Here are four things you need to know this morning
Election day: Canadians go to the polls today to cast their votes for a new federal government. The decision is considered one of the most consequential in our recent history, with Canada’s economy and even sovereignty explicitly threatened by our historically closest ally. The final polling released before today showed the Conservative party under Pierre Poilievre chipping away at the lead of Mark Carney’s Liberals. The major parties released platforms that showed significant differences when it comes to economic and business policies – including how to address the tariff actions by the U.S. government. We will have extensive election coverage on BNN Bloomberg today and tomorrow, with featured guests and reporters from Bloomberg and CTV News. Beginning at 5 p.m. eastern, BNN Bloomberg will broadcast CTV’s Power Play with Vassy Kapelos. At 7 p.m., its the CTV Election 2025 special, with results, analysis and perspective from all across the country. Special election coverage will continue through 2 a.m. EDT.
Shein boosts prices: American consumers are beginning to feel the impact of tariffs imposed by the White House… and that includes online shopping. Bloomberg News has found that China-based fast-fashion giant Shein has raised U.S. prices of its products by as much as 377 per cent. The average price for the top 100 products in the beauty and health category increased by 51 per cent from Thursday, with several of the items more than doubling in price. For home and kitchen products and toys, the average jump was more than 30 per cent, led by a massive 377 per cent increase in the price of a 10-piece set of kitchen towels. E-commerce shopping platforms like Shein and Temu face a 120 per cent tariff on many of their products due to the U.S. government’s decision to end the “de minimis” exemption for small packages from mainland China and Hong Kong. Exporters in recent years had capitalized on the exemption, which allowed goods valued at under US$800 to enter the U.S. without tariffs or customs duties.
Airbus taking Spirit assets: Boeing has made a major step in unwinding a much-criticized change in its corporate structure. Airbus SE has agreed to take over some assets and sites from Spirit AeroSystems, clearing the way for the struggling U.S. aerospace supplier to be taken back by Boeing, its former parent. The European planemaker will take over a facility in Kinston, North Carolina, as well as sites in France, Ireland and Scotland. The Airbus deal is a key part of a complex three-way transaction that reunites Boeing with Spirit, an operation that the U.S. company spun off in 2005. Airbus will receive a payment of US$439 million from Spirit to take the assets. Boeing’s move to re-acquire its former subsidiary was triggered by a near-catastrophic accident in January 2024 in which a fuselage built by Spirit lost a large panel during flight.
Barrick changing name: Barrick Gold is planning to change its name to Barrick Mining. The Canadian mining giant also plans to change the ticker for its NYSE-listed stock from GOLD to the letter “B.” Barrick’s Canadian shares will continue to be listed as ABX on the Toronto Stock Exchange. The changes comes into effect May 9. Barrick says the change will better reflect the company’s current business, and its mission to achieve sustainable and profitable gold and copper growth. Earlier this month, Barrick announced it was considering the move.
