Noah Zivitz

Managing Editor, BNN Bloomberg

Archive

U.S. President Donald Trump is leaving Mexico some wiggle room to avoid the sweeping tariffs he’s threatened to impose as of June 10. “…talks with Mexico will resume [today] with the understanding that, if no agreement is reached, Tariffs at the five-per-cent level will begin on Monday,” he tweeted late yesterday. We’ll monitor developments in D.C. and look forward to discussing the potential fallout for NAFTA nations with former Mexico President Vicente Fox this morning on The Open.  

IN CONVERSATION WITH CANADIAN CORPORATE HEAVYWEIGHTS

We’re on location today at the Institute of Corporate Directors national conference in Toronto, where we’re looking forward to speaking with Royal Bank of Canada Chair Katie Taylor and Manulife Financial Chairman John Cassaday. Watch for those conversations this afternoon.

ENBRIDGE FENDING OFF POLITICAL PRESSURE

After a setback for Line 3 in Minnesota earlier this week, Enbridge is also aiming to appease the governor of Michigan, who’s pressuring the company to cement its plan for replacing the Line 5 pipeline. In a statement late yesterday, Enbridge defended its timeline to have a crucial tunnel in place and warned about unintended consequences if the state shuts down the line before that work is complete.

FIAT CHRYSLER PULLS RENAULT MERGER PROPOSAL   

That didn't last long. After touting the merits of a 50-50 merger with Groupe Renault last Monday, Fiat Chrysler Automobiles took its proposal off the table late yesterday. "It has become clear that the political conditions in France do not currently exist for such a combination to proceed successfully," FCA said in a terse statement, while saying it's still "firmly convinced" the strategy had merit. Renault shares have been down as much as 7.99 per cent in Paris.

OTHER NOTABLE STORIES

-Canaccord Genuity is calling out Brexit-related uncertainty as a drag on its capital markets business, leading to an $11.8-million restructuring charge in the fiscal fourth quarter. We'll go around the world with CEO Dan Daviau this morning on The Open.

-Newfoundland and Labrador’s auditor general says she’s preparing to look into the cannabis industry, including Canopy Growth’s supply arrangement with the province.

-Tim Hortons is adding another country to its foreign expansion list, announcing today it will partner with WeEat Company to open restaurants in Thailand. No target is being disclosed for the number of locations.

-Montreal’s real estate board says active listings sank 18 per cent year-over-year last month while sales rose six per cent.

-Just Energy is a stock to watch today after it announced the start of a strategic review following expressions of interest from “a number” of unnamed parties.

-RioCan said this morning it will pay $331 million for KingSett’s 50 per cent stake in a mixed-used property in Toronto. The deal gives RioCan full ownership of the Yonge Sheppard Centre. As part of the arrangement, Kingsett is taking a $100-million stake in RioCan.

-Descartes Systems is raising up to US$245 million in a U.S. share sale priced at US$35.50 each (DSGX closed at US$36.63 yesterday).

NOTABLE RELEASES/EVENTS

-Notable earnings: Saputo, Transcontinental, Beyond Meat

-Notable data: Canadian trade balance

-7:45 a.m. ET: European Central Bank releases interest rate decision

-10:00 a.m. ET: IMF releases report on U.S. economy

-12:30 p.m. ET: B.C. Supreme Court session to schedule more dates in Meng Wanzhou extradition case (Meng not expected to attend)

-6:00 p.m. ET: Netflix holds annual meeting

-Institute of Corporate Directors' national conference in Toronto

-Apple Worldwide Developers Conference in San Jose (runs to Friday)

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.