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Canada’s bank regulator rolling back loan deferral programs for banks, insurers: Canada’s banking regulator is rolling back two emergency programs introduced at the beginning of the pandemic, including a crucial measure that made it easier for banks to offer loan payment deferrals to clients. On Monday, OSFI said it was rescinding the March changes, so that deferred loans will no longer be treated as performing loans. (Mark Rendell and Clare O’Hara)

BlackBerry scales back debt offering in face of shareholder complaints: BlackBerry Ltd. and Fairfax Financial Holdings Ltd. have once again restructured a debt refinancing deal to avoid a shareholder vote after the Toronto Stock Exchange withdrew its approval of the transaction. BlackBerry said it cut the size of a convertible-debt offering from US$535-million to US$365-million, thus limiting the number of shares that Fairfax, already a major shareholder, would own if it were to swap its bonds for stock.(David Milstead)

Ottawa to extend business-loan programs, but not commercial rent relief: The federal government extended two pandemic business-loan programs Monday, but did not announce any extension to its pandemic rent-relief program for entrepreneurs into September, leaving thousands of businesses concerned for their survival as the program is set to expire. (Josh O’Kane)

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Obsidian hostile takeover bid for Bonterra shows ‘frustration,’ analyst says: A hostile takeover offer by Obsidian Energy Ltd. launched by publishing a letter to the CEO of Bonterra Energy Corp. demonstrates growing frustration at the slow pace of consolidation in the sector, an energy industry analyst says. Under the proposed deal, two Obsidian shares would be issued for each Bonterra share – although Bonterra was trading at nearly a three-to-one valuation at market close on Friday. (Canadian Press)

Warren Buffett looks to Japan, takes 5% stakes in five biggest trading firms: In a statement on Sunday, Mr. Buffett’s 90th birthday, Berkshire said it acquired its stakes in Itochu Corp., Marubeni Corp., Mitsubishi Corp., Mitsui & Co. Ltd. and Sumitomo Corp. over approximately 12 months, marking a departure for chairman Warren Buffett as he looks outside the United States to bolster his conglomerate. (Reuters)

Italy readies sale of Monte dei Paschi di Siena stake, source says: Italy is close to approving plans to sell its stake in Monte dei Paschi di Siena and to cover most of the troubled Tuscan bank’s capital needs of around €1-billion ($1.9-billion), a government source said. Rome spent €5.4-billion on a 68-per-cent stake in Monte dei Paschi in 2017 to prevent Italy’s third-largest bank from buckling under bad debts after years of mismanagement. (Reuters)

China central bank says it will improve benchmark interest rate system: Improving China’s benchmark interest rate system would help build up financial markets, deepen market-based interest rate reforms and improve monetary policy management, the People’s Bank of China said in a statement on its website. (Reuters)

J.C. Penney sale talks stall, pushing retailer to brink: J.C. Penney Co Inc’s talks with landlords for a rescue from bankruptcy proceedings reached an impasse, pushing the department store to the brink of collapse unless it can reach a deal within days to be taken over by lenders. The negotiations have dragged on in part over lease terms, according to people familiar with the matter. (Reuters)

IN CASE YOU MISSED IT

TD and CIBC maintain stronger-than-expected profits despite retail banking weakness: Profits at Canada’s largest banks rebounded faster than anticipated in the third quarter from the shock of the coronavirus pandemic, but executives warned setbacks are likely, and continued to build reserves to absorb higher losses. (James Bradshaw)

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