TORONTO (Reuters) – Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz) Chief Executive Rick Waugh said on Tuesday that Chinese authorities are reevaluating whether they want to go ahead with a deal to sell 20 percent of Bank of Guangzhou to the Canadian bank.
Scotiabank, Canada’s No. 3 lender, announced the C$719 million ($698.09 million) purchase of the stake in September 2011, predicting the deal would close at the end of that year.
TORONTO (Reuters) – Toronto Mayor Rob Ford, a target of criticism for his often unconventional conduct, on Friday denied media allegations that he had been caught on video smoking crack cocaine.
“Absolutely not true,” Ford told reporters gathered outside his west Toronto house, before driving off in his SUV.
TORONTO, May 10 (Reuters) – Onex Corp, one of
Canada’s biggest private equity firms, fell to a net loss in the
first quarter, but said on Friday it is seeing acquisition
opportunities in Europe one year after opening an office in
The opportunities in Europe come as North American deals
have been hard to come by early this year, Chief Executive Gerry
Schwartz said on a conference call with analysts and investors.
TORONTO, May 9 (Reuters) – While the current low
interest-rate environment has been toxic for many investors,
Brookfield Asset Management is banking on its
continuation to draw capital to its power, infrastructure and
property assets, Chief Executive Bruce Flatt said on Thursday.
“We expect the current slow growth, low rate, interest rate
environment to persist,” which should stoke demand for
income-producing assets, he said on a conference call with
analysts, investors and media.
TORONTO (Reuters) – Sun Life Financial (SLF.TO: Quote, Profile, Research, Stock Buzz) said on Wednesday its first-quarter profit fell by 25 percent, but topped estimates, as Canada’s No. 3 insurer was hurt by less favorable financial markets than in the year-before period.
The Toronto-based company earned C$513 million ($511.54 million), or 85 Canadian cents a share, in the quarter ended March 31. That compared with a year-ago profit of C$686 million, or C$1.15 per share.
TORONTO, May 2 (Reuters) – Ontario’s minority Liberal
government unveiled a budget on Thursday that projected a
narrower-than-expected 2013-14 deficit and included measures
aimed at securing opposition support and preventing an early
election for Premier Kathleen Wynne.
However, it was not clear whether the budget will receive
enough support to keep the Liberals in power, as opposition New
Democratic Party leader Andrea Horwath said she would consult
with voters before deciding what to.
TORONTO, May 2 (Reuters) – Canada’s top life insurer,
Manulife Financial Corp, reported a 56 percent drop in
profit in the first quarter, while earnings at rival Great-West
Lifeco Inc rose 15 percent as both companies met
expectations in a tough market.
Shares of the two insurers were higher in midday trade on
Thursday as investors took the results in stride, accustomed to
wild swings in Canadian insurers’ results over the past five
years as volatile stock and bond markets have roiled asset
TORONTO, May 2 (Reuters) – Manulife Financial Corp
reported a 56 percent drop in first-quarter earnings on
Thursday, citing weaker sales of its life insurance and less
favorable market conditions.
Net income fell to C$540 million ($535.63 million), or 28
Canadian cents a share, from C$1.22 billion, or 63 Canadian
cents a share, a year earlier.
TORONTO (Reuters) – Canadian Imperial Bank of Commerce’s remake from swashbuckling Wall Street player to low-risk Canada-focused lender has stabilized its earnings, but some shareholders now worry that the bank faces outsized exposure to an uncertain housing market.
The bank’s homebound approach – which CIBC trumpets as a road to reduced risk – is a direct result of previous U.S. forays that cost the bank billions following the 2001 tech meltdown and the 2008 subprime crisis.
TORONTO, May 1 (Reuters) – Canadian Imperial Bank of
Commerce’s remake from swashbuckling Wall Street player
to low-risk Canada-focused lender has stabilized its earnings,
but some shareholders now worry that the bank faces outsized
exposure to an uncertain housing market.
The bank’s homebound approach – which CIBC trumpets as a
road to reduced risk – is a direct result of previous U.S.
forays that cost the bank billions following the 2001 tech
meltdown and the 2008 subprime crisis.