Cameron's Feed
Jan 4, 2013

Canada to invest C$250 mln in auto industry

OAKVILLE, Ontario, Jan 4 (Reuters) – Canada will invest
C$250 million ($253.69 million) in the country’s auto industry,
Prime Minister Stephen Harper said on Friday, as Ottawa tries to
encourage private sector investment and create manufacturing
jobs.

Harper announced a five-year extension to the Automotive
Innovation Fund, which was set up in 2008 to provide government
support to research and development projects in Canada’s
automotive sector.

Dec 17, 2012

Sun Life sells U.S. annuity business, shares drop

TORONTO, Dec 17 (Reuters) – Sun Life Financial Inc
will sell its U.S. annuity business for $1.35 billion to a firm
connected to Guggenheim Partners in a deal that should reduce
the exposure of the insurer’s earnings to market swings and
boost its cash levels.

While the deal could bring long-term benefits to Sun Life,
whose earnings have been derailed by wild market swings during
recent years, investors pulled the company’s shares down by
nearly 4 percent as the financial terms fell short of initial
expectations.

Dec 17, 2012

Sun Life to sell U.S. annuity business, shares fall

TORONTO (Reuters) – Sun Life Financial Inc (SLF.TO: Quote, Profile, Research, Stock Buzz) will sell its U.S. annuity business for $1.35 billion to a unit of asset manager Guggenheim Partners in a deal that should reduce the exposure of the insurer’s earnings to market swings and boost its cash levels.

Even so, shareholders pulled Sun Life’s stock down by 2.5 percent on Monday after the Canadian company announced the deal, which will reduce its book value and core earnings.

Dec 14, 2012

Scotiabank questions S&P’s cut, citing international reach

TORONTO, Dec 14 (Reuters) – Bank of Nova Scotia,
one of Canada’s largest banks, took issue on Friday with
Standard & Poor’s decision to cut its debt ratings, saying its
international reach helps cushion it from a slowdown in Canadian
lending.

S&P downgraded credit ratings on six Canadian financial
institutions late on Thursday, a move that could raise their
borrowing costs and crimp profit margins on the loans they make.

Dec 7, 2012

Scotiabank profit rises 31 pct on wholesale banking

Dec 7 (Reuters) – Bank of Nova Scotia capped off
the fourth-quarter earnings season for Canadian banks with a
slightly stronger-than-expected 31 percent profit gain on
Friday, as strong wholesale banking income made up for more
sluggish international growth.

Following the trend of most of its peers this quarter,
profit gains were driven by trading and investment banking
income, while domestic loan growth was steady despite worries
that a cooling housing market will dry up demand.

Dec 6, 2012

CIBC profit rises but lending performance spurs concern

TORONTO, Dec 6 (Reuters) – Canadian Imperial Bank of
Commerce reported a 13 percent increase in quarterly
earnings on Thursday, slightly ahead of estimates, but the
bank’s shares declined on concerns the profit gain will be
difficult to replicate in coming quarters.

The increase was fueled by stronger capital markets-related
profit, while retail banking weakened due to CIBC’s decision
earlier this year to wind down its FirstLine mortgage division,
which sold inexpensive mortgages through brokerages.

Dec 6, 2012

TD Bank to buy Epoch, fourth quarter profit little changed

TORONTO (Reuters) – Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) is buying the owner of Epoch Investment Partners for $668 million in cash to expand its U.S. asset management business, Canada’s No. 2 bank said on Thursday as it reported little change in quarterly profit.

The acquisition will add $24 billion in assets under management to the $207 billion already overseen by TD Asset Management, and will fill a strategic gap for the bank, said TD Chief Financial Officer Colleen Johnston.

Dec 6, 2012

TD Bank to buy Epoch, Q4 profit little changed

TORONTO, Dec 6 (Reuters) – Toronto-Dominion Bank is
buying the owner of Epoch Investment Partners for $668 million
in cash to expand its U.S. asset management business, Canada’s
No. 2 bank said on Thursday as it reported little change in
quarterly profit.

The acquisition will add $24 billion in assets under
management to the $207 billion already overseen by TD Asset
Management, and will fill a strategic gap for the bank, said TD
Chief Financial Officer Colleen Johnston.

Dec 4, 2012

Narrow loan margins mar Canada bank profit gains

TORONTO, Dec 4 (Reuters) – Bank of Montreal topped
estimates with its fourth- quarter profit on Tuesday, but the
stock failed to gain traction as investors took a cautious view
of its lending performance, while smaller rival Canadian Western
Bank missed estimates and fell 3.5 percent.

Profit at BMO, Canada’s fourth-largest bank, was boosted by
a doubling of wholesale banking income and a gain on U.S. loans
that had previously been written down. BMO acquired Wisconsin
lender Marshall and Illsley (M&I) last year, more than doubling
the branch count of its U.S. midwest bank.

Dec 4, 2012

BMO profit rises on wholesale banking, better loans

TORONTO, Dec 4 (Reuters) – Bank of Montreal’s
quarterly profit rose 41 percent, topping estimates on the back
of a doubling of wholesale banking income and a gain on U.S.
loans that had previously been written down.

The company, Canada’s fourth-largest bank and also a major
presence in the U.S. Midwest, earned C$1.1 billion ($1.11
billion), or C$1.59 a share in the fourth quarter ended Oct 31.
That compared with a year-before profit of C$768 million, or
C$1.11 a share.