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Texas and four other states have reached a settlement with the operators of an alleged $1 billion illegal cryptocurrency investment scheme. The scheme involved tokenized partial ownership of a skyscraper and other investments in the metaverse and cryptocurrency. The regulators aim to return hundreds of millions of dollars to investors who lost funds. The settlement includes all clients who invested in any product offered by the operators, and the claims process will be administered by AlixPartners LP. [Extracted from the article]

The BC United Party, formerly known as the BC Liberals, has withdrawn from the upcoming election in British Columbia due to a significant drop in poll numbers. This decision may benefit the BC Conservatives, who are vying to take control from the left-leaning BC New Democratic Party. BC United Leader Kevin Falcon has urged supporters to back Conservative Leader John Rustad in order to defeat the NDP. A BC Conservative victory would bring about policy changes such as tax cuts, increased development of liquefied natural gas, and the expansion of oil and gas pipelines. The BC Liberal Party, although not formally affiliated with Prime Minister Justin Trudeau's Liberal Party of Canada, has faced challenges due to the unpopularity of Trudeau and the Liberal brand in Western Canada. [Extracted from the article]

British Columbia's forestry industry is at risk of disruptions due to a potential rail strike, which would have significant economic consequences. The industry relies on rail transportation to move lumber and other forestry products across North America and for overseas shipments. If a strike occurs, there could be widespread mill closures and millions of dollars in weekly losses for the sector. The forest sector in BC contributes billions of dollars to the economy, generates thousands of jobs, and accounts for a significant portion of provincial manufacturing sales and commodity export value. Alternative transport methods are limited, so the industry is concerned about the impact of a rail stoppage. [Extracted from the article]

Specialty Building Products, a distributor of products used in home construction based in Duluth, Georgia, is reportedly seeking to raise up to $750 million in an initial public offering (IPO). The company, backed by Jordan Co., has filed confidentially with the US Securities and Exchange Commission and aims to launch the offering in the fourth quarter. The IPO would allow Specialty Building Products to take advantage of the increased spending on home renovation, which has remained high due to high interest rates and people staying in their current homes for longer. The US IPO market has rebounded this year, with $29 billion raised to date. Specialty Building Products distributes branded specialty building products in various categories and serves multiple states in the US and provinces in Canada. [Extracted from the article]

The Quebec government plans to make a new investment of "several hundred million dollars" to support Airbus SE in increasing production of its A220 narrow-body aircraft in the province. This additional investment brings Quebec's total investment in the program to over C$2 billion ($1.5 billion). Quebec initially invested $1 billion in 2015 for a 49.5% stake in the program when it was owned by Bombardier Inc. However, Airbus took control of the line in 2018, and the A220 has been consistently unprofitable. The Quebec government's decision to provide more funding aims to protect the value of its investment and extend the deadline for Airbus to buy back its minority stake. [Extracted from the article]

The Canadian province of Saskatchewan is planning to increase its borrowing in foreign markets to 25% of its total debt, up from the current 5%, in order to diversify its funding sources. This would involve raising non-domestic debt to around C$10 billion ($7.3 billion), compared to the current C$2.5 billion. The province may issue euro or dollar bonds every 18 months, depending on investor interest and pricing. Saskatchewan recently sold its first euro-denominated bond, which was well-received by investors and helped raise its global profile. [Extracted from the article]

The Canadian province of Saskatchewan is planning to increase its borrowing in foreign markets to 25% of its total debt, up from the current 5%, in order to diversify funding as capital needs grow. This could result in non-domestic debt rising to around C$10 billion ($7.3 billion), up from the current C$2.5 billion. The province may issue euro or dollar bonds every 18 months, depending on investor interest and pricing. Saskatchewan recently sold its first euro-denominated bond, which was well-received by investors and helped raise global exposure for the province. [Extracted from the article]

The Canadian province of Saskatchewan is planning to increase its borrowing in foreign markets to 25% of its total debt, up from the current 5%, in order to diversify its funding sources. This would involve raising non-domestic debt to around C$10 billion ($7.3 billion), compared to the current C$2.5 billion. The province may issue euro or dollar bonds every 18 months, depending on investor interest and pricing. Saskatchewan recently sold its first euro-denominated bond, which was well-received by investors and helped raise its global profile. [Extracted from the article]

The National Bank of Canada is opening an office in Paris to cater to supranational and government-backed issuers who are selling euro-denominated bonds at a record pace this year. The bank aims to expand its fixed income institutional sales coverage in Europe and build its SSA (supranational, sovereign, and agency) business. France has been working to make Paris an attractive finance hub in the European Union, and other major banks like Citigroup, JPMorgan Chase, and Barclays already have a presence in the city. National Bank's competitors in Canada, such as Royal Bank of Canada and TD Bank, have also been arranging euro bond sales for borrowers. [Extracted from the article]

British Columbia's credit rating has been downgraded to AA- by S&P Global Ratings, marking the third downgrade in three years. The downgrade comes after the provincial government decided to increase borrowing. S&P Global Ratings has warned that it may lower the rating again in the next two years if the province continues on its current fiscal trajectory. Moody's Investors Service has also cut its outlook for British Columbia to negative. The opposition BC United Party has blamed the downgrade on what it calls "reckless spending" by the New Democratic Party-led government. Despite the downgrade, British Columbia's new rating is still the fourth-highest available from S&P and compares favorably with other large Canadian provinces. [Extracted from the article]

