Benefits Canada recently spoke to the deputy governor of the Bank of Canada, David Longworth, about what’s being done to stabilize tumultuous financial markets and lessons learned from the credit crisis. There’s been a lot of talk about the need for more transparency in financial markets to avoid another credit crunch. Where will this transparency […]
The chief executive of the California Public Employees’ Retirement System plans to leave and the announcement comes just days after the chief investment officer announced his departure. “I have reached a decision to retire from public service,” says CEO Fred Buenrostro. He downplayed media reports that said he had problems with the board of directors. […]
The investor group led by the Ontario Teachers’ Pension Plan and BCE have received more time from the Canadian Radio-television and Telecommunications Commission to file documents related to the proposed privatization. They now have until May 12 to file the documents—an extension of about two weeks. “We continue to work with BCE to meet all […]
The Canadian Commercial Workers Industry Pension Plan has settled its class-action shareholder lawsuit against the pharmaceutical maker Biovail. Under the terms of the settlement agreement, the parties have agreed that the sole source of compensation for the plaintiffs will be the settlement amount previously agreed to in the proposed settlement of the parallel U.S. securities […]
The Co-Operators Group has completed its purchase of investment management firm Addenda Capital for $306.5 million. The completion follows the approval of the amalgamation by the shareholders of Addenda at a special shareholders meeting last week. The common shares of Addenda are being delisted from the Toronto Stock Exchange at the close of business on […]
With the noteholder vote just days away, Purdy Crawford, chair of the Pan-Canadian Investors Committee, answered questions on the proposed restructuring of the Canadian third-party structured asset-backed commercial paper (ABCP) at a Toronto CFA Society luncheon Tuesday. Francesca Guolo, partner at Goodmans LLP and Andrew Kresse, managing director, global structured solutions, with JPMorgan Securities, rounded […]
Ontario Securities Commission (OSC) chair David Wilson called for the creation of a common securities regulator in an effort to strengthen Canada’s securities enforcement system and provide better protection to investors and the capital markets. “While not a silver bullet, there is no doubt that a common regulator would improve enforcement in Canada,” he said, […]
The government of New Zealand has rejected the Canada Pension Plan Investment’s Board offer for a minority stake in Auckland International Airport Limited, saying the bid would not benefit the country. “Under the Overseas Investment Act 2005, ministers are required to decline consent if they are not satisfied that all of the applicable criteria are […]
Investors should accept responsibility for understanding and managing the credit risk in their portfolios, said David Longworth, the Bank of Canada’s deputy governor on Thursday. In a speech at the Global Investment Conference in Lake Louise, Alta.—sponsored by Benefits Canada sister publication, Canadian Investment Review—he said markets work best when relevant information is available to […]
Canaccord Capital has announced a relief program designed to fully reimburse their retail clients who hold asset-backed commercial paper (ABCP). The so-called Canaccord Relief Program was outlined by CEO Paul Reynolds and combines an unidentified third-party market bid with a Canaccord funded top-up to achieve par value. Clients holding $1 million or less of ABCP […]