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Streetwise Streetwise newsletter: Catch up on the best reads of the week

Here are the top reads on deals and financial services over the last week. Have a great weekend,

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Goldcorp’s Ian Telfer gives up director seat at Newmont amid outcry over retirement payment: After an outcry over a huge bump in his retirement benefits, Goldcorp Inc.’s chairman Ian Telfer won’t be joining the board of Newmont Mining Corp. after all. Last week, Goldcorp’s board approved a near-tripling in Mr. Telfer’s retirement cash benefit to US$12-million from US$4.5-million that is payable should Newmont succeed in its plans to buy Goldcorp. Story (Niall McGee, for subscribers)

Canadian regulators propose new rules to govern cryptocurrency exchanges, protect users: Canadian regulators are proposing new rules to govern cryptocurrency exchanges and prevent users of such trading platforms from losing access to their funds. The planned measures from the Canadian Securities Administrators (CSA), an umbrella organization that represents provincial securities regulators, and the Investment Industry Regulatory Organization of Canada (IIROC) aim to curtail risks associated with cryptocurrency trading platforms, the online marketplaces where people go to buy and sell virtual currencies. Story (Alexandra Posadzki)

Brookfield Asset Management buying a controlling stake in Oaktree Capital: Brookfield Asset Management Inc. is buying a majority stake in Los Angeles-based Oaktree Capital Group LLC for US$4.7-billion, elevating the Toronto firm to nearly US$500-billion in assets under management. Story (Tim Shufelt, for subscribers)

Aurora Cannabis taps Wall Street titan Nelson Peltz as adviser, seeking global legitimacy: Billionaire activist investor Nelson Peltz signed on as a strategic adviser to Aurora Cannabis Inc., lending his reputation and name recognition to the Canadian company in exchange for millions of stock options. Story (Tim Kiladze, for subscribers)

RBC Global Asset Management strikes agreement with BCI, QuadReal: Royal Bank of Canada has struck a joint venture with British Columbia Investment Management Corp. to launch a new fund catering to institutional clients with a growing appetite for investing in commercial real estate. The partnership allows RBC Global Asset Management Inc. to tap into a portfolio of more than 40 of BCI’s Canadian real estate assets, collectively worth more than $7-billion and managed by QuadReal Property Group, a subsidiary that oversees BCI’s real estate program. Story (James Bradshaw, for subscribers)

Canada’s venture-capital investment flattens after years of growth: report: Canadian venture-capital investment plateaued in 2018 with $3.7-billion flowing into Canadian startups and scale-ups, holding the country back from a fifth consecutive year of growth, according to the Canadian Venture Capital & Private Equity Association. The CVCA will release its annual year-in-review report on Wednesday. Story (Josh O’Kane, for subscribers)

Is it time for Canadian startups to look beyond venture capital?: With our small population size, limited access to capital and constant competition from the United States, Canadian tech startups have been sold the idea that the best way to grow is through venture capital. Indeed, we’ve been taught to be happy that we’re on the radar of VCs at all. But a growing number of examples illustrate that giving up control in exchange for investment is not always a recipe for success. Opinion (Manny Padda, for subscribers)

Wealth management trends: RRSPs are going grey. Owing to expensive real estate and the advent of tax-free savings accounts (TFSAs), adults in their 20s through 40s have less of a presence among contributors to registered retirement savings plans than they did a decade and a half ago. Meanwhile, people aged 55 and up are starting to dominate. Opinion (Rob Carrick)

Callidus interim CEO Patrick Dalton resigns: The interim chief executive officer of alternative lender Callidus Capital Corp. has resigned without explanation, less than five months after signing on and weeks before the company is due to report year-end results. Story (Andrew Willis and Jeffrey Jones, for subscribers)

Barrick drops US$18-billion hostile bid, signs Nevada joint venture with Newmont Mining: Barrick Gold Corp and Newmont Mining Corp have agreed on terms of a joint venture in Nevada that will see Barrick drop its US$17.8-billion hostile bid for Newmont. The two giant mining companies met last week in New York to try to hash out a workable arrangement after Barrick’s biggest shareholder VanEck urged the Toronto-based miner to concentrate on a JV as opposed to pursuing a risky and uncertain takeover of its biggest rival. Story (Niall McGee)

Australia’s Newcrest Mining takes 70 per cent stake in B.C. mine from Imperial Metals: One of Australia’s largest miners is buying a majority interest in a B.C. mine from Imperial Metals Corp. for US$806-million, providing a cash injection for the struggling Vancouver company that is backed by billionaire executive Murray Edwards. Melbourne-based Newcrest Mining Corp. struck a deal on the weekend for 70 per cent of Imperial’s Red Chris property, a mine that opened three years ago and last year produced 12,000 ounces of gold. Story (Niall McGee, for subscribers)

Sidewalk Labs in talks with investors for Toronto smart-city infrastructure, document shows: Sidewalk Labs has been shopping for financing partners for infrastructure on Toronto’s eastern waterfront, entering into preliminary agreements with private investors and engaging in discussions with the Canada Infrastructure Bank about the proposed smart-city development, according to an internal document obtained by The Globe and Mail. A subsidiary of Google parent company Alphabet Inc., the urban-planning firm signed a deal with the tripartite development agency Waterfront Toronto in October, 2017, to develop a 12-acre plot at the foot of Parliament Street called Quayside, with the potential to extend some aspects of planning across much larger swaths of the waterfront. Story (Josh O’Kane and Bill Curry, for subscribers)

Gateway Casinos expects to resume marketing IPO to investors: President Donald Trump, a former casino owner, may have done Gateway Casinos and Entertainment Ltd. a favour by shutting down the U.S. federal government in late December. Burnaby, B.C.-based Gateway announced plans to go public on the New York Stock Exchange in late November, initially targeting the sale of US$100-million in shares. Story (Andrew Willis and Jeffrey Jones, for subscribers)

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TD extends CEO Bharat Masrani’s pay agreement, gives him hefty compensation boost: Toronto-Dominion Bank has extended the pay agreement for chief executive officer Bharat Masrani, giving him financial incentives to stick around until the end of 2023. TD revealed in its proxy circular to shareholders that the company’s board asked Mr. Masrani, 62, to be available to serve as CEO past 2020, the year his existing compensation plan assumed he would retire. Story (David Milstead and James Bradshaw, for subscribers)

Black on Bay Street: Real talk on diversity, and the constant struggle: On the face of it, the question was innocent enough. Over drinks, Ray Williams was asked if, as one of the few black leaders in Canadian finance, he’d ever experienced racism on Bay Street. Mr. Williams, a managing director in the fixed income, currencies and commodities group at National Bank Financial, could hardly keep it together. “I started to giggle and almost snorted my drink through my nose,” he recalls. Story (Tim Kiladze, for subscribers)

How adding regulations may reduce the regulatory burden: How can adding new regulations reduce the regulatory burden? Simple. Picture what happens whenever a traffic light goes out of service at a busy intersection. Each car that approaches the intersection has to navigate uncertainty, unsure whether to proceed or stop, and traffic slows to a crawl as individuals try to guess how other drivers and pedestrians are going to act. What was a relatively smooth and efficient system has now become cumbersome and slow. Not because we added regulation, but because we removed it. Adding a traffic light at a busy intersection actually increases efficiency and reduces everyone’s burden. That’s why we should be wary of simplistic and unspecific calls to remove a “regulatory burden.” Regulations can certainly create burdens, but they can also remove them. Opinion (Kevin Thomas, for subscribers)

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