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☆ Earth-sized alien planet gripped by widespread volcanism
▼ + stars: | 2023-05-17 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

In our solar system, Earth and Venus are volcanically active, as are some of Jupiter's moons. Planets beyond our solar system are called exoplanets. Here, water from the nightside glacier can melt and possibly form liquid surface water. In addition, there is likely volcanism all around the planet, even under the ice on the nightside and possibly under the water near the terminator," Benneke said. The planet is located in the Milky Way about 86 light-years away from our solar system in the direction of the constellation Crater.

May 4 (Reuters) - Canadian lender Toronto-Dominion Bank Group (TD.TO) has called off its deal to acquire First Horizon Corp (FHN.N) for $13.4 billion on Thursday, sending the U.S. bank's shares down 44.5% in premarket trading. As part of the termination, TD will pay $200 million to First Horizon in addition to a $25 million fee reimbursement, the banks said. TD first agreed to buy First Horizon in February last year to expand its presence in the United States. Since then, the lender has acquired New York-based boutique investment bank Cowen Inc for $1.3 billion this year. ORTEX data from early last month showed the second-largest Canadian lender was the world's most shorted banking stock.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis. TD agreed to buy First Horizon in February last year to expand its presence in the United States. Average deposits at First Horizon fell 4% to $62.2 billion in the first quarter, compared to the end of last year.

☆ Teck Resources withdraws restructuring ahead of vote, as Glencore circles
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Teck Resources Ltd (TECKb.TO), the target of an unsolicited takeover bid by Glencore (GLEN.L), on Wednesday said it has withdrawn a proposed restructuring plan just hours ahead of a shareholder vote on it. The Vancouver-based miner operates under a dual-class structure and would need approval from two-thirds of shareholders on both sides for the restructuring. "Glencore's rejected proposals remain a non-starter, with the same flawed structure and material execution risks identified by our Board," Teck boss Jonathan Price said. Glencore's plan would combine and spin off its thermal coal unit and Teck's steelmaking coal business, while rebranding the rest of the operations as GlenTeck. Letko added that internally, some of its employees were divided on whether the deal would succeed or not.

☆ Short positions on Canada's TD Bank rise to $6.1 billion, ORTEX data shows
▼ + stars: | 2023-04-19 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

TORONTO, April 19 (Reuters) - Hedge fund bets against Canada's TD Bank Group (TD.TO) hit $6.1 billion on Wednesday, a 45% increase from 14 days ago, according to data provider ORTEX's calculations, one day ahead of the Canadian lender's annual general meeting. So-called 'arbitrage investors', many of which are event-driven hedge funds, bet on mergers and acquisitions by buying shares of the target and shorting the acquirer's stock. TD, which is awaiting regulatory approval of its takeover of First Horizon, is expected to address the $13.4 billion deal at its AGM on Thursday in Toronto. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling. TD shares are down 0.1% since the U.S. regional banking crisis began, and up 3.4% this week.

☆ Unstable markets drag Canadian M&A, debt issuance to four-year low
▼ + stars: | 2023-04-06 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

The collapse of regional banks Silicon Valley Bank and Signature Bank in the U.S. tightened credit market making funding difficult for deals. As the banking crisis abate and many global central banks move to the sidelines to assess the impact of rapid interest rates hikes, bankers are, however, betting that appetite for dealmaking would return. Canadian M&A volumes totalled $34.7 billion in the first quarter, down 52.3% from a year ago, with dealmaking off to the worst start since the same period in 2020. Some market participants noted the second quarter is already off to a stronger start, with the mining sector gathering momentum. Abeed Ramji, head of Canadian Debt Capital Markets at TD, said the lack of issuance from banks impacted the corporate debt market, adding that global markets had become more expensive for financing.

