Canada’s main stock index fell on Thursday, dragged down by stocks of cannabis companies, a day after hitting a record high on the back of a sharp rally in the sector that was fueled by Reddit-inspired retail investors.

The S&P/TSX Composite lost 36.66 points by midday Thursday to 18,421.12.

The Canadian dollar inched up 0.08 cents to 78.81 cents U.S.

Bombardier said it would end production of its Learjet business aircraft in 2021 and slash about 1,600 jobs to cut costs, after reporting an adjusted loss before interest and taxes for the fourth quarter, as the COVID-19 pandemic hit demand.

Bombardier shares dropped a dime, or 13.7%, to 63 cents.

Restaurant Brands International on Thursday posted quarterly profit below Wall Street estimates, dented by tepid demand for its Tim Hortons coffee as customers avoided stepping out amid fresh restrictions imposed to tackle COVID-19 cases.

Restaurant Brands shares docked $3.21, or … Read the rest

This is the web version of Term Sheet, a daily newsletter on the biggest deals and dealmakers. Sign up to get it delivered free to your inbox. 

IPO investors seem to think they’ve found a true match with dating app company Bumble.

The company behind Badoo and the Bumble app raised $2.2 billion in an offering of 50 million shares priced at $43, more shares sold at a higher price than previously anticipated.

Last valued at about $3 billion when Blackstone acquired the business in 2019, it is now valued at about $8.2 billion.

As we all wait for the inevitable fury around the IPO pop or radio silence should shares fall in its first day of trading, here’s the skinny on Bumble’s financial picture:

  • The dating app that lets women make the first move posted revenue of about $416.6 million for the first nine months of 2020, surpassing
Read the rest

Insurance risk and commercial law firm, BLM has launched a new D&O Tracker which reveals that UK SMEs are increasingly in the firing line for large fines from regulatory bodies, findings that underline the increasingly important role of Directors & Officers insurance.

The D&O Tracker, which is free for insurers, brokers and corporates to access, captures fines from four major UK regulators, including the Serious Fraud Office, Financial Conduct Authority and the Information Commissioner’s Office. It also records compensation and legal costs orders, as well as the term of any custodial sentences against directors.

The data shows that UK SMEs received over £100m in fines from UK regulatory bodies over the last four years.

D&O policies provide liability cover for company managers of all levels, which protects them from claims, reputational damage and legal costs following decisions and actions taken within the scope of their duties.

BLM professional indemnity partner … Read the rest

Stocks in Toronto retreated from the highs of the early morning on Wednesday, as industrials and consumer stocks weighed on gains in the health-care sector.

The S&P/TSX Composite had given up 33.07 points by noon Wednesday to 18,375.55.

The Canadian dollar eked up 0.07 cents to 78.82 cents U.S.

The largest percentage gainers on the TSX were Aphria, which jumped $1.77, or 5.9%, to $31.86, and Aurora Cannabis, which rose $2.26, or 11.4%, to $22.01.

Keyera Corp fell $1.64, or 6.2%, the most on the TSX, to $24.84, after

posting a loss of $0.34 per share in the fourth quarter.

The second-biggest decliner was BlackBerry, down 45 cents, or 2.6%., to $16.57


The TSX Venture Exchange again headed south midday, losing 16.28 points, or 1.5%, to 1,055.01.

All but three of the 12 TSX subgroups moved into the red, as industrials shed 0.8%, consumer discretionary stocks gave up … Read the rest

Match Group (Nasdaq: MTCH), the company that owns dating app Tinder, agreed to acquire Hyperconnect, a South Korean maker of apps aimed at forming friendships, for no small amount: about $1.7 billion in cash and stock for the owner of the Azar and Hakuna Live apps.

“Coronavirus is accelerating existing digital trends” may be a phrase that has become overused at this point—but it still holds water. And there’s perhaps no better proof than this. The effects of loneliness became front and center in the isolating nature of the pandemic. The deal allows Match to expand beyond romantic liaisons and into platonic ones, and also grow in different geographic regions.

“With more than 75% of usage and revenue coming from markets spread across Asia, their product suite and regional footprint squarely complements our own,”  Match Chief Executive Officer Shar Dubey said of Hyperconnect.

