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Streetwise Streetwise newsletter: Starlight taps Dennis Mitchell for new venture; Gibson Energy sells U.S. business; CIBC economist disputes BIS warning

A Bay Street sign is seen in Toronto’s financial district.

Mark Blinch/The Globe and Mail

Here are the top reads,

Street moves: Prominent portfolio manager Dennis Mitchell has re-emerged in the investment industry as the new head of Starlight Investments' real estate securities arm. Story (Clare O'Hara and Andrew Willis, for subscribers)

Energy sector: Gibson Energy Inc. has sold its U.S. environmental services businesses for $125-million, clearing the way for the energy infrastructure company to expand its Canadian oil and gas storage system. Story (Andrew Willis, for subscribers)

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Credit risk: A leading Canadian bank economist is pouring cold water on a recent report that sounded alarms about mounting cred risks to Canada's banking system. Story (James Bradshaw)

Mining sector: Shares in struggling Canadian junior gold producer Klondex Mines Ltd. surged after U.S.-based Hecla Mining Co. announced it intends to pay a premium of almost 80 per cent to acquire the company in a transaction worth US$462-million. Story (Niall McGee, for subscribers)

Regulators: The year 2018 was promised as the time that Canada's patchwork system of provincial securities regulators would be consolidated under a single regulatory body. But as the summer deadline for implementing the necessary legislation inches closer, and amid the looming uncertainty stemming from an ongoing Supreme Court case, industry observers are questioning the feasibility of the proposed timeline. Some are wondering whether the initiative will come to fruition at all. Story (Alexandra Posadzki, for subscribers)


IPOs: Cloud storage company Dropbox Inc's initial public offering was oversubscribed, two people familiar with the matter said on Monday, indicating healthy demand for the first big tech IPO this year even as tech stocks opened the week on a sour note. Story

Media sector: A trial that could shape the future of U.S. media ownership kicks off in Washington this week as the Department of Justice seeks to block AT&T Inc's $85-billion acquisition of Time Warner Inc. Story

U.S. venture capital: Metal 3D printing company Desktop Metal has raised US$65 million in a round of funding led by Ford, with participation from Future Fund. Founded in 2015, Burlington, Massachusetts-based Desktop Metal is setting out to make 3D metal printing more accessible to manufacturers and engineers outside highly specialized industries, as well as reducing costs and turnaround times for companies that already manufacture metal-based goods. VentureBeat

U.S. venture capital: TwoXar, a biopharmaceutical startup that uses artificial intelligence (AI) to identify and develop new medicines, has raised US$10 million in a series A round of funding led by SoftBank's early-stage venture capital firm, SoftBank Ventures, with participation from Andreessen Horowitz and Braintree founder Bryan Johnson's OS Fund. VentureBeat


Canadian franchising: Private equity firms are showing an increased interest in acquiring Canadian franchise systems. PE Hub

Deal analysis: The purchase of Whole Foods will no doubt go down as one of Amazon's most significant acquisitions of this decade—and deservedly so. It was a savvy move, one that put the wider retail industry on notice. But Amazon's deal for Kiva Systems, while perhaps lesser-known, remains the more transformative one, radically changing how the ecommerce giant fulfills millions of orders and potentially saving the company, by some estimates, up to US$2.5 billion. PitchBook

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