Fairfax 'starting from scratch' as it eyes growth opportunities, Watsa said
After years of expressing bearish views on the economic weaknesses in global markets, Fairfax Financial Holdings Ltd. founder and CEO Prem Watsa is turning to a brighter focus on investment opportunities he sees.
With several years of lacklustre investment returns weighing on the Toronto-based firm, Fairfax is "basically starting from scratch" after removing all its extensive equity hedges at the end of last year, Mr. Watsa told a packed concert hall of shareholders at the Fairfax annual meeting in Toronto on Thursday. Story
Energy bankers branch out into cannabis as legalization approaches
Veteran energy-investment bankers are applying tried-and-true oil patch financing methods to a sector that's not so down on its luck – weed.
Sonny Mottahed, chief executive officer of Calgary-based Black Spruce Merchant Capital, said he and his team are taking a three-pronged approach to their first foray into the cannabis sector as legalization approaches.
He and Black Spruce colleague Dave Cheadle have set up a private-equity fund to invest in a range of cannabis-related businesses. They have also begun ground work on the firm's own greenhouse in Lethbridge, Alta., and are establishing a real estate investment trust that will act as landlord for medical- and recreational-marijuana producers. Story
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Brookfield revs up competition in consolidating gas-bar sector
Brookfield Business Partners LP is pumping its international experience and growth plans into a $540-million deal to buy Loblaw Cos. Ltd.'s Canadian gas station network amid rampant industry consolidation.
The alternative asset manager said Wednesday that it would buy the 213 service stations and convenience stores located near Loblaw grocery stores along with institutional partners, and had simultaneously struck an agreement with Exxon Mobil Corp.-backed Imperial Oil Ltd. to rebrand under the historic U.S. Mobil fuel banner. Story
U.S. bank earnings a mixed bag as Canadian sector looks south
America's largest banks reported better-than-expected earnings growth in the first quarter of 2017, but a closer look at results reveals a mixed bag of hits and misses.
U.S. banks were looking to rebound from a gloomy first quarter a year ago, when falling oil prices and unfavourable trading conditions weighed on results. Since then, the arrival of U.S. President Donald Trump has brought bold promises of deregulation and tax reform to accompany rising interest rates, creating a wave of bullish optimism on Wall Street. Story
Stephen Harper joins Silicon Valley venture capital firm 8VC as adviser
Former prime minister Stephen Harper has taken an advisory role with 8VC – a San Francisco-based venture-capital firm – in his latest public venture since walking away from politics last year.
Privately held 8VC was started in 2015 and counts well-known venture capitalists Drew Oetting and Joe Lonsdale among its founders. The firm invests in early-stage tech companies and manages in the region of $1.5-billion (U.S.), according to Forbes. Story
AGF at 60: Transformation is a work in progress
Blake Goldring just has to look out the window to see the future of AGF Management Ltd.
The chief executive's office in a downtown tower overlooks Billy Bishop Toronto City Airport, an infrastructure project AGF acquired two years ago as part of a strategy to diversify from roots in mutual funds. Pointing out a plane taking off from a busy runway, Mr. Goldring joked: "I like to keep a close eye on our assets," as he detailed new ventures and the improving fortunes of its fund business just ahead of a celebration Tuesday of AGF's 60th anniversary. Story