TORONTO | The Supreme Court of Canada ruled Friday that the $35 billion leveraged buyout of BCE Inc. - the largest leveraged buyout in history - can go ahead. The high court overturned a lower court ruling that the sale of BCE, the parent of telecommunications holding company Bell Canada, to the Ontario Teachers' Pension Plan and its minority U.S. partners wasn't in the interests of bondholders.
HSBC North America Holdings will move its legal headquarters from Illinois back to New York City in January, as the British banking giant refocuses its U.S. strategy on basic banking and credit cards, not consumer finance. The umbrella holding company for HSBC Bank USA, HSBC Bank Canada and the remaining pieces of HSBC Finance will now be based out of HSBC Bank USA's headquarters at 452 Fifth Ave. in Manhattan.
Jim Dunn has been with Heidelberg since 1977, first as controller of the company's Intermountain division in Denver and later as CFO at Heidelberg West in San Francisco. In 1990, he was assigned as CFO to Heidelberg Web Systems in Dover, NH. In 1992, he moved to Toronto to become president of Heidelberg Canada. Six years later, he became CFO of Heidelberg USA's holding company, Heidelberg Americas, Inc. He has been president of Heidelberg USA since 2002.
Poor risk management practices are among the leading reasons for the current financial crisis, S. Scott MacDonald and Darnell Canada told nearly 250 bankers gathered for the Spring Seminar of the Bank Holding Company Association, conducted May 4-5 in Bloomington, Minn. Over time, we have accepted more risk and have come to expect less return than we expected in the past, MacDonald said. And as we have concentrated risk, we have financed that with more borrowed funds.
Royal Bank of Canada, acting through its RBC Centura unit, has agreed to buy Flag Financial Corp for $25.50 per share, or about $456 million, in cash. The purchase price represents a premium of less than one percent of Flag's share price prior to the deal announcement, but the price is 20.2 times Flag's projected 2006 earnings. Flag Financial is the holding company for Flag Bank. The bank operates nearly 30 branches in Georgia. Royal Bank of Canada, also known as RBC Financial Group, is the largest financial services company in Canada. The bank operates more than 1,300 locations in Canada and has about 40 offices in the Caribbean and more in other countries.
Last year, Russell Lashbrook paid $1,600 for a four-year warranty on the used Dodge Durango he was buying. But as he recently discovered when his "check engine" light came on and he took the SUV in for repair, the warranty is already worthless. About 137,000 people across the United States and Canada may be holding worthless car warranties from Ultimate Warranty Corp. The Ohio company has all but disappeared, leaving $15,000 in a loss fund to cover an expected $48 million in claims, according to South Carolina regulators who are investigating the company.
COLUMBIA, S.C. Jerry Zucker, a self-made billionaire who turned a small holding company into an empire that would eventually buy one of Canada's most-storied companies, has died. He was 58. Mr. Zucker, chief executive officer of the Hudson's Bay Co., died of cancer Saturday at his Charleston home, according to the company.
... for many Canadians with international holdings. The NRT rules remain relevant to foreign trusts a... its purchases from a related Swiss sister company of the active pharmaceutical ingredient for Zantac...
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