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

Russian steelmaker Evraz eyes sale of Canadian, US facilities

Russian steelmaker Evraz eyes sale of Canadian, US facilities

Prime Minister Justin Trudeau takes a tour of Evraz’s steel mill in Regina on March 14, 2018.Michael Bell/The Canadian Press Evraz PLC is looking to sell its Canadian and US operations as the Russian steelmaker struggles with the fallout from Moscow’s invasion of Ukraine, which includes sanctions against the company and its billionaire major shareholder. … Read more

Tesla steps up lobbying effort with Ontario, Ottawa to set up a ‘manufacturing facility’

Tesla steps up lobbying effort with Ontario, Ottawa to set up a ‘manufacturing facility’

An electric vehicle is charged at a Tesla charging station in Ottawa on July 13.Sean Kilpatrick/The Canadian Press Canada’s ambitions of becoming an electric-vehicle powerhouse are being newly fueled by interest from Tesla Inc. TSLA-Q in locating a major manufacturing facility in Ontario. While rumors of such an investment by the pioneering EV maker were … Read more

Power Corp. CEO defends investments in financial technology companies amid sector downturn

Power Corp.  CEO defends investments in financial technology companies amid sector downturn

Power Corporation of Canada holds, through various entities, a 42.5-per-cent stake in Wealthsimple. It first bought into the online investment platform in 2015.Mark Blinch/The Canadian Press Power Corporation of Canada’s POW-T chief executive officer, Jeffrey Orr, is defending the company’s investments in financial technology startups, despite a downturn in the sector that has resulted in … Read more

BMO scoops up chunk of CI’s global asset management team

BMO scoops up chunk of CI’s global asset management team

For BMO, the 13 new hires are the latest additions to the already more than 50 investment professionals that the bank’s asset-management division has hired in recent months.Chris Wattie/Reuters Bank of Montreal’s BMO-T asset-management business has scooped up more than a dozen portfolio managers and equity analysts from CI Financial Corp., CIX-T as the bank … Read more

Foot traffic in downtown Toronto hits pandemic high as employees return to office

Foot traffic in downtown Toronto hits pandemic high as employees return to office

Pedestrians crossing the intersection of Yonge and Dundas in Toronto on July 12.Fred Lum/The Globe and Mail Foot traffic in downtown Toronto reached a pandemic high in mid-June, as major employers began mandating a return to the office, data from the global commercial real estate company Avison Young showed. And since the week of June … Read more

Near-record $1.7-billion poured into Montreal in first half of 2022

Near-record .7-billion poured into Montreal in first half of 2022

Montreal’s skyline on March 25, 2020.Graham Hughes/The Canadian Press Canadian and international companies continue to make record investments in the Montreal area this year as the region shakes off the effects of the continuing COVID-19 pandemic, but a slowdown looms in the months ahead amid the prospect of recession. Quebec’s most sweeping language overhaul in … Read more

Why utility stocks, which normally suffer during rate hikes, are some of the TSX’s top performers

Why utility stocks, which normally suffer during rate hikes, are some of the TSX’s top performers

Hydro One Ltd. is on a tear.Darren Calabrese/The Canadian Press The conventional wisdom is that when interest rates go up, utility stocks go down, but with the Bank of Canada continuing an aggressive tightening campaign – one that is expected to produce a jumbo hike on Wednesday – there’s a twist to the narrative. Unlike … Read more

Knix majority stake sold to Sweden-based hygiene brand Essity

Knix majority stake sold to Sweden-based hygiene brand Essity

Knix CEO Joanna GriffithsHayley Ng/Handout One of Canada’s best-known e-commerce startups, Knix Wear Inc., is being acquired by Swedish hygiene products giant Essity in a $410-million deal that will take the Toronto-based company’s leakproof women’s underwear to global markets. Essity announced on Friday that it will purchase an 80-per-cent stake in Knix, which also sells … Read more

Subprime lender Fisgard suspends residential construction loans in several provinces

Subprime lender Fisgard suspends residential construction loans in several provinces

Framers work on a new house under construction in Airdrie, Alta., on Jan. 28.Jeff McIntosh/The Canadian Press Fisgard Asset Management Corp. has suspended residential construction loans in Ontario, British Columbia, Alberta and Manitoba, becoming the latest subprime mortgage lender to hit pause this year. The Victoria-based Fisgard, as well as other alternative lenders and the … Read more