Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Banks, regulators stepping up contingency plans as coronavirus threat looms: Canada’s banks are in increasingly close contact with governments and regulators about contingency plans to prepare the financial sector to withstand potential outbreaks of COVID-19. (James Bradshaw)
Regulators publish guidelines for financial advisers dealing with vulnerable clients: Regulators are taking a stand against the financial exploitation of vulnerable Canadians such as the elderly and those with diminished mental capacity with a new proposal that will help investment advisers flag transactions that may put clients at risk.
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Market turmoil over coronavirus epidemic slows corporate deal flow: Market gyrations triggered by fears over the coronavirus and COVID-19 epidemic are threatening to disrupt corporate merger and acquisition activity, with danger to deals increasing the longer the crisis drags on. (Jeffrey Jones and Mark Rendell)
IN CASE YOU MISSED IT
Rate cuts are another headwind for Canadian banks: One thing is certain about the impact of lower interest rates on Canadian banks: Rate cuts aren’t good for profit growth at a time when banks are already struggling to impress investors. The U.S. Federal Reserve slashed its key interest rate by half a percentage point on Tuesday and the Bank of Canada followed with the same size cut to its key rate on Wednesday. (David Berman)
Investors set to lose big on pandemic bonds, DBRS Morningstar says: Investors in the World Bank’s controversial “pandemic bonds” face significant losses as the spread of coronavirus makes it likely that much of the bonds’ principal will be used to help developing countries combat the disease, rather than being returned to investors, according to ratings agency DBRS Morningstar. (Mark Rendell)
Canadian companies add coronavirus risks to earnings disclosures: Dozens of Canadian businesses have included new disclosures in their financial reports that outline the impact coronavirus could have on their operations, offering early insights into the growing risks that could affect profits if the outbreak worsens. Lawyers who advise businesses on corporate governance say publicly traded companies are seeking advice on how to disclose risks related to the global outbreak of COVID-19, the disease the coronavirus causes. Fears have intensified in recent weeks, just as many companies report their financial results for the fourth quarter of the 2019 calendar year. (Christine Dobby)
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