Thursday, Dec. 12, 2013 12:05PM EST
Home Capital Group Inc. is starting up a new division to attract the deposits of retail banking consumers, in an effort to diversify its funding.
The company, which is best known as a non-traditional mortgage lender, said Wednesday that it is rolling out Oaken Financial, a direct-to-consumer brand that targets a new generation of banking customers that is comfortable with online banking.More »
Thursday, Dec. 12, 2013 10:01AM EST
Longtime mining banker Bob Sangha is striking out on his own with a new advisory firm called Maxit Capital.
Mr. Sangha was recently at Dundee Securities Corp., where he was brought in in 2010 to add to the firm’s mining heft. Unfortunately, the sector has been very quiet since then. Before that he as a managing director at BMO Nesbitt Burns Inc. in their mining and metals team, and before that he was at CIBC World Markets Inc..More »
Wednesday, Dec. 11, 2013 7:59PM EST
It’s a bleak world for junior mining companies hoping to persuade investors to help them develop their projects.
So far this year, 55 new mining companies have had success tapping the public markets via the TSX Venture Exchange. And that’s with help from a special program at the junior exchange designed to help smaller companies access public funds.More »
Wednesday, Dec. 11, 2013 6:20PM EST
If you believe that central clearing means safety in derivatives trading, then Canada’s over-the-counter derivatives market is about to get a lot less risky.
The Bank of Canada’s Financial System review, in a look at clearing and margin requirements in derivatives, finds that about one-third of the $17-trillion in notional over-the-country derivatives outstanding at big Canadian banks are centrally cleared these days. Most of that is in the interest-rate derivatives business, which is the biggest. For other asset classes (equity derivatives, foreign exchange), central clearing barely registers. The breakdown between what is cleared and what is not roughly mirrors the global experience. That balance is set to shift dramatically, in Canada and globally. But the shift in Canada will be larger.More »
Wednesday, Dec. 11, 2013 3:46PM EST
So much for Canaccord Genuity being dependent on the Canadian resources market. The Toronto-based firm has been aggressive in building an international presence outside mining and energy and the fees are starting to roll in.
Not only has the firm been adding senior bankers and buying advisory businesses, such as Collins Stewart Hawkpoint in Britain, it has adjusted the way it pays internally to give a bump to bankers who generate cross-border transactions.More »
Wednesday, Dec. 11, 2013 12:29PM EST
It all sounds so familiar.
Struggling to make ends meet with depressed natural gas prices, Encana Corp. is pushing hard to diversify its production portfolio, turning toward liquids and shunning natural gas.
This isn’t déjà vu. Encana’s playbook looked almost identical to this in 2012. Only this time there’s a new chief executive officer in town.More »
Tuesday, Dec. 10, 2013 6:15PM EST
Venture capital firm Versant Ventures is expanding its investment network in Canada.
The California-based investment company that specializes in life sciences – from medical devices to biopharmaceuticals – said Monday it is planning to add a Montreal-based investment division aimed at starting new companies from scratch.More »
Tuesday, Dec. 10, 2013 4:59PM EST
The second act in the of the proxy fight between former executives of subprime lender Equity Financial Holdings Inc. and the company’s current management is shaping up to be dispute over management and company structure.
Both companies issued new statements Tuesday, taking jabs at each other’s credentials and business plans for the alternative mortgage lender, which provides loans on single-family homes in Ontario through its subsidiary Equity Financial Trust Co.More »
Tuesday, Dec. 10, 2013 2:56PM EST
Newfoundland & Labrador’s power company has the private financing it needs to build the Muskrat Falls power project after a $5-billion bond sale led by Toronto-Dominion Bank’s securities unit.
TD was the lead arranger on a financing package that included six tranches of bonds, the longest-dated maturing in 40 years. Winning the mandate to lead the deal also required putting together a deposit package for the provincial power company, which does not need all the cash up front and so will put some in the bank until it is required.More »
Tuesday, Dec. 10, 2013 7:00AM EST
The Canadian energy industry could be in for a raft of new joint venture deals, following a big drop in acquisition activity in 2013.
Analysts at CIBC World Markets cite several reasons why we’re likely to see more alliances in 2014, particularly Ottawa’s tightened rules on investments by foreign state-owned enterprises.More »
Tuesday, Dec. 10, 2013 5:00AM EST
It is decision time for Royal Bank of Canada on what to do with its proprietary trading group, with the bank likely to spin off a group of traders who have for years brought in an outsized chunk of revenue.
