Rechercher dans la communauté

November 12, 2013, 8:55 a.m. ET National Bank Completes Acquisition of TD Waterhouse Institutional Services' Business -- This transaction further confirms National Bank Correspondent Network's leadership position by adding 260 market intermediaries, $35 billion of assets under administration and 130,000 end-clients to its book of business -- The acquisition marks another major step in National Bank's expansion of its wealth management platform across Canada MONTREAL, Nov. 12, 2013 /CNW Telbec/ - Following receipt of all required regulatory approvals, National Bank of Canada ("National Bank" or the "Bank") (TSX: NA) today announced the completion of its acquisition of TD's institutional services business known as TD Waterhouse Institutional Services (TDWIS). This business will be integrated into National Bank's Correspondent Network ("NBCN"), which is Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers. Building on its large existing client base, NBCN will be servicing over 400 independent market intermediaries across the country who collectively manage or administer $85 billion for almost one-half million Canadian investors once the TDWIS business is brought on board. This acquisition greatly extends NBCN's reach, further confirming its status as the clear leader in this growing and important segment of the securities industry. "This transaction is another major step in the implementation of National Bank's strategy of expanding across Canada by broadening the footprint of our wealth management platform" said Luc Paiement, Executive Vice President, Wealth Management, Co-President and Co-CEO of National Bank Financial. "It will add considerable scale to our operations and, in the process, bring a number of appreciable benefits to all National Bank wealth management clients in the form of new products and services". "In the last few months we have met with many of our new clients, and are very pleased with the trust and confidence they have shown by joining us. We are committed to delivering to them the same industry leading service and support we have been providing NBCN's clients with for the past 20 years." said Patrick Primerano, Co-CEO of NBCN. "We are proud that all 64 TDWIS employees to whom we made offers have accepted them, and we look forward to welcoming them into our NBCN team of professionals." This transaction is accretive to National Bank's bottom line, adding $0.12 of earnings per share for fiscal 2014 and $0.14 for fiscal 2015, assuming the full benefit of the acquisition is realized in fiscal 2014. As a result of the acquisition, National Bank's Basel III Common Equity Tier 1 ratio will be reduced by approximately 40 basis points as at National Bank's quarter ending January 31, 2014. Client conversion is expected to be completed in the 8 months following the closing of the transaction, and a transition services agreement will be in place in the interim. About National Bank of Canada With $187 billion in assets as at July 31, 2013, National Bank of Canada (http://www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets magazine. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca. About National Bank Correspondent Network At the service of its clients for more than 20 years, National Bank Correspondent Network has become Canada's largest provider of custodial, trading, clearing, settlement and record keeping services to independent registered portfolio managers and introducing brokers by continually redefining the industry through innovative product development, expert client care and leading technology. NBCN's team is dedicated to giving its clients the very best service and the breadth of investment choices necessary to build a successful practice. Forward Looking Statements Certain statements included in this press release constitute forward-looking statements meant for its interpretation and shouldn't be used for other purposes. These forward--looking statements are made as of the date of this document. There is a strong possibility that express or implied projections contained in these forward-looking statements will not materialize or will not be accurate. The Bank recommends that readers not place undue reliance on these statements, as a number of factors, many of which are beyond the Bank's control, could cause actual future results, conditions, actions or events to differ significantly from the targets, expectations, estimates or intentions expressed in the forward-looking statements. These factors include, without limitation, the ability to attract and retain key employees who will support the acquired institutional services business, including certain senior management of the acquired institutional services business; the ability to complete the conversion of the client records, systems and operations supporting the acquired business within anticipated time periods and costs; the retention of substantially all of the clients of the acquired institutional services business following the closing; together with general factors such as credit risk, market risk, liquidity risk, operational risk, regulatory risk, and reputation risk, (all of which are described in greater detail in the Risk Management section that begins on page 57 of the Bank's 2012 Annual Report available at http://www.sedar.com); the general economic environment and financial market conditions in Canada, changes in the accounting policies the Bank uses to report its financial condition, including uncertainties associated with assumptions and critical accounting estimates; tax laws in Canada; and changes to capital and liquidity guidelines and to the manner in which they are to be presented and interpreted. The Bank assumes no obligation to update or revise these forward-looking statements to reflect new events or circumstances and cautions readers not to place undue reliance on them. SOURCE National Bank of Canada /CONTACT: (The telephone number provided below is for the exclusive use of journalists and other media representatives.): Claude Breton Assistant Vice-President, Public Affairs National Bank Tel.: 514-394-8644 H ne Baril Director, Investor Relations National Bank Tel: 514-394-0296 Copyright CNW Group 2013 http://online.wsj.com/article/PR-CO-20131112-907876.html

