Cameron's Feed
Jun 5, 2014

Canada manhunt under way after three police officers shot dead

TORONTO (Reuters) – Three police officers were shot dead in the Canadian city of Moncton and two more were wounded as they conducted a manhunt for a man carrying a rifle and wearing camouflage clothes, Canadian police said on Wednesday

Police said they were searching for Justin Bourque, 24, and urged residents to stay inside and locked their doors.

May 29, 2014

CIBC profit drops less than expected as it eyes bigger deals

TORONTO, May 29 (Reuters) – Quarterly profit at Canadian
Imperial Bank of Commerce fell by nearly two-thirds due
to a charge taken by its Caribbean unit, the bank said on
Thursday, but the result topped analysts’ estimates and CIBC’s
chief executive signaled a willingness to pay more for
acquisitions.

CEO Gerry McCaughey has targeted wealth management as a
business he’d like to expand, and said last year he’d entertain
deals in the billion-dollar range.

May 27, 2014

Scotiabank profit rises 14 percent, eyes acquisition pipeline

TORONTO (Reuters) – Bank of Nova Scotia said on Tuesday its second-quarter profit rose 14 percent, beating estimates, and the lender’s CEO suggested its strong capital levels will be directed toward acquisitions rather than large share buybacks.

The bank’s stock surged to an all-time high on the results.

Brian Porter, who has emphasized organic growth since taking over as chief executive officer last year, said the bank was eyeing expansion in credit cards, as well as wealth management and retail banking growth in Peru, Colombia, Mexico and Chile.

May 22, 2014

RBC, TD shares hit record highs as results top estimates

TORONTO, May 22 (Reuters) – Royal Bank of Canada and
Toronto-Dominion Bank topped second-quarter estimates on
the back of low loan-loss provisions and stronger retail lending
and wealth management income, spurring shares of Canada’s top
two banks to all-time highs on Thursday.

Profit at RBC and TD’s core domestic retail banks rose 7
percent and 13 percent, respectively, in spite of slowing growth
in mortgage lending over the past few years.

May 22, 2014

TD Bank profit rises on strong retail lending

TORONTO (Reuters) – Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) said on Thursday that its quarterly profit rose 16 percent as recent credit card and wealth management acquisitions boosted Canadian and U.S. retail lending.

Canada’s second-largest bank said it had earned C$1.99 billion ($1.82 billion), or C$1.04 a share, in the second quarter ended April 30, compared with C$1.72 billion, or 89 Canadian cents a share, a year earlier.

May 14, 2014

Scotiabank to explore sale of CI Financial stake

TORONTO, May 14 (Reuters) – Bank of Nova Scotia
said on Wednesday it will explore options to divest itself of
some or all of its 37 percent stake in asset manager CI
Financial and redeploy the capital elsewhere.

The bank, which acquired the CI stake from insurer Sun Life
Financial Inc in late 2008, said in a statement it
would pursue any divestitures “in one, or a series of
transactions.”

Apr 24, 2014

CIBC says CEO McCaughey to retire in 2016, no successor named

TORONTO, April 24 (Reuters) – Canadian Imperial Bank of
Commerce said on Thursday that Chief Executive Officer
Gerry McCaughey will retire in two years, the latest in a series
of leadership changes at Canada’s top lenders.

Toronto-based CIBC, Canada’s fifth-largest bank, said
McCaughey, 57, will step down on April 30, 2016. The bank did
not name a replacement, and said the actual date of McCaughey’s
retirement could change upon the completion of a succession plan
that is currently under way.

Apr 20, 2014

Rubin “Hurricane” Carter, U.S. boxer famous in folk song, dies at 76

TORONTO/NEW YORK (Reuters) – Former U.S. professional boxer Rubin “Hurricane” Carter, who spent 19 years in prison for murder and then was released after it was determined he did not get a fair trial, died on Sunday at the age of 76, according to reports in the Canadian media.

Carter, considered a folk hero by many and immortalized in film and song, had been battling prostate cancer for months, according to reports by the Toronto Globe and Mail and the CBC. He died in Toronto, where he had been living since he was released from prison in 1985, according to the reports.

Apr 16, 2014

Canadians bid farewell to Jim Flaherty, former finance minister

TORONTO (Reuters) – Canada’s political elite and hundreds of well-wishers paid final respects to former Finance Minister Jim Flaherty at a state funeral on Wednesday, with Prime Minister Stephen Harper depicting Flaherty as a man who put his own needs aside in the service of his country.

Flaherty’s death of a heart attack last week shocked Canadians, coming less than a month after the 64-year-old stepped down after eight years running the country’s finances.

Apr 15, 2014

Scotiabank keen on Mexico despite Oceanografia scandal

TORONTO, April 15 (Reuters) – Bank of Nova Scotia
sees Mexico as its most promising growth territory and is not
deterred by a money-laundering scandal there involving
Citigroup’s Banamex unit, Scotiabank’s head of
international banking said on Tuesday.

Mexico’s banking industry has been under scrutiny since
Citigroup said in February it had discovered at least $400
million in fraudulent loans made by Banamex to Mexican oil
services company Oceanografia.