bbl (WTI) today.
As always volatility rules October markets, and there is plenty of uncertainty out there, but we stay optimistic, maybe even bullish in some sectors. Opportunities are to be found but be careful.
It has been a productive week for our clients who continue to build their businesses. We are pleased to present to you our round-up of their news released between October 16-20, 2023.
On October 12, 2023, Visionstate Corp. (TSXV: VIS) filed a Notice of Annual General and Special Meeting to be held on December 5, 2023, in Edmonton, Alberta. Shareholders as of October 31, 2023, will be entitled to vote at the Meeting.
View the Notice Here.
On October 16, 2023, Visionstate Corp. (TSXV: VIS) announced that its wholly-owned subsidiary, Visionstate IoT Inc., has entered into a new three-year contract with Bunzl Canada Inc. for the exclusive distribution of the Company’s proprietary WandaNEXT product. The agreement grants Bunzl Canada exclusive distribution rights for Canada, Australia, and the UK, while Visionstate IoT will handle direct sales into the U.S. utilizing its existing internal sales resources. The new contract represents a significant milestone for Visionstate IoT and is expected to double existing revenue associated with the exclusive distribution rights in the Canadian market. Furthermore, it opens new territories internationally, reinforcing the Company’s commitment to expanding its footprint in the global facility-management sector.
The agreement includes revenue-sharing arrangements in the three distribution territories, fostering a mutually beneficial partnership between Visionstate Corp. and Bunzl Canada. The collaboration extends beyond distribution, as both companies work closely on the ongoing development and enhancement of the WandaNEXT platform. Visionstate leverages its expertise in innovative development, while Bunzl Canada contributes its extensive global distribution network for sales and marketing initiatives.
WANDA™, Visionstate’s flagship product, is an application widely used across various industry sectors to monitor cleaning protocols and enhance overall efficiency in delivering building services. The technology has proven instrumental in elevating standards of cleanliness and operational excellence.
On October 16, 2023, Visionstate Corp. (TSXV: VIS), CEO John Putters was on CEO.ca to discuss the deployment of their IoT technology and recent company updates.
On October 17, 2023, Visionstate Corp. (TSXV: VIS), was interviewed on “The Watchlist” by The Market Herald. Visionstate IoT Inc. President Shannon Moore discussed the importance of the three-year agreement with Bunzl Canada for distribution of WandaNEXT.
View the full Interview HERE.
On October 16, 2023, Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) announced that the program launched in October 2022, with the objective of bringing better distribution and delivery efficiency to online consumer goods retailers and distributors in China, is now processing more than 3,000 orders per day.
The program, launched in partnership with Fast Duck Logistics Ltd. in the city of Chengdu, leverages existing third-party retail outlets throughout the city and essentially converts them into micro-distribution hubs for participating online retailers. Thanks to the Fast Duck Supply-chain Management software and through Fast Duck’s partnership with e-commerce portals like JD.COM, select online orders placed on the e-commerce portals are rerouted for fulfillment at the third-party retail outlets where limited product inventories are kept for delivery by Fast Duck. The entire process is managed through the Fast Duck Supply-chain Management software, which was developed by and belongs to Tenet. The software is now a sub-module of Tenet’s Gold River platform, which itself is a subset of the Cubeler® Business Hub.
Approximately 277,000 orders, containing over 460,000 parcels, were processed through the program during the third quarter of 2023. After a successful debut in Chengdu in the fall of 2022, the Company and Fast Duck expanded their logistics and delivery services to Beijing, Sichuan, Mianyang, Guangzhou, Guangdong, and Shanghai. The Company is planning to service every major city and region in China by the end of 2025.
On October 19, 2023, Tenet Fintech Group Inc. (CSE: PKK) (OTC PINK: PKKFF) announced it has signed a lead generation agreement with leading international alternative SME lender eCapital, to bring even greater funding options to Cubeler® Business Hub members.
eCapital is an international lender and the type of lending partner Tenet has been looking for, with the capacity to lend or grant credit of up to USD$50,000,000 per client and their commitment to technology. With a team of more than 700 experts in the U.S., Canada, and the U.K., and having already provided more than USD$36 billion dollars in funding to more than 30,000 clients operating in more than 80 industries, eCapital is one of North America’s largest alternative lenders.