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GiveLife.ca

    
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PRINT EDITION
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Globe Columnists
Thursday, July 27




  Andrew Willis
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Streetwise



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Selling public utilities is controversial but necessary space
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By ANDREW WILLIS
Saturday, July 22, 2017 – Page B4
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-- Not long ago, a provincial premier championed the sale of a government-owned utility, in part to raise the money needed to build a better electrical grid and kickstart economic growth.  FULL STORY arrow
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How Hydro One moved south space
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By ANDREW WILLIS
Friday, July 21, 2017 – Page B1
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-- South of the border, Canadian utilities are seen as good friends in tough times. That benevolent view just helped Hydro One Ltd. chief executive officer Mayo Schmidt launch a $4.4billion takeover that's the first step in a U.S. expansion strategy.  FULL STORY arrow
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Inside Quebec, Caisse finds a global approach space
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By ANDREW WILLIS
Saturday, July 15, 2017 – Page B1
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-- If you only read headlines, you would be forgiven for thinking the Caisse de depot et placement du Quebec is throwing money at every deal getting done in its home province. Over the course of this week, Montreal-based Cogeco announced a $1.4-billion (U.S.) takeover of a U.S. cable-TV system and revealed the Caisse backstopped the acquisition with a $310-million equity injection.  FULL STORY arrow
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One man's trash could be IPO treasure space
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By ANDREW WILLIS
Friday, July 14, 2017 – Page B1
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-- Waste-disposal firm GFL Environmental Inc. and its bright-green garbage trucks are planning to pick up $125-million from institutional investors to fuel North American acquisitions, ahead of a potential initial public offering next year.  FULL STORY arrow
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Chinese investor with state ties expected to buy Vancouver's Grouse Mountain recreation area space
Sale of British Columbia landmark to Shanghai company for about $200-million would reflect China's growing appetite for Canadian property
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By STEVEN CHASE, ANDREW WILLIS, GARY MASON
Thursday, July 13, 2017 – Page A1
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-- Vancouver's landmark Grouse Mountain Resorts is expected to be sold as early as next week to a Shanghai-based investor, the latest in a series of Canadian commercial property acquisitions by Chinese entities.  FULL STORY arrow
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Liquor Stores shakeup starts with CEO post space
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By ANDREW WILLIS
Saturday, July 8, 2017 – Page B2
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-- North America's largest publicly traded alcohol retailer landed the former head of Nova Scotia's liquor stores as its new chief executive on Friday, the first step in an expected shakeup at the chain.  FULL STORY arrow
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Why Bay Street is fretting over HBC's Richard Baker space
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By ANDREW WILLIS
Saturday, July 8, 2017 – Page B1
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-- If there were a Hall of Fame for real estate investors, Richard Baker would be a unanimous, first-ballot inductee.Ironically, Mr. Baker's proven skills in property deals are making investors and lenders very nervous about what the Hudson Bay Co. governor may do next as head of Canada's oldest company.  FULL STORY arrow
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Ruling favours Gluskin Sheff in long dispute with founders space
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By ANDREW WILLIS
Friday, July 7, 2017 – Page B1
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-- Gluskin Sheff + Associates Inc. won a long-running dispute with its founders on Thursday, sending shares in the money management firm soaring.An arbitrator ruled the Toronto-based firm owes co-founders Ira Gluskin and Gerald Sheff a total of $13.8-million to settle claims the pair made in 2016, several years after they cut ties with the company they founded in 1984. Mr. Gluskin was seeking a $75-million payment, while Mr. Sheff claimed $110-million.  FULL STORY arrow
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Canaccord buys U.K. rival amid British consolidation space
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By ANDREW WILLIS
Thursday, July 6, 2017 – Page B1
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-- Investment bank Canaccord Genuity Group Inc. vaulted into the top ranks of a consolidating British wealth-management industry on Wednesday by acquiring rival Hargreave Hale Ltd. in a deal worth up to $134million.  FULL STORY arrow
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SPACs find new life with Canaccord, tech-company launches space
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By ANDREW WILLIS
Wednesday, July 5, 2017 – Page B2
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-- Investment bank Canaccord Genuity Inc. launched a special purpose acquisition corporation (SPAC) meant to pave the way for small Canadian companies to go public, one of two new SPACs announced on Monday in a sector that is coming back to life.  FULL STORY arrow
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Investors want more from sizzling IPO market space
PwC survey says investors have an appetite for offerings that is not matched by companies seeking capital
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By ANDREW WILLIS
Wednesday, July 5, 2017 – Page B3
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-- Canadian companies are going public at a blistering pace, raising $2.9-billion from 16 initial public offerings in the first half of the year, and experts say investors are hungry for more IPOs than corporations are willing to provide.  FULL STORY arrow
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Cineplex's new Rec Room emporiums may be company's next blockbuster space
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By ANDREW WILLIS
Tuesday, July 4, 2017 – Page B1
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-- Cineplex Inc. threw a bash to open the Rec Room entertainment emporium in Toronto last Monday that featured 1,200 guests, a virtual-reality game starring Ghostbusters' Stay Puft Marshmallow Man and an air hockey match that pitted CEO Ellis Jacob against Mayor John Tory.  FULL STORY arrow
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Home Capital, having achieved peace, prepares for war space
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By ANDREW WILLIS
Friday, June 30, 2017 – Page B1
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-- Executives at Home Capital Group Inc. spent a small part of Thursday's annual meeting discussing how they dealt with the lender's recent near-death experience.They devoted a lot more time to plans for dealing with the next meltdown in housing. Home Capital's brass is looking ahead to the tests that await lenders of all stripes - the problems that come when the economy cools, as it inevitably will, unemployment rises and homeowners begin to default on mortgages in larger numbers.  FULL STORY arrow
