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2024-05-11 | Bloomberg | Flaherty Vows to Use Parliament Majority to Erase Budget Deficit by 2014 | Canadian Finance Minister Jim Flaherty said his governing Conservative Party will use its decisive election victory last week to ensure the nation erases its budget deficit in three years. Speaking at the Bloomberg Canada Economic Summit , Flaherty said the Conservatives will introduce a budget next month that will for... |
2024-05-11 | Bloomberg | Canadian Stocks Erase Yearly Gain Amid China Inflation Concerns | Canadian stocks fell for a second day, erasing their gain for the year, as raw-materials and energy producers dropped on concern inflation may lead to interest-rate increases in China and the U.K. Suncor Energy Inc. (SU) , the country’s biggest oil and gas producer, declined 3.3 percent to the lowest level since Januar... |
2024-07-25 | Bloomberg | Barrick Costs Rising as Gold’s Charge Stalls | Barrick Gold Corp. (ABX) Chief Executive Officer Jamie Sokalsky makes his public debut tomorrow as head of the world’s biggest gold company battling rising costs, a decline in profit and a sluggish price for the metal that can no longer paper over the industry’s struggles. Barrick, which promoted Sokalsky June 6 to rep... |
2024-11-11 | Bloomberg | Manulife to Expand Third-Party Asset Management | Manulife Financial Corp. (MFC) , Canada’s largest insurer, is expanding its asset-management business for institutional investors as it seeks to increase fee income. The insurer, which manages C$575 billion ($549 billion) in funds, is focusing on real estate, commercial mortgages and private-placement debt for its new ... |
2024-09-26 | Bloomberg | Malaysia Debuts Longest Bonds in Funding Push: Southeast Asia | Malaysia will sell 30-year bonds for the first time in its longest-maturity offering to set a benchmark for companies raising funds under Prime Minister Najib Razak’s $444 billion development program. The government will sell 2.5 billion ringgit ($776 million) of 2043 notes tomorrow, according to the central bank’s web... |
2024-09-07 | Bloomberg | Harper Seeks More Gains From China in Exchange for Oil | Canadian Prime Minister Stephen Harper said his government will seek to correct trade imbalances with China as he manages a wave of takeover spending from the Asian country. Harper, speaking at the Bloomberg Canada- Asia Conference in Vancouver , said Canada needs to diversify trade to Asia because of sluggish growth i... |
2024-09-06 | Bloomberg | Scotiabank in China Influences Harper on Nexen | Bank of Nova Scotia is still waiting to close its purchase of Bank of Guangzhou, seven months after Prime Minister Stephen Harper raised the issue with China’s Premier Wen Jiabao. The delay is weighing on Harper as he considers Cnooc Ltd.’s $15.1 billion bid for Nexen Inc. (NXY) Natural Resources Minister Joe Oliver s... |
2024-04-20 | Bloomberg | Allstate Said to Seek Buyers for Lincoln Benefit Business | Allstate Corp. (ALL) , the largest publicly traded U.S. home and auto insurer, is seeking potential buyers for its Lincoln Benefit Life Co. subsidiary, three people familiar with the matter said. Goldman Sachs Group Inc. (GS) was engaged by Northbrook, Illinois-based Allstate to solicit offers for Lincoln, said the peo... |
2024-04-19 | Bloomberg | EU Markets Law, EU Bank Supervisor, SEC: Compliance | European Union nations must resume talks on a draft law to overhaul the bloc’s financial market rules, after ambassadors failed to resolve a clash between the U.K. and Germany on competition in derivatives clearing. Ireland, which holds the EU’s rotating presidency, will seek to broker compromises on the measures, whic... |
2024-10-19 | Bloomberg | Crude Oil Falls on European Divisions, Fed’s Report of ‘Modest’ Growth | Crude oil fell from a one-month high after a split emerged between France and Germany on proposals to increase the European bailout fund and the Federal Reserve described the pace of U.S. economic growth as “modest.” Futures dropped 2.5 percent as euro-area leaders assembled in Frankfurt seeking to narrow divisions bef... |
2024-12-13 | Bloomberg | CIMB Says RBS to Help Regain Top Arranger Spot: Islamic Finance | CIMB (CIMB) Group Holdings Bhd. plans to take advantage of its purchase of Royal Bank of Scotland Group Plc’s Asian operations to regain its position as the world’s top sukuk arranger after slipping to second place in 2012. The Malaysian bank is in talks with companies in India and China to sell ringgit-denominated suk... |
2024-08-25 | Bloomberg | Canadian Stocks Fall as Banks Decline on U.S. Jobless Claims | Canadian stocks fell for the first time in four days, led by financial companies and energy producers, after the U.S. reported an increase in initial jobless claims and European equities plunged. Suncor Energy Inc. (SU) , Canada ’s largest oil and gas producer, dropped 2.4 percent. Royal Bank of Canada (RY) , the count... |
