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Top headlines
8:45 a.m.
BlackBerry names new CEO, calls off Internet of Things IPO
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Giamatteo, who was president of BlackBerry’s cybersecurity business unit, takes over the job after the retirement of John Chen as chief executive and executive chairman earlier this year.
Richard Lynch, who has served as interim chief executive since Nov. 4, will continue as board chair.
The company also said it will no longer pursue a subsidiary initial public offering of its Internet of Things business unit. Instead, BlackBerry says the board has decided to establish its Internet of Things and cybersecurity businesses as stand-alone divisions.
It said the plan includes the separation and streamlining of its centralized corporate functions into business-unit specific teams, with a view to each division operating independently.
“The board, with input from its advisors, believes that a full separation of BlackBerry’s IoT and cybersecurity businesses will open up a number of strategic alternatives that can unlock shareholder value,” Lynch said in a statement.
“Management is focused on moving quickly to complete this reorganization that will further enhance the focus of both businesses on their respective markets as well as their capacity for fast, flexible decision-making.”
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The Canadian Press
8 a.m.
Manulife plans to buy back $1.2 billion in shares after reinsurance deal
The Toronto-based insurer said it is reinsuring $13 billion of reserves to Global Atlantic and its partners, including $6 billion in long-term care reserves. It is Manulife’s third deal with Global Atlantic.
Manulife said the deal is expected to release $1.2 billion of capital that it plans return to shareholders via share buybacks.
Manulife chief executive Roy Gori called the agreement a major milestone for the company as it reshapes its portfolio, reduces risk and delivers value to shareholders.
Manulife said it has received approval from the Office of the Superintendent of Financial Institutions to buy back up to about 2.8 per cent of its outstanding common shares starting in February.
The share repurchase plan remains subject to the approval of the Toronto Stock Exchange.
The Canadian Press
7:30 a.m.
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Canada announces credit plan to tackle methane emissions from cow burps
Each credit would represent a metric tonne of emissions and would be met by improving diets, management and using other strategies to support “more efficient animal growth,” Environment and Climate Change Canada said in a release.
The initiative, announced during COP28 currently happening in Dubai, is the latest introduced by Canada during the climate conference, including last week’s proposed emissions cap on the country’s important oil and gas sector. About 10 per cent of Canada’s greenhouse gas emissions are from crop and livestock production, excluding emissions from the use of fossil fuels or from fertilizer production.
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Robert Tuttle, Bloomberg
Stock markets before the opening bell
Global equities posted modest moves at the start of a busy week of economic data and central bank meetings that will test optimism among investors that interest rates will soon head lower.
United States futures contracts fell less than 0.2 per cent. Europe’s Stoxx 600 index edged lower.
The S&P/TSX composite index closed 130.49 points at 36,247.87 on Friday.
Bloomberg
What to watch today
Representatives from Amnesty International and the Wet’suwet’en Nation will outline the findings of a new research report on intimidation, harassment and criminalization of Wet’suwet’en land defenders opposed to the construction of the Coastal GasLink pipeline in Vancouver.
Oracle Corp. will report earnings today.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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