There has been a flurry of business activity in Canada this past month. Empire Company, which owns the Sobeys grocery chain, swallowed up Safeway’s Canadian division – 213 stores – for $5.8 billion.
The news sent Empire’s share price up 18 percent.
Empire then decided to get out of the movie business, selling off 24 Empire Theatres locations to Cineplex for $200 million.
The telecom industry could be shaken up with the U.S. giant, Verizon, eyeing entry into Canada’s wireless market through an acquisition of Wind Mobile or Mobilicity. Our big three teleco’s, BCE, Rogers and Telus, are small potatoes compared to Verizon, which earned $115 billion in revenue last year.
We’ll see if the government steps in to block or support this potential game changing move.
Speaking of government and regulation, the CRTC finally approved Bell’s $3 billion acquisition of Astral Media, which includes 84 radio stations and 25 specialty TV services. This was a slightly watered-down version of Bell’s original offer proposed last Fall, which was rejected by the CRTC.
Finally, it looks like the long standing partnership between CIBC and Aeroplan is about to end in an ugly split that may see TD Bank become the new primary credit card issuer for Aeroplan.
The agreement would take effect January 1st, 2014, with TD paying $100 million and committing to purchase minimum annual miles for three years.
Here are my top 12 personal finance reads from around the web this month:
How to fight back against bad financial advice
June 16, 2013 · thestar.com · Your financial institution may give you unsuitable advice, but it can be hard to get compensation. Here are some tips from an investment mediator. Open this article
@BarryChoi explains why his financial adviser wanted him dead (Podcast)
June 19, 2013 · wheredoesallmymoneygo.com · Episode 23 This week’s episode of Mostly Money, Mostly Canadian is now available on iTunes (You have to click through to “view in iTunes”). Open this article
How To Dump Your Big Bank Financial Advisor
June 17, 2013 · My Own Advisor · Yes, breaking up is hard to do. The fallout is never easy. Oh, I guess the same goes with my big-bank financial advisor as well. I used to have one, many years ago. Open this article
An Admittedly Biased Argument in Favour of Banning Embedded Commissions and Instituting a Fiduciary Standard
June 26, 2013 · Spring (the blog) · I stand to benefit if embedded commissions in mutual funds are banned, and if a fiduciary standard for advisors is enacted. I don’t think it invalidates my argument, but at least you know why I’m arguing for it. Open this article
Sometimes you have to take that $hit job. Sorry.
June 20, 2013 · www.squawkfox.com · I wasn’t born with a silver spoon in my mouth. You probably weren’t either. So when people in dire financial situations with dreamy work dreams email me asking for a little career advice, I sometimes want to whack them on the head. Open this article
F— You, I’m Short Your House
June 10, 2013 · Financial Uproar · My hand started to quiver as I stared at the screen. All I needed to do is fill in my password and click ‘ok’, and it would be done. I paused. I’ve never actually shorted a stock before. What if I was wrong? Open this article
Canadian Real Estate: A Rapidly Inflating Bubble
June 18, 2013 · Don’t Quit Your Day Job · Your neighbors to the south (The United States) recently went through some incredibly hard times in our real estate market – our real estate crash was quite difficult. Open this article
What Low Interest Rates Mean for New Homeowners and Prospective Buyers
June 18, 2013 · Young And Thrifty · If you’ve purchased a home in the past few years, or are thinking of becoming a homeowner soon, chances are you’re keeping a close eye on interest rates. Open this article
Why Are Dividend Investors Getting Nervous?
June 19, 2013 · loonielover.com · It’s no secret there is a lot of concern amongst dividend investors these days; it seems that everybody and his dog in the financial press is asking (and then answering) the question: Is it time to get out of dividend-paying stocks? Open this article
Don’t give up on dividend stocks
June 7, 2013 · The Globe and Mail · The whole grain goodness of blue chip dividend stocks has its limits. Utility stocks, consumer staples, pipelines, telecoms and real estate investment trusts have all lost ground over the past month, even while the broader market has been flat. Open this article
What happens if you die in debt?
June 17, 2013 · brighterlife.ca · I’ve been travelling a little bit over the last couple of weeks, presenting the findings of our 2013 Sun Life Canadian Unretirement™ Index. One section in particular — on our attitudes about debt and retirement planning — has triggered discussion. Open this article
Happy Canada Day weekend, everyone!