Here are the top reads on deals and financial services over the last 24 hours,
Advocacy group for Canadian investors struggles for funding and survival: The primary advocacy group for Canadian investors is losing money, looking for an executive director – and struggling to survive. “We’re in a bit of an existential crisis,” said Ermanno Pascutto, the founder and, now, interim executive director of the Canadian Foundation for the Advancement of Investor Rights, known as FAIR Canada. Story (David Milstead, for subscribers)
National Bank of Canada loses tech bankers to rivals: Two key members of National Bank of Canada’s technology banking team are leaving to join rivals just as competition heats up to be the bank of choice to emerging tech companies, according to sources familiar with the moves. Story (James Bradshaw, for subscribers)
Canadian green bond market expands with push to environmentally friendly projects: The Canadian green bond market is expanding as more companies are looking to raise money to fund environmentally friendly projects. Story (Alexandra Posadzki, for subscribers)
Chinese investment in Canada’s hotel industry falls: Beijing’s crackdown on foreign investments is deterring Chinese companies from making large purchases of Canadian hotels. Story (Rachelle Younglai, for subscribers)
Canada must develop a services economy: Canadians can be proud of our place in the world. We are a leader in quality of life and we can point to a solid record of economic growth. We owe this strong and stable position largely to three traditional pillars of our economy. Natural resources are our competitive advantage – though one we are putting at risk unless we find ways to build the vital links needed to get our energy (both renewable and non-renewable) to more markets globally. In financial services, including banking, insurance and related industries, we are proven international leaders. Opinion (Victor Dodig)
MORE DEALS NEWS
Vegan burger maker Beyond Meat plans to raise up to $183.8-million in IPO: Plant-based meat maker Beyond Meat Inc. is planning to raise up to US$183.8-million from an initial public offering, looking to tap into the growing popularity of veganism. Story (Reuters, for subscribers)
Chinese coffee chain Luckin files for Nasdaq IPO: Luckin Coffee Inc, the Chinese challenger to Starbucks Corp, on Monday filed for an initial public offering with the U.S. Securities and Exchange Commission, after being valued at nearly $3 billion in its latest round of funding. Story (Reuters)
Thomas Cook approached by potential bidders: Thomas Cook has been tentatively approached about a takeover of its tour-operating unit, or the entire company, by several parties as its lenders prepare for crunch talks over the state of its finances, Sky News reported on Saturday. Story (Reuters, for subscribers)
IN CASE YOU MISSED IT
CIBC accelerates push into startup financing, spurring competitors to follow: When Canadian Imperial Bank of Commerce acquired Wellington Financial early in 2018, the bank signalled its desire to tap into the expanding ecosystem of high-tech startups that many a banker had shunned as too risky. Ever since the dot-com boom crashed spectacularly in the early 2000s, banks had pulled back from technology banking and looked warily at software startups as cash-burning ventures that sometimes operated at a loss and had few physical assets to secure loans. Story (James Bradshaw, for subscribers)
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