Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

BlackBerry has lost its second-in-command, leaving a hole in the company’s executive ranks as it struggles to rally shareholder confidence in its turnaround plan. Bryan Palma’s exit as president and chief operating officer was announced in a terse statement that was dwarfed by glowing praise for Palma when he joined BlackBerry in January. Why jump ship after less than a year in the job? And should this unnerve investors who’ve already dragged down the company’s stock price 21 per cent this year? We’ll hunt for answers.

IN CONVERSATION WITH SUNCOR’S CEO

Tara Weber will catch up with Suncor Chief Executive Officer Mark Little later today on the sidelines of the National Coalition of Chiefs energy and natural resource summit in Calgary. Lots of ground to cover, from the recently-announced curtailment relief in Alberta, to cleaning up the industry’s footprint, putting free cash flow to use, Canada’s uphill battle with pipelines, and much more. Watch for it this afternoon on BNN Bloomberg and BNNBloomberg.ca

TORONTO HOME PRICES RISE AS SUPPLY SHRINKS

Active listings in the Greater Toronto Area housing market plunged 18.8 per cent year-over-year in October, while sales jumped 14 per cent. Add it up, and we’re left average prices up 5.5 per cent to $852,142. Still a long way off from the peak in April 2017, but it was enough to prompt yet another warning from the local real estate board about the demand-supply imbalance.

CHINA-U.S. TRADE LATEST

Another round of headline whiplash today as the world’s two largest economies aim to solidify the first phase of their trade agreement. Our Bloomberg partners are reporting Beijing is asking the U.S. to roll back tariffs on up to US$360 billion worth of imports. Bloomberg’s sources say the Trump administration will have to, at minimum, scrap the next round of tariffs that are set to take effect on Dec. 15 “for Xi to get on a plane to meet Trump.” Meanwhile, The Financial Times is reporting the Trump administration is “considering” the possibility of unwinding tariffs on USS$112-billion in goods.

OTHER NOTABLE STORIES

-The Globe and Mail is reporting CIBC is in talks to sell its FirstCaribbean business to billionaire Jaime Gilinski Bacal. A spokesperson for CIBC “if and when decisions are made, we’ll advise our stakeholders as appropriate.”

-Déjà vu for legacy PotashCorp investors after Nutrien cut its full-year profit forecast yesterday amid “subdued” demand for potash.

-Uber Technologies shares are drifting lower in pre-market trading after the company’s net and adjusted losses ballooned in the third quarter. Perhaps limiting the selling pressure: CEO Dara Khosrowshahi touted “greater financial discipline” and the company’s CFO talked up a plan to be profitable (on EBITDA basis) in 2021 during a conference call late yesterday.

NOTABLE RELEASES/EVENTS

-Notable earnings: WSP Global, Newmont Goldcorp, Intact Financial, Spin Master, Indigo Books & Music, Finning International

-Notable data: Canadian trade balance, U.S. trade balance, ISM U.S. services index

-11:00 a.m. ET: Suncor CEO Mark Little addresses National Coalition of Chiefs Energy and Natural Resource Summit in Calgary

-12:00 p.m. ET: Canadian Pension Plan Investment Board CEO Mark Machin addresses Toronto Board of Trade

-1:00 p.m. ET: Alberta Premier Jason Kenney holds news conference in Edmonton regarding recent trade mission to Mexico

Every morning BNN Bloomberg's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN Bloomberg'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.bnnbloomberg.ca/subscribe.