Friday, Dec. 20, 2013 4:48PM EST
The head of the merger branch of the federal Competition Bureau, which is responsible for reviewing and challenging corporate deals that threaten to create monopolies or hamper competition, has resigned before her term was up.
Kelley McKinnon, a prominent lawyer with Gowling Lafleur Henderson LLP, had taken a leave of absence to assume the role of senior deputy commissioner in August 2012, as part of an exchange program that brings Bay Street expertise into the federal regulator. Ms. McKinnon was appointed to a two year term, which would have ended in August 2014.More »
Friday, Dec. 20, 2013 2:30PM EST
Canadian coffee chain The Second Cup Ltd. is radically revamping its board of directors, adding a sense of urgency to its multi-year turnaround plan.
The chain appointed Michael Bregman as its new chairman, giving Second Cup’s one-time boy wonder another shot as head of the board of directors. Mr. Bregman’s board shuffle includes bringing on Alton McEwen, who previously served as the company’s chief executive officer from 2000 to 2004.More »
Friday, Dec. 20, 2013 1:58PM EST
Here are some glad tidings for the holidays. The past year has been a bumpy one for Canadian traders, but that did not stop the charitable giving in 2013.
Canadian Imperial Bank of Commerce just announced that its “Miracle Day” on Dec. 4 raised $4.6-million, with traders and investment advisors donating all their commissions to childrens’ charities. In the past 29 years, the bank has raised $74-million from its Miracle Day program.More »
Friday, Dec. 20, 2013 5:00AM EST
DeeThree Exploration Ltd. is finally convincing investors that management has diversified the business, making it worthy of their money.
After the junior oil producer released its capital spending budget and production projections this week, investors reacted with glee, sending the shares nearly 7 per cent higher.More »
Thursday, Dec. 19, 2013 3:53PM EST
When bankers talk about Element Financial Corp. founder Steve Hudson, they are appreciative of the way he handles public offerings.
Mr. Hudson is known for leaving a bit of money on the table to ensure a little lift for those who buy into Element’s offerings. It’s sound strategy for the lease-financing company, as Element taps the markets regularly. And it means that Element’s offerings have tended to be oversubscribed and trade up once they’re done.More »
Thursday, Dec. 19, 2013 3:52PM EST
Maybe being a natural gas producer isn’t so bad after all.
Despite the problems plaguing big players like Encana Corp. and Talisman Energy Inc., Seven Generations Energy Ltd. is giving investors reason to be optimistic, pulling off a big $250-million financing.
Until now the privately held company didn’t receive much attention. Founded in 2008, Seven Generations quietly put its business together and talked to private equity players. That’s quickly changing. Last year the company raised money at $11 per share. The new deal is priced at $25 per share, meaning the private stock price has more than doubled in twelve months. The company’s market capitalization is now above $2-billion.More »
Thursday, Dec. 19, 2013 10:51AM EST
Take note, junior mining investors – the cost of capital to stay alive is extraordinarily steep.
The deal Colossus Minerals Inc. just cut with New York mining private equity fund Arias Resources Capital Management may well keep the once highly touted company alive a little while, but other investors in the company are going to have to take a lot of pain.More »
Thursday, Dec. 19, 2013 10:11AM EST
Five years after helping out GMP Capital in the financial crisis by backstopping a big fundraising, Winnipeg’s Richardson family has exercised $27-million of warrants to increase its stock ownership in the brokerage firm. Unfortunately for the Richardsons, a slump in GMP’s stock price means the warrants were right at the money even half a decade later.More »
Wednesday, Dec. 18, 2013 7:50PM EST
Industry Minister James Moore is dismissing criticisms the Conservative government is fuelling a climate of uncertainty for telecom investors due to Canada’s ever-shifting regulatory landscape.
In particular, Bay Street analysts and industry executives have taken aim at Ottawa’s handling of the wireless file over the past year, alleging its erratic rule-making has left investors, particularly foreigners, feeling spooked about investing in this country.More »
Wednesday, Dec. 18, 2013 10:25AM EST
Sergio Marchionne, the Italian-Canadian CEO of both Fiat SpA and Chrysler Group LLC, has unfinished business as the year winds down.
The biggie is Chrysler’s initial public offering. It was supposed to have landed Chrysler on the stock market by now, but was delayed for reasons that were never made clear, though Mr. Marchionne’s grumpiness can probably take the blame. Mr. Marchionne hates the IPO and, if he gets his way, it will remain unfinished business.More »
Wednesday, Dec. 18, 2013 7:27AM EST
Amid widespread losses on its Canadian resource investments, China Investment Corp.’s main man in this country is departing the fund.
Felix Chee, who established CIC’s presence in Canada, is leaving the firm, Bloomberg reported.
Investments in Teck Resources Corp. And Penn West Petroleum are among CIC’s positions that are down significantly lately.More »
Tuesday, Dec. 17, 2013 6:42PM EST
After a full year of work, provincial securities watchdogs are nowhere near reaching consensus on whether major reforms are needed in Canadian wealth management.
