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☆ TSX tumbles to near seven-month low as commodity-linked stocks fall
▼ + stars: | 2023-10-02 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. Rate-sensitive utilities (.GSPTTUT) fell nearly 3%, leading declines amid a dramatic run-up in 10-year U.S. Treasury yields that hit 16-year highs. "U.S. Treasury yields continue to march higher and that's just crushing the dividend-paying stocks like utilities in Canada," said Douglas Porter, chief economist of BMO Capital Markets. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 47.5 last month, from 48.0 in August. Reporting by Siddarth S in Bengaluru; Editing by Shailesh Kuber and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Douglas Porter, Eric Provost, Siddarth, Shailesh Kuber, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, TSX, Treasury, Toronto Stock, Materials, Brent, U.S . West Texas, BMO Capital Markets, Data, P Global Canada Manufacturing, Laurentian Bank, Thomson Locations: Toronto , Ontario, Canada, U.S, Bengaluru

☆ Canada's Laurentian Bank says completed review of strategic options
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015. REUTERS/Christinne Muschi Acquire Licensing RightsSept 14 (Reuters) - Canada's Laurentian Bank (LB.TO) said on Thursday it has completed a previously disclosed review of strategic options, with the lender now focusing on simplifying its organizational structure. "The Board, with the support of the Executive Management Team, has unanimously concluded that the best path forward is... accelerated evolution of its current strategic plan with an increased focus on efficiency and simplification," Laurentian said. However, later that month, a media report citing sources said Montreal-based Laurentian was struggling to find an acquirer and that Canada's top banks - Bank of Nova Scotia (BNS.TO) and Toronto-Dominion Bank (TD.TO) - had backed out of a potential acquisition. Laurentian said it considered a variety of options through the review process, including an acquisition of the whole bank and divesting certain businesses.

Persons: Christinne, Manya Saini, Krishna Chandra Organizations: Laurentian Bank, REUTERS, Executive Management Team, Laurentian, Bank of Nova, Dominion Bank, Thomson Locations: Montreal, Bank of Nova Scotia, Toronto, Bengaluru

☆ Opinion | A Progressive James Bond Is Proof of American Cultural Imperialism
▼ + stars: | 2023-09-06 | by ( Ross Douthat | ) www.nytimes.com time to read: +3 min

(The cruelty and neglect at these schools was real but the specific claims about graves at the B.C. school have outrun the so-far scanty evidence.) The first is a general tendency of provincial leaders to go overboard in establishing their solidarity and identification with the elites of the imperial core. The second point is the role of secularization and de-Christianization, which are further advanced in the British Isles and Canada than in the United States. Then the third point is that smaller countries with smaller elites can find it easier to enforce ideological conformity than countries that are more sprawling and diverse.

Persons: Ed West, it’s, tastemakers, Aris Roussinos, ” Organizations: Canadian, “, British Isles, Christianity’s, Republican, Laurentian Locations: Canada, British Columbia, British, Ottawa, London, Rome, Europe, United States, Britain, America, Westminster

A Royal Bank of Canada (RBC) logo is seen on Bay Street in the heart of the financial district in Toronto, January 22, 2015. The shares of the top five banks - Royal Bank of Canada , TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and CIBC (CM.TO) - have lost between 2% and 8% so far this year. Reuters GraphicsRoyal Bank of Canada and TD Bank will kick off third-quarter results on Thursday. RBC analyst Darko Mihelic forecast a 9% third-quarter revenue decline from a year ago for the capital-market business of the large Canadian banks. Investors will also watch for any updates on Bank of Nova Scotia's (BNS.TO) turnaround plan for its international business.

Persons: Mark Blinch, Mike Rizvanovic, Darko Mihelic, Cowen, RBC's Mihelic, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, RBC, TD Bank, Bank of Montreal, Bank of Nova, CIBC, National Bank, Toronto Stock, Bank of Canada, Reuters Graphics Royal Bank of Canada, HSBC Canada, Laurentian Bank, Thomson Locations: Toronto, dealmaking, TORONTO, Bank of Nova Scotia

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ Laurentian Bank's shares fall after media report that potential top bidders bowed out
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

TD is also not bidding for Laurentian, the report added. The reported move comes weeks after Laurentian, Canada's ninth-largest bank, said it was reviewing strategic options. A spokesperson for Laurentian Bank declined to comment on the report, when contacted by Reuters, saying the bank's "strategic review is still under way" and the "board of directors is actively examining the options available." TD Bank did not immediately respond to a Reuters request for comment. Shares of Laurentian, which jumped 27% after reports of a sale earlier this month, have gained about 35% so far this year.

