Andrew Bell

Anchor, Reporter

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The news that mortgage lender Home Capital (HCG.TO) has fired CEO Martin Reid has multiple intriguing angles and we’ll be exploring all of them on BNN today.

For one thing, the company’s regulatory woes cast light on the frenetic heat in Canada’s housing market. BNN chase producer Ian Vandaelle notes that nearly $2 billion worth of its loans were underwritten by 45 brokers who were suspended for allegedly falsifying income documents in 2014 and 2015. Former and current executives were served with Ontario Securities Commission enforcement notices stemming from disclosure practices over the fraud.  

Then there’s the choice of a replacement, who is hardly a new face. BNN Managing Editor Noah Zivitz notes that interim leader Bonita Then, a former food industry executive, has been on the board since 2008.    

At 10 a.m. ET, we’ll be joined by outspoken short seller Mark Cohodes, who’ll remind us of his bearish take on Home Capital.

And at noon ET, we’ve got another live wire: The always trenchant James Thorne, senior portfolio manager at Caldwell Investment Management, will tell us why he no longer owns shares in the lender.

PEARSON FILES SUIT

Speaking of departed executives, investors in drug seller Valeant (VRX.TO) will be intrigued to hear that former CEO Michael Pearson is suing for more than 3 million company shares. Shareholders have seen the stock slide to just over $14 from more than $270 in 2015.

GOLDCORP GOES SHOPPING

On Commodities at 11:10 a.m. ET, we’ll be joined by Goldcorp (G.TO) CEO Russell Ball, who will walk us through us a set of deals in which the miner is teaming up with  Barrick Gold (ABX.TO) to develop projects in the Maricunga gold belt  in northern Chile’s Atacama Region. 

Goldcorp plans to acquire Exeter Resource (XRC.TO) for about 10.6 million Goldcorp shares, valued at  $247 million. Each share of Exeter will be exchanged for 0.12 of a Goldcorp share, valuing Exeter stock at $2.58 or a premium of 67 per cent to yesterday’s close. Exeter's main asset is the Caspiche project  in the Maricunga belt.

DIAMOND MINDS

Also on Commodities, at 11:30 a.m. ET, we’ll hear from North Arrow Minerals (NAR.V) CEO Ken Armstrong, which is working on projects including a Nunavut play that it hopes will yield rare yellow diamonds.

Directors include William Lamb, CEO of  Lucara Diamond (LUC.TO), which has been finding giant rocks in Botswana. And the company is advised by Eira Thomas, a diamond industry heavyweight who was vice-president at Aber Resources, now Dominion Diamond (DDC.TO) and founder and CEO of Stornoway Diamond (SWY.TO).

FORD'S FUTURE

Finally, we’re talking autos at 2:45 p.m. ET with Joe Hinrichs, president of the Americas at Ford (F.TO). Ford is planning an announcement this morning, perhaps of a Canadian investment, but we’ll also ask him about him about the prospect of a U.S. tax on autos and parts. 

Every morning Commodities host Andrew Bell 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.