Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Shares of Fiat Chrysler are slipping in Italy this morning after the startling news that Sergio Marchionne has been replaced as the automaker’s CEO due to unspecified post-surgery complications that “have worsened significantly.” Jeep leader Mike Manley has been tapped as his replacement. Plenty of questions to address; chief among them: will the fast-tracked leadership transition lead to any significant strategic changes? And does this rekindle the possibility of major industry consolidation? We’ll consider those issues and reflect on Marchionne’s legacy.

IN CONVERSATION WITH FRANK STRONACH

For the first time in a long time, today we have an interview with Magna International Founder Frank Stronach. Fresh off being inducted into the automotive hall of fame, BNN Bloomberg's Paul Bagnell and Stronach went around the world in a conversation about Magna’s evolution, the prospect of auto tariffs and Canadian competitiveness. Watch for it on The Street and on BNNBloomberg.ca

DUSHNISKY LEAVING BARRICK

Barrick Gold is on the hunt for a new president after Kelvin Dushnisky was tapped as the next CEO of AngloGold Ashanti. He’ll remain with Barrick until the end of August, with a successor to be named in “due course.” We’ll try to get a better handle today on what this means for the miner’s strategy. Of course, have to keep in mind John Thornton ultimately calls the shots as Barrick’s executive chairman.

G20 DANCES AROUND ELEPHANT IN THE ROOM

By reading the communique from this weekend’s meeting of G20 finance ministers and central bankers, you’d think these are ordinary times. Of course, they are not. The group’s closing missive (http://www.g20.utoronto.ca/2018/2018-07-22-finance.html) makes a passing mention of “heightened trade and geopolitical tensions” and there’s some boilerplate language about trade being an “important” growth engine. But, otherwise, the communique glosses right over the world’s most important economic issue.

OTHER NOTABLE STORIES

-Shares of Tesla were down more than six per cent in early trading after The Wall Street Journal reported the automaker has asked suppliers to return some cash to help bolster its bottom line.

-Hydro One’s $6.7-billion takeover of Avista has hit another speed bump after a Washington State regulator extended its review of the deal as a result of the overhaul mandated by Doug Ford’s government.

-Nutrien announced this morning it is selling its stake in Arab Potash Company for $502 million. This is another divestment that was mandated by competition regulators around the Agrium-PotashCorp merger

-Finance Minister Bill Morneau told Bloomberg his upcoming fall update will address business competitiveness concerns, with a specific eye to supporting new investment decisions.

-Mexico President Andrés Manuel López Obrador wants to keep Canada at the NAFTA table “at this point”, adding in a recent letter to U.S. President Donald Trump he thinks “it is worth making an effort to conclude” NAFTA 2.0 negotiations to minimize uncertainty for the business community. Full letter here.

-Trump warned Iran’s president in a late-night tweet to “NEVER, EVER” threaten the United States, in a message akin to his “fire and fury” approach to North Korea last August.  

-Papa John’s has adopted a poison pill in the latest round of fallout from John Schnatter’s resignation as chairman (which he later declared a mistake). He holds 29.2 per cent of PZZA’s stock.

-Canada’s Walk of Fame announced today Jimmy Pattison is among the class of 2018. He’ll be inducted, alongside the likes of Tessa Virtue, Scott Moir and Seth Rogen, at a ceremony in December.  

NOTABLE RELEASES/EVENTS

-Notable earnings: PrairieSky Royalty, Halliburton, Alphabet

-Notable data: Canadian wholesale trade, U.S. existing home sales

-3:15 p.m. ET: U.S. President Donald Trump delivers remarks at Made in America Product Showcase at the White House

Every morning BNN'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.