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Noah Zivitz

Managing Editor, BNN Bloomberg

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GRILLING KIELBURGERS

Some of the main players in the scandal surrounding the federal government’s ill-fated decision to hand a contract for the administration of a crucial COVID-19 relief measure to WE will be in the hot seat today. The charity’s founders, Craig and Marc Kielburger, as well as its chief financial officer and its former chair will address the House Finance Committee this afternoon. Their remarks come one day after documents revealed the feds signed up with WE to pay out far less in student grants than the prime minister had publicly framed the initiative as being worth. A managing director with Charity Intelligence Canada told us she’ll be on the edge of her seat for today’s session; here’s a link to the top ten questions her team is advising committee members to ask: 

GOLD BREATHER

Gold futures touched, but didn’t top, US$2,000.00 an ounce late last night and have subsequently pulled back after seven straight days of gains that pushed the metal into record territory.

JUDGE CLEARS TORSTAR PRIVATIZATION

The contentious privatization of Torstar by Nordstar Capital has been given the green light by an Ontario Superior Court judge, which under ordinary circumstances would clear the way for a transaction to be completed. But this is no ordinary takeover battle. The rival bidder – Canadian Modern Media Holdings – isn’t giving up the fight and said in a statement last night that it is planning to launch an appeal of the judge’s decision.

OTHER NOTABLE STORIES

-Pfizer shares are moving higher in pre-market trading after the company announced the COVID-19 vaccine it’s co-developing is moving into Phase 2 and 3 studies, with as many as 30,000 participants.

-We’ll watch shares of Bausch Health today after New York-based Glenview Capital Management disclosed a 5.9 per cent stake in the company and said it will speak out “in an effort to explore ways to strengthen the issuer and enhance shareholder value.”

-West Fraser Timber has surpassed second-quarter sales and profit estimates; the company said it’s impossible to predict how long the current favourable market conditions (which Paul described in detail yesterday as catalysts for propelling WFT shares) will continue.

-Reitmans, which in the midst of a restructuring under creditor protection, has disclosed it’s expecting to be delisted from the TSX tomorrow and will subsequently aim to transition to a listing on the Venture next month.

-George Weston says it booked $312 million in costs tied to COVID-19 in the latest quarter and swung to a net loss. The conglomerate’s adjusted profit sank 46 per cent and missed expectations.

NOTABLE RELEASES/EVENTS

-Notable earnings: George Weston, Intact Financial, Equitable Group, Element Fleet Management, Ovintiv, Visa, Pfizer, McDonald's, Mondelez, Starbucks, 3M, eBay, Advanced Micro Devices, Altria, Harley-Davidson, JetBlue

-9:00 a.m. ET: Financial Accountability Office of Ontario releases update on 2019-20 spending by the province

-12:00 p.m. ET: Ex- WE Charity Chair Michelle Douglas addresses House Finance Committee

-1:00 p.m. ET: Kielburger brothers address House Finance Committee

-Toronto City Council to consider report on operating budget https://www.toronto.ca/news/city-of-toronto-releases-update-on-financial-impacts-of-covid-19/

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.