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Noah Zivitz

Managing Editor, BNN Bloomberg

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One year ago today, Kathleen Wynne's Liberal Ontario government lowered the boom on runaway home prices in the Greater Toronto Area with her Fair Housing Plan. Centered around a tax on foreign buyers, the 16-point plan was designed to improve affordability as a bubble formed before our eyes. The fallout was swift, with average prices sinking 20 per cent from peak to trough in August. But in recent months, there have been some signs of stabilization. Greg Bonnell has pulled together analysis of the FHP's impact. Read it on BNN.ca

"WHY AREN'T WE TALKING ABOUT EAGLE SPIRIT?"

That's what B.C. Green Party Leader Andrew Weaver wanted to know when we spoke with him on Monday in the aftermath of last week's Trans Mountain summit. Well, today we will talk about Eagle Spirit, an Indigeous-backed pipeline that would ship oil from Alberta to B.C. Problem is, Eagle Spirit also has to navigate tanker rules. And so it's eyeing Alaska as a back-up terminal point. But as Jameson Berkow has learned, that could be a problem. He'll explain why in a BNN.ca feature today that I'm confident in saying you won't want to miss.

CP BRACING FOR STRIKE

The rhetoric continues to fly ahead of a midnight deadline to avert a strike that would see thousands of unionized CP workers walk off the job. Teamsters Canada Rail Conference President Doug Finnison blasted CP boss Keith Creel for declaring his rail company won't be "held hostage". "The fact that CP feels they are being taken hostage by working-class Canadians is a reflection of their failed labour relations strategy," Finnison said in a press release. Meanwhile, CP is preparing for a walkout by putting the wheels in motion for what it calls a “safe and structured shutdown” of its Canadian operations.

TRUMP TAKES AIM AT CRUDE

U.S. President Donald Trump just took aim at oil prices. Writing in a tweet this morning "prices are artificially Very High! No good and will not be accepted!" That's with U.S. oil futures hovering near their highest level since December 2014. We'll track market reaction.

 

GE’S BOSS SEES 'PROGRESS'

It's not quite mission accomplished, but GE Chairman and CEO John Flannery says things are looking up. "We are seeing signs of progress in our performance," he said this morning after his massive conglomerate edged out first-quarter profit expectations, helping to lift the stock in pre-market trading. Still plenty of work to do, as Flannery notes in saying GE is still "working to resolve legacy matters." 

OTHER NOTABLE STORIES

-Rogers Communications posted double-digit first-quarter free cash flow and earnings growth late yesterday on the back of wireless gains, including 95,000 net new postpaid subscribers and improved subscriber retention.

-U.S. oil futures remain near the highest level since December 2014, trading just above US$68 per barrel at last look.

-There are multiple reports circulating that Prem Watsa’s Fairfax Financial has tabled a $300-million stalking horse bid for Toys 'R' Us’s Canadian division.

-Influential proxy advisor Institutional Shareholder Services is recommending Crescent Point Energy shareholders support two of Cation Capital’s dissident board nominees. 

-Wells Fargo is reportedly closing in on a US$1-billion settlement with U.S. regulators over its risk management practices. According to the WSJ, the settlement could be announced as soon as today.

-Programming note: One of our most popular stories yesterday on BNN.ca was about OpenText co-founder Tim Bray fronting an open letter of support for John Horgan in the Trans Mountain battle. Bray joins us today at 10:10 a.m. ET.

NOTABLE RELEASES/EVENTS

-Notable earnings: GE, Procter & Gamble, Schlumberger, Honeywell

-Notable data: Canadian retail sales, Canadian CPI

-10:00 a.m. ET: National Bank holds annual meeting in Drummondville, Quebec

-11:00 a.m. ET: Rogers Communications holds annual meeting in Toronto

-IMF/World Bank spring meetings in Washington, D.C. (agenda here: http://www.imf.org/external/meetings/NewSchedule.aspx?meetingid=49)

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.