Noah Zivitz Managing Editor, BNN Bloomberg Follow|Archive

At least one Canadian billionaire has apparently decided to pack up and leave the country because of Bill Morneau’s plan to tighten up tax rules. Business Council of Canada CEO John Manley – a former Liberal finance minister and deputy prime minister – told the Canadian Press that a successful business leader informed him he left the country with “billions of dollars” as a result of the government’s controversial tax plan. And Manley is warning more could head for the exits. "You won't know about it because they're not going to buy ads or report it — they'll just go," he told CP. Today we’ll dive deeper into the threat of capital and talent fleeing the country.

CPI RISES IN AUGUST

The cost of living picked up a bit last month. Statistics Canada reporting today that the consumer price index rose 1.4 per cent year-over-year in August, compared with 1.2 per cent in July. Of all categories, gasoline prices rose the most in August at 8.6 per cent.

And there's some evidence of consumer fatigue in a separate StatsCan release. Total retail sales rose 0.4 per cent in July. Excluding autos, the gain was just 0.2 per cent -- far below the 0.7 per cent rise in July.

NEW NORTH KOREA THREATS

North Korea’s Foreign Minister warned today his country “might consider” testing a hydrogen bomb over the Pacific Ocean as a show of force in response to Donald Trump’s threat to “totally destroy” the country. And Kim Jong Un took aim at Trump in a statement, calling the U.S. president a “frightened dog” uttering “unprecedented rude nonsense.” For now, the latest rhetoric isn’t unnerving investors -- with global stocks and gold little changed.

NAFTA ROUND THREE

Canada, Mexico and the U.S. will resume NAFTA negotiations tomorrow in Ottawa. Today, it’s all about photo ops and preparatory meetings. Notably, Foreign Affairs Minister Chrystia Freeland meets with her NAFTA council and Brian Mulroney today in Toronto. Meanwhile, The Globe and Mail is reporting the U.S. will present all its detailed demands in the third round of negotiations, which run until the middle of next week. We’ll get insight today on Canada’s negotiating strategy with ex-Conservative Party interim leader Rona Ambrose at 2:30 p.m. ET.

OTHER NOTABLE STORIES:

-The Great White North Franchisee Association says it won’t be intimidated after disclosing legal action by Tim Hortons’ parent company Restaurant Brands International

-Evolve Funds Group said today it has filed paperwork to launch the country's first cryptocurrency ETF

-Saputo’s CEO isn’t hiding his appetite for M&A. “If there would be a great opportunity for us to make an acquisition in [the plant-based protein drink business], that could be something that could interest us quite a bit.” Watch for that full interview with Andrew McCreath on Weekly today at 5:00 p.m. ET.

-Fallout from the strike at GM’s Cami plant in Ingersoll, Ontario, is rippling across the company’s other facilities. GM says it has made “related production adjustments” at three other plants, including in St. Catharines, Ont.

NOTABLE RELEASES/EVENTS

-Notable data: Canadian retail sales (8:30 a.m. ET), Canadian CPI (8:30 a.m. ET)

-8:35 a.m. ET: Finance Minister Bill Morneau holds business roundtable on tax plan in Halifax

-~9:15 a.m. ET: U.K. PM Theresa May delivers Brexit roadmap speech in Florence, Italy

-10:15 a.m. ET: Foreign Affairs Minister Chrystia Freeland meets with NAFTA council in Toronto (photo op)

-10:35 a.m. ET: Morneau media avail in Halifax

-12:30 p.m. ET: Freeland meets with NAFTA negotiating team, Brian Mulroney, Derek Burney, Allan Gotlieb and Michael Wilson (photo op)

-4:00 p.m. ET: Environment and Climate Change Minister Catherine McKenna scrums in Parliament Foyer after meeting with NAFTA advisory council

-4:30 p.m. ET: Justin Trudeau holds media avail in Ottawa alongside Ukraine President Petro Poroshenko

-4:30 p.m. ET: Unifor holds rally at Mexican embassy in Ottawa

-OPEC, non-OPEC nations meet in Vienna to discuss compliance with coordinate production cuts

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN'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.bnn.ca/subscribe.