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Gold Aims To Retest Record Highs After Breaking Through The $1,000 Mark

Wed, 09 Sep 2009 14:55:00 GMT

Is gold ready to break out? Gold broke through the psychologically important $1,000-an-ounce level for the first time in 18 months yesterday (Tuesday) as the U.S. dollar slumped against key foreign currencies, exacerbating investor fears that loose fiscal and monetary policies will spur inflation as the U.S. economy recovers.[More...]

Where’s The Value?

Mon, 31 Aug 2009 14:30:00 GMT

The summer of 2009 is drawing to a close and as a number of us return from holidays and vacations our attention can once again be directed towards the stock market, our investment portfolios and the prospects of investing over the remainder of the year. The problem so far in 2009 is that despite a huge amount of volatility earlier in the year the rest has been...well...pretty dry. Stocks, corporate bonds and mutual funds have all appreciated off their lows and a lot of investors are scratching their heads wondering where the value is in this current environment. When you look at most measures of quantitative value such as price to earnings (P/E), price to book (P/B) or dividend yield there are a lot of stocks that don’t appear cheap and the ones that are cheap are inexpensive for a very good reason; a poor investment. It’s at times like this that I look towards my discipline of investing in Enduring Value for[More...]

Financial Stocks For Dividend Investors: AFL, CB

Wed, 26 Aug 2009 15:17:00 GMT

Financial stocks, which used to be great dividend investments, have had their share of troubles over the past two years. The sector has rebounded sharply since hitting its lows in March. Since the major dividend growth stories of the past such as Bank of America (BAC) and US Bancorp (USB) have cut dividends, most dividend growth investors seem to have a very low allocation to the sector. As a result dividend investors could suffer inferior risk adjusted returns in the future since they won't own any financial stocks.[More...]

Canadian Banking: Sober, Boring, And Successful

Tue, 16 Jun 2009 16:17:00 GMT

It wasn’t so long ago Canada’s banking system was considered behind the times. Almost cute, an antiquarian relic, it banked in the old ways… and it was holding Canada back.[More...]

No More Fears Of Stock Winding Up Or Down?

Thu, 07 May 2009 13:28:00 GMT

Back when the selling was unrelenting a lot of people got very scared, there were very emotional comments left on this blog along with many other sites a I read. People felt (and maybe they still do) that stocks are a scam or don't work and that many stocks would be going to zero as this is "clearly" the second coming of the great depression or worse. Throughout the ordeal, actually long before it started, I tried to brace myself, my firm's[More...]

Canadian Banks Look Frothy

Fri, 17 Apr 2009 19:01:28 GMT

Canada has recently been lavished with praise because of the strength of their financial institutions amid all of the global financial turmoil. Despite this halo effect, these banks have had their challenges. Royal Bank of Canada (RY) just took a large write down on their US assets. That may be a bell weather for other institutions such as Toronto Dominion (TD) and Bank of Montreal BMO), who also have large assets in the US. I can’t help but thinking that Canadian banks are not looking attractive right now as investments whatsoever. With headwinds of further write-downs, low consumer confidence, increasing unemployment, increasing loan losses, and Canadian real estate value declines, the big 5 Canadian lenders share prices look downright frothy. This is quite a change from a few months ago when you could have bought some of the banks at decade lows and towering yields. Let’s look at Royal Bank of[More...]

10 Dividend Stocks Exceled In March

Tue, 07 Apr 2009 15:37:00 GMT

For many investors, the glass is always half full. Even in the darkest of times, they always [More...]

When The Going Gets Tough, Bank On Canada’s Banks

Wed, 04 Mar 2009 16:53:00 GMT

Money Morning Staff Reports When Air Force One carried U.S. President Barack Obama on his first official visit abroad last month, the 44th president observed tradition and headed north. His... Money Morning is here to help investors profit handsomely on this seismic shift in the global economy. Money moves markets. But Money Morning lets you move first. [More...]