British Columbia's credit rating has been downgraded to AA- by S&P Global Ratings, marking the third downgrade in three years. The downgrade was a result of the provincial government's decision to increase borrowing. S&P warned that it may lower the rating again in the next two years if the province continues on its current fiscal trajectory. The BC government projected a record deficit of nearly C$8 billion for fiscal 2024-25 as it plans to accelerate spending on infrastructure, healthcare, and education. The opposition party blamed the downgrade on "reckless spending" by the current government. Despite the downgrade, BC's new rating is still the fourth-highest available from S&P and compares favorably with other large Canadian provinces. Moody's Investors Service has maintained BC's highest rating, Aaa, since 2006, while Fitch Ratings has rated the province at AA+. [Extracted from the article]

Provincial officials in Canada are seeking to compel Michael Patryn, the surviving co-founder of QuadrigaCX, a defunct crypto exchange, to explain the origin of a cash hoard, 45 gold bars, and jewelry, including a diamond-studded Rolex. An investigation in 2020 determined that the collapse of QuadrigaCX was due to fraud by its other founder, Gerry Cotten, who died unexpectedly in 2018. Chat records obtained by investigators suggest that Patryn and Cotten discussed stealing customer funds and staging Patryn's public exit from the exchange while remaining involved privately. The Director of Civil Forfeiture in British Columbia has filed a court order to investigate the seized assets. [Extracted from the article]

Ontario plans to borrow C$38.2 billion in long-term debt for the upcoming fiscal year, which is 9% less than the current fiscal year. This decrease is due to pre-borrowing in the current year, which has given the province an additional C$9.3 billion in cash. Despite the decrease in borrowing, Ontario's budget shortfall is expected to widen to C$9.8 billion. The government aims to achieve a net debt-to-GDP ratio of 39.2% in the coming year. Ontario, along with Quebec and British Columbia, expects to run larger deficits in the coming year. [Extracted from the article]

Canadian provinces are expected to borrow 22% more this year to address budget shortfalls, according to the National Bank of Canada's financial markets unit. The borrowing needs of provinces facing deficits and maturing debt are estimated to be C$130 billion for the upcoming fiscal year, a 21.5% increase from the previous year. This increased borrowing comes as borrowing costs remain high due to persistent inflation. While this may pose challenges for issuers, it presents an opportunity for investors seeking higher yields. Provinces are likely to utilize international markets in addition to the Canadian bond market for their borrowing needs. However, larger deficits may limit the ability of governments to support the economy in the event of a downturn. [Extracted from the article]

Ernst & Young LLP (EY) has hired two merger and acquisition advisers from Raymond Chabot Grant Thornton to strengthen its practice in Quebec and prepare for a potential rebound in Canadian deal activity. Yasser Waly and Mark Rossi are joining EY as partners in strategy and transactions, bringing the total number of M&A partners in Quebec to seven. Dealmaking is expected to increase in Canada this year as firms gain more predictability over interest rates and have capital reserves to invest. EY's M&A business in Quebec primarily focuses on the mid-market, but the firm aims to expand its services to smaller companies and entrepreneurs. International firms and advisory boutiques are also entering the Canadian market as competitors. [Extracted from the article]

Alberta, the main oil-producing province in Canada, has announced a new tax on electric cars and trucks, in opposition to Prime Minister Justin Trudeau's push for green vehicles. The C$200 ($147) annual tax is being introduced to address what the government sees as a fairness issue, as electric vehicles cause more wear and tear on roads but their owners do not pay fuel tax. The tax will not apply to hybrid vehicles and is not expected to generate significant revenue. [Extracted from the article]

British Columbia, the third-most populous province in Canada, has announced a freeze on approvals for new colleges and universities seeking to enroll foreign students until February 2026. This move is part of the government's efforts to address the rapid growth of temporary immigrants in the country. The province will also implement higher standards for degree quality and labor market needs, as well as new language requirements for private institutions. The federal government has also imposed a cap on international study permits to address public concerns about rising rents and housing prices. The government of Ontario, the most popular destination for foreign students, will require institutions to guarantee available housing for incoming cohorts. The federal government has introduced measures to boost housing supply, including low-cost financing for rental unit construction. The aim is to create more affordable housing options for students and alleviate pressure on the housing market. British Columbia currently has over 175,000 foreign postsecondary students from more than 150 countries, and the government aims to protect them from exploitation while attracting talented students to fill labor market gaps and drive the economy forward. [Extracted from the article]

Ontario, the most populous province in Canada and home to half of the country's foreign students, will now require all colleges and universities to guarantee housing for incoming cohorts. This decision comes after Prime Minister Justin Trudeau's government imposed a cap on international student visas to address public concerns about rising rents and housing prices. Ontario will also review programs offered by institutions with a significant number of foreign students to ensure they meet labor market demands. The province will ban new partnerships between public and private colleges, which have contributed to a threefold increase in foreign students over the past decade. The government of British Columbia is expected to announce similar measures soon. [Extracted from the article]

Bond sales in Europe have reached a new record for January, with offerings from the European Union and United Kingdom pushing the month's deal tally to at least €293.7 billion ($319 billion). This surpasses the previous record set in January of the previous year. The high level of activity is attributed to borrowers capitalizing on investor appetite and attractive yields before central banks begin cutting rates. Sovereigns have been leading the surge in bond sales, with Italy and Spain both issuing €15 billion deals. The strong momentum is expected to continue into the first quarter of the year. [Extracted from the article]

Alberta's oil production reached a record high of over 4 million barrels per day in November, driven by increased output from oil-sands companies in preparation for the opening of a major new export pipeline. This surge in production is in anticipation of the expansion of the Trans Mountain pipeline, which will provide an additional 590,000 barrels per day of export capacity. Alberta's oil-sands deposits are the world's third-largest crude reserve, and the November production surpasses China's average output in 2022, making it one of the top oil-producing countries. However, this increased production may contribute to the already struggling global oil markets. [Extracted from the article]