Here are the top reads on deals and financial services over the last 24 hours,
Private equity: Callidus Capital Corp. shares tumbled 15 per cent to a new low on Tuesday after the lending company reported a seventh consecutive quarterly loss and announced chief executive officer Newton Glassman is stepping aside to take a medical leave. Callidus, a lender to distressed companies that Mr. Glassman took public in 2014 at $14 a share, lost $40.8-million in the most recent quarter, up from a loss of $7-million in the first quarter. Story (Andrew Willis and Jeffrey Jones, for subscribers)
Governance: Hydro One Ltd. has unveiled its new of board of directors after the utility’s previous board resigned en masse and its chief executive officer retired under pressure from Ontario’s newly elected premier. Similar to the previous board, many of the 10 new directors have deep Bay Street connections – and a number have held senior positions at investment banks. Story (Tim Kiladze, for subscribers)
Mortgages: Home Capital Group Inc. is feeling the sting as rising interest rates make it more expensive to raise term deposits, putting pressure on a key source of funding as the alternative mortgage lender continues to recover from a liquidity crisis last year. Story (James Bradshaw, for subscribers)
MORE FINANCIAL SERVICES NEWS
Bank acquisition: Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic. Story
Regulators: Royal Bank of Scotland will pay US$4.9 billion to settle U.S. claims that it misled investors on residential mortgage-backed securities between 2005 and 2008, the U.S. Justice Department said on Tuesday. Story
MORE DEALS NEWS
Leverage buyout: Tesla Inc.’s board named a special committee of three directors on Tuesday to evaluate possibly taking the electric-car maker private, although it said it had yet to see a firm offer from the company’s chief executive, Elon Musk. Story
Beverage industry: Coca-Cola Co is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo’s Gatorade. Story
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