Then felt I like some watcher of the skies
When a new planet swims into his ken
-- John Keats (1795–1821), On First Looking into Chapman's Homer
Johann Gottfried Galle discovered the planet Neptune, eighth planet from the sun, on this day in 1846 at the Berlin Observatory. French astronomer Urbain-Jean-Joseph Le Verrier had calculated the approximate location of the planet by studying wobbles in the movement of Uranus. Galle and his assistant Heinrich Louis d’Arrest then immediately identified the blue gas giant . NASA notes that the faraway world is "dark, cold and whipped by supersonic winds." Sounds like a Tuesday night out in Winnipeg in early February.
A warning to Ontario about imposing a foreign buyers' tax
On BNN this morning there is another storm: An angry reaction from real estate salespeople to the notion that Ontario might try a B.C.-style tax on foreign homebuyers to cool Toronto housing prices. It’s “a knee-jerk reaction to a problem which we do not fully understand, will do little to address the growing affordability challenges facing many Ontarians and may have negative consequences for our broader economy,” industry associations warn.
At 9:50 a.m. ET, we'll be joined by former federal finance minister Joe Oliver, once a non-interventionist in housing, who now says “the Ontario government should quickly impose a 15 per cent per cent on purchases by non-residents and foreigners of residential property in certain Greater Toronto Area communities.”
And at 10:30 a.m. ET, we hear from Justine Deluce, a broker at Chestnut Park Real Estate, who says it's hard to predict the impact of a tax but the fundamental problem in the country's biggest city is lack of supply.
Inflation, retail sales fall short
Our Top Line on BNN this morning is Canada’s retail and inflation data that unexpectedly came in below expectations. Retail sales fell short short for a second straight month in July. A separate report from Statistics Canda revealed inflation came in lighter-than-expected last month -- an indication that price pressure isn't a growing threat for consumers.
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Nestle under fire
Speaking of supply, Nestle has come under fire in Ontario for extracting large amounts of water to bottle for sale. On Commodities at 11:10 a.m. ET, we’ll get perspective from Kelly Linton, mayor of the community of Centre Wellington, which was just outbid in its attempt to buy a well by the multinational food giant.
Finally, we’re tracking another backlash: Anti-migrant sentiment. The Organization for Economic Cooperation and Development says governments must help newcomers integrate faster. At 8:35 a.m. ET, we spoke to OECD Secretary-General Ángel Gurría (if you missed the segment, you can watch it at www.bnn.ca.)
Inco-Vale takeover anniversary
Tomorrow marks the 10-year anniversary of Inco agreeing to a takeover by Vale. The middle of the last decade also saw Falconbridge (including the former Noranda) and Alcan go into foreign hands. You can take a look back at Canada’s great mining selloff in a feature on BNN.ca here.
Finally, for those confused by Middle East alliances, Britain’s Daily Express has an explainer: “Britain increases aid to Yemen while selling arms to Saudis - who are bombing Yemen”
Seems perfectly clear to us.
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