TORONTO – Five things to watch in Canadian business this week:
Earnings galore: It’s a huge week for earnings reports, with a slew of oilpatch companies — including Suncor and Canadian Oil Sands, locked in a hostile takeover battle — reporting their third-quarter results. Among others reporting: Canadian National Railway, Bombardier, Barrick Gold, Restaurant Brands International and Maple Leaf Foods.
Vexed Valeant: The embattled Canadian pharmaceutical giant holds a conference call on Monday to discuss accusations that the company created a network of phantom pharmacies to fool auditors. The allegations have sent Valeant’s stock prices tumbling, and the company says it will “lay out the facts” in response to a report that raised serious questions about its business practices.
Hot housing: The Canada Mortgage and Housing Corp. releases its fourth-quarter housing market outlook report on Monday. Except for Alberta — hit hard by the global slump in oil prices — the country’s housing market largely escaped Canada’s economic downturn in the first half of the year, with housing prices in Toronto and Vancouver, in particular, at historic highs and showing few signs of coming back down to earth.
Notley’s first budget: The Alberta legislature resumes sitting on Monday and, on Tuesday, the province’s first-ever NDP finance minister tables the inaugural budget under Premier Rachel Notley.
Pipeline fight: A North Vancouver First Nation will discuss its opposition to U.S.-based energy company Kinder Morgan on Tuesday, and what it will mean under the Trudeau government. The Tsleil-Waututh Nation has rejected the company’s proposed Trans Mountain pipeline expansion, based on a scathing assessment that concluded it would increase the threat of oil spills and damage their culture. Prime minister-elect Justin Trudeau has expressed opposition to the Energy East pipeline, but has not said specifically where he stands on Trans Mountain.