Thursday, May 17, 2012 6:42 PM EDT
MI Developments seeks more distance from Magna
TIM KILADZE AND JACQUELINE NELSON
For MI Developments Inc., the real estate play tied to Magna International, what better way to break ties with its turbulent past than to change its name and move out of Magna’s neighbourhood?
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Thursday, May 17, 2012 5:05 PM EDT
Stock dilution hammers 5N Plus shares
SEAN SILCOFF
This story has been updated to include new quotes, stock prices
Two days after the stock of Montreal specialty metals company 5N Plus Inc. popped 8 per cent on steady results, the stock has more than given back those gains in heavy trading Thursday after the company announced a $40-million bought deal that will dilute the stock by 18 per cent.
Thursday, May 17, 2012 2:37 PM EDT
Afternoon meeting: Goldman plans big Facebook selloff
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Goldman plans big Facebook selloff
Goldman Sachs Group Inc. and its funds announced plans to offload about $1-billion of Facebook Inc. (about half their stake) at the time of the IPO. That’s more than twice what they originally planned.
Thursday, May 17, 2012 12:54 PM EDT
$85 the make or break price for the oil patch
CARRIE TAIT
Canadian Natural Resources Ltd. has rolled out two key numbers: 85 and 75.
Réal Cusson, the company’s senior vice president of marketing, on Wednesday told investors where the price of oil must trade in order for energy companies to make a go of it in the oil sands and shale gas formations.
Thursday, May 17, 2012 12:40 PM EDT
At Sears, a reminder of another victory for Ackman
BOYD ERMAN
Thursday is starting off as a very good day for Bill Ackman.
The head of hedge fund Pershing Square not only won a big victory on Canadian Pacific Railroad, but saw one of his old foes on another Canadian fight forced to surrender.
Thursday, May 17, 2012 10:50 AM EDT
Was Ackman really needed to shake up CP?
TIM KILADZE
Here’s a brainteaser for you: because Canadian Pacific Railway Ltd. has underperformed its rivals for so long, did shareholders really need an activist to show them the light?
Now that so many influential shareholders have lined up behind activist Bill Ackman, forcing CP chief executive officer Fred Green to step down and convincing a number of key directors that they had no chance of being re-elected, it’s pretty clear that CP never really had much of a leg to stand on.
Thursday, May 17, 2012 7:46 AM EDT
Jitneytrade expands into institutional sales
BOYD ERMAN
Markets are about as rough for stock traders as anybody has seen in decades, but that’s not stopping optimists from trying new businesses.
Montreal-based brokerage Jitneytrade is expanding into institutional sales, looking to add a roster of money manager clients by pitching itself as a trade-execution specialist.
The firm has a long history as a business created for professional traders by traders, giving them fast access to markets. The new direction at Jitneytrade comes after the firm got new partners last year, who are now looking to grow the business in different ways.
The hope is that there’s room on the trading lists of big money managers for another firm that offers just trade execution, a model made popular by the likes of ITG Canada. The idea is to create a business that offers no stock research, has no capital on the desk to do liability trading, and has no investment banking. The focus instead is on the cost of trading, not only in terms of low commissions but the lowest order impact in the market as clients become more savvy about how much money a poorly executed trade can cost.
Wednesday, May 16, 2012 3:56 PM EDT
Sun Life to sell its U.K. business: reports
TARA PERKINS
Sun Life CEO Dean Connor’s efforts to reposition the life insurer continue, as it appears he is contemplating a sale of the company’s U.K. business.
Such a move would not be as dramatic as his decision, just weeks after he stepped into the top job in December, to stop selling individual life insurance and variable-rate annuities in the United States. For one thing, the U.K. business is already in run-off; it has not sold any new policies since December of 2010 and its staff are there simply to help out those customers it already sold insurance to.
Wednesday, May 16, 2012 7:35 PM EDT
Thirst for yield is back with a vengeance
TIM KILADZE
For what feels like the umpteenth time since the worst of the financial crisis, retail investors are clamouring for yield.
Since the market started its recovery in March 2009, the thirst for yield has gone through fits and starts. At times there has been heavy demand for risky resource stocks, at times there has been hunger for safety.
Wednesday, May 16, 2012 11:16 AM EDT
Morning meeting: Revenge of the trusts
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Revenge of the trusts
Jim Flaherty tried to kill them, but they’re back. And they contain FOREIGN assets.
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Streetwise Contributors
Boyd Erman
Boyd Erman is a long-time business journalist who has worked at Dow Jones, Bloomberg, and the National Post before joining the Globe and Mail. Over the years, his areas of coverage have included economics, monetary policy, debt markets and corporate finance.
In addition, he is a regular commentator and guest host on Business News Network.
Tim Kiladze
Tim Kiladze is a business reporter with The Globe and Mail. Before graduating from Columbia University’s Graduate School of Journalism, he worked in equity capital markets at National Bank Financial and fixed-income sales and trading at RBC Dominion Securities. Tim has a Bachelor of Commerce in finance from McGill University.
Tara Perkins
Tara Perkins has been a business reporter since 2004, following a brief stint as overnight editor of globeandmail.com. She has been writing for the Globe's business section since the spring of 2007, covering the banking sector during the course of the financial crisis. Prior to that, she worked for the Toronto Star. Tara has a Bachelor of Journalism from Ryerson University and a Bachelor of Commerce from the University of Guelph.
Grant Robertson
Grant Robertson joined The Globe and Mail as a business reporter in 2005 after five years as a business writer at the Calgary Herald. His areas of coverage have included the oil and gas industry, the transportation sector and media & telecom. He now covers the banking sector for The Report on Business and writes for Report on Business Magazine.
Jeff Gray
Jeff Gray covers legal affairs for The Report on Business. For five years, he covered Toronto’s city hall and wrote a column about urban transportation. In 2002, he worked for the world desk of BBC News Online in London and freelanced for The Globe. In 2000, he helped launch The Globe’s first breaking-news website. He started at The Globe in 1998.
David Parkinson
David Parkinson has been covering business and financial markets since 1990, and has been with The Globe and Mail since 2000. A Calgary native, he received a Southam Fellowship from the University of Toronto in 1999-2000, studying international political economics.