2024-04-10 | Bloomberg | Axa Said to Sell Life Unit to Protective for $1 Billion | Axa SA (CS) , Europe’s second-largest insurer, agreed to sell a U.S. unit and transfer certain obligations to Protective Life Corp. (PL) for $1.06 billion, according to two people with knowledge of the deal. Axa is selling Mony Life Insurance Co. to Birmingham, Alabama-based Protective, which will reinsure some life po... |
2024-04-10 | Bloomberg | Crude Rises on S&P Gain as Brent Premium Shrinks | West Texas Intermediate crude rose for a third day as the Standard & Poor’s 500 Index advanced to an intraday record, bolstering speculation that fuel consumption will climb. Brent oil’s premium to New York futures shrank to the smallest level since June. Futures increased 0.5 percent as the S&P 500 gained after Chines... |
2024-04-11 | Bloomberg | Manulife Buys Hong Kong Tower From Wheelock as Rents Soar | Manulife Financial Corp. (MFC) has agreed to pay the second-highest price on record for a whole Hong Kong office tower as companies seeking cheaper rents push up demand for space outside the city’s Central business district. Canada’s biggest insurer will pay HK$4.5 billion ($580 million) to the developer, a unit of Whe... |
2024-04-10 | Bloomberg | Malaysians to Vote May 5 in Country’s Close Fight for Power | Malaysians will go to the polls on May 5 in what is expected to be a close fight as Anwar Ibrahim’s opposition seeks to end 55 years of unbroken rule by Prime Minister Najib Razak’s National Front coalition. The campaign period is extended to 15 days from 12 days in the 2008 election, following calls by pro-democracy p... |
2024-04-10 | Bloomberg | Toronto Condo Kings Retreating to Avert Crash: Mortgages | Toronto condo builders are slowing development in a bid to avoid a crash after a decade-long boom led to 159 towers now under construction. So far this year, they’ve announced 13 new condominium projects, the fewest since the recession in 2009, when there were just three over the same period, figures from real estate r... |
2024-04-10 | Bloomberg | Element Avoids ‘Market Heroin’ for Leasing Business | Element Financial (EFN) Corp. Chief Executive Officer Steven Hudson says selling repackaged leases to life insurance companies helped his Canadian firm avoid the “financial market heroin” that almost ruined his first leasing venture 14 years ago. Hudson, who in 1984 parlayed a mortgage on his C$190,000 ($187,000) Toron... |
2024-04-10 | Bloomberg | First Pacific Markets Bond Sale as Manulife Predicts Record Year | First Pacific Co. (142) is marketing a sale of U.S. dollar-denominated notes as offerings this year are expected to reach a record, according to Manulife Asset Management. Debt risk in Asia fell for a third consecutive day. The utilities and resources company controlled by billionaire Anthoni Salim is marketing 10-year... |
2024-04-10 | Bloomberg | Flaherty Shouldn’t Meddle in Mortgage Rates, Waugh Says | Canadian Finance Minister Jim Flaherty shouldn’t interfere with mortgage pricing set by the country’s lenders, Bank of Nova Scotia Chief Executive Officer Richard Waugh said. Flaherty, who has taken steps to cool the housing market in a bid to avert a crash, raised concerns last month over reduced five-year mortgage ra... |
2024-03-07 | Bloomberg | Canada to Cap Spectrum Purchases for Largest Telecos | Canada will limit the amount of wireless spectrum that large telecommunications providers such as BCE Inc. (BCE) can acquire in an auction set to begin Nov. 19, the industry department said. BCE, Telus Corp. (T) , Rogers Communications Inc. (RCI/B) and other operators will each be able to buy only one of four blocks of... |
2024-06-24 | Bloomberg | Manulife Is `Potential' Suitor for AIG's Asian Unit, Guloien Tells Globe | Manulife Financial Corp. may be a “potential suitor,” for American International Group Inc.’s main Asian unit, Chief Executive Officer Donald Guloien told the Globe and Mail newspaper. Guloien said there is a “huge amount” of interest from investors in seeing Toronto-based Manulife “pursue a deal like that,” for AIA G... |
2024-06-24 | Bloomberg | U.S. Durables Orders Probably Gained on Business Spending | Orders for durable goods excluding transportation equipment rose in May for the third time in four months, a sign manufacturing remains a bright spot in the U.S. economy, economists said before a report today. Bookings for goods meant to last at least three years, minus autos and aircraft, increased 1 percent last mon... |
2024-06-24 | Bloomberg | Manulife Would Consider AIG Unit to Accelerate Expansion, Spokesman Says | Manulife Financial Corp. is taking a look at American International Group Inc.’s AIA Group Ltd. as an opportunity to accelerate growth of its insurance business in Asia, a company spokesman said. “We are watching AIA very closely just as we are a variety of other opportunities in Asia,” David Paterson said today in an... |
2024-10-17 | Bloomberg | Sun Life Financial Had Third-Quarter Loss on Stock Declines | Sun Life Financial Inc. (SLF) , Canada ’s third-largest insurer, had a net loss of C$621 million ($608 million) in the third quarter, its first in two years, as North American equities and interest rates plunged. The stock had its biggest drop in two years. Excluding some items, the loss was about C$572 million, the To... |
