A Bay street sign is seen in Toronto’s financial district.Mark Blinch/The Globe and Mail
Here are the top reads,
Pension returns: Asian stock market investments helped the Caisse de dépôt et placement du Québec post a return of 9.3 per cent last year as Canada's second-largest pension fund manager warns of a looming market correction. Story (Nicolas Van Praet)
Bids: Apotex Inc. is weighing a reconfiguration of its global footprint, a process that could result in the sale of its European division. Story (Paul Waldie and Tim Kiladze, for subscribers)
Street moves: Hydro One Ltd., Ontario's newly privatized power utility, is showing its commitment to future expansion by hiring a veteran investment banker as its chief corporate development officer. Story (Tim Kiladze, for subscribers)
Robo advisers: Investment giant Power Financial Corp. is pouring more money into Canada's burgeoning financial technology space with an additional $65-million investment in online portfolio manager Wealthsimple. Story (Clare O'Hara)
Court: The Ontario Court of Appeal has dismissed a challenge brought by Catalyst Capital Group Inc. against rival fund manager West Face Capital Inc. from the bench, without hearing from West Face's lawyers. Story (Alexandra Posadzki)
FINANCIAL SERVICES WRAP
Online banking and brokerages: Toronto-Dominion Bank's online and mobile banking platforms in the U.S. are experiencing technical difficulties after a recent upgrade, prompting customers to complain on social media. Story
Wealth advice: How financial advisers manage their RRSP accounts. Story
Regulators: The U.S. Securities and Exchange Commission on Wednesday updated guidance to public companies on how and when they should disclose cybersecurity risks and breaches, including potential weaknesses that have not yet been targeted by hackers. Story (for subscribers)
Brexit: Bank of America Corp. is the latest overseas bank to commit its long-term future to Britain even as the country prepares for Brexit. The U.S. lender has extended the lease on its London headquarters by 10 years to 2032, according to a spokesman. Story
DEAL WRAP
Chips sector: Microchipmaker Broadcom Ltd cut its bid for Qualcomm Inc on Wednesday by 4 per cent to $117-billion as it objected to Qualcomm's decision to raise its own bid for NXP Semiconductors. Story (for subscribers)
U.S. venture capital: Moovit announced today that it has raised US$50 million in venture capital as the company seeks to leverage its crowdsourced transportation data into a service for local governments. VentureBeat
U.S. venture capital: Paris-based Prophesee announced today that it has raised US$19 million in the initial phase of what it expects to be a much larger series B. Founded four years ago, the company has developed machine vision technology that can process up to 100,000 frames per second and that has applications for emerging industries such as robotics and autonomous vehicles. The technology is designed to mimic the functions of the human eye. VentureBeat
U.S. venture capital: Gabi has raised US$9.5 million in a first institutional round of funding to make sure you get the best rates when it comes to car, homeowner's, or renter's insurance. The San Francisco company automates insurance shopping and provides more visibility into insurance rates, allowing people to compare all the major insurance companies' rates and instantly get a quote. VentureBeat
WHAT WE'RE READING ELSEWHERE
Trading: Transaction cost analysis continued spreading beyond stocks to other assets last year as asset managers and broker-dealers sought to comply with stricter transparency standards in Europe. Institutional Investor
Venture paydirt: You might think the biggest shareholder in China's largest tech company Tencent was the Chinese government or a local venture capitalist. Instead, it's a South Africa-based newspaper publisher called Naspers, which parlayed a US$32 million investment in Tencent 17 years ago into a stake now worth about US$180 billion. The Information
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