Ouch! The Startup Genome, which collects data to figure out what makes startups successful, has released its latest results. TechCrunch reported that, these are the 25 best startup ecosystems in the world: Silicon Valley (San Francisco, Palo Alto, San Jose, Oakland) New York City (NYC, Brooklyn) London Toronto Tel Aviv Los Angeles Singapore Sao Paulo Bangalore Moscow Paris Santiago Seattle Madrid Chicago Vancouver Berlin Boston Austin Mumbai Sydney Melbourne Warsaw Washington D.C. Montreal In Silicon Valley, for instance, the Startup Genome's data showed that it had the following characteristics, which attracted entrepreneurs: "Strong early stage funding ecosystem. More mentors. Most Ambitious. High Risk." New York, on the other hand, had the following characteristics: "Diverse. Niche Focus. Marketplace and Social Network focus. High risk." Please follow SAI on Twitter and Facebook. Follow Boonsri Dickinson on Twitter. Ask Boonsri A Question > Read more: http://www.businessinsider.com/the-best-25-places-to-live-if-youre-starting-a-startup-2012-4#ixzz1rqyx4diF http://www.businessinsider.com/the-best-25-places-to-live-if-youre-starting-a-startup-2012-4

(Courtesy of the Financial Post) Reason I put it in culture, it seems more of a Quebec culture to be more laid back and no really care about material wealth, but that is my own point of view.

(Courtesy of The Globe and Mail)

Deflation a concern in North America By Paul Vieira, Financial Post February 20, 2009 OTTAWA -- Inflation in North America is to remain benign for the months -- and perhaps years -- ahead, analysts say, as a shrinking global economy undercuts commodity prices and inventories in Canada remain at excess levels. Data were released in both Canada and the United States on Friday. The Canadian numbers, Bay Street economists say, further strengthen the case for the Bank of Canada to cut its key lending rate by a further 50 basis points on March 3. Further, the data indicate deflation remains a concern for policy-makers on both sides of the border. Statistics Canada said the headline inflation rate dropped for a fourth consecutive month, to 1.1% from 1.2%. The Bank of Canada’s core rate, which removes elements subject to volatile prices, such as energy, dropped to 1.9% from 2.4%. That is in contrast to the United States, where the cost of living rose 0.3% in January, the first climb in six months based on stronger energy prices. Last month, prices fell 0.8%. The U.S. numbers initially eased deflationary fears. Analysts, however, were not so confident. "The near-term risk has lightened a little bit, but if anything the medium-term risk may have been ramped up a notch or two by the clear evidence about how the global economy is sliding," Douglas Porter, deputy chief economist at BMO Capital Markets, said. "The deep dive in the global economy threatens to further undercut commodity prices, and more broadly, pricing power in other industrial goods." Mr. Porter said the BMO economics team envisages the global economy shrinking 0.5% this year. As it happens, economists at Toronto-Dominion Bank issued an updated outlook that forecasts a similar contraction in the world economy -- the first since the Second World War. "Deflation is not a paramount risk right now -- but it is a risk when you are looking at a global contraction," said Richard Kelly, the TD senior economist who issued the revised global forecast. The Bank of Canada had forecast inflation would dip below zero for two quarters this year, largely based on the big drop in energy prices. However, the central bank has dismissed concerns about deflation, calling risk "remote." Mr. Porter said he believes Canada can avoid deflation, "but my conviction is weakening given just how weak the global economy has become." In a related report, David Wolf, chief Canadian economist at Bank of America Securities-Merrill Lynch, said inventory held by Canadian companies remains at higher levels compared with their U.S. counterparts. As a result, this excess supply will attract lower prices -- which will further drive down inflation. Mr. Wolf added there remains an "excess" overbuilding of housing supply in Canada. "That will continue to be a factor that will put a lot of downward pressure on prices," he said, adding that new house prices make up a small component of the consumer price index. © Copyright © National Post