Tausi Insider

Oil tanks at the Volodarskaya LPDS production facility, in the village of Konstantinovo, Russia, on June 8. MAXIM SHEMETOV/Reuters Russian oil output is set to fall 1.4 million barrels per day (bpd) next year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday. The move to deprive Moscow of revenue will create more uncertainty for oil markets and add to pressure on prices, including diesel, the Paris-based energy agency said in its monthly oil report. “The approaching EU embargoes on Russian crude and oil product imports and a ban on maritime services will add further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets,” the IEA said. “A proposed oil price cap may help alleviate tensions, yet a myriad of uncertainties and logistical challenges remain … the range of uncertainty has never been so large.” The EU will ban Russian crude imports from Dec. 5 and Russ...

Michele Romanow is stepping down as CEO of the financier and will become co-executive chair. Bruno de Carvalho/Reuters Michele Romanow is stepping down as CEO of Clearco, as the e-commerce financier prepares to slash its work force for the third time in six months. Clearco, officially known as CFT Clear Finance Technology Corp., is set to lay off 50 employees, roughly 25 per cent of its work force, on Monday, bringing its ranks to 140 people, a source familiar with the situation told Tausi Insider. It had 500 employees last July. The source also said the company is naming U.S. finance industry executive Andrew Curtis as CEO. He has served as an adviser to Clearco for the past six months. Mr. Curtis takes over for the star of TV’s Dragons’ Den and serial entrepreneur, who made the decision to leave the post 11 months after she replaced co-founder Andrew D’Souza as CEO. She will become co-executive chair along with Mr. D’Souza. Tausi Insider is not identifying the source as they are n...

Hexo Corp. HEXO-T says the Nasdaq Stock Market LLC has informed the cannabis company that it has regained compliance with minimum bid price requirements. Gatineau, Que.-based Hexo became non-compliant with the requirement when its closing bid price for common shares listed on the Nasdaq dropped below US$1 for 30 consecutive trading days. The company says it received a notice from Nasdaq on Jan. 19 that it has regained compliance after its shares closed at or greater than the US$1 per share minimum requirement for the last 10 consecutive business days. Hexo’s shares closed Thursday at US$1.49, up from about 50 cents US a year ago when Nasdaq issued the non-compliance notice. Charlie Bowman, CEO of Hexo, says the market is starting to recognize the strides the company has made this year to position Hexo for long-term success. He says the company has kept a tight focus on resetting the organization for profitable growth and remains dedicated to delivering a premium cannabis experience. ...