☆ TD world's most shorted banking stock, shares down -ORTEX data
▼ + stars: | 2023-04-05 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

Around 4.1% of TD's outstanding shares were out on loan to hedge funds, while the second-most shorted bank stock, JP Morgan , only had $2.3 billion worth of shorts, showed the data. Hedge funds profit when they borrow a stock from an institutional investor and sell it back when the price falls, pocketing the difference, a practice known as short-selling. Turmoil in the banking sector began last month with the collapse of regional banks Silicon Valley Bank and Signature Bank, sparking a crisis of confidence. TD shares are down 15.7% since the beginning of the regional bank crisis and down 3.4% this week. Around 2.9% of BMO's outstanding shares were out on loan to hedge funds, or about $1.8 billion.

☆ TD world's most shorted banking stock, ORTEX data shows; shares fall
▼ + stars: | 2023-04-05 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analyst says
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

read more"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ Signature Bank buyer gets a crisis dividend
▼ + stars: | 2023-03-20 | by ( John Foley | ) www.reuters.com time to read: +4 min

The failure of lender Signature Bank (SBNY.O) has forced them to abandon their consolidation-skeptic principles, resulting in a sizeable crisis dividend for Signature’s new owner. Bank mergers almost never happen so quickly, and nobody knows that better than Community Bancorp boss Thomas Cangemi. A study by the St. Louis Federal Reserve found that failed bank selloffs did lessen competition, but not by much. Community Bancorp said it has taken on $13 billion in loans and $25 billion in cash as part of the deal. The FDIC has been given equity appreciation rights in New York Community Bancorp that could be worth up to $300 million.

☆ U.S. bank crisis 'unlikely' to spill over to Canada, analysts say
▼ + stars: | 2023-03-20 | by ( Divya Rajagopal | ) www.reuters.com time to read: +4 min

"The U.S. contagion is unlikely to spill over to Canadian banks as the issues in U.S. are unique and specific to certain business models or lending activities," said James Shanahan, banking analyst with Edward Jones to Reuters. REGIONAL BANK SCRUTINYCanadian banks emerged stronger from the 2008 global financial crisis due to prudent regulations and since built a reputation for financial stability. The Canadian banks have kept their focus on domestic lending and majority of their earnings come from serving local clients. But in recent years, Royal Bank, BMO, TD Bank and CIBC (CM.TO) have expanded into the United States by buying regional lenders to benefit from strong growth in second-tier U.S. cities. However, last week the regional bank's stock was hit after the SVB collapse.

☆ Man charged with dangerous driving after 'premeditated' killing of two in Canada
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] Firefighters stand near the site where a man ran down a group of pedestrians with a van in the in the Lower St. Lawrence region of Amqui, Quebec, Canada on March 13, 2023. Prosecutors told reporters that more charges would be filed as police completed their investigations but said it was too early to talk about possible murder charges. Police spokesperson Claude Doiron told reporters Gagnon was cooperating in the investigation. Quebec prosecutor Simon Blanchette told reporters it was too early to speak about a motive. "We see these types of events are happening more and more around the world, it's not unique to us," Quebec Premier Francois Legault told reporters.

TORONTO, March 13 (Reuters) - Last week's sudden collapse of Silicon Valley Bank (SVB) could choke funding for Canada's technology start-ups and place them in the hands of domestic lenders who may be more selective in financing new ventures, financiers told Reuters. Companies including Shopify Inc (SHOP.TO) were examples of Canada's tech success story, which helped pull more investments into the sector. Benjamin Bergen, president at Council of Canadian Innovators, a lobby group for Canadian technology companies, agreed. "Before SVB went down, accessing capital was increasingly becoming tighter and tighter for Canadians for startups for scale ups," he said. Aside from the banks, the federal government also has a Venture Capital Catalyst Initiative program that invests in promising Canadian technology companies.

☆ Two dead, nine injured after being struck by van in Canada's Quebec
▼ + stars: | 2023-03-13 | by ( Nia Williams | ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Two people were killed and nine injured after being struck by a van on Monday in the Canadian town of Amqui, Quebec, provincial police said. Police spokeswoman Hélène St-Pierre said the circumstances of the collision were still being investigated and the driver of the van, a 38-year-old man, was under arrest. A man in his 70s and another man in his 60s were killed, St-Pierre said. Canadian Prime Minister Justin Trudeau said on Twitter that his heart was with the people of Amqui. "As we learn more about the tragic events that have taken place, I'm keeping everyone affected in my thoughts," he said.

