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[Tvt News]Posthaste: Air Canada in talks for Transat, Huawei ban fans trade tensions … Canada’s risk report card

Good morning!

Breaking this morning — Air Canada says it’s in exclusive talks to buy vacation airline Transat. The deal would be worth $520 million or $13 a share. Check our site for more on this later this morning.

Tensions between the U.S. and China shot up overnight after Washington launched a two-pronged attack on tech giant Huawei. First President Donald Trump signed an order barring companies deemed a national security threat from selling to the U.S. Then the Department of Commerce put Huawei on a blacklist that forbids it from doing business with American companies. China slammed the decisions, saying it “will take all the necessary measures to resolutely safeguard the legitimate rights of Chinese firms.”

The trade war is bad news for investors, the head of Canada’s pension plan warned yesterday. “The impact is not isolated to the number one and number two economies suppressing growth in the world. It spills over,” Mark Machin said in an interview with the Financial Post.

Markets are so far taking it in stride as investors take comfort in street-beating earnings from Cisco and Walmart this morning.

Today the Bank of Canada identifies potential risks to Canada’s financial system. The last Financial System Review identified Canada’s housing market and high household debt as the top vulnerabilities, so we’ll see if anything has changed.

Here’s what’s breaking this morning

  • Air Canada in exclusive talks to buy Transat
  • Trump pardon of Conrad Black seems unlikely but ex-business associates have a history
    Trump issues executive order that appears to target Huawei amid trade war with China
  • China slams U.S. blacklisting of Huawei as trade tensions rise
  • U.S. sanctions on Huawei send stocks reeling; yields fall
  • Freeland leaves D.C. with no tariff deal, despite early optimism from U.S.
  • Mexico says it is close to U.S. metals tariff deal, waiting for Canada
  • ‘Farmers are hurting’: Rising pressure on U.S. agriculture key to removal of steel tariffs from Canada, Mexico
  • ‘It spills over’: Investors to face trade war headwinds, CPPIB’s Machin warns
  • Federal oil tanker ban bill defeated in Senate, but legislation not dead
  • Airbus CEO: premature to talk about buying Bombardier Belfast plant
  • Sale of Shaw stake could mean more deals for Corus: analyst
  • Alibaba beats revenue expectations on cloud boost
  • Vancouver’s housing market reels while Montreal’s tightens up
  • Canadian drug makers hit with $1.1-billion suit for pushing opioids despite risks
  • Oil prices rise for third session on Mideast tensions
  • Bibeau presses Chinese counterpart on canola ban at G20 ministers’ meeting
  • Warren Buffett’s Berkshire pegs its Amazon wager at $860.6 million
  • Keyera stock rises after it green-lights $1.3-billion Alberta liquids pipeline
    B.C. to hold public inquiry into money laundering; final report due May 2021
  • Goldman fund says bond market has gone too far, yields will rise
  • Vets lobby to expand medical cannabis laws to include dogs, cats
  • Commons committee calls for strict rules on streaming services, online piracy
  • Aurora Cannabis growing storage to prepare for derivatives launch next fall
  • Why Canada will have a tougher time cutting greenhouse gas emissions than the rest of the world
  • Follow these rules if you want to fail miserably at investing
  • Bitcoin hasn’t gone up this much, this fast since the heady days of 2017 — and no one is exactly sure why
  • Free money, extra points and travel perks: Get the most out of your credit cards with these tips

  • Bank of Canada releases Financial System Review at 10:30 a.m. ET
  • Conservative Party of Canada Leader Andrew Scheer delivers keynote at Economic Club in Toronto
  • Provincial election in Newfoundland and Labrador
  • The Parliamentary Budget officer holds a media lock-up regarding a new report titled “Costs Associated with Replacing the Federal Pay System,” which provides an independent estimate of the cost of replacing the Phoenix pay system
  • Today’s data: Canadian manufacturing sales, Canadian international securities transactions, U.S. housing starts, Philadelphia fed index
  • Notable Earnings: Walmart, Pinterest, Acacia Mining, Bayer, Nintendo, Nvidia

Canadian got a glimpse of the impact of carbon taxes on the economy yesterday. The inflation rate edged up, in part because of higher gas prices in the provinces where the tax was introduced. April was the first month the four provinces without their own plan had to start paying the federal carbon tax

Feel free to send your ideas, comments and news to Pam Heaven at pheaven@postmedia.com — @pamheaven 

— With files from The Canadian Press, Thomson Reuters and Bloomberg

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Travel company said it chose Air Canada from several suitors
The move to ban China’s biggest tech company could disrupt the rollout of critical 5G wireless networks globally
Poloz’s main concern was how come almost half of Canadian mortgages are for five years with fixed rates
‘The impact (of the trade dispute) is not isolated,’ said Machin, whose CPP Fund announced Wednesday it posted an 8.9 per cent annual return for fiscal 2019

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