Here are five things you need to know this morning
Shakeup at Barrick: Longtime Barrick Mining CEO Mark Bristow has departed the company effective immediately. Bristow had the top job at the Canadian metals producer for nearly seven years, following his time at South Africa’s Randgold Resources. Barrick has named Mark Hill as interim chief executive. Hill is currently responsible for Barrick’s Latin American and Asia Pacific regions. A board committee is working with an executive search firm to identify a permanent CEO. Barrick has struggled to meet production targets and control costs, with output slumping to the lowest in two decades, and the company has lagged some of its rivals even as bullion rose to a record. Bristow has also dealt with operational difficulties in Papua New Guinea and Mali.
TD CEO to unveil strategy: TD Bank is making a presentation to investors today. The meeting comes one year after Ray Chun became CEO, following the bank’s U.S. money-laundering scandal. TD has managed to recover nicely from that setback, with strong earnings reports over the past three quarters, and its stock has bounced back, climbing 44 per cent so far this year, nearly double the average return of its rivals.
Steel support: This morning Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario will be announcing federal government support measures for Canada’s steel industry to “protect and stabilize” the Canadian manufacturing economy and the steel sector. The Canadian steel industry has been hit hard and pushed into disarray by U.S. President Donald Trump’s 25 per cent tariff war on goods made with foreign steel. This month Canada reciprocated with a tariff on U.S. steel as negotiations between the two countries continue efforts to resolve trading disputes. Hajdu will be making her announcement in Sault Ste Marie at 9:15 a.m. ET.
Trump touts CBD benefits: Shares of cannabis-producing companies are rallying this morning after Trump posted a video on social media Sunday that touts the medical benefits of “hemp-derived CBD” for seniors. Trump suggested that covering CBD under Medicare would be “the most important senior health initiative of the century.” The video Trump posted also features a Fox News clip describing the economic benefits of medical marijuana legalization.
BNN Bloomberg moves to Agincourt
It’s a big day for BNN Bloomberg, as we have moved from our downtown Toronto location to join our CTV News colleagues in the city’s northeast. So far so good for our broadcast day, as we get used to the changes.
