Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Scotiabank announces gain to Q1 financial results: Bank of Nova Scotia will record an after-tax gain of $175-million in its fiscal first-quarter results, driven by a large gain from the sale of its stake in a bank in Thailand, but offset by a series of one-time charges. (James Bradshaw)
Bank stocks turn volatile as loan losses rise under new rules: For investors in Canadian banks, volatility has arrived. Monthly returns for Canadian bank shares have surged or fallen by more than 5 per cent, six times in the past 15 months. That’s an unusually high frequency of large swings – and some say it’s because their earnings are now less predictable, due to new international accounting rules that have changed how banks must record loan losses. (James Bradshaw)
Are Canadian banks in for another tepid year?: For investors who count on Canadian bank stocks to deliver steady profit growth and market-beating returns, their performance in 2019 was only so-so. Brace yourself: Analysts expect 2020 won’t be much better, which is why Tuesday’s conference of bank chief executive officers is a must-watch event. (David Berman)
Investors with Crystal Wealth Management to learn if class-action against BDO can proceed: Investors who lost millions in an alleged fraud involving mutual funds managed by Crystal Wealth Management System Ltd. will soon learn if they can proceed with a class-action lawsuit against the auditing firm that signed off on the funds’ books. (Greg McArthur)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Sweetened offer from HBC a better alternative than allowing the buyout deal to fall apart: The sweetened offer from Hudson’s Bay Co. executive chairman Richard Baker to the retailer’s minority shareholders looks set to end a stalemate that was sure to bring pain to all sides. (Jeffrey Jones)
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