Cameron's Feed
May 10, 2013

Onex Corp sees acquisition opportunities in Europe

TORONTO, May 10 (Reuters) – Onex Corp, one of
Canada’s biggest private equity firms, fell to a net loss in the
first quarter, but said on Friday it is seeing acquisition
opportunities in Europe one year after opening an office in
London.

The opportunities in Europe come as North American deals
have been hard to come by early this year, Chief Executive Gerry
Schwartz said on a conference call with analysts and investors.

May 9, 2013

Brookfield says “real” assets to benefit from low rates

TORONTO, May 9 (Reuters) – While the current low
interest-rate environment has been toxic for many investors,
Brookfield Asset Management is banking on its
continuation to draw capital to its power, infrastructure and
property assets, Chief Executive Bruce Flatt said on Thursday.

“We expect the current slow growth, low rate, interest rate
environment to persist,” which should stoke demand for
income-producing assets, he said on a conference call with
analysts, investors and media.

May 8, 2013

Sun Life Financial profit falls 25 percent on markets

TORONTO (Reuters) – Sun Life Financial (SLF.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday its first-quarter profit fell by 25 percent, but topped estimates, as Canada’s No. 3 insurer was hurt by less favorable financial markets than in the year-before period.

The Toronto-based company earned C$513 million ($511.54 million), or 85 Canadian cents a share, in the quarter ended March 31. That compared with a year-ago profit of C$686 million, or C$1.15 per share.

May 2, 2013

Ontario unveils budget, opposition support not clear

TORONTO, May 2 (Reuters) – Ontario’s minority Liberal
government unveiled a budget on Thursday that projected a
narrower-than-expected 2013-14 deficit and included measures
aimed at securing opposition support and preventing an early
election for Premier Kathleen Wynne.

However, it was not clear whether the budget will receive
enough support to keep the Liberals in power, as opposition New
Democratic Party leader Andrea Horwath said she would consult
with voters before deciding what to.

May 2, 2013

Manulife, Great-West profits meet expectations, shares up

TORONTO, May 2 (Reuters) – Canada’s top life insurer,
Manulife Financial Corp, reported a 56 percent drop in
profit in the first quarter, while earnings at rival Great-West
Lifeco Inc rose 15 percent as both companies met
expectations in a tough market.

Shares of the two insurers were higher in midday trade on
Thursday as investors took the results in stride, accustomed to
wild swings in Canadian insurers’ results over the past five
years as volatile stock and bond markets have roiled asset
values.

May 2, 2013

Manulife profit halves on markets, meets estimates

TORONTO, May 2 (Reuters) – Manulife Financial Corp
reported a 56 percent drop in first-quarter earnings on
Thursday, citing weaker sales of its life insurance and less
favorable market conditions.

Net income fell to C$540 million ($535.63 million), or 28
Canadian cents a share, from C$1.22 billion, or 63 Canadian
cents a share, a year earlier.

May 1, 2013

Analysis: CIBC’s Canada focus raises concerns as growth slows

TORONTO (Reuters) – Canadian Imperial Bank of Commerce’s remake from swashbuckling Wall Street player to low-risk Canada-focused lender has stabilized its earnings, but some shareholders now worry that the bank faces outsized exposure to an uncertain housing market.

The bank’s homebound approach – which CIBC trumpets as a road to reduced risk – is a direct result of previous U.S. forays that cost the bank billions following the 2001 tech meltdown and the 2008 subprime crisis.

May 1, 2013

CIBC’s Canada focus raises concerns as growth slows

TORONTO, May 1 (Reuters) – Canadian Imperial Bank of
Commerce’s remake from swashbuckling Wall Street player
to low-risk Canada-focused lender has stabilized its earnings,
but some shareholders now worry that the bank faces outsized
exposure to an uncertain housing market.

The bank’s homebound approach – which CIBC trumpets as a
road to reduced risk – is a direct result of previous U.S.
forays that cost the bank billions following the 2001 tech
meltdown and the 2008 subprime crisis.

Apr 22, 2013

Ontario says 2012-13 deficit smaller than expected

TORONTO, April 22 (Reuters) – Ontario’s budget deficit was
C$9.8 billion ($9.54 billion) in 2012-13, down from the minority
Liberal government’s January forecast of C$11.9 billion,
provincial Finance Minister Charles Sousa said on Monday.

In the text of a speech to be delivered at a business lunch
in Toronto, Sousa said the government will deliver its 2013-14
budget on May 2.

Apr 15, 2013

Gluskin Sheff says sought sale, but will stand pat

TORONTO, April 15 (Reuters) – Canadian asset manager Gluskin
Sheff + Associates Inc recently sought bids for the
company, but it said on Monday it has decided to hold off on a
sale for now, triggering a sharp slide in its shares.

In a statement responding to a Globe and Mail report that
the company was entertaining offers, Gluskin said it had
explored the possibility of a sale at the request of founding
shareholders Ira Gluskin and Gerald Sheff.