Here are five things you need to know this morning

Carney wins Liberal leadership race: Mark Carney has won the battle to become Canada’s next Prime Minister. The former Bank of Canada and Bank of England governor won the contest to lead the Liberal party with nearly 86 per cent of the vote. Carney has pledged to protect Canada’s economy and sovereignty and promises to keep retaliatory tariffs on American goods until the U.S. “shows respect” and makes credible commitments to free and fair trade. Carney’s victory now sets the stage for a potential federal election. The transfer of power from Justin Trudeau to Carney is expected to take place within days, and it’s likely he will call a national election soon after.

Couche-Tard / 7-Eleven deal inches closer: There are signs Montreal-based convenience-store giant Alimentation Couche-Tard is making progress in its campaign to buy the Tokyo-based owner of the 7-Eleven network of stores. Seven & i Holdings says it is talking with Couche-Tard on ways to ease anti-trust concerns that might arise with a Couche-Tard takeover. Couche-Tard plans a news conference on Thursday to provide an update on where talks stand. If the deal happens, it would be a huge takeover – priced at about US$47 billion.

$15 billion oil patch deal: And speaking of huge takeovers… two big players in Canada’s oil-and-gas sector have announced a merger. Whitecap Resources and Veren say they will combine in a deal that creates a new company valued at $15 billion. Both companies are headquartered in Calgary. The newly combined business will be led by Whitecap’s existing management team, with four of Veren’s directors set to join the board, including its chief executive, Craig Bryksa. Whitecap and Veren say the combined company will become Canada’s largest light oil-focused producer.

HBC files for bankruptcy protection: Canada’s oldest company has filed for bankruptcy protection. Hudson’s Bay intends to restructure after failing to secure financing to shore up its cash reserves. There are reports the restructuring could include closing about half its stores, and requests for landlords to accept concessions such as waiving rent for a period of time.

Tariff turmoil continues: Of course, the tariff story has not gone away. The latest comes from China. Beijing says it will impose retaliatory tariffs on Canada on March 20. There will be a 100 per cent tariff on imports of canola/ rapeseed oil, rapeseed meal and pea products, and a 25 per cent tariff on pork and some seafood. The levies are in response to Canada imposing a 100 per cent tariff on electric cars and 25 per cent tax on steel and aluminum from China. That has led the Chinese government to launch an anti-dumping probe into canola imports from Canada and lodge a complaint with the World Trade Organization. Meanwhile the U.S. says 25-per-cent tariffs on Canadian steel and aluminum are still set to take effect on Wednesday.