News of the day: AC upgrades, Allied Gold sale fails, pipeline investments, NYC tourism discounts, stock market FOMO and more

Doing nothing about AC units could become less of an option if cities like Toronto have their way, but the reality is someone is going to have to pay for the upgrade and it's not clear the grid can even handle it. Photo by James Andrews/Getty Images

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It’s Wednesday, July 29. Here are the top stories we’re following today.

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Forcing property owners to pay for costly retrofits could have unintended consequences for apartment dwellers, writes Garry Marr.

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Since the original deal was announced on Jan. 26, the price of gold has dropped by more than 20 per cent from US$5,090 per ounce to about US$4,030 per ounce as of July 29. Photo by GEORG HOCHMUTH/APA/AFP via Getty Images files

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Toronto-based Allied Gold Corp. said Wednesday that it has terminated its $5.5 billion agreement to be acquired by China’s Zijin Gold Co. Intl. Ltd. No immediate reason was given, but Allied Gold Corp. said “both companies have concluded that there is no reasonable likelihood that the conditions relating to completion of the Transaction will be fulfilled.”

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Cenovus Energy Inc. says it’s on track to produce the equivalent of a million barrels of oil per day in July, due in part to record production at its oilsands projects. Photo by Brent Lewin/Bloomberg

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Cenovus Energy Inc. chief executive Jon McKenzie says Canada has a major investment opportunity in front of it with proposals for new and expanded pipelines to match the company’s giant production milestone.

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New York City said it is focused on growing Canadian visitation and regaining market share ‘as the city works to return this important international market to previous visitation levels.’ Photo by TIMOTHY A. CLARY/AFP via Getty Images

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New York City is offering discounts to tourism and hospitality businesses as it looks to attract Canadian tourists back to the city. The city on Tuesday announced the summer travel incentive for Canadians called “NYC’s Northern Neighbour Deal,” which offers a 30 per cent discount at more than 85 participating hotels, Broadway shows, attractions, restaurants, museums and more.

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The Wall Street Bull in the Financial District, home to the New York Stock Exchange, in Manhattan, in New York City. Photo by Spencer Platt/Getty Images files

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With the current bull market now into its fourth year, investors could be forgiven for wondering when the party will end. They are trapped between the “rock” of FOMO (fear of missing out) and the “hard place” of FOL (fear of losses), writes Noah Solomon.

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