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Noah Zivitz

Managing Editor, BNN Bloomberg

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Brian Porter is sick and tired of seeing Alberta hamstrung by energy infrastructure project delays and cancellations. “As Canadians, we must not fool ourselves. As investment dollars shift to other jurisdictions and countries, and Canadian competitiveness lags, we all pay a price,” the Bank of Nova Scotia CEO told business leaders in Calgary yesterday, adding the energy industry is “on its back.” He urged governments at all levels to develop a strategy to ensure “expedited treatment” for crucial projects.  

NORWAY’S TRILLION-DOLLAR FUND SELLING UPSTREAM OIL STOCKS

Norway’s sovereign wealth fund, which has ~$1.4 trillion in assets, is going ahead with a divestment of pure play upstream oil stocks (while sparing integrated companies). As of the end of 2018, the fund had 341 oil & gas equity holdings – including dozens in Canada, valued at US$37 billion. Check out this link to view the fund’s oil & gas holdings.

LATEST ON CANADA’S ECONOMIC ‘DETOUR’

Two massive surprises in the labour market today. At home, Canada posted another blockbuster month of gains, with 55,900 jobs added last month. Economists were expecting just 1,200. As Manulife's Frances Donald told us in her instant analysis, it's tough to square this up with other recent data convincing the Bank of Canada the country is in a prolonged economic "detour." Meanwhile, the U.S. added a mere 20,000 jobs last month, falling way short of the 180,000 estimate.

OTHER NOTABLE STORIES

-Goldcorp’s information circular on the proposed takeover by Newmont shows the two companies “cultivated and maintained” a relationship going back to 2016. The hefty filing also shows Goldcorp started “preliminary discussions” with industry peers in September.

-China’s exports and imports shrank in February, with outbound shipments particularly weak (-20.7 per cent in USD).

-Lightspeed POS priced its IPO at $16/share, above the target range of $13-$15. We’ve got CEO Dax Dasilva on The Open.

-Brian Pallister’s Manitoba government is planning to cut the provincial sales tax by one percentage point to seven per cent.

-Patrick Sheridan is heaping more pressure on the company he founded. Sheridan’s group of “concerned shareholders” is accusing Guyana Goldfields of making misleading statements about permits for its Aurora Gold Mine.

-Yamana Gold, Goldcorp and Glencore announced late yesterday they’re going to share some infrastructure to support project development in Argentina in a bid to “realize significant synergies.”

NOTABLE RELEASES/EVENTS

-Notable data: Canadian labour force survey, Canadian housing starts, Canadian industrial capacity utilization, U.S. non-farm payrolls, U.S. housing starts and building permits

-11:30 a.m. ET: Prime Minister Justin Trudeau holds avail in Iqaluit

-12:00 p.m. ET: Alberta Premier Rachel Notley announces “project that will get more value for the province’s oil and gas resources”

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