TD and CIBC maintain stronger-than-expected profits despite retail banking weakness: Profits at Canada’s largest banks rebounded faster than anticipated in the third quarter from the shock of the coronavirus pandemic, but executives warned setbacks are likely, and continued to build reserves to absorb higher losses. (James Bradshaw)
Macklem urges central banks to better engage with public; says pandemic heightened interest in monetary policy: New Bank of Canada Governor Tiff Macklem took to the international stage Thursday to call for central banks to better engage average citizens, saying that the pandemic has heightened the importance of communicating directly with an often skeptical and misinformed public. (David Parkinson)
Vanguard lays off some Canadian staff, shuts down offices in Hong Kong, Japan: Investment fund giant Vanguard Group Inc. has laid off a number of its Canadian staff, including the head of institutional sales, amid global cuts that have also shut down offices in Japan and Hong Kong. The job cuts in Canada come amid news reports that the Malvern, Pa.-based fund company – which manages about US$6-trillion in assets – is closing shops in other international markets. (Clare O’Hara)
New Cirque du Soleil owners eye streaming shows for home audiences after testy takeover battle: Toronto private equity firm Catalyst Capital Group Inc. scooped up Cirque du Soleil’s debt this past spring at barely half its face value. Now, it’s betting it can restore the famed circus troupe to its past glory by imposing greater financial discipline and bringing its live entertainment to your screens at home. (Nicolas Van Praet)
Walmart joins Microsoft bid for TikTok as video app’s recently appointed CEO quits: Walmart Inc said it was joining Microsoft in a bid for social media company TikTok’s U.S. assets, revealing its plans hours after the video company’s chief executive said he would step down. CEO Kevin Mayer, a high-profile former Disney executive, is leaving three months after joining TikTok, in the middle of negotiations to sell the Chinese-owned short-form video app’s U.S. operations to Microsoft Corp or Oracle Corp. (Reuters)
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