Banks report uptick in credit card spending, loan activity as consumers loosen pandemic purse-strings: Credit card spending has begun to rebound and consumers are starting to take out new loans, even as Canadians remain cautious with personal finances as physical distancing measures relax. (Mark Rendell and James Bradshaw)
TD profit drops 52% as loan-loss provisions surge, consumer activity slows amid pandemic: Toronto-Dominion Bank’s second-quarter profit fell 52 per cent as Canada’s most retail-focused lender suffered from a surge in expected loan losses and a slowdown in consumer activity amid the coronavirus pandemic. (James Bradshaw)
CIBC profit drops 71% as loan-loss provisions surge: Second-quarter profit plunged 71 per cent lower at Canadian Imperial Bank of Commerce as the bank absorbed the impact from the novel coronavirus, adding 454 per cent more reserves to cover potential loan losses. (James Bradshaw)
Repare Therapeutics set to disclose plan to go public on NASDAQ, raise $100-million: Montreal cancer-treatment developer Repare Therapeutics Inc. is set to go public on the Nasdaq exchange on the heels of striking a blockbuster partnership with pharmaceutical giant Bristol Myers Squibb Co.
Air Canada tapping securities markets for $1.4-billion to bolster cash as travel stalls: Air Canada is tapping securities markets for $1.4-billion as Canada’s largest airline bolsters its cash balance amid a near collapse of global air travel. (Eric Atkins)
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