Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Canada’s biggest bank teaches young clients a lesson on trusting big banks: The Leo’s Young Savers Account from Royal Bank of Canada is a nice little intro to the banking world for kids aged 13 and under. What happens to Leo account holders when they turn 14 is another story. Opinion (Rob Carrick)
Ski-Doo maker aims for 10 per cent annual sales growth with push on offroad vehicles: BRP Inc. is doubling down on efforts to win customers for its off-road vehicles and boats over the next five years, betting it can steal more sales from rivals as U.S. consumers shrug off worries that a recession looms. Story (Nicolas Van Praet)
Shopify reports $72.8-million third-quarter loss, revenue up 45 per cent: Shopify Inc. says its loss grew in the last quarter to US$72.8-million as it ramped up spending on capacity and service offerings, while revenue grew 45 per cent compared with a year ago. Story (Reuters)
Mastercard beats profit expectations on strong consumer spending: Mastercard Inc on Tuesday beat Wall Street estimates for quarterly profit as customers shrugged off fears of an economic slowdown and spent more with their credit and debit cards, boosting fees for the world’s second-largest payment processor. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Canfor backs Pattison’s bid to take full control of B.C. forestry firm: A $981.7-million bid by B.C. billionaire Jim Pattison to take full control of Canfor Corp. has gained the support of the forestry firm’s special committee of independent directors despite one prominent shareholder’s criticisms that the offer is too low. Story (Brent Jang)
Saudi Aramco shares will reportedly begin trading in December: The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel reported Tuesday as the kingdom’s marquee investment forum got underway. Story (The Associated Press)
Saudi, Gulf consortium reportedly seeking to buy Barneys New York: A Saudi and Gulf consortium is seeking to buy luxury retailer Barneys New York Inc, Saudi financial news website Maaal reported on Tuesday. Story (Reuters)
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