Here are the top reads on deals and financial services over the last 24 hours,
FINANCIAL SERVICES NEWS
Ontario financial services regulator details new syndicated-mortgage rules for retail investors: Ontario’s financial industry regulator has unveiled new rules to govern the sale of syndicated mortgage investments to ordinary investors in the wake of failures of high-profile projects affiliated with Fortress Real Developments Inc. The Financial Services Regulatory Authority is asking for public feedback on proposals that would require mortgage brokers to flag risk factors to retail investors who are funding syndicated mortgage loans. Story (Janet McFarland)
Desjardins spent $70-million in second quarter over data breach: Lender Desjardins Group said on Monday it spent $70-million in the second quarter related to a data-privacy breach earlier this year that exposed personal information of 2.9 million members. Story (Reuters)
The Capital One breach proved we must rethink cloud security: By all accounts, Capital One defended its customers’ data with the imposing array of cybersecurity tools that you’d expect from one of the largest banks in the United States. And yet a lone hacker managed to bypass those tools and obtain the sensitive personal information of more than 100 million people, a breach that will likely cost the bank well more than $100-million when all is said and done. Opinion (Justin Fier)
Canada’s anti-money laundering watchdog tripled cryptocurrency cases it has referred to law enforcement in past year: Cryptocurrency transactions and exchanges are increasingly coming under the microscope of regulators and law enforcement agencies as the popularity of virtual currencies grows. Canada’s anti-money laundering watchdog sent 61 cryptocurrency-related incidents to law enforcement agencies for investigation in the past fiscal year – more than triple the number of such disclosures it made in the previous year, according to data obtained by The Globe and Mail through an Access to Information request. The agency’s most recent fiscal year ran from April 1, 2018, to March 31, 2019. Story (Alexandra Posadzki)
DEALS NEWS: MERGERS, ACQUISITIONS, IPOs and FINANCINGS
Barrick Gold eyeing sale of 50-per-cent share in Australian mine: Barrick Gold Corp. is planning to sell its 50-per-cent share in the Kalgoorlie mine in Australia and has identified two Australian companies as possible buyers. “There’s a lot of very interested parties in that asset, whether it’s Northern Star or Evolution [Mining]. Those mid-cap Aussie guys are doing extremely well," Barrick CEO Mark Bristow said in an interview after the release of the company’s second-quarter results on Monday. Story (Niall McGee)
Jim Pattison tables $981.7-million bid to take Canfor private: A company controlled by B.C. billionaire Jim Pattison plans to take forestry firm Canfor Corp. private with a $981.7-million cash offer that comes during an industry slump. Great Pacific Capital Corp. is offering $16 a share for Vancouver-based Canfor’s stock that it doesn’t already own, or 82 per cent higher than the close of $8.80 on Friday. Story (Brent Jang)
Air Canada hikes Transat bid, wins support from biggest shareholder: Air Canada has raised its takeover offer for Transat A.T. Inc., bowing to pressure from large investors who were demanding more for their stakes in the Montreal airline and tour company. Air Canada said its new offer, worth $18 a share or $720-million, up from $13 or $520-million, has the support of Transat’s largest shareholder, Letko Brosseau and Associates Inc., the Montreal money manager that controls almost 20 per cent of shares and opposed the first bid. Story (Eric Atkins)
BlackRock becomes Authentic Brands’ biggest shareholder with US$875-million stake: BlackRock Inc.’s new private equity fund Long Term Private Capital (LTPC) has completed its maiden investment, taking up a US$875-million stake in Authentic Brands Group LLC, making it the largest investor in the U.S.-based entertainment and branding company, the fund said on Sunday. Story (Reuters)
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