2024-06-23 | Bloomberg | `Mamma Mia' Goes Dark, Bankers Stay Home as G-20 Hits Toronto | Toronto, host to this weekend’s Group of 20 summit, is preparing for an invasion of world leaders, police and protesters by shutting its doors. The Toronto Blue Jays baseball team is leaving town, the Royal Alexandra Theatre is closing for the first time in more than a century and thousands of bankers and money manage... |
2024-06-23 | Bloomberg | Sales of New U.S. Homes Probably Fell by Most in 16 Years as Credit Ended | Purchases of new U.S. houses plunged in May by the most in 16 years after a tax credit expired, economists said before a report today. New-home sales , tabulated on contract signings, fell 19 percent to an annual pace of 410,000 last month, according to the median estimate of 76 economists surveyed by Bloomberg News. ... |
2024-06-23 | Bloomberg | Sun Life's Growth Comes With `Talent' From Bailed-Out Rivals AIG, Lincoln | Sun Life Financial Inc. , the Canadian insurer whose sales of variable annuities in the U.S. jumped last year, said growth was spurred in part by salespeople it hired from bailed-out rivals like Lincoln National Corp. “We were able to pick off some of their talent,” Steve Deschenes , general manager of Sun Life’s U.S... |
2024-06-23 | Bloomberg | Corporate Upgrades May Exceed Downgrades by Most Since 2000: Canada Credit | The ratio of Canadian corporate upgrades versus downgrades by Standard & Poor’s this quarter is on pace to be the highest level in at least a decade as the nation’s economic recovery accelerates. S&P raised the ratings on 19 companies including Teck Resources Ltd., Domtar Corp. and Royal Bank of Canada , versus seven ... |
2024-12-13 | Bloomberg | Manulife Credit Rating Lowered by Standard & Poor’s | Manulife Financial Corp. , the Canadian insurer that owns Boston-based John Hancock Financial, had credit ratings cut by Standard & Poor’s on concern that U.S. earnings “will be weaker than historical levels.” The long-term counterparty credit rating was lowered to A- from A, S&P said today in a statement. Ratings on M... |
2024-12-13 | Bloomberg | Royal Bank of Canada Debt Rating Cut by Moody’s | Moody’s Investors Service downgraded Royal Bank of Canada ’s credit rating for the first time in at least 15 years to Aa1 from Aaa because of the lender’s increased focus on investment banking and trading. Royal Bank’s commitment to its capital markets business “potentially exposes bondholders to increased earnings vol... |
2024-12-13 | Bloomberg | Canadian Stocks Rise as China Holds Off on Interest Rate Boost | Dec. 13 (Bloomberg) -- Canadian stocks rose for a third day, led by oil and metal producers, as China refrained from boosting interest rates after reporting higher inflation than most economists forecast. Suncor Energy Inc., Canada’s largest oil and gas producer, advanced 1.2 percent as crude oil climbed the most in ei... |
2024-03-30 | Bloomberg | Canadian Stocks Rise as Home Prices, U.S. Employment Increase | Canadian stocks rose for a second day as gains in Canadian home prices and U.S. employment spurred bank shares and gold and natural gas producers advanced. Toronto-Dominion Bank (TD) , Canada ’s second-largest lender by assets, advanced 1.8 percent after a report by Teranet Inc. and National Bank of Canada (NA) showed ... |
2024-04-27 | Bloomberg | Canadian Stocks Retreat as Energy, Agricultural Futures Decline | Canadian stocks fell as wheat, copper and oil futures declined before a U.S. Federal Reserve policy announcement that may affect borrowing costs and investor appetite for commodities. Potash Corp. of Saskatchewan Inc., the world’s largest fertilizer producer, lost 3.1 percent after Statistics Canada forecast more plant... |
2024-02-23 | Bloomberg | Super Commuters Surge as Stuck Homeowners Fly | Most Monday mornings, Karl Sparre is at Boston ’s Logan Airport getting orange juice and a muffin before a 7:20 a.m. flight. By 10 a.m. he’s at his desk in Philadelphia. On Friday, he’s back home in Boston by 7:30 p.m. Sparre’s 600-mile (965-kilometer) odyssey of buses, trains, planes and automobiles inaugurates him in... |
2024-06-13 | Bloomberg | Buffett Courtship Gives Bombardier Stock Boost | Bombardier Inc. (BBD/B) hailed last year’s $6.7 billion order from Warren Buffett ’s jet-leasing company as the start of long-term collaboration. The proof came this week. Almost as soon as Berkshire Hathaway Inc. (BRK/A) ’s NetJets bought big private planes in March 2011, talks got under way that led to the June 11 de... |
2024-08-13 | Bloomberg | Meiya Bond Premium Falls as Asia Credit Risk Near Three-Week Low | Meiya Power Co.’s dollar-denominated bond spread tightened a day after the generator of electricity in China and Korea sold the notes. Credit risk in Asia held near a three-week low. The yield premium on the August 2018 securities narrowed to 266 basis points as of 12:15 p.m. in Hong Kong after pricing at 270 above sim... |
