‘Critical’ propane shortage in Quebec forces companies to ration supplies

Propane shortages in Quebec sparked by rail blockades is forcing companies to ration supplies to hospitals, farms and buildings, according to local businesses. Jean-François Bergeron, general manager of Quebec City propane supplier Capital Propane, said the company is left with a seven-day propane supply, and it’s running out of solutions. “There are none, there are…

Loblaw profit rises on booming e-commerce, but misses expectations

An almost doubling in e-commerce revenue to more than $1 billion helped Loblaw Cos Ltd., the parent of Loblaws grocery chain and Shoppers Drug Mart, increase its 2019 profit over the previous year, but not enough to satisfy analysts.Stock in Canada’s largest retailer — with more than 1,050 grocery stores, 1,400 Shoppers Drug Mart and…

Victoria is the only property market in Canada still flashing high vulnerability

Victoria is the only real estate market in the country still showing high vulnerability, but the overall risk of a housing crash in the country remains moderate, according to the Canada Mortgage and Housing Corporation.“The evidence of overvaluation remains low as housing prices remain close to the levels supported by housing market fundamentals,” Bob Dugan,…

Pension giant Caisse to sell one-third of its malls in Canada amid e-commerce hit

Canada’s second-biggest pension manager is preparing to sell a third of the shopping centres it owns in its home market as e-commerce finally starts to bite the country’s brick-and-mortar retailers.Caisse de dépôt et placement du Québec, says it will look for an array of solutions for its 25 Canadian malls after their problems contributed to…

OSC proposes mutual fund restrictions to protect seniors from large penalties

Ontario’s capital markets watchdog is proposing new protections for seniors through restrictions on the sale of mutual funds that carry large penalties if cashed in early, a fee structure that is being banned outright in all other jurisdictions across the country.The new rules proposed by the Ontario Securities Commission would prohibit the sale of mutual…

IA Financial may tap ESG funding amid pledge to reduce emissions

Canadian life insurer iA Financial Corp. Inc. is considering raising socially conscious funds as the firm works to reduce its greenhouse gas emissions.“As we speak, we are working on it,” Chief Financial Officer Jacques Potvin said in a telephone interview Tuesday. IA Financial may issue environmental, socially and governmental debt “at one point.”Sales of green…

Caisse de Depot’s 10% return sends assets to $257 billion

Caisse de Depot et Placement du Quebec returned 10.4 per cent last year as stocks and fixed income shielded Canada’s second-largest pension fund manager from a poor performance in real estate.Net investment income for 2019 amounted to $31.1 billion, compared with $11.8 billion a year earlier, the Montreal-based fund manager said Thursday in a statement.…

Morgan Stanley buys E*Trade in biggest acquisition on Wall Street since the financial crisis

Morgan Stanley agreed to buy discount brokerage E*Trade Financial Corp. for US$13 billion, pushing further into the retail market in the biggest acquisition by a Wall Street firm since the financial crisis.The all-stock takeover adds E*Trade’s US$360 billion of client assets to Morgan Stanley’s US$2.7 trillion, the companies said Thursday in a statement. Morgan Stanley…

Mortgage stress test easing could boost what’s expected to be tepid growth for Canada’s banks

TORONTO — Canadian banks are set to post muted quarterly profit growth, driven by higher credit provisions, when they begin reporting earnings on Friday, but a change to a mortgage stress test could brighten prospects for the year, investors and analysts said.Canada’s biggest lender, Royal Bank of Canada, will kick off banks’ first-quarter earnings reports,…