Former central banker Mark Carney joins Brookfield to lead environmental, socially driven investing: Brookfield appointed the high-profile former Bank of England and Bank of Canada governor as its vice-chair and head of ESG (environmental, social and governance) and impact fund investing. The Toronto-based company oversees more than US$500-billion of assets, including a global collection of renewable power plants. (Andrew Willis)
TD and CIBC maintain stronger-than-expected profits despite retail banking weakness: Profits at Canada’s largest banks rebounded faster than anticipated in the third quarter from the shock of the coronavirus pandemic, but executives warned setbacks are likely, and continued to build reserves to absorb higher losses. (James Bradshaw)
RBC profit beats forecasts on soaring capital markets results, easing loan-loss provisions: Royal Bank of Canada’s profit fell only 2 per cent from a year ago despite the impact of a global pandemic, driven by soaring earnings from capital markets and easing provisions for loan losses. Canada’s largest lender reported profit of $3.2-billion, or $2.20 a share, for the three months that ended July 31. In the same fiscal quarter a year earlier, RBC earned $3.26-billion, or $2.22 a share. (James Bradshaw)
BMO and Scotiabank set aside larger loan loss provisions as quarterly results send mixed signals: Bank of Nova Scotia and Bank of Montreal added a combined $3.2-billion more to reserves against future losses in the third quarter, bracing for the likelihood of a slower economic recovery as cases of the novel coronavirus spike in key markets abroad. (James Bradshaw)
Vanguard lays off some Canadian staff, shuts down offices in Hong Kong, Japan: Investment fund giant Vanguard Group Inc. has laid off a number of its Canadian staff, including the head of institutional sales, amid global cuts that have also shut down offices in Japan and Hong Kong. The job cuts in Canada come amid news reports that the Malvern, Pa.-based fund company – which manages about US$6-trillion in assets – is closing shops in other international markets. (Clare O’Hara)
New Cirque du Soleil owners eye streaming shows for home audiences after testy takeover battle: Toronto private equity firm Catalyst Capital Group Inc. scooped up Cirque du Soleil’s debt this past spring at barely half its face value. Now, it’s betting it can restore the famed circus troupe to its past glory by imposing greater financial discipline and bringing its live entertainment to your screens at home. (Nicolas Van Praet)
BlackBerry shareholder asks regulators to order vote on refinancing that could allow Fairfax to take control: A long-time BlackBerry Ltd. minority shareholder has asked regulators to require shareholder approval of a debt refinancing that he says could allow Prem Watsa’s Fairfax Financial Holdings Ltd. to gain a controlling stake of the company. The Waterloo, Ont., data-security company said in a press release on July 22 that it planned to refinance US$605-million of convertible 3.75-per-cent debentures by Sept. 1, ahead of their November maturity date. (Josh O’Kane)
Telesat Canada preparing to go public next year: Ottawa-based Telesat Canada is preparing to go public next year to raise cash for its constellation of nearly 300 low-Earth orbit satellites, a multibillion-dollar project to beam high-speed internet to remote areas from space. The satellite company is expected to announce its plans for the initial public offering in the fall, according to sources. (Alexandra Posadzki)
GFL closes oversubscribed debt offering, strikes back against short-seller: GFL Environmental Inc. closed an oversubscribed debt offering on Tuesday and used the opportunity to push back against a short-seller who attacked the company last week, saying its board finds the analysis “deeply flawed.” (David Milstead)
Morgan Stanley’s inflation forecast good news for Canadian stocks: Morgan Stanley strategists and economists correctly forecast the sustainability of the post-March market rallies, and if their next prediction is right, it means wholesale changes in market leadership that favour Canadian stocks. Chetan Ahya is the Wall Street firm’s chief economist and one of the few prominent analysts predicting rising inflation pressure that will be reflected in higher long-term bond yields. (Scott Barlow)
FAIR Canada names former securities regulator as its new executive director: The primary advocacy group for Canadian investors has hired a former regulator as its new executive director and hopes it can find a long-term source of money to ensure its survival. The Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada, says Jean-Paul Bureaud will assume its top job. (David Milstead)
Echelon bets on extended rally in mining stocks, hires two experts: Toronto-based Echelon, an independent investment bank that focuses on raising money for small to mid-sized companies, hired Robert Lee as a managing director and head of institutional equities last week. In mid-July, the firm also hired deal maker Jason Yeung. The two mining experts join the firm at a time when gold mining stocks are soaring on the back of surging bullion prices – in Canadian dollar terms, gold is up 26 per cent this year. (Andrew Willis)
Lawsuits push ahead over trailing fees being paid to discount brokerages: Two groups of investors are pushing ahead in separate class action lawsuits against Canada’s largest discount brokerages, alleging the companies incorrectly charged billions of dollars in fees for advice they did not provide. (Clare O’Hara)
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