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Here are the top reads on deals and financial services over the last 24 hours,

Trans Mountain reaction: For Prime Minister Justin Trudeau and his government, the best-case scenario for the Trans Mountain pipeline always ran along these lines: Defeat the B.C. government’s legal challenges, use a charm offensive to win social licence for the project, get shovels in the ground and move quickly to find a corporate buyer for the whole works. The worst-case scenario for the federal Liberals was what happened on Thursday. After a Federal Court of Appeal decision effectively shut down expansion of the 1,150-kilometre pipeline, the government finds itself in the awkward position of paying Kinder Morgan Canada Ltd. $4.5-billion for a piece of infrastructure that’s worth a fraction of that price. You can almost hear the sighs of relief from the chief executives of utilities and pension plans across the country, who were all offered a chance to buy into Trans Mountain over the past few years, and who all said no to Kinder Morgan. Opinion (Andrew Willis, for subscribers)

Bank earnings: Toronto-Dominion Bank reported a 12-per-cent bump in third-quarter profit to cap off another smooth earnings season for Canada’s big banks, as higher international profits and wider lending margins more than offset any drag from a slower mortgage market. Story (James Bradshaw, for subscribers)

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FinTech: Britain’s Wonga Group Ltd. was once hailed as a technological marvel, set to revolutionize online finance and payday lending across Britain and around the world. But the company also became a symbol for the worst aspects of payday loans, and on Thursday it collapsed into bankruptcy protection, brought down by a flurry of angry customers and aggressive regulators. Story (Paul Waldie, for subscribers)

MORE FINANCIAL SERVICES NEWS

Bank earnings: CWB Financial Group raised its dividend as it reported its third-quarter profit grew 10 per cent compared with a year ago. The company behind Canadian Western Bank increased its quarterly payment to shareholders by a penny to 26 cents per share. Story

MORE DEALS NEWS

Food sector: Campbell Soup Co said on Thursday it plans to sell its international and fresh refrigerated-foods units and left open the possibility of putting the whole company up for sale, following a months-long review and pressure from a hedge fund to sell itself outright. Story

Paper industry: Resolute Forest Products Inc. has signed a deal to sell its recycled bleached kraft pulp mill in Fairmont, W.Va., for US$55 million. The company says ND Paper LLC, a subsidiary of Nine Dragons Paper (Holdings) Ltd., has agreed to buy the mill. Story

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The spectacular rise and tragic fall of George Gosbee: When his best friend needed help, George Gosbee didn’t hesitate. He had convinced Marshall Abbott to join him on a skiing expedition to the South Pole, and now Abbott was on the brink of collapse. He was dehydrated and his heart was racing. It was all he could do to stay upright at 3,000 metres above sea level, let alone haul a sled packed with supplies. ROB Magazine (Kelly Cryderman and Jeffrey Jones, for subscribers)

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