Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

None of the principal players are backing down after the Trans Mountain Expansion summit this weekend. Prime Minister Justin Trudeau emerged from the meeting declaring, again, “it will be built”. B.C. Premier John Horgan vowed to continue defending his province’s coastline. And Alberta Premier Rachel Notley spelled out why she thinks it’s in the national interest.

Now what?

-Trudeau indicated he tasked Finance Minister Bill Morneau with launching “formal financial discussions” with Kinder Morgan to “remove the uncertainty” hanging over the Trans Mountain expansion. No details on what the nature of the financial arrangement could be. But we should keep in mind that six months ago pundits assumed Morneau was bound to be shuffled out of his job. Now he’s running point on the government’s most important file.

-Trudeau also indicated his team is pursuing legislation to reassert the feds’ jurisdictional right to call the shots on this.

-Rachel Notley’s government will table legislation this afternoon “giving Alberta the power to control the oil and gas resources that belong to all Albertans”. Presumably, this is where we’ll learn the extent of how tight the province is prepared to turn the taps on B.C.

The single most important angle for our coverage today is whether anything that anyone said yesterday will sway Kinder Morgan. BNN's Jameson Berkow will lay out the basics this morning and will then shift gears to gathering insight on financial arrangements that could be palatable to Kinder Morgan and the feds.

VERMILION BUYING SPARTAN

We’ve got a big deal in the oil patch. Vermilion Energy has agreed to buy Spartan Energy for $1.23 billion in a deal that broadens Vermilion’s footprint in Saskatchewan. The news was announced Monday morning; we’re sifting through the details and hope to speak with principals.

CANADIANS FEELING THE HEAT ON INTEREST RATES

A new survey conducted on behalf of MNP reveals one-third of Canadians think rising interest rates could push them toward bankruptcy. CTV's Chief Financial Commentator Pattie Lovett Reid has consistently said a day of reckoning is coming for consumers who went overboard on debt; while that day might not be imminent (probability of the Bank of Canada raising rates on Wednesday is currently 18 per cent), the new survey suggests she's bang on.

GETTING TO KNOW WESTJET'S NEW CEO

We're looking forward to speaking with Ed Sims this morning in his first interview since taking over from Gregg Saretsky as CEO of WestJet. He inherited some complex files - like getting Swoop ready for launch and WestJet's ongoing international expansion. Don't miss the interview at 8:10 a.m. ET.

CP VERSUS UNIONS

Canadian Pacific is locking horns with two of its unions as the clock ticks down to a potential strike as early as this weekend. CP said in a press release late Friday night that it's negotiating "in good faith", while pointing out what it calls almost two hundred total outstanding demands being made by the Teamsters and International Brotherhood of Electrical Workers. And that elicited a blunt response from the Teamsters, who allege CP is "attempting to manufacture a crisis".

SYRIA STRIKE

Not much evidence that the “precision strikes” launched by the U.S., U.K. and France are affecting investor psychology. Global stocks are little changed, futures are pointing to a strong open in New York, and safe haven gold is essentially flat. We’ll ask market guests whether investors are underestimating the geopolitical risk.

OTHER NOTABLE STORIES:

-Canopy Growth says it will issue up to 85,493 shares to buy its way into the Czech Republic with a deal to acquire Annabis Medical.

-Starbucks’ CEO issued a public apology after two black men were arrested inside a Philadelphia store this weekend. See Kevin Johnson’s open letter here.

NOTABLE RELEASES/EVENTS

-Notable earnings: Aphria, Netflix, Bank of America

-Notable data: U.S. retail sales

-7:05 a.m. ET: Justin Trudeau meets with France President Emmanuel Macron in Paris

-8:40 a.m. ET: Bombardier CSeries General Manager Rob Dewar delivers remarks at Aerospace Innovation Forum in Montreal

-9:00 a.m. ET: Trudeau and Macron hold media avail

-12:30 p.m. ET: Bombardier CEO Alain Bellemare and Air Canada CEO Calin Rovinescu speak at Aerospace Innovation Forum in Montreal

-1:30 p.m. ET: Trudeau meets in Paris with Airbus CEO Tom Enders

-2:00 p.m. ET: Economic Development Minister Navdeep Bains delivers remarks at Aerospace Innovation Forum in Montreal

-2:00 p.m. ET: Senate National Security and Defence Committee holds hearing on Bill C-45 (ie, cannabis legislation)

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.