Canadian bank headquarters stand on Bay Street in TorontBrent Lewin/The Globe and Mail
How badly does CIBC want to solve its Caribbean problem? Story (Tim Kiladze, for subscribers)
Canadian Imperial Bank of Commerce has an ambitious target to almost double the share of its profits coming from its U.S. banking arm within three years. Story (James Bradshaw, for subscribers)
Fidelity Canada is opening a trading desk in Toronto in order to gain competitive advantages in the marketplace including closer proximity to the deals on Bay Street. Story (Clare O'Hara, for subscribers)
DEAL WRAP
EBay has announced plans to acquire Terapeak, an online platform that helps eBay, Amazon, and Shopify sellers grow their online sales. Terms of the deal were not disclosed. Founded out of Toronto, Canada in 2002, Terapeak leverages data around supply, demand, and pricing in order to arm merchants with the information to sell their goods. VentureBeat
Finisar Corp is getting a $390-million (U.S.) investment from Apple Inc to revive a plant in Texas, which will boost production of chips that power high-profile iPhone X features including Face ID and portrait mode photos. Story
French car maker Renault has bought a stake in a glossy magazine publishing group, its first foray into media, as it prepares to keep travellers occupied in the era of driverless cars. Story
Target Corp will buy grocery delivery platform Shipt Inc for $550-million (U.S.) in cash, it said on Wednesday, promising same-day delivery of all goods by the end of 2019 to lure customers that have turned to online retailers such as Amazon.com Inc. Story
Skillz has raised $25-million (U.S.) in funding for its mobile esports platform from investors including Liberty Global and Telstra. The San Francisco startup provides a platform to turn any mobile game on iOS and Android into a game you can play with friends or strangers for cash, prizes, or points. VentureBeat
Mobile payment company iZettle, often referred to as the "Square of Europe," has raised €40-million ($47-million U.S.) in a round of equity funding led by VC firm and early backer Dawn Capital and The Fourth Swedish National Pension Fund, with participation from other existing investors. VentureBeat
WHAT WE'RE READING
What's Eating Bill Ackman: On a pitch-black winter night in San Diego, Calif., Bill Ackman and several friends slipped into wet suits, boarded a van to a nearby pier, jumped into the frigid waters of the Pacific Ocean, and swam toward a distant string of lights. Institutional Investor
With just three weeks until regulators permit billionaire Steve Cohen to resume taking investor money, his new hedge fund plans are making some potential clients wary. The terms being discussed for Cohen's new fund – which he could launch as soon as Jan. 1, when his ban on trading outside money expires – include locking up capital for one to three years, according to people familiar with the matter. Bloomberg
Goldman Sachs Group Inc. will deal in bonds, derivatives, equities and exchange-traded funds through a new type of venue in time for the start of Europe's MiFID II laws, one of the most wide-ranging trading plans by a bank under the new rules. Bloomberg