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
Not long ago, a provincial premier championed the sale of a government-owned utility, in part to raise the money needed to build a better electrical grid and kickstart economic growth. Story (subscribers)
Fairfax Financial Holdings Ltd. says its intentions have been misunderstood by an aggressive U.S. investment firm and will not vote on the proposed takeover of forestry product company Tembec Inc. Story (subscribers)
Financial technology startup Borrowell Inc. has raised $12-million in equity financing and secured millions more in new loan capital as part of a new funding round backed by incumbent financial players. Story (subscribers)
Toronto accounting and invoicing software startup FreshBooks has raised an additional $54-million in venture capital from Canadian firm Georgian Partners, with participation from U.S. investors Accomplice and Oak Investment Partners. Story (subscribers)
South of the border, Canadian utilities are seen as good friends in tough times. That benevolent view just helped Hydro One Ltd. chief executive officer Mayo Schmidt launch a $4.4-billion takeover that's the first step in a U.S. expansion strategy. Story (subscribers)
This is the daily Streetwise newsletter with stories chosen by Globe financial services editor Rita Trichur. If you're reading this on the Web or someone forwarded this e-mail newsletter to you, you can sign up for the Streetwise newsletter and all Globe newsletters here.
No Canadian investment banks were hired as financial advisers on Hydro One Ltd.'s $4.4-billion mega deal to buy Avista Corp. – neither on the acquirer's side, nor the acquired's – meaning domestic bankers will miss out on a estimated $42-million fee. Story (subscribers)
A mass exodus of U.S. investors from the Canadian oil patch has often been blamed for some of the weakness in energy-company shares since the crude-price collapse began. It doesn't appear to have happened. Story (subscribers)
Trading revenue at some major Wall Street firms tumbled in the second quarter, as low volatility across the fixed-income market resulted in fewer securities changing hands. These results may not bode well for firms based north of the border. Story (subscribers)
Andrew Willis: Why you shouldn't buy into the pot boom and bust Video
Weekend reading
Canada's Bombardier and Germany's Siemens are in the final stages of talks to combine their rail operations, several sources familiar with the matter said on Friday, in a deal that would give the two added heft to compete against Chinese rail giant CRRC. Story
Mining giant Glencore Plc is working with a Canadian pension fund to create a standalone 50:50 joint venture for its portfolio of royalty assets, two sources with knowledge with the matter said on Friday. Story
The last time big U.S. banks made so much money, the financial world was heading toward the brink of collapse. This time, it's stiff regulation that's in danger. Ten of the nation's biggest lenders including JPMorgan Chase & Co. and Bank of America Corp. together made $30 billion last quarter, just a few hundred million short of the record in the second quarter of 2007, according to data compiled by Bloomberg. Story
Bank of America has become the first Wall Street bank to pick Dublin to be its new base for its European Union operations as Britain prepares to leave the bloc, the firm said in a statement on Friday. Story
The U.S. Department of Labor on Friday ordered Wells Fargo & Co to pay $575,000 and to rehire a whistleblower the bank had dismissed in September 2011 after the former employee raised concerns over the opening of customer accounts without their knowledge, the agency said in a statement. Story
A £14-billion ($18-billion U.S.) class action lawsuit against MasterCard for allegedly overcharging more than 45 million people in Britain over a 16-year period was blocked from proceeding by a judge, MasterCard said on Friday. Story
Calfrac Well Services Ltd. surged after Texas investment firm Wilks Brothers LLC boosted its stake in the fracking company in a bet on a rebound in Canada's beaten down oil patch. Bloomberg