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Cava Group Inc. is planning to further expand its footprint in the Chicago area and other areas of the Midwest, making a contrarian bet that the region will reverse population declines that have plagued it in recent years.
Donald Trump’s lawyer at his “hush money” trial sought to cast doubt on claims that a tabloid publisher’s $150,000 deal with an ex-Playboy model to keep quiet about an alleged affair was an attempt to influence the 2016 election.
Mexican companies are pushing ahead with plans to sell shares, seeking to tap renewed interest from global equity investors, according to the head of Barclays Plc in the country.
Commercial real estate was one of the scariest assets in the US last year. This year, investors are warming to it once again — and that’s helped revive a key property debt market.
Novaland Investment Group, among Vietnam’s largest real estate developers, is planning to sell shares and increase borrowings after securing bondholders’ approval to restructure $300 million of notes to address a liquidity crunch.
Oct 17, 2016
By Andrew Bell
Whatever else they may say, my booze has been good and my games have been on the square. Public service has been my motto. -- Al Capone (1899-1947)
The Prohibition-era gangster was convicted of income tax evasion on this day in 1931. Born in Brooklyn to Italian immigrants, he moved to Chicago and built a bootlegging empire while protected by relationships with mayor William Hale Thompson and the city's police. He was already showing signs of syphilitic dementia when he went to jail in 1932 and deteriorated mentally until his death.
Rogers CEO steps down
Our Top Line on BNN today is another downfall, although this genuinely does involve a legitimate businessman. Rogers Communications (RCIb.TO) chief executive Guy Laurence is abruptly stepping down to be replaced by former Telus (T.TO) CEO Joseph Natale.
The telecom giant also announced third-quarter results, saying it posted the “strongest wireless service revenue performance and subscriber additions since 2010.”
Desjardins analyst Maher Yaghi says the Q3 numbers “were in line on the financial front, while subscriber metrics beat across the board. We are still not seeing a margin impact from the ongoing price discounting in cable vs Bell, which should alleviate investor concerns. In fact, it appears that the cable pricing strategy the company has put in place is leading to a significant reduction in customer losses, potentially a negative for BCE (BCE.TO).”
He reckons the outgoing Rogers boss “has done a very good job re-energizing the company since his arrival and repositioning it for the future, and his departure could be perceived as a negative. However, we believe Mr Natale is also a very capable operator and commands a high level of credibility.”
Rogers executives are saying no to interviews so far this morning but we’ll be tracking the fallout from Laurence’s sudden departure throughout the day.
The Latest from BNN Advisor
As we approach the final months of 2016, advisors are gearing up for year-end. BNN’s Catherine Murray reports it’s a chance to speak with clients before they receive their 2016 statements.
Sponsored: What to do with the Family Cottage?
Otttawa's new mortgage rules take effect
Our other focus today is housing as Ottawa's tougher new mortgage rules, designed to cool the housing market, take effect.
Mortgage insurer Canada Mortgage and Housing Corp., whose mandate includes making it easier for first-time buyers to secure homes, says it’s poised to issue its “first 'red' warning for the Canadian housing market as a whole" after noticing “spillover effects” from over-heated Vancouver and Toronto.
We’ve heard warnings that Ottawa’s measures will make home ownership tougher for first-time purchasers.
At 10:20 a.m. ET, we’ll be joined by Shaun Hildebrand of researcher Urbanation - "the authoritative source on the Toronto condominium and rental apartment market" - who says developers are switching from condo construction to rental buildings. And our guest at 12 p.m. ET, is Gary Mauris, CEO of Dominion Lending Centres. He says mortgage rates are going higher.
Finally, we’re hoping you didn’t go at it too hard this weekend and are feeling reasonably chipper. Looks like these folks had fun: Participants in a New Hampshire event called Extreme Chunkin used a giant catapult to fire a 1,300-pound pumpkin, a piano and a boat.
Flinging an orange object far, far into the distance. We can think of a few people watching the U.S. Presidential race who’d like to do that.
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