2024-10-18 | Bloomberg | WTI Crude Rises as Chinese Economic Growth Accelerates | West Texas Intermediate crude advanced after economic growth accelerated in China , the world’s largest oil-importing country, and on speculation the U.S. will maintain economic stimulus. Futures rose from a three-month low after China’s gross domestic product expanded 7.8 percent in the July-through-September period f... |
2024-06-14 | Bloomberg | Canadian Financial Shares Fall Amid Central Bank Comments | Canadian stocks fell as financial shares retreated after the central bank said the country faces a “major shock” if Europe ’s crisis worsens. Royal Bank of Canada (RY) and Toronto-Dominion Bank (TD) dropped 0.3 percent. Research In Motion Ltd. (RIM) fell 3.6 percent after Nokia Oyj, another phone manufacturer that’s lo... |
2024-01-03 | Bloomberg | Canadian Stocks Advance After Global Manufacturing Data Improve | Canadian stocks (SPTSX) rose the most since Nov. 30 as oil and metals gained after indexes of U.S., U.K. and Chinese manufacturing surpassed most economist forecasts and German unemployment fell to a 20-year low. Suncor Energy Inc. (SU) , Canada’s largest oil and gas producer, increased 5.5 percent as crude futures adv... |
2024-02-24 | Bloomberg | Maple Extends TMX Takeover Offer to March 30 to Get Approvals | A group of Canadian banks and pension funds extended their C$3.73 billion ($3.73 billion) offer for TMX Group Inc. (X) until March 30, the fifth delay as it pursues regulatory approval for its agreement to purchase the nation’s main equities and derivatives markets. The takeover by Maple Group Acquisition Corp., whose ... |
2024-12-15 | Bloomberg | Soaring Hong Kong Rents Prompt Allianz, Accounting Firms to Shift Towers | Surging office rents in Hong Kong are prompting firms including Allianz Global Investors to shift out of the city’s most expensive towers as competition for prime space heats up along with the region’s growth. Prime office rents in the Central business district soared 34 percent in the six months ended September from a... |
2024-12-14 | Bloomberg | Canadian Stocks Decline After Fed Says Recovery Is Too Slow | Canadian stocks fell for the first time in four days after Best Buy Co. cut its profit forecast and the U.S. Federal Reserve said the economic recovery has been “disappointingly slow.” EnCana Corp., Canada’s largest natural gas producer, decreased 1.7 percent as the fuel retreated on forecasts for milder U.S. weather. ... |
2024-12-14 | Bloomberg | Trading Patterns Show `Significant Damage' in Bond Markets: Canada Credit | Canadian government bond yields are rising past long-term barriers, indicating further losses may be in store as investors favor stocks amid U.S. stimulus measures, trading patterns show. Canada’s five-year bond yield closed above its 200-day moving average last week and 10-year bonds lost their yield advantage over eq... |
2024-03-08 | Bloomberg | Unum Group Is Said to Have Discussed Sale to Canada's Sun Life Financial | Unum Group (UNM) , the largest U.S. disability insurer, recently weighed a sale to Canada’s Sun Life Financial Inc. (SLF) before talks broke down, said a person with knowledge of the matter. With a market capitalization of about $8 billion, Chattanooga, Tennessee-based Unum would have been the biggest sale of a public ... |
2024-08-14 | Bloomberg | Apollo Reaches Deal With New York on Aviva’s U.S. Unit | Apollo Global Management LLC (APO) ’s Athene Holding Ltd. reached a deal with a New York regulator to implement heightened capital standards at the Aviva Plc (AV/) U.S. insurance business it is seeking to buy. The agreement “will help better protect retirees and others receiving annuity payments,” the office of Benjami... |
2024-11-08 | Bloomberg | Canada Stocks Advance as Metals Companies Gain; Valeant Slumps | Canadian stocks rose for a third day as precious-metal stocks gained on demand for a haven from European government debt concerns and uranium producers advanced after the nuclear fuel hit a two-year high. Barrick Gold Corp., the world’s largest producer, increased 4.7 percent as the metal surpassed $1,400 an ounce for ... |
2024-11-05 | Bloomberg | Canadian Dollar May Strengthen Further to 2007 High, MFC's Janis Says | The Canadian dollar, which traded at parity with the U.S. currency today, may strengthen further to match its 2007 record high of $1.10, said MFC Global Investment money manager Daniel Janis. The loonie, as the currency is called because of the aquatic bird on the one-dollar coin, “should be in a stronger range,” Janis... |
2024-11-05 | Bloomberg | Canada Stocks Rise on U.S. Employment Increases; Magna Surges | Canadian stocks extended a weekly gain as better-than-forecast profit at companies including Telus Corp. and the first increase in U.S. jobs since May fueled optimism after the Federal Reserve’s latest stimulus initiative. Manulife Financial Corp., North America’s third-biggest insurer, advanced 4.8 percent after Tom M... |
2024-06-22 | Bloomberg | Hong Kong Stocks Extend Loss as U.S. Data Stokes Concerns | Hong Kong stocks dropped, with the benchmark index headed for a sixth weekly loss in seven weeks, as commodities and energy producers dropped after U.S. home sales and manufacturing data missed estimates, fueling concern that global economic expansion is weakening. Li & Fung Ltd. (494) , a supplier of clothes and toys... |
