Tuesday, May. 21, 2013 5:00AM EDT
CARRIE TAIT, JEFFREY JONES
ConocoPhillips Co. is pulling back on plans to sell its Canadian oil sands assets after it exceeded its target for raising capital by divesting energy properties elsewhere in the world.
The oil and gas major had been looking to find buyers or partners for 50 per cent of its mostly undeveloped oil sands holdings as part of its quest to pocket between $8-billion (U.S.) and $10-billion by selling assets around the world. The Houston-based company has exceeded this amount, allowing it to relax its plans in Alberta.More »
Monday, May. 20, 2013 6:37PM EDT
For Sun Life Financial Inc.’s Kevin Strain, competing in Asia is like trying to get on the subway at rush hour in Tokyo or Hong Kong, where “pushers” pack people onto the trains. If you don’t move with the crowd, you’ll be left behind.
The insurance business is growing so rapidly that “if you miss the mark, you become subscale and you’re fighting to get back in, and it’s going to be almost impossible,” Mr. Strain, president of the insurer’s business in Asia, said in an interview. “If you sit back in Asia, you’re going to get lost.”More »
Friday, May. 17, 2013 4:10PM EDT
There are some new appointments to report at two of Canada’s largest banks, with Bank of Montreal bulking up the foreign exchange group in its capital markets business and Canadian Imperial Bank of Commerce naming new senior money managers at its investment unit.
Canadian Imperial Bank of Commerce’s Global Asset Management unit named Suzann Pennington chief investment officer, and Stephen Carlin senior portfolio manager for Canadian equities.More »
Friday, May. 17, 2013 12:13PM EDT
In both Canada and the U.S. the tech sector showed strength in the early part of 2013, and a number of new issues came to market south of the border. Now, a bellwether is stepping out on the Toronto Stock Exchange.
Halogen Software Inc. hits the TSX this morning under the trading symbol HGN. “At this point in time we thought it was a great opportunity to go to the markets and raise additional capital,” said Halogen’s chief executive Paul Loucks.More »
Friday, May. 17, 2013 11:02AM EDT
National Bank Financial has hired a new managing director for its Vancouver office.
Dan Barnholden is joining the investment dealer from Cormark Securities to cover mining and metals in Vancouver. At the moment Mr. Barnholden is based in Toronto, but will move west in the coming months.
Mr. Barnholden fills the hole created when former managing director Dan Wilton left to focus on mining at private equity player Pacific Road Group.More »
Friday, May. 17, 2013 9:39AM EDT
Telus Corp.’s deal for Mobilicity is a free option on a small but valuable chunk of Canada’s airwaves.
Key among the deal’s terms is the lack of a break fee in the $380-million acquisition transaction. Often in a deal with significant risk of failure, there is a fee payable from one side to the other if the deal is blocked to compensate for the loss of the transaction. However, even though there is a solid chance the government blocks this deal, there is no payment.More »
Friday, May. 17, 2013 5:00AM EDT
The comments are in, and the majority are in favour of crowdfunding.
Earlier this year the Ontario Securities Commission put out a request for public comment on the merits of allowing companies to raise equity through crowdfunding. One hundred letters were ultimately sent in and law firm Osler, Hoskin & Harcourt LLP has very handily combed through them. The verdict: Most people support the proposal.More »
Thursday, May. 16, 2013 4:10PM EDT
The Canada Pension Plan Investment Board is taking a page from private equity giants by creating an internal team that can work with companies it invests in to improve their returns.
Launched a year ago, the small team is part of CPPIB’s private investment operation and has a mandate to parachute in to companies – particularly firms recently acquired by CPPIB in private equity deals – when needed to help develop a growth plan.More »
Thursday, May. 16, 2013 1:00PM EDT
Home Capital Group is edging closer to deciding whether it will convert its operations from being a trust to being a bank. But one this is certain: it won’t be calling itself “Home Bank.”
Chief executive Gerald Soloway joked about naming the company after a Canadian bank that collapsed in 1923 (after making a series of bad loans) at the company’s annual shareholder meeting in Toronto on Wednesday. “We didn’t think that was a good name to build on. It’s still available, but that was not our first choice,” Mr. Soloway told the crowd, chuckling. “And then there are numerous Home Banks in the United States.”More »
Thursday, May. 16, 2013 11:13AM EDT
With mega U.S. takeovers roaring back to life, you’d think that there would be a big shift in the private equity world.