Late in 2012, the Canadian Securities Administrators, the umbrella group for the country’s patchwork quilt of provincial regulators, published consultation papers on the standard of conduct for financial advisers as well as the future of mutual fund fees. The studies were meant to help determine whether regulators should crack down on practices that are allegedly unfair to investors.More »
Tuesday, Dec. 17, 2013 3:00PM EST
Canadian Imperial Bank of Commerce has appointed Martine Turcotte as its newest director, adding to the gender diversity of its board.
Ms. Turcotte, a long-time BCE Inc. executive, adds the position to her list of directorships. She is already on the the boards of Sobeys Inc. and Bell Alliant Inc., among others.More »
Tuesday, Dec. 17, 2013 12:30PM EST
AGF Investments Inc. is on the hunt for a new chief investment officer to boost investment performance and develop innovative new strategies.
The Toronto-based company said Martin Hubbes, its chief investment officer, will be leaving the firm. AGF is currently looking for his replacement, and Mr. Hubbes will stay on to help with the transition after someone is found.More »
Tuesday, Dec. 17, 2013 5:00AM EST
Royal Bank of Canada chief executive officer Gordon Nixon has a pretty simple answer when it comes to what the secret is to being a successful Canadian bank CEO: Compounding.
“However one does it strategically, if you can grow your bank at somewhere between 7 per cent and 10 per cent a year, basically your value doubles every five years,” he said in an interview looking back over his 12-year tenure at RBC, which he announced recently would end next year. “If you look at Royal Bank over the past 15 years, that’s exactly what we’ve done.”More »
Monday, Dec. 16, 2013 6:52PM EST
U.S. investors are starting to look at opportunities in the Canadian energy sector again, and that could mean looser taps on capital in 2014 following a weak year in financing, BMO Nesbitt Burns Inc.’s top energy banker said.
U.S. investment dollars exited the industry in a big way in 2013 due to concerns about such factors as the deep discount on Canadian heavy crude versus U.S. light oil, uncertainty over opposition among First Nations to pipeline proposals and the summer’s unusually wide price spread between Alberta and U.S. natural gas prices, said Shane Fildes, managing director and global head of energy at BMO.More »
Monday, Dec. 16, 2013 5:46PM EST
Two of the largest players in Canada’s highly fragmented property and casualty life insurance market could merge, according to one analyst.
London-based insurance firm RSA Insurance Group PLC may be looking to sell its Canadian division for more than $2-billion, according to Paul Holden, analyst at CIBC World Markets. And Canada’s largest P&C insurer Intact Financial Corp. could be a buyer.More »
Monday, Dec. 16, 2013 2:21PM EST
TMX Group’s head communications and marketing executive, Ronald Alepian, is leaving the company to take on the top communications job at CA Technologies Inc. in New York.
Mr. Alepian is coming off a busy few years at the TMX, overseeing the media-relations effort on the company’s failed attempt to merge with London Stock Exchange Group Plc and its battle to avoid being taken over by a group of Canadian banks known as the Maple Group. That battle ended when the deal with Maple became friendly.More »
Monday, Dec. 16, 2013 7:13AM EST
Martin Murenbeeld has long provided economic counsel to clients of companies run by Ned Goodman, and now the researcher is moving to Mr. Goodman’s Dundee Goodman Private Wealth and Dundee Capital Markets as chief economist.
Mr. Mureenbeeld has been a long-time economist at DundeeWealth Inc., the wealth advisory firm founded by the Goodman family and eventually sold to Bank of Nova Scotia. DundeeWealth bought his firm in 2004.More »
Saturday, Dec. 14, 2013 5:00AM EST
Three big deals, three tough sells. As ultra-competitive banks get more aggressive with equity sales they underwrite for companies, the risks are climbing.
First Barrick Gold Corp. came with a $3-billion bought deal stock sale, which was a very slow seller and left the underwriters on the hook for unsold stock for many days.More »
Friday, Dec. 13, 2013 5:08PM EST
One of Canada’s most esteemed oil and gas research and investment banking professionals, and easily one of its tallest, has decided to leave the business after 26 years to begin what he is calling a personal reinvention.
Martin Molyneaux, vice-chairman of FirstEnergy Capital Corp., has yet to sketch out a new career plan and has asked friends and colleagues to send him ideas of what to do next.More »
Friday, Dec. 13, 2013 2:46PM EST
This has been a landmark week on the Canadian start-up scene: Not only did Ottawa e-commerce software firm Shopify Inc. become the first Canadian Internet company since the dot-com crash to be valued at $1 billion – but its $100-million “Series C“ financing was led by a Canadian venture capital outfit, OMERS Ventures.More »
Friday, Dec. 13, 2013 11:49AM 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. 13, 2013 7:39AM EST
As the government frets that Canada Post's troubles will get in the way of balancing the federal budget, Canada Mortgage & Housing Corp. is quietly buoying the federal bottom line. That is bound to create a tension between any desire to slow the agency's growth and plans to end the government deficit.More »
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 »
Asia week ahead
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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