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

Here are the top reads from the week

Tanenbaum latest purchase: In sports circles, Larry Tanenbaum is known as the public face of ownership for Toronto's basketball, hockey and soccer teams, as chairman of Maple Leaf Sports & Entertainment Ltd. In the private-equity world, Mr. Tanenbaum is known as a low-profile, canny investor who built a billion-dollar fortune off paving, cable and cookie-dough companies. Story (Andrew Willis, for subscribers)

Complaints: Banking-related complaints handled by an industry ombudsman rose 28 per cent in 2017, reaching the highest level in five years as disputes over credit cards nearly doubled. Story (James Bradshaw)

Stock collapse: Shares of Element Fleet Management Corp. plummeted for the second time in five weeks as the struggling Bay Street finance company said it will take a restructuring charge, cut staff and close offices as part of a recovery plan that will take the rest of 2018 to implement. Story (Jacqueline Nelson, for subscribers)

Tech financing: Hootsuite Media Inc. has signed a credit financing agreement for up to US$50-million with CIBC Innovation Banking, money that the Vancouver technology firm plans to use mostly for acquisitions. Story (David Ebner and James Bradshaw, for subscribers)

Pot sector: Beleaguered medical marijuana company Maricann Group Inc. says "none of the statements" made by its chief executive officer, Ben Ward, in a recent controversial interview should be relied upon by investors. Story (Nial McGee, for subscribers)

Cryptocurrencies: Bank of Montreal has shut down the use of its credit cards to buy cryptocurrencies such as bitcoin, joining Toronto-Dominion Bank, which made a similar announcement last month. Story (Alexandra Posadzki)

Financial products: Investment manager Invesco Ltd. will be putting an end to popular key investment brands Trimark and PowerShares in an effort to build a stronger single global brand that will be more easy to identify among investors. Story (Clare O'Hara)

Shipping: Fairfax Financial Holdings Ltd. is doubling its investment in Seaspan Corp. as the container ship company seizes a bigger market share with the purchase of a Chinese fleet owner. Story (Eric Atkins, for subscribers)

Property transaction: Victor Dahdaleh, a British-Canadian businessman who was charged but acquitted in an international bribery case, has paid $850-million for part of an office complex in the heart of downtown Toronto. Story (Rachelle Younglai and Stephanie Chambers, for subscribers)

Compensation: The chief executives at most of Canada's biggest banks received handsome pay raises in 2017 after delivering a year of surging profits with relatively few hiccups. Story (James Bradshaw, for subscribers)

Street moves: Brookfield Financial has lost another retirement-home banker, the second departure in less than six months. Story (Rachelle Younglai, for subscribers)

New competitor: Silicon Valley Bank, catering to technology companies, has made major strides toward setting up shop in Canada, promising fresh competition in an already dynamic corner of the country's banking sector. Story (James Bradshaw, for subscribers)

Pot sector: The biggest legal grower of cannabis in the state of Washington is going public in Canada this week, the latest in a wave of American marijuana businesses that are raising money north of the border. Story (Christina Pellegrini, for subscribers)


Pay equality: Goldman Sachs on Friday reported a mean gender pay gap in Britain for its international business of 55.5 per cent and a mean bonus gap for the unit of 72.2 per cent. Story (for subscribers)


Startup acquired: When University of Toronto engineering professor Parham Aarabi first began researching face tracking technology, it never occurred to him that his resulting startup would later be snapped up by the world's biggest cosmetics company, L'Oreal. Story

Health sector: Johnson & Johnson said on Friday that private investment firm Platinum Equity had offered to buy its LifeScan Inc diabetes care business for about US$2.1-billion. Story (for subscribers)

Chips sector: Former Qualcomm Inc Chairman Paul Jacobs has informed its board of directors that he will seek to partner with investment firms to make an offer for the U.S. semiconductor company, people familiar with the matter said on Thursday. Story

Going public: Alithya Group Inc., a portfolio company of TELUS Ventures, Capital régional et coopératif Desjardins, Investissement Québec, and iA Financial Group, has entered into an arrangement with Edgewater Technology, Inc. which will result in Alithya becoming a NASDAQ and the TSX listed company. The arrangement is expected to be completed during the third quarter of 2018. Private Capital Journal

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 29/05/24 4:00pm EDT.

SymbolName% changeLast
Bank of Montreal
Bank of Montreal
Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
Element Fleet Management Corp
Fairfax Financial Holdings Ltd
Goldman Sachs Group
Invesco Plc
Johnson & Johnson
Qualcomm Inc

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