HEADLINES
Fairstone Bank to Buy Laurentian Bank for About C$1.9 Billion
Fairstone Bank of Canada entered an agreement to buy Laurentian Bank of Canada for about C$1.9 billion, a deal which comes as the latter accelerates its shift toward a specialty commercial bank.
As part of that shift, Laurentian Bank will sell its retail and small and medium-sized enterprise, or SME, banking businesses to the National Bank of Canada.
The coordinated transactions reflect a shared commitment to supporting a strong and competitive Canadian banking system, Laurentian Bank said Tuesday.
Laurentian Bank shares rose 18.4% to C$39.97.
Scotiabank Aiming for Earnings Growth After Capital Markets Buoy Results
Bank of Nova Scotia has its sights on strong earnings growth in the coming year despite the lingering uncertainty brought on by U.S. trade policy, with capital and liquidity measures expected to remain solid.
The Canadian bank, one of North America's largest by assets, ended fiscal 2025 on a strong note with earnings outpacing expectations as income was driven by capital-markets operations, even with credit-loss provisions creeping higher.
Scotiabank projected higher net interest income in the new year driven by both loan and deposit growth and net-interest-margin expansion, while noninterest revenue is expected to grow across all its business segments.
Shopify Merchants Post $14.6 Billion in Sales Over Holiday Weekend
Shopify said merchants recorded $14.6 billion in global sales over the Black Friday to Cyber Monday weekend, marking a 27% increase from last year.
Sales peaked at just after noon ET on Black Friday, reaching $5.1 million per minute, the web hosting company said Tuesday.
More than 81 million customers worldwide bought from Shopify-powered brands, the company said, with popular categories including cosmetics, apparel, and health and wellness. Shoppers' average cart size was $114.70, and the most sales came from the U.S., U.K., Australia, Germany and Canada.
AltaGas to Boost Dividend as it Targets Earnings Growth in 2026
AltaGas is bumping up its annual dividend by 6% as the Canadian energy-infrastructure company targets earnings and cash flow growth from both its utilities and midstream operations in the coming year.
The company said Tuesday it will pay a dividend of C$1.34 a share for 2026, the equivalent of C$0.334 per quarter beginning in late March.
The lift to its payout came as AltaGas laid out guidance for 2026, including projected normalized earnings of between C$2.20 and C$2.45 a share, which would mark roughly 6% growth at the midpoint.
AltaGas shares declined 0.4% to C$43.20.
Goeasy CEO Dan Rees Stepping Down, Patrick Ens Named Successor
Goeasy has tapped the head of one of its operations to step into the role of chief executive, succeeding Dan Rees who the consumer lender said was stepping down for health reasons.
Patrick Ens, currently president of easyfinancial, will assume the CEO position effective Jan. 1.
The Canadian company said the appointment reflected a succession plan that had externally identified Ens in 2023 as a potential future leader. Ens joined Goeasy in 2024 after a 17-year tenure at Capital One Canada.
Goeasy shares fell 5.9% to C$129.08.
Canada's Commissioner of Competition to End Term Sooner Than Planned
The head of Canada's competition regulator will step down early, handing the reins to a deputy who will become acting commissioner later this month.
Competition Bureau Commissioner Matthew Boswell said he will end his term Dec. 17 for personal reasons, sooner that the end-February date his role was due to conclude.
Jeanne Pratt, senior deputy commissioner of the regulator's mergers and monopolistic practices branch, will become the acting commissioner from Dec. 18 until a further announcement from the government of Canada is made regarding the position.
Atrium Mortgage Names Anastasopoulos as CFO
Atrium Mortgage Investment named Chris Anastasopoulos its next chief financial officer, effective Dec. 1.
Anastasopoulos succeeds Jeffrey Sherman, who has been CFO on an interim basis since July.
Anastasopoulos has worked in senior finance leadership roles at a global asset manager, a major Canadian pension plan, and a Canadian chartered bank, Atrium said.
TALKING POINT
AFN Chiefs Pass Resolution Rejecting Changes to Oil Tanker Ban
By Willow Fiddler and Emily Haws of The Globe and Mail
First Nations chiefs from across Canada passed an emergency resolution Tuesday morning rejecting any proposed exemptions to the federal ban on oil tankers off the northern coast of British Columbia, after Ottawa and Alberta reached an agreement that could see the prohibition modified if a pipeline is approved.
The memorandum of understanding signed last week pledges political support for a bitumen pipeline from Alberta's oilsands to British Columbia tidewater, provided it meets certain conditions, including a private sector proponent and Indigenous support. If that happens, Ottawa would adjust the oil-tanker ban, which Coastal First Nations in B.C. are opposed to.
The AFN resolution also calls for the "immediate withdrawal of the Canada-Alberta Memorandum of Understanding and any project contemplated or designated under the agreement that may infringe First Nations' rights, including the right to self-determination."
Chief Donald Edgars from Old Massett Village in Haida Gwaii told the assembly that the province's Oil Tanker Moratorium Act is vital legislation that recognizes B.C.'s north and central coast as "some of the most dangerous waters in the world."
"The MOU enables the government to do business as usual, despite legal requirements to uphold the UN Declaration. This MOU sets us back decades, " he said.
