Here are the top reads on deals and financial services over the last 24 hours,
Securities regulators warn about emerging stock frauds related to coronavirus: Investors should be leery of small, publicly listed companies claiming to have developed a vaccine, cure or method of detecting the coronavirus, Canada’s securities regulators warned Thursday in a joint statement. The Canadian Securities Administrators, the umbrella organization that represents the country’s provincial securities commissions, said in a statement that the coronavirus pandemic has attracted fraudsters looking to take advantage of the crisis and deceive investors. (Greg McArthur)
Toronto AI chatbot provider Ada Support raises $44-million as usage spikes during pandemic: Ada Support Inc., a Toronto artificial-intelligence startup that has become a go-to customer service “chatbot” provider for online companies has raised US$44-million led by Silicon Valley venture capital firm Accel. The financing comes as Ada’s 100-plus clients deal with a quadrupling in customer inquiries through its chatbot software this month from February, Ada chief executive officer Mike Murchison said. “People are more at home right now” because of the pandemic. “As a result they tend to be using digital services more and customer service channels are experiencing higher volumes.” (Sean Silcoff)
IN CASE YOU MISSED IT
Canadian companies begin laying off thousands of employees in first wave of pandemic job losses: Canadian companies are laying off thousands of employees in what’s expected to be the first wave of massive job losses as global demand dries up and businesses shut down because of the novel coronavirus. Fiat Chrysler Automobiles said on Thursday it is laying off 8,900 workers in Canada because of a pause in production, while Cirque du Soleil Entertainment Group temporarily laid off most of its work force, 4,679 people. (Joe Castaldo, Sean Silcoff and David Parkinson)
Ottawa eyes credit options to help hard-hit smaller businesses: The federal government is developing additional lines of support for Canada’s small and medium businesses, a sector hit hard and swiftly by the economic shutdown triggered by the coronavirus pandemic. (Sean Silcoff and Mark Rendell)
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