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A Bank of Montreal (BMO) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsTORONTO, Sept 17 (Reuters) - Bank of Montreal (BMO) (BMO.TO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada's third largest bank said on Saturday. "By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest," BMO said in a statement to Reuters. Under the indirect retail auto finance business, the bank provides financing to the vehicle seller instead of directly to the buyer, who makes monthly payments to the lender. The United States now accounts for more than two-thirds of BMO's overall profits.

Persons: Chris Wattie, Paul Hunsley, Gross, Nivedita Balu, Denny Thomas, Jane Merriman, Susan Fenton Organizations: of Montreal, BMO, REUTERS, Rights, Bank of Montreal, Reuters, Bank, Thomson Locations: Ottawa , Ontario, Canada, United States, California, Toronto

☆ Solus unit to build Canada copper foil facility as part of EV battery push
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Sept 5 (Reuters) - A unit of South Korea's Solus Advanced Materials (336370.KS) will build a copper foil facility in the Canadian province of Quebec, producing technology for electric vehicle (EV) batteries, Ottawa said on Tuesday. "Canada is a partner of choice when it comes to the future of the automotive sector," Champagne said in a statement. The Volta plant is expected to employ 260 people. Granby is close to Becancour, a small town to the east of Montreal seeking to become an EV supply chain hub. Last month a consortium of Ford Motor Co F.N and South Korean companies said they would build a C$1.2 billion plant to produce EV battery materials in Becancour.

Persons: Francois, Philippe Champagne, Champagne, David Ljunggren, Josie Kao Organizations: Volta Energy Solutions, Ford Motor Co, Thomson Locations: OTTAWA, KS, Canadian, Quebec, Ottawa, Granby, Canada, Becancour, Montreal

☆ Pickering Energy Partners launches oil and gas investment banking unit
▼ + stars: | 2023-09-01 | by ( David French | ) www.reuters.com time to read: +3 min

Sept 1 (Reuters) - Pickering Energy Partners (PEP) is launching a financial advisory unit for oil and gas dealmaking, the investment firm said on Friday, doubling down on traditional fossil fuels as some banks are becoming wary about the industry and ramping up their bets on clean energy. The launch of the investment banking unit marks a return to oil and gas advisory services for Dan Pickering, the veteran energy financier who helped form Tudor, Pickering, Holt & Co, an energy boutique bank that was acquired by Perella Weinberg Partners (PWP.O) in 2016. Houston-based PEP has an existing investment banking unit that focuses solely on energy transition, while the firm's other offerings include equity research, investment funds, and consulting services. All non-compete agreements between the two firms have now expired, enabling Pickering to pursue oil and gas advisory work. Banks including BNP Paribas (BNPP.PA), Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) have pulled back from oil and gas dealmaking over the past few years.

Persons: Dan Pickering, Tudor, Perella Weinberg, dealmakers, Jason Kivett, Robyn Underwood, Pickering, Banks, David French, Anirban Sen, Sherry Jacob, Phillips Organizations: Pickering Energy Partners, Holt & Co, Barclays Plc, Houston, BNP, Bank of Montreal, Bank of Nova, Credit Suisse, UBS Group AG, Reuters, Thomson Locations: Pickering, Bank of Nova Scotia, New York

☆ Canada's antitrust agency favors RBC's $10 billion deal for HSBC unit
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

A sign for the Royal Bank of Canada in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsSept 1 (Reuters) - Canada's Competition Bureau said on Friday Royal Bank of Canada's (RY.TO) (RBC) proposed acquisition of HSBC's (HSBA.L) domestic unit for C$13.5 billion ($10 billion) is unlikely to substantially hurt competition. Still, the regulator found that the deal would "result in a loss of rivalry between Canada's largest and seventh largest banks." It has been seeking comments on how the deal could impact consumers and the stability of the banking sector. Reporting by Manya Saini in Bengaluru and Nivedita Balu in Toronto; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Osorio, OSFI, Manya Saini, Balu, Arun Koyyur Organizations: Royal Bank of Canada, REUTERS, Friday Royal Bank of Canada's, RBC, Finance, HSBC, Reuters, Bank of Montreal, Thomson Locations: Toronto , Ontario, Canada, Bengaluru, Toronto

☆ CIBC's profit falls below estimates as it guards against bad loans
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A sign for the The Canadian Imperial Bank of Commerce (CIBC) in Toronto, Ontario, Canada December 13, 2021. CIBC, the last big six Canadian bank to report results for the third quarter, was also the latest to guard against potentially sour loans, a factor that is dragging on earnings across the sector. The issue was reflected in its core Canadian personal and business banking segment, where net income fell 16%. At its commercial banking and wealth management segment, net income fell 4%. CIBC's peers TD Bank (TD.TO), Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank (NA.TO) missed quarterly profit estimates earlier in the week, also weighed down by higher provisions.

