AIMCo’s risky strategy led to higher losses than most pension plans: Alberta’s government-owned fund manager confirmed significant investment losses on Wednesday, adding fuel to a heated debate over Premier Jason Kenney’s plan to shift more of the province’s retirement savings into its care. (Andrew Willis and Jeffrey Jones)
Insolvencies fell as government programs propped up companies, but weak firms are still filing for bankruptcy: The number of corporate failures fell sharply in Canada as the COVID-19 crisis took hold, but insolvencies are expected to jump as multibillion-dollar government support programs lapse in the coming months. (Jeffrey Jones and Christine Dobby)
St. Michael’s Hospital says Zurich Insurance is obligated to pay to finish work on Bondfield project: St. Michael’s Hospital says the insurance company liable for construction work on its redevelopment project cannot use the recent discovery of e-mails that the insurer alleges are proof of collusion in the bidding process to avoid its obligations. (Karen Howlett)
Investment bank Canaccord records growth in quarter but warns of challenges ahead: Canaccord Genuity Group Inc. increased profits in a volatile fiscal fourth quarter, as strong results from the investment bank’s U.S. capital markets division and its British and European wealth management business offset significant declines from Canadian operations. (Mark Rendell)
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