Daily Report for Thursday, Feb 26, 2009

Thu, 26 Feb 2009 15:35:00 GMT

(9:39am ET) Equity prices sold off sharply at the open and then after gaining strength all day, sold off sharply again into the close. The DJIA (-80.05 -1.09% to 7270.89); the S&P 500 (-824 -1.07% to 764.90); and the NASDAQ Composite (-16.40 -1.14% to 1425.43) closed with a loss of just over -1%. Canadian markets remained strong through the close, however. The Toronto Composite gained +72.97 +0.93% to 7932.30, and the Venture Board was up +1.38 +0.16% to 854.97. The Techs (XLK +0.9%) were the leading sector with the Semi-conductors in particular strong on the day ($SOX +3.0%), while the Banks ($BKX gained +2.4%). True to recent form, as the Banks lifted, there was a sell-off in gold, as $GOLD dropped -$3.30/oz to close at 966.20. Crude Oil ($WTIC) gained +$2.54/bbl to close at 42.50, and is a tad stronger this morning, up to 43.46 at about 8:15am ET, then softening a bit to 43.06 at 9am, still up so far on the[More...]

Canadian Banks: An Oasis of Financial Calm

Wed, 25 Feb 2009 16:26:00 GMT

Canadian Banks: An Oasis of Financial Calm by Dr. Mark Skousen, Advisory Panelist The U.S. financial system is a mess - according to the World Economic Forum, the United States ranks 40th among banking systems around the world. Without federal bailouts, the two largest banks in the country, Citibank (NYSE: C) and Bank of America (NYSE: BAC), would be in bankruptcy, and the good ol’ USA would be headed for the Greater Depression, as my[More...]

Bank of Scotland could be forced to sell Citizens

Tue, 03 Nov 2009 22:48:00 GMT

Nov. 3--The Royal Bank of Scotland, which nearly collapsed during last year's financial panic, is trying to avoid a possible sale of U.S. banking arm Citizens Financial Group, according to Reuters news service.
A later government decision to rescind the ordered sale could keep Citizens Bank intact, but European Union regulators still have the option to force divestiture, according to news accounts.
The media have reported that RBS's chief executive, Stephen Hester, considers Citizens a "red line" issue that could weaken his company's chances for recovery if regulators force the bank's sale.

[More...]

Bank of Canada Governor Says Currency Intervention to Control Loonie Has Limited Appeal

Wed, 28 Oct 2009 00:48:00 GMT

OTTAWA - Canada's central bank must be prepared to rein in the dollar if it gets too high or risk hollowing out the country's industrial base, CIBC warned Tuesday, adding to calls for Bank of Canada governor Mark Carney to intervene in currency markets.
The warning from the chief economist at Canadian Imperial Bank of Commerce (TSX:CM) comes at a time when the central bank has held out the possibility of intervention, although it hasn't said it will do so.
The Bank of Canada hasn't recently used its power to buy and sell huge quantities of Canadian dollars and other currencies to affect the loonie's value, although it has done so in years past.

[More...]

Kelman Technologies Inc. Convertible Secured Debenture Financing

Fri, 23 Oct 2009 15:49:00 GMT

CALGARY, Oct. 23 /CNW/ - Kelman Technologies Inc. ("Kelman") announced today that it has reached an agreement with Epstein Enterprises Inc. ("EEI"), a corporation controlled by Seymour Epstein, Chairman of the Board of Directors and major shareholder of Kelman, to refinance a CDN$500,000 promissory note due on October 30, 2009 with a CDN$500,000 principal amount convertible debenture.
Kelman may elect to pay up to 5% of the interest on the debenture in kind by adding such annual interest to the principal amount of the debenture.
The Financing is subject to the final acceptance of the TSX Venture Exchange.

[More...]

Farmington Council OKs Downtown Re-Development Plan

Wed, 14 Oct 2009 10:48:00 GMT

Oct. 14--FARMINGTON -- City councilors, in a 3-1 vote, approved a resolution that calls for the city to encourage redevelopment of downtown and areas around the Farmington Civic Center and Animas River.
Approval of the resolution at Tuesday night's City Council meeting comes after the city formed the Metropolitan Redevelopment Agency Commission consisting of locals' hired companies to form redevelopment plans and conduct public meetings.
The city will use plans formed by Albuquerque planning firm Sites Southwest and Smithfield, Utah, economic development firm Strategy 5 to guide redevelopment.