Persons: Carlos Osorio, Nivedita Balu, Pritam Biswas, Shweta Agarwal, David Holmes Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, Bengaluru

CIBC blamed soft U.S. real estate and construction sectors and high interest rates for its three-fold jump in bad loan provisions to C$736 million ($544 million). "Where we are seeing the issues is in commercial real estate and in particular, in the institutional office space," said Shawn Beber, the bank's head of U.S. operations. And as that transition continues, you'll see (commercial real estate) wind up being a smaller percentage of the overall U.S. portfolio as our commercial and industrial and our wealth businesses continue to grow," Beber told analysts. The U.S. office portfolio represents less than 1% of CIBC's overall loan book and 20% of overall U.S. commercial real estate. "It appears that higher interest rates for longer may be the primary culprit," RBC analyst Darko Mihelic said.

Persons: Carlos Osorio, Shawn Beber, Beber, Brian Madden, Darko Mihelic, Nivedita Balu, Pritam Biswas, David Holmes, Mark Potter Organizations: Canadian Imperial Bank of Commerce, CIBC, REUTERS, Bank, Bank of Montreal, Bank of Nova, National Bank, Royal Bank of Canada, Investment, RBC, Thomson Locations: Toronto , Ontario, Canada, U.S, Bank of Nova Scotia, Canadian, Toronto, Bengaluru

BMO, which bought U.S. regional lender Bank of the West earlier this year, said provision for credit losses rose to C$492 million ($361.42 million), compared with C$136 million a year ago. The bank's earnings were also affected by severance costs of C$162 million and C$83 million in legal provisions at its capital markets unit. At Bank of Montreal, net interest income for the quarter rose to C$4.91 billion, compared with C$4.20 billion last year. At Scotiabank net interest income fell to C$4.58 billion, from $4.68 billion a year ago, largely hurt by lower corporate lending and lower loan fees. At Scotiabank, net income came in at C$2.23 billion, compared with C$2.61 billion.

Persons: Carlos Osorio, Tayfun Tuzun, BMO's, Scott Thomson, Thomson, John Aiken, BMO's Tuzun, Nivedita Balu, Pritam Biswas, Sri Hari, Shweta Agarwal, Bernadette Baum, Mike Harrison, Jonathan Oatis Organizations: Bank of Montreal, REUTERS, Bank of Nova, Bank of Canada's, BMO, Bank, Scotiabank, Barclays, Bank of, Analysts, Thomson Locations: Toronto , Ontario, Canada, Bank of Nova Scotia, Toronto, U.S, Mexico, Bank of Montreal, Bengaluru

☆ Using both medical and recreational marijuana raises risk of addiction disorder
▼ + stars: | 2023-08-29 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +5 min

CNN —Developing cannabis use disorder is relatively common in Washington state, one of the first states to fully legalize cannabis, and can even occur in people who only use medical marijuana, according to a new study. “There’s a perception that people who are using marijuana for medical reasons have a lower risk of a cannabis use disorder,” said lead author Gwen Lapham, assistant professor at Kaiser Permanente Bernard J. Tyson School of Medicine in Seattle. In addition, using both medical and recreational weed led to a more severe addiction than using medical marijuana alone, the study revealed. There are no current FDA-approved medications to treat cannabis use disorder, Lapham said, so behavior-based treatments or specialty addiction centers are the rule. A 2021 study found cannabis use disorder rose from 17.7% before marijuana was legalized in Canada to 24.3% after legalization.

Persons: “, ”, Gwen Lapham, Kaiser Permanente Bernard J, Lapham, Nicholas Vozoris, Alexandre Dumais, ” Dumais, Dumais, It’s, Beth Cohen Organizations: CNN, Kaiser Permanente, Tyson School of Medicine, US Centers for Disease Control, Kaiser Permanente Washington Health Research, University of Toronto, University of Montreal, FDA, University of California Locations: Washington, Seattle, respirology, Washington State, Netherlands, Germany, Australia, New Zealand, Ireland, France, Canada, San Francisco

☆ TSX set to open flat ahead of data-packed week
▼ + stars: | 2023-08-28 | by ( ) 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. ET (1105 GMT), after finishing the week flat on Friday. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended higher on Friday, lifted by gains in energy stocks. Investors are also awaiting earnings from major Canadian banks, including Bank of Montreal (BMO.TO), Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO), reporting this week. Wall Street futures edged higher on Monday.

