Here are the top reads on deals and financial services over the last week,
RBC will not finance Arctic drilling, and puts restrictions on coal, under new investment guidelines: Royal Bank of Canada will not provide direct financing for exploration or development projects in the Arctic National Wildlife Refuge in northeastern Alaska, according to a new policy that also imposes restrictions on financing for coal mining and power generation. (Kathryn Blaze Baum, James Bradshaw)
Canada Infrastructure Bank to name Ehren Cory new CEO, sources say: The federal Liberals are expected to name Ehren Cory as the new chief executive of the Canada Infrastructure Bank, according to government sources, tapping the veteran Ontario CEO as leader of the three-year-old Crown corporation. (Andrew Willis)
Court approves sale of MEC to U.S. equity firm, ending member-led opposition: MEC’s sale to a U.S. private-equity company has been approved, ending a bid by a group representing some of its co-op members to try to come up with another plan for the retailer. (Susan Krashinsky Robertson)
Ottawa announces new plan for Canada Infrastructure Bank focused on broadband, retrofits and agriculture: The federal government announced a $10-billion plan for the Canada Infrastructure Bank that features a strong green focus in areas like retrofits and electric buses, as well as pledges to expand rural broadband and agricultural irrigation in Western Canada. (Bill Curry)
Trudeau’s gamble: Is the revamped Infrastructure Bank ready to help carry his climate agenda?: More than three years into its existence, the Canada Infrastructure Bank has finally been put in a position to succeed. Now Prime Minister Justin Trudeau’s Liberals really need to hope that it is capable of doing so, because much of their ambition for a climate-friendly economic recovery hangs on it. (Adam Radwanski)
BMO insists heavy focus on commercial lending is not unduly risky: Bank of Montreal expects losses on loans to businesses will spike amid the coronavirus pandemic, but executives are trying to calm investors' concerns that the bank could be unduly exposed to struggling companies. (James Bradshaw)
Cogeco eyes takeover opportunities in U.S., CEO says, amid hostile bid from Rogers, Altice: The U.S. broadband market is “highly fragmented” and contains many small and mid-sized cable operators that Cogeco would be interested in acquiring to become a bigger regional player, the company’s chief executive officer says. (Alexandra Posadzki)
G4S rejects hostile bid from Canadian security firm GardaWorld: Security group G4S on Wednesday rejected a cash offer by smaller Canadian rival GardaWorld that valued the British company at £2.97-billion ($3.81-billion), weeks after it turned down a similar proposal. (Reuters)
Socially conscious data key for investors: OECD: Governments and regulators must urgently develop a common set of global principles for consistent and comparable climate-related financial disclosure, according to a new report from the Organization for Economic Co-operation and Development. (Kathryn Blaze Baum)
Gateway Casinos receives $200-million in first funding under federal LEEFF program: The federal government is giving $200-million worth of assistance to Gateway Casinos & Entertainment Ltd., including the first loan to be advanced under a federal program designed to keep large employers afloat during the COVID-19 pandemic. (Mark Rendall)
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