The deal also points to a … Read the rest

The best entrepreneurs understand that they can’t do everything themselves, and that delegation and teamwork are the keys to business success.

Do you feel as though you have far more goals than you have the time, energy, or capabilities to see them through? Do you often find yourself procrastinating on these goals, and then feeling increasingly guilty about it the longer you put them off? If you do, you’re not alone.

It’s a common complaint among business owners, and it used to be one for me too.

It’s as though they’re bursting with exciting, innovative ideas, but when it comes down to choosing which ones to implement in their business—and finding the motivation to make it happen—they get stuck.

They procrastinate, feel guilty about it, and then procrastinate some more. It becomes an endlessly tiring, confidence-depleting cycle.

Breaking the cycle

Having lots of ideas isn’t the problem here—the problem is … Read the rest

Equities in Toronto rose on Tuesday, as gold miners tracked bullion prices higher, while hopes that a new U.S. stimulus bill would lead to a swift economic recovery also lifted sentiment.

The S&P/TSX Composite remained above water 38.6 points to move into lunch hour Tuesday at 18,368.86.

The Canadian dollar gained 0.16 cents to 78.66 cents U.S.

Canopy Growth said it expects to turn a profit in the second half of 2022 after aggressive cost-cutting and higher demand for cannabis products helped narrow third-quarter losses. Canopy Growth gained $5.79, or 10.4%, to $61.51.

SNC-Lavalin Group said it would sell its oil and gas business to Kentech Corporate Holdings, an energy services company backed by private equity firm Blue Water Energy. SNC shares took on $2.21, or 9.7%, to $25.00.

The largest percentage gainers on the TSX were Aphria, which jumped $4.80, or 19.9%, to $28.96, and Aurora Cannabis, which rose … Read the rest

The grainy security camera footage is shocking.

The elderly man walking down the street in Oakland, Calif.’s Chinatown neighborhood never even sees his assailant, a man who shoves him to the ground with brutal force and walks away. The video of the attack on the 91-year-old man, recorded on January 31, became the most recent evidence in a wave of mostly unaddressed hate crimes against Asian Americans and Pacific Islanders.

Now, activists have had enough.  

It’s been a long time coming. Hollywood stars began calling out the racist violence early in the pandemic. By mid-summer, Stop AAPI Hate, an alliance of three organizations serving AAPI communities, began documenting the incidents. They quickly found that bullying, assaults, and verbal abuse were “becoming the norm” across the U.S. By September, it seemed that one in four young Asian American adults had been bullied or otherwise harassed.  

Actors and activists Daniel Read the rest

How to position your startup so that the IP you develop becomes an investment, not a cost. By Joshua Van Hoven, Counsel and Peter Hale, Partner, at Haley Giuliano

As an early stage company, you may be a disruptor or seek to advance a key technology in which your team has particular expertise. No matter the driver, even the most idealistic startups fail to achieve their goals if they do not position themselves for investment funding of some kind. Those investments are typically based on the potential financial return of a subsequent acquisition or public offering.

At each stage of the investment cycle, your investors and business partners will scrutinise your people, technology and operations. A robust intellectual property (IP) programme will ensure that the efforts of your people are owned by your company, that your technology is safe from theft or copying and that your operations (such as branding, … Read the rest

Altamira Gold Corp. (V.ALTA) hit a new 52-week high of 26.5 cents on Monday. Altamira Gold has closed its non-brokered private placement financing, previously announced on January 28, 2021. The Company issued 20,000,000 units at a price of $0.20 per Unit for gross proceeds of $4,000,000, representing an oversubscription of $300,000 from the originally announced Offering. Crescat Portfolio Management LLC participated with a lead order of $1,500,000.

Aphria Inc. (T.APHA) hit a new 52-week high of $23.68 on Monday. Aphria announced Denise Faltischek , Aphria’s Chief Strategy Officer, will also assume the role of Managing Director of Aphria Germany, effective January 23, 2021 , reporting to Irwin D. Simon , Aphria’s Chairman and Chief Executive Officer. Ms. Faltischek joined Aphria in September 2019 with extensive consumer-packaged goods experience and expertise leading over 50 acquisitions. She leads Aphria’s global business strategy and oversees Aphria’s medical and international business segments as well … Read the rest