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Hydro One looks to plug into U.S. takeovers space
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By ANDREW WILLIS
Thursday, June 29, 2017 – Page B1
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-- Smart CEOs don't surprise the market with deals. They take the time to sell investors on a growth strategy long before they announce a takeover.Hydro One Ltd. chief executive officer Mayo Schmidt knows this.  FULL STORY arrow
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Joe Oliver returns to the Street as Echelon chair space
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By ANDREW WILLIS
Monday, June 26, 2017 – Page B1
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-- Former federal finance minister Joe Oliver is back on Bay Street as chairman of independent investment dealer Echelon Wealth Partners Inc.Mr. Oliver is taking a rainmaker role at an employee-owned brokerage house with a focus on raising money for small-tomid-sized companies that the former Conservative cabinet minister believes are neglected by Canada's bank-owned dealers.  FULL STORY arrow
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Joe Oliver returns to the Street as Echelon chair space
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By ANDREW WILLIS
Monday, June 26, 2017 – Page B1
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-- Former federal finance minister Joe Oliver is back on Bay Street as chairman of independent investment dealer Echelon Wealth Partners Inc.Mr. Oliver is taking a rainmaker role at an employee-owned brokerage house with a focus on raising money for small-tomid-sized companies that the former Conservative cabinet minister believes are neglected by Canada's bank-owned dealers.  FULL STORY arrow
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Buffett: 'I always have been enthusiastic on Canada' space
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By JAMES BRADSHAW, ANDREW WILLIS
Saturday, June 24, 2017 – Page B2
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-- Warren Buffett's Berkshire Hathaway Inc. came to the aid of Home Capital Group Inc.this week, signing an agreement to inject up to $400-million in equity into the distressed mortgage company. The deal allows the famous investor to buy an initial stake of almost 20 per cent in Home - and, if shareholders approve, another 18 per cent this fall.  FULL STORY arrow
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Home Capital investors take sides on Buffett deal space
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By CHRISTINA PELLEGRINI, JACQUELINE NELSON, ANDREW WILLIS, JAMES BRADSHAW
Saturday, June 24, 2017 – Page B1
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-- Can Home Capital Group Inc. have too much of Warren Buffett?The beleaguered mortgage firm is basking in the moment after the renowned investor's Berkshire Hathaway Inc. agreed to extend $2-billion in credit and take a hefty equity stake.  FULL STORY arrow
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How Warren Buffett struck Home Capital handshake deal in three days space
Investing guru says short e-mail from Canadian banker sparked his interest in troubled mortgage lender
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By JAMES BRADSHAW, JACQUELINE NELSON, ANDREW WILLIS, CHRISTINA PELLEGRINI
Friday, June 23, 2017 – Page A1
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-- Legendary value investor Warren Buffett's interest in rescuing Home Capital Group Inc. was piqued by an e-mail from 82-yearold Don Johnson, a Canadian banker who sends his thoughts to the investing guru now and then.  FULL STORY arrow
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Why Buffett is a bull on Canada space
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By ANDREW WILLIS
Friday, June 23, 2017 – Page B1
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-- Warren Buffett is bullish on Canadian real estate. He's even more bullish on Canada.Just don't ask the Oracle of Omaha where house prices will be in 12 months. The legendary value investor said he made a potential $2.4-billion debt-andequity investment in Home Capital Group Inc., the country's largest alternative mortgage lender, ''with no specific view on whether home prices are going to be up 10 per cent or down 10 per cent in a year's time. No one knows that.''  FULL STORY arrow
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Funding questions loom over Home Capital space
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By JAMES BRADSHAW, ANDREW WILLIS
Friday, June 16, 2017 – Page B1
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-- Home Capital Group Inc. relieved a major headache by agreeing to settle a dispute with securities regulators, but the mortgage lender's funding woes are still a central concern as investors crave more tangible signs of a turnaround.  FULL STORY arrow
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For the OSC, a small victory and some big lessons space
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By ANDREW WILLIS
Friday, June 16, 2017 – Page B1
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-- The Ontario Securities Commission notched a signature win Wednesday by settling with Home Capital Group Inc.However, methinks the regulator doth protest too much in attempting to distance itself from the carnage that resulted from the OSC's allegations of disclosure problems at Canada's largest alternative mortgage company.  FULL STORY arrow
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Home Capital settles with OSC space
Mortgage lender to pay $10-million penalty while three former senior executives agree to director and officer ban
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By ANDREW WILLIS, JAMES BRADSHAW, NIALL MCGEE
Thursday, June 15, 2017 – Page B1
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-- Home Capital Group Inc. has reached agreements to settle an enforcement case with Ontario's securities regulator as well as a class action lawsuit launched over allegations of misleading disclosure.  FULL STORY arrow
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Fund attacks Liquor Stores' 'vote buying' space
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By ANDREW WILLIS
Wednesday, June 14, 2017 – Page B2
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-- The largest shareholder in Liquor Stores N.A. Ltd. asked regulators Tuesday to halt a controversial vote-buying scheme rolled out by the retailer's board of directors during a bitter proxy fight.  FULL STORY arrow
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Catalyst joins chase for Home Capital space
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By ANDREW WILLIS
Saturday, June 10, 2017 – Page B1
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-- Private equity fund Catalyst Capital Group Inc. has joined the growing line of suitors for mortgage lender Home Capital Group Inc. with a plan to recapitalize the struggling firm.Catalyst, an asset manager that focuses on distressed companies, recently proposed a ''strategic partnership'' with Home Capital that would inject new capital into the lender, according to sources familiar with the offer. Catalyst, led by financier Newton Glassman, also proposed a new management team with banking experience for Home Capital, these sources said. The company is currently recruiting a new chief executive and chief financial officer, having fired the former CEO and demoted the former CFO, both of whom are named in an Ontario Securities Commission case.  FULL STORY arrow
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Private-equity suitors circle Home Capital space
Onex Corp. and Brookfield unit among interested parties to submit takeover proposals for beleaguered mortgage lender
