Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
TD profit falls shy of forecasts as loan-loss provisions weigh: Toronto-Dominion Bank reported profit growth across all its major divisions in the third quarter but fell just shy of analysts’ expectations. A 17-per-cent rise in provisions for credit losses – the funds banks set aside to cover bad loans – was a drag on TD’s results, continuing a trend among Canada’s largest banks as they see expected loan losses creep up from unusually low levels a year ago. Story (James Bradshaw)
Canadian Western Bank hikes dividend as profit increases: CWB Financial Group (Canadian Western Bank) raised its dividend as it reported a third-quarter profit of $71-million. The Edmonton-based bank says it will now pay a quarterly dividend of 28 cents a share, up a penny from its previous rate. Story (Canadian Press)
Laurentian Bank reports lower profit, appoints two new directors: Laurentian Bank Financial Group reported a third-quarter profit of $47.8-million, down from $54.9-million in the same quarter last year. The Montreal-based bank says the profit amounted to $1.05 for each diluted share for the quarter ended July 31 compared with a profit of $1.23 for each diluted share a year ago. Story (Canadian Press)
UBS hires former Credit Suisse wealth-management star Iqbal Khan: Switzerland’s biggest bank UBS on Thursday appointed former Credit Suisse manager Iqbal Khan to co-lead its flagship wealth management business, as part of a broader shakeup of its executive board. Story (Reuters)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Google affiliate Sidewalk Labs partners with Teachers to form infrastructure company: Ontario Teachers’ Pension Plan is partnering with Google affiliate Sidewalk Labs to invest in infrastructure projects that use advanced technology. In March, The Globe and Mail first reported that Sidewalk Labs, a subsidiary of Google parent Alphabet Inc., had entered into preliminary agreements with financing partners for infrastructure projects associated with its proposed smart-city development on Toronto’s downtown eastern waterfront. Story (Josh O’Kane)
Tilray acquires Alberta cannabis retailer Four20: Cannabis producer Tilray Inc. says it has signed a deal to acquire Alberta cannabis retailer Four20 in an agreement valued at up to $110-million. Story (Canadian Press)
Israeli firm Kanabo aims to be first cannabis company to list on London exchange: Israel’s Kanabo Research aims this year to become the first cannabis company to list on London’s main stock market, as part of efforts to raise 4 million pounds for clinical trials and to launch over-the-counter products, its CEO said. Story (Reuters)
Sony selling stake in Olympus for $760-million after activist investor’s prodding: Sony Corp is selling its 5 per cent stake in Olympus Corp back to the Japanese medical equipment maker for 80.4 billion yen ($762.88 million), a move that Daniel Loeb’s activist hedge fund Third Point LLC had called for. Story (Reuters)
IN CASE YOU MISSED IT
RBC economist says correction in Canada’s housing market is over: Robert Hogue, senior economist at Royal Bank of Canada, is declaring the correction in Canada’s housing market over. The July sales numbers from the Canadian Real Estate Association prove it, he says, after the organization reported that sales rose 3.5 per cent from June’s level. Story (Carolyn Ireland)
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