The head of Kinder Morgan Canada has a message for Justin Trudeau: talk is cheap and it’s time to actually do something about the simmering dispute over his company’s controversial Trans Mountain pipeline expansion project. “The time is now before us for us all to convert supporting statements into action,” Ian Anderson told BNN, adding he believes Trudeau’s office is considering what steps the PM can take once the B.C. government decides on how/if it will make good on its proposal to cap diluted bitumen shipments through the province.
HOW CANADA WILL APPROVE PIPELINES
The federal government is expected to release its long-awaited overhaul of how major resource projects are reviewed today. Couldn't be a more timely announcement considering the uproar over Trans Mountain. Four ministers (including Catherine McKenna and Jim Carr) and one parliamentary secretary will hold near-simultaneous news conferences across the country to announce the new parameters. The immediate question to consider is whether the new plan will give pipeline companies - and other proponents - more confidence about doing business in Canada. We’ll have special live coverage of the announcement starting around 11:45 a.m. ET.
RETIREMENT REALITY CHECK
A new CIBC survey shows Canadians, on average, think they'll need $756,000 saved to retire comfortably. The divergence is amazing, with millennials saying they'll need $917,000, compared to $518,000 among boomers. And, frighteningly, 32 per cent of respondents aged 45-64 have nothing saved for retirement.
MARKET VOLATILITY PERSISTS
Futures are pointing to a soft open when trading starts in New York today. Amazing how yesterday’s session evolved, with the Dow seeing another choppy session that saw it rise as much as 381 points before closing with a 19-point loss.
“MISSION ACCOMPLISHED” ON HOUSING
As far as bold statements go, Evan Siddall might take the prize. The head of Canada Mortgage and Housing Corporation declared “mission accomplished” for Canada’s wave of regulatory changes designed to tame runaway home prices. “I think the evidence shows [the changes] worked out a little better than we hoped,” he told BNN in an exclusive interview yesterday. See the full conversation here.
TRUDEAU MEETING BEZOS
The prime minister is in San Francisco today for meetings with a bunch of tech executives, most notable among them: Jeff Bezos. The conversation is closed to the media, so we’re going to be left in the dark – but it’s fair to presume that Toronto’s bid to land HQ2 will factor into the conversation.
OTHER NOTABLE STORIES:
-Manulife Financial is raising its quarterly dividend 7 per cent to 22 cents per share, while fourth-quarter quarter profit was essentially flat at $1.2 billion. The U.S. division was the main profit driver. So what now of that months-old speculation (that has since dissipated) about Manulife pondering the future of that unit?
-MEG Energy is selling its Stonefell terminal and a 50 per cent stake in the Access pipeline to Wolf Midstream for $1.61 billion, with proceeds mostly going toward paying down debt.
-Suncor Energy is also giving back to shareholders by boosting its quarterly payout 12.5 per cent to 36 cents to share on the back of a record $3.02 billion in fourth-quarter funds from operations.
-BCE is also joining the dividend boosters club, with the annual payout going up 5.2 per cent to $3.02 per share. Fourth-quarter adjusted profit was in line with estimates at 76 cents per share thanks in no small measure to a big quarter in the wireless unit as Bell picked up 175,204 new postpaid subscribers.
-Actual bipartisanship is on display in the U.S. senate after Republicans and Democrats agreed on a two-year budget deal. Virtually all reporting on the pact, however, is pointing out it faces a rocky path to approval in the House of Representatives.
NOTABLE RELEASES/EVENTS
Notable earnings: BCE, Telus, Thomson Reuters, Canada Goose, Domtar, Great-West Lifeco, MEG Energy, Twitter, The New York Times Co.
Notable data: Canadian new housing price index, Canadian housing starts
7:00 a.m. ET: Bank of England releases interest rate decision
10:45 a.m. ET: Federal officials hold technical briefing in Ottawa on regulatory reviews for major resource projects
11:45 a.m. ET: Environment and Climate Change Minister Catherine McKenna holds news conference in Ottawa on resource project reviews
12:05 p.m. ET: Natural Resources Minister Jim Carr holds news conference in Calgary on resource project reviews
1:00 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins delivers speech in Montebello, Quebec
3:30 p.m. ET: Foreign Affairs Minister Chrystia Freeland discusses foreign policy priorities be Standing Committee on Foreign Affairs and International Development
7:30 p.m. ET: Justin Trudeau meets with Amazon.com CEO Jeff Bezos in San Francisco
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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