Tuesday brings a long-awaited final draft of the Volcker rule – containing almost 1,000 pages of rules and explanations – the nub of which is that banks operating in the U.S. will be banned from proprietary trading, ie. trading the house money for profit.More »
Monday, Dec. 09, 2013 3:57PM EST
Another energy analyst has decided to make a career move to the corporate side. Paul Nielsen, who was an oil and gas analyst at Beacon Securities Inc., has joined Murphy Oil Corp., where he will have a corporate planning role in the company’s Houston office.
Following a tough year in the capital markets, the exodus to industry has been a big factor. In the past several months, the deal flow slowed, bonuses shrank and energy companies offered a combination of high base pay and more regular hours compared with brokerages.More »
Monday, Dec. 09, 2013 3:10PM EST
Canadian forecasts call for production of light oil from shale formations to keep growing following years of decline. Now, companies will be able to lock in the selling price of their output of such crude, or hedge, with a futures contract tailored to it.
CME Group, which operates the New York Mercantile Exchange, will list an Edmonton Sweet futures contract on Dec. 16. Its specifications will be closely linked to such increasingly important crude streams as Alberta Viking as well as Saskatchewan and North Dakota Bakken.More »
Monday, Dec. 09, 2013 1:15PM EST
GMP Capital Inc. is expanding its investment banking operations into Houston, hiring the top U.S. energy banker from rival Canaccord Genuity Corp.
In bringing on Chris Gibson, GMP is trying to build on its recent expansion into the U.S. in the high yield debt business. There is also a fit with GMP’s Canadian commodity business.More »
Monday, Dec. 09, 2013 12:03PM EST
Canadian banks keep hoping for a rebound in the Caribbean, but the slow recovery is beating up their bottom lines.
For over a year, the three major Canadian banks with sizeable operations in the region – Royal Bank of Canada, Canadian Imperial Bank of Commerce, Bank of Nova Scotia – have warned about the challenging state of the market. Yet they always stress that there is long-term potential.More »
Monday, Dec. 09, 2013 10:48AM EST
Royal Bank of Canada’s investment banking division is hiring Mike Foster as managing director and global head of central bank sales. He will be based in London.
RBC Dominion Securities is adding talent at time when many banks in Europe are looking for places to make staffing cuts amid lower fees and a sluggish economy, as Bloomberg has reported.More »
Monday, Dec. 09, 2013 5:00AM EST
Cantor Fitzgerald & Co. is looking to get a lot bigger in Canada, targeting a slot in the market just under the country’s big bank-owned securities firm.
“If you look at the market structure up there,” said New York-based CEO Shawn Matthews in an interview, “you have the large banks who have a significant amount of market share, [and] we think we can step in right below them and take market share away from them.”More »
Friday, Dec. 06, 2013 1:47PM EST
Suncor Energy Inc.’s assets in Norway have long been under investors’ radar , so the oil sands producer raised some eyebrows this week when it spent time explaining what it now calls a “principal exploration theatre.”
At the company’s inaugural investor day, executives talked up offshore Norway as the next core piece of a traditional exploration and production business in which numerous assets have been sold to cut debt since 2009.More »
Friday, Dec. 06, 2013 1:38PM EST
Every day ROB Insight delivers exclusive analysis on breaking business news and market-moving events. Streetwise offers news and analysis on Bay Street and the world of finance. Insight the Market delivers up-to-the-minute insights on developing market news.
Here are our editors’ picks of some of the best reads available to Globe Unlimited subscribers this week.More »
Friday, Dec. 06, 2013 1:29PM EST
Talk about a revolution. Nearly all of the country’s biggest banks are in the throes of management turnover.
The fact that the three chief executive officers at the three biggest banks bowed out around the same time created some commotion.
Here’s a rundown of everything that’s been announced in the past year or so:More »
Friday, Dec. 06, 2013 11:06AM EST
Cantor Fitzgerald Canada is expanding by adding a sales and trading team set adrift when Stifel Nicolaus pulled out of Canada .
It’s a story of one U.S. firm growing while another disappears. Stifel abruptly shut up shop this summer, dismayed by a lack of business. Cantor Fitzgerald is going the other way, having purchased boutique Versant Partners in 2012 to get bigger in Canada.More »
Friday, Dec. 06, 2013 7:42AM EST
There is no sector much hotter than the technology sector, and with interest on the rise, Canaccord Genuity is adding to its mergers team.