☆ TSX set for worst week in five months as rate hike worries mount
▼ + stars: | 2023-03-10 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (1527 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 132.38 points, or 0.66%, at 19,954.34. The rate-sensitive financials sector (.SPTTFS) slumped 1.4% to a two-month low, while banks (.GSPTXBA) fell 1.3%. Across the border, U.S. stock indexes fell on a selloff in bank shares after SVB Financial's efforts to raise capital sparked worries about the sector's health. Among company news, Bank of Montreal (BMO.TO) shed 1.2% after it said it would acquire Loyalty Ventures' (LYLT.O) subsidiary's rewards program AIR MILES for an undisclosed amount. Loyalty Ventures fell 54.2% in U.S. trading.

☆ Loyalty Ventures files for Chapter 11 bankruptcy protection
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Loyalty Ventures Inc (LYLT.O) said on Friday it had filed for Chapter 11 bankruptcy protection, after the provider of consumer loyalty solutions in November warned of pressure from Russia's invasion of Ukraine, high inflation and rising interest rates. The company's shares tumbled more than 60% to 21 cents in trading before the bell. Loyalty Ventures helps companies increase shopper traffic and customers by providing data and technology to manage customer loyalty programs. Canada's Bank of Montreal (BMO.TO) will acquire Loyalty Ventures' subsidiary's rewards program AIR MILES for an undisclosed amount, the company said. Reporting by Akash Sriram in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Royal Bank of Canada's quarterly profit falls on higher provisions
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

March 1 (Reuters) - Royal Bank of Canada (RY.TO) on Wednesday posted a decline in first-quarter profit, as the lender set aside higher provisions to brace for potential loan defaults amid a challenging macro environment. The bank reported adjusted earnings of C$3.05 per share, up from C$2.87 a year earlier. Provisions for bad loans came in at C$532 million for the quarter, up from C$105 million a year ago, mainly reflecting higher provisions in Personal & Commercial Banking. Earnings from Royal Bank's personal and commercial banking unit rose 8% and wealth management profit was up 3% from a year ago, driven by higher interest rates. RBC's rivals – CIBC <CM.TO> and Bank of Montreal (BMO.TO) – have reported a decline in quarterly profits as they build buffer for loss provisions amid challenging economic conditions.

☆ Canada's Scotiabank profit falls on capital market slump, provisions
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

Feb 28 (Reuters) - Bank of Nova Scotia (Scotiabank) (BNS.TO) reported a lower first-quarter profit on Tuesday, as a lull in its investment banking division dented income from its capital markets unit and compelled the Canadian lender to set aside higher provisions. Canada's central bank over the past 11 months has lifted interest rates at a record pace to 4.5% to tame inflation, which was 6.3% in December, still well above the bank's 2% target. Scotiabank booked provisions of C$638 million, up from C$222 million a year ago, as it braces for increased odds of more loan defaults in a rising interest rate environment. Canada's third-largest lender reported overall net profit of C$1.77 billion, or C$1.36 a share, compared with C$2.74 billion, or C$2.14 a share, last year. read more($1 = 1.3566 Canadian dollars)Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

[1/2] A sign for the Bank of Montreal in Toronto, Ontario, Canada December 13, 2021. Banks typically benefit from higher interest rates but could feel the pressure if they affect loan demand and economic growth. Provision for credit losses (PCL) at BMO came in at C$217 million ($158 million) for the quarter, compared with a recovery of C$99 million a year earlier. Reuters GraphicsProfits at BMO and Scotiabank were also weighed down by the Canadian government's 'Canada Recovery Dividend (CRD)'. BMO recorded C$371 million related to the CRD and Scotiabank C$579 million.

☆ Stocks are reversing course as inflation looks sticky with more retail earnings on deck
▼ + stars: | 2023-02-24 | by ( Jesse Pound | ) www.cnbc.com time to read: +5 min

The optimism about inflation and the U.S. economy is quickly waning on Wall Street, and the early 2023 rally for stocks is fading. The market was under pressure again on Friday after a hotter-than-expected reading for personal consumption expenditures, sending rates higher and stocks lower. Economic updates Next week brings a new round of economic indicators to see how the sticky inflation is affecting consumers and business. Other looks at the economy will come through key earnings reports. Speech by Fed Governor Christopher Waller Friday: 9:45 a.m. Markit Services PMI 10:00 a.m. ISM Services PMI 3:00 p.m.

☆ Higher provisions, legal charges dampen CIBC's quarterly profit
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Feb 24 (Reuters) - Canadian Imperial Bank of Commerce (CIBC) (CM.TO) reported a fall in its first-quarter profit on Friday, weighed down by higher provisions and legal charges to settle a lawsuit tied to the 2008 global financial crisis. CIBC set aside C$295 million ($217.17 million) in provisions for credit losses in the reported quarter, up C$220 million from a year-ago period. Last month, Bank of Canada said it would hold off on further moves to let the effects of past rate hikes sink in. CIBC kicked off the first-quarter earnings season for major Canadian banks on Friday. Rivals Bank of Montreal (BMO.TO) and Bank of Nova Scotia (BNS.TO) will report on Tuesday while Royal Bank of Canada (RY.TO) and National Bank of Canada (NA.TO) will post their earnings on Wednesday.

☆ Trudeau joins vigil for Montreal daycare crash victims
▼ + stars: | 2023-02-09 | by ( Nelson Wyatt | ) www.reuters.com time to read: +3 min

[1/5] A Laval city bus is towed away after being pulled out of the daycare it crashed into, in Laval, Quebec, Canada February 8, 2023. Authorities have not yet given any indication of a motive behind the incident in Laval, Quebec, as they wait for a psychological evaluation of the suspect. "This is a moment to reflect on the incredible loss that families are feeling right now," CTV News quoted Trudeau as saying. He stopped to talk with parents who had dropped off their 2-1/2-year old daughter 10 minutes before the crash. Authorities said St-Amand has worked for the Laval municipality's public transit system for 10 years and does not have a criminal record.

[1/4] A Laval city bus is seen crashed into a daycare in Laval, Quebec, Canada February 8, 2023. The bus driver, a 51-year-old employee of the Laval municipality's public transit system, was arrested for homicide and reckless driving, a police spokesperson said. Police declined to provide more details while they investigate and question the driver, who they said has worked for the transit system for 10 years and does not have a criminal record. The incident happened at about 8:30 a.m. (1330 GMT), when kids are usually dropped off by their parents at daycare centers. "No words can take away the pain and fear that parents, children, and workers are feeling – but we are here for you," Trudeau said.

☆ See how a millennial transformed a dull 1960s bungalow into a lavish Georgian mansion dripping in one-of-a-kind antiques that hosts boudoir photo shoots for $200 an hour
▼ + stars: | 2023-01-20 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +2 min

Emmanuel Hébert grew up in a tiny Montreal bungalow that he has transformed into a Georgian mansion. See the renovation step-by-step, and why people rent the finished home for titillating photo shoots. Hébert is an online antiques dealer who decided to forgo a traditional storefront and transform his home into a staging ground for his business. He said he's had a handful of rap music videos filmed there, as well as many boudoir-style photo shoots. See how the home went from its drab beginnings to being a showpiece mansion with a one-of-a-kind style.

☆ BNP Paribas' $16 bln U.S. sale to BMO wins regulatory OK
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

PARIS, Jan 18 (Reuters) - BNP Paribas (BNPP.PA), France's biggest listed bank, said on Wednesday that it had received all the necessary regulatory approvals to complete its previously announced sale of Bank of the West to Bank of Montreal (BMO.TO). BNP Paribas added that this transaction was expected to close on Feb 1. "The closing of the Bancwest sale has been long-awaited ... and is a significant positive catalyst for BNP shares in our view," Jefferies analysts said in a note. Once the deal closes, it will bring nearly 1.8 million commercial, retail, wealth management and business banking customers and over 9,300 Bank of the West employees to BMO. Reporting by Sudip Kar-Gupta and Silvia Aloisi and Manya Saini in Bengaluru editing by Jason Neely and Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

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