TORONTO (Reuters) – The acquittal of three former executives of bankrupt telecommunications company Nortel Networks in a high-profile fraud case is an embarrassing loss for Canadian prosecutors that could have a chilling effect on future efforts to pursue white-collar crime.
The telecom equipment manufacturer fired Chief Executive Frank Dunn and top lieutenants Douglas Beatty and Michael Gollogly in 2004 amid an accounting scandal, and they were charged four years later with altering corporate results to trigger lucrative bonuses.
TORONTO, Jan 10 (Reuters) – Canada should clarify the
criteria used for setting its benchmark rate for banker’s
acceptances and tighten controls to prevent manipulation, a
Canadian regulatory body said in a study spurred by revelations
of the London Interbank Offered Rate rigging scandal.
IIROC, the Investment Industry Regulatory Organization of
Canada, a self-regulatory body entity that oversees all
investment dealers, launched the review of the Canadian Dealer
Offered Rate (CDOR) in August.
TORONTO, Jan 8 (Reuters) – The CEOs of Canada’s top two
banks on Tuesday made clear they would not be stepping down in
the immediate future, postponing any expectations of a
generational shift in the country’s banking sector.
Speculation that the country’s large banks would soon be led
by younger people began in earnest in October when Bank of Nova
Scotia, Canada’s No. 3 bank, named longtime executive
Brian Porter as president, making him the heir apparent to Chief
Executive Officer Rick Waugh. Porter is in his mid-50s.
TORONTO, Jan 8 (Reuters) – Bank of Nova Scotia
signaled on Tuesday it is growing increasingly frustrated with
the slow progress of its efforts to close its acquisition of a
20 percent stake in China’s Bank of Guangzhou, and it opened the
door to the possibility the deal might not go through.
Scotiabank, Canada’s No. 3 lender, announced the C$719
million ($728.36 million) transaction in September 2011,
predicting at the time the deal would close at the end of that
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
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
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
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.
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
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 (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.
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.