Persons: Chris Helgren, Canada's, Shashwat Chauhan, Shweta Agarwal Organizations: Toronto Stock Exchange, REUTERS, Bank of Canada, Toronto Stock, Bank of Montreal, Bank of Nova, National Bank of Canada, Wall, Brent, Thomson Locations: Toronto , Ontario, Canada, United States, China, Bank of Nova Scotia, Bengaluru

☆ Here are 2 major themes to watch in the week ahead after Friday's market rally
▼ + stars: | 2023-08-26 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

As August is known to be, it's been a rough month-to-date for all three of those stock market benchmarks so far. This past week, the overall market was oversold, according to Jim Cramer's trusted S & P Oscillator. After Friday's strong finish, we'll see if the market's oversold condition abates as two major themes play out in the week ahead: Earnings from two Club names — Salesforce (CRM) and Broadcom (AVGO) — and key economic reports ahead of September's Fed meeting. Outside of the labor market and inflation, we'll also get a look at the housing market with the pending home sales on Wednesday. As we heard from fellow Club name Palo Alto Networks (PANW) last week, companies are growing more cautious and more closely scrutinizing large sales deals.

Persons: Jerome Powell's, Powell, it's, Jim Cramer's, Friday's, —, It's, we've, we'll, we're, Salesforce, AVGO, We're, Brown, Forman, Campbell Soup, LULU, Jim Cramer, Jim, Angela Weiss Organizations: Nasdaq, Federal, Nvidia, Dow Jones, Broadcom, Fed, Labor, Club, Palo Alto Networks, VMWare, HEICO Corporation, Bank of Montreal, BMO, Bank of Nova, Hewlett Packard Enterprise, HP, PVH Corp, Patterson Companies, Veeva Systems, UBS, Academy Sports, Hormel, Signet Jewelers, Dell Technologies, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, AFP, Getty Locations: Jackson Hole , Wyoming, China, Bank of Nova Scotia, New York City

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

☆ Banks Fined $549 Million Over Use of WhatsApp and Other Messaging Apps
▼ + stars: | 2023-08-08 | by ( Matthew Goldstein | More About Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Federal regulators continued their crackdown against employees of Wall Street firms using private messaging apps to communicate, with 11 brokerage firms and investment advisers agreeing Tuesday to pay $549 million in fines. The latest round of fines adds to the nearly $2 billion in penalties against big Wall Street banks announced last year for similar violations. In all, the regulators have now penalized more than two dozen banks and investment firms for not properly policing employees use of “off channel” messaging services like WhatsApp, iMessage and Signal. charged the financial institutions for failing to properly “maintain and preserve” all official communications by their employees. Federal securities laws require banks and investments firms to maintain records and make sure their employees are not conducting company business using unauthorized means of communication.

Persons: Wells, Société Organizations: Wall Street, BNP, Bank of Montreal, Securities and Exchange Commission, Commodity Futures Trading Commission Locations: Wells Fargo, Société Générale

☆ Regulators fine Wall Street firms $549 million for using WhatsApp and other channels to discuss business
▼ + stars: | 2023-08-08 | by ( Matt Egan | ) edition.cnn.com time to read: +1 min

New York CNN —Wells Fargo and a slew of other Wall Street firms admitted Tuesday to using WhatsApp, Signal and other messaging platforms for “off-channel” communications in violation of federal recordkeeping requirements. The Securities and Exchange Commission said the Wall Street firms acknowledged wrongdoing and have agreed to pay penalties totaling $289 million. The SEC said the firms violated federal securities laws by failing to maintain or preserve the “substantial majority” of these communications. Another regulator, the Commodity Futures Trading Commission, also fined four of the same Wall Street firms for failing to maintain records and failing to supervise matters related to their businesses. The CFTC hit Bank of Montreal with a $35 million fine and a $75 million fine each for BNP Paribas, Societe Generale and Wells Fargo.