2024-06-22 | Bloomberg | Manulife ‘Gearing Up’ U.S. 401(k) Business, Guloien Says | Manulife Financial Corp. (MFC) plans to expand its 401(k) business in the U.S. to benefit from a growing number of Americans planning for their retirement, Chief Executive Officer Donald Guloien said. Manulife, Canada’s largest insurer, has been focusing on “small-case” 401(k) plans, offered to employers with 500 or fe... |
2024-06-22 | Bloomberg | Flaherty’s Mortgage Rules Poised to Take Heat off Toronto | Brendan Donnelly is relieved Canadian Finance Minister Jim Flaherty is taking additional steps to cool Toronto’s housing market. The insurance broker, 25, was married in October and wants to buy a home when his lease expires on his Toronto condo in seven months. “I’m hoping it will make it more likely I will buy a home... |
2024-10-16 | Bloomberg | Harper Says Canada to Soon Complete Europe Trade Pact | Canadian and European negotiators have reached an agreement in principle on a free trade pact, officials from both sides who are familiar with the matter said, speaking on condition they not be identified because the pact hasn’t been made public. The agreement has been sent to Canada’s provinces for approval, the Canad... |
2024-10-16 | Bloomberg | RHB Expands Abroad With Philippine Partner Talks: Southeast Asia | RHB Investment Bank Bhd., a unit of Malaysia’s fourth-largest lender , said it’s in talks with potential partners in the Philippines to further its push into Southeast Asia’s fast-growing economies and boost revenue. “We’ll start with a joint venture first, with a preemptive right to buy out the joint venture probably ... |
2024-10-29 | Bloomberg | Schroder Sees Rajan Steps Ending Record Fund Exit: India Credit | Reserve Bank of India Governor Raghuram Rajan’s twin-pronged action to curb inflation and support economic growth is regaining the confidence of global investors after an unprecedented capital flight. Schroder Investment Management says investors will return to Asia ’s highest-yielding investment-grade debt following $... |
2024-10-29 | Bloomberg | Stocks Rally Most in 3 Years on China Economic Bounce | Canadian stocks are rallying the most in three years as accelerating economic growth in China and central bank stimulus boost prices for the nation’s oil and mining companies. The Standard & Poor’s/TSX Composite Index (SPTSX) has jumped 11 percent since June 28, on track for the biggest six-month advance since 2010. En... |
2024-08-22 | Bloomberg | Hong Kong Stocks Rise on Resources Amid Signs of Recovery | Hong Kong stocks rose, with the benchmark index posting its first gain in six days, as commodity shares climbed after manufacturing data from China to Germany added to signs of global recovery. China Coal Energy Co. (1898) , the nation’s second-largest producer of the fuel, jumped 4.7 percent after preliminary data sh... |
2024-08-22 | Bloomberg | Montrusco’s Chiadmi Top in Canadian Stocks With Valeant | Ismael Chiadmi is the top fund manager in Canada’s lagging equity market this year by picking stocks such as Valeant Pharmaceuticals International Inc. (VRX) that have rallied and are likely to entice other investors. Chiadmi, manager at Montrusco Bolton Investments Inc., has returned 12 percent including dividends for... |
2024-05-02 | Bloomberg | Most Canadian Stocks Advance After U.S. Forces Kill Bin Laden | Most Canadian stocks rose, led by banks and insurers, after U.S. forces killed Osama bin Laden and a gauge of U.S. manufacturing dropped less than most economists had forecast. Manulife Financial Corp. (MFC) , North America ’s fourth-largest insurer, advanced 3 percent after U.S. President Barack Obama said Osama bin L... |
2024-04-29 | Bloomberg | Hong Kong Stocks Fall for Fourth Day as U.S. Growth Slows; Hui Xian Drops | Hong Kong stocks fell for a fourth day as concern over slowing U.S. economic growth overshadowed better-than-estimated results from Chinese banks. Hui Xian Real Estate Investment Trust, the city’s first stock sale denominated in yuan, lost 9.4 percent in its trading debut. Esprit Holdings Ltd. (330) , Asia’s third-larg... |
2024-04-29 | Bloomberg | Exelon Incentives Woo Maryland Regulators for Constellation Bid Approval | Exelon Corp. (EXC) sought to pre-empt objections from Maryland regulators who might try to block its $7.9 billion bid for Constellation Energy Group Inc. (CEG) by offering a $250 million package of economic incentives to the state. Exelon, the largest operator of U.S. nuclear power plants, has tried unsuccessfully thre... |
2024-04-29 | Bloomberg | Nuclear Future Is Now Because That’s Where Profit Is for Exelon: Real M&A | Exelon Corp. (EXC) is trying to pull off its largest takeover by acquiring more nuclear power plants -- less than two months after the industry’s worst disaster since Chernobyl. The biggest U.S. operator of nuclear power facilities agreed to purchase Constellation Energy Group Inc. (CEG) of Baltimore for about $7.9 bil... |
