Huawei Technologies Founder Ren Zhengfei says Canada and his company are both “victims” in the legal battle surrounding his daughter that’s playing out on Canadian soil. “This case hurts people in both countries and bilateral relations,” he told CTV News Chief Anchor and Senior Editor Lisa LaFlamme in a wide-ranging exclusive interview. Ren also shared his thoughts on U.S. President Donald Trump (“I don’t understand him well enough”), Justin Trudeau (“he seems quite young and I am old and maybe we have some differences”), and all the negative headlines surrounding his company thanks to the U.S. administration (“I think I should have paid them for the advertising campaign”). Watch for the interview on BNN Bloomberg today.
IMPERIAL TAPS BRAKE ON OIL SANDS PROJECT
Imperial Oil announced this morning it has slowed development work on its Aspen oil sand project, citing “uncertainty stemming from Alberta government intervention and other industry competitiveness challenges.” Imperial gave Aspen the go-ahead just a few months ago, authorizing the $2.6-billion tab last November.
WILKINS WARNS ON DEBT
Bank of Canada Senior Deputy Governor Carolyn Wilkins maintained the central bank’s recent messaging in a speech late yesterday in Vancouver, warning on high household debt levels in Canada. Those balance sheet imbalances were top of mind for the TD team that’s predicting the BoC will be on hold through next year. “We are wandering into the unknown in trying to map the impact of high interest rates onto consumer spending,” wrote strategist Andrew Kelvin. We’ll speak with him this afternoon.
737 MAX LATEST
Air Canada is suspending its first-quarter and full-year financial forecasts, citing uncertainty caused by groundings of Boeing’s jet. Meanwhile, The Wall Street Journal is reporting data from black boxes retrieved at the crash scene in Ethiopia will start being downloaded in France today. And U.S. lawmakers said yesterday the Max aircraft could remain grounded through next month. We’ll continue chasing insight on the implications for Boeing and its customers.
IN CONVERSATION WITH ANDY DEFRANCESCO
BNN Bloomberg's David George-Cosh recently caught up with controversial pot investor Andy DeFrancesco in Miami. While dining on an “extra crispy” burger, DeFrancesco shared his thoughts on short-sellers and expansion opportunities in the U.S. Watch for the interview on BNNBloomberg.ca.
OTHER NOTABLE STORIES
-The Globe and Mail is reporting next week’s budget will include incentives for electric vehicle purchases.
-The U.S. Securities and Exchange Commission has charged Volkswagen and former CEO Martin Winterkorn with fraud over emissions claims
-Facebook shares are down ~two per cent after CEO Mark Zuckerberg announced chief product officer Chris Cox and WhatsApp chief Chris Daniels are leaving the company.
-Tesla shares are down ~three per cent in pre-market trading after last night’s Model Y unveiling. One event attendee told Bloomberg it “was not the usual charismatic Elon Musk. He was super low-key.”
-Notable data: Canadian manufacturing sales, Canadian existing home sales, University of Michigan consumer sentiment index
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.