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Here are five things you need to know this morning
$18.5 billion mining merger: Two Vancouver-based mining companies are joining forces to create a North American-focused gold producer with a market value of about US$18.5 billion. Equinox Gold is buying Orla Mining in a cash and stock deal valuing Orla at US$5.1 billion. Buying Orla will give Equinox access to assets across the Americas including its flagship mine in Mexico. Equinox shareholders will own 67 per cent of the combined firm and Orla shareholders will own the remaining 33 per cent. We’ll find out more when BNN Bloomberg speaks with the CEOs of both companies this morning at 9:30 a.m. E.T.
Trump lands in China: U.S. President Donald Trump has landed in China for his meeting with his Chinese counterpart Xi Jinping. The trip will mark the first visit to the country by an American president in nearly a decade. Trump says his priority is to discuss trade and not the war in Iran. He was joined at the last minute by Nvidia CEO Jensen Huang, who is accompanying other executives including Elon Musk and Tim Cook.
Algoma Steel takes Q1 loss: Algoma Steel saw a first quarter loss of close to 160 million dollars, along with a drop in revenue compared with the same time last year. The Ontario-based company says it incurred more than US$27 million in direct tariff costs during the quarter. The steel maker attributes these changes to the company’s transition away from blast furnace operations to its new electric arc furnace platform.
Alibaba in the red: Alibaba saw its first operating loss in its latest quarter since 2021. Revenue for the same period grew but came in lower than expected. Among major Chinese tech firms, Alibaba is one of the biggest spenders with a pledge to spend about US$53 billion on AI over three years. China’s top AI firms are facing increasing pressure from investors to translate their AI expenditures into lucrative returns.
Saudi oil production lowest since 1990: Saudi Arabia says its crude oil production collapsed further last month to the lowest since 1990, as the Iran war choked off exports from the Persian Gulf. The kingdom’s output fell by another 651,000 barrels a day in April to 6.316 million a day, according to a monthly report from OPEC’s secretariat obtained by Bloomberg. It brings the loss since February to 42 per cent, and marks the lowest level since the start of the Gulf War 36 years ago, when OPEC nation Iraq invaded fellow member Kuwait.
