Bidding for HSBC Canada narrows as two major banks drop out

Bidding for HSBC Canada narrows as two major banks drop out

All six of Canada’s largest banks held preliminary meetings for possible bids in the auction for the Canadian arm of Britain-based HSBC Holdings Inc., but sources say two potential bidders have backed away.Sean Kilpatrick/The Canadian Press The field of contenders to acquire HSBC Bank Canada is narrowing, with at least two major Canadian banks now … Read more

Why selling HSBC Canada, the country’s most lucrative bank deal in decades, is unusually challenging

Why selling HSBC Canada, the country’s most lucrative bank deal in decades, is unusually challenging

HSBC’s Canadian bank has been very profitable, churning out $717-million in net income last year and its 13.3-per-cent return on equity makes it globally competitive.Fred Lum/The Globe and Mail The dream scenario Big Six bank chiefs used to salivate over has come true: HSBC Bank Canada, the country’s seventh-largest lender, is up for sale. Yet … Read more

Hockey Canada: Canadian Tire cuts ties as group ‘continues to resist’ change – National

Hockey Canada: Canadian Tire cuts ties as group ‘continues to resist’ change – National

Hockey Canada is losing more major sponsorships — at least one apparently permanently — ahead of the 2022-23 season due to continued concerns from companies about the federation’s handling of sexual assault allegations. The flight of sponsors comes as Prime Minister Justin Trudeau on Thursday warned that Hockey Canada’s refusal to take the matter seriously … Read more

New Scotiabank CEO Scott Thomson had spotty track record at construction equipment dealer Finning

New Scotiabank CEO Scott Thomson had spotty track record at construction equipment dealer Finning

Bank of Nova Scotia’s newly appointed CEO Scott Thomson.SCOTIABANK/Reuters A few years ago, heavy equipment dealer Finning International Inc. FTT-T started using a new inventory management software program in Chile. The idea was to modernize and digitize an antiquated system. The rollout did not go well. Hal Kvisle, Finning’s board chair, said in an interview … Read more

Scotiabank CEO swap, Hudson’s Bay blankets and mortgage defaults: Must-read business and investing stories

Scotiabank CEO swap, Hudson’s Bay blankets and mortgage defaults: Must-read business and investing stories

People walking past the Bank of Nova Scotia, on Bay St. in Toronto’s Financial District are photographed on July 12, 2022. Fred Lum/The Globe and Mail.Fred Lum/The Globe and Mail Getting caught up on a week that got away? Here’s your weekly digest of The Globe’s most essential business and investing stories, with insights and … Read more

Canada’s largest banks block clients’ access to high-yielding funds

Canada’s largest banks block clients’ access to high-yielding funds

The Bay Street financial district in Toronto.Nathan Denette/The Canadian Press Several of Canada’s largest banks have blocked their financial advisers from offering clients certain high-interest cash funds during a period in which investors are flocking to safer investments amid shaky stock and bond markets, a restriction regulators may examine in a continuing review of industry … Read more

City dwellers traded condos for country life in the pandemic. Now, some are moving back

City dwellers traded condos for country life in the pandemic.  Now, some are moving back

A cohort of people who left Toronto to move to the country at the start of the pandemic are giving up their brief flirtation with a quieter life and heading back to the city.Handout On a chilly day in January of last year, Michael Perkins and Christopher Charles ventured from Toronto to Innisfil, Ont., to … Read more

Rule of 20 says market bottom much lower. Plus, Canadian energy stocks that big-time investors are buying

Rule of 20 says market bottom much lower.  Plus, Canadian energy stocks that big-time investors are buying

The investing rule of 20 states that when a new US bull market starts, the trailing price to earnings (PE) ratio of the S&P 500 added to the inflation rate will result in a number less than 20. Unfortunately, right now the trailing PE ratio is 20.2 and the inflation rate is 8.5. BofA Securities … Read more

Manulife reports $1.6-trillion drop in earnings amid market turmoil and extended COVID-19 restrictions in Asia

Manulife reports .6-trillion drop in earnings amid market turmoil and extended COVID-19 restrictions in Asia

Manulife Financial Corp. MFC-T missed analyst profit expectations after a $1.6-billion drop in earnings owing to market turmoil and extended COVID-19 restrictions in Asia. The largest insurer in Canada reported second-quarter net income of $1.09-billion, or 53 cents a share – a $1.6-billion drop from the $2.64-billion, or $1.33 a share, that it reported in … Read more

Players from 2003 World Juniors hockey team deny knowledge of alleged sex assault

Players from 2003 World Juniors hockey team deny knowledge of alleged sex assault

A puck sits on the ice before a faceoff as the Czech Republic and Switzerland play a world junior hockey championship game in Vancouver on December 26, 2018.DARRYL DYCK/The Canadian Press Three retired NHL players who were part of Canada’s 2003 world junior hockey lineup say they were unaware of an alleged group sex assault … Read more