The Caisse de dépôt et placement du Québec is vowing to take climate change into account for every single one of its investment decisions — no small task when you consider its total asset base was $286.5 billion as of June 30. “We set a short-term target to increase our investments in low carbon assets by over $8 billion, and a medium-term target to reduce our carbon footprint by 25 per cent per dollar invested. These objectives are ambitious, achievable, and measurable, and we’ll report on our progress toward them every year,” said CEO Michael Sabia in a press release. We’ll gather reaction and size Caisse’s strategy up against what other influential institutional investors are doing.
CENOVUS STRIKES ANOTHER ASSET SALE
Outgoing CEO Brian Ferguson keeps chipping away at his company’s debt load. Cenovus announced today it will sell its Palliser assets for $1.3 billion. It’s the third major asset sale in a little more than a month as Ferguson aims to hand off a stronger balance sheet to whomever takes over from him. Watch for extensive coverage today on BNN.
EVERYTHING MUST GO
Sears Canada is launching liquidation sales across its remaining stores today, marking the beginning of the end for the once-mighty retailer. We'll wait to see what kind of discounts shoppers will encounter when the doors swing open this morning. BNN's Paige Ellis will be on location later this morning, reporting on the mood and traffic flow as rival retailers brace for uncertainty.
ROGERS RAISES OUTLOOK
Rogers Communications is raising its full-year profit forecast as CEO Joe Natale continues putting his thumbprint on the company. Third-quarter adjusted profit narrowly outpaced estimates amid a surge in wireless subscriber growth (+129k postpaid). And so, the full-year adjusted operating profit is now seen growing as much as six per cent, versus the previous range of two-to-four per cent. If there's a downside in the latest quarter, check out the 18 per cent drop in media profit — which Rogers is blaming, in part, on the Blue Jays' player payroll.
KINDER MORGAN WARNS OF TRANS MOUNTAIN DELAY
“Now, more than ever, this project is critical,” said Kinder Morgan Canada President Ian Anderson in a press release Wednesday, potentially as a veiled reference to TransCanada’s decision to yank Energy East. Unfortunately for the pipeline company and the oil patch, Kinder Morgan is warning Trans Mountain Expansion’s in-service date could be delayed by up to nine months. BNN's Tara Weber will discuss the stakes for Alberta and the risk of additional delays.
BLACK MONDAY REMEMBERED
Hard to juxtapose the mayhem of 30 years ago against the almost ho-hum nature of the modern-day market’s record-smashing ways. But fresh off seeing the Dow Jones Industrial Average surge above 23,000, we’ll reflect back on the pandemonium of October 19, 1987.
OTHER NOTABLE STORIES:
-It’s deadline day for cities that want to throw their hat into the ring for Amazon’s second headquarters. If you missed it, check out how Ed Clark is framing Toronto’s pitch.
-Agrium and PotashCorp have received a conditional go-ahead from India to proceed with their merger. The two companies still await the green light from regulators in China and the U.S.
-The standoff over Catalonia’s future continues after its leader failed to comply with Spanish President Mariano Rajoy’s demand that he abandon the push for independence.
-New data from Moneris shows credit and debit card purchases in Canada rose 5.05 per cent year-over-year in the third quarter. British Columbia notched the biggest gains. Also notable: contactless payments surged 51.5 per cent across the country.
NOTABLE RELEASES/EVENTS
-Notable earnings: Rogers Communications (conference call at 8:00 a.m. ET), Postmedia, Verizon
-Notable data: StatsCan EI report, Chinese GDP (to be released late Wednesday)
-9:45 ET: Finance Minister Bill Morneau holds media avail in Erinsville, Ontario
-10:00 a.m. ET: Ontario Financial Accountability Officer releases report on long-term budget outlook
-12:30 p.m. ET: Toronto Global holds news conference on Amazon HQ2 bid
-12:40 p.m. ET: Justin Trudeau scrums in Roberval, Quebec
-Liquidation sales at Sears Canada expected to start
-Deadline for cities to submit proposals for Amazon's HQ2
-Provincial and territorial health ministers start two-day meeting in Edmonton
-CRTC continues hearing on licence renewals for TV service providers. You can find the agenda here.
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.
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