Here are the top reads on deals and financial services over the last 24 hours.
Fortress faces further legal action: A receiver has been appointed to take control of a Fortress Real Developments Inc. project on the waterfront in St. Catharines, Ont., adding to the growing list of legal problems facing the development company. Story (Janet McFarland, for subscribers)
From the sell-side on bank stocks: There are times when Canadian bank stocks trade more or less in unison, making it difficult to pick the winners from among the group. Last year was not one of those times. With the oil market still trying to reconcile a global oversupply, the spring of 2017 saw the near-collapse of alternative mortgage lender Home Capital Group, bringing renewed scrutiny upon the Canadian housing market and, by extension, the banks. “Those twin catalysts ended up creating an opportunity that frankly doesn’t always present itself in the banks,” said Robert Sedran, a bank analyst at CIBC World Markets. Mr. Sedran’s keen timing earned him the distinction of being last year’s top Canadian stock picker, as conferred by the Thomson Reuters StarMine Analyst Awards. Story (Tim Shufelt, for subscribers)
Marketing: Toronto-Dominion Bank and the Toronto Blue Jays are in the final stages of talks to expand a sponsorship deal that would secure TD’s status as the official bank of the baseball club. Story (James Bradshaw and Susan Krashinsky Robertson, for subscribers)
Regulation: There has been some criticism recently of the Ontario Securities Commission’s use of no-contest settlements. It has been suggested that it may be time to revisit their use as a policy matter. There is also concern that no-contest settlements are not sufficiently transparent, and may not serve as an effective deterrent to future transgressions. As a matter of principle, I supported the OSC’s policy on no-contest settlements when I was a vice-chair of the OSC, and I still believe they are an important and effective regulatory tool that should continue to be available to the Commission and its staff. Opinion (James Turner)
MORE FINANCIAL SERVICES NEWS
International banking: Italy’s biggest bank, UniCredit, expects to reach a deal with the United States in a dispute over alleged sanctions violations in Iran in the coming months, its CEO said on Tuesday. Story
Privacy: The Canadian Securities Exchange has been publishing personal information of investors on its website for 15 years, including home addresses and amounts of their investments, a practice one shareholder rights advocate calls a “disturbing” breach of privacy. Story
MORE DEALS NEWS
Venture funding: WndrCo, a startup co-founded by former Disney executive Jeffrey Katzenberg, said on Tuesday it raised US$1 billion from major Hollywood studios and Chinese tech giant Alibaba for its venture that will produce short-form shows for mobile phones. Story
Healthcare sector: Private-equity firm Advent International has held talks with potential buyers about selling pharmacy company Genoa Healthcare, according to people familiar with the matter. Story
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