News
CIBC scraps Caribbean sale as Canadian banks face hurdles selling overseas assets


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By Nichola Saminather
b(Reuters) – Canadian Imperial Bank of Commerce (CIBC) became the latest Canadian bank to face hurdles in exiting disappointing acquisitions, joining rivals still holding overseas assets they have sought to sell even as they look to deploy record levels of capital.
Canada‘s fifth-largest lender said on Wednesday it had scrapped the $797 million sale of a 66.7% stake in its FirstCaribbean business to GNB Financial after failing to get regulatory approval.
CIBC’s inability to exit challenging Caribbean markets reflects the hurdles Canadian banks have faced in making an M&A strategy work. The problem is especially acute now with the banks sitting on combined excess capital of C$70 billion ($55 billion), due to a pandemic moratorium by regulators on share buy backs and increasing dividends.
“There have been many instances where the banks have bought something (overseas) and then had to divest because it didn’t pan out from a strategic standpoint,” said Anthony Visano, managing director of Kingwest & Company, which holds some Canadian banks.
CIBC’s challenge “is a pretty good proxy for the broader experience,” he added.
Bank of Nova Scotia faced similar regulatory opposition when it tried to divest its operations in Antigua and Guyana in 2019, and still owns the latter. Royal Bank of Canada, which announced the sale of its Eastern Caribbean operations in December 2019, has yet to finalize the deal. https://reut.rs/36yVZMb
CIBC’s failed sale is a negative as the region faces challenges, Barclay’s equity analyst John Aiken said in a research note.
While it will likely take several years for FirstCaribbean to return to its peak contribution of 4% to CIBC’s earnings, “in a growth-starved sector, retaining this potential upside is a positive for longer-term shareholders,” National Bank Financial analyst Gabriel Dechaine wrote in a note.
CIBC shares rose 1.1% to C$111.53 in morning trading, compared with a 0.1% gain in the Toronto stock benchmark.
($1 = 1.2777 Canadian dollars)
(Reporting by Nichola Saminather in Toronto; Additional reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber and Chris Reese)
News
More Charges Dropped Just Days Before Trial Against Activists Who Exposed Animal Cruelty at Excelsior Hog Farm


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What: Press conference & start of four-week trial for the Excelsior 4
When: Monday, June 27, press conference at 9am, trial at 10am Where: BC Supreme Court, 32375 Veterans Way, Abbotsford, BC
News
Is The Canadian Online Gambling Industry Regulated?


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Like in many western countries, gambling is a popular pastime for many Canadians. Throughout Canada’s evolution, it has strived to give its citizens the freedom of gambling across the provinces. Thanks to this, casinos in the country have grown and thrived over the years, from land-based casinos to the more modern online gambling sites.
Interestingly, government-sponsored sites have also joined the online trend. While other nations globally move from one extreme to the other in terms of their stand on gambling, Canadian lawmakers have generally used an even-handed approach despite the attraction of quick and easy money.
Generally, the country’s laws are flexible while simultaneously protecting the public’s welfare.
History of Canada’s Gambling Laws
The ‘90s marked a new age for the gambling industry in Canada because of the computer and internet boom. The first online casinos also launched during this era, and you no longer had to risk gambling in unlicensed casinos in Sweden if you could not access legal casinos. Avid gamblers could simply go online, although they were much fewer in number.
The first reason for this was only a few people owned computers. There was also a concern about the absence of online casino regulations. As the industry expanded, governments began establishing rules to control the sector. Today, traditional and online gambling is prevalent in the country since accessing casinos is much simpler now than before.
Is the gambling sector legal in Canada?
Online gambling had been illegal for years in Canada until quite recently. Now, it is legal in Canada in different forms. All the ten provinces and the three territories have the premise to set their own rules. The minimum legal gambling age in Canada is 19, apart from Alberta and Quebec, where players are only allowed to gamble upon turning 18.
All casinos, lotteries, racetracks as well as other gaming establishments must abide by the rules stipulated by their territory or province of operation. As previously mentioned, some forms of gambling are legal in parts of Canada and illegal in others. The country has two gambling laws; the First Nations Law and the Provincial Law.
The latter accords each territory or province control over gambling activities within its jurisdiction. Subsequently, some provincial laws are stricter than the federal regulations.
Take away
Today, many Canadians enjoy gambling online, from sports betting and live tables to traditional games like slots. Now that it is legal, you can safely access any reputable and legal casino online and physically.
News
Downtown Ottawa: Ottawa Bylaw issues 513 tickets, tows 121 vehicles over Canada Day weekend | CTV News – CTV News Ottawa
Ottawa Bylaw officers issued 30 parking tickets and had eight vehicles towed out of the downtown core on Sunday, the final day the motor vehicle control zone remains in effect.
The control zone, aimed at preventing another convoy-style occupation near Parliament Hill, came into effect at 8 a.m. Wednesday in preparation for Canada Day celebrations and possible protests. While roads remain open for traffic, vehicles participating in protests are prohibited and there is no parking or stopping in the area.
In an update on Sunday afternoon, Ottawa Bylaw said since 8 a.m. Wednesday, officers have handed out 513 parking tickets – 186 tickets on Saturday and Sunday – and towed 121 vehicles.
Six tickets have been issued for encumbering the highway, one ticket for “pile material on highway” and three tickets for unlicensed mobile refreshment vehicles.
Bylaw Services says three tickets were issued for the unauthorized use of fireworks, while one ticket was issued for public urination.
“We thank all residents and visitors who celebrated Canada Day while respecting Ottawa residents and laws,” Bylaw Services said on Twitter Sunday afternoon.
Ottawa police have not commented on the police operation in downtown Ottawa over the Canada Day long weekend. Officers from the RCMP, OPP and municipal police forces across the country joined Ottawa police for the Canada Day policing plan.
Mayor Jim Watson told CTV News Ottawa he thought the Canada Day celebrations and the police presence went “really, really well.”
“We were better prepared, we had more police officers at the right time we needed them from different police services and at the end of the day I think what we did was make sure there was a police presence but we also were very firm with applying the rules,” Watson said.
The motor vehicle control zone stretches from Colonel By/Sussex Drive in the east to Booth Street in the west, and Wellington Street in the north to Laurier Avenue in the south. The control zone also includes the Sir John A. Macdonald Parkway east of Parkdale Avenue.
It will remain in effect until 6 a.m. on Monday.
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