A Bay Street sign is seen in Toronto’s financial district.© Mark Blinch / Reuters
Here are the top reads from the week. Have a great weekend,
Takeover deal that went on and on: Just over a year ago, Newton Glassman hinted to the rest of Bay Street that the lineup of potential bidders for his Callidus Capital Corp. was a long one. Story (Jeffrey Jones, for subscribers)
Maricann saga: A group of underwriters has officially pulled the plug on a planned stock sale by Maricann Group Inc. after the cannabis grower failed to inform investors that the Ontario Securities Commission is investigating trading by three directors. Story (Christina Pellegrini and Tim Kiladze, for subscribers)
Debt-fuelled merger: Two Western Canadian waste and energy-services companies that have wrestled with unmanageable debt loads are merging in a reverse takeover, providing the larger company, Tervita Corp., with a long-sought public listing. Story (Tim Kiladze, for subscribers)
Budget commentary: Federal budget keeps Canada's fintech sector in the 'valley of death' Opinion
Legal beat: One of Canada's prominent corporate lawyers has retired from his firm after more than three decades on Bay Street, embarking on a new phase of a career that has included advising on many of the country's intricate deals. Story (Tim Kiladze, for subscribers)
Bank earnings: Impressive first-quarter results from Toronto-Dominion Bank extended a winning streak for Canada's big banks supported by booming international returns and low loan losses that continue to defy credit skeptics. Story (James Bradshaw)
More bank earnings: Quebec's buoyant economy helped drive National Bank of Canada's profit 11 per cent higher as the Montreal-based lender continues to streamline its operations. Story (James Bradshaw)
Capital markets earnings: The capital-markets arm of National Bank of Canada boosted its first-quarter profit by 12 per cent – and the second quarter could be even better if markets remain calm, according to the dealer. Story (Alexandra Posadzki, for subscribers)
Pensions: Canadian National Railway Co. landed a new CEO for its $18-billion pension plan, hiring veteran money manager Marlene Puffer away from fund manager Alignvest Management Corp. Story (Andrew Willis, for subscribers)
Budget outcome: Credit unions appear to have won relief from regulations that would have banned them from using terms such as "banking" to describe their business. Story (James Bradshaw)
Listings: For the first time ever, shares of a Canadian cannabis producer started trading on the Nasdaq, in a move that could help validate the young sector in a major equities market. Story (Christina Pellegrini, for subscribers)
Even more bank earnings: Bank of Nova Scotia reported first-quarter profit that topped market estimates and raised its dividend, boosted by strong gains in its Canadian and international banking operations. Story (James Bradshaw)
You guessed it, more bank earnings: Bank of Montreal carried on a trend of better-than-expected profits for Canada's largest banks, even as its absorbed a $425-million writedown due to U.S. tax changes. Story (James Bradshaw)
Capital markets earnings: The capital-markets arms of two of Canada's biggest banks saw their first-quarter profits decline, but executives said improved stock market conditions bode well for the quarter ahead. Story (Alexandra Posadzki)
Risk: What makes banks so confident that their loan books are sound, even if credit markets take a turn for the worse? Bank analyst Mario Mendonca of TD Securities Inc. probed the issue on a Tuesday conference call discussing BMO's earnings. In response, the bank's chief risk officer, Surjit Rajpal, delivered a lesson in the way banks think about risky loans. Story (James Bradshaw, for subscribers)
Cryptocurrencies: Financial institutions must not ignore risks of cryptocurrencies Opinion (David Mussington)
Wealth management: Eighty-seven per cent of retail bank customers in Canada say they are interested in receiving financial advice or guidance from their bank. However, just 33 per cent of retail bank customers say they receive financial advice, according to the J.D. Power 2018 Canada Retail Banking Advice Study, released Monday. Story (Clare O'Hara)
IPO watch: GFL Environmental Inc.'s plans to launch a lucrative Canadian initial public offering, potentially worth $1-billion, was dealt another setback after a leading debt-rating agency warned about the company's leverage levels. Story (Tim Kiladze, for subscribers)
Women in Capital Markets: After a 25-year career in finance that spanned everything from equity research to running Bank of Nova Scotia's global foreign-exchange business, Camilla Sutton is tackling a new challenge. Story (Alexandra Posadzki)
IPOs: Another Canadian cannabis grower is seeking to go public in what will be a test of investor appetite for marijuana stocks after weeks of high volatility. Story (Christina Pellegrini)
Fintech: Dream Payments Corp. is teaming up with MasterCard International Inc. to speed up the long wait for insurance-claim cheques and clearances faced by people making claims. Story (Josh O'Kane and Sean Silcoff, for subscribers)
Rescue: A Vancouver e-commerce company that filed for creditor protection last fall is seeking a second chance, backed with fresh money from a Silicon Valley venture-capital firm and a new strategy drawn up by a former Amazon.com Inc. executive. Story (Sean Silcoff, for subscribers)
FRIDAY FINANCIAL SERVICES WRAP
Guns and ETFs: BlackRock Inc., the world's largest asset manager, said it's exploring ideas for new funds, including index-based portfolios, that exclude gun makers and retailers. Story (for subscribers)
Security: Equifax Inc said it expects costs related to its massive 2017 data breach to surge by US$275-million this year, suggesting the incident at the credit reporting bureau could turn out to be the most costly hack in corporate history. Story
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