For the past few years infrastructure has been the hot spot for this market, attracting major private equity players like Canadian pension funds. But lately more and more private companies – think Dell – have become leveraged buyout targets, increasing the number of investment opportunities for buyout funds.More »
Thursday, May. 16, 2013 5:00AM EDT
The global body responsible for derivatives oversight has started the process of redefining the rules for credit default swaps.
The swaps are like a form of insurance against corporate debt. Typically, fixed-income investors buy them so that they will be reimbursed should a bond issuer go bankrupt. They can also be used by investors to bet again a company’s – or a country’s – financial health.More »
Wednesday, May. 15, 2013 8:00PM EDT
Canadian banks have put a major focus on their wealth management businesses in recent years, and Bank of Nova Scotia sees expansion in emerging economies as one of the biggest growth opportunities for the sector.
The bank is looking to increase its footprint in South America and Asia, where the growing ranks of the middle class find themselves with more wealth to manage. Companies such as Scotiabank see an increasing demand for services such as pensions and retirement planning in these countries.More »
Wednesday, May. 15, 2013 3:45PM EDT
Can’t-miss stories from the Web
Red faces at Bloomberg
After it was revealed that Bloomberg journalists had been snooping on the company’s Wall Street clients, several private equity firms are now pushing hard to find out if any M&A data was leaked, and whether it may have affected any deals.
Jamie and Lloyd, foul weather friends
Goldman Sachs CEO Lloyd Blankfein, no stranger to scrutiny, appears to be a strong shoulder for JPMorgan’s Jamie Dimon to lean on while JPMorgan shareholders consider a non-binding vote to strip him of his chairmanship.
Wednesday, May. 15, 2013 1:39PM EDT
Dynamic Funds has hired Myles Zyblock as its chief investment strategist, ushering in a new era at the asset manager.
Before the shuffle, industry veteran Rohit Sehgal held the title at Dynamic, which is now under the umbrella of Scotiabank. He will be replaced by Mr. Zyblock, who is a well-known name on Bay Street after his years as chief institutional strategist at Royal Bank of Canada.More »
Wednesday, May. 15, 2013 10:41AM EDT
Cash Store Financial Services Inc. has finished up its investigation of an acquisition gone awry and appears to have concluded the issue was poor management, not something more sinister.
Some of the issues at Cash Store (a topic of numerous prior Streetwise posts on its troubles) stem from its acquisition of a portfolio of previously off-balance sheet loans that turned out to be way overvalued. How overvalued? Cash Store issued $132-million in bonds to purchase a loan portfolio. The purchase took place in early 2012. The portfolio was held at a fair value of $50-million by the end of last year.More »
Wednesday, May. 15, 2013 5:00AM EDT
The global asset management arm of Manulife Financial Inc. has been working to restructure its portfolios and improve investment offerings around the world. As part of that, the company announced plans to add an emerging market debt portfolio management team on Tuesday.
Roberto Sanchez-Dahl and Paolo Valle have joined the firm as senior portfolio managers – both have experience in emerging markets.More »
Tuesday, May. 14, 2013 3:43PM EDT
You won’t hear the name AutoCanada Inc. much on Bay Street.
For starters, it’s got geography working against it. You don’t need to be in a major urban centre to get coverage from a banker, but being based in Edmonton certainly isn’t an advantage.
Then there’s the sector. AutoCanada operates franchised auto dealerships, which probably fall under the ‘diversified’ coverage umbrella. There haven’t been many deals in this space since the financial crisis.More »
Tuesday, May. 14, 2013 1:24PM EDT
Solar power producer Silver Ridge Power Inc. withdrew its planned initial public offering Tuesday, citing market conditions as the main reason that the deal couldn’t get done.
Such reasoning may seem a bit ironic in this market. The S&P 500 keeps setting new all-time highs and the S&P/TSX Composite Index has been relatively stable for the past six months, save for the odd blip here and there.More »
Tuesday, May. 14, 2013 5:00AM EDT
JPMorgan Chase & Co. shareholders who are wondering whether to take the chairman title away from Jamie Dimon need to ask themselves if they want to make money or make a point.
