Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

It's pre-election budget day in Canada. We've got Greg Bonnell in Ottawa for previews of what to expect before he heads into lockup. This afternoon, we're looking forward to instant analysis from Manulife's Frances Donald, MLI's Sean Speer and OMX CEO Nicole Verkindt. At 5:30 p.m. ET, we'll speak with former political insiders John Manley and Rona Ambrose. And shortly after 6 p.m. we'll hear directly from Finance Minister Bill Morneau.

MORE 737 MAX FALLOUT            

First Air Canada and WestJet yanked their financial forecasts. Now we’re learning more about the coping strategy. Air Canada said today it will remove the Max jets from its schedule until July 1. In its release, the airline said it has extended some aircraft leases, adjusted schedules and suspended some routes to help mitigate the impact.

BOEING PUBLIC RELATIONS

The planemaker released a video message from its CEO last night, more than a week since the Ethiopian Airline crash that killed 157 people. It’s an attempt to reassure a wide swath of stakeholders: customers, travelers and regulators. We’ll assess its effectiveness. 

ALBERTA EASES CURTAILMENTS

Rachel Notley's government is again loosening the mandatory production cuts it imposed on the province's oil producers. An extra 25,000 barrels per day will be allowed in May, with the same amount being added in June. All told, producers will be allowed 3.71 million barrels per day as of June 1, compared to 3.56 million when the curtailment program began in January.

LEADERS TARGET SOCIAL MEDIA

Social media platforms are coming under intense pressure in the wake of the New Zealand mosque shootings. “There cannot be a case of all profit, no responsibility,” New Zealand Prime Minister Jacinda Ardern said Tuesday. Meanwhile, Australia’s PM Scott Morrison said “it is unacceptable to treat the internet as an ungoverned space," and is calling for G20 nations to tackle the issue at their next summit. Facebook shares have dropped 7.4 per cent over the last three sessions.

OTHER NOTABLE STORIES

• Five Liberals on the House Justice Committee say they “have achieved [their] objectives” and that the “appropriate way forward” on the SNC scandal is to allow the office of the ethics commissioner to do its work.
• Shares of Tilray are up  about 2 per cent in pre-market trading after the cannabis producer reported a 204 per cent surge in fourth-quarter revenue, while its net loss ballooned tenfold.
• Theresa May’s Brexit strategy suffered another setback today after the U.K. House speaker refused to allow a third vote on her plan.
• Prime Minister Justin Trudeau followed U.S. President Donald Trump’s lead late yesterday with a tweet about GM, albeit with a softer touch. 
• The U.S. Securities and Exchange is asking a U.S. district judge to find Tesla CEO Elon Musk in contempt of court for violating the terms of his settlement agreement, saying it’s “stunning” that recent tweets were not pre-approved (see details here).
• Another salvo in the battle for coffee chain supremacy in Canada: Starbucks announced a new tiered structure for its Rewards loyalty program today, allowing for faster redemptions of certain products.

NOTABLE RELEASES/EVENTS

• ​Notable earnings: Alimentation Couche-Tard, Franco-Nevada, FedEx.
• Notable data: U.S. factory orders, U.S. durable goods orders.
• 8:45 a.m. ET: House Justice Committee holds emergency meeting to discuss bringing back Jody Wilson-Raybould.
• 12:05 p.m. ET: Brazil President Jair Bolsonaro meets with U.S. President Donald Trump at the White House.
• 1:45 p.m. ET: Bolsonaro, Trump hold news conference in Rose Garden.
• 4 p.m. ET: Finance Minister Bill Morneau delivers federal budget.
• B.C. reference case re. oil transportation continues before provincial Court of Appeal.