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By ANDREW WILLIS
Friday, June 9, 2017 – Page B1
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-- Mortgage lender Home Capital Group Inc. is fielding preliminary takeover offers and is in negotiations to settle regulatory allegations as Canada's largest alternative mortgage lender bounces back from a financial crisis.  FULL STORY arrow
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Eight Capital switches CEOs after failed Cannabis deal space
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By ANDREW WILLIS, NIALL MCGEE
Thursday, June 8, 2017 – Page B1
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-- Investment dealer Eight Capital has replaced its chief executive officer in the wake of a failed and controversial transaction for marijuana financier Cannabis Wheaton Income Fund Corp.Employee-owned Eight Capital, formerly known as Dundee Securities, stated on its website that former CEO Mark Attanasio is now a managing director of investment banking. The new head of the Toronto-based firm is David Morrison, who will also continue to run the equity sales and trading desk.  FULL STORY arrow
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Cannabis Wheaton lights up new financing deal space
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By ANDREW WILLIS
Wednesday, June 7, 2017 – Page B1
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-- Marijuana financier Cannabis Wheaton Income Corp. hired a new investment dealer Tuesday to raise $50-million for the company, resurrecting a muchwatched deal that features the company's lawyer and former bankers as significant personal shareholders.  FULL STORY arrow
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Cannabis Wheaton severs ties with banks space
Marijuana financier, two investment dealers terminate relationship because of bankers' personal stakes
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By ANDREW WILLIS
Tuesday, June 6, 2017 – Page B3
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-- Marijuana financier Cannabis Wheaton Income Corp. cut ties Monday with two investment banks with employees who own significant personal stakes in the company, in the midst of an $80million financing.  FULL STORY arrow
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Scotiabank's playbook: More deals in Latin America space
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By ANDREW WILLIS
Tuesday, June 6, 2017 – Page B1
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-- Bank of Nova Scotia brass used to throw an annual holiday cocktail party for journalists and spiced up the event a few years back by serving up pisco sours, a Peruvian favourite, to celebrate an acquisition in the South American country.  FULL STORY arrow
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Capital Group catches the gold bug space
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By ANDREW WILLIS
Saturday, June 3, 2017 – Page B5
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-- When known gold bug Frank Giustra bangs the drum for a new precious-metal play, as he did back in February, no one takes much notice.When one of the world's largest money managers, Capital Group Companies Inc., joins the move into gold by discreetly taking stakes in iconic Canadian companies Agnico Eagle Mines Ltd. and Barrick Gold Corp., heads turn - and it's time to ask if the next bullion bull market is just around the corner.  FULL STORY arrow
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SPAC sector springs to life behind Alignvest IPO space
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By ANDREW WILLIS
Tuesday, May 30, 2017 – Page B1
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-- A record-setting $515-million debut for the second specialpurpose acquisition company (SPAC) from Alignvest Management Corp. is expected to breathe new life into the sector by inspiring offerings from rival firms.  FULL STORY arrow
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Beware of booming market for cannabis companies space
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By ANDREW WILLIS
Saturday, May 27, 2017 – Page B2
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-- Remember when the last boom in junior mining stocks got frothy?Let me refresh your memory: Unproven companies attracted big valuations; insiders loaded up on stock for pennies a share ahead of deals; investment bankers took personal stakes in companies they advised.  FULL STORY arrow
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With CEO's departure, Manulife must go on offence space
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By ANDREW WILLIS
Friday, May 26, 2017 – Page B1
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-- This is not how Donald Guloien wanted to end his run at Manulife Financial Corp.Like any leader, the chief executive officer at Canada's largest insurer took the top job with a desire to move his company forward. And after eight years at the helm and 36 years at Manulife, Mr. Guloien has a growth strategy in place focused on expanding in China.  FULL STORY arrow
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New rules could add Shopify, Brookfield to Canadian index space
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By ANDREW WILLIS
Tuesday, May 23, 2017 – Page B1
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-- New rules are in the works for Canada's benchmark stock index that could benefit dozens of companies listed on domestic and U.S. exchanges and open the door to index membership for Shopify Inc. and Brookfield Infrastructure Partners LP.  FULL STORY arrow
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A new source for corporate cash: ATM space
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By ANDREW WILLIS
Tuesday, May 23, 2017 – Page B2
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-- Corporate Canada is embracing a new, low-cost approach to selling stock, borrowing from the playbook of U.S. companies that have raised more than $50-billion in the past five years.  FULL STORY arrow
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Bay Street takes new run at Hydro One offering space
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By TIM KILADZE, ANDREW WILLIS, JEFF LEWIS
Friday, May 19, 2017 – Page B1
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TORONTO, CALGARY -- Investment banks that underwrote Hydro One Ltd.'s $2.8-billion equity sale are taking a second stab at selling a large chunk of the shares after investors balked at the initial deal.  FULL STORY arrow
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PointNorth launches Liquor proxy war space
The activist fund, which is armed with a turnaround plan, looks to elect six directors to Liquor Stores N.A.'s eight-person board
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By ANDREW WILLIS
Tuesday, May 16, 2017 – Page B2
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-- Activist fund PointNorth Capital Inc. launched a proxy battle Monday at Liquor Stores N.A. Ltd. aimed at returning the 252outlet chain to its roots in Western Canada.PointNorth, a deep-pocketed private-equity firm founded by entrepreneur John Bitove, is waging a public campaign to put six directors on an eight-person Liquor Stores board at an annual meeting scheduled for June 20, after months of behind-closeddoors negotiations failed to reach an agreement.  FULL STORY arrow
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Liquor Stores, PointNorth ready for battle space
Activist investor aims to shake up the struggling spirit retailer's board with a proxy vote
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By ANDREW WILLIS
Monday, May 15, 2017 – Page B1
