Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Finance Minister Bill Morneau refused to reveal details from his meeting with Alberta Premier Rachel Notley about the way forward on Trans Mountain, saying in an interview with BNN last night it would be “irresponsible” to do so. But he did acknowledge the concern that’s been brought to the fore by big names like Gwyn Morgan and Derek Burney about the reputational hit that Canada risks taking if Kinder Morgan gives up on the $7.4-billion expansion project. “We need to be able to continue getting big things done in this country,” Morneau said. “We know that the ability to create great jobs is about business investment – and when the federal government says we’ve approved a project that project needs to go forward.” We’ll gather reaction to that and assess whether words alone can drive that point home.

WEAVER OPENS THE DOOR TO A DEAL

Regardless of where one stands on the dispute over Trans Mountain, our interview with B.C. Green Party Leader Andrew Weaver really is must-see TV. A no-holds barred airing of views, capped by the prospect of a potential compromise. “…[if] Alberta were to refine and want to ship some gasoline and some jet fuel to people, that’s a different conversation. I think you might even find that there are people support that in British Columbia … let’s talk about that as a way forward…,” he said. BNN's Jameson Berkow will stress test that notion, remind viewers about Alberta’s recent announcement on partial upgrading commitments, and see what David Black has to say about all of this. 

OIL HOLDS NEAR HIGHEST SINCE 2014

The benchmark U.S. oil price is still holding around the highest level since December 2014 after yesterday’s surge above US$67 per barrel on the back of geopolitical threats in Syria and Saudi Arabia – not to mention a recent Bloomberg report that the Saudis are keen to see crude near US$80. Worth pointing out OPEC and non-cartel nations are holding a ministerial meeting next week to discuss output quotas. And amid all of this, we’ve see the dollar take a run toward 80 cents U.S., while the discount on Western Canadian Select oil has narrowed to $15.

AUTOPSY OF A HOUSING BUBBLE

Realosphy President John Pasalis has been a BNN go-to throughout the denouement of Toronto's housing bubble; now he's out with a report that aims to quantify the impact of last year's price collapse. Number that stands out most to me: 866 property sales that fell through because buyers couldn't close the deal.

OTHER NOTABLE STORIES:

-Second Cup is getting into the pot business. The coffee store chain announced today it's partnering with Venture-listed National Access Cannabis to launch a chain of dispensaries.

-Statistics Canada today reported the biggest year-over-year increase in job vacancies since at least 2015 as open positions surged 23.2 per cent year-over-year in the fourth quarter of 2017. Almost 70 per cent of vacancies were for full-time work.

-Shares of Shaw Communications are surging this morning after the company posted 93,500 net new wireless postpaid subscribers in the second quarter. And an interesting nugget in the release: Shaw has a deal with Loblaw to start selling Freedom mobile products in the grocer’s mobile kiosks.

-Bank of Nova Scotia confirmed in a statement that the US$255-million sale of its Malaysian unit to Cathay has fallen through and that it will now review strategic options for the business.

-U.S. Trade Representative Robert Lighthizer has cancelled his plan to attend the Summit of the Americas. Earlier, Bloomberg reported Foreign Affairs Minister Chrystia Freeland was planning to meet Lighthizer and Ildefonso Guajardo  on the sidelines of a summit. 

NOTABLE RELEASES/EVENTS

Notable data: Canadian new housing price index, Teranet/National Bank Canadian home price index

Notable earnings: Cogeco, Shaw Communications, Delta Air Lines

9:30 a.m. ET: U.S. Ambassador to Canada Kelly Knight Craft delivers speech in Calgary

11:00 a.m. ET: Environment and Climate Change Minister Catherine McKenna holds media avail in Toronto

11:30 a.m. ET: Economic Development Minister Navdeep Bains delivers remarks at Sanofi announcement in North York, Ontario

1:45 p.m. ET: U.S. President Donald Trump delivers remarks in Rose Garden on tax cuts

3:00 p.m. ET: Caisse de Depot CEO Michael Sabia, Quebec Premier Philippe Couillard, SNC Lavalin CEO Neil Bruce and others hold press conference in Montreal for groundbreaking on construction of Réseau express métropolitain

-Public Policy Forum hosts Canada Summit in Toronto. Notable speakers include Dominic Barton (0905), Navdeep Bains (0945), Bill Morneau (1300), Mark Carney (1500). Full agenda: https://www.ppforum.ca/event/canada-growth-summit-3-going-distance/

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.