Here are the top reads on deals and financial services,
Lawsuit: An Alberta businessman is suing Callidus Capital Inc. for $205-million, alleging the distressed lender, led by financier Newton Glassman, drove his water-drilling company into receivership to take control of it and deprive him of lucrative international contracts. Story (Jeffrey Jones)
Railway mergers: Canadian National Railway Co. is eyeing smaller takeover targets to improve its network, but does not believe U.S. regulators would be open to large mergers in the North American rail industry. Story (Eric Atkins)
Regulation: The chair of Ontario’s securities watchdog is raising red flags about growth in the alternative mortgage lending space. Speaking at a Toronto Centre event about financial stability on Monday, Maureen Jensen said recent efforts to remove risk from the banking system have caused activity to move into other, less heavily regulated areas such as syndicated mortgage lending as well as mortgage investment corporations (MICs), which are unregulated. Story (Alexandra Posadzki and James Bradshaw, for subscribers)
How Paul Desmarais Jr. became mired in a Syrian cement plant probe: Canada’s billionaire Desmarais family has never been known for its passive investment style. Opinion (Konrad Yakabuski)
Incubator: Nokia Corp. and Amazon.com Inc. will piggyback off a recent Ontario investment in autonomous-vehicle-technology to help develop a tech-demonstration facility in Hamilton showcasing urban-development innovations and the capabilities of 5G wireless networks. Story (Josh O’Kane, for subscribers)
FINANCIAL SERVICES WRAP
Mortgages: TD Bank is joining a rival bank in offering a highly discounted variable mortgage rate as competition among Canada’s biggest lenders heats up. Story
Brexit: Thomson Reuters Corp said on Tuesday it would transfer its US$300-billion-a-day foreign exchange derivatives trading business to Dublin from London ahead of Britain’s departure from the European Union next year. Story
DEAL WRAP
Canadian venture capital: Waterloo-based Auvik Networks has raised a $20 million Series C led by existing investor OpenView, with participation from returning investors Celtic House Venture Partners and Rho Canada Ventures. BetaKit
Canadian venture capital: Toronto-based #paid has raised a $9 million Series A as the company looks to expand its influencer marketing platform. The round was led by ScaleUP Ventures, with participation from Aitken Investments and Freycinet Investments. BetaKit
Agriculture funds: Toronto private equity firm Area One Farms is raising two funds to expand its business of partnering with Canadian farmers, President and CEO Joelle Faulkner told Buyouts. PE Hub
U.S. venture capital: Vesper today announced it has raised US$23 million in a funding round led by American Family Ventures with participation from strategic investors like Baidu, Amazon’s Alexa Fund, and Bose Ventures. VentureBeat
U.S. venture capital : Identity management and authentication platform Auth0 has raised $55 million in a series D round of funding led by Sapphire Ventures, with participation from Bessemer Venture Partners, Trinity Ventures, Meritech Capital, K9 Ventures, and World Innovation Lab. VentureBeat
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