Persons: Wells, Houlihan Lokey, ” Sanjay Wadhwa Organizations: New, New York CNN, Securities, Exchange Commission, Wall Street, SEC, BNP, SG Americas, BMO Capital Markets, Mizuho Securities, SMBC Nikko Securities, Futures Trading Commission, CFTC, Bank of Montreal, BNP Paribas, Societe Generale Locations: New York, Wells Fargo, SMBC Nikko Securities America, WhatsApp

WASHINGTON, Aug 8 (Reuters) - U.S. regulators on Tuesday hit another batch of Wall Street firms with $549 million in civil penalties over widespread record-keeping failures related to employees' use of personal text messages and other messaging apps. Eleven firms, including Wells Fargo Securities and BNP Paribas Securities Corp, have agreed to pay $289 million in fines to the U.S. Securities and Exchange Commission to resolve the allegations. Regulators require broker dealers and investment advisers to keep certain work-related communications, but Wall Street dealers have increasingly used personal devices in recent years. Spokespeople for BNP, which agreed to pay $110 million to the regulators, and Mizuho, which agreed to pay $25 million to the SEC, declined to comment. The regulators have already fined units of JPMorgan Chase and Co (JPM.N), Barclays, Bank of America and others for similar record-keeping failures.

Persons: Wells, Société, Spokespeople, Gurbir Grewal, Chris Prentice, Susan Heavey, Nivedita Balu, Nupur Anand, Saeed Azhar, Bernadette Baum, Jason Neely Organizations: Wall Street, Wells, Wells Fargo Securities, BNP Paribas Securities Corp, U.S . Securities, Exchange Commission, Futures Trading, BNP, Bank of Montreal, Wedbush Securities Inc, Wall, SEC, CFTC, Mizuho, Nikko Securities, JPMorgan Chase, Barclays, Bank of America, Reuters, Thomson Locations: U.S, Wells Fargo, Nikko, New York, Washington, Toronto

☆ Canadian Prime Minister Justin Trudeau and his wife Sophie are separating after 18 years of marriage. Here's a complete timeline of their relationship.
▼ + stars: | 2023-08-05 | by ( Maria Noyen | ) www.businessinsider.com time to read: +2 min

Justin Trudeau and Sophie Grégoire Trudeau met as kids, but only began a romantic relationship after reconnecting as adults in the early 2000s. Canadian Prime Minister Justin Trudeau and Sophie Grégoire Trudeau during the G20 Summit on July 7, 2017, in Hamburg, Germany. Sophie told Maclean she recalled having her first kiss with Justin when they were kids in his childhood home. Sophie went on to become an entertainment journalist. "I'm a dreamer and a romantic," Sophie said.

Persons: Justin Trudeau, Sophie Grégoire Trudeau, Mikhail Svetlov, Sophie, Justin, Michel Trudeau, Maclean, Michel, Pierre Trudeau, cohosting, Justin the, Justin didn't, I've Organizations: Canadian, Montreal Gazette, Vogue Locations: Hamburg, Germany, Mount Royal, Montreal, British Columbia

☆ Vancouver and Montreal to host two preseason NBA games in October
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] Apr 12, 2023; Toronto, Ontario, CAN; A general view of Scotiabank Arena before the start of the NBA Play-In game between the Chicago Bulls and Toronto Raptors. Mandatory Credit: John E. Sokolowski-USA TODAY SportsAug 3 (Reuters) - The Canadian cities of Montreal and Vancouver will host one preseason game each ahead of the 2023-24 National Basketball Association (NBA) regular season, the league said on Thursday. The two games are part of the NBA Canada Series aimed at growing the game in the country and will start with the Toronto Raptors facing the Sacramento Kings on Oct. 8 in Vancouver. In total, 15 NBA teams have participated in 16 preseason games across six cities as part of the NBA Canada Series, which launched in 2012. The 2023-24 NBA regular season begins on Oct. 24.

Persons: John E, Shai Gilgeous, Alexander, Luguentz Dort, Frank Pingue, Clare Fallon Organizations: CAN, Scotiabank Arena, NBA, Chicago Bulls, Toronto Raptors, Basketball Association, NBA Canada, Sacramento Kings, Vancouver . The Oklahoma City Thunder, Detroit Pistons, Thomson Locations: Toronto , Ontario, Montreal, Vancouver, Vancouver ., Canada, United States, Toronto

CNN —Canadian Prime Minister Justin Trudeau and his wife Sophie Grégoire Trudeau are separating, Trudeau announced on his Instagram account Wednesday. After spending several years teaching in Vancouver, Trudeau returned to Montreal in 2002 where he met Grégoire Trudeau, according to the Canadian Prime Minister’s official biography. “In 2002, Justin returned home to Montréal, where he met Sophie Grégoire. According to Trudeau’s Liberal Party website, Grégoire Trudeau gained a degree in communications at the University of Montréal, later working in sales and advertising before becoming a television and radio reporter. In an Instagram post celebrating their wedding anniversary last year, Grégoire Trudeau said the pair had “navigated through sunny days, heavy storms, and everything in between and it ain’t over.”She added: “Long-term relationships are challenging in so many ways.

