ROUND ONE OF NAFTA TALKS WRAP UP

The first round of NAFTA renegotiations wrapped up on Sunday and it appears negotiators wasted no time hitting on some major trade irritants that could derail the talks. The U.S. is reportedly insisting that the Chapter 19 trade dispute resolution mechanism be scrapped. Canada has already signaled this is a no-go. Also on the table is Mexican labour standards, Canadian milk quotas and Rules of Origin. The next round of talks gets underway September first in Mexico City.

TRUMP TURMOIL CONTINUES

Donald Trump is back in the White House after a 17-day working vacation that started with him threatening North Korea with “fire and fury” and with business leaders abandoning him after he made comments defending a white nationalist rally in Virginia. The White House is trying to right the ship after what many are calling Trump’s worst week. On Friday he parted ways with controversial chief strategist Steve Bannon and tonight makes a prime-time address on U.S. Afghanistan policy. But a campaign-style rally in Phoenix tomorrow could inflame the controversy again.

HOME CAPITAL IN COURT TO COURT

Embattled alternative lender Home Capital Group is in the Ontario Superior Court for a hearing to approve class action settlement. According to the company’s Proxy Circular filed on Friday the company received acquisition offers from two different private equity firms in June — one of which raised its bid even after the Toronto company decided to take Warren Buffett’s white-knight deal. The two companies were not named but Onex and Brookfield Business Partners have been reportedly interested in the lender.

TOTAL SOLAR ECLIPSE OF THE HEART

The first coast-to-coast U.S. Total Solar Eclipse in nearly a century occurs today.  The eclipse will happen at 1:15 ET, and many workers will likely try to watch it. As a result, it will cost employers an estimated $694 million collectively, according to an analysis from Challenger, Gray & Christmas, a firm based in Chicago that specializes in helping employees transition in their careers. The company did not even factor in the employees that might be taking time off to actually travel to watch the eclipse, if they don’t live in its direct path.

OTHER NOTABLE STORIES:

-Korea tension continue to rise. North Korea warned Sunday that the upcoming US-South Korea military exercises are "reckless behavior driving the situation into the uncontrollable phase of a nuclear war." Pyongyang also declared that its army can target the United States anytime, and neither Guam, Hawaii nor the US mainland can "dodge the merciless strike." Tens of thousands of South Korean and US troops are taking part in the Ulchi Freedom Guardian joint military drills, a largely computer-simulated exercise that runs for two weeks in the South.

-A rare loss for Buffett. Sempra Energy has dealt Warren Buffett a rare loss, outbidding the Oracle of Omaha for Texas utility "Oncor". Sempra will pay nearly US$9.5 billion dollars for the utility, topping Berkshire's US$9 billion bid. The thwarted bid deals a blow to one of Buffett's top deputies, Canadian Greg Abel, who is widely considered to be a possible successor to Buffett.

-Fiat Chrysler says it was not approached by Chinese automaker. Fiat Chrysler Automobiles has not been approached by China's Great Wall Motor regarding its Jeep sport utility vehicles brand nor any other matters relating to its business, the company said in a statement on Monday. A Great Wall Motor official said earlier on Monday the company was interested in bidding for FCA, confirming reports that the Chinese group is pursuing all or part of the Italian-American carmaker, whose brands including Jeep and Ram.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian wholesale trade

-Home Capital Group hearing before Ontario Superior Court of Justice to confirm $29.5-million proposed class action settlement (10:00 a.m. ET)

 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. Today's note was written by BNN Producer John Gray. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.