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-- The board of directors at Liquor Stores N.A. Ltd. is preparing for a showdown with activist investor PointNorth Capital Inc., in what is expected to determine control of North America's largest publicly traded booze retailer.  FULL STORY arrow
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HOME CAPITAL: A LENDER'S MELTDOWN space
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By JANET MCFARLAND, ANDREW WILLIS, NIALL MCGEE, DAVID PARKINSON, RITA TRICHUR, JACQUELINE NELSON, CHRISTINA PELLEGRINI, JAMES BRADSHAW
Saturday, May 13, 2017 – Page B6
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-- It was late in the evening on Sunday, April 30, when lawyers working for Home Capital Group Inc. dialled into a call with lawyers representing the company's new lending syndicate.  FULL STORY arrow
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The deal is done: now the hard part space
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By ANDREW WILLIS
Saturday, May 13, 2017 – Page B1
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-- There's an old line about the dog that catches the car.That's Canadian Imperial Bank of Commerce.The Toronto-based bank just sank its teeth into PrivateBancorp Inc., scoring a landmark victory Friday when shareholders in the U.S. bank voted in favour of CIBC's $4.9-billion (U.S.) takeover, an offer that was twice sweetened and very much in doubt until the final ballot was counted.  FULL STORY arrow
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MCAP to back Home Capital mortgages space
Independent mortgage-finance firm is behind deal to buy $1.5-billion of Home Capital's commitments to new mortgages
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By ANDREW WILLIS, NIALL MCGEE, JACQUELINE NELSON, CHRISTINA PELLEGRINI
Thursday, May 11, 2017 – Page B1
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-- After three weeks of playing defence, lender Home Capital Group Inc. is attempting to move forward by cutting a deal with rival MCAP Corp. that allows Home Capital to make new mortgages and roll over existing ones.  FULL STORY arrow
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Home Capital to get cash infusion by selling off mortgages space
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By NIALL MCGEE, ANDREW WILLIS
Wednesday, May 10, 2017 – Page A1
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-- $1.5 billion Home Capital is selling up to $1.5-billion of mortgages to a third partyTroubled lending firm Home Capital Group Inc. has announced plans to sell up to $1.5-billion worth of mortgages, a move that would give the company financial breathing room as it battles a funding crisis.  FULL STORY arrow
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Home Capital targets rebirth, not burial space
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By ANDREW WILLIS
Tuesday, May 9, 2017 – Page B1
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-- Mortgage lender Home Capital Group got something money can't buy on Monday: a much-needed dose of respectability.Three weeks into a crisis of confidence that some expected to kill the company - and potentially undermine parts of the housing market - a trio of proven executives committed their formidable reputations to Home Capital by joining the board.  FULL STORY arrow
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Blankfein talks frankly about Trump space
Goldman CEO offers deal-making advice to Canadian businesses during visit to Toronto last week
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By ANDREW WILLIS
Monday, May 8, 2017 – Page B1
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-- Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., has some simple advice for Prime Minister Justin Trudeau as he works to forge a relationship with maverick U.S.  FULL STORY arrow
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Credit Suisse lands banker tied to financial firms space
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By ANDREW WILLIS
Saturday, May 6, 2017 – Page B5
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-- Credit Suisse Securities (Canada) Inc. landed veteran investment banker Ram Amarnath from Morgan Stanley Canada Ltd. this week to anchor the global investment bank's coverage of industrial companies and financial players such as pension funds.  FULL STORY arrow
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Alignvest Management launches $250-million SPAC space
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By ANDREW WILLIS
Saturday, May 6, 2017 – Page B5
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-- The SPAC is back. Alignvest Management Corp., the Toronto-based operator of a special-purpose acquisition company, or SPAC, that successfully took over a private U.S. telecom company in 2016, launched a $250-million initial public offering recently for the next generation of SPAC.  FULL STORY arrow
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Callidus revises reporting after OSC review space
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By ANDREW WILLIS
Friday, May 5, 2017 – Page B3
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-- Lending firm Callidus Capital Corp. said on Thursday it is changing how it reports financial results in response to an Ontario Securities Commission review, as it fights allegations from a former employee that there have been ''multiple complaints'' about how it portrays its $1-billion loan portfolio.  FULL STORY arrow
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Home Capital postpones earnings results space
Mortgage lender moves ahead with plans to name new board members in hope of stemming bleeding, finding potential buyer
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By ANDREW WILLIS, JACQUELINE NELSON, JANET MCFARLAND
Wednesday, May 3, 2017 – Page A1
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-- Mortgage lender Home Capital Group Inc. delayed the release of financial results on Tuesday as the company recruits new board members in a bid to restore its credibility, stem the bleeding of deposits and find a potential buyer or investor.  FULL STORY arrow
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OSC nixed deal with Home Capital founder space
Sources claim former CEO offered to accept penalties to settle regulator's allegations but talks broke down, leading to current crisis
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By ANDREW WILLIS
Tuesday, May 2, 2017 – Page A1
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-- The founder of Home Capital Group Inc. attempted to reach a settlement with the Ontario Securities Commission over allegations the company violated securities laws, but the negotiations broke down and led to a formal case that has helped push the mortgage lender into financial trouble.  FULL STORY arrow
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Home Capital scrambles for buyer as deposits fall space
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By NIALL MCGEE, JANET MCFARLAND, ANDREW WILLIS
Saturday, April 29, 2017 – Page B1
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-- Home Capital Group Inc. was scrambling Friday to find a deal that would stabilize the company as investors continued to withdraw funds from their savings accounts.The Toronto-based company is pitching a variety of financial institutions on a rescue package, but investment banking sources said the best possible price may come from breaking up the company and selling portions of its mortgage portfolio to regional financial institutions.  FULL STORY arrow
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GAME ON space
Think Cineplex is all about movies? Think again. It's rapidly becoming a diversified entertainment company, and competitive gaming is the next stop
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By ANDREW WILLIS
Friday, April 28, 2017 – Page P44