Persons: Justin Trudeau, Sophie Grégoire Trudeau, Trudeau, Sophie, “, ”, Grégoire Trudeau, Justin, Sophie Grégoire, Xavier, Ella, Grace, King Charles ’, Joe Biden Organizations: CNN, Canadian, Canadian Prime, Trudeau’s Liberal Party, University of Montréal Locations: Vancouver, Montreal, Montréal, London

NEW YORK, July 27 (Reuters) - Bill Hwang, the founder of Archegos Capital Management, on Thursday asked a judge to let him subpoena documents from 10 banks, in an effort to shift blame as he defends against criminal fraud charges that the firm's collapse was his fault. The office of U.S. Attorney Damian Williams, which is prosecuting Hwang, did not immediately respond to a request for comment. Other banks also lost money when Archegos collapsed, but less than Credit Suisse. That caused it to miss margin calls, and banks to dump stocks that had backed the swaps and which they had bought as hedges. The case is U.S. v. Hwang et al, U.S. District Court, Southern District of New York, No.

Persons: Bill Hwang, Hwang, Damian Williams, Archegos, Goldman Sachs, Jefferies, Mitsubishi UFJ, Morgan Stanley, Nomura, Alvin Hellerstein, Hwang et, Jonathan Stempel, Daniel Wallis Organizations: YORK, Archegos Capital Management, UBS, Credit Suisse, Prosecutors, Bank of Montreal, Deutsche Bank, Mitsubishi, Court, Southern District of, Thomson Locations: Manhattan, Macquarie, Mizuho, U.S, Southern District, Southern District of New York, New York

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

☆ Icahn unties personal loans from his investment firm's share price, shares jumps
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

July 10 (Reuters) - Billionaire activist investor Carl Icahn has amended the terms of his personal loans to separate them from the price of Icahn Enterprises' (IEP.O) depositary units, the investment firm disclosed in a filing on Monday. The move comes months after short-seller Hindenburg's criticism triggered a massive fall in the shares of his investment company. Icahn and its affiliates have entered into a three-year loan agreement with banks, including Bank of America, N.A. In the amended loan agreement, Icahn will provide additional collateral of $2 billion from his personal funds and 320 million IEP shares. It also said IEP units were inflated by more than 75%.

Persons: Carl Icahn, Icahn, Hindenburg, Jaiveer Shekhawat, Niket, Gursimran Kaur, Dhanya Ann Thoppil, Pooja Desai Organizations: Billionaire, Icahn Enterprises, Bank of America, Bank of Montreal, Deutsche Bank AG, Thomson Locations: Bengaluru

☆ Canadian labor minister meets with provincial counterpart in day five of Canada's port strike
▼ + stars: | 2023-07-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +1 min

Canadian Labor Minister Seamus O'Regan met with his provincial counterpart, British Columbia Labor Minister Harry Bains, in Vancouver on Wednesday to discuss the country's west coast port strike which has stretched into its fifth day. Government sources told CNBC that O'Regan and Bains met to urge both parties to get together and find a solution. When asked if the government is considering such a measure, the office of the Minister of Labor told CNBC: "We are not looking past the bargaining table, because the best deals are made at the table. Calls for government intervention have been circulating citing the May 2021 strike at the Port of Montreal. This week, Alberta's transport minister called on the federal government to recall Parliament to consider back-to-work legislation that would end the strike at British Columbia ports.

Persons: Seamus O'Regan, Harry Bains, O'Regan, Bains Organizations: Canadian Labor, British Columbia Labor, CNBC, Labor, Port Locations: British, Vancouver, Port of Montreal, British Columbia

☆ PE firm Arcline tops KKR's offer for Circor as bidding war intensifies
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

June 28 (Reuters) - Private equity firm Arcline Investment Management on Wednesday proposed to buy Circor International (CIR.N) for $57 per share in cash, topping a rival bid from KKR & Co (KKR.N) for the industrial machinery maker. Circor, which makes flow-control products to help manage and control liquids and gases, did not respond to a Reuters request for comment. Arcline's funds own a direct competitor of Circor called Fairbanks Morse Defense, a provider of diesel engines and equipment to the U.S. Navy, KKR said. It said its bid was supported by financing from BMO Capital Markets Corp and Bank of Montreal. Circor too had said on Tuesday that KKR offered more financing certainty as well as a clearer and faster path to antitrust approvals.

