OTTAWA/TORONTO, Feb 13 (Reuters) – The Canadian government
said on Friday it had joined contract talks between Canadian
Pacific Railway Ltd and unionized staff ahead of a
possible weekend strike, but it also began laying the groundwork
to introduce back-to-work legislation.
Canadian Labour Minister Kellie Leitch intervened in the
negotiations to encourage an agreement and stave off a potential
weekend strike, her spokesman said.
TORONTO, Feb 12 (Reuters) – Canadian insurer Manulife
Financial Corp reported a weaker-than-expected
fourth-quarter profit on Thursday, hurt by a jump in some types
of claims, and warned macroeconomic factors like low interest
rates would produce “headwinds” in 2015.
The insurer reported common shareholders’ net income fell to
C$612 million ($487.11 million), or 33 Canadian cents a share,
in the quarter ended Dec. 31, from C$1.26 billion, or 68
Canadian cents a share, a year earlier.
By Jeffrey Hodgson
(Reuters) – Sun Life Financial Inc (SLF.TO: Quote, Profile, Research) will buy New York-based Ryan Labs Asset Management in a deal the Canadian insurer hopes will help it win more business with U.S. pension funds and other institutional investors, Sun Life said on Wednesday.
Toronto-based Sun Life did not disclose the value of the deal for Ryan Labs, which specializes in liability-driven investing, but said the acquisition would not be material to its results.
TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is in no rush to do more acquisitions now that its $5.4 billion deal for City National Corp (CYN.N: Quote, Profile, Research) gives it a platform to expand in U.S. wealth management and commercial banking, RBC’s chief executive said.
Canada’s No. 1 bank said the deal, announced on Thursday, was driven in large part by its desire for City National’s stable of high-net worth clients and by the high quality of the Los Angeles-based bank.
TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research) is pushing deeper into the U.S. wealth management business, saying on Thursday it will buy Los Angeles-based City National Corp (CYN.N: Quote, Profile, Research) for $5.4 billion in a deal that targets City’s stable of high-net worth clients.
Canada’s major banks, which emerged from the financial crisis largely unscathed, have been on a global hunt to expand their wealth management arms. Canadian bankers say the industry should benefit from an aging population and is less capital-intensive than traditional lending.
TORONTO (Reuters) – The parent of Canada’s Porter Airlines is nearing the sale of a passenger terminal it operates at Toronto’s Billy Bishop Airport, according to three sources familiar with the process.
The sources, who asked not to be named as they are not authorized to publicly comment on the matter, said a bidding process for the asset on the island airport is underway.
TORONTO, Dec 15 (Reuters) – The parent of Canada’s Porter
Airlines is nearing the sale of a passenger terminal it operates
at Toronto’s Billy Bishop Airport, according to three sources
familiar with the process.
The sources, who asked not to be named as they are not
authorized to publicly comment on the matter, said a bidding
process for the asset on the island airport is underway.
TORONTO, Dec 10 (Reuters) – Canadian banks say the worst of
the financial hits they have taken on their Caribbean operations
should be behind them as an improving U.S. economy and lower oil
prices help support the region’s recovery.
Even if Caribbean economies continue to struggle with weak
tourism spending, Canadian bank executives say the work they
have done this year to control costs and provide for bad loans
should give them a buffer.
TORONTO, Dec 5 (Reuters) – Shares of Bank of Nova Scotia
and National Bank of Canada weakened after the
lenders reported quarterly results on Friday, closing out an
earnings season in which Canadian banks largely disappointed
Scotiabank, Canada’s No. 3 lender, reported a
weaker-than-expected profit, with earnings down in both its
Canadian and international banking divisions.
TORONTO (Reuters) – Shares of Toronto-Dominion Bank (TD.TO: Quote, Profile, Research, Stock Buzz) and Canadian Imperial Bank of Commerce (CM.TO: Quote, Profile, Research, Stock Buzz) slid on Thursday after posting soft results in what is shaping up to be a disappointing fourth-quarter earnings season for Canadian lenders.
TD Bank reported a weaker-than-expected profit, even as its revenue and earnings rose, and said it expects a more challenging operating environment in 2015.