Here are the top reads on deals and financial services over the last week
FINANCIAL SERVICES NEWS
Former deputy Tiff Macklem appointed as next Bank of Canada governor: Seven years ago, Tiff Macklem was passed over for the top job at the Bank of Canada in favour of a relatively unknown named Stephen Poloz. Now, he’s stepping out of the shadows of academia to make his surprise comeback. (David Parkinson)
TD picked to lead Bank of Canada’s $10-billion corporate bond buying program: The Bank of Canada has chosen TD Asset Management to run its $10-billion corporate bond buying program, aimed at improving liquidity in the market for investment-grade debt. (Mark Rendell)
When the Canadian market tanked, company insiders took an unusual step: buying their own shares: As markets tumbled in the early weeks of the coronavirus crisis, executives and directors at Canada’s largest companies did something they don’t ordinarily do: buy their own shares. (David Milstead)
Market volatility sends do-it-yourself investors to professional wealth managers: Independent wealth managers in Canada are seeing an influx of new clients and assets as do-it-yourself investors and small business owners search for professional advice during volatile times. (Clare O’Hara)
Aimia reinvents itself as an investment firm with new executive team: Aimia Inc. reinvented itself on Wednesday as an investment manager with a new executive team, ending two years of shareholder battles over the company’s strategy following the sale of its Aeroplan loyalty program. (Andrew Willis)
Alberta court case will test whether pandemic is a material change that nullifies a contract: An Alberta court is set to consider a rarely invoked term of contract law in a case over whether the COVID-19 pandemic and economic downturn amount to a material change that can be used to back out of a recent deal to acquire a company. (Christine Dobby)
Insurer says it isn’t liable for finishing Bondfield renovation: The insurance company liable for construction work at Toronto’s St. Michael’s Hospital says alleged corruption in the bidding process means it isn’t required to pay for the project – raising questions about who is on the hook for the unfinished $300-million redevelopment. (Greg McArthur and Karen Howlett)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
OMERS Ventures signals renewed commitment to Canadian startups with launch of US$750-million fund: Ontario Municipal Employees Retirement System, one of the first Canadian institutional investors to back domestic information technology startups after the 2008-09 financial crisis, is signalling a renewed commitment to this country’s innovation sector with the launch of its latest venture-capital fund. (Sean Silcoff)
Investors snap up equity offerings from companies looking to raise funds for acquisitions: Equity markets are beginning to reopen for well-established Canadian companies looking to bolster their balance sheets for opportunistic mergers and acquisitions. (Mark Rendell)
IN CASE YOU MISSED IT
Why Ottawa needs to revive stalled legislation that would strengthen rules for credit rating agencies: Credit rating agencies are back in the spotlight as they downgrade many major companies because of the economic shock sparked by the novel coronavirus pandemic and oil-price rout. (Rita Trichur)
The world’s central banks need a better game plan: The world’s central banks have responded to the pandemic with massive programs to support financial markets. But are their policies just setting us up for more trouble down the road? (Ian McGugan)
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