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-- John Bruno can't remember the last time he took in a movie at a local theatre. It's been at least four years. Instead, like many others of his generation, the 18-year-old high school student from Cambridge, Ontario, spends most of his time playing video games.  FULL STORY arrow
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Signs of a housing storm as alternative lenders slide space
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By ANDREW WILLIS
Friday, April 28, 2017 – Page B1
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-- Canada's smaller financial institutions, including regional players such as Laurentian Bank and Canadian Western Bank that lend to higher-risk home buyers, were hit with a storm this week that came out of a clear blue sky.  FULL STORY arrow
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Kit and Ace closes international stores space
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By ANDREW WILLIS, MARINA STRAUSS
Thursday, April 27, 2017 – Page B5
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-- Clothing retailer Kit and Ace is closing stores in the United States, Australia and Britain as the chain, launched in 2014 by Lululemon Athletica Inc. founder Chip Wilson and his wife, shifts its focus to online sales and its nine Canadian outlets.  FULL STORY arrow
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A CRISIS OF CONFIDENCE space
Is this the pin that pops the housing bubble?
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By ANDREW WILLIS
Thursday, April 27, 2017 – Page B1
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-- Mortgage lender Home Capital Group Inc. has a financial problem that is really a crisis of confidence.Right now, this is a meltdown at a scandal-plagued company that just fired its CEO amidst a regulatory investigation. But in Canada's overheated residential real estate market, there are analysts predicting Home Capital's woes could be the pin that pops a housing bubble.  FULL STORY arrow
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Liberals use carrot and stick to launch infrastructure bank space
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By ANDREW WILLIS
Tuesday, April 25, 2017 – Page B2
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-- As the planned $35-billion Canada Infrastructure Bank gets closer to reality, the federal Liberals are taking a carrot-and-stick approach to winning support for the concept from provincial and municipal governments who control the country's key infrastructure projects.  FULL STORY arrow
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AGF at 60: Transformation is a work in progress space
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By ANDREW WILLIS
Tuesday, April 18, 2017 – Page B1
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-- Blake Goldring just has to look out the window to see the future of AGF Management Ltd.The chief executive's office in a downtown tower overlooks Billy Bishop Toronto City Airport, an infrastructure project AGF acquired two years ago as part of a strategy to diversify from roots in mutual funds.  FULL STORY arrow
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Montreal accounting firm works to help the rich stay that way space
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By ANDREW WILLIS
Monday, April 17, 2017 – Page B1
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-- To steal a phrase from F.Scott Fitzgerald, let me tell you about the very rich. They are different from you and me.They use fewer financial advisers.The majority of Canada's wealthy, folks with $1-million or more to invest, take a do-ityourself approach to their savings, according to the most recent annual survey from consulting firm Capgemini.  FULL STORY arrow
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Ottawa's courtship of pension plans is on the rocks space
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By ANDREW WILLIS
Saturday, April 15, 2017 – Page B1
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-- Prime Minister Justin Trudeau's first date with the country's pension plan CEOs went well. He snagged the hardest-to-book tables in town last November, at Toronto's swanky Shangri-La hotel, and said all the right things in pitching money managers on a $35-billion commitment to the planned infrastructure bank.  FULL STORY arrow
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Barclays extends Canadian coverage with new hire space
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By ANDREW WILLIS
Thursday, April 13, 2017 – Page B6
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-- Investment bank Barclays Capital Canada Inc. increased its coverage of Canada on Wednesday by landing veteran financier Erik Charbonneau from rival Credit Suisse AG.Mr. Charbonneau will fill a number of senior roles at Barclays, including a role previously staffed by bankers based in New York. He will join the firm, which has 75 employees in Canada, as head of equity capital markets (ECM), a role he held for the past 11 years at Credit Suisse. The job means Mr. Charbonneau is responsible for helping corporate clients raise money by selling stock. In the past, Barclays ran its Canadian ECM team from Manhattan. Adding an experienced Toronto-based executive is expected to win the investment bank a larger stake in Canadian equity offerings, as ECM is a corner of the market where strong relationships with both corporations and rival banks help to win roles in transactions.  FULL STORY arrow
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Sprott returns to roots, sells mutual-fund business space
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By ANDREW WILLIS
Tuesday, April 11, 2017 – Page B1
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-- Money manager Sprott Inc. is going back to its roots as an investor in gold, silver and mining plays by selling its $3-billion mutual-fund arm to its executives for $46-million.  FULL STORY arrow
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Deal maker to CEO: A tricky move space
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By ANDREW WILLIS
Saturday, April 8, 2017 – Page B1
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-- Early in Gord Nixon's run as CEO of Royal Bank of Canada, his former investment banking partners started quietly complaining the new boss had forgotten his roots, because he was directing the bank's considerable resources away from capital markets and into wealth management acquisitions.  FULL STORY arrow
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Goldman Sachs names M&A head for Canada space
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By ANDREW WILLIS
Thursday, April 6, 2017 – Page B2
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-- Investment bank Goldman Sachs and Co. signalled it expects the torrid pace of cross-border takeover activity to continue by naming a veteran deal maker to the newly created role of head of Canadian mergers and acquisitions.  FULL STORY arrow
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Li family buys Reliance Home in deal worth $2.8-billion space
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By ANDREW WILLIS
Saturday, April 1, 2017 – Page B1
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-- Victor Li, scion of one of Asia's wealthiest families, added to his clan's growing collection of Canadian companies Friday by acquiring Reliance Home Comfort from U.S. private-equity fund Alinda Capital Partners for $2.82-billion.  FULL STORY arrow
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Lululemon founder Wilson calls for new board, chief executive space
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By ANDREW WILLIS
Friday, March 31, 2017 – Page B2
