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
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.
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.
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.
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.
TORONTO (Reuters) – The Ontario government said on Friday it plans to sell its stake in General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) over the next year or so and will consider other options to raise funds, including the sale of real estate and government-owned assets.
The announcement, unveiled by Finance Minister Charles Sousa at a Toronto business luncheon, comes as Ontario’s minority Liberal government prepares to unveil a budget that could throw the Canadian province into a summer election.
TORONTO, April 11 (Reuters) – The Ontario government said on
Friday it plans to sell its stake in General Motors Co
over the next year or so and will consider other options to
raise funds, including the sale of real estate and
The announcement, unveiled by Finance Minister Charles Sousa
at a Toronto business luncheon, comes as Ontario’s minority
Liberal government prepares to unveil a budget that could throw
the Canadian province into a summer election.
OTTAWA/TORONTO (Reuters) – Jim Flaherty, who died on Thursday less than a month after stepping down from his post as Canada’s finance minister, was a straight talker who shepherded the country’s economy through a global financial crisis, and quit shortly after laying out a plan to reach his goal of balancing the government’s budget.
Flaherty, 64, died peacefully in Ottawa, his family said in a statement.
He had been suffering from a rare skin disease when he resigned on March 18, but he denied at the time his decision had anything to do with his health.
TORONTO (Reuters) – Struggling smartphone maker BlackBerry Ltd is a good long-term investment that is being unfairly punished by the stock market, the chief executive of the company’s top shareholder said on Wednesday.
“We think over time BlackBerry is going to do well,” Prem Watsa, CEO of Canada’s Fairfax Financial Holdings, which holds about 10 percent of BlackBerry’s shares, said at Fairfax’s annual general meeting in Toronto.
TORONTO, April 3 (Reuters) – Bank of Nova Scotia
led investment banks in advising on mergers and acquisitions in
Canada and finished second in equity issues in a first quarter
that brought a rebound in overall activity in both categories
after a weaker 2013.
Driven by brisker activity in the energy and mining sectors,
the total value of M&A deals in the quarter rose by 20 percent
to US$35.7 billion from the first quarter of 2013, according to
data released by Thomson Reuters on Thursday.