NEW YORK/TORONTO (Reuters) – The owners of Neiman Marcus Inc NMRCUS.UL agreed to sell the U.S. luxury department store chain to two private investors for $6 billion, almost $1 billion more than they paid for the company in 2005.
The buyers, Ares Management LLC and the Canada Pension Plan Investment Board (CPPIB), said on Monday they will split ownership equally, with an undisclosed minority stake going to current management.
TORONTO, Sept 5 (Reuters) – Canadian policymakers should
raise interest rates if they fear a bubble is forming in the
nation’s housing market rather than imposing more regulations on
Canada’s big banks and mortgage lenders, the head of Bank of
Nova Scotia said on Thursday.
Reacting to a slew of rule changes that the federal
government has made over the past five years to tighten mortgage
lending, Scotiabank Chief Executive Rick Waugh said there are
better tools to guard against housing bubbles.
TORONTO (Reuters) – Canadian financial adviser Leony deGraaf decided to specialize in elder care after watching her father help seniors in his own practice, and she’s never looked back – grateful for the life lessons her clients teach her as she manages their investments.
“It doesn’t seem like a lot of advisers take the time to sit down and really explain everything, but it’s really rewarding. They’ve really taught me a lot over the years – lessons from their generation, starting with ‘Save before you spend,’” said deGraaf, 42, who completed the Elder Planning Counselor (EPC) designation nearly 10 years ago.
(Reuters) – The U.S. securities regulator on Thursday banned former press baron Conrad Black from acting as a director of a U.S. company and said he must pay $4.1 million in restitution in a settlement that ends a long-standing lawsuit over Black’s dealings as the head of the Hollinger media empire.
In its heyday, Hollinger International operated a raft of newspapers that included the Chicago Sun-Times, the Jerusalem Post, Britain’s Daily Telegraph and the National Post in Black’s native Canada. Black, 68, gave up Canadian citizenship when he became a member of Britain’s House of Lords.
TORONTO, Aug 15 (Reuters) – Sales of existing homes in
Canada edged up in July from June and were much higher than a
year earlier, the Canadian Real Estate Association (CMHC) said
on Thursday in a report that suggested the housing market has
leveled off after a spring surge.
The industry group for Canadian real estate agents said
sales were up 0.2 percent in July from the month before. Actual
sales for July, not seasonally adjusted, were up 9.4 percent
from a year earlier.
TORONTO, Aug 14 (Reuters) – Canadian home prices rose in
July from June to an all-time high, but the modest monthly gain
suggests the robust housing market may be cooling again,
according to data from the Teranet-National Bank Composite House
Price Index on Wednesday.
The index, which measures price changes for repeat sales of
single-family homes, showed overall prices rose 0.7 percent in
July from a month earlier, the fifth straight monthly gain but
on the low side of typical summer housing strength.
TORONTO, Aug 9 (Reuters) – Private equity probably offers
North America’s best investment opportunities at present, one of
Canada’s biggest dealmakers said on Friday, but investors are
likely wrong to assume that global markets have returned to
The head of Canada Pension Plan Investment Board said he was
prepared to walk away from future deals if pricing gets too
TORONTO, Aug 6 (Reuters) – Canada’s federal housing agency
took small step to tighten mortgage lending in 2013, limiting
guarantees it offers banks and other lenders on mortgage-backed
securities in another attempt to keep a lid on the country’s
robust housing market.
The move by the Canada Mortgage and Housing Corp may drive
mortgage rates up by a small amount as banks and other big
lenders are shut out of an inexpensive way to issue loans and
have to take on more risk themselves at a time when some say
Canada’s housing market is overheated.
Toronto, July 30 (Reuters) – Toronto-Dominion Bank
, Canada’s second-largest lender, said it will take a
third-quarter charge after tax of C$418 million ($406 million)
due to recent severe weather in Alberta and Ontario and to boost
its reserves for auto insurance claims.
The weather-related hit on TD’s insurance and mortgage
lending business was largely shrugged off by investors and
analysts as a widely expected one-time expense. But its move to
strengthen reserves on auto insurance claims suggested the
business may not be as profitable as the bank would like.
TORONTO, July 29 (Reuters) – Dean Owen has been trying to
talk his Canadian clients into shifting to U.S. equities for
months, with only limited success. With slow growth expected at
home, he says it is more important now as the U.S. economy gets
“U.S. consumers are getting out of debt and making sure they
have a comfort zone before they start buying, but they will
start buying,” said Owen, a personal financial planner at Cherry
Financial Services in Saskatoon, Saskatchewan.