 Your new post is loading...
Revolut allegedly misled users, promoting investments in shares by emphasising the absence of commissions and failing to flag additional costs and limitations, AGCM said. Revolut said that it was fully cooperating with AGCM and would continue to do so, adding it could not comment on specific details because the probe is ongoing. "We take AGCM enquiries very seriously," it said. "Revolut remains fully committed to upholding the highest standards of compliance and customer protection in Italy and across the globe." According to the watchdog, Revolut did not make clear that its so-called zero fee products included fractional shares, which are significantly different from whole stocks in terms of voting and transfer rights. The regulator, which is in charge of policing consumer rights, added that Revolut allegedly failed to clearly tell clients with investments in crypto assets that they would not be able to change stop-loss and take-profit settings, options that usually help investors in managing risks.
The Italian candy maker behind Ferrero Rocher and Nutella struck a roughly $3 billion deal to buy the breakfast-cereal conglomerate WK Kellogg, in a bid to bolster its business in North America. Ferrero, a family-owned company, announced the deal for the iconic cereal company on Thursday, confirming an earlier report by The Wall Street Journal. WK Kellogg shareowners are set to receive $23 per share in cash, the companies said. That represents about a 40% premium to the stock’s recent prices. The deal gives WK Kellogg a total enterprise value, including debt, of $3.1 billion. Shares of WK Kellogg had soared more than 50% in after-hours trading following the Journal’s report. The deal would combine two storied consumer food makers from both sides of the Atlantic. WK Kellogg is the company behind Froot Loops, Frosted Flakes, Rice Krispies and a variety of other cereal monikers.
Un représentant de l’industrie pharmaceutique affirme que le Canada n’est probablement pas la principale cible de la menace du président américain, Donald Trump, lorsqu’il parle d’imposer des droits de douane de 200 % sur les importations de produits pharmaceutiques, mais que son plan pourrait néanmoins mettre en péril certains secteurs de l’industrie canadienne. Le président de l’Association canadienne du médicament générique, Jim Keon, affirme que le Canada risque d’« être pris entre deux feux » alors que Donald Trump s’efforce de réduire la dépendance des Américains aux médicaments importés de pays comme la Chine et l’Inde. Mardi, le président Trump a évoqué l’idée d’imposer des droits de douane massifs sur les produits pharmaceutiques, mais a déclaré qu’il donnerait aux fabricants de médicaments jusqu’à un an et demi avant d’instaurer ces droits.
Héroux-Devtek a annoncé mercredi qu’elle suspendait les activités de son usine de Laval, là où, la veille, environ 100 travailleurs avaient tenu une journée de grève. Pour le syndicat de la Fédération de l’industrie manufacturière, affiliée à la CSN, il s’agit ni plus ni moins que d’un lock-out. L’employeur a indiqué du même souffle qu’il avait demandé la conciliation, dans le but de faciliter les échanges avec la partie syndicale. Il affirme que les négociations sont dans une impasse, après 22 rencontres de négociations. Le fabricant de trains d’atterrissage se dit néanmoins prêt à reprendre les discussions avec le syndicat « dès que la CSN présentera des demandes monétaires réalistes ».
Le PDG de la Société d’assurance automobile du Québec (SAAQ) Éric Ducharme, nommé en avril 2023 dans la foulée du fiasco SAAQclic, est à son tour congédié par le gouvernement Legault. L’information a été confirmée de source sûre à La Presse, mercredi. M. Ducharme, qui a été plusieurs fois écorché lors de témoignages entendus à la commission Gallant, sera remplacé à court terme par la nouvelle vice-présidente aux services aux assurés de la SAAQ, Annie Lafond, nommée à ce poste en mars 2025. La décision a été prise par le gouvernement Legault avant même le dépôt du rapport du juge Gallant, attendu en décembre 2025. Une annonce officielle est attendue plus tard mercredi.
Dutch semiconductor equipment supplier ASML has dropped its inclusion and diversity targets in the U.S. to comply with regulations there, it said on Wednesday. The world's largest computer chip equipment maker said its diversity and key performance targets would not apply to U.S. employees to the extent that its inclusion and diversity policies conflict with U.S. laws and regulations, but would continue in all other markets. ASML joins other European firms that have acted to avoid potential penalties from an executive order issued by U.S. President Donald Trump that cracked down on diversity, equity and inclusion initiatives. Trump says such initiatives are themselves discriminatory and stifle merit.
Merck has struck a roughly $10bn deal to buy lung disease-focused biotech Verona Pharma, the US drugmaker’s biggest acquisition in two years as it expands in respiratory medicine. The acquisition of Verona enhances the New Jersey-based pharmaceutical company’s pipeline with the addition of Ohtuvayre, a medicine approved in the US to treat chronic obstructive pulmonary disease (COPD), which analysts predict could generate peak annual sales of nearly $4bn by the mid-2030s. The drug is also in trials as a potential treatment for other lung conditions. Merck said on Wednesday that it would pay $107 a share to buy Verona in a deal that values the target at about $10bn, confirming an earlier report in the Financial Times.
A regulator-led survey of Ontario mutual fund dealers based out of big banks shows a sizable minority are not always acting in the interest of clients. The survey of close to 3,000 dealers by the Ontario Securities Commission and the Canadian Investment Regulatory Organization found that 25 per cent say they have at least sometimes recommended products or services to clients that are not in their interest. OSC chief executive Grant Vingoe says the results of the survey show sales pressures and compensation incentives may be driving concerning behaviour. The regulator launched the study in response to a CBC investigation last year that alleged bank sales targets were leading dealers to pressure customers to sign up for financial products they didn’t need.
President Trump decided to delay the implementation of his so-called reciprocal tariffs to Aug. 1 after advisers including Treasury Secretary Scott Bessent told him he could get trade deals with more time, according to people familiar with the matter. Administration officials including Bessent felt as if they were making progress on deals with several trading partners such as India and the European Union as Trump’s previous deadline approached, the people said. An initial pause on the reciprocal tariffs was set to lapse at 12:01 a.m. Wednesday until Trump on Monday further postponed the implementation date for three weeks and sent out letters warning countries of the rates they would face on that day.
The minutes from the Federal Reserve’s June 17-18 policy meeting are expected on Wednesday to show a divided central bank wrestling with the expected economic impact of rising U.S. import taxes and reluctant to commit to interest rate cuts until it is clearer how much the Trump administration’s tariff increases will add to inflation. Fed Governor Christopher Waller and Fed Vice Chair for Supervision Michelle Bowman, both appointed by President Donald Trump during his first term in the White House, have said they’d consider cutting the benchmark policy rate as soon as the central bank’s July 29-30 meeting.
U.S. President Donald Trump on Tuesday said he is planning to announce tariffs on imported semiconductor and pharmaceuticals, saying the rate for medicines could reach 200 per cent but that he would give drugmakers about one year “to get their act together.” “We’re going to give people about a year, a year and a half to come in and, after that, they’re going to be tariffed,” Trump told reporters, speaking at a meeting of his Cabinet at the White House. “If they have to bring the pharmaceuticals into the country ... they’re going to be tariffed at a very, very high rate, like 200 per cent. We’ll give them a certain period of time to get their act together,” he said.
Equitable Bank has named Chadwick Westlake as its chief executive officer, bringing its former finance head back to lead the bank after previous CEO Andrew Moor died unexpectedly in June. Mr. Westlake was chief financial officer of the digital challenger bank for four and a half years before he left in March to be CFO of enterprise software provider Open Text Corp. After less than five months in that job he is heading back to EQ Bank, as president and CEO of parent company EQB Inc. on August 25, the bank announced Wednesday. He will also join the board of directors. Interim CEO Marlene Lenarduzzi will lead the bank until then and return to her role as chief risk officer.
Un groupe de défense des droits des chômeurs demande au gouvernement Carney d’intervenir rapidement pour prolonger des mesures temporaires de l’assurance-emploi qui avaient été adoptées à cause des droits de douane imposés par les États-Unis. L’une de ces mesures doit arriver à échéance dans les prochains jours. Le Conseil national des chômeurs et chômeuses rappelle que deux séries de mesures en lien avec l’assurance-emploi avaient été annoncées, le 21 mars. Il s’agissait alors d’assouplir certains critères du régime pour venir en aide aux travailleurs des industries touchées, dans le contexte des droits de douane imposés par les États-Unis contre le Canada.
|
WPP tab named board member Cindy Rose as its new chief executive on Thursday, tasking the senior Microsoft executive with leading its recovery a day after a major profit warning showed the scale of the challenge at the ad group. Rose has been on the board since 2019 and will take over from outgoing CEO Mark Read on Sept. 1, the company said, with Read departing four months earlier than expected. Shares in the group, which fell to a 16-year low on Wednesday after it slashed its profit outlook, rose 2% in early deals. Rose has spent the last nine years in senior leadership positions at Microsoft, where she rose to Chief Operating Officer, Global Enterprise after formerly being head of its UK business. Prior to that she worked at Vodafone and Virgin Media. WPP Chairman Philip Jansen said she had supported the digital transformation of large enterprises around the world - including embracing artificial intelligence to create new business models and revenue streams.
Canada is seeking to finalize a free trade deal with Southeast Asian nations as part of a push to expand into new markets, its top diplomat said, responding to the hefty tariffs imposed on it by the United States, its neighbour and largest trade partner. Foreign Minister Anita Anand said Canada intends to continue a mutilateral trade relationship with the 10-member Association of Southeast Asian Nations. Canada believes the global economy will be driven by the Indo-Pacific region in the years ahead, she added. “The work is being done with alacrity to finalize the text of the free trade agreement,” Anand told Reuters in an interview, following her meeting with counterparts from the ASEAN bloc in the Malaysian capital. “It is complex but we are very much looking forward to it being completed as soon as possible,” she said, without providing further details. Anand said the ASEAN-Canada FTA is one of the ways Canada can diversify its trade relations beyond the Group of Seven nations.
Le géant des puces électroniques Nvidia est devenu mercredi la première entreprise à franchir le seuil symbolique des 4000 milliards de dollars de valorisation boursière, porté par l’enthousiasme des investisseurs pour les valeurs liées à l’intelligence artificielle (IA). Peu après l’ouverture à Wall Street, le prix de son action a dépassé les 164 dollars, lui permettant d’afficher une capitalisation boursière de plus de 4000 milliards de dollars, avant de refluer légèrement. À titre de comparaison, c’est plus important que le PIB de la France, du Royaume-Uni ou de l’Inde. « Si vous regardez le marché, il est le reflet ou le miroir de l’économie et les secteurs les plus forts de l’économie sont, de loin, la technologie et l’IA […] c’est pourquoi Nvidia vaut autant et continue de croître », commente auprès de l’AFP Adam Sarhan, analyste de 50 Park Investments.
Linda Yaccarino said Wednesday that she will step down as CEO of X, the social media platform owned by Elon Musk. In a post on the platform, Yaccarino did not explain the reason for her departure but said she was proud of the work the company had done to turn around its business. "We started with the critical early work necessary to prioritize the safety of our users—especially children, and to restore advertiser confidence," she wrote. "This team has worked relentlessly from groundbreaking innovations like Community Notes, and, soon, X Money to bringing the most iconic voices and content to the platform. Now, the best is yet to come as X enters a new chapter with @xai."
Les statistiques sur l’insolvabilité de mai indiquent une hausse par rapport à avril, mais une baisse comparativement à l’année dernière, lorsque la Banque du Canada n’avait pas encore commencé à baisser ses taux d’intérêt. Les 12 395 dossiers d’insolvabilité enregistrés en mai représentent une hausse de 2,3% par rapport à avril, mais une baisse de 2,6% comparativement à mai de l’année dernière, selon les données publiées mardi par le Bureau du surintendant des faillites.
UniCredit said it converted part of its position in peer Commerzbank into stock to double its equity stake, becoming the largest shareholder of the German lender that it hopes to engineer a merger with. The Italian bank said late Tuesday that it now owns around 20% of Commerzbank’s shares and effective voting rights after the conversion of a 10% interest it previously held in derivatives. The transaction follows approvals from the European Central Bank, German antitrust regulator and the Federal Reserve, it said. UniCredit has been circling Commerzbank since September, when it first disclosed that it amassed an around 9.5% stake in the German group through share purchases and flagged interest in a potential tie-up.
L’un des plus importants prêteurs de La Baie d’Hudson affirme que la chaîne de grands magasins a si mal géré sa liquidation qu’un tribunal devrait mettre fin à une transaction de baux à la fois controversée et délicate, signée par le détaillant avec une milliardaire britanno-colombienne. Il demande également de soumettre l’entreprise à une surveillance encore plus étroite lors de sa liquidation. Une requête déposée mardi par Restore Capital auprès du tribunal vise à interdire au détaillant en fin de vie de vendre jusqu’à 25 de ses baux à Ruby Liu, propriétaire de centres commerciaux, et à nommer un « super contrôleur » pour liquider plus prudemment le reste de ses actifs.
U.S. port operators are warning that the cost of critical upgrades would balloon by tens of millions of dollars if the Trump administration moves forward with proposed new tariffs on port equipment. The administration is proposing tariffs of up to 100% on Chinese-made cranes and other cargo-handling equipment as part of broader efforts to counter China’s dominance of the maritime industry. Shipping industry officials say the fees would be stacked on top of 25% tariffs on Chinese-made cranes introduced under the Biden administration, and in addition to China duties being considered by Trump’s trade team.
The Trump administration has a message for China: Keep off the farm. Agriculture Secretary Brooke Rollins said Tuesday the administration will work with state lawmakers to ban sales of U.S. farmland to buyers from China and other countries of concern, citing national-security interests. Rollins, joined by Defense Secretary Pete Hegseth and Homeland Security Secretary Kristi Noem, said the government is ratcheting up scrutiny on existing land owned by Chinese buyers and is looking at ways to potentially claw back past purchases. “We’ll never let foreign adversaries control our land,” said Rollins.
French nuclear energy utility EDF will invest around 1.1 billion pounds (US$1.5-billion) in the Sizewell C nuclear project in Britain in which it is already a shareholder, the French presidency and British government said on Tuesday. The announcement was made during French President Emmanuel Macron’s state visit to Britain, the first by a European leader since Brexit. Britain is seeking to build new nuclear plants to replace its ageing facilities to bolster energy security and its climate target of net zero emissions by 2050. Once operational, the Sizewell C plant is projected to generate enough electricity to power around 6 million homes.
U.S. private equity funds and one of Canada’s largest pension plans are in talks to acquire H&R Real Estate Investment Trust as an activist investor pushes the company to disclose bidders for its $10.5-billion property portfolio. Last Friday, Toronto-based H&R disclosed that since February, it has received multiple proposals to buy all or part of the company, which owns residential, industrial, office and retail properties across Canada and the United States. The REIT’s board appointed a committee to evaluate the offers, advised by bankers and lawyers, but did not disclose the bidders. On Tuesday, K2 & Associates Investment Management Inc. published a press release in which chief investment officer and chairman Shawn Kimel calls on H&R to “immediately disclose the material terms of the viable bids, and to put the best options to unitholders for their approval.”
BRP annonce mardi avoir conclu une entente pour la vente de ses activités de Manitou à la famille Marcott, le fabricant de Ski-Doo et de Sea-Doo poursuivant ses efforts pour se spécialiser dans les sports motorisés. La famille Marcott, qui est propriétaire de Bentley Pontoons, fera l’acquisition des pontons Manitou, une activité de BRP située à Lansing, dans le Michigan. Le directeur général de l’entreprise familiale établie en Caroline du Sud, Dennis Marcott, affirme qu’il a l’intention de poursuivre la fabrication des bateaux Manitou à l’usine actuelle et d’assurer la continuité de la marque. BRP a dévoilé l’an dernier son intention de vendre ses activités de son Groupe marin, à l’exception de ses motomarines Sea-Doo, ses pontons Sea-Doo Switch et ses systèmes de propulsion à jet.
|
