Greece jolts global markets
The chase by Michael Kane:
Global markets are falling this morning after a stunning turn of events this weekend in Greece. Athens is on the brink of default after Prime Minister Alexis Tsipras called a snap referendum on the country’s bailout. Now Greek banks are closed and capital controls have been declared.
This is our top story at BNN and here’s what we’ll be doing throughout the day:
- Explain the market reaction across asset classes
- Assess the implications for the global financial system as Greece's banks come under remarkable pressure
- Explain Canada's exposure to Greece and the broader eurozone
- Gather thoughtful analysis from guests and research notes on what happens next and whether anyone thinks Mario Draghi will back down from his vow in 2012 to do "whatever it takes" to defend the eurozone.
OTHER NEWS:
In China, after weeks of turmoil in the nation's stock markets, the central bank cut benchmark interest rates and reserve ratio requirements this weekend in a bid to spur lending. Nonetheless, the selling continues today in Shanghai.
Steve Hudson’s Element Financial is buying the bulk of GE’s fleet business for almost US$7-billion. Between media speculation and the $2.78-billion Element raised last month, this deal won’t catch anyone by surprise. But it does mark the continuation of two compelling narratives: GE’s finance retrenchment and Hudson’s appetite for deals.
Manulife Financial is moving ahead with a Singapore IPO of U.S. commercial real estate properties held by the company's asset management division. We'll explore why it makes sense to list the assets in Asia.
Elon Musk's SpaceX experienced a catastrophic failure Sunday when one of its rockets exploded shortly after liftoff, destroying a cargo mission to the international space station. We’ll be looking at Musk's ambitions beyond Tesla and get someone to analyze how execution risk in any of those endeavours could affect the business he's best known for.
Some other odds and ends: PotashCorp-K+S remains a file to watch and Bombardier has landed a US$228-million rail contract in India.
Alberta's minimum wage: The province's NDP government is expected to announce details today of its promise to hike minimum wage from $10.20 to $15 by 2018.
AND A FEW NOTABLE INTERVIEWS TODAY....
Airbnb co-founder Nathan Blecharczyk joins Frances on BDAM at 10:35am. We’ll hear what he has to say about learning from Uber’s experience navigating regulatory uncertainty, the company’s financing needs after its latest funding round valued the company at US$25.5-billion, and if Airbnb is considering changes to its Host Guarantee program after a Calgary home was ripped to shreds a few months ago.
Another notable interview is The Street’s conversation with W. Graeme Roustan. He’s the CEO of GTA Sports and Entertainment. He tried for years to bring an NHL franchise to Markham, but couldn’t get the city to chip in public funds. Now that the NHL has opened the door to expansion, we’ll learn more about his strategy and how he’d come up with funds for a franchise and arena.
