Search

They came to the beach by the thousands, wearing their yellow jerseys In Natal, a state capital in Brazil's northeast and one of 12 host cities for the World Cup, [...]

BCE Inc., Canada's largest telecommunications company, announced a $3.6 billion deal to acquire Ziply Fiber, an internet provider in the Pacific Northwest, causing its shares to drop to a 12-year low. The company will use proceeds from a previous deal to fund this acquisition, pausing dividend growth for 2025 after 16 years of annual increases. The move to expand into the US market was met with skepticism from analysts, with some questioning the high price paid and potential impact on BCE's free cash flow and dividend policy. [Extracted from the article]

BCE Inc., Canada's largest telecommunications company, has made a significant move into the US market by acquiring internet provider Northwest Fiber LLC, known as Ziply Fiber, for $3.6 billion. The company plans to reach over 3 million locations in the Pacific Northwest in the next four years. BCE will fund most of the deal through the sale of its stake in Maple Leaf Sports & Entertainment Ltd. to Rogers Communications Inc. The acquisition is part of BCE's strategy to expand its fiber network to more than 12 million locations across North America by 2028. [Extracted from the article]

(Bloomberg) -- BCE Inc., Canada's largest telecommunications company, agreed to buy an internet provider in the Pacific Northwest, making a rare and surprising move into the US market.BCE will pay C$5 billion ($3.6 billion) for Northwest Fiber LLC, which does business as Ziply Fiber and has 1.3 million fiber locations in Washington, Oregon, Idaho and Montana.The company will fund most of the deal with the proceeds from the sale of its stake in Maple Leaf Sports & Entertaiment Ltd., the owner of the Toronto Maple Leafs and other sports franchises, to Rogers Communications Inc.©2024 Bloomberg L.P.By Derek DecloetReported by Author [Extracted from the article]

The Bank of Canada recently lowered its overnight rate to 3.75%, the lowest level since December 2022. Economists and investors have varying opinions on the rate cut, with some suggesting that further cuts may be necessary to address lingering economic challenges. The decision to cut rates is seen as a proactive measure to stimulate growth and combat low inflation, with the possibility of additional rate cuts in the future depending on economic data. Overall, the move is viewed as a step towards returning policy to a more neutral stance. [Extracted from the article]

A survey commissioned by KPMG reveals that Canadian CEOs are becoming increasingly concerned about the domestic economy, with almost 60% citing economic uncertainty as their biggest challenge. However, the majority of CEOs remain optimistic about their own companies' prospects over the next few years. Confidence in the three-year growth outlook for Canada's economy has declined by six percentage points from last year, with 83% of CEOs expressing confidence. Smaller businesses appear to be more optimistic about growth, but are worried about "growing protectionist attitudes." The survey polled 1,325 CEOs globally, including 75 in Canada, as well as 735 leaders or owners of small- and medium-sized Canadian businesses. [Extracted from the article]

Barclays Plc has hired Ken Davis, formerly of Citigroup Inc., to lead its Western Canada operation, focusing on the energy and commodities sectors. Davis will be based in Calgary. Barclays has also hired Greg Petit, previously of BMO Capital Markets, as head of infrastructure, power, and utilities banking in Canada, based in Toronto. Both Davis and Petit will report to Ryan Voegeli, who was hired earlier this year to rebuild Barclays' banking team in Canada. Barclays aims to deepen its coverage of the infrastructure and energy transition sectors in North America and strengthen its commitment to Western Canadian clients. [Extracted from the article]

Royal Bank of Canada's CEO, Dave McKay, has expressed concerns about Canada's economic policy, stating that the country is on the wrong path. McKay believes that Canada needs a more competitive tax regime and a closer relationship with the US. He argues that Canada's current tax structure is harmful to entrepreneurial risk-taking and that the country should not aim to have the same tax level as the US, given its smaller economy. McKay also emphasizes the importance of understanding and meeting the needs of the US, Canada's most important trading partner, which may involve increased spending on defense and security and a more efficient approach to developing natural resources. [Extracted from the article]

Hunter Harrison's job as chief executive officer of CN is discussed. In 1989, a private equity group bought Illinois Central, and Harrison was asked by the investors to help run it. He also became CN's CEO near the start of the biggest commodities boom in a generation. His future plans are also tackled.

Conservative politician Jim Flaherty was named Federal Finance Minister in 2006, and since then placed new taxes on petroleum companies and gave little support for corporate income tax cuts. Flaherty also proposed new rules that removed tax benefits of the income trust structure for most trusts. An evaluation of Flaherty's contributions, or the absence of it, in the business community is presented.

The management of the company Saskatchewan Wheat Pool by the chief executive officer Mayo Schmidt is discussed.

