Skip to main content

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

Hong Kong tycoon, two equity firms bid on Anbang Insurance’s Vancouver office complex, sources say: Hong Kong tycoon Li Ka-shing’s company and two private equity firms have made preliminary bids for Anbang Insurance Group’s office complex in Vancouver, according to people familiar with the matter. Mr. Li’s CK Asset Holdings Ltd., U.S. private equity firm Blackstone Group and Canadian real estate firm KingSett Capital have expressed interest in four office towers called Bentall Centre, said the sources, who were granted anonymity by The Globe and Mail because they were not authorized to speak publicly. Story (Rachelle Younglai, for subscribers)

Story continues below advertisement

TD, CIBC boost dividends but profits hurt by weaker capital markets: Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, two of Canada’s biggest lenders, reported first-quarter earnings on Thursday that fell short of analysts’ forecasts, hurt by weakness in their capital markets businesses. Profit at TD, Canada’s second-biggest lender, was hurt by losses at its wholesale banking division while CIBC, the country’s fifth-biggest lender, saw earnings decline in personal and small-business banking as well as capital markets. Story

Ontario regulator pays whistle-blowers $7.5-million, a first for Canada: The Ontario Securities Commission has paid three whistle-blowers a total of $7.5-million, marking the first payments of their kind in Canada. The payments, made in three separate cases, were given to people who, the OSC said, “voluntarily provided high quality, timely, specific and credible information” that helped the regulators with enforcement actions. Story (Tim Kiladze and David Milstead, for subscribers)

National Bank’s financial markets unit hinders first-quarter results: Volatile financial markets sapped the strength from an otherwise solid first quarter at National Bank of Canada. Profit and revenue for the country’s sixth-largest bank were effectively flat compared with a year ago, as a 17-per-cent decline in profit from the financial-markets arm offset gains in all other key divisions. Story (James Bradshaw, for subscribers)

Cogeco Communications selling cloud services provider for $720-million: Barely six years after it gambled half a billion dollars on cloud services, Cogeco Communications Inc. has signed a deal to hand over struggling Cogeco Peer 1 Inc. to an investment firm. Digital Colony, based in Los Angeles, will buy the cloud services provider for $720-million, Cogeco Communications said Wednesday. Story (for subscribers)

MORE FINANCIAL SERVICES NEWS

Layoffs: Laurentian Bank announced it will cut roughly 10 per cent of its work force over the next 12 months as the Montreal-based lender reported a steep drop in financial first quarter profits. Story

The Streetwise newsletter is Tuesday to Saturday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter