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Streetwise Streetwise newsletter: National Bank earnings, investment banks' third quarter, GIC rate war

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

Capital markets: Buoyant stock markets, rising interest rates and robust economic growth are helping Canada’s major investment banks turn the corner, after four straight quarters in which they posted year-over-year declines in profit. Story (Alexandra Posadszki, for subscribers)

Bank earnings: National Bank of Canada say its third-quarter profit gained 10 per cent compared with a year ago, helped by growth across its business. The lender says it earned $569-million for the quarter ended July 31, up from a profit of $518-million in the same quarter last year. Story (James Bradshaw)

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Financial products: A small but encouraging rate war is being fought over five-year GICs. EQ Bank is offering 3.52 per cent on a guaranteed investment certificate with a five-year term, just surpassing the 3.5 per cent offered by Oaken Financial. Several other small independent banks are offering rates in the 3.1-per-cent to 3.3-per-cent range, while the big online bank Tangerine offers 3 per cent. Expect more battling over the months ahead on rates for both GICs and savings accounts. Opinion (Rob Carrick)

Aston Martin IPO: Aston Martin’s sports cars are generally considered the preserve of the super-rich given that they start at about $200,000 and are best known for zooming James Bond around. But investors will soon get a chance to own a piece of the glamour after the iconic British auto company announced plans on Wednesday to go public on the London Stock Exchange. Story (Paul Waldie, for subscribers)

Pot sector: Some global beverage makers are taking a close look at Canada’s legal marijuana industry as they weigh the possibility of getting into the business. Officials from Anheuser-Busch InBev SA/NV, Pernod Ricard SA, Heineken Holding NV, Coca-Cola Co. and Diageo PLC are among companies that have been making the rounds with legal cannabis producers, meeting executives and touring their facilities, according to sources familiar with the matter. Story (Christina Pellegrini and Marina Strauss)

MORE DEALS NEWS

Auto tech: Fuel cell company Ballard Power Systems Inc. is set to receive a cash injection of more than $175-million in what it calls a “transformative strategic collaboration” with a Chinese automotive and equipment manufacturer. Weichai Power has signed a deal to acquire a 19.9-per-cent stake in Ballard for $163-million and establish a joint venture in China with the Canadian firm. The agreement will make it the fuel cell firm’s largest shareholder. Story

Buyouts: Fast-food chain operator Yum China Holdings Inc has rejected a US$17.6-billion buyout offer from a consortium led by Chinese investment firm Hillhouse Capital Group, quashing what would have been one of Asia’s biggest deals this year, people with direct knowledge of the matter said. Story

IN CASE YOU MISSED IT

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The spectacular rise and tragic fall of George Gosbee: When his best friend needed help, George Gosbee didn’t hesitate. He had convinced Marshall Abbott to join him on a skiing expedition to the South Pole, and now Abbott was on the brink of collapse. He was dehydrated and his heart was racing. It was all he could do to stay upright at 3,000 metres above sea level, let alone haul a sled packed with supplies. ROB Magazine (Kelly Cryderman and Jeffrey Jones, for subscribers)

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