A profile of Ted Rogers, owner of Rogers Wireless and Microcell Telecommunications is presented. The growth of this empire from 1927 through 2004 is traced. Rogers, who now controls Canada's largest mobile phone company and largest cable television monopoly is willing to take on Bell Canada.

Opinions regarding the business strategies of Gord Nixon, chief executive officer of Royal Bank and his contributions towards the growth of company have been presented. Development of Royal Bank after Gord Nixon's appointment as a CEO has been emphasized.

Molson's CEO, Dan O'Neill, has strategized to explore beer business opportunities in Brazil and overcome the lack of growth prospects in Canada. There is speculation that Molson may buy Sleeman to strengthen their presence in the premium markets and increase their capacity utilizations.

Elliott Investment Management is currently the leading bidder in an auction for the parent company of Citgo Petroleum Corp, a Venezuelan-owned refiner. Other bidders include Vitol Group and Gold Reserve Inc, who is working on a joint bid with Carl Icahn's CVR Energy. However, Elliott has been granted exclusivity to negotiate a deal. The sale of Citgo's parent company has been controversial, with Venezuelan President Nicolás Maduro blaming the opposition for losing the company to creditors. The court-appointed special master overseeing the sale has requested more time to finalize the recommendation for the winning bidder. The buyer will also need authorization from the US Treasury's Office of Foreign Assets Control to proceed with the sale. [Extracted from the article]

Nadine Ahn, the former CFO of Royal Bank of Canada (RBC), claims that she was a candidate for the CEO position before being fired due to a personal relationship with a colleague. Ahn and the colleague, Ken Mason, have filed separate lawsuits for wrongful dismissal and are seeking tens of millions of dollars in pay and damages. RBC alleges that Ahn violated its code of conduct by having an undisclosed close personal relationship with Mason, which led to preferential treatment. Both Ahn and Mason deny having an affair and argue that RBC's press release falsely insinuated their relationship. RBC has stated that the claims are without merit and that there was a significant breach of its Code of Conduct. The lawsuits provide insight into the inner workings of RBC, and both Ahn and Mason are seeking substantial compensation. [Extracted from the article]

Chorus Aviation Inc., a Canadian aerospace firm, has reached an agreement to sell its regional-aircraft leasing business to HPS Investment Partners for approximately C$1.9 billion ($1.4 billion), including debt. Chorus had previously acquired Falko Regional Aircraft Ltd. in 2022, but the strategy did not succeed due to rising interest rates. The sale will allow Chorus to improve its balance sheet and reduce its leverage ratio. The deal has the support of Chorus' largest shareholders, Brookfield Asset Management and Air Canada, and requires shareholder approval. [Extracted from the article]

Canada's finance minister, Chrystia Freeland, believes that the country's economy is on track for a soft landing, with decreasing inflation and interest rates. However, Prime Minister Justin Trudeau's administration is facing challenges due to his declining popularity, with the public expressing frustration over issues such as the cost of living, housing shortages, and crime. There have been reports of conversations between Trudeau and Mark Carney, the former governor of the Bank of Canada and Bank of England, about Carney potentially entering the government. The speculation about Carney highlights the pressure on Trudeau to reverse his declining political fortunes. [Extracted from the article]

Canadian Prime Minister Justin Trudeau has reportedly urged Mark Carney, the former governor of the Bank of Canada and Bank of England, to join his Liberal government. Carney was non-committal in the discussions about entering politics, and it is unclear if he was offered a specific cabinet position. Trudeau believes that Carney would be an "outstanding addition" to the government, particularly as polling suggests that Canadians view Trudeau as weaker on economic issues compared to the opposition Conservative Party leader. However, this speculation has raised questions about the future of Finance Minister Chrystia Freeland, although she has stated that she fully supports Trudeau and has been assured that her job is safe. [Extracted from the article]

Bank of Montreal has hired Laurence Mutkin as the head of rates strategy for the Europe, Middle East, and Africa region. Mutkin, who was previously co-head of research and analysis for the UK Debt Management Office, will be based in London and report to Hannah Paik, the head of global client coverage in EMEA. Bank of Montreal, Canada's third-largest bank, has been expanding its global markets business and received designation as a primary dealer in UK gilts in January. In fiscal 2023, the bank's global markets unit, which includes rates trading, generated over C$3.8 billion ($2.8 billion) in revenue. [Extracted from the article]

The National Bank of Canada has agreed to acquire Canadian Western Bank for approximately $3.6 billion in stock. This deal will allow National Bank to diversify its earnings away from Quebec and expand its retail footprint in the western provinces of Alberta and British Columbia. The acquisition is subject to approval from the Canadian government and two-thirds of Canadian Western Bank's shareholders. The deal is expected to be completed by the end of next year. [Extracted from the article]

