The powerhouse C$ today reached parity with the US$ for the first time since November 1976, actually touching $1.003 US before easing down a bit.The Bank of Canada confirmed the milestone, saying the first equal meeting of the two currencies took place in late-morning trading.The C$, which closed today at 99.87 cents US, has soared […]
The worst of the U.S. subprime mortgage meltdown is yet to come, but losses won’t be as high as the markets have already priced-in, CIBC World Markets said today.While the rate of U.S. mortgage defaults is surging to unprecedented levels, the market has actually overpriced the scope of the problem, it said in a report. […]
The major markets are expected to begin the day on a mixed note, as investors once again become wary about the U.S. economy and world oil prices.Futures prices were slightly lower for the Dow Jones industrial average, S&P 500 and the Nasdaq 100.A pre-open surprise, however, was news that investment bank Goldman Sachs Group reported […]
Canada’s Provincial Credit Union Centrals and Desjardins Group today said they have created a partnership aimed at increasing the growth rate of The Ethical Funds Co. and Northwest Mutual Funds Inc. through increased product distribution.The deal creates a national investment firm with $5.5 billion in assets under management. Northwest Funds and Ethical Funds will be […]
TD Asset Management Inc. today said it has established an independent review committee to act as an impartial judge to review any potential conflicts of interest within its fund families.The company is manager of TD Mutual Funds, TD Managed Assets Program Portfolios, TD Private Funds and TD Emerald Funds fund families.“The mandate of the IRC […]
A new survey of Canadian market professionals found that 61% of respondents plan on recommending their clients increase equity exposure in the next 12 months, says JovFunds Management Inc. The wholly owned subsidiary of Jovian Capital Corp. said it surveyed more than 350 investment professionals, with 73% from member firms of the Investment Dealers Association […]
Alberta’s government has publicly released the final report of an expert panel asked to examine the province’s energy royalty and tax regime.The report provides recommendations about how the government can modify the existing provincial royalty structure. The government will provide a formal response to the report by mid October.The royalty review process began in February […]
Oceanex Income Fund today said it reached an agreement to sell all of its assets to South Coast Partners Limited Partnership at a price equalling $19 for each outstanding Oceanex unit on a fully diluted basis.South Coast is a newly formed company owned by a consortium of investors comprised of Captain Sidney J. Hynes, OPTrust […]
The North American markets should add to solid gains that were posted yesterday afternoon once the U.S. Federal Reserve chopped it key fed funds rate for the first time in four years.Futures prices were all heading higher for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100.On the inflation front, Canadian investors […]
Money management firm cites new assets and cost containment