Kathleen Wynne’s plan to push Ontario’s minimum wage to $15 per hour and give employees more rights in the workplace is eliciting quite the response from Canada’s largest auto parts manufacturer. "We find ourselves in the very untenable position of questioning whether we will be able to continue to operate at historic levels in this province," warned Magna VP Marc Neeb in a submission to the government, according to The Globe and Mail. With a public hearing on the Fair Workplaces Act in Toronto today, we'll round up reaction and broaden the conversation to whether Ontario is pricing itself out of the global race for business investment.
DON’T MISS THESE INTERVIEWS
A few particularly noteworthy interviews you won’t want to miss today on BNN.
-Watch for the latest instalment in BNN's Sidelines series at 8:20 a.m. ET, when BNN's Jon Erlichman catches up with NBA legend Dikembe Mutombo. After building his brand on the court as a fierce shot blocker, now he's branching out as an investor and entrepreneur.
-Later in the morning, we've got Exchange Income Corporation CEO Mike Pyle, in the first broadcast interview since his company became the latest target for short-seller Marc Cohodes. Don’t miss it at 10:10 a.m. ET.
-And at 12:40 p.m. ET, an extended conversation with Finance Minister Bill Morneau on his plan to clamp down on tax loopholes, as well as some other hot-button economic issues.
EVERYTHING MUST GO
Who knows what shoppers will find when they browse the aisles at Sears stores launching liquidation sales today as part of the retailer’s insolvency process. BNN's Paige Ellis will be on location outside one of the stores throughout the day.
OTHER NOTABLE STORIES:
-West Fraser Timber says the two rounds of duties imposed by the U.S. cost it $34 million in the second quarter. We’ll get more insight on how WFT is coping with the trade dispute – and wildfires in B.C. – during its conference call later this morning.
-Canadian Natural Resources is helping pave the way for Shell to dump the CNQ shares it picked up via the big oil sands transaction in March. CNRL said late last night it submitted a filing to regulators that would allow Shell to unload the 97.5-million shares.
-Riocan CEO Edward Sonshine told Reuters it’s “unlikely at this point” that HBC can pull off an IPO of its real estate assets.
-The greenback’s malaise is extending into another day, with the U.S. dollar index trading lower for the sixth time in the last seven sessions.
-Microsoft shares are rising in the pre-market after it sailed past analyst profit estimates thanks largely to gains in its cloud services division.
-Commodities will keep tabs on any developments in Exxon Mobil’s legal dispute with the U.S. Treasury Department over alleged violations of Russian sanctions in 2014.
-Notable earnings: Husky Energy, Encana, Schlumberger, GE
-Notable data: Canadian retail sales (8:30 a.m. ET), Canadian CPI (8:30 a.m. ET)
-9:30 a.m. ET: Ontario’s Standing Committee on Finance and Economic Affairs holds public hearing in Toronto on Fair Workplaces Act
-10:00 a.m. ET: House of Commons Standing Committee on International Trade holds meeting (in camera) regarding request for Liberals to discuss NAFTA priorities
-11:15 a.m. ET: Ontario Premier Kathleen Wynne visits BlackBerry QNX facility in Kanata, Ontario
-11:30 a.m. ET: Justin Trudeau holds media avail in Shelburne, Nova Scotia
-11:30 a.m. ET: West Fraser Timber earnings call
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.