The National Bank of Canada has announced its acquisition of Canadian Western Bank for approximately C$5 billion ($3.6 billion). The deal, which requires approval from CWB shareholders and the Canadian government, will see National Bank pay C$52.24 per share, a premium of 110% over CWB's closing price on Tuesday. National Bank CEO Laurent Ferreira stated that the transaction aims to support growth and combines the strengths of both banks in personal and commercial banking, particularly in Western Canada. National Bank has also identified C$270 million in cost and funding synergies. [Extracted from the article]

A group of Venezuela creditors, including Canadian miner Gold Reserve Inc., is seeking funding from JPMorgan Chase & Co. for a $7 billion bid to acquire the parent company of Citgo Petroleum Corp. These creditors have more than $20 billion in judgments against Venezuela for arbitration awards, unpaid debts, and defaulted bonds. The sale of PDV Holding, which controls Citgo Petroleum Corp., is being overseen by a district judge in Delaware to pay off creditors. JPMorgan has agreed to help arrange debt and equity financing for the bid. PDVSA's ad-hoc board, representing the state-controlled oil giant, has been lobbying Congress to intervene and potentially stop the sale. [Extracted from the article]

Sick and tired of dumping your hard-earned cash into companies that consistently underperform? Here are our suggestions for bringing some real bowsers to heel So, you weathered last summer's meltdown [...]

The new guy at CIBC earned his spurs as a swashbuckling dealmaker on Wall Street. Can John Hunkin live down his colorful past? So much for warm welcomes. Here was [...]

Scott Blue wants to turn Stox.com into the world's dominant source of financial information. But can he convince investors to pay for something they can already get for free? From [...]

One year ago, 'recall' advocates travelled to Elections B.C. headquarters in Victoria to meet Bob Patterson, the province's chief electoral officer. They wanted to know the rules for their pending [...]

Opponents of retired journalist Doug Collins argue he should not be allowed to write about the Holocaust because his opinions are so hateful they will intimidate Jews into silence. But [...]

On his way to the Reform Party of British Columbia's annual convention two weeks ago, Bill Vander Zalm stopped for breakfast at the Coldwater Hotel in Merritt. As his travelling [...]

Before he set foot in his new offices on Parliament Hill, new Liberal MP Lou Sekora disqualified himself from ever becoming finance minister. The former Coquitlam mayor, who won the [...]

There was a time, not so long ago, when the province of British Columbia had the least gay-friendly government in Canada. Under former Social Credit premier Bill Vander Zalm, gay [...]

Simon Fraser University in Vancouver has been making headlines for months as the site of one of the gender war's biggest battles. The main combatants are former SFU swimming instructor [...]

Spring was unusually cold in Ontario this year, but when the warm weather finally arrived, it brought with it a startling new phenomenon: women going topless in public. It has [...]

On reputation alone, Dara Wilder is not the first man you would go to for tax advice. Wilder, 49, is currently on parole after being sentenced to three years behind [...]

Browning West LP, an investment partnership founded by Usman Nabi and Peter Lee, recently emerged as a powerful force in corporate Canada after winning a high-profile proxy fight at Gildan Activewear Inc. The battle, which began when Gildan's board fired CEO Glenn Chamandy, resulted in the board's resignation and Chamandy's return. Browning West, which manages $1.6 billion for investors, plans to implement changes at Gildan, including borrowing more, repurchasing stock, and expanding production in Bangladesh. The firm's success in this fight has garnered attention and may influence future campaigns for change at other public companies. [Extracted from the article]

Some executives at Gildan Activewear Inc., a clothing maker, are urging investors to support an activist shareholder's bid to gain control of the board and reinstate former CEO Glenn Chamandy. The executives have written a letter to shareholders stating that it is crucial to bring back Chamandy and end the ongoing power struggle. Gildan's board shocked investors when they announced Chamandy's departure and his replacement by Vince Tyra. The CEO change sparked a contest for control of the board, with investment firm Browning West LP launching a campaign to replace most of the directors. [Extracted from the article]

Proxy advisory firm Institutional Shareholder Services Inc. (ISS) has recommended that Gildan Activewear Inc. shareholders vote for all eight board nominees put forward by activist investor Browning West LP. This includes reinstating the CEO, Glenn Chamandy, who was fired by the board last year. Browning West has a 5% stake in Gildan and has been campaigning to replace the current board. ISS stated that Browning West has made a compelling case to reverse the change implemented by the previous board. The shareholder vote is scheduled for May 28. [Extracted from the article]

