Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

Canadian consumers are looking like a drag on the economy at the most critical time of the year. The latest retail sales data from Statistics Canada shows purchases unexpectedly fell 1.2 per cent in October amid widespread weakness. While the data is only reflecting October's reality, it's an ominous signal in the midst of the holiday shopping rush.

ENBRIDGE TAKES ANOTHER SHOT AT MAINLINE LONG-TERM CONTRACTS 

Enbridge is taking another shot at implementing a long-term contracting system for its Mainline oil pipeline network after its initial plan elicited an outcry from some major names in the oil patch and eventually prompted the Canada Energy Regulator to shut down the process. So now Enbridge has taken its proposal to the federal regulator for approval, touting support from 70 per cent of customers who currently use the system.

FEDS HIT PAUSE ON STOCK OPTIONS POLICY

The federal government is delaying implementation of its new taxation regime for stock options that was expected to take effect on Jan. 1. The plan was designed to clamp down on what the government described as an existing policy that “disproportionately” favours wealthy Canadians. Now, the finance department says it needs more time to review feedback on the types of start-ups that would be spared from the new rules.

NEWSMAKER OF THE YEAR

BNN Bloomberg will unveil its top newsmaker of 2019 in a special presentation today at 10:00 a.m. ET. Our newsroom had plenty of compelling options to choose from, and a healthy debate in our boardroom resulted in an extremely tight vote. We’ll countdown the candidates and unveil the winner this morning.

JARISLOWSKY BLASTS SNC’S BOARD

Legendary Canadian investor Stephen Jarislowsky spent two decades on SNC-Lavalin’s board of directors and he made it clear in an interview on BNN Bloomberg that he’s far from impressed by the directors who followed in his footsteps. “I have a feeling that the board has been very, very, very weak,” he said. While Jarislowsky said this week’s resolution to SNC’s legal woes was a “good solution under the circumstances”, he said there’s important work to be done to recover from SNC’s loss of top talent over the years. See the full interview here.

OTHER NOTABLE STORIES

-The wariness about vaping is becoming increasing clear. Yesterday, Canada’s health minister announced tough new rules on vape ads as well as new packaging requirements. And, David George-Cosh learned overnight that Alberta will not allow the sale of cannabis vape products when Cannabis 2.0 offerings hit store shelves in that province.

-BlackBerry shares are rallying after the company reported third-quarter sales and profit that exceeded estimates. Total adjusted revenue jumped 23 per cent year-over-year to US$280 million, with software and services accounting for all but US$5 million. The stock got an extra lift during the conference call when BlackBerry forecast a full-year profit that’s more than double the average analyst estimate.

-Wall Street wanted more from Nike in its latest quarter. Revenue rose 10 per cent, profit per share jumped 35  per cent. Both outpaced expectations. But gross margin missed the average estimate by one-tenth of a percentage point. And so the footwear-maker’s shares are drifting lower in the pre-market.

-Andrew Bailey has been selected as the next Bank of England governor. It’s a homecoming for Bailey, who previously served at the served central bank in a variety of roles prior to becoming head of the United Kingdom’s top financial regulator.

NOTABLE RELEASES/EVENTS

-Notable earnings: BlackBerry

-Notable data: Canadian retail sales, U.S. GDP

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.