Streetwise newsletter: A new Canadian crude benchmark; Teachers’ aggressive approach


London-based Marex Spectron and One Exchange Corp. of Calgary are starting a brand new Canadian crude benchmark and extending an offer to rival agents to join a consolidated index known as the Canadian Crude Index Alliance. (Jeff Lewis, readers)

Ontario Teachers’ Pension Plan is calculating a more competitive investment program and pulling back its exposure to passive investment capital. (Jacqueline Nelson, readers)

Venerable Hudson’s Bay Co., owner of Saks, the Bay and an assortment of different chains, is being pushed to adopt a radical turnaround following the merchant’s stock-price slide to $10 amounts from $30 over the previous couple of decades. (Andrew Willis, readers)

DAILY DEALS

China’s Anbang Insurance Group and HNA Group both considered buying into German insurer Allianz SE this year as part of plans to turn into international financial powerhouses, people with direct knowledge of the matter said. (Reuters)

Mexican mining conglomerate Grupo Mexico has declared plans to record its transport division, including its Ferromex railroad agent, on Mexico’s stock market, four sources with knowledge of the matter told Reuters. (Reuters)

Goldman Sachs has suspended its preliminary work on a projected U.S. initial public offering (IPO) for Chinese conglomerate HNA Group’s IT outsourcing unit Pactera, four individuals knowledgeable about the matter told Reuters. (Reuters)

Britain’s Bell Pottinger has set itself up for sale after it dropped customers for conducting a racially charged effort in South Africa, possibly bringing the curtain down on one of the world’s leading public relations agencies.

FINANCINGS

Toronto-based AlayaCare, which offers cloud software for healthcare providers, has raised $2.4 million in financing. (Betakit)

Dataiku has scored its second round of financing, a $28 million (U.S.) investment led by Battery Ventures the French firm says will be used to increase advertising and advertising around the world. (VentureBeat)

Orion Labs today announced the closing of an $18.25 million (U.S.) funding round to enlarge the size of its sales team and continue development of its Onyx apparatus and Orion platform for voice-powered robots. Developements incorporate a new real time translator, which now focuses on discussions in English and Spanish. Mandarin Chinese is probably next. (VentureBeat)

Danish edtech startup Labster has increased $10 million (U.S.) at a series A round of financing led by Balderton Capital, with participation from Northzone and Unity Technologies founder David Helgason. (VentureBeat)

ELSEWHERE IN FINANCIAL SERVICES

Taking a look at the Canadian dollar’s response to Wednesday’s Bank of Canada interest-rate growth, it is clear the market was amazed by how fast the central bank has jumped into this rate-hiking cycle. Investors might also be amazed by how fast the lender jumps back out. (David Parkinson, readers)

Donald Trump’s election was supposed to usher in an era of U.S. isolationism and deregulation. For international finance, it has yet to provide either: authorities appear not as keen to authorities multinational banks that get the U.S. dollar system and impose harsh penalties when they view lax money-laundering controls or the chance of sanctions dodging. (Bloomberg)

Greater collaboration across boundaries and with private institutions is required to exploit the full power of the huge amounts of data on suspicious transactions accumulated by financial intelligence units around the world, according to officials from these units. (Wall Street Journal, readers)

Could bitcoin be the next gold? The idea has a great deal of intuitive appeal. Gold bugs and bitcoin fetishists often share a profound distrust of fiat currency and the nation state, an impregnable bullishness about their preferred asset class, and an obsessive attention to details of market movements along with a blithe disinterest in bigger-picture difficulties. (Bloomberg)

Two former supervisors have sued Wells Fargo amp; Co., claiming they were fired within the bank’s sales-practices difficulties. (Wall Street Journal, readers)

WHAT WE’RE READING

Canadian retirement plans are among the most admired institutional investors for their art as money managers. Now pension plans in Canada are upping the ante, progressively issuing long-term bonds and using the borrowed money, or leverage, to attempt to generate even greater returns, a new report reveal. (Institutional Investor)

Courtesy: The Globe And Mail

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