TORONTO, April 27 (Reuters) – A consortium bidding for TMX
Group, the operator of Canada’s biggest stock exchange,
said on Friday it hopes to extend its $3.8 billion offer but is
still working to resolve regulatory concerns.
TMX shares rose 6 percent as investors interpreted the
statement from Maple Group, comprised of 13 Canadian financial
institutions, as a cautiously optimistic sign that the
long-delayed deal might succeed.
TORONTO, April 25 (Reuters) – Canadian home resale prices
sagged in February from January, the Teranet-National Bank
Composite House Price Index showed on Wednesday, and the pace of
year-over-year growth has slowed.
The index, which measures price changes for repeat sales of
single-family homes, showed prices fell 0.2 percent in February
from January, in a modest cooling of what has been a hot market
across much of Canada. It was the third decline in four months.
TORONTO, April 24 (Reuters) – Canada’s main securities
regulator will soon unveil terms and conditions under which it
might approve Maple Group’s C$3.8 billion ($3.84 billion) bid to
take over the operator of the Toronto Stock Exchange.
The draft rules to be issued by the Ontario Securities
Commission are likely to address investor concerns that the
deal, under which a consortium of 13 financial institutions is
seeking to buy market operator TMX Group, would create an
unfair monopoly in Canadian securities trading and clearing.
OTTAWA/TORONTO, April 18 (Reuters) – Canada heads into a
weekend meeting of global finance chiefs refusing to budge in
its stance against contributing additional funds to the
International Monetary Fund to deal with fallout from the
European debt crisis.
The IMF has been pressing for increased resources to be able
protect the world economy from Europe’s debt crisis.
TORONTO, April 13 (Reuters) – Canada’s securities watchdogs
unveiled strict rules on Friday for anonymous stock trades in
so-called “dark pools,” a move the regulators said was aimed at
protecting investors from the risk of unfair pricing.
Dark pools allow some players, often big institutions, to
match orders while concealing price and volume. By enabling them
to hide their cards, the dark pools limit the impact of an order
on the stock’s price before the trade’s completion.
TORONTO, April 5 (Reuters) – Ernst & Young LLP has resigned
as Sino-Forest’s auditor, days after a Canadian court
granted creditor protection to the embattled Chinese forestry
company and months after fraud allegations triggered a stampede
out of its stock.
Sino-Forest’s Toronto-listed shares tanked last June after a
short-seller accused it of exaggerating the size of its forestry
assets. The company says the allegations have paralyzed its
TORONTO, April 3 (Reuters) – Canadian auditing firms need to
improve the quality of their work to assure they are fulfilling
their responsibility to protect investors against corporate
fraud and sloppy accounting, according to a watchdog’s report
released on Tuesday.
The Canadian Public Accountability Board’s annual review,
which examined 245 audits conducted by 88 firms, found the same
weaknesses cropping up year and year without much improvement.
It follows at least two other reports this year that identified
weaknesses in Canadian auditing.
WATERLOO, Ontario, April 2 (Reuters) – Canada’s economy is
doing better than expected and the threat from the European debt
crisis has lessened, Bank of Canada Governor Mark Carney said on
Monday, while warning that high household debt levels are
The speech largely echoed a more upbeat tone in the bank’s
March 8 statement and suggests the bank is inching toward an
interest rate hike, although possibly not until next year.
March 30 (Reuters) – Sino-Forest Corp, a
Toronto-listed Chinese forestry company accused of fraud, is
seeking protection from its creditors and a court’s approval of
an agreement with some of noteholders to put its embattled
business up for sale.
Sino-Forest, whose stock fell more than 70 percent after a
short-seller in June accused it of exaggerating its assets, said
the agreement would allow for its sale to a third party, or if
no buyer emerges, a restructuring that would let noteholders buy
nearly all of its assets.
TORONTO, March 28 (Reuters) – Canada’s main stock index
tumbled on Wednesday as mining shares were hurt by soft U.S.
durable goods data that cast some doubt on the pace of economic
recovery, while oil skidded on supply concerns.
A mix of resource names led the index lower, including
Suncor Energy Inc, down 1.2 percent at C$32.48, and
Cenovus Energy Inc, which fell 2.4 percent to C$35.40.
Barrick Gold Corp skidded 1.4 percent to C$43.05, while
Teck Resources Ltd tumbled 3.3 percent to C$34.56.