Finance Minister Bill Morneau is gearing up to deliver an economic update this summer that would bring the federal government’s massive emergency COVID-19 spending efforts into clearer perspective, BNN Bloomberg has learned. Jon Erlichman has been speaking with sources about the plan to present a formal update, which is said to be on the calendar sometime this summer; and one thing that becomes clear is that politics and fiscal need at times are in conflict. You can read his report at BNNBloomberg.ca.
IN CONVERSATION WITH SUNCOR'S CEO
Mark Little joins Amanda Lang this afternoon to discuss what Canada's largest oil producer will look like on the other side of COVID-19. After slashing its dividend to help protect its balance sheet in the darkest days of the pandemic, Little hasn't shied away from the fact that the fossil fuels industry needs to be ready for disruption resulting from growing demand for cleaner energy. Lots to explore with him at 2:30p.
SHIELDING COMMERCIAL TENANTS
Ontario Premier Doug Ford made good on his repeated warnings to landlords yesterday as his government announced plans to ban evictions of commercial tenants that are eligible for emergency relief programs. The legislation would also reverse any evictions that have taken place since June 3. We’re chasing reaction from some of the biggest names in the commercial real estate industry.
TSX THREE-MONTH HIGH
The S&P/TSX Composite Index set a new three-month high yesterday as it closed 25 points shy of 16,000. The index has now rallied five per cent so far in June.
OTHER NOTABLE STORIES
-Ex-Bank of Canada governor Stephen Poloz has added another board position. This time, he’s been named as a director of CGI.
-Corus Entertainment is maintaining its quarterly dividend at six cents per share. The decision was announced this morning; recall that at the time of Corus’s last earnings release, it deferred the dividend declaration because of heightened uncertainty.
-Our Bloomberg News partners are reporting Chesapeake Energy, one of the biggest names in the U.S. shale industry, is preparing to file for bankruptcy protection.
-Cathay Pacific has announced plans for a government-backed HK$39-billion ($6.8B) recapitalization, saying it’s necessary to “ensure it has sufficient liquidity to weather this current crisis.”
-The government of France, meanwhile, has presented a 15-billion euro ($22.8B) package of targeted aid for its aerospace industry.
NOTABLE RELEASES/EVENTS
-Notable earnings: Tiffany, AMC Entertainment
-9:00 a.m. ET: Parliamentary Budget Officer releases costing note on Canada Emergency Student Benefit
-11:00 a.m. ET: Prime Minister Justin Trudeau addresses Canadians from Ottawa
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
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