The investment banking firm said it hired David Istock as a managing director specializing in mergers and acquisitions. He will work out of San Francisco and focus on technology, the firm said in an internal announcement.More »
Thursday, Dec. 05, 2013 3:16PM EST
Alberta Investment Management Corp. CEO Leo de Bever once bristled at accusations that the public sector pension fund’s investment in Precision Drilling Corp. was a politically motivated bailout.
On Thursday, Mr. de Bever showed he was in it for the reason he said at the time – to make money by rescuing an important market player that had wound up in a financial jam.More »
Thursday, Dec. 05, 2013 7:23AM EST
In the leadership shift at Royal Bank of Canada, there’s a signal that the bank is looking at its trading businesses in capital markets very differently these days.
RBC’s big news is the retirement of Gord Nixon as chief executive officer, and the appointment of Dave McKay. Mr. McKay, who comes mostly from a retail banking background, takes over next year.More »
Thursday, Dec. 05, 2013 5:00AM EST
Desjardins Group’s new building in Toronto’s financial core has thrown down the gauntlet to the surrounding financial services firms.
The country’s largest co-operative institution has opened a new building on King Street West, which will house almost all of the company’s offerings, from banking to insurance, under one roof. The ribbon was cut Wednesday in a ceremony intended to mark the company’s place among the major Canadian financial institutions.More »
Wednesday, Dec. 04, 2013 8:14AM EST
In normal times, putting Ned Goodman on the Barrick Gold Corp. board would not stand out. He’s a supporter of the company, a shareholder, a charter member of the Toronto gold bug crowd, and a backer of co-chairman John Thornton’s pay package.
Those, and more, are all reasons that putting Mr. Goodman on the Barrick board now is curious. Barrick is under fire for having a board that is too cozy and some shareholders were very upset that the board allowed Mr. Thornton’s pay to go through (the proof is in a sound defeat for the company on a say on pay vote this past spring.) So when Mr. Goodman says Mr. Thornton “got paid what he deserves” that’s going to rankle some of the shareholder base that he is now charged with representing.More »
Wednesday, Dec. 04, 2013 5:00AM EST
Companies with no women on their boards may be overpaying for acquisitions.
A study by researchers at the University of British Columbia’s Sauder School of Business shows that the cost of deals done by firms with at least one woman at the boardroom table is reduced by 15.4 per cent. Having additional women on the board reduced the costs even further, the study found.More »
Tuesday, Dec. 03, 2013 5:00PM EST
Investors are looking at Talisman Energy Inc. with caution, wagering that despite Carl Icahn’s success at influencing its direction, the company’s turnaround will still take time.
On Monday, the big-name activist investor gave the stock a second bump in as many months when Talisman disclosed that two of his nominees were being welcomed onto the Calgary-based oil producer’s board.More »
Tuesday, Dec. 03, 2013 1:10PM EST
For a quarter that capped off a record year, Bank of Montreal’s investors sure aren’t showing much enthusiasm. By midday the bank’s shares dropped nearly 5 per cent.
Despite encouraging Canadian loan growth and solid results from wealth management, BMO can’t seem to convince investors that it is capable of churning out solid earnings growth.More »
Tuesday, Dec. 03, 2013 11:53AM EST
The brokerage unit of Canadian Imperial Bank of Commerce yesterday cleaned up a messy stock sale undertaken for the Caisse de dépôt et placement du Québec, unloading at a discount a big block of CGI Group Inc. shares that had gone unsold for a week.
On Nov. 26, the Caisse sold 9.96 million CGI shares. A quarter of those, worth $100-million, went to CGI as a buyback. The other 75 per cent, worth $300-million, went to CIBC’s wholesale unit to be resold to investors. The net price paid by CIBC was $40.15, a discount of just 1.4 per cent from the closing price the previous day.More »
Carrick Talks Money
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Tim Kiladze is a business reporter with The Globe and Mail. Before crossing over to journalism, he worked in equity capital markets at National Bank Financial
Jacqueline Nelson is a financial services reporter at the Report on Business.
Grant Robertson is an award-winning journalist who has been recognized for investigative journalism, business reporting and profile writing. He joined the Globe and Mail in 2005, after five years as a business writer at the Calgary Herald.
Joanna Slater is the Globe's New York Bureau Chief. Prior to joining the Globe in 2010, she worked for The Wall Street Journal, where her assignments included reporting on the financial crisis out of New York and covering South Asian business and politics from Mumbai.
Follow Joanna on Twitter @jslaternyc