Persons: Arcline, Circor, Priyamvada, Pratyush Thakur, Dhanya Ann Thoppil, Anil D'Silva, Arun Koyyur Organizations: Arcline Investment Management, Circor, KKR & Co, KKR, Fairbanks Morse Defense, U.S . Navy, Defense Industrial Base, BMO Capital Markets Corp, Bank of Montreal, BMO Capital Markets, Thomson Locations: Circor, Bengaluru

Rey Steve Mabiala and his wife, Liz Gouari, taking refuge at the Roberval emergency center after being ordered to evacuate Chibougamau, Quebec, as a fire approached. Of the more than 400 fires now burning in Canada, more than one-third are in Quebec, which has already registered its worst wildfire season on record. Credit... Carlos Osorio/Reuters“We are facing some unprecedented events, including droughts, accelerated fires and heat waves, and there will be more over time, especially forest fires,” Ms. Mohsin said. But perhaps most surprised were newcomers to Chibougamau, like Mr. Mabiala, from the Republic of Congo, who came to work in logging. “They were asking, “Oh, is there such a thing in Canada?’ ’’ Ms. Cabrera said.

Persons: Rey Steve Mabiala, Liz Gouari, Gouari, Mabiala, Prince Edward Island, ” Mr, “ It’s, ”, Josée Poitras, Tanzina Mohsin, Carlos Osorio, Ms, Mohsin, Poitras, “ I’ve, I’ve, Francis Côté, “, Chibougamau, Renaud Philippe, Côté, Guy Boisvert, Winters, Boisvert, Shirley, Jonathan Mattson, Mr, Mattson, Ruth Cabrera, Anna Huerte, —, Cabrera, Huerte Organizations: Wildfire, University of Toronto, ., Reuters, The New York Times, “, Credit Locations: Chibougamau, Quebec, Africa, Canada, North America, Republic of Congo, Prince, Nunavut, Fort Nelson, British Columbia, Toronto, Val, Montreal, Roberval, East Coast, United States, Philippines

☆ Canadian banks see earnings risk from commercial property loans, TD in focus
▼ + stars: | 2023-05-22 | by ( Nivedita Balu | ) www.reuters.com time to read: +4 min

TORONTO, May 22 (Reuters) - Canadian banks are expected to report a rise in bad debt provisions and highlight risks from commercial property loans when they report earnings this week, with the country's No.2 bank TD (TD.TO) in focus after its acquisition of First Horizon (FHN.N) failed. Bay Street analysts have lowered their second quarter earnings expectations for Canadian banks, anticipating higher expenses and slowing loan growth as turmoil south of the border weighs on the broader banking sector. Still, investors view Canadian banks as safer bets than their U.S. counterparts due to their strong capital levels. BMO and Scotia Bank (BNS.TO) are due to report earnings on Wednesday, while TD, Canadian Imperial Bank of Commerce (CM.TO) and Royal Bank of Canada (RY.TO) report on Thursday. Canadian bank stocks have largely underperformed TSX Canadian bank stocks have largely underperformed TSXEmpty offices in big cities have raised concerns among investors about banks' commercial property loan exposure, since about 10% of the lending portfolio of the Big-6 banks is tied to commercial real estate.

☆ Earth-size exoplanet may be covered in volcanoes
▼ + stars: | 2023-05-17 | by ( Ashley Strickland | ) edition.cnn.com time to read: +6 min

Instead, the exoplanet, called LP 791-18 d, is likely covered in volcanoes and may experience eruptions with the same frequency as Jupiter’s moon Io, the most volcanically active place in our solar system, according to researchers. LP 791-18 d is located about 90 light-years from Earth in the Crater constellation, where it orbits a small red dwarf star. And astronomers believe the massive planet LP 971-18 c might be contributing to the newly detected exoplanet’s possible volcanism. As the two objects orbit their star, LP 971-18 c and the newfound exoplanet LP 791-18 d closely pass each other, allowing the gravitational pull of the larger planet LP 971-18 c to tug on planet d and reshape its orbit. The discovery of LP 971-18 d points to the importance of data collected by space telescopes.

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