Here are the top reads on deals and financial services over the last 24 hours,
CannTrust CEO fired ‘with cause’ amid scandal over unlicensed cannabis plants: CannTrust Holdings Inc. said it has terminated the company’s CEO Peter Aceto “with cause” and has forced the resignation of chairman Eric Paul, amid a deepening scandal over cannabis plants being grown in unlicensed rooms. Story (Jeffrey Jones and Mark Rendell)
HBC committee invites dissident shareholders to discuss privatization bid, other alternatives: The special committee of Hudson’s Bay Co.’s board examining a $1-billion privatization bid led by the retailer’s chairman has invited other shareholders to talk about the contentious proposal as well as any alternatives. Story (Jeffrey Jones)
Cryptocurrency consulting firm CoinLaunch Corp. agrees to settlement with OSC: Cryptocurrency consulting company CoinLaunch Corp. has agreed to pay more than $50,000 in penalties, costs and profits as part of a settlement with Ontario’s securities watchdog over allegations that the firm engaged in the unregistered trading of securities. Story (Alexandra Posadzki)
Oilsands companies boost second-quarter net incomes by $2-billion thanks to Alberta tax cuts: The Alberta government’s move to cut corporate taxes from 12 to eight per cent has added more than $2-billion to second-quarter net incomes of major oil sands producers Suncor Energy Inc., Husky Energy Inc. and Cenovus Energy Inc. Story (The Canadian Press)
Amazon’s bet on faster delivery proves to be a drag on second-quarter profit: Amazon.com Inc on Thursday reported its first profit miss in two years and said income would slump in the current quarter, as the online retailer ramps up spending on one-day delivery to spark sales growth. Story (Reuters)
Google’s parent company beats revenue estimates on higher ad sales; shares jump: Alphabet Inc. reported quarterly revenue and earnings that beat expectations on Thursday, easing concerns about the short-term growth challenges facing Google, YouTube and the company’s other advertising businesses even as it faces antitrust investigations. Story (Reuters)
Apple buying majority of Intel unit in push for chip independence: Apple Inc. took a major step toward supplying its own smartphone chips by purchasing the majority of Intel Corp.’s modem business in a deal valued at US$1-billion, the companies said on Thursday. Story (Reuters)
Tesla shares, bonds under pressure as Elon Musk changes tune on profit: Shares of Tesla Inc sank 14 per cent on Thursday and its bonds traded lower, a day after the electric carmaker said it needed more time to turn a profit, reported lower margins and announced the departure of a key executive. Story (Reuters)
Starbucks shares near record after same-store sales beat expectations: Starbucks Corp raised its annual earnings forecast after quarterly same-store sales exceeded Wall Street estimates on Thursday, as the world’s largest coffee chain saw robust demand in the United States and China for its new beverages. Story (Reuters)
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