Paradise Papers data dump exposes offshore holdings of world’s elite
The so-called Paradise Papers are putting tax fairness back in the spotlight, with 13.4 million leaked files exposing the offshore holdings of everyone ranging from Liberal fundraiser Stephen Bronfman, to Madonna, to three former Canadian prime ministers, and even the Queen. Bronfman is just one of more than 3,000 Canadian individuals and corporations named in the data dump. Important to point out Bronfman's lawyer says suggestions of "false documentation, fraud, 'disguised' conduct, tax evasion or similar conduct is false, and a distortion of the facts." Nevertheless, this is bound to reinvigorate scrutiny of tax havens, and will almost certainly be a hot topic today during Question Period.
TAPSCOTT DROPS PLAN TO TAKE BLOCKCHAIN FUND PUBLIC
Alex Tapscott's NextBlock Global is giving up on its plan to go public and admitting it “stumbled” in its infancy. The reversal comes after a recent Forbes report revealed false claims about the fund’s advisors, which led to CIBC backing out of the offering on Friday. Today, we’ll explore what happens next and the broader rush of interest in the blockchain sector.
MONTREAL HOUSING CONTINUES TO HEAT UP
Home sales in Montreal rose seven per cent year-over-year in October. Most notable growth was in the condo market (+13 per cent). Meanwhile, active listings fell 12 per cent. And the average price of a single-family home rose five per cent to $320,000.
VALEANT SELLING SPROUT BUSINESS
Valeant Pharmaceuticals is selling its Sprout Pharmaceuticals business to the company's former shareholders. Valeant bought Sprout, which makes Addyi (the so-called female Viagra), in 2015 for US$1 billion.
SAUDI ANTI-CORRUPTION CRACKDOWN
Whether it’s all about cracking down on corruption or a power grab, as some have insinuated, either way – the arrest of 11 princes (and others) was a stunning development that could ripple through financial markets. Among those rounded up: Prince Alwaleed bin Talal, a media-friendly billionaire best known for his investments in Twitter and Citigroup. Importantly for our purposes, he also holds a significant stake in Four Seasons.
OTHER NOTABLE STORIES:
-Oil rose above US$56 per barrel this morning for the first time since July 2015.
-Broadcomm is going public with its long-speculated proposal to buy Qualcomm for US$70 per share, for a total value of US$130 billion.
-Notable earnings: Franco-Nevada
-PotashCorp CEO Jochen Tilk, Scotiabank Chairman Thomas O'Neill, CPPIB Chair Heather Munroe-Blum participate in Canadian Club panel on corporate governance (12:00 p.m. ET)
-7:00 a.m. ET: Montreal Real Estate Board releases monthly sales data
-Two-day Public-Private Partnerships conference starts in Toronto (notable speakers include Canada Infrastructure Bank Chair Janice Fukakusa on Tuesday)
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.