Bank towers are shown from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. Canada's largest city is getting itself a new resident this year: the headquarters of the federal government's new infrastructure financing agency. THE CANADIAN PRESS/Adrien VeczanThe Canadian Press
TD Securities is bulking up – even as some of its foreign competitors pull back. Over the past three years, the Canadian bank-owned dealer has increased its hiring in the United States, adding 300 people to bring its head count to roughly 900. Over the same period, it has boosted revenue in its U.S. business at an annual clip of 18 per cent and is targeting more double-digit growth in the years ahead. Story (Niall McGee, subscribers)
Saudi Arabia is preparing contingency plans for a possible delay to the initial public offering of its state-owned oil company by a few months into 2019, according to people familiar with the matter. Story
DAILY DEALS
Japan's Toshiba Corp agreed on Wednesday to sell its prized semiconductor business to a group led by U.S. private equity firm Bain Capital LP, a key step in keeping the struggling Japanese conglomerate listed on the Tokyo exchange. Story
Alphabet Inc.'s Google is close to acquiring assets from Taiwan's HTC Corp., according to a person familiar with the situation, in a bid to bolster the internet giant's nascent hardware business. Story (Bloomberg)
Swiss stock exchange operator SIX Group has hired JPMorgan to look at options for its payments unit, including a sale worth up to 2-billion Swiss francs ($2.1-billion), sources familiar with the plans told Reuters. Story (Reuters)
Pymetrics, which uses artificial intelligence and neuroscience games to match people with the best job, announced today the close of an $8 million (U.S.) round. Jazz Venture Partners led the investment, with participation from new investor Workday Ventures and returning investors Khosla Ventures, Randstad Innovation Fund, and BBG Ventures. The New York City-based startup bets on cognitive and emotional functions rather than academic pedigrees, assessing candidates through a set of neuroscience games. Story (Venture Beat)
ELSEWHERE IN FINANCE
BlackRock Inc Chief Executive Larry Fink on Wednesday said the largest asset manager must mirror its customers in terms of gender, comments that come as the company has become more vocal about shareholder and activist efforts to boost workplace diversity. Story (Reuters)
WHAT WE'RE READING
A series of announcements last week provided the tipping point for European asset managers, forcing some that previously expected to charge clients for research to change policies. Under Mifid II, it will be the norm for asset managers to pay research costs from their P&L and it is likely other managers will follow what is now the dominant trend. Story (IR Magazine)
IN CASE YOU MISSED IT
Fireweed Energy Ltd. is launching an initial public offering, a rarity in a market that for months has shunned almost all things energy. Story (Jeffrey Jones, subscribers)
Lawyers for a Swiss advocacy group pursuing allegations of financial crimes against an Ottawa real estate company are turning to Ontario's courts to obtain sensitive financial records from three Canadian banks and a major accounting firm. Story (James Bradshaw, subscribers)