Canadian-owned London City Airport struggles as the pandemic clouds its future: When three of Canada’s largest pension plans acquired control of London City Airport in 2016 for about $3-billion, it looked like a shrewd investment given the airport’s growing popularity as a hub for business travellers. (Paul Waldie)
Half of Bank of Canada’s corporate bond buying program to target financial and energy companies: The Bank of Canada is targeting around half of its $10-billion corporate bond buying program toward financial firms and energy companies, as it looks to support the investment-grade bond market and bring down the cost of financing for companies. (Mark Rendell)
Reitmans gets creditor protection as pandemic takes toll on business: Canadian apparel retailer Reitmans Canada Ltd. has obtained protection from its creditors as the company continues to struggle with long-term business challenges and the impact of the COVID-19 pandemic. (Susan Krashinsky Robertson)
Bank earnings set to plummet amid soaring loan losses: Surging loan losses and dwindling capital reserves will be in investors’ crosshairs when Canada’s big banks report earnings next week, capping off the most tumultuous quarter in years. (James Bradshaw)
Infrastructure Bank moving ‘as quickly as we can’ on hunt for new CEO, Sabia says: Canada Infrastructure Bank chair Michael Sabia says the bank has identified candidates in its hunt for a new CEO as it prepares to play a key role when governments shift to stimulating the economy after the COVID-19 pandemic. (Bill Curry)
First-quarter earnings a sign of the decline to come: As bad as earnings season has been, it is just a taste of what is to come. Corporate profits in Canada contracted by an estimated 17 per cent in the first quarter, compared with the same period last year. The decline in U.S. earnings, meanwhile, is pegged at 12 per cent for companies in the S&P 500 index, according to Refinitiv data. (Tim Shufelt)
As Shopify soars, much of Bay Street misses the ride: Shopify Inc. looks like a Silicon Valley heavyweight and raises money like a Wall Street champion. But on Bay Street, Canada’s most valuable company isn’t quite a hometown hero. (Sean Silcoff)
Supreme Court decision gives boost to companies providing financing for commercial, class-action lawsuits in Canada: Professional investment to help finance commercial court cases is on the rise in Canada and a recent Supreme Court ruling paves the way for its use in insolvency matters, which are expected to balloon as a result of the COVID-19 pandemic. (Christine Dobby)
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