Category Archives: News

GO Transit fare hikes are coming


Metrolinx board asked to approved 3-per-cent increase at board meeting this week.

A report to be presented at Wednesday’s Metrolinx board meeting indicates the fare increase will only affect single-ticket adult fares greater than $5.65. Meanwhile, trips at or below that price will see no changes. Discounts for PRESTO card users would also remain unchanged.

If approved, the increase would mark the first time Metrolinx has raised fares for the Union Pearson Express.

The proposed fare hike, which would come into effect Sept. 2, is estimated to bring in $8.5 million of additional revenue for the provincial transit agency.

Amazon aims to crush clothing retailers with Amazon ‘Prime Wardrobe’

Amazon, which has been making a big push into selling clothes, is testing a new service that lets members of its Prime program try on styles before they put items on their charge card — at no upfront fee.

Here’s how it work:

  • Customers have seven days to decide what they like, and
  • Pay only for what they keep
  • Shipments arrive in a re-sealable box with a pre-paid label for returns.
  • Customers get 10 per cent off if they keep three or four items, or 20 per cent off for five items or more.

A decade ago, Jeff Bezos said “In order to be a $200 billion company we’ve got to learn how to sell clothes and food.”  Amazon is already a $200 billion company, but maybe this will help it get to a trillion.

CIBC receives all required regulatory approvals for PrivateBancorp transaction

CIBC (TSX: CM) (NYSE: CM) and PrivateBancorp, Inc. (Nasdaq: PVTB) today announced that they have received all regulatory approvals required to complete CIBC’s acquisition of Chicago-based PrivateBancorp, Inc. pursuant to their amended merger agreement announced on May 4, 2017. CIBC and PrivateBancorp anticipate that the acquisition will close on June 23, 2017.

 

As previously announced, the amended merger agreement provides that upon completion of the proposed acquisition, PrivateBancorp stockholders will receive US$27.20 in cash and 0.4176 of a CIBC common share for each share of PrivateBancorp common stock held.

CIBC also announced today that the previously announced dividend of $1.27 per share on common shares for the quarter ending July 31, 2017 and payable on July 28, 2017 will be paid to shareholders of record at the close of business on June 28, 2017. As previously announced on May 4, 2017, the record date for this dividend will allow PrivateBancorp’s stockholders to receive the dividend in respect of CIBC common shares received in the merger and held through the record date.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units – Retail and Business Banking, Wealth Management and Capital Markets, CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiary The PrivateBank, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities it serves. As of March 31, 2017, the company had 36 offices in 13 states and US$20.4 billion in assets. The company’s website is www.theprivatebank.com.

Forward Looking Statements

Certain statements contained in this communication may be deemed to be forward-looking statements under certain securities laws. All such statements are made pursuant to the “safe harbor” provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies of PrivateBancorp and CIBC and the regulatory environment in which they operate and outlook for calendar year 2017 and subsequent periods. Forward-looking statements are typically identified by the words “believe”, “expect”, “anticipate”, “intend”, “estimate”, “forecast”, “target”, “objective” and other similar expressions or future or conditional verbs such as “will”, “should”, “would” and “could”.  By their nature, these statements require us to make assumptions, including the economic assumptions set out in the reports of PrivateBancorp and CIBC filed with the SEC, and are subject to inherent risks and uncertainties that may be general or specific.  A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements.  These factors include: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision’s global standards for capital and liquidity reform and those relating to the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts and the war on terror; natural disasters, public health emergencies, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change; global capital market activity; changes in monetary and economic policy; currency value and interest rate fluctuations, including as a result of market and oil price volatility; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we and CIBC have operations, including increasing Canadian household debt levels and global credit risks; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected synergies and benefits of the merger between PrivateBancorp and CIBC will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors.  This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Additional information about these factors can be found in the reports filed by PrivateBancorp and CIBC with the SEC.  Any forward-looking statements contained in this communication represent the views of management only as of the date hereof and are presented for the purpose of assisting our stockholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this communication or in other communications except as required by law.

SOURCE PrivateBancorp, Inc.

Continue reading CIBC receives all required regulatory approvals for PrivateBancorp transaction

Lotto Max: The $55 million jackpot and 3 Maxmillions was won


The $55 million up for grabs in last night’s Lotto Max draw was won with a selection sold in Quebec.

In addition, 3 $1 million prizes (Maxmillions) were won thanks to selections sold in Ontario.

The next Lotto Max draw, to be held on Friday, June 9, will therefore offer a jackpot worth $15 million approximately.

Here are the numbers:

Continue reading Lotto Max: The $55 million jackpot and 3 Maxmillions was won

Electricity Prices Dropping for Households and Small Businesses Effective May 1

The Ontario Energy Board (OEB) today announced that households and small businesses that buy their electricity from their local utility will see their electricity prices go down starting May 1.  This will benefit more than 90% of the electricity customers in Ontario.

Continue reading Electricity Prices Dropping for Households and Small Businesses Effective May 1

407 International Reports First Quarter Results

407 International Inc. (the “Company”) announced today revenues of $260.7 million for the first quarter of 2017, compared to $225.3 million for the same period of 2016.  Earnings before interest, taxes, depreciation and amortization (“EBITDA”1) totalled $220.5 million for the first quarter of 2017 as compared with $187.6 million for same period of 2016.  The Company reported net income of $87.4 million for the first quarter of 2017 as compared with $64.6 million for same period of 2016.

Continue reading 407 International Reports First Quarter Results

Lotto Max: The $55 million jackpot and 1 Maxmillions was won


The $55 million up for grabs in last night’s Lotto Max draw was won with a selection sold in Quebec.

In addition, 1 $1 million prize (Maxmillions) was won thanks to a selection sold in The Prairies.

The next Lotto Max draw, to be held on Friday, April 28, will therefore offer a jackpot worth $13 million approximately.

Here are the numbers:

Continue reading Lotto Max: The $55 million jackpot and 1 Maxmillions was won

FAIR Canada Calls on CSA to Address Reports of Improper Sales Practices at Canada’s Banks

FAIR Canada has written an open letter to the Canadian Securities Administrators (“CSA”), the organization for provincial securities regulators, calling on them to act on a timely basis to address the sales practices at federally regulated financial institutions. While many of the bank employee revelations and consumer complaints relate to banking products (over which the Financial Consumer Agency of Canada has jurisdiction), some relate to mutual funds and other investment products which fall within the regulatory responsibility of provincial securities commissions.

Continue reading FAIR Canada Calls on CSA to Address Reports of Improper Sales Practices at Canada’s Banks