GMP Capital Inc. and FirstEnergy Capital Corp. have started trimming staff less than two weeks after announcing that the investment dealers are merging their energy franchises in a $98.6-million deal .
GMP let go of three research analysts and three corporate finance professionals at its Calgary office this week and FirstEnergy parted ways with an analyst, a research associate and an investment banking employee, sources at the firms said.
Early this month, the brokerages announced that Toronto-based GMP will buy privately held FirstEnergy for $58.9-million in stock, paid out over four years, and the remainder in the form of an unsecured promissory note. The amalgamated firm will be called GMP FirstEnergy when the deal closes some time this autumn. Story
Lexpert: Federal Court of Appeal rules on exchange rates
The Federal Court of Appeal's recent decision in R. v. Agnico-Eagle Mines Ltd. regarding the tax treatment of exchange rates will be of interest to many businesses and lawyers who are involved in cross-border transactions. Story
Canadian investors push for relaxed rules after being frozen out of U.S. bond markets
Recent securities regulations are making it more arduous – and, at times, impossible – for large Canadian institutions to buy and sell some bonds, prompting calls for reform.
A group of 48 asset managers that together hold $850-billion in bonds are warning that two rules are stifling access to debt markets, in particular the bonds of Canadian companies issued in U.S. dollars. Also affected are new offerings of foreign securities that are being sold to wealthy buyers outside public markets.
As Canada's regulatory regime has evolved and, in some cases, become more onerous, many American investment dealers have reduced their trading operations in Canada. That hurts Canadian institutional investors that are trying to build diversified portfolios for ordinary Canadian clients. Story
DAILY DEALS
Brookfield to buy Brazil's Odebrecht Ambiental: report Story
Univision wins auction for bankrupt Gawker with $135-million bid Story
Madison Square Garden takes a 12-per-cent stake in Townsquare Media Story
IN CASE YOU MISSED IT
Tim Kiladze on how the Big Six banks need to share more risks on mortgage lending. Story
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