Towers of major Canadian banks are seen in the Bay Street financial district in Toronto.Gary Hershorn
Prominent business newsletter writer Marc Faber stood by racist remarks he made this week that led to his dismissal from several corporate boards, justifying them on freedom-of-speech grounds. Story (Niall McGee)
Bank of Nova Scotia has put its gold business up for sale in the aftermath of a massive money laundering scandal centred on a U.S. refinery that involved smuggled gold from South America, the Financial Times reported. Story
A wave of anti-globalization that leads to widespread protectionism and increased tariffs could cause Canadian house prices to fall by more than 31 per cent in the next five years, according to the results of scenario tests by Canada's national housing agency. Story (Janet McFarland)
DAILY DEALS
Canadian steel maker Stelco Holdings Inc's planned IPO could be a tough sell as it faces the twin headwinds of slowing North American auto sales and the uncertain impact of trade talks, even as it looks to cash in on a rebound in steel prices. Reuters
Canadian apparel company Roots Corp said on Wednesday it priced its initial public offering at $12 per share, raising about $200-million. Reuters
One of the year's biggest initial coin offerings, a $232 million token sale by Tezos, is embroiled in a management fight that is threatening the deal and highlighting the risks in this red-hot corner of finance. Wall Street Journal (subscribers)
TrackTik, Montréal-based security workforce management platform, has received $7-million in funding. Betakit
ELSEWHERE IN FINANCE
The Caisse de dépôt et placement du Québec is setting bold targets to prepare its portfolio for climate change. Story (Jacqueline Nelson)
Kenneth Chenault, the head of American Express Co. and one of the country's most prominent African-American corporate leaders, will step down as chairman and chief executive Feb. 1, capping a 16-year run at the iconic card company as it grapples with a new wave of competition. Wall Street Journal (subscribers)
The Securities and Exchange Commission on Wednesday tapped J.P. Morgan Chase & Co.'s top electronic-trading executive as a senior regulator, signaling an appetite for shaking up rules that are blamed for fragmenting trading across dozens of venues and fomenting the rise of high-frequency trading. Wall Street Journal (subscribers)
It doesn't make much sense for Tootsie Roll Industries Inc. to be a public company if it doesn't behave like one. That's a thought that sprang to mind after short-seller Spruce Point Capital Management LLC released a report on Tuesday with a laundry list of reasons why the candy maker shouldn't be valued as highly as it is. Bloomberg
WHAT WE'RE READING
Onex Corp, has so far raised almost $6.7-billion (U.S.) for its fifth flagship private equity fund, the firm said in a Securities & Exchange Commission filing. The Toronto investor also increased the target for Onex Partners V to $7-billion from an earlier $6.5-billion, possibly on the strength of the first close in July. At that time, Fund V had secured $5.2-billion, or 80 per cent of the original goal. PE Hub
More than half of the European Union's 28 countries are still scrambling to put MiFID II financial-market rules on their books, adding to industry confusion as firms race to comply with the new requirements before the Jan. 3 start date. Bloomberg
The U.S. Securities and Exchange Commission is preparing to give Wall Street a reprieve by telling financial firms they won't have to overhaul their operations to comply with sweeping new European rules governing investment research, said three people familiar with the matter. Bloomberg
Goldman Sachs Group Inc. has asked some clients to pay $30,000 (U.S.) a year for up to 10 of their staff to access basic research through its analyst portal once the MiFID II rules come into force in January, according to people with knowledge of the matter. Bloomberg
Insider traders may be able to avoid detection by the Securities and Exchange Commission by just staying far away. According to researchers from Stanford University and the University of Illinois at Chicago, the SEC is more likely to investigate firms that are physically close to its offices. Institutional Investor