The Canadian government, led by Justin Trudeau, has decided not to implement a new tax regime that would have affected real estate investment trusts (REITs) in the country. This decision comes after opposition from the industry, which argued that the proposed tax changes were creating uncertainty and hindering the development of new housing supply. While the government still aims to address issues in the housing market, it recognizes the importance of REITs in attracting investment for rental units. The decision to not implement the tax changes is seen as a relief for Canadian apartment REITs. [Extracted from the article]

Power Sustainable, a climate-focused firm controlled by the Desmarais family, is closing its investment management operations in China and winding down its public equities strategy in the country. The parent company, Power Corp. of Canada, will incur a restructuring charge of C$12 million. Power Sustainable plans to return the money from its liquidated Chinese stock portfolio to investors and focus on growing its alternative asset management business. The decision to exit China equities is seen as positive by analysts, and the proceeds from liquidation can potentially fund share buybacks. The Power group still maintains a presence in China through its stake in China Asset Management Co. [Extracted from the article]

Police have identified two Air Canada employees as suspects in the theft of millions of dollars worth of gold from a cargo facility at Toronto's Pearson International Airport. Nine men in total are believed to be involved in the crime, with five already arrested and nationwide warrants issued for three others. The stolen gold, weighing over 800 pounds and worth around C$20 million, was loaded onto a truck using a fraudulent document and has not yet been recovered. One of the suspects is in US custody on firearms trafficking charges, while the other is still at large. [Extracted from the article]

Police have identified Air Canada employees as suspects in the theft of 6,600 gold bars from a cargo facility at Toronto Pearson International Airport. Nine individuals have been named as suspects, with five men arrested and nationwide warrants issued for three others. The alleged driver of the truck used to transport the gold is in custody in the US. The gold bars and banknotes, worth approximately C$20 million, were stolen after a fraudulent document was used to claim the shipment. Only a small amount of money and some gold bracelets have been recovered so far. [Extracted from the article]

Former central bank governor Stephen Poloz has been asked by Canada's finance minister to lead a working group that will explore ways to encourage pension funds to invest more in the country. The group will examine opportunities for investment in areas such as housing development, venture capital, and infrastructure. Currently, Canadian pension funds have few restrictions on where they can invest and have increasingly turned to foreign markets for better returns and diversification. The government's budget also includes steps to advance the open banking framework, appointing the Financial Consumer Agency of Canada to oversee the rules. [Extracted from the article]

Canada's finance minister has appointed former central bank governor Stephen Poloz to lead a working group that will explore ways to encourage Canadian pension funds to invest more in the country. Currently, these funds have few restrictions on where they can invest and have increasingly focused on foreign markets for better returns and diversification. However, there is a growing debate within the country about the need for pension funds to invest more domestically. Additionally, the budget also addresses the advancement of open banking in Canada, appointing the Financial Consumer Agency of Canada to oversee the rules and allocating funds for policy work on the matter. [Extracted from the article]

Browning West LP, one of Gildan Activewear Inc.'s largest shareholders, has requested a Quebec court to prevent the company's board of directors from selling the company. Browning West is currently campaigning to replace the current board and wants the court to order that the directors not enter into any binding agreement related to the sale of Gildan before the annual meeting on May 28. Gildan had recently hired investment banks to explore potential buyers after receiving an expression of interest in a takeover. Browning West argues that a takeover would interfere with shareholders' democratic rights and wants the right to sue directors for damages associated with any deal. Gildan's outside spokesperson dismissed Browning West's claims, stating that any transaction would require shareholder approval. [Extracted from the article]

School districts in Toronto, Ottawa, and Peel Region in Canada have filed separate lawsuits against Meta Platforms Inc.'s Facebook, TikTok owner ByteDance Ltd., and Snapchat parent Snap Inc., claiming that these social media companies are causing harm to children's mental health and learning. The lawsuits allege that the companies deliberately targeted children with products designed to create compulsive behavior, leading to disruption in the classroom and making children more vulnerable to sexual abuse and exploitation. Similar claims have been made by hundreds of US school districts, and New York City has also sued these companies. The Canadian school boards state that about half of Ontario students are not getting enough sleep due to their addiction to social media platforms, leading to psychological distress and body dysmorphia. The schools have had to spend millions on hiring social workers and counselors to address these issues. [Extracted from the article]

Private equity firm Sycamore Partners is considering making an offer to acquire Gildan Activewear, the Canadian clothing manufacturer that owns the American Apparel brand. Gildan has confirmed that it has received a non-binding expression of interest to acquire the company and has set up a board committee to review the proposal. Several potential buyers have expressed interest in a friendly takeover, but there is no guarantee that a transaction will occur. Gildan's board has been in conflict with institutional shareholders and former CEO Glenn Chamandy, and a dissident group of investors is seeking to reinstate Chamandy by electing a new board at the company's annual meeting. [Extracted from the article]