Here are the top reads on deals and financial services over the last 24 hours,
Executive Compensation : Why Canadian CEO pay has soared over the past decade: Our special report on executive compensation. Story (Janet McFarland, for subscribers)
Listing: Tilray Inc., Canada’s last major privately owned cannabis grower, has applied to go public in the United States. The British Columbia-based company said on Wednesday that it wants to list its stock on the Nasdaq Global Select Market, joining the likes of blue-chip tech giants such as Apple Inc., Microsoft Corp. and Alphabet Inc. It has applied to list under the symbol “TLRY.” Story (Christina Pellegrini, for subscribers)
Trading: “Speed bumps,” or slight delays in trading, can help protect most investors from the predatory tactics employed by high-frequency traders, according to a new study by an economist for the U.S. Securities and Exchange Commission. The study published on Wednesday by financial economist Edwin Hu does not represent the views of the SEC or its commissioners. But it does provide a new data point in the continuing debate about market structure and lends some support to the business models of upstart exchanges such as U.S.-based IEX Group Inc. and Canada’s Aequitas Neo Exchange Inc. Story (Alexandra Posadzki, for subscribers)
Mining: Australian mining exploration and development company Battery Mineral Resources Limited (BMR) is planning to raise $75-million in a public offering on the Toronto Stock Exchange in a bid to cash in on buoyant investor interest in battery metals as consumers increasingly embrace electric cars. Story (Niall McGee, for subscribers)
MORE FINANCIAL SERVICES NEWS
International banking: China should cut banks’ reserve requirement ratios (RRR) to help ease their burdens, the central bank said in a working paper on Tuesday, fanning expectations of an imminent policy move as its governor urged investors to remain calm. Fears of a full-blown trade war with Washington have magnified concerns about the outlook for the world’s second-largest economy, following weaker-than-expected growth data for May and as a regulatory crackdown in its third year starts to weigh on business activity. The People’s Bank of China surprised markets earlier in the day by lending 200-billion yuan to financial institutions via its medium-term lending facility (MLF), highlighting concerns over liquidity and a potential drag on trade. Story
MORE DEALS NEWS
Spin-off: Aurora Cannabis Inc. is planning to spin off its Australis Capital subsidiary as a separate entity that would focus primarily on investing in the U.S. cannabis and real estate sectors. Story
Oil sector: Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over US$1.3-billion, bringing it closer to a target of US$30-billion in disposals by year-end. Story
Media sector: Walt Disney Co. raised its bid for the bulk of Twenty-First Century Fox Inc.’s film and television assets to US$71.3-billion on Wednesday, sweetening its deal with cash as it looks to upend Comcast Corp.’s US$65-billion offer. Story
WHAT WE’RE READING ELSEWHERE:
Private equity: Public Sector Pension Investment Board, Canada’s fourth-largest pension system, is seeing the benefits of a three-year strategy that changed the way it invests in private equity and infrastructure, in part by doing more direct deals. PE Hub
Fees: Hedge funds are getting cheaper as the industry seeks to lure investors after years of disappointing performance. Institutional Investor
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