Noah Zivitz

Managing Editor, BNN Bloomberg

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Facebook CEO Mark Zuckerberg is finally speaking up. “This was a major breach of trust, and I’m really sorry that this happened,” he told CNN late yesterday in an exclusive interview that mostly echoed what he posted in a Facebook message after breaking his silence on the data scandal that engulfed his company. He added in the interview that he’d be “happy” to testify before lawmakers “if it’s the right thing to do.”

Three lanes for us to navigate on this story:

            -From a purely PR perspective: did he strike the right tone?

            -From a practical standpoint: is Facebook’s strategy enough to avoid another Cambridge Analytica-esque episode?

            -Taken together: is it enough to satisfy the company’s users, advertisers and shareholders?

ALBERTA BUDGET DAY

Joe Ceci will table a budget today that he’s promised will show a path to balanced books by 2023. Problem with that plan could be that it's being built on an assumption Kinder Morgan's controversial Trans Mountain expansion project eventually overcomes opposition and protestors. BNN's Tara Weber will be in lockup for most of the day and will bring us all the breaking details when Ceci delivers his budget at approximately 5:15 p.m. ET.

TRADERS WEIGHING DOTS AND TARIFFS

European stocks are trading modestly lower and futures are suggesting it will be a weak open in the aftermath of yesterday’s Fed decision and ahead of the latest manifestation of Donald Trump’s America First view of the world.

The new dot plots suggest the American central bank could raise rates with extra vigour in 2019 and 2020, and there are more voting members who want to tighten four times this year instead of three. BlackRock’s Kurt Reiman joins us at 12:30 p.m. ET to discuss implications for rate-sensitive stocks in your portfolio.

Meanwhile, the White House has confirmed Trump will announce unspecified trade “actions” against China today, prompting a former Chinese vice commerce minister to warn Trump’s moves could be tantamount to “a declaration of trade war with China.” Based on the official White House agenda, Trump will sign the memorandum at 12:30 p.m. ET.  I’d like to hear insight on sectors China could target in retaliation, and whether there are implications for Canada’s relations with China.

IN CONVERSATION WITH TIFF MACKLEM

We’re catching up this afternoon with the Bank of Canada’s former second in command. Tiff Macklem will share his perspective on lessons learned from the financial crisis and what dangers might lurk around the corner in the financial system. Watch for the interview at 2:20 p.m. ET.

OTHER NOTABLE STORIES:

-Cenovus is taking matters into its own hands, saying today it’s toggling production and making use of storage reservoirs as a result of price differentials, “a critical shortage” of pipeline capacity, and a crude-by-rail constraints.

-Bombardier announced today it has been awarded a US$305-million contract by the City of Phoenix to extend the "automated people mover" at Sky Harbor airport.

-AutoCanada is moving into Chicago, announcing its first acquisition south of the border this morning with the $110-million acquisition of Grossinger Auto Group.

-Canadian billionaire Jim Pattison is dumping cold water on speculation he could be involved in a bid for the NFL’s Carolina Panthers. A spokesperson for Pattison tells BNN he “has no interest whatsoever” in participating in a bid. Unnamed sources had told Bloomberg Pattison is backing a group led by Bedrock Industries CEO Alan Kestenbaum. 

-BlackBerry is cozying up with another automaker, announcing today it’s going to develop technology for Jaguar Land Rover vehicles.

-La Presse is reporting Quebec Finance Minister Carlos Leitao will detail a strategy for applying provincial sales tax to Netflix in his budget next week

NOTABLE RELEASES/EVENTS

Notable earnings: Nike

Notable data: Statistics Canada EI report

8:00 a.m. ET: Bank of England releases interest rate decision

9:00 a.m. ET: U.S. Commerce Secretary Wilbur Ross testifies before U.S. House Committee on Ways and Means

9:30 a.m. ET: BCE CFO Glen LeBlanc presents at Desjardins telecom conference

10:00 a.m. ET: U.S. Trade Representative Robert Lighthizer testifies before U.S. Senate Finance Committee

11:45 a.m. ET: Justin Trudeau delivers remarks on the budget and holds media avail in Sussex, NB

12:30 p.m. ET: Trump signs presidential memorandum “targeting China’s economic aggression”  

2:45 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins delivers speech in Toronto

4:20 p.m. ET: CRTC Chair Ian Scott holds media conference call on efforts to improve affordability of wireless services

5:15 p.m. ET: Alberta Finance Minister Joe Ceci tables budget

-University of Toronto Rotman School of Management conference on lessons learned from the financial crisis concludes (list of speakers here)