Here are the top reads on deals and financial services over the last week
FINANCIAL SERVICES NEWS
Two private lenders freeze investor requests for capital: Two of Canada’s largest private debt funds, Bridging Finance Inc. and Romspen Investment Corp., froze investor redemptions on Monday, the latest sign of COVID-19-related stress in a sector popular with wealthy, income-seeking investors. (Andrew Willis)
Major Canadian accounting firms cut pay for partners as work slows due to pandemic: Some of Canada’s major accounting firms have reduced partner compensation and introduced voluntary time-off measures to improve their cash flow as the coronavirus pandemic continues, while so far avoiding job cuts. (David Milstead and Sean Silcoff)
Competition Bureau relaxes collusion enforcement for companies working together on pandemic response: Canada’s Competition Bureau says it will allow companies that normally compete with each other to temporarily work together to deliver key services or products in response to the coronavirus pandemic. (Christine Dobby)
CEOs of Canada’s biggest pipeline companies all got raises in 2019: There was plenty of money in the pipeline last year for senior executives at the four largest utilities that transport oil and gas in Canada. (David Milstead)
Embracing Islamic finance presents an opportunity for Canada: A potential opportunity for financial services was identified in a report issued by the Toronto Financial Services Alliance and Thomson Reuters. Toronto, with its financial services strengths and growing multicultural population, could position itself as North America’s hub for Islamic finance. (Opinion)
Caisse makes adjustments among executives: Caisse de dépôt et placement du Québec is reorganizing its senior leadership as new chief executive officer Charles Emond faces a nearly unprecedented test to preserve the pension fund giant’s assets amid the coronavirus crisis. (Nicolas Van Praet)
‘We can’t fail the re-entry’: Royal Bank chief on the high-stakes of opening economy again: Dave McKay, CEO of Canada’s largest bank, says the country needs a formal mechanism to determine which companies will take priority as the economy reopens, and warns the country can’t afford to repeat the nationwide lockdown put in place to contain the new coronavirus. (James Bradshaw)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Energy sector executives spend $18-million on shares in their own firms amid oil downturn: Oil patch executives are eating their own cooking, significantly stepping up purchases of their own companies’ shares in the wake of a steep decline in the price of energy stocks. (Andrew Willis)
Onex buys U.K.-based health care staffing company, weeks after CEO said market rife for acquisitions: Onex Corp. CEO Gerry Schwartz has snapped up a British health care staffing firm, just weeks after telling backers his company saw opportunities to make acquisitions at bargain prices during the pandemic. (Andrew Willis)
IN CASE YOU MISSED IT
Pandemic can be a jolt to Canada’s productivity, BMO head says: Bank of Montreal chief executive Darryl White says the global pandemic could be the jolt needed by Canada to boost its lagging productivity, if key sectors capitalize on the pace of change adopted in response to the coronavirus crisis. (James Bradshaw)
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