{{ currentBoardShortName }}
  • Markets
  • Indices
  • Currencies
  • Energy
  • Metals
Markets
As of: {{timeStamp.date}}
{{timeStamp.time}}

Markets

{{ currentBoardShortName }}
  • Markets
  • Indices
  • Currencies
  • Energy
  • Metals
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}
{{data.symbol | reutersRICLabelFormat:group.RICS}}
 
{{data.netChng | number: 4 }}
{{data.netChng | number: 2 }}
{{data | displayCurrencySymbol}} {{data.price | number: 4 }}
{{data.price | number: 2 }}

Are you looking for a stock?

Try one of these

{{result.description}}
{{result.ric}}
More Results

BNN

Scoreboard

    BNN

    Most Popular Content

    Latest Videos

    {{ currentStream.Name }}

    Related Video

    Continuous Play:
    ON OFF

    The information you requested is not available at this time, please check back again soon.

    More Video

    Jun 29, 2017

    Home Capital clears crucial hurdle for Berkshire investment

    Noah Zivitz, Managing Editor, BNN

    Security Not Found

    The stock symbol {{StockChart.Ric}} does not exist

    See Full Stock Page »

    Home Capital Group (HCG.TO) has cleared a key hurdle in securing a $400-million investment from the world's most famous investor.

    The embattled lender announced on Thursday the Toronto Stock Exchange has approved Berkshire Hathaway's initial $153.2-million investment in the company. Home Capital previously cited "financial hardship" when it asked the TSX to exempt it from a rule that would ordinarily require a shareholder vote as a result of the discount granted to Warren Buffett's Berkshire.

    "This investment from Berkshire Hathaway validates the underlying strength of our business and marks another major step in the rebuilding of confidence in the Company," said Home Capital Chair Brenda Eprile in a statement. "Through this transaction and the other significant actions we have undertaken, we are positioning Home Capital to succeed."

    The second tranche of Berkshire's investment is subject to a shareholder vote in September.

    Home Capital also said on Thursday it's anticipating $233 million in pre-tax additional expenses in the second quarter, including $210 million tied to a run on deposits that ensued after the Ontario Securities Commission alleged improper disclosures by the company and three of its former executives. Those expenses are expected to result in a net quarterly loss when the company reports second-quarter results on August 2.

    The company's deposit base has recently stabilized, with total GIC deposits rising by nearly $100 million over a one-week period up to June 27.

    “We have been encouraged by the increasing strength of our deposit inflows, particularly since the recent announcement of the equity investment and new credit facility provided by Berkshire Hathaway," said Home Capital Director Alan Hibben in a statement.

    "We believe that the improvement in deposit taking indicates a significant increase in depositor confidence in the Company."

    One of the big questions still left unanswered is who the company’s next CEO will be.

    Bonita Then has been in the top job on an interim basis since previous CEO Martin Reid was fired in March.

    Home Capital Chair Brenda Eprile said at the annual general meeting on Thursday there’s a “short short list” of candidates. Hibben, who was seen by some observers as a potential frontrunner, said he’s not in the mix.

    “No, no – despite what you read in the newspapers – the short, short list is way better than me,” he said. 

    BNN's Paul Bagnell was at the Home Capital Group annual meeting in Toronto. Here is his running recap of the day's events.