Persons: Rania Llewellyn, Jaiveer Singh, Balu, Shailesh Kuber, Matthew Lewis Organizations: Laurentian Bank of Canada's, Bank of Nova, Dominion Bank, Scotiabank, Globe and Mail, Laurentian, TD, U.S, Barclays, Canada's, Globe, Laurentian Bank, Reuters, TD Bank, Thomson Locations: Laurentian, Montreal, Bank of Nova Scotia, Toronto, Quebec, Bengaluru

☆ How Canada’s Record Wildfires Got So Bad, So Fast
▼ + stars: | 2023-07-18 | by ( Nadja Popovich | ) www.nytimes.com time to read: +5 min

How Canada’s Record Wildfires Got So Bad, So FastWildfires in Canada have burned a staggering 25 million acres so far this year, an area roughly the size of Kentucky. With more than a month of peak fire season left to go, 2023 has already eclipsed Canada’s previous annual record from 1989, when over 18 million acres were scorched. Hot, dry conditions have fueled widespread wildfires, mostly in Canada’s boreal forests, since the spring, with some of the largest blazes burning in Northwest Canada and Quebec. A heat wave baked British Columbia and Alberta in mid-May, exacerbating several early wildfires. More than 100 times over the past three months, Canadian wildfires have grown sufficiently large and powerful to produce their own weather, kicking up giant thunderclouds known as pyrocumulonibus, and injecting smoke high into the atmosphere.

Persons: ”, Jennifer Kamau, Kamau, “, González, Mike Flannigan, Yan Boulanger, Flanningan Organizations: Canadian Interagency Forest Fire, Madison Dong, Thompson Rivers University, Laurentian Forestry Centre, Times Locations: Canada, Kentucky, Northwest Canada, Quebec, North America, International, United States, Madison, Columbia, Alberta, Northern Canada, Thompson, Kamloops , British Columbia, California

☆ A Family Trio Starts a New Chapter in the City. Where Could They Find Three Bedrooms?
▼ + stars: | 2023-06-22 | by ( Debra Kamin | ) www.nytimes.com time to read: +2 min

Ms. Secor, a design consultant, looked out the window at Broadway and saw a stream of people fleeing north. Ms. Secor sold her TriBeCa co-op in 2005, and the couple welcomed twin girls, Romy and Naia, in 2006. But Ms. Secor had lived in New York for more than a decade before 9/11, and she missed the city. But Ms. Hill had different advice. Ms. Hill found some condos that fit the profile, streaming her visits on FaceTime so Ms. Secor could see them from Quebec.

Persons: Anne Secor, Secor, ”, “, Romy, Hill, Ms Organizations: World Trade, TriBeCa, Naia, New, Estate Agency Locations: TriBeCa, Manhattan, Canada, Quebec, Morin, Laurentian, New York, “ New York, Harlem, Flatbush , Brooklyn, FaceTime

☆ BoC to raise rates once more by 25 bps in July to 5.00% - Reuters poll
▼ + stars: | 2023-06-13 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

BENGALURU, June 13 (Reuters) - The Bank of Canada will raise interest rates again in July to 5.00% after a surprise 25 basis point increase last week, according to economists polled by Reuters, who unanimously said the main risk was the central bank might have to do more. The BoC will hike its overnight rate by 25 basis points to 5.00% at next month's meeting, according to 20 of 25 economists in a snap June 8-13 Reuters poll. "When you resume hiking, you don't resume for one 25 basis point hike. All but three of 25 economists forecast the overnight rate to peak at 5.00% or higher, 50 basis points more than was predicted in the last survey published on June 2. Only one of 25 economists expected a rate cut this year, compared with five in the last poll.

Persons: underscoring, Sebastien Lavoie, Lavoie, Doug Porter, Milounee Purohit, Sarupya Ganguly, Ross Finley, Sharon Singleton Organizations: Bank of Canada, Reuters, BoC, Laurentian Bank, BMO Capital Markets, Thomson Locations: BENGALURU

☆ BoC to keep up pace with 50 basis point December rate hike -economists
▼ + stars: | 2022-12-01 | by ( Indradip Ghosh | ) www.reuters.com time to read: +4 min

Fourteen said the BoC would dial down its pace to 25 basis points. Of the large Canadian banks, Scotiabank, CIBC and National Bank expected a 50 basis point move with no further hikes afterward. RBC forecasts a 25 basis point hike and then a pause, while BMO expects 50 and then another 25 in early 2023. The Fed, by contrast, is expected to raise its federal funds rate to a minimum of 4.75%-5.00% early next year, with the risks around forecasts skewed toward a higher rate. "The latest BoC research on household vulnerability and flexible mortgage rates support the idea that the BoC terminal rate will end at least 50 basis points below the U.S. Federal Reserve," said Sebastien Lavoie, economist at Laurentian Bank.

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