Here are the top reads on deals and financial services over the last 24 hours:
Hydro One names BC Hydro’s Mark Poweska as new president and CEO: Hydro One Inc. concluded its eight month search for a new leader Thursday by announcing B.C. Hydro executive Mark Poweska as the utility’s new president and CEO. Mr. Poweska is currently executive vice-president, operations, for the government-owned company that runs British Columbia’s electrical transmission network. He replaces former CEO Mayo Schmidt, who stepped aside from Hydro One last July. Story (Andrew Willis, for subscribers)
AIG exits Canadian home and auto insurance market amid industry shakeout: AIG Insurance Co. of Canada is quietly exiting the domestic property and casualty insurance business, the latest player to quit the domestic market amid a consolidation trend that’s contributing to a rise in insurance rates. The Toronto-based division of American International Group Inc., one of the world’s 20 largest insurers, decided earlier this year to shut down a home and auto insurance business that catered to wealthy Canadian clients. Story (Andrew Willis, for subscribers)
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First Nations-led group planning bid for majority stake in Trans Mountain pipeline: A First Nations-led group is putting together a bid to buy a 51-per-cent stake in Ottawa’s Trans Mountain oil pipeline with the aim of kickstarting the long-delayed expansion by giving Indigenous communities a financial stake. All First Nations in Saskatchewan, Alberta and British Columbia are being invited to participate in the $6.8-billion plan, which values the project at more than $13-billion. Story (Jeffrey Jones, for subscribers)
Is Indigenous energy investment the key to economic reconciliation? The prospect that a First Nations-led group might buy a controlling stake in the Trans Mountain pipeline project is certainly encouraging news. Such a deal would likely rank as the largest energy investment by Indigenous people in Canada. Far less clear is whether Indigenous ownership would help green-light the long-delayed pipeline expansion, which the federal government now owns. Story (Barrie McKenna, for subscribers)
MORE FINANCIAL SERVICES NEWS
Swedbank dismisses CEO amid mounting investor criticism over money laundering allegations: Swedbank sacked Birgitte Bonnesen as chief executive only an hour before its annual meeting on Thursday after disgruntled shareholders criticized her handling of a rapidly-growing money laundering scandal. Sweden’s biggest bank has been trying to calm investor concerns since allegations were first reported by Swedish TV last month, but a raid on Swedbank’s headquarters on Wednesday by Sweden’s Economic Crime Authority proved the final straw for the board of the country’s oldest savings bank. Story (Reuters)
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