The Big Three: Trump pressures Apple; NAFTA talks stall; 10 years since Lehman Brothers collapse
We're just over a month away from recreational cannabis becoming legal in Canada, but the industry is already looking well beyond our borders. Aurora Cannabis is buying a major toehold in South America with an all-stock takeover of Venture-listed ICC labs. It's the latest round of M&A as Canadian pot producers eye global expansion.
TRUMP SPARS WITH APPLE
U.S. President Donald Trump has called out Apple after the company urged his administration to hold off on another wave of tariffs on imports from China. “Apple prices may increase because of the massive Tariffs we may be imposing on China – but there is an easy solution … make your products in the United States instead of China. Start building new plants now. Exciting! #MAGA” he wrote in a tweet Saturday after Apple warned “the U.S. will be hardest hit” if Trump goes ahead with his tariff threat. We’ll watch for more developments in a week that promises to see Apple in the spotlight with a product unveiling coming up Wednesday.
LIVE FROM FORT HILLS
BNN Bloomberg's Tara Weber will get a first-hand look at the oil sands’ newest project today when she visits Suncor’s majority-owned Fort Hills facility. The real story line here is the backdrop of uncertainty hanging over the oil patch amid a dearth of new pipelines. We look forward to hearing directly from Suncor CEO Steve Williams later today on the stakes for Canada amid Trans Mountain’s uncertain future.
CANADIANS’ FAVOURITE CREDIT CARD
At a time when the battle over Aeroplan’s future is still awaiting a conclusion, we’re learning more today about Canadians’ favourite plastic. Loblaw’s President’s Choice Financial took the top spot in J.D. Power’s first survey of credit card customer satisfaction. BMO and RBC are tied at #5 as the top-ranking banks.
Robert Lighthizer is in Europe and Chrystia Freeland is in Toronto as top-level NAFTA negotiators take a breather after almost two weeks of high-stakes talks. An ominous tone was set late Friday afternoon when U.S. President Trump renewed his auto tariff threat, this time saying it would cause the “ruination” of Canada.
MOONVES OUT IN CBS OVERHAUL
Les Moonves is out as chairman, president and chief executive of CBS. The media conglomerate says at least US$20 million will be donated to organizations affiliated with #MeToo and severance is being withheld until an investigation into allegations against Moonves is complete. CBS also announced a settlement in its long-standing dispute with the Redstone clan that includes a board overhaul and a two-year standstill on any potential merger with Viacom.
Alibaba Founder Jack Ma is laying the groundwork for his exit. The e-commerce giant announced today Ma will step down as executive chairman one year from today and plans to stay on the board as a director until the company’s annual meeting in 2020. Ma, who routinely praised Canada and never hid his passion for pop culture, says he’ll return to his roots as a teacher. Watch for highlights from our Bloomberg partners’ interview with Ma.
OTHER NOTABLE STORIES
-AltaGas announced $560 million in non-core asset sales, with proceeds earmarked for debt repayment tied to its WGL takeover
-Loblaw says it will take a $368-million third quarter charge as it pursues an appeal of a technical ruling by the Tax Court of Canada.
-1:00 p.m. ET: Prime Minister Justin Trudeau, IMF Managing Director Christine Lagarde among speakers at Women in the World summit in Toronto.
-U.S. Trade Representative Robert Lighthizer meets with European trade commissioner Cecilia Malmstrom in Brussels
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.