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-- Yoga fans strive for a state called ''nirodha,'' where the mind is still and totally focused on a single goal. Lululemon Athletica Inc. founder Chip Wilson was approaching nirodha Thursday, totally focused on replacing the yoga-wear retailer's chief executive officer and board after the company warned Wednesday that this year's results will be below expectations, triggering a 23-per-cent stock-price decline.  FULL STORY arrow
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Bucking trend, Teachers makes active investing push space
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By ANDREW WILLIS
Thursday, March 30, 2017 – Page B1
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-- In an era when an increasing number of investors are embracing passive investments such as index funds, the Ontario Teachers' Pension Plan is putting its faith in its people by allocating more capital to active investment strategies.  FULL STORY arrow
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Budget miss: What Ottawa should have done space
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By ANDREW WILLIS
Saturday, March 25, 2017 – Page B1
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-- The highlight of this week's federal budget might have been Finance Minister Bill Morneau's choice of footwear. He stepped out in new Oxfords from trendy Edmonton-based designer Poppy Barley.  FULL STORY arrow
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Dominion Diamond in play following hostile bid space
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By ANDREW WILLIS
Tuesday, March 21, 2017 – Page B1
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-- Dominion Diamond Corp. is expected to attract interest from the world's largest diamond miners after being put in play Sunday by a $1.1-billion (U.S.) hostile takeover proposal from conglomerate The Washington Companies.  FULL STORY arrow
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The runway is clear, but will Ottawa go for an airport sale? space
Morneau and the Liberals have talked about new infrastructure. Institutional investors are ready to provide them billions, in return for a piece of the skies
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By ANDREW WILLIS
Monday, March 20, 2017 – Page B1
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-- The federal Liberals have a credibility problem when it comes to their promise to renew Canada's infrastructure: Much talk, no action.Finance Minister Bill Morneau has a chance to fix that perception and put as much as $16billion into government coffers in the budget he is scheduled to table on Wednesday, if he moves forward aggressively with the sale of the country's eight largest airports. The runway is clear. The government is sitting on a privatization plan filed last year by investment bank Credit Suisse. Pension plans and other deep-pocketed investors are lining up to buy these assets.  FULL STORY arrow
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Sprott case raises eyebrows over governance of dual-share firms space
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By ANDREW WILLIS
Saturday, March 18, 2017 – Page B4
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-- Money manager Sprott Inc. is attempting the corporate finance equivalent of a Hail Mary pass in its $3.1-billion (U.S.) hostile bid of rival Central Fund of Canada Ltd.  FULL STORY arrow
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Valeant shows the dangers of hedge-fund hotels space
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By ANDREW WILLIS
Wednesday, March 15, 2017 – Page B1
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-- Trading desks have a name for stocks like Valeant Pharmaceuticals International Inc.: They call them hedge-fund hotels. And to mangle a line from the Eagles, at a hedge-fund hotel, you can check out any time you like, but it sure hurts to leave.  FULL STORY arrow
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Will made-in-America approach to stock sales catch on in Canada? space
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By ANDREW WILLIS
Monday, March 13, 2017 – Page B4
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-- Investment bankers spiced up the finance menu last year by serving up a made-in-America dish for Canadian companies that want to raise money by selling stock.Two successful equity sales - one from Encana Corp. and the other from an investor in Canadian Pacific Railway Ltd. - were done using what's known as a ''block trade'' approach created by U.S. investment banks. In this type of offering, the fees banks receive depend on the final price the shares sell for.  FULL STORY arrow
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Lender of choice: TD builds its patch presence space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Friday, March 10, 2017 – Page B1
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-- A generation ago, TorontoDominion Bank built a lucrative business as the lender of choice to North American telecom and cable companies.Now the bank, best known for its massive retail branch network, is winning a reputation in Calgary as the go-to lender for ambitious energy companies. TD Securities quarterbacked $9-billion of loans, along with JPMorgan Chase Bank and Bank of Nova Scotia, that allowed Canadian Natural Resources Ltd. to snag Shell Canada Ltd.'s oil sands assets on Thursday and strengthen a Canadian champion in the oil and gas sector.  FULL STORY arrow
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Sprott goes hostile in $3.1-billion bullion bid space
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By ANDREW WILLIS
Thursday, March 9, 2017 – Page B1
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-- Money manager Sprott Inc. launched a hostile $3.1-billion (U.S.) takeover offer Wednesday for Central Fund of Canada Ltd. (CFCL), the latest battle in Sprott's two-year campaign to unite rival gold and silver bullion funds.  FULL STORY arrow
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With markets strong, Onex eyes opportunities to cash out space
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By ANDREW WILLIS
Wednesday, March 8, 2017 – Page B1
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-- Private equity pioneer Onex Corp. is living the dream these days.After spending the better part of two years hunkered down through what company executives recently described as a ''sluggish'' period for initial public offerings, Onex and its private equity peers have experienced a sea change in market sentiment.  FULL STORY arrow
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Trump's Goldman pair can't pull off a miracle space
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By ANDREW WILLIS
Saturday, March 4, 2017 – Page B5
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-- In investment-banking circles, there's grudging respect for the folks at Goldman Sachs. Even arch-rivals acknowledge the Goldman team works hard, and admit Goldman nourishes an enviable partnership culture.  FULL STORY arrow
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Callidus hits back at former executive in legal dispute space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Wednesday, March 1, 2017 – Page B1
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-- Callidus Capital Corp. is suing a former employee over allegations of misconduct related to loans to three companies that include claims of forged letters and artificially inflated financial results.Toronto-based Callidus lends money to companies that are unable to borrow from traditional lenders such as banks, and has approximately $1.2-billion outstanding on 28 loans. In early February, Craig Boyer, the company's former chief underwriter, sued Callidus in the Ontario Superior Court of Justice over vacation pay, health benefits and stock options that he said he is owed after being ''constructively terminated'' last August.  FULL STORY arrow
