The Big Three: SNC firestorm in Ottawa; remembering Michael Wilson; Canadian earnings bonanza
The firestorm in Ottawa over SNC-Lavalin intensified this weekend. Conservative Party Leader Andrew Scheer called on Prime Minister Justin Trudeau to waive solicitor-client privilege and his staff's right to confidentiality in its communications over the corruption case against SNC. Meanwhile, the House Justice Committee will meet on Wednesday to vote on how to proceed amid calls for a hearing with all the main players after The Globe and Mail's bombshell report last week. One of those players, current Justice Minister David Lametti, told CTV’s Question Period the PM has “done nothing that is inappropriate under the circumstances," while pointing out there’s still a “possibility” he could intervene.
REMEMBERING MICHAEL WILSON
Canada has lost a titan of industry, a political giant and a passionate advocate for mental health with the passing of Michael Wilson at the age of 81. Tributes are pouring in for the former finance minister, ambassador and chair of Barclays Capital Canada. We'll reflect on his legacy.
THE WEEK AHEAD
Canada’s earnings season ramps up this week, with the likes of Aurora Cannabis and Restaurant Brands International (we have Tim Hortons President Alex Macedo this morning) on deck today. U.S. government funding remains in the news with a Friday deadline looming to avert another partial shutdown. And China-U.S. trade discussions are expected to resume in Beijing on Feb. 14.
OTHER NOTABLE STORIES
-Morgan Stanley is buying Calgary-based Solium Capital for $1.1 billion in cash. Solium is a cloud-based SaaS (software as a service) company.
-Obsidian Energy has cut its full-year production forecast and raised its outlook for costs on the back of Alberta’s mandatory production cuts (which the company says it supports)
-Cameco swung to a net profit in its fourth quarter and its adjusted earnings easily exceeded estimates. Revenue from its core uranium business rose six per cent in the quarter even as production sank 65 per cent on the back of recent production shutdowns. CEO Tim Gitzel says there’s “significant potential upside” to the company’s outlook.
-Notable earnings: Restaurant Brands International, Aurora Cannabis, PrairieSky Royalty
-International Trade Diversification Minister Jim Carr and Infrastructure Minister François-Philippe Champagne attend CPTPP launch event in Vancouver (11:30 a.m. ET)
-1:00 p.m. ET: Justice Minister and Attorney General David Lametti delivers remarks at Canadian Bar Association annual meeting in Ottawa
-2:00 p.m. ET: Prime Minister Justin Trudeau makes announcement in Vancouver on affordable house (plus avail)
-3:00 p.m. ET: U.S. President Donald Trump signs executive order on Maintaining American Leadership in Artificial Intelligence
-4:10 p.m. ET: Trudeau meets with Telus CEO Darren Entwistle (closed to media)
-6:00 p.m. ET: Andrew Scheer holds town hall in Fredericton
-7:00 p.m. ET: Trump holds rally in El Paso
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