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Streetwise Streetwise newsletter: Canada’s big banks are about to report quarterly results - and analysts are hardly upbeat

Here are the top reads on deals and financial services over the last 24 hours,

Canada’s big banks are about to report quarterly results - and analysts are hardly upbeat: Canadian bank stocks are lagging the S&P/TSX Composite Index this year amid concerns about slumping home sales, rising loan losses and a deteriorating outlook for the Canadian economy – adding to the importance of the banks’ second quarter financial results, which kick off this week. Canadian Imperial Bank of Commerce will report its results on Wednesday, followed by Royal Bank of Canada and Toronto-Dominion Bank on Thursday. Next week, look for results from Bank of Nova Scotia on May 28, Bank of Montreal on May 29 and National Bank of Canada on May 30. Story (David Berman, for subscribers)

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Betting on breakfast sandwiches: CPP invests $200-million in Canada’s Premium Brands, shares pop: Canada Pension Plan’s investment arm is spending $200-million to acquire a 7.1-per-cent stake in Premium Brands Holdings Corp., forming a relationship with the Canadian company that supplies Starbucks Corp. with its popular breakfast sandwiches. Story (Tim Kiladze, for subscribers)

StandUp Ventures, investor in women-led businesses, raises $18-million: A venture capital fund that invests in women-led companies has raised $18-million from a group of investors, including three Canadian financial institutions that are looking to strengthen their ties with Canada’s technology entrepreneurs. StandUp Ventures, a fund launched at Toronto’s MaRS Discovery District and led by Michelle McBane, has secured financing commitments from a conglomerate of investors, including three financial institutions. Story (Alexandra Posadzki, for subscribers)

Robo-advisers plot more growth in Canadian market: Robo-advisers are gaining momentum in Canada, with the digital investment managers now surpassing $5-billion in assets under management. The largest, Wealthsimple, said last week it had $4.3-billion in assets under administration as of March 31, 2019, up from $3.4-billion at the end of 2018. Story (Clare O’Hara, for subscribers)

Australian gold miners on the hunt for Canadian assets: Here come the Aussies. Flush with cash, Australian mining companies are buying Canadian gold mines and more are expected to join the fray. Last week, Melbourne-based St. Barbara Ltd. reached a friendly agreement to buy Vancouver’s Atlantic Gold Corp. for $722-million. Atlantic owns and operates a very profitable gold mine in Nova Scotia with a long reserve life. Story (Niall McGee, for subscribers)

A ‘made in Canada’ approach is the best way forward to an open banking system: Digital innovation is changing every industry, including financial services, and the main beneficiaries are Canadians: faster transactions, on-the-go access, more tailored products and a host of new capabilities are delivering a new level of convenience and choice unparalleled in history. Opinion (Rizwan Khalfan)

MORE FINANCIAL SERVICES NEWS

Fairfax Financial says chief financial officer David Bonham died suddenly: Fairfax Financial Holdings Ltd. says chief financial David Bonham died suddenly during the weekend. Story (Canadian Press, for subscribers)

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JPMorgan shareholders approve executive pay, fewer votes than last year: JPMorgan Chase & Co. said on Tuesday that only 72 per cent of shareholder votes approved its executive compensation packages, marking a rare instance of criticism over the bank’s top leaders pay. Story (Reuters, for subscribers)

Deutsche Bank staff recommended Trump and Kushner transactions be reported to financial-crimes watchdog: Anti-money laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog. Story (New York Times, for subscribers)

MORE DEALS NEWS

Blackstone, Brookfield reportedly among bidders for Anbang’s U.S. luxury hotels portfolio: Private-equity firms such as Blackstone, Brookfield Asset Management, Mirae Asset Management, and SoftBank-owned Fortress have put in bids of up to US$5.8-billion for Anbang Insurance’s portfolio of U.S. luxury hotels business, the Financial Times reported on Tuesday, citing people familiar with the sales process. Story (Reuters)

Slack expects to raise about US$197-million in direct listing: Slack Technologies Inc, the owner of the workplace instant messaging app, said on Monday it expects to raise US$196.5 million in direct listing of its class A common shares on the New York Stock Exchange. Story (Reuters)

FCC chairman backs US$26.5-billion merger of T-Mobile and Sprint: The chairman of the Federal Communications Commission says he plans to recommend the agency approve the US$26.5-billion merger of wireless carriers T-Mobile US Inc. and Sprint Corp., saying it’ll speed up 5G deployment in the United States. Story (Associated Press)

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