Here are the top reads on deals and financial services over the last 24 hours,
Banks can handle potential energy losses, but face risks if larger economic crisis triggered by coronavirus unfolds: Canada’s big banks can absorb potential losses on loans to energy companies after years of trimming exposure to the sector, but a larger economic crisis triggered by the COVID-19 virus could still cause significant damage to loan books, analysts warned Monday. (Mark Rendell)
CIBC’s Benjamin Tal: Stocks not at bottom, but closer. Start thinking twice about bonds: On Monday, North American stock markets were halted in early trading due to dramatic declines sparked by an oil price war. Russia refused to reduce its oil production, and Saudi Arabia responded by indicating it would increase production and lower prices. West Texas Intermediate crude tumbled to less than US$30 a barrel at one point from more than US$40 Friday. We spoke with Benjamin Tal, deputy chief economist at CIBC Capital Markets, who shared his perspective during this time of economic uncertainty and fear in the markets. (Jennifer Dowty)
RBC confirms Mississauga employee tests positive for coronavirus: Canada’s largest bank has confirmed an employee has tested positive for the coronavirus in its Mississauga office complex and has placed a quarantine on all employees working on the same floor as the individual. (Clare O’Hara)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Twitter strikes deal with investors Elliott Management and Silver Lake: Twitter Inc. on Monday reached an agreement with Elliott Management that lets Jack Dorsey stay as chief executive and adds three new directors a few days after Elliott’s plan to push out the social-media company’s chief became public. (Reuters)
OpenText buys Montreal-based XMedius for $75-million: Business software company Open Text Corp. has acquired XMedius, a provider of secure file exchange and communication, for $75-million in cash. (The Canadian Press)
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