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Europe's richest seek a haven in Canadian office towers space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B1
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-- Europe's wealthiest families have discovered Canadian commercial real estate as a safehaven investment, snapping up landmark properties in Toronto, Vancouver and Montreal over the past year, in part because of concerns about the European Union's uncertain future.  FULL STORY arrow
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Why an old-school investment banker sees an explosion of 'north-south' deals space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B4
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-- A generation ago, investment bank Lazard began opening offices in China. The timing proved prescient: The 169-yearold firm arrived in cities such as Beijing ahead of a wave of transformative deals that turned Chinese companies into global players.  FULL STORY arrow
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TMX study looks at innovation funding woes space
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By ANDREW WILLIS
Tuesday, February 21, 2017 – Page B3
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-- Canadian growth companies face a $4-billion funding shortfall compared with U.S. rivals that should be filled by tapping the country's pension plans, banks and insurers, according to a study due to be released Tuesday and backed by TMX Group Ltd.  FULL STORY arrow
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Canada Goose spreads wings with IPO space
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By ANDREW WILLIS, CHRISTINA PELLEGRINI
Thursday, February 16, 2017 – Page B1
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-- Parka maker Canada Goose Holdings Inc. filed paperwork Wednesday for an expected $200-million (U.S.) initial public offering, the third debut in the past six months from a Canadian company that sells trendy consumer products.  FULL STORY arrow
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Canadian pipelines exploit lazy balance sheets at U.S. rivals space
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By ANDREW WILLIS
Tuesday, February 14, 2017 – Page B2
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-- CEOs at Canada's largest utilities would be reluctant to admit it publicly, but for the past year, they've taken advantage of what they privately like to call ''lazy'' balance sheets at their U.S. rivals to stage a series of bold takeovers.  FULL STORY arrow
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Commercial property deals soar space
Foreign buyers flock to Canada, pushing investment to a record $34.7-billion
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By JACQUELINE NELSON, ANDREW WILLIS
Monday, February 13, 2017 – Page B1
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-- Canadian commercial property deals soared to new heights in 2016 as a surge of foreign buyers aggressively bought up office, shopping and hotel properties across the country. It's a trend that's expected to continue this year as real estate investors look for safe havens.  FULL STORY arrow
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Pengrowth looks to SPAC cash for oil and gas assets space
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By ANDREW WILLIS, NIALL MCGEE
Friday, February 10, 2017 – Page B1
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-- Debt-heavy Pengrowth Energy Corp. is in talks to sell approximately $500-million in Alberta oil and gas assets to Infor Acquisition Corp., the latest sign of financial companies stepping up for energy assets, according to people familiar with the matter.  FULL STORY arrow
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Sunshine tries to hit pay dirt in dreary mining IPO market space
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By ANDREW WILLIS
Monday, February 6, 2017 – Page B1
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-- What's old is new again in mining, as a silver producer prepares to take a second stab at an initial public offering.Sunshine Silver Mining and Refining Corp. is auditioning investment banks for starring roles in an IPO on the Toronto Stock Exchange, according to sources pitching the company.  FULL STORY arrow
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HBC eyes global shopping spree space
Iconic Canadian retailer in talks with Macy's, has also looked at other acquisition targets
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By MARINA STRAUSS, ANDREW WILLIS
Saturday, February 4, 2017 – Page B1
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-- Hudson's Bay Co. has approached U.S. rival Macy's Inc. about a potential takeover and the Toronto-based retailer has also looked at other departmentstore companies around the world, industry sources say.  FULL STORY arrow
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Corporate Canada's international dealing leaves law firms behind space
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By ANDREW WILLIS
Saturday, February 4, 2017 – Page B4
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-- The largest takeovers Corporate Canada has seen are playing out now with minimal input from Canadian lawyers. It's a trend that's sending a chill through the biggest law firms, as lawyers struggle with a challenge that threatens their existence: How to stay relevant to clients with international ambitions.  FULL STORY arrow
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Kew Media to acquire $104.1-million portfolio space
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By JACQUELINE NELSON, ANDREW WILLIS
Friday, February 3, 2017 – Page B2
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-- Kew Media Group Inc. is set to acquire a broad portfolio of 10 companies that own, produce and distribute film, television and other programming for $104.1million.From the Netflix documentary series Cooked, to lifestyle shows such as Dance Moms and Hockey Wives and a host of well-known documentaries, Kew is poised to buy companies that control 6,000 hours of media content sold in more than 150 countries.  FULL STORY arrow
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Slate launches opportunistic fund space
The new private fund's first acquisition is a $200-million portfolio of office buildings in Calgary
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By ANDREW WILLIS
Friday, February 3, 2017 – Page B3
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-- Slate Asset Management is launching a real estate fund that will invest in commercial properties that need a little tender loving care to regain their lustre.The new private fund is called the Slate Canadian Real Estate Opportunities fund, according to sources close to the company, and its first acquisition is a $200-million portfolio of 12 office buildings in Calgary from Dream Office REIT. Toronto-based Dream disclosed the sale last week, but did not reveal the buyer.  FULL STORY arrow
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Has Vision spotted the next REIT takeover? space
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By ANDREW WILLIS
Thursday, February 2, 2017 – Page B1
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-- When Milestone Apartments REIT units soared on news of a $1.3-billion (U.S.) takeover bid from private-equity fund Starwood Capital last month, investors began searching for the next potential acquisition target in the real estate sector.  FULL STORY arrow
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ALL THAT GLITTERS ... space
The Bre-X mining scandal rocked Canada and the world in the 1990s. Twenty years later, how did the event become just another shiny, empty Hollywood thriller?
