A Bay street sign is seen in Toronto’s financial district.Mark Blinch/The Globe and Mail
Here are the top reads,
Divestitures: Aphria Inc. is taking steps to pull back from the U.S. medical marijuana market as it moves to fall in line with Toronto Stock Exchange rules. Story (Christina Pellegrini, for subscribers)
People moves: TD Wealth executive Jeff Gans is stepping down from his bank role to join ETF pioneer Som Seif's Purpose Investments. Story (Clare O'Hara)
Deal analysis: It's being billed as a battle of the billionaires for financial-data supremacy. But to hear the matchup described by the Canada Pension Plan Investment Board (CPPIB), which is backing Blackstone's deal as part of a consortium, the investment doesn't need to crush its competition to be a winner. Story (Jacqueline Nelson, for subscribers)
Wealth management: Investing giant Vanguard has launched 'one-ticket solution' ETFs. Each packs a globally diversified portfolio covering stocks and bonds into a single fund. Story (Rob Carrick)
FINANCIAL SERVICES WRAP
Liquidity: A decade on from the financial crisis, global monetary policy is finally tightening, with the Federal Reserve raising U.S. interest rates and other central banks gradually turning off the stimulus taps. Story
Cash machine: Bank of Nova Scotia expects to generate $7-billion to $8-billion of excess capital by 2020, giving it the opportunity to return capital to shareholders or make acquisitions, its chief financial officer said. Story
Wealth management: As the Canadian cannabis sector heats up, so is a battle between passive and active exchange-traded funds who each claim to have the better strategy for investors looking to make money in the sizzling sector. Story
Credit cards: Starbucks has a new product that it hopes will hook coffee lovers: a credit card. Story
DEAL WRAP
Latin America expansion: The Bank of Nova Scotia says it has reached an agreement to buy Citibank's consumer and small and medium enterprise operations in Colombia as it looks to expand its reach in Latin America. Story
No bid: Canadian private equity firm Onex Corp and Brookfield Asset Management said on Thursday they do not intend to make an offer for IWG plc, sending shares of the British serviced office provider down more than 20 per cent. Story
Loyalty cards: Britain's Sainsbury's said on Thursday it has purchased the Nectar loyalty card business from Canada's Aimia for US$105-million, boosting the supermarket group's control of customer data. Story
Media industry: CBS Corp and Viacom Inc have formed special committees to explore a merger, the companies said on Thursday, the first step in potentially reuniting the companies split by media mogul Sumner Redstone more than a decade ago. Story
WHAT WE'RE READING ELSEWHERE
Hedge funds: Steve Cohen, the hedge fund billionaire, is trying to rebuild and show the government he's squeaky-clean. But he has to show investors he hasn't lost his touch. Bloomberg