2024-02-15 | Bloomberg | Sun Life Financial Posts Fourth-Quarter Loss on Annuity Costs | Sun Life Financial Inc. (SLF) , Canada’s third-largest insurer, reported a fourth-quarter loss because of costs tied of variable-annuity and segregated-fund contracts. The net loss was C$525 million ($525 million), or 90 cents a share, compared with net income of C$504 million, or 84 cents, a year earlier, Toronto-base... |
2024-05-02 | Bloomberg | Oil Drops From Five-Week High on U.S., European Jobs | Oil fell after the U.S. Energy Department reported that crude inventories surged to the highest level in more than 21 years and production and imports climbed. Futures dropped 0.9 percent after the department said supplies rose 2.84 million barrels to 375.9 million last week, the most since September 1990. Output incre... |
2024-04-11 | Bloomberg | Alcoa Profit Tops Analyst Estimates as Aluminum Price Gains | Alcoa Inc. (AA) , the largest U.S. aluminum producer, reported first-quarter profit that beat analysts’ estimates by one cent after the company’s realized prices for the lightweight metal increased. Net income of $308 million, or 27 cents a share, compares with a loss of $201 million, or 20 cents, a year earlier, New Y... |
2024-10-11 | Bloomberg | Canada Jobless Rate Reaches Lowest Since 2008 on Dropouts | Canada ’s jobless rate unexpectedly fell to the lowest in almost five years in September as young people dropped out of the labor market, helping pull the participation rate to the lowest in more than a decade. Unemployment declined to 6.9 percent, the lowest since December 2008, from 7.1 percent in August, Statistics ... |
2024-07-31 | Bloomberg | Guggenheim Wins Approval on Sun Life Deal After Review | Guggenheim Partners LLC shareholders won approval for a deal to buy a U.S. annuities business from Sun Life Financial Inc. (SLF) after agreeing to policyholder protections sought by a New York regulator. The buyers will set up a trust account with $200 million to replenish capital at the New York unit if it falls below... |
2024-06-22 | Bloomberg | Sales of Existing Homes in U.S. Probably Climbed on Tax Credit | Sales of U.S. previously owned homes rose in May to the highest level in six months as buyers rushed to beat a June tax-credit deadline, economists said before a report today. Purchases of existing houses, which are tabulated when a contract closes, increased 6 percent to a 6.12 million annual rate, according to the m... |
2024-06-22 | Bloomberg | Canadian Stocks Decline as Commodity Producers Fall on U.S. Home Resales | Canadian stocks fell, led by energy producers, banks and railroads, after an unexpected decline in resales of U.S. homes raised concern that the economic rebound in Canada’s biggest trade partner is losing steam. Canadian National Railway Co., the country’s biggest railroad, lost 2.9 percent after the report from the ... |
2024-10-17 | Bloomberg | Bulls Converge With Bears as Consumer Stock Valuations Soar | Stock market bulls and bears agree on at least one thing. The highest valuations for makers of household goods since 2008 signal the best is over after the industry rose more than any other group this year. Supermarket operators, food producers and soapmakers in the MSCI World (MXWO) Index gained 3.1 percent in 2011 th... |
2024-07-09 | Bloomberg | Bank of Ireland Wins EU Battle to Keep $1 Billion Life Unit | Bank of Ireland Plc won a campaign to keep its life assurance unit, after the European Union accepted an alternative plan to exit business and corporate banking in the U.K. mainland with the sale of 4.6 billion euros ($5.9 billion) of loans. Ireland’s largest lender by assets must also quit its ICS Building Society mor... |
2024-07-10 | Bloomberg | Malaysian Stocks First From Worst on Lowest Volatility | At a time when slowing economic growth and political protests from Brazil to Turkey are spurring capital flight from emerging markets, Malaysia has turned into a refuge for equity investors. The FTSE Bursa Malaysia KLCI Index was the biggest loser in Asia just four months ago as the closest elections in 55 years threat... |
2024-10-11 | Bloomberg | MetLife Joins AIG Taking Benefit Charge Amid Regulatory Probes | MetLife Inc. (MET) , the largest U.S. life insurer, has joined American International Group Inc. (AIG) by taking a charge tied to reserves for death benefits as regulators probe the industry’s practices for unclaimed funds. MetLife said last week that it will take a third-quarter charge of $115 million to $135 million ... |
2024-06-26 | Bloomberg | India Frees Gasoline, Diesel Prices to Help Cut Spending on Fuel Subsidies | India decided to free prices of gasoline and diesel, saying they would be market driven in line with a panel’s recommendations, to cut fuel subsidies and limit losses of state-run refiners including Indian Oil Corp. A panel led by Finance Minister Pranab Mukherjee also agreed to increase prices of cooking gas and ker... |
2024-11-02 | Bloomberg | Penn West Shares Fall on Earnings Miss | Penn West Petroleum Ltd. (PWT) , the oil and natural gas producer that agreed to sell C$1.3 billion ($1.31 billion) in assets last month, fell to the lowest in three years after a wider-than-expected third-quarter loss. Penn West dropped 7.2 percent to C$12.09 at the close in Toronto. The Calgary-based company is down ... |
