TORONTO (Reuters) – As soon as Prem Watsa stepped down from Blackberry’s board in August, speculation that he would launch a bid for the troubled smartphone maker started to swirl. Six weeks later, the man some call Canada’s Warren Buffett has delivered, beginning a rescue project he once said could take four or five years.
Just over a year ago, Watsa said BlackBerry was a “Canadian success story,” a good buy and a likely turnaround story even though its market share was tumbling.
(Reuters) – Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) agreed on Monday to buy about half of Canadian Imperial Bank of Commerce’s (CM.TO: Quote, Profile, Research, Stock Buzz) Aeroplan Visa (V.N: Quote, Profile, Research, Stock Buzz) credit card portfolio in a deal that will see both banks issue the popular and lucrative rewards card.
The agreement, which drove shares of Aeroplan loyalty program operator Aimia (AIM.TO: Quote, Profile, Research, Stock Buzz) to a five-year high, averts a potential legal battle between the two banks and also eliminates uncertainty over the future of the card that could have seen customers flee to other banks.
TORONTO, Sept 15 (Reuters) – “12 Years a Slave,” the true
story of a free black man sold into slavery in 1840s Louisiana,
won the top prize at the Toronto International Film Festival on
The film, by “Shame” director Steve McQueen and starring
Chiwetel Ejiofor, took home the BlackBerry People’s Choice award
for best film at the 38th edition of the festival.
TORONTO, Sept 11 (Reuters) – Judging by some early reviews,
Steve McQueen’s “12 Years a Slave” will sweep the Oscars, Golden
Globes and perhaps even win an honorary Olympic medal, but the
film is one of just many that has impressed critics at this
year’s Toronto International Film Festival.
And while films that generate Oscar buzz in September often
fade by the time the awards are given out in February,
Toronto-screened movies like “12 Years,” “Gravity,” “Dallas
Buyers Club” and “August: Osage County” look like solid bets for
TORONTO, Sept 10 (Reuters) – Documentaries have enjoyed
increased profile over the last decade thanks to
personality-driven hits by directors such as Michael Moore and
Morgan Spurlock, as well as big-budget films such as U2′s “From
the Sky Down”, which headlined the Toronto International Film
Festival in 2011.
The documentary slate at this year’s festival – led by
Jehane Noujaim’s “The Square”, which follows activists in
Cairo’s Tahrir Square in the wake of the 2011 overthrow of
Egyptian President Hosni Mubarak – leans more towards the kinds
of news features that in years past might have been found on
TORONTO (Reuters) – Director Jason Reitman, known for snappily written modern-day comedies like “Up in the Air” and “Juno,” tackles unfamiliar territory with his new feature “Labor Day,” a fugitive love story set in 1980s small-town America.
Adapted by Reitman from the 2009 novel by Joyce Maynard, the film centers on an agoraphobic single mother, played by Kate Winslet, and her 13-year-old son. Their lives are reshaped over a 1987 holiday weekend when an escaped convict, portrayed by Josh Brolin, forces them to shelter him from authorities.
TORONTO (Reuters) – Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) said it was seeking acquisitions valued at more than C$1 billion ($948.72 million) as it tries to boost the amount of profit it generates from wealth management.
“Much of the growth that we are planning will come from the U.S. and will be focused on asset management, private wealth management and private banking,” Chief Executive Officer Gerry McCaughey said on Wednesday.
TORONTO, Aug 30 (Reuters) – Laurentian Bank of Canada
, the country’s seventh-largest bank by assets, reported
a 6 percent fall in quarterly profit on Friday as higher
operating and integration costs stemming from recent
acquisitions offset higher revenue.
Shares of Montreal-based Laurentian, which operates almost
exclusively in the province of Quebec, were down 0.9 percent
after the results were released.
TORONTO, Aug 29 (Reuters) – Canadian Imperial Bank of
Commerce will part with around C$3 billion ($2.85
billion) of credit card receivables if its deal to sell half of
its Aeroplan Visa credit card portfolio with Toronto-Dominion
Bank goes through.
Speaking on a conference call to discuss the bank’s
third-quarter results, Chief Financial Officer Kevin Glass said
on Thursday that the Aeroplan portfolio currently accounts for
about C$6 billion in outstanding receivables.
TORONTO, Aug 29 (Reuters) – Three of Canada’s biggest banks
posted better-than-expected third-quarter results on Thursday,
pushing their shares higher as surprisingly strong retail
lending and wealth management income offset weakness in
investment banking and trading profits.
Royal Bank of Canada and Toronto-Dominion Bank
, the country’s top two banks, both announced dividend
hikes, while No. 5 lender Canadian Imperial Bank of Commerce
said it would buy back as much as 2 percent of its stock
over the next 12 months.