What Alberta Premier-Designate Jason Kenney promises to deliver
Jason Kenney’s United Conservative Party has won a majority government in Alberta. In his victory speech, he rolled out the welcome mat for business leaders and took direct aim at parties he sees holding back the province’s energy industry — from governments within Canada stymying pipeline development, to what he labelled as “foreign-funded special interests who have been leading a campaign of economic sabotage against” Alberta. Today we’ll focus on election implications for the energy industry, Alberta’s economy and inter-government relations within Canada.
THE WORLD ACCORDING TO JIMMY PATTISON
Jon Erlichman has a conversation with the Canadian business tycoon, touching on support for a carbon tax (“depends on the amount”), the economy (“definitely some negative things out there”), relations with China and the arrest of Huawei’s CFO (“very important and very sensitive”), and his relationship with the world’s most famous investor (“I am no Warren Buffett, or anywhere close to it”). Watch for that interview on The Open.
CRTC HEARING ON TVA SPORTS DISPUTE
The regulator has called a hearing today in the wake of Quebecor's recent decision to block TVA Sports from Bell subscribers. It didn't take long for a judge to order service to be restored, but today the CRTC has ordered TVA executives to address the dispute and explain why the station's broadcasting licence should not be suspended. We'll monitor developments.
OTHER NOTABLE STORIES
-China’s economy delivered a trio of upside surprises overnight as the latest GDP, retail sales and industrial production data all exceeded estimates.
-Qualcomm is building on yesterday’s 23-per-cent surge after its surprise legal truce with Apple and multi-year licensing and chip-supply agreement. Shares are up approximately six per cent in pre-market trading.
-Roundup of market reaction to yesterday’s late earnings:
-Netflix shares are down about one per cent on a weak subscriber-growth forecast for this quarter. More interestingly, the company said it’s “excited to compete” with Apple and Disney and doesn’t see them as a “material” threat.
-IBM shares are down about three per cent in pre-market trading after reporting a drop in first-quarter revenue with sales either flat or down in each of its divisions.
-Aphria announced it’s raising up to US$345 million in a private placement financing via convertible notes.
-And, for the football fans: Shares of Juventus plunged as much as 24.5 per cent in trading after the club’s stunning defeat to Ajax in Champions League action yesterday.
-Notable earnings: Metro, Kinder Morgan Canada, Kinder Morgan, PepsiCo, Morgan Stanley, Alcoa
-Notable data: Canadian CPI; Canadian trade balance; U.S. trade balance; China GDP, retail sales and industrial production
-10:00 a.m. ET: CRTC hearing re: Quebecor blocking TVA Sports from Bell subscribers
-2:00 p.m. ET: U.S. Federal Reserve releases Beige Book
-Ontario’s constitutional challenge of the federal carbon tax continues in Toronto (runs to Thursday)