2024-03-06 | Bloomberg | Treasury Yields Rise Most in 3 Weeks After Hiring Report | Treasury 10-year note yields rose the most in three weeks after ADP Research Institute said companies added more jobs than forecast last month, spurring bets U.S. nonfarm labor data will show stronger hiring. U.S. government securities fell for a third day as the Federal Reserve’s Beige Book business survey said the ec... |
2024-03-06 | Bloomberg | Carney May Weaken Rate Rise Commitment as Canada Growth Sputters | Bank of Canada Governor Mark Carney may water down his intention to raise interest rates today amid economic growth that has lagged forecasts. Canada’s benchmark overnight rate will remain 1 percent in a decision due at 10 a.m. in Ottawa, according to all 22 economists surveyed by Bloomberg News. While investors have i... |
2024-04-11 | Bloomberg | Axa Said to Sell Life Unit to Protective for $1 Billion | Axa SA (CS) , Europe’s second-largest insurer, agreed to sell a U.S. unit and transfer certain obligations to Protective Life Corp. (PL) for $1.06 billion (820 million euros). Axa is selling Mony Life Insurance Co. to Birmingham, Alabama-based Protective, which will reinsure some life policies, the companies said today... |
2024-04-12 | Bloomberg | Boom-Bust Vietnam Beats Emerging Stocks on State Role Easing | Vietnam , the world’s most volatile stock market since 2009, is leading developing-nation gains this year as the Communist government slows inflation and considers easing its grip on the economy. The benchmark VN Index (VNINDEX) posted more 20 percent swings than every major equity market in the past four years as poli... |
2024-04-11 | Bloomberg | BMO Chief Will Pursue More ‘Attention-Getting’ Offers | Bank of Montreal , the lender whose mortgage-rate promotion drew a rebuke from Canada ’s finance minister last month, plans more “attention-getting” offers to win over customers, Chief Executive Officer William Downe said. “We’re going to continue to look for ways to bring products to customers that we think are good f... |
2024-04-11 | Bloomberg | Smart Money Likes High-Yield Aussie’s Robust Economy: Currencies | The smart money shows no sign of losing confidence in the Australian dollar as analysts belatedly acknowledge the appeal of a high-yielding currency with a world- beating developed economy. The trade-weighted index for the so-called Aussie reached its highest level since 1985 yesterday, spurring analysts to reverse cou... |
2024-04-11 | Bloomberg | Canada Stocks Fall as Oil Prices Slide, BlackBerry Declines | Canadian stocks fell, snapping a three-day rally, as commodity producers slumped and BlackBerry plunged on a report of sluggish sales of its new phones. Suncor Energy Inc. and Cenovus Energy Inc. dropped more than 1.8 percent after oil slid for the first time in four days. Banro Corp. fell to its lowest level in more t... |
2024-10-18 | Bloomberg | Goldman Sachs Rises on Comeback Bets | Goldman Sachs Group Inc. (GS) rose 5.5 percent in New York trading as investors looked past a third- quarter loss and focused on gains in trading revenue and prospects for a rebound in underwriting and takeovers. Revenue from trading stocks and bonds increased 16 percent from the second quarter and the backlog of inves... |
2024-04-18 | Bloomberg | Sprint Lenders Clash With Owners on Dish Bid: Corporate Finance | Sprint Nextel Corp. (S) (S) bondholders are at odds with shareholders from Leon Cooperman to John Paulson who’ve praised a takeover bid from Dish Network Corp. (DISH) that may amplify the largest junk issuer’s debt load by 31 percent. Average yields for Sprint’s $20 billion of bonds, which had plunged 1.33 percentage p... |
2024-03-08 | Bloomberg | Canadian Employment Rises More-Than-Expected 50,700 | Canada ’s economy showed signs of strength today with gains in employment and housing, ending a week where the central bank delayed a plan to raise interest rates and the finance minister said slower growth is sapping revenue needed to curb deficits. Employment rose by 50,700 last month, Statistics Canada reported toda... |
2024-03-08 | Bloomberg | Indonesia Two-Year Yield Set for Weekly Drop; Rupiah Strengthens | Indonesia’s two-year bond yield is headed a fifth straight weekly drop as investors favor shorter- dated debt after inflation accelerated to a 20-month high. Consumer prices climbed 5.31 percent in February, a March 1 government report showed, the quickest pace since June 2011 and more than the 4.81 percent median esti... |
2024-06-14 | Bloomberg | Canadian Stocks Rise After EU Reports Factory Production Gain; Teck Jumps | Most Canadian stocks rose for a third day, led by banks, after the European Union reported a bigger increase in industrial production than most economists forecast. Royal Bank of Canada, the country’s largest bank, gained 1.4 percent after Canada said new-vehicle sales dropped less than the median economist estimate i... |