From Canada, where the country’s banks split the roles of board chair and chief executive officer years ago, it is strange to watch Mr. Dimon fight to keep both jobs against what seems an inexorable shift in corporate governance norms. Mr. Dimon, who has held both roles since 2006, has gone so far as to threaten to quit if he is stripped of the chairman job.More »
Monday, May. 13, 2013 5:54PM EDT
Little-known name. Major returns.
That’s the story of Vancouver-based Avigilon Corp. so far. With a market value of just over $580-million, the company isn’t a blue-chip name just yet, but things are looking like it could be in no time.
Why? Since going public in November, 2011, Avigilon’s stock is up a stunning – even mind-blowing – 235 per cent.More »
Monday, May. 13, 2013 2:42PM EDT
Banking has been a rather godless industry in the past couple of decades, its sins put on ample display after the Lehman Bros. bust in 2008. Since then, an Amazon of rescue funds has flowed into the world’s banks and public confidence in domestic and global banking systems has collapsed. Many believe that banks existed largely to enrich themselves and their executives, that they were divorced from the real economy, that their workings were opaque, and still are.More »
Monday, May. 13, 2013 2:08PM EDT
In just one week at the end of March, shares of Crius Energy Trust slumped 30 per cent.
Initially, it seemed like investors oversold out of anger over the latest quarterly earnings. But there’s been no recovery since, and the shares are actually worth even less today. The total loss since their February peak: 38 per cent.More »
Monday, May. 13, 2013 11:45AM EDT
Manulife Financial Corp.’s man in charge of finding deals, Jean-Paul Bisnaire, is planning to retire next year after almost a decade in the job.
Mr. Bisnaire, known mostly by his initials J-P, is Manulife’s senior executive vice president of corporate affairs and general counsel. His responsibilities include overseeing business development internationally, as well as law, compliance, internal audit, information technology, public affairs and corporate secretary.More »
Monday, May. 13, 2013 9:42AM EDT
North Dakota is an oil hot spot. Its production has climbed every year since 2003, with annual output growing by five times between 2003 and 2011. If optimists are right, it will be a huge help in the United States’ dream of shunning foreign oil. But this growth put enormous pressure on the continent’s pipeline network.More »
Monday, May. 13, 2013 5:00AM EDT
We’ve heard it all before: Canadian households are tapped out and can’t afford to take on new debt.
But what you rarely hear is a distinction of the different types of debt involved in this calculation. We often focus on mortgages because housing has been so hot, and don’t pay much attention to things like credit cards, home equity lines and auto lending.More »
Friday, May. 10, 2013 5:30PM EDT
Here are our editors’ picks of some of the best reads of the week. (The articles are available to Globe Unlimited subscribers only.)More »
Friday, May. 10, 2013 5:06PM EDT
Financial data giant Bloomberg LP will limit the information its reporters can access on the company’s popular data terminals following an outcry from some major U.S. investment banks.
Before Friday, Bloomberg, which runs a growing news organization, offered its reporters access to a special service that allowed them to track how long it had been since Bloomberg users in the financial community logged in to their terminals.More »
Friday, May. 10, 2013 3:58PM EDT
India is often rumoured to be in the running when energy assets – and entire companies – come up for sale in Canada. The growing Asian giant needs oil and gas, and its national oil companies sport fat wallets.
But they haven’t made a major move. Chinese energy firms have gobbled up a slew of assets, including Nexen Inc., one of Canada’s largest oil and gas companies. Foreign investment rules have since changed, limiting state-owned companies to minority positions, but there’s plenty of room for India to jump into the game.More »
Friday, May. 10, 2013 12:43PM EDT
You can add Mega Brands Inc. to the list of troubled Canadian companies who have miraculously turned themselves around.More »
Friday, May. 10, 2013 11:26AM EDT
The deal business in Calgary may be sleepy right now, but in a good market the energy business can generate a big chunk of the investment banking dollars in Canada. Canadian Imperial Bank of Commerce is getting ready for the rebound in energy, whenever it comes, by adding a very senior banker plucked out of Goldman Sachs Group Inc.More »
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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