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Streetwise Streetwise newsletter: Insurance stocks face a long slog; Banks versus Statscan, Avison goes global

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

Manulife, Sun Life face long slog to win over investors: After a decade spent enduring interest rates so low they were almost unimaginable, life insurers should finally be able to exhale. The global economy is on the upswing and rates are finally rising. Yet for all the recent momentum, something strange is happening: Canadian life-insurance stocks are not moving in lock step with interest rates. Story (Tim Kiladze, for subscribers)

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Banks weigh legal action to block Statscan’s plan to obtain consumer records: Canada’s banks are considering legal action to prevent Statistics Canada from obtaining their clients’ banking records without consent as the federal agency faced criticism from several fronts Thursday during a special Senate hearing. Statscan’s chief statistician, Anil Arora, pledged during the meeting that the plan will not go ahead until the federal privacy commissioner completes an investigation. Story (Bill Curry)

Avison Young stamps new global footprint via GVA acquisition: Commercial realtor Avison Young will buy large U.K.-based rival GVA, in a deal that helps double the Canadian company’s size and give it a significant presence in one of the world’s top property markets. The acquisition will add 1,500 real estate professionals in 15 offices throughout Britain, Ireland and Poland, as well as affiliated offices in other parts of Europe and Asia. “We have gone global in one transaction," Avison’s chief executive Mark Rose said. Story (Rachelle Younglai, for subscribers)

London Metal Exchange applies for standing in Ontario: The London Metal Exchange, the world’s biggest and oldest market for industrial metals, is applying to Ontario’s regulator to be recognized as an exchange. In its application to the Ontario Securities Commission, the LME says it wishes to offer direct access to its trading facilities to participants in the province. Story (Alexandra Posadzki, for subscriber)

Bombardier sells $900-million in non-core assets, slashes 5,000 jobs: Bombardier Inc. is selling its Q400 turboprop business to west coast niche plane maker Viking Air and slashing 5,000 jobs as Canada’s biggest aerospace manufacturer unloads non-core assets and builds a future tied to luxury jets and trains. Montreal-based Bombardier announced the deal Thursday in tandem with third-quarter earnings, part of a series of measures that also includes the sale of its private aircraft flight training activities to CAE Inc. Story (Nicolas Van Praet, for subscribers)

Longview Aviation revenue set to take off with Bombardier Q400 turboprop acquisition: Victoria-based Longview Aviation Capital Corp. is set to become the continent’s largest commercial turboprop-aircraft manufacturer with the $300-million acquisition of Bombardier Inc.’s Q400 turboprop business and the storied de Havilland brand. While Bombardier is shedding employees and non-core assets, Longview Aviation, which owns Twin Otter maker Viking Air Ltd., will see annual revenue jump toward $1-billion from about $300-million as a result of the deal. Story (David Ebner, for subscribers)

MORE FINANCIAL SERVICES NEWS

Securities industry: Securities lending by investment funds has reached its highest level in a decade, as demand for corporate bonds surged more than 30 percent over the past 18 months and short selling of Tesla and Alibaba shares reaches a frenzy. Global money managers generated nearly $6-billion in revenue during the first half of the year, loaning out stocks and bonds that often land in the hands of short-sellers such as hedge funds. Story (for subscribers)

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MORE DEALS NEWS

LNG sector: Japan’s Toshiba Corp will exit its U.S. liquefied natural gas (LNG) business by paying China’s ENN Ecological Holdings Co more than $800-million to take over the unit as part of a plan to shed money-losing assets. Story

Media sector: DHX Media Ltd. has signed a deal to sell its Halifax animation studio to IoM Media Ventures. Financial terms of the deal were not disclosed. Story (for subscribers)

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