"The ramifications of a spill would not only be fatal from coast to coast but would also be felt for generations. These are decisions that will affect our children, our grandchildren and our great-grandchildren, " Edgars told the chiefs who voted unanimously to support the emergency resolution.
Responding to the AFN's resolution, Natural Resources Minister Tim Hodgson said that the country's economy is under attack and Canadians expect the government to respond to it.
"None of us want to be in a situation where we are told we have no cards. We have great cards in our energy and natural resources," he said, adding Canada needs to play them effectively.
"Now is the time to come together and figure out how we can develop our energy and our natural resources in partnership with affected jurisdictions and in partnership with Indigenous peoples, and that's what we're going to do."
In her opening address at the AFN special assembly, National Chief Cindy Woodhouse Nepinak said First Nations chiefs won't back down when it comes to approving major projects on First Nations land.
"There will not be getting around rights holders," Woodhouse Nepinak said.
The AFN advocates on behalf of more than 630 communities.
Woodhouse Nepinak said it was difficult to watch First Nations on the Pacific Coast in B.C. be excluded from talks ahead of last week's MOU signing between Prime Minister Carney and Alberta Premier Danielle Smith.
"As if First Nations rights can be wiped away with one federal, provincial MOU," she said.
"The truth is that Canada can create all the MOUs, project offices, advisory groups that they want, but chiefs are united when it comes to approving large national projects on First Nations lands."
Carney was expected to address the chiefs and take questions from them later this afternoon.
Expected Major Events for Wednesday
00:30/JPN: Nov Japan Services PMI
06:00/JPN: Oct Revised Machine Tool Orders
06:00/RUS: Nov Russian Services PMI
08:45/ITA: Nov Italy Services PMI
08:50/FRA: Nov France Services PMI
08:55/GER: Nov Germany Services PMI
09:30/UK: Nov S&P Global UK Services PMI
09:30/UK: Nov UK Official Reserves
09:30/UK: 3Q Household Finance Review
09:30/UK: Nov Narrow money (Notes & Coin) and reserve balances
12:00/US: 11/28 MBA Weekly Mortgage Applications Survey
13:15/CAN: Nov Official International Reserves
13:15/US: Nov ADP National Employment Report
13:30/US: Sep Import & Export Price Indexes
13:30/US: Oct Advance Report on Durable Goods - To Be Rescheduled
13:30/CAN: 3Q Labour productivity, hourly compensation & unit labour cost
14:15/US: Sep Industrial Production and Capacity Utilization
14:30/CAN: Nov Canada Services PMI
14:45/US: Nov US Services PMI
15:00/US: Oct CANCELLED: Metropolitan Area Employment and Unemployment
15:00/US: Nov ISM Report On Business Services PMI
15:30/US: 11/28 EIA Weekly Petroleum Status Report
16:00/US: Nov Global Services PMI
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Expected Earnings for Wednesday
ADF Group Inc (DRX.T) is expected to report $0.22 for 3Q.
C3ai Inc (AI) is expected to report $-0.82 for 2Q.
Costco Wholesale Corp $(COST)$ is expected to report.
Culp Inc $(CULP)$ is expected to report $0.23 for 2Q.
Descartes Systems Group Inc (DSG.T,DSGX) is expected to report $0.63 for 3Q.
Dollar Tree Inc $(DLTR)$ is expected to report $1.09 for 3Q.
EQB Inc (EQB.T) is expected to report for 4Q.
Five Below (FIVE) is expected to report $0.24 for 3Q.
Guidewire Software Inc (GWRE) is expected to report $0.16 for 1Q.
Hall of Fame Resort & Entertainment Co $(HOFV)$ is expected to report for 3Q.
Healthequity Inc $(HQY)$ is expected to report $0.48 for 3Q.
Inotiv Inc $(NOTV)$ is expected to report $-0.44 for 4Q.
Macy's Inc (M) is expected to report $-0.18 for 3Q.
Mega Matrix Inc (MPU) is expected to report for 3Q.
National Bank of Canada (NA.T,NTIOF) is expected to report $2.56 for 4Q.
Office Properties Income Trust $(OPITS)$ is expected to report for 3Q.
PVH Corp (PVH) is expected to report $2.50 for 3Q.
Royal Bank of Canada (RY,RY.T) is expected to report $2.44 for 4Q.
Salesforce Inc (CRM) is expected to report $1.65 for 3Q.
Snowflake Inc (SNOW) is expected to report $-0.93 for 3Q.
Sprinklr Inc $(CXM)$ is expected to report $-0.14 for 3Q.
Star Group LP (SGU) is expected to report for 4Q.
TECSYS Inc (TCS.T) is expected to report for 2Q.
Thor Industries Inc $(THO)$ is expected to report $-0.09 for 1Q.
Tilly's Inc $(TLYS)$ is expected to report $0.13 for 3Q.
Torrid Holdings Inc (CURV) is expected to report $-0.02 for 3Q.
UiPath Inc (PATH) is expected to report $-0.02 for 3Q.
nCino Inc $(NCNO)$ is expected to report $-0.02 for 3Q.
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(END) Dow Jones Newswires
December 02, 2025 16:29 ET (21:29 GMT)
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