[More...]

RBC's International Wealth Management Business Appoints Leadership Team in Asia

Tue, 06 Oct 2009 13:49:00 GMT

TORONTO, Oct. 6 /CNW/ - The international arm of RBC Wealth Management, headquartered in London and part of the Royal Bank of Canada (RY on TSX and NYSE), Canada's largest bank and among the largest banks in the world, has announced the appointments of Matthew Yong and Frank Mu as President and CEO respectively of its Asia operations and the unification of its Asian operations under one umbrella "RBC Wealth Management, Asia."
Yong will be responsible for sales and distribution activities in Asia.
RBC Wealth Management also has a representative office in Beijing and a branch in Brunei.

[More...]

RBC Bank CEO to Retire

Fri, 02 Oct 2009 09:54:00 GMT

Oct. 2--RBC Bank CEO Scott Custer, who made the bank one of downtown Raleigh's anchor tenants and expanded its operations into new territories, is retiring after five years at the helm.
He will be replaced as CEO by his boss, Jim Westlake, the head of international banking and insurance for RBC Bank's corporate parent, Royal Bank of Canada, as well as the current chairman of RBC Bank.
Westlake's appointment is seen by some analysts as a sign that Royal Bank has big plans for its U.S. business -- and that executives in Toronto want to exert greater control over the former Centura Bank, a lender with deep roots in Eastern North Carolina.

[More...]

Ameriprise Buying BofA Fund Business: Acquisition of Bank of America's Columbia Management for $1 Billion Will Double the Size of Ameriprise's Asset Management Business.

Thu, 01 Oct 2009 02:46:00 GMT

Oct. 1--Ameriprise Financial Inc. of Minneapolis, indirectly benefiting from Wall Street's meltdown, nearly doubled the size of its asset management business Wednesday when it agreed to acquire Bank of America's Columbia Management mutual fund business for about $1 billion in cash.
The final price of the deal, widely anticipated in the financial industry, will be somewhere between $900 million and $1.2 billion, depending on how Columbia's $165 billion in assets under management change by the time the transaction closes next spring.
Bank of America has been seeking to raise cash after its balance sheet was hurt by the acquisition of Wall Street firm Merrill Lynch, which suffered bigger-than-expected losses.

[More...]

Yadkin Valley Decides to Suspend Dividend

Tue, 22 Sep 2009 09:50:00 GMT

Sep. 22--Yadkin Valley Financial Corp. became yesterday the latest local community bank to suspend its dividend payment to preserve capital.
Other local banks that have suspended their dividend -- Bank of the Carolinas Corp., Bank of Granite Corp., NewBridge Bancorp and Southern Community Financial Corp. -- also have experienced a major hit to their share price.
The range of decline from the 52-week high is between 39 percent (Bank of the Carolinas) and 87 percent (Bank of Granite).

[More...]

Farmington Weighs Prepaid Gas Contract Again

Thu, 17 Sep 2009 10:46:00 GMT

Sep. 17--FARMINGTON -- The city is trying to revive a prepaid contract for natural gas that stalled after city councilors approved it last year during the financial crisis.
About $700 million in bonds sold in conjunction with Las Cruces and Los Alamos utilities through the Royal Bank of Canada would raise funding to buy 30 years of natural gas supply from BP for Farmington and other communities.
The city's Public Utility Commission will review the contract and make recommendations to councilors on how it should be changed at a meeting 7 p.m. Oct. 13.

[More...]

Kelman Technologies Inc. Convertible Secured Debenture Financing

Wed, 16 Sep 2009 23:48:00 GMT

CALGARY, Sept. 16 /CNW/ - Kelman Technologies Inc. ("Kelman") announced today that it has closed its previously announced $500,000 convertible debenture financing with Epstein Enterprises Inc. ("EEI"), a corporation controlled by Seymour Epstein, Chairman of the Board of Directors and major shareholder of Kelman.
Kelman Technologies Inc. is a publicly traded Canadian company listed on the TSX Venture Exchange under the trading symbol "KTI".
With offices in Calgary and Toronto, Canada, Denver, Houston, and Oklahoma City, United States and Tripoli, Libya, KTI services oil and gas exploration companies with a full suite of seismic processing and on-line data management and data archival services.

