The Bay Street financial district in Toronto, Canada on May 11, 2017.Gary Hershorn/The Globe and Mail
The campaign for change at Power shines a bright light on a decade of poor stock-market performance from a $14-billion company that's iconic in Quebec business circles. Story (Andrew Willis, for subscribers)
Power Corp. of Canada should offload a number of non-core assets that could fetch about $10-billion in a move he said would unlock shareholder value at the diversified holding company. Story
Got a problem with your bank? Canada's banking ombudsman probably can't help. Column (Rita Trichur, for subscribers)
Money manager Sentry Investments has appointed James Dutkiewicz as its new chief investment officer following Gaelen Morphet's departure. The departure of Ms. Morphet comes on the heels of CI Financial's acquisition of Sentry earlier this summer. Story (Clare O'Hara, for subscribers)
Macquarie analyst Mike Rizvanovic initiated coverage on the big six Canadian banks, saying he sees a "very challenging" outlook for big six in the near-term on multiple fronts, which he said is "not fully appreciated" by the market. Story (David Leeder, for subscribers)
DAILY DEALS
Kindred Systems Inc., a smart-robot manufacturing startup co-founded by Canadian inventor and theoretical physicist Geordie Rose, has secured $28-million (U.S.) in a venture financing deal led by Chinese internet giant Tencent Holdings Ltd., which is quickly emerging as one of the most active foreign investors in the North American startup space. Story (Sean Silcoff)
Hudson's Bay Co. has a $1-billion deal to sell its Lord & Taylor flagship store in New York to WeWork Cos. Inc. while teaming up with the office-sharing business to run its operations in parts of HBC's stores – the latest example of a retailer trying to find new uses for its under-used physical stores. Story (Marina Strauss)
Delphi today announced it is purchasing the self-driving car company Nutonomy for $450-million (U.S.). Founded in 2013 by Dr. Karl Iagnemma and Dr. Emilio Frazzoli, Nutonomy is Boston-based company that develops autonomous vehicle technology. Story (TechCrunch)
WHAT WE'RE READING
Beware the rise of the "zombiecorn": The surge of unicorns is worrisome given lengthening hold times, delayed exits, and evidence of widespread overvaluation. Is it too much of a good thing? Story (Pitchbook)
With investment shops fighting over mathematicians and engineers, a Gugenheim executive argues that finance degree and departments "face irrelevancy." Story (Institutional Investor)
There is no official measurement of a market bubble, but one could be the speed and force of the rise, a technique borrowed from the physical realm. Dot-com stocks rose 680 per cent from the beginning of 1996 to the end of March, 2000. Bitcoin has risen nearly 825 per cent in the past year alone, to about $5,700 (U.S.). Story (Bloomberg)
IN CASE YOU MISSED IT
Saving for retirement isn't a top priority for many young professionals, but Great-West Lifeco Inc. thinks it can change that by addressing heavy student debt loads. The life and health insurer is rolling out a new program to its client companies that will allow eligible employees to pay off their student debt while also getting some of the benefits of contributing to a workplace pension plan. Story (Jacqueline Nelson)