Big banks brace for higher loan losses in energy sector amid oil slump: Canada’s large banks are bracing for major losses on energy-sector loans over the coming quarters, as producers and oil field service companies continue to struggle with low oil prices. (Mark Rendell)
Paramount investors faced big losses after being promised money was secure, OSC hears: A few months after the Ontario Securities Commission ordered a receiver to take control of Paramount Equity Financial Corp., which sold pooled mortgage products, the company’s chief executive officer, Marc Ruttenberg, asked one of his largest investors for an unsettling favour. (Greg McArthur)
Ontario pension funds face sharp quarterly drop in solvency: Ontario defined benefit pension plans experienced the biggest quarterly drop in their funded status since the financial crisis in 2009, provincial regulators said Monday. (David Milstead)
BCE Inc. sells 25 of its data-centre facilities to U.S.-based Equinix Inc. for $1.04-billion: BCE Inc. is selling 25 of its data-centre facilities to U.S.-based Equinix Inc. for $1.04-billion, joining an industry-wide exodus from the data-hosting business in a move that analysts say will help the company amass a war chest ahead of a key wireless spectrum auction. (Alexandra Posadzki)
Linda Seymour named new president and chief executive of HSBC Canada: HSBC Bank Canada says Linda Seymour has been appointed as the lender’s president and chief executive, effective Sept. 1. (The Canadian Press)
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