Here are the top reads on deals and financial services over the last 24 hours,
Flinks: Several of Quebec’s most influential financial institutions have teamed up to invest in a financial-technology startup aiming to bridge the gap between established banks and digital upstarts. Montreal-based Flinks has raised a modest $1.75-million in new funding, but it is the pedigree of its main backers that stands out. Leading the way are National Bank of Canada, the country’s sixth-largest lender, and Luge Capital, a new Canadian venture-capital fund supported, in turn, by financial sector heavyweights including Caisse de dépôt et placement du Québec and Desjardins Group. Story (James Bradshaw, for subscribers)
IPOs: Canada’s initial public offering market performed reasonably well in the first half of 2018 despite economic uncertainty over trade with the United States, but analysts say cross-border relations could have more of an impact in the second half of 2018. Twenty new IPOs generated $1.1-billion in equity since the start of 2018, according to a report by PricewaterhouseCoopers LLP, Canada. Story (Salmaan Farooqui, for subscribers)
Mortgage Rates: New accounting rules adopted by the banks mean they’re paying closer attention than ever before to your financial situation and your home’s value when you renew a mortgage. Mortgage renewals used to be utterly routine – a virtual rubber stamp. Now, if your credit score has taken a hit or your home has fallen in value, you might not qualify for the best available rates. Column (Rob Carrick)
Delinquencies: Equifax Canada predicts late payments on the country’s $599 billion of credit card, auto and other non-mortgage consumer debt will begin to move “modestly higher” by the end of this year. Story (Bloomberg)
MORE DEAL NEWS
Telecom Deal: BCE Inc. will buy the Alberta operations of Axia NetMedia Corp. as part of its commitment to provide SuperNet broadband internet service to schools, hospitals and other public institutions throughout the province under a government contract. Story (CP)
Bank Deal: Societe Generale will buy Commerzbank’s derivatives and asset management businesses in a move the French bank said will boost its Lyxor funds division and raise its profile in Germany, the euro zone’s biggest economy. "https://www.reuters.com/article/us-commerzbank-m-a-socgen/socgen-targets-german-growth-with-commerzbank-funds-deal-idUSKBN1JT0DL" title="" target="_blank">Story (Reuters)
WHAT WE’RE READING ELSEWHERE
Fed Stress Tests: Goldman Sachs Group Inc. and Morgan Stanley were offered a deal by Federal Reserve officials to avoid failing part of their annual stress tests, The Wall Street Journal reported Tuesday. Story (WSJ, subscription required)
Purplebricks Deal: Online real estate firm Purplebricks will buy DuProprio and ComFree as part of its Canadian expansion. Story (FT, subscription required)
The online-only estate agent announced plans to buy DuProprio and ComFree
IN CASE YOU MISSED IT
Private equity: Anyone running a broken oil and gas company should give Adam Waterous a call. The Calgary-based money manager is out scouting for acquisitions after closing a $1.4-billion energy-focused private equity funding. Story (Andrew Willis, for subscribers)
Media: Shaw Communications Inc. has named Christy Clark to its board, landing the former British Columbia premier her second high-profile post-political life job in a month. The former leader of the B.C. Liberal party was hired as a special adviser to the law firm Bennett Jones LLP last month. Story (Christine Dobby, for subscribers)
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