Here are the top reads on deals and financial services over the last 24 hours,
Layoffs: GMP Capital Inc. is laying off roughly 10 per cent of the staff from its Canadian capital markets business amid a slowdown in the energy sector. Story (Alexandra Posadzki, Jeffrey Jones and Niall McGee, for subscribers)
Takeovers: Alberta’s energy watchdog is seeking broader powers over corporate takeovers after the bankruptcy of a private Chinese natural gas producer exposed gaps in provincial regulations, its chief executive officer says. Story (Jeff Lewis, for subscribers)
Earnings: Thomson Reuters Corp. held a steady course in a second quarter marked by change, delivering 2-per-cent higher revenue while continuing to spin out its largest division as part of a US$17-billion deal with private equity giant Blackstone Group LP. Thomson Reuters Corp. held a steady course in a second quarter marked by change, delivering 2-per-cent higher revenue while continuing to spin out its largest division as part of a US$17-billion deal with private equity giant Blackstone Group LP. Story (James Bradshaw)
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Asset sale: General Electric Co.’s financing arm said on Wednesday it will sell its energy finance unit and loan portfolio to Starwood Property Trust Inc. for US$2.56-billion, as part of a plan to shrink itself into a smaller, more focused business. Story
MORE DEALS NEWS
Leveraged buyouts: Tesla Inc’s board said it was evaluating taking the company private, a day after Chief Executive Elon Musk surprised shareholders with the idea of launching the biggest leveraged buyout of all time. Story
IPOs: TMX Group Ltd. said on Wednesday it had no plans for further talks with oil company Saudi Aramco about a partial listing on the Toronto Stock Exchange as part of what is expected to the world’s largest initial public offering. Story
Media sector: Twenty-First Century Fox Inc. has triggered a 46-day deadline to raise its bid for Sky in a battle with Comcast for control of the British pay-TV group. Story (for subscribers)
New offerings: ICOs were supposed to be IPOs without the Wall Street middlemen and Washington meddling. Now they’re looking a bit less revolutionary. Initial coin offerings have raised US$18 billion for blockchain startups this year, almost five times last year’s total, according to CoinSchedule. But unlike 2017, this is increasingly due to blockbuster sales that targeted accredited (read: wealthy) investors instead of just anyone with an internet connection. Story
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