[More...]

Abraxas Petroleum Announces Closing of Merger

Mon, 05 Oct 2009 22:45:00 GMT

Abraxas Petroleum Corporation (NASDAQ:AXAS) ("Abraxas Petroleum") today announced that it has closed the merger with Abraxas Energy Partners, L.P. ("Abraxas Energy").
A special meeting of Abraxas Petroleum stockholders was held on October 5, 2009 and the holders of a majority of the shares voting at the special meeting approved the issuance of Abraxas Petroleum common stock to the holders of common units of Abraxas Energy not held by a wholly-owned subsidiary of Abraxas Petroleum in connection with the merger and further approved an increase in the number of shares of Abraxas Petroleum common stock reserved for issuance under its long-term equity incentive plan.
The unitholders of Abraxas Energy will receive 4.25 shares of Abraxas Petroleum common stock for each common unit of Abraxas Energy.

[More...]

Agrium Extends Exchange Offer for CF to October 22

Mon, 21 Sep 2009 21:48:00 GMT

ALL AMOUNTS ARE STATED IN U.S.$
Agrium Inc. (TSX: AGU) (NYSE: AGU) today announced that it has extended the expiration date of its offer to acquire CF Industries Holdings, Inc. (NYSE: CF) for $40.00 in cash plus one Agrium share per CF share until 12:00 midnight, New York City time, on October 22, 2009.
Agrium President and CEO Mike Wilson said, "Agrium remains fully committed to acquiring CF, and as we have previously stated, we strongly believe that combining Agrium and CF will create a terrific company and significant value for stockholders.

[More...]

Quest Resource Corp. Announces Amendments to Loan Agreement, Including New Revolving Credit Facility, and NASDAQ Non-Compliance Notice

Thu, 17 Sep 2009 10:46:00 GMT

OKLAHOMA CITY, Sept. 17, 2009 (GLOBE NEWSWIRE) -- Quest Resource Corporation (Nasdaq:QRCP) ("QRCP" or the "Company") today announced it has entered into a Second Amended and Restated Credit Agreement (the "Credit Agreement"), as the borrower, with Royal Bank of Canada ("RBC"), as administrative agent, collateral agent and lender.
The Credit Agreement was amended to, among other things, add a new $8 million revolving credit facility to provide QRCP the liquidity necessary to fund its Marcellus Shale development projects in Appalachia and pay overhead, working capital, and other corporate costs prior to the expected completion of its previously announced recombination with Quest Energy Partners, L.P. (Nasdaq:QELP) ("QELP") and Quest Midstream Partners, L.P. ("QMLP") into a new, yet to be named, publicly-traded corporation (which we refer to as "NewGasCo" in this press release).
Additional information about the Credit Agreement is provided in a Form 8-K that QRCP filed with the SEC today.

[More...]

Janice Fukakusa prendra la parole a la conference de Marches mondiaux CIBC a l'intention des investisseurs institutionnels

Fri, 11 Sep 2009 12:55:00 GMT

TORONTO, le 11 sept. /CNW/ - Janice Fukakusa, chef de l'administration et chef des finances a la Banque Royale du Canada (RY sur TSX et NYSE), fera une presentation lors de la conference de Marches mondiaux CIBC a l'intention des investisseurs institutionnels qui se tiendra a Montreal, le 22 septembre 2008, a 9 h 10 (HAE).[More...]

Janice Fukakusa to speak at CIBC World Markets' Institutional Investor Conference

Fri, 11 Sep 2009 12:55:00 GMT

TORONTO, Sept. 11 /CNW/ - Janice Fukakusa, Chief Administrative Officer and Chief Financial Officer, Royal Bank of Canada (RY on TSX and NYSE), is scheduled to present at the CIBC World Markets' Institutional Investor Conference to be held in Montreal on September 22, 2008, at 9:10 a.m. (EDT