Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Another wave of restrictions is sweeping across Ontario as the provincial government attempts to curb the spread of COVID-19. Businesses are being told they’re required to let staff work from home unless they have to be on site to do their job. Students are facing at least two weeks of remote learning. Retail capacity is being cut in half. Restaurant dining rooms, cinemas, gyms, theatres, and concert venues are just some of the venues being closed until at least January 26. We’ll gather reaction, including from Paramount Fine Foods CEO Mohamad Fakih at 8:45 a.m. and RioCan CEO Jonathan Gitlin at 3:10 p.m. 

MAYO SCHMIDT OUT AT NUTRIEN

This one caught us by surprise. The crop nutrient company announced this morning that it’s launching a global search for a new long-term leader after the abrupt exit of Mayo Schmidt from his roles as president and chief executive. No reason was given. He was only placed in those roles last April after Chuck Magro left the company. We’re chasing reaction.

OPEC+ MEETING

West Texas Intermediate and Brent crude futures held steady after the cartel and its allies delivered the expected output hike of 400,000 barrels per day in February. It’s no surprise, especially considering Bloomberg News yesterday reported that the group’s Joint Technical Committee slashed its first-quarter surplus estimate by 25 per cent to 1.4 million barrels per day. Interestingly, OPEC+ removed the language that appeared in its last policy announcement about being prepared to “make immediate adjustments” to production depending on the pandemic.

MARKET WATCH

All three of the major U.S. indices closed higher yesterday in the first session of the new year, in part thanks to Apple’s gains as it briefly eclipsed US$3 trillion in market value, and futures are pointing to more gains at the start of today’s session. Meanwhile, regular trading resumes on the Toronto Stock Exchange after yesterday’s holiday. Random/useless fact: The TSX has closed higher in the first session of every calendar year since 2017.

END OF THE ROAD FOR BLACKBERRYS

At least for those that aren’t operating on the Android system. The handset pioneer has warned users who’ve refused to give up their devices that, as of tomorrow, products running on several operating systems will “no longer reliably function.”

OTHER NOTABLE STORIES

• TSX-listed uranium names today after the sector rallied in New York yesterday on the back of a Bloomberg News report that the European Union is looking to label some nuclear projects as sustainable investments.
• Centerra Gold confirmed yesterday that it’s in talks with the Kyrgyz government to resolve the dispute that led to the expropriation of its Kumtor mine last year. In a release, Centerra said a “potential negotiated transfer” of the mine could result in (among other things) the Kyrgyz Republic giving up its 26.1 per cent state in Centerra, as well as the resignation of its representatives from Centerra’s board.
• Restaurant Brands International said late yesterday that it has set up a master franchise and development agreement to establish “hundreds” of Popeyes locations in South Korea.
• Stelco Holdings is getting into the football business. The steel maker announced on Sunday it’s buying a 40 per cent stake in Hamilton Sports Group, which owns the CFL’s Tiger Cats and Forge FC of the Canadian Premier League.
• Pieridae Energy announced this morning that it reached a deal with its senior lender, Third Eye Capital, to extend (without interest accruing) the payment of a $50-million deferred fee that was coming due today. Pieridae added that its strategic review is ongoing. Recall that Pieridae launched that process last summer as it evaluated the outlook for its proposed Goldboro LNG project on Canada's east coast.
• Dorel Industries shares surged in early trading after the company announced a US$12.00 per share special dividend alongside confirmation that the sale of its bike business has closed.

NOTABLE RELEASES/EVENTS

• Notable data: Canadian industrial product and raw materials indices, ISM U.S. manufacturing index
• OPEC+ meeting scheduled to begin at 8:00 am. ET