Global investment bank Lazard Ltd. landed a veteran Canadian mining deal maker from RBC Dominion Securities Inc. ahead of an expected increase in takeover activity from natural resource companies. (Andrew Willis, subscribers)
Home prices in the Toronto area slid again in August, but the top executive at Royal Bank of Canada is not worried about what a market slowdown would mean for his bank’s lending business. (Christina Pellegrini, subscribers)
London-based Marex Spectron and One Exchange Corp. of Calgary are launching a new Canadian crude benchmark and extending an offer to rival brokers to join a consolidated index called the Canadian Crude Index Alliance. (Jeff Lewis, subscribers)
Ontario Teachers’ Pension Plan is charting a more aggressive investment course and pulling back its exposure to passive investment funds. (Jacqueline Nelson, subscribers)
Venerable Hudson’s Bay Co., owner of Saks, the Bay and an assortment of other chains, is being pushed to embrace a radical turnaround after the retailer’s stock-price slide to $10 levels from $30 over the past two years. (Andrew Willis, subscribers)
Canada’s money-laundering watchdog is raising red flags about the anonymous nature of cryptocurrencies such as Bitcoin, warning that it makes them attractive to criminals looking to stash dirty money or finance terrorism. (Alexandra Posadzki, for subscribers)
Desjardins Group promises a decision this month on whether to turn a brief moratorium on loans to pipeline projects into a permanent boycott. (Andrew Willis, for subscribers)
Canadian Natural Resources Ltd. is buying a major heavy-oil property and other assets from Cenovus Energy Inc. for $975-million in what is expected to be the start of a busy deal season in the oil patch. (Jeffrey Jones and Josh O’Kane)
Canada’s nascent market for green bonds is set to heat up after an offering in late August showed just how much demand there is for this kind of debt. (Christina Pellegrini)
WHAT WE’RE READING
Seismic accounting scandals like the ones that sank Enron and WorldCom in the early 2000s have, happily, been scarce in recent years. But they may well resurface if elements of the Sarbanes-Oxley Act, the law created to curtail accounting fraud, are rolled back as some corporate executives are urging. (Gretchen Morgenson)
Jetti Resources, a natural-resources-tech startup, has raised about $24-million in a Series A financing, apparently with the help of some heavyweight U.S. investors. The round’s backers were not disclosed but likely include Silicon Valley venture firm Kleiner Perkins Caufield & Byers. Jetti specializes in new ways to extract metals from mineral ores.
The doom and gloom surrounding a new European rule that is broadly expected to upend the way equity research is bundled with brokerage services does not worry Ed Wolfe, the founder of boutique firm Wolfe Research. In fact, he believes the regulations can sharpen the edge of his mid-sized firm in the long run.
Courtesy: The Globe And Mail