2024-11-03 | Bloomberg | Canada's Sun Life Has Third-Quarter Profit After Equity Markets Improved | Sun Life Financial Inc. , the Canadian insurer that agreed last month to sell a reinsurance business to Berkshire Hathaway Inc., reported third-quarter net income of C$453 million ($451 million) as stock markets improved. Net income was 79 cents a share, compared with a net loss of C$140 million, or 25 cents, a year ea... |
2024-05-03 | Bloomberg | Manulife’s First-Quarter Profit Rises on Insurance Sales | Manulife Financial Corp. (MFC) , Canada’s largest insurer, said profit surged 22 percent, topping analysts’ estimates, on increased insurance sales and higher gains from annuities as markets rallied. Net income climbed to C$1.21 billion ($1.23 billion), or 62 cents a share, from C$985 million, or 53 cents, a year earli... |
2024-05-03 | Bloomberg | Manulife CEO Says He's 'Counfounded' by Regulatory Regime | Manulife Financial Corp. (MFC) Chief Executive Donald Guloien said he is “confounded” by regulation placed on Canadian insurers. “I am confounded by some of the onerous and difficult constraints imposed by our regulations and accounting regime,” Guloien said, according to speaking notes ahead of the insurer’s annual me... |
2024-02-14 | Bloomberg | Chinese Regulator Reviewing Application for Mainland’s First H-Share ETF | The China Securities Regulatory Commission (CSRZ) is vetting an application from E Fund Management Co. to start the mainland’s first exchange-traded fund tracking the Hong Kong-listed shares of Chinese companies. The application for the fund linked to the Hang Seng China Enterprises Index was accepted on Feb. 8, accord... |
2024-12-24 | Bloomberg | Copper Approaches Record as Swiss Franc Weakens on Global Recovery Signs | Copper rose to almost a record high amid speculation the global recovery will continue into 2011. The Swiss franc declined and U.K. shares advanced for a fifth day before the holiday weekend. Copper gained 0.7 percent, extending this year’s rally to 27 percent. The franc depreciated 0.4 percent against the euro. The FT... |
2024-12-24 | Bloomberg | Stocks Rise in Toronto as Snow Drives Energy Gain; Western Financial Jumps | Canadian stocks rose, extending a weekly gain, after energy companies climbed as snow in Europe encouraged forecasts for higher fuel prices and Western Financial Group Inc. agreed to a takeover. Western Financial an insurer based in High River, Alberta, soared 69 percent after agreeing to be bought by Desjardins Financ... |
2024-12-23 | Bloomberg | Canadian Stocks Decline as Economic Growth Trails Forecasts | Canadian stocks fell for the first time in three days as railroads and insurers dropped after the country reported slower economic growth than most economists forecast. Manulife Financial Corp ., North America’s fourth-largest insurer, decreased 1.2 percent after Statistics Canada said gross domestic product increased... |
2024-12-24 | Bloomberg | Desjardins to Acquire Western Financial for $439 Million, Expand in Canada | Desjardins Financial Group, Canada’s largest credit union, agreed to acquire Western Financial Group Inc. for C$443 million ($439 million) to expand in British Columbia and Alberta. Desjardins, based in Levis, Quebec, will make a cash offer of C$4.15 per share for Western, the High River, Alberta-based insurer and prov... |
2024-05-04 | Bloomberg | Manulife ‘Well-Positioned’ for Asia Expansion, Guloien Says | Manulife Financial Corp. (MFC) Chief Executive Officer Donald Guloien said few companies are as ‘well-positioned’ as Canada ’s largest insurer to benefit in Asia from a doubling of its middle-class population over the next decade. “We would expect to see a steady progression in Asia,” Guloien said yesterday in a teleph... |
2024-11-04 | Bloomberg | Manulife Financial Third-Quarter Loss C$0.55 | Manulife Financial Corp. reported a third-quarter loss of 55 Canadian cents a share. To contact the editor responsible for this story: Steven Fromm at sfromm@bloomberg.net |
2024-11-04 | Bloomberg | Canada Stocks Rise as Metals, Oil Surge, Earnings Top Forecasts | Canadian stocks rose the most in two months as oil and metals surged on a weaker U.S. dollar and companies including Suncor Energy Inc. and Manulife Financial Corp. reported earnings that beat analysts’ estimates. Suncor, Canada’s largest oil and gas producer, advanced 7.9 percent after surpassing the average analyst p... |
2024-11-04 | Bloomberg | BCE, Potash Corp., Suncor, Sun Life: Canadian Equity Preview | Shares of the following companies may have unusual moves in Canadian trading. BCE Inc. (BCE CT): The country’s biggest phone company said it earned 82 cents a share in the third quarter, excluding certain items, beating the average analyst estimate by 9.6 percent. Potash Corp. of Saskatchewan Inc. (POT CT): The world’s... |
2024-11-04 | Bloomberg | Manulife Has Second Straight Loss on Higher Reserves | Manulife Financial Corp. , the worst- performing financial stock in Canada this year, recorded its second straight quarterly loss as the company boosted reserves to protect against falling interest rates. The stock had its biggest gain in five months. The third-quarter net loss widened to C$947 million ($945 million), ... |
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