TD Bank and Bank of Montreal signage in Toronto's financial district, on Sept. 8.Andrew Lahodynskyj/The Canadian Press
Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
Canada’s Big Six banks report fourth-quarter earnings
Another bank earnings season is in the books as Canada’s Big Six lenders reported their fourth-quarter financial results this week. Ahead of the results, analysts cut their expectations. Royal Bank of Canada, National Bank and Canadian Imperial Bank of Commerce topped analysts’ estimates. Meanwhile, Toronto-Dominion Bank, Bank of Montreal and Bank of Nova Scotia fell short of expectations with TD Bank announcing it is cutting its work force by 3 per cent in an attempt to rein in climbing expenses.
Canada’s economy avoids recession, but it’s a ‘bumpy landing’ ahead
The Canadian economy has dodged a recession for now, but appears to be experiencing a “bumpy landing“ instead. Canada’s real gross domestic product (GDP) unexpectedly contracted at an annualized rate of 1.1% in the third quarter, according to figures published by Statistics Canada on Thursday. Export shipments waned and consumer spending flattened in the third quarter, signs of a continuing malaise as the country grapples with higher interest rates, Matt Lundy reports.
The latest Canada-U.S. economic gap: business bankruptcies
The financial strain of Bank of Canada’s interest rate hikes have hit Canadian businesses faster and much more severely, especially when it comes to bankruptcies. According to data from the federal Office of the Superintendent of Bankruptcy, the number of business insolvencies in Canada jumped by more than 60 per cent in October from the year before. That’s more than double the number of business insolvencies filed the same month in 2019. Business bankruptcies are also spiking in the U.S., according to court system filings. Jason Kirby takes a closer look in this week’s Decoder.
First Quantum’s Panama future in jeopardy after top court says mine contract unconstitutional
Panama’s top court has ruled that First Quantum Minerals Ltd.’s contract to operate the Cobre Panama copper mine is unconstitutional. The 20-year contract with the Canadian mining company has sparked protests around climate concerns and the mine’s impact on the densely forested local environment – and even garnered attention from Leonardo DiCaprio. Niall McGee reports that commercial production at the mine was stopped due to “illegal blockades,” and First Quantum has started arbitration proceedings against Panama in an attempt to mitigate the huge financial damage the company faces.
New home buyers are offering discounts to escape deals
What kind of person would sell you a newly built home for less than fair value, and give you free cash to boot? The kind of person who can’t qualify for a mortgage on that property and is about to lose their deposit – and potentially be sued. It’s happening as we speak, writes Robert McLister. A small but growing number of preconstruction buyers are compelled to sell – assign – their contracts to others before their home is completed. And they’re sometimes selling for whatever they can get, to recoup some of their deposit and reduce legal risk to the builder. McLister breaks it down and offers tips for assignors and assignees.
Meet the woman leading one of Canada’s top national law firms
It took just 20 years for Jennifer Teskey to rise from junior lawyer to managing partner at one of the top corporate law firms in the country. That’d be an impressive rise for anybody. But for a woman to grab the top spot at the second-biggest firm of its kind, in a country where women are under-represented at the partner level, is remarkable. On Jan. 1, she’ll take over Norton Rose Fulbright. The Canadian branch of a huge global entity, it’s number 1 in Canada representing the company side in activist shareholder campaigns; it’s near the top for the activist side, as well.
Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.
https://news.google.com/rss/articles/CBMiW2h0dHBzOi8vd3d3LnRoZWdsb2JlYW5kbWFpbC5jb20vYnVzaW5lc3MvYXJ0aWNsZS1iYW5rLWVhcm5pbmdzLWdkcC1iYW5rcnVwdGNpZXMtZGVjZW1iZXItMy_SAQA?oc=5
2023-12-03 14:00:00Z
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