Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Make it two for two from the Canadian banks. RBC has matched CIBC by beating first-quarter profit expectations and boosting its dividend. Royal earned more than $3 billion in its fiscal first quarter. Core Canadian banking delivered the lion's share of profit, while the wealth management and capital markets division posted double-digit gains.

B.C. SEEKS COURT'S BLESSING ON PIPELINE DISPUTE

Maybe it’s just me, but if anything it seems like yesterday’s decision by B.C. to seek a court’s blessing for its proposed cap on diluted bitumen shipments only creates more uncertainty for Kinder Morgan’s Trans Mountain expansion project. Alberta Premier Rachel Notley framed it as a victory of sorts, saying her neighbour “blinked.” She’s suspending Alberta’s ban on B.C. wine imports, while warning she’s preparing additional retaliatory measures in case B.C. throws more hurdles in Kinder Morgan’s way. The pipeline company has said time and again it wants certainty. There’s no way B.C.’s latest move can be viewed as helping on that front.

MORNEAU GEARS UP FOR BUDGET

2017 wasn’t kind to Bill Morneau. Regardless of Canada’s oft-trumpeted status as the G7’s fastest-growing economy, the finance minister’s plan to overhaul small business taxes was a PR fiasco – not to mention the ethical firestorm surrounding his assets and policies that were seen benefitting Morneau Shepell. New calendar year, new opportunity to rebuild confidence, starting with the budget. We’ll tee up what’s at stake for Morneau with pollster Nik Nanos this morning on Business Day.

AWAITING BUFFETT’S LETTER

Berkshire Hathaway CEO Warren Buffett releases his annual letter tomorrow. Much anticipation for what he’ll say about the U.S. economy, markets and his appetite for deals. Of particular interest on this side of the border is whether there will be any new hints about whether Canadian Greg Abel has the inside track in the race to succeed the legendary investor as Berkshire’s CEO. Reminder than in January, Abel and Ajit Jain, the other perceived top contender, were both appointed directors and vice chairmen.

BEWARE KYLIE

Amazing to see how Snap shares tumbled yesterday, seemingly at least in part thanks an 18-word tweet by Kylie Jenner. What other brands are most vulnerable to losing the Kardashian-Jenner clan’s affection?  

OTHER NOTABLE STORIES:

-Chinese regulators are taking control of Anbang Insurance, which has become a big player in the real estate industry. 

-La Presse has published an exclusive suggesting Quebec might fast-track a subway contract in an attempt to avoid the layoffs that Bombardier recently threatened. BNN's Paige Ellis is looking into this  

-The Canadian dollar has sagged to its lowest level since Christmas after a fifth straight day of losses yesterday.

-Odd sequence of events over at Canfor. At 5:00 p.m. ET, the company said it was green-lighting a “best-in-class” US$120-million sawmill in Georgia, with start-up anticipated in 2019. Shortly before 0200 today, Canfor said its contractor flagged another obligation that could delay work on the new mill.

-General Mills is getting into the pet food business, announcing today it's buying Blue Buffalo Pet Products for US$40 per share -- a big move by a company that's best known for brands like Pillsbury and Cheerios.

NOTABLE RELEASES/EVENTS

-Notable earnings: RBC, Canfor, Onex

-Notable data: Canadian CPI

-10:30 a.m. ET: Ontario Premier Kathleen Wynne, Quebec Premier Philippe Couillard, Colorado Governor John Hickenloooper, Mexican Governor Francisco Domínguez Servién participate in NAFTA panel in Washington, D.C. (CTV is shooting live. Details here: https://www.eventbrite.com/e/governors-premiers-on-nafta-a-view-from-states-and-provinces-tickets-42544044382)

-2:00 p.m. ET: Donald Trump holds joint news conference in Washington with Australian PM Malcolm Turnbull

-2:30 p.m. ET: B.C. Premier John Horgan delivers speech at Vancouver Board of Trade

-National Governors Association winter meeting starts in Washington, D.C.

-Reminder: NAFTA negotiations resume in Mexico City on Sunday 

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.