Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Where to begin with fallout from 737 Max groundings affecting nearly 400 aircraft around the world?

-In Canada, WestJet and Air Canada’s Twitter accounts read like PR case studies as the airlines triage their fleets and flight schedules. Keep in mind Air Canada said yesterday its 737 Max fleet carried upward of 12,000 passengers every day. And some interesting nuggets in WestJet’s online FAQ (like dodging the issue of whether it will seek compensation from Boeing, and its estimate that 1,000 passengers were affected yesterday) 

-In France, investigators are now in possession of black boxes from the Ethiopian Airlines crash; their findings will go a long way in determining how long the groundings will last.

-And, in a sign of rapidly-evolving competitive dynamics, Bloomberg is reporting China President Xi Jinping will discuss a potential major Airbus order when he meets with France’s Emmanuel Macron. We’ll chase insight on all of those angles and more.

TELFER CHANGE OF HEART

Ian Telfer won't be going along for the ride at Newmont after all. Goldcorp announced overnight that its chairman has decided not to join Newmont Goldcorp's board of directors. When the Newmont-Goldcorp deal was announced in January, Telfer was teed up to be deputy chair of the combined entity. No reasons were given for his change of heart in Goldcorp's two-paragraph release. Not trying to create a causal link, but we know Telfer caught heat from a vocal group of shareholders who blasted his US$12-million "retirement allowance" last weekend.

U.S.-CHINA TRADE SETBACK

Bloomberg News reported this morning that U.S. President Donald Trump and China President Xi Jinping are now likely to meet next month to sign a trade agreement, rather than this month (as had been previously anticipated). “Chinese officials have also prickled at the appearance of the deal being one-sided, and are wary of the risk of Trump walking away even if Xi were to travel to the U.S.,” Bloomberg reports.

BREXIT LATEST

U.K. lawmakers are expected to vote today on whether to seek the EU’s blessing to extend Brexit negotiations beyond the March 29 scheduled secession date, a move that would ultimately require unanimous support from the 27 EU nations. In a tweet this morning, European Council President Donald Tusk said he will appeal to those nations “to be open to a long extension.”

OTHER NOTABLE STORIES

-New data from StatsCan shows the closely-watched credit market debt to disposable income ratio reached 174% in the fourth quarter of last year

-GE shares fell in pre-market trading after the industrial conglomerate forecast full-year profit below the average analyst estimate. "GE's challenges in 2019 are complex but clear," CEO Larry Culp said in a release.

-Credit Suisse has upgraded Suncor and Imperial Oil, and downgraded Husky, citing factors ranging from the Line 3 delay to Warren Buffett.

-NFI Group is raising its annual dividend 13.3 per cent to $1.70/share, based on cash flow and capex expectations for this fiscal year.  

NOTABLE RELEASES/EVENTS

 -Notable earnings: WSP Global, Alcanna, Transat, Dorel Industries, Oracle, Broadcom 

-Notable data: Canadian national balance sheet and financial flow accounts, Canadian new housing price index, U.S. new home sales

-9:00 a.m. ET: U.S. Treasury Secretary Steven Mnuchin discusses President Trump’s budget proposal before House Ways & Means Committee

-10:00 a.m. ET: Finance Minister Bill Morneau holds pre-budget photo op in Toronto

-10:00 a.m. ET: U.S. Commerce Secretary Wilbur Ross addresses House Oversight Committee

-10:30 a.m. ET: Jean-Yves Duclos (minister responsible for CMHC) and Mayor John Tory make National Housing Strategy announcement in Toronto

-10:50 a.m. ET: U.S. President Donald Trump meets with Ireland Prime Minister Leo Varadkar in Oval Office

-12:00 p.m. ET: Natural Resources Minister Amarjeet Sohi announces funding for clean tech projects in Alberta’s oil and gas sector (plus avail)

-1:30 p.m. ET: Mnuchin discusses President Trump’s budget proposal before Senate Finance Committee

-7:05 p.m. ET: Bank of Canada Senior Deputy Governor Carolyn Wilkins delivers speech in Vancouver (remarks on bank site at 6:50 p.m. ET)

-U.K. Parliament to vote on Brexit extension

-Tesla Model Y to be unveiled in Los Angeles

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.