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By ANDREW WILLIS
Friday, January 27, 2017 – Page R1
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-- When the Bre-X scandal broke in 1997 and a massive gold find was revealed as a more massive fraud, mining executives predicted the true-life tale would be made into a movie, then joked about which actor should portray them on the big screen.  FULL STORY arrow
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Firms invest in AI to get ahead of the curb on smart cars space
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By ANDREW WILLIS
Thursday, January 26, 2017 – Page B2
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-- Magna International Inc. chief executive officer Don Walker has a colourful description of what artificial intelligence (AI) is going to mean to the auto industry.A car with a human at the wheel swerves to avoid a ball that rolls across the road, and an experienced driver knows to watch for a child chasing the ball, Mr. Walker told a conference Wednesday. Upgrade that car with AI, and it will automatically avoid the ball, and know to check for a child, by using its own sensors and by networking with AI systems in nearby cars that may have a better view.  FULL STORY arrow
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Dream REIT sells Alberta buildings for $200-million space
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By ANDREW WILLIS
Wednesday, January 25, 2017 – Page B1
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-- Dream Office REIT began to exit the Calgary and Edmonton real estate markets Tuesday, announcing the company has agreed to sell 12 office buildings in Alberta for approximately $200-million.  FULL STORY arrow
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Dream REIT in talks to sell Alberta office buildings space
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By ANDREW WILLIS
Tuesday, January 24, 2017 – Page B1
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-- Two major real estate investors are working on an $800-millionplus deal that speaks to very different views of the Alberta real estate market. Dream Office REIT is close to selling its portfolio of 45 Calgary and Edmonton office buildings to Slate Asset Management, according to people familiar with the talks.  FULL STORY arrow
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Private equity cool on Performance Sports Group space
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By CHRISTINA PELLEGRINI, ANDREW WILLIS
Tuesday, January 24, 2017 – Page B1
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-- Potential private equity buyers appear to be steering clear of hockey and baseball equipment maker Performance Sports Group Ltd., clearing the field for a $575-million (U.S.) bid for the company from Sagard Capital Partners LP and Fairfax Financial Holdings Ltd.  FULL STORY arrow
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The CEO Torstar needs won't want the job space
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By ANDREW WILLIS
Saturday, January 21, 2017 – Page B13
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-- Next week, Torstar Corp. will interview candidates to be the next CEO of the 125-year-old media company. There may be no tougher job in corporate Canada.The role requires a transformational leader with the vision and skills to turn a newspaper chain with rapidly-falling revenues into a cutting-edge digital publisher.  FULL STORY arrow
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Former CP chief takes one more railway ride space
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By ANDREW WILLIS
Friday, January 20, 2017 – Page B1
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-- Who walks away from $118million?The answer, obviously, is former Canadian Pacific Railway CEO Hunter Harrison, who just gave up a generous retirement package, at the age of 72, to team up once again with fund manager Paul Hilal and attempt to turn around a rival railway, CSX Corp.  FULL STORY arrow
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Waterous leaves Scotiabank to launch private-equity fund in energy space
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By ANDREW WILLIS
Saturday, January 14, 2017 – Page B3
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-- Over the past few years, energy company executives have been telling Adam Waterous that despite the negative headlines, there has never been a better time to be exploring for oil and gas.  FULL STORY arrow
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Trump Toronto hotel put on block space
Financially troubled building hits market as hospitality properties become a hot commodity in Canada
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By ANDREW WILLIS
Thursday, January 12, 2017 – Page B1
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-- Trump International Hotel and Tower Toronto is looking for a new owner, with creditors hoping that strong investor interest in Canadian hospitality properties can rescue a development that proved to be a money pit for its original backers.  FULL STORY arrow
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Cineplex goes big with Call of Duty contest space
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By ANDREW WILLIS
Wednesday, January 11, 2017 – Page B2
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-- All those hours spent playing video games may not be wasted time.In the latest sign that e-sports is becoming a big-money enterprise in Canada, Cineplex Inc. announced a tournament Tuesday that will see teams shoot it out in the video game Call of Duty for $65,000 in cash and prizes and, for the first time, the opportunity to move on to a major U.S. competition.  FULL STORY arrow
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Complete Index of Today's Print Headlines
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