The Manulife Financial headquarters in Toronto, August 29, 2012.Galit Rodan/The Globe and Mail
Manulife Financial Corp.'s CEO is on his way out, but the insurer's United States-based business may not follow him through the door. Story (Jacqueline Nelson, subscribers)
One person. One year's drug prescription. One massive bill for $8-million (U.S.) to Sun Life Financial Inc. in 2016. The mounting costs of specialty drugs that treat rare conditions have been adding up for insurers across North America in recent years and Toronto-based Sun Life is no exception. Story (Jacqueline Nelson, subscribers)
This is the daily Streetwise newsletter with stories chosen by Globe financial services editor Rita Trichur. If you're reading this on the Web or someone forwarded this e-mail newsletter to you, you can sign up for the Streetwise newsletter and all Globe newsletters here.
Get the new Evening Update newsletter, a summary of the day's headlines put together by Globe editors, or the new Real Estate newsletter, covering the housing market, mortgages, deal closing, design and more. Sign up for them here.
DAILY DEALS
Husky Injection Molding Systems Ltd , a Canadian supplier of injection molding equipment to the global plastics industry, has hired investment bank Goldman Sachs Group Inc to explore a sale that it hopes could value it at close to $4-billion, including debt, according to people familiar with the matter. Story
CI Financial Corp. has struck a deal to acquire Sentry Investments Corp., valued at $780-million in cash and stock, merging two of the country's largest independent asset managers. Story (Joyita Sengupta)
Payments firm PayPal Holdings Inc has agreed to acquire online lending company Swift Financial in a bid to expand its business that provides working capital to merchants. Reuters
ELSEWHERE IN FINANCE
The board of Wells Fargo & Co., grappling with fresh problems even as it tries to move past the bank's sales-practices scandal, is planning a shake-up that is likely to include Stephen Sanger stepping down as nonexecutive chairman, according to people familiar with the matter. Wall Street Journal (subscribers)
Goldman Sachs Group Inc. owns hundreds of billions of dollars of stocks, bonds and commodities. Add to its portfolio: a 217-foot luxury yacht called Natita. Wall Street Journal (subscribers)
Digital currency fans are partying like it's 1999. Late last month, more than 300 people crowded onto a rooftop bar in Manhattan to celebrate Ethereum, the latest cryptocurrency to soar and capture speculators' imaginations. Wall Street Journal (subscribers)