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Jun 30, 2015

FIFA scandal exacerbates Canadian banks’ Caribbean troubles

TORONTO/NEW YORK, June 30 (Reuters) – An eyebrow-raising disclosure in the U.S. indictment of FIFA officials is that a representative of a Caribbean bank made it easy for one allegedly illegal transaction to be done by flying to New York to personally collect a check and then returned to deposit it in an account in the Bahamas.

This unusual courier service, which reduced the electronic trail on a $250,000 payment to former FIFA official Chuck Blazer in May 2011, was provided by an unnamed officer of Barbados-based CIBC FirstCaribbean International Bank, the indictment shows. CIBC FirstCaribbean is a subsidiary of Canadian Imperial Bank of Commerce, Canada’s fifth-largest bank.

Jun 30, 2015

Cenovus to sell royalty portfolio to Ontario Teachers’ for $2.66 billion

TORONTO (Reuters) – Cenovus Energy Inc (CVE.TO: Quote, Profile, Research, Stock Buzz), Canada’s second-largest independent oil producer, said on Tuesday it has agreed to sell its portfolio of oil and gas royalty properties to Ontario Teachers’ Pension Plan for about C$3.3 billion ($2.66 billion).

“We believe this agreement captures significant value for Cenovus shareholders from our royalty and fee lands business,” said Cenovus Chief Executive Officer Brian Ferguson. “This transaction will realize value that isn’t currently reflected in our share price.”

Jun 30, 2015

Cenovus to sell royalty portfolio to Ontario Teachers’ for C$3.3 bln

TORONTO, June 30 (Reuters) – Cenovus Energy Inc,
Canada’s second-largest independent oil producer, said on
Tuesday it has agreed to sell its portfolio of oil and gas
royalty properties to Ontario Teachers’ Pension Plan for about
C$3.3 billion ($2.66 billion).

“We believe this agreement captures significant value for
Cenovus shareholders from our royalty and fee lands business,”
said Cenovus Chief Executive Officer Brian Ferguson. “This
transaction will realize value that isn’t currently reflected in
our share price.”

Jun 29, 2015

Fairfax’s potential hit from Greek exposure limited -RBC

TORONTO, June 29 (Reuters) – Fairfax Financial Holdings
, which bet on a successful turnaround in Greece in
2014, stands to take a hit from a Greek default, but one-time
gains and other factors are likely to soften the blow, RBC said
in a note on Monday.

Analyst Mark Dwelle said that despite the spiraling Greek
crisis, he did not expect a significant reduction to Fairfax’s
book value in the second quarter since certain writedowns have
already been booked.

Jun 29, 2015

GE to sell its global fleet assets to Element and Arval

TORONTO (Reuters) – General Electric (GE.N: Quote, Profile, Research, Stock Buzz) on Monday said it agreed to sell its fleet management arm in the United States, Mexico, Australia and New Zealand to Canada’s Element Financial (EFN.TO: Quote, Profile, Research, Stock Buzz) for $6.9 billion, moving it a step further in its plan to shed financial assets.

Separately, GE signed a memorandum of understanding to sell its European fleet segment to Arval, a subsidiary of BNP Paribas (BNPP.PA: Quote, Profile, Research, Stock Buzz). GE did not disclose the sale price for this part, but a source close to the matter said GE is set to receive some $3.3 billion for this business.

Jun 26, 2015

Exclusive – Scotiabank warns football’s CONCACAF to clean up its act or funds will be withheld

TORONTO (Reuters) – Bank of Nova Scotia has warned regional football body CONCACAF, which is deeply enmeshed in the FIFA bribery scandal, that it will withhold funds from a major sponsorship deal unless the confederation cleans up its act, according to a source familiar with the bank’s position.

    “The bank is deeply concerned,” said the source, speaking on condition of anonymity due to the sensitivity of the matter. “It does not want to be associated with scandals like this at all.”

Jun 26, 2015

Exclusive: Scotiabank warns soccer’s CONCACAF to clean up its act or funds will be withheld

TORONTO (Reuters) – Bank of Nova Scotia has warned regional soccer body CONCACAF, which is deeply enmeshed in the FIFA bribery scandal, that it will withhold funds from a major sponsorship deal unless the confederation cleans up its act, according to a source familiar with the bank’s position.

“The bank is deeply concerned,” said the source, speaking on condition of anonymity due to the sensitivity of the matter. “It does not want to be associated with scandals like this at all.”

Jun 26, 2015

GE asset sales, other mega deals may jolt Canadian league tables

TORONTO/NEW YORK, June 26 (Reuters) – General Electric’s
sale of its finance assets is set to shape and
potentially shake-up Canadian M&A league tables this quarter as
bankers scramble to get deals across the finish line before the
end of June.

In April, GE unveiled a plan to sell about $200 billion in
GE Capital assets as it moves away from finance and focuses on
manufacturing of industrial equipment. GE Chief Executive Jeff
Immelt sped up GE’s sales timeline last month, including the
expectation for $20 billion to $30 billion in finance deals by
the end of June.

Jun 26, 2015

Scotiabank warns soccer’s CONCACAF to clean up its act or funds will be withheld

TORONTO, June 26 (Reuters) – Bank of Nova Scotia has warned regional soccer body CONCACAF, which is deeply enmeshed in the FIFA bribery scandal, that it will withhold funds from a major sponsorship deal unless the confederation cleans up its act, according to a source familiar with the bank’s position.

“The bank is deeply concerned,” said the source, speaking on condition of anonymity due to the sensitivity of the matter. “It does not want to be associated with scandals like this at all.”

Jun 26, 2015

Germany’s K+S confirms takeover proposal from Potash Corp

FRANKFURT/TORONTO (Reuters) – German potash producer K+S (SDFGn.DE: Quote, Profile, Research, Stock Buzz) said on Thursday it has received a takeover proposal from larger Canadian fertilizer producer Potash Corp of Saskatchewan Inc (POT.TO: Quote, Profile, Research, Stock Buzz), potentially marking the start of a new takeover saga in the industry.

K+S said it was assessing its options. Two sources close to the matter however, said K+S will likely reject the 7 billion euro ($7.8 billion) takeover offer as being too low. The sources said the offer values K+S at just over 40 euros a share.

    • About Euan

      "Euan Rocha covers mining and minerals in Canada, where he focuses on gold, base metals and fertilizer companies. Euan, who is currently based in Toronto, has previously worked with Reuters in the United States and India. While based in New York for four years, Euan headed the Reuters Alerts team, before moving on to cover the U.S. chemical industry. Euan began his career with Reuters in Bangalore, India in 2004."
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