Noah Zivitz

Managing Editor, BNN Bloomberg

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Alberta Premier Rachel Notley filled out the details of her crude-by-rail strategy yesterday: A $3.7-billion investment to lease 4,400 rail cars, arrange the rail service and buy crude from producers – resulting in 120,000 barrels per day being shipped by the middle of next year. Her government estimates the plan will generate $5.9 billion in revenue over three years. As for where the crude will be shipped, that's yet to be determined. "We know that there is absolutely no risk to finding markets for this product," Notley told reporters when asked if she's saddling taxpayers with risk, adding her strategy also sends a positive signal to investors. We’ll stress test that.

TSX NEAR 16,000

The S&P/TSX Composite Index came within 63 points of closing above 16,000 yesterday. Last time that happened was in early October, likewise for hitting 16,000 on an intraday basis. The TSX is now boasting an 11.3 per cent gain so far this year, ranking it no. 8 among all indices tracked by Bloomberg.

SNC LATEST

After meeting behind closed doors yesterday, Liberal members of the House Justice Committee confirmed former attorney general Jody Wilson-Raybould will be invited to address the group. Earlier in the day, Wilson-Raybould told reporters her “ethical and professional responsibilities as a lawyer are layered and incredibly complicated”, meaning it’s still unclear what she can say about alleged political interference in SNC’s corruption case. Politics aside, we look forward to speaking with analyst Mona Nazir later today to help establish what matters most for investors.

OTHER NOTABLE STORIES

-Devon Energy announced yesterday it’s looking to separate its Canadian assets. Options include an outright sale and spin-off.

-Shares of Uni-Select lost almost a quarter of their value at the start of trading Wednesday after reporting adjusted Q4 profit below estimates. The company also said its strategic review is ongoing and has launched a search for a new permanent president and CEO.  

-More boardroom movement at a top Canadian pot company. Aurora Cannabis announced today director Diane Jang has stepped down, chairman Michael Singer is becoming executive chair, and Margaret Atkins is joining as an independent director.

-Tilray announced a big move in the hemp food space today, buying Manitoba Harvest for up to $419 million.

-Bausch Health shares moved higher in pre-market trading after reporting fourth-quarter adjusted revenue and EBITDA ahead of estimates.

-Barrick Gold said this morning there's a proposal in place to resolve Acacia Mining's long-standing dispute with Tanzania, including a 50/50 split of "economic benefits" and a $300-million payment to the government to close the book on tax claims. Barrick holds a 63.9 per cent stake in Acacia.

-Aritzia is a stock to watch after it disclosed a secondary offering of 19.5 million shares priced at $16.90 each, more than a dollar below yesterday's closing price. Combined with a repurchase agreement, Berkshire Partners is staging a full exit from the company it helped bring to market.

-Stelco Holdings announced a $1.13/share special dividend yesterday while reporting a 43 per cent year-over-year surge in quarterly revenue. The executive chairman said in a release he's looking for more ways to trim the company’s tariff exposure this year.

-The B.C. government called for surpluses over the three-year projection horizon in yesterday's budget, which included goodies like a new child benefit that will dish out up to $3,400 annually for a family with three kids. The government is also dangling an estimated $800 million worth of incentives to bolster business investment. Finance Minister Carole James joins us today on The Real Economy. 

-European Commission President Jean-Claude Juncker set a low bar for today’s meeting with British PM Theresa May, saying yesterday “there is not enough movement for me to be able to assume that it will be a productive discussion.”

NOTABLE RELEASES/EVENTS

-Notable earnings: Bausch Health, Iamgold, Trican Well Service

-11:00 a.m. ET: CRTC releases report on misleading or aggressive communications retail sales practices (embargoed media briefing at 10:00 a.m. ET) 

-12:00 p.m. ET: Royal Bank of Canada CEO David McKay and Enbridge CEO Al Monaco in conversation on "Canada's Energy Future" at Canadian Club in Toronto

-1:50 p.m. ET: U.S. President Donald Trump meets with Austria chancellor at the White House

-2:00 p.m. ET: CP CEO Keith Creel addresses Citi Global Industrials Conference

-2:00 p.m. ET: Samsung hosts Unpacked product unveiling

-2:00 p.m. ET: U.S. Federal Reserve releases minutes from last meeting

-U.K. Prime Minister Theresa May meets with European Commission President Jean-Claude Juncker in Brussels ​

-Deadline for public comments on Canada’s draft regulations for cannabis edibles, extracts and topicals

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.