Here are the top reads on deals and financial services over the last week,
Alphabet buying Canadian smart glasses pioneer North after years of struggle, sources say: Canadian smart glasses maker North Inc. is in the final stages of selling itself to Google’s parent, Alphabet Inc., for about US$180-million, sources close to North say – after spending the past eight years amassing a trove of engineering talent and patents, but struggling to sell its products. (Josh O’Kane)
Weak start for cancer treatment developer Fusion in debut on Nasdaq: A Hamilton startup hoping to transform how people are treated for cancer by injecting them with tiny nuclear smartbombs got stuck in no man’s land Friday on its first day as a public company. (Sean Silcoff)
CIBC shakeup sees four executives depart, others trade roles: Four senior vice-presidents are leaving Canadian Imperial Bank of Commerce and four others are swapping roles as part of a continuing restructuring plan that is reshaping the senior ranks of the country’s fifth-largest bank. (James Bradshaw)
Brookfield, Teachers join investor group taking US$10-billion stake in major Abu Dhabi pipeline network: Brookfield Asset Management Inc. and the Ontario Teachers’ Pension Plan have joined a group of investors buying a US$10-billion stake in an Abu Dhabi-owned natural gas pipeline network in the United Arab Emirates. (Mark Rendell)
AIMCo parts with executives who oversaw $2.1-billion investing loss: Alberta’s government-owned investment fund parted company this week with executives responsible for a $2.1-billion loss on trades linked to market volatility, as its board of directors completes an audit and brings in an outside leader. (Andrew Willis)
Securities regulators seek public input on changing oversight of investment industry: As two investment regulatory organizations grapple with whether to merge or launch a new oversight body from scratch, Canada’s securities regulators have decided they want more public input before making a decision. (Clare O’Hara)
IN CASE YOU MISSED IT
No good options: CEO wealth evaporates as shares lose value: Air Canada had a very good year in 2019, and CEO Calin Rovinescu was well-paid as a result. The company gave Mr. Rovinescu total compensation of almost $13-million during the year, the bulk of which came in grants of Air Canada’s high-flying stock. (David Milstead)
Corporate Canada must be more accountable in the journey to reconciliation with Indigenous people: A glance at any news headlines today lays bare the dreadfully slow progress Canada has made toward reconciliation, even though five years have passed since the release of the Truth and Reconciliation Commission’s (TRC) 94 calls to action. (Opinion)
Canada’s banking regulator keeps banks’ capital buffer unchanged, warns vulnerabilities still ‘elevated’: Canada’s banking regulator is keeping its threshold for large banks’ capital levels unchanged, suggesting that major lenders have adequate reserves for now but also warning of continuing risks as the economy enters an uncertain recovery. (James Bradshaw)
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