Skip to main content
//empty //empty

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

Hydro One names BC Hydro’s Mark Poweska as new president and CEO: Hydro One Inc. concluded its eight month search for a new leader Thursday by announcing B.C. Hydro executive Mark Poweska as the utility’s new president and CEO. Mr. Poweska is currently executive vice-president, operations, for the government-owned company that runs British Columbia’s electrical transmission network. He replaces former CEO Mayo Schmidt, who stepped aside from Hydro One last July. Story (Andrew Willis, for subscribers)

Story continues below advertisement

AIG exits Canadian home and auto insurance market amid industry shakeout: AIG Insurance Co. of Canada is quietly exiting the domestic property and casualty insurance business, the latest player to quit the domestic market amid a consolidation trend that’s contributing to a rise in insurance rates. The Toronto-based division of American International Group Inc., one of the world’s 20 largest insurers, decided earlier this year to shut down a home and auto insurance business that catered to wealthy Canadian clients. Story (Andrew Willis, for subscribers)

MORE DEALS NEWS

First Nations-led group planning bid for majority stake in Trans Mountain pipeline: A First Nations-led group is putting together a bid to buy a 51-per-cent stake in Ottawa’s Trans Mountain oil pipeline with the aim of kickstarting the long-delayed expansion by giving Indigenous communities a financial stake. All First Nations in Saskatchewan, Alberta and British Columbia are being invited to participate in the $6.8-billion plan, which values the project at more than $13-billion. Story (Jeffrey Jones, for subscribers)

Is Indigenous energy investment the key to economic reconciliation? The prospect that a First Nations-led group might buy a controlling stake in the Trans Mountain pipeline project is certainly encouraging news. Such a deal would likely rank as the largest energy investment by Indigenous people in Canada. Far less clear is whether Indigenous ownership would help green-light the long-delayed pipeline expansion, which the federal government now owns. Story (Barrie McKenna, for subscribers)

MORE FINANCIAL SERVICES NEWS

Swedbank dismisses CEO amid mounting investor criticism over money laundering allegations: Swedbank sacked Birgitte Bonnesen as chief executive only an hour before its annual meeting on Thursday after disgruntled shareholders criticized her handling of a rapidly-growing money laundering scandal. Sweden’s biggest bank has been trying to calm investor concerns since allegations were first reported by Swedish TV last month, but a raid on Swedbank’s headquarters on Wednesday by Sweden’s Economic Crime Authority proved the final straw for the board of the country’s oldest savings bank. Story (Reuters)

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 ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies