Corporate governance - Vigil

Air France-KLM plans to increase its stake in Scandinavian airline SAS to 60.5%, the latest step towards consolidating Europe's fragmented airline sector as carriers seek to strengthen their position against rivals. The Franco-Dutch airline group said on Friday it intended to increase its stake from 19.9% currently by acquiring the stakes held by top shareholders Castlelake and Lind Invest. The purchase, subject to regulatory clearances, is expected to close in the second half of 2026, Air France-KLM said. The value of the investment would be determined at closing, based on SAS's latest financial performance, including core earnings (EBITDA) and net debt, the company said. It declined to give details on those metrics.

Canada’s financial watchdog says Canaccord Genuity Corp. has paid a $544,500 fine after a compliance examination in 2023. The Financial Transactions and Reports Analysis Centre of Canada says the penalty was for violations under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated regulations. Fintrac says Canaccord Genuity failed to submit suspicious transaction reports where there were reasonable grounds to suspect that transactions or attempted transactions were related to a money laundering or terrorist financing.

Alberta has settled with two of the companies suing the province for a combined $16-billion over the government’s flip-flop on coal policy. Evolve Power Ltd. and Atrum Coal Ltd. say they have reached agreements with the government to resolve their claims alleging the de facto expropriation of their coal assets, according to notices posted to each company’s website. What Albertans will pay the coal mining companies, however, remains unknown. Both Evolve and Atrum noted that details of the settlement are still being discussed and would remain confidential until they are finalized, but said they expect to update shareholders on the agreements later this year.

AGF Management Ltd. announced chief executive officer Kevin McCreadie has died and the asset manager named president Judy Goldring as the new CEO. On Thursday, AGF said Mr. McCreadie, aged 64, died suddenly. He joined the Toronto-based company 11 years ago from a U.S. bank and shifted AGF’s strategy from equity and fixed-income funds into alternative assets such as infrastructure and private equity. In addition to serving as CEO, he was AGF’s chief investment officer.

La mise en service des offres de télécommunication par satellites d’Amazon, par l’intermédiaire de sa constellation Kuiper, est prévue dans plusieurs pays européens dont la France, aux États-Unis et au Canada en fin d’année, a indiqué l’entreprise jeudi dans un échange avec la presse française. La couverture commencera « par être déployée aux latitudes nord et sud, ce qui signifie que des pays comme les États-Unis, le Canada, la France, l’Allemagne et le Royaume-Uni seront parmi les premiers à recevoir ce service », a précisé Amazon. Les services de connexion par satellites du groupe, qui visent à concurrencer ceux de SpaceX et de son réseau Starlink, seront également disponibles en Allemagne et au Royaume-Uni, avant d’être étendus à d’autres pays, ont indiqué des responsables du groupe américain.  

Les efforts du Canada pour élargir ses échanges commerciaux au-delà des États-Unis semblent porter leurs fruits, mais des économistes préviennent qu’il faudra beaucoup de temps avant que les exportateurs canadiens s’accommodent d’un nouveau statu quo. Statistique Canada a annoncé jeudi que le déficit commercial de marchandises du pays – la différence entre les exportations et les importations – s’est réduit à 5,9 milliards en mai, grâce à la hausse des exportations d’or. Ce résultat est à comparer au déficit commercial de 7,6 milliards enregistré en avril — un niveau record, qui, selon Statistique Canada, a été révisé à la hausse par rapport aux estimations initiales de 7,1 milliards.

La Chine a déclaré vendredi que les États-Unis avaient assoupli certaines restrictions à l’exportation, conformément à un accord « durement acquis » pour lisser leurs différends commerciaux, conclu à Londres le mois dernier. « Actuellement, les deux parties travaillent rapidement à la mise en œuvre des résultats décrits dans le cadre général adopté à Londres », a affirmé le ministère chinois du Commerce. Il a également indiqué que les États-Unis avaient levé « une série de mesures restrictives à l’encontre de la Chine », dont les détails ont été communiqués à la Chine.  

Canada’s trade deficit in May met expectations and narrowed after a record breaking deficit in April, data showed on Thursday, as total exports rose and imports fell even as the impact of the U.S. tariffs dented shipments south of the border. The trade deficit in May was at $5.9 billion, down from a downwardly revised $7.6 billion in the prior month, Statistics Canada said, led by a 1.1% increase in exports on a monthly basis which followed a 11% slump in April. This was the first increase in exports in four months, StatCan said, and was driven by record exports to the rest of the world, excluding the U.S. Exports and imports to the U.S. dropped to their lowest levels in May, barring the pandemic year of 2020.

Le Vietnam pousse un soupir de soulagement après l’accord douanier avec les États-Unis, qui lui épargne un niveau de taxation menaçant sa vitalité économique, mais les analystes s’interrogent jeudi sur les détails du texte qui cible selon eux la Chine sans la nommer. Après des semaines de tractations, ce pays d’Asie du Sud-Est est devenu mercredi le deuxième État à s’entendre avec Washington après le Royaume-Uni, à quelques jours de la date-butoir où devait s’appliquer une majoration douanière massive qui donnait des sueurs froides aux dirigeants communistes. Les États-Unis ont accepté d’abandonner leur projet de surtaxer à 46 % les produits « made in Vietnam », taux prohibitif qu’ils justifiaient par leur déficit commercial de 123 milliards de dollars en 2024 – le troisième plus important après la Chine et le Mexique.

France announced Thursday a record 40 million-euro fine against e-commerce giant Shein over “deceptive commercial practices” after a competition inquiry, saying it misled customers on price deals and on its environmental impact. The French competition and anti-fraud office said the investigation found Shein used “deceptive commercial practices towards consumers regarding... price reductions”, with the fine handed down with the blessing of the Paris prosecutor’s office. The DGCCRF competition office said the nearly year-long probe found that the firm raised certain prices before lowering them. It added that the China-founded retailer had accepted the fine. “These practices of greatly discounted prices and permanent promotions give consumers the impression they’re getting a great deal,” said the DGCCRF.

A US$7.38 billion bid by a subsidiary of miner Gold Reserve has been selected as the preliminary winner of a U.S. court-organized auction of shares in the parent of Venezuela-owned U.S. refiner Citgo Petroleum, according to a document filed by the officer overseeing the sale process and a company release. Proceeds from the auction of PDV Holding are expected to compensate at least a handful of the 15 creditors fighting since 2017 to recover nearly $19 billion in U.S. courts after Venezuela expropriated assets and defaulted on debt. The bid by Gold Reserve’s subsidiary Dalinar Energy Corporation, which will now be evaluated by Delaware Judge Leonard Stark before a final decision, is higher than a $3.7 billion offer by Contrarian Funds’ Red Tree Investments, selected in March as starting bid, but its cash component seems lower than offers submitted by at least two rival consortia.

Bunge announced its successful merger with Viterra Limited, forming what they anticipate will be a leading global agribusiness company specializing in food, feed, and fuel. This US$8.2-billion deal was finalized nearly six months after the Canadian government approved the merger, having included specific terms and conditions to address competition concerns. According to a media release, Bunge’s CEO, Greg Heckman, stated that this union creates a more robust organization with enhanced capabilities and expertise. Viterra, a grain-handling business formerly known as the Saskatchewan Wheat Pool, operates over 80 facilities across Canada. As part of the new structure, former Viterra CEO David Mattiske now serves as Co-Chief Operating Officer on Bunge’s Executive Leadership Team.

Le chef de la diplomatie allemande, Johann Wadephul, a reproché jeudi à la Chine des restrictions d’exportations « peu transparentes » pour les terres rares, qui « inquiètent beaucoup » l’économie allemande en pleine guerre commerciale. Ces terres rares « font partie des biens à double usage », à la fois civil et militaire, et relèvent à ce titre de la « souveraineté » chinoise, lui a répondu son homologue chinois, Wang Yi, lors d’une conférence de presse commune à Berlin. Depuis avril, les autorités chinoises exigent des entreprises chinoises l’obtention de licences pour l’exportation de ces matériaux stratégiques, un secteur dans lequel la Chine est un poids lourd mondial.

The European Union’s landmark rules on artificial intelligence will be rolled out according to the legal timeline in the legislation, the European Commission said on Friday, dismissing calls from some companies and countries for a pause. Google owner Alphabet, Facebook owner Meta and other U.S. companies as well as European businesses such as Mistral and ASML have in recent days urged the Commission to delay the AI Act by years. “I’ve seen, indeed, a lot of reporting, a lot of letters and a lot of things being said on the AI Act. Let me be as clear as possible, there is no stop the clock. There is no grace period. There is no pause,” Commission spokesperson Thomas Regnier told a press conference.

The private-equity arm of Brookfield Asset Management Ltd. has sold stakes worth US$690-million in three of its portfolio companies to a new fund the company plans to launch later this year, building the base for a new strategy to attract high-net-worth investors. Brookfield Business Partners is selling a 12-per-cent stake in vehicle-parts maker DexKo Global Inc. to the new fund, along with 7 per cent of dealer software and technology company CDK Global LLC and a 5-per-cent interest in construction and civil engineering company BrandSafway, the company announced Thursday. The new fund will be an evergreen private-equity strategy – an open-ended fund with no fixed end date that periodically allows investors to buy in or sell their holdings.

U.S. President Donald Trump said Washington will start sending letters to countries on Friday specifying what tariff rates they will face on imports to the United States, a clear shift from earlier pledges to strike scores of individual deals. Acknowledging the complexity of negotiating with over 170 nations, Trump told reporters before departing for Iowa on Thursday that the letters will be sent to 10 countries at a time, laying out tariff rates such as 20 per cent to 30 per cent. “We have more than 170 countries, and how many deals can you make?” Trump said. “They’re very much more complicated.” The Republican President said he expected “a couple” more detailed agreements with other countries after Wednesday’s announcement of a trade deal with Vietnam.

L’entreprise pharmaceutique québécoise Theratechnologies a annoncé jeudi avoir conclu une entente pour son acquisition par CB Biotechnology, une filiale de la société du Michigan Future Pak. Selon les modalités décrites par Theratechnologies, la compagnie américaine acquérait toutes les actions ordinaires émises et en circulation de la société pour 3,01 $ US par action en espèces, plus un droit conditionnel à la valeur par action représentant des paiements supplémentaires totaux en espèces pouvant atteindre 1,19 $ US. La contrepartie totale se chiffre à 254 millions US, a indiqué la pharmaceutique québécoise, ajoutant que le conseil d’administration recommande à l’unanimité aux actionnaires d’approuver la transaction.

Le chef d’une organisation représentant les constructeurs automobiles s’est dit « prudemment optimiste » après avoir rencontré le premier ministre Mark Carney pour l’exhorter à abroger l’obligation de vente de véhicules électriques. Brian Kingston, PDG de l’Association canadienne des constructeurs de véhicules, s’est joint aux PDG de Ford Canada, Stellantis Canada et GM Canada lors d’une réunion avec le premier ministre mercredi à Ottawa. En plus de discuter de l’impact des droits de douane américains – principal sujet de la réunion –, les constructeurs automobiles ont indiqué à M. Carney que l’industrie ne pouvait en aucun cas atteindre les objectifs fixés par l’obligation de vente de véhicules électriques.

Avec des investissements de plus de 9,6 milliards dans ce qui est qualifié d’« économie du génocide » à Gaza, la Caisse de dépôt et placement du Québec (CDPQ) est directement visée par le plus récent rapport des Nations unies rendu public le 1er juillet. « Clairement, pour certains, le génocide est profitable, a déclaré en point de presse jeudi à Genève la rapporteuse spéciale des Nations unies sur la situation des droits de la personne dans les territoires palestiniens occupés depuis 1967, Francesca Albanese. Mon rapport expose un système, quelque chose de si structurel, de si répandu et de si systémique qu’il n’y a aucune possibilité de le réparer et de le redresser. Il doit être démantelé. » Sous le titre sans équivoque De l’économie d’occupation à l’économie de génocide, ce troisième rapport de Mme Albanese épingle au total 48 entreprises impliquées. 

Buyout firm Thoma Bravo will take Olo private in an all-cash transaction that values the restaurant-technology provider at approximately $2 billion. Olo said Thursday that the deal will help to accelerate its growth, while also strengthening its platform and offerings for the more than 750 restaurant brands it serves globally. Under the terms of the agreement, Olo shareholders will receive $10.25 for each of their shares. The price represents a 65% premium over Olo’s unaffected share price of $6.20 as of April 30, the last trading day prior to media reports regarding a potential transaction, the company said. Shares jumped 13%, to $10.05, in premarket trading Thursday. Through Wednesday’s close, the stock has more than doubled in the past year.

Nissan is recalling nearly 38,000 vehicles in Canada as part of a wider North American recall due to a potential bearing manufacturing defect that could lead to engine damage or failure. In an email to CTVNews.ca on Wednesday, the company said the issue affects models from the following years:
2021–2024 Rogue
2019–2020 Nissan Altima
2019–2022 INFINITI QX50
2022 INFINITI QX55
In total, 37,837 vehicles are impacted in Canada. In their statement, the company said that a solution is available and affected owners will receive a notification letter starting Aug. 22. Once notified, owners are advised to bring their vehicles to a Nissan or INFINTI dealership for inspection and, if necessary, repair. The company did not report any confirmed incidents or injuries tied to the defect.

France announced Thursday a record 40 million-euro fine against e-commerce giant Shein over “deceptive commercial practices” after a competition inquiry, saying it misled customers on price deals and on its environmental impact. The French competition and anti-fraud office said the investigation found Shein used “deceptive commercial practices towards consumers regarding... price reductions”, with the fine handed down with the blessing of the Paris prosecutor’s office. The DGCCRF competition office said the nearly year-long probe found that the firm raised certain prices before lowering them. It added that the China-founded retailer had accepted the fine. “These practices of greatly discounted prices and permanent promotions give consumers the impression they’re getting a great deal,” said the DGCCRF.

U.S. banking giant JPMorgan Chase (JPM.N), opens new tab on Thursday named insider David Frame as the global CEO of its private bank, effective immediately. Housed within the largest U.S. bank's broader asset and wealth management business, the private bank offers investment solutions to high-net-worth individuals and families. Private banking has become an increasingly important business for global lenders as they seek to deepen relationships with wealthy clients and tap into the growing pool of global wealth. Beyond managing investments, private banks offer lending, estate planning and philanthropy services, helping to drive steady fee income and diversify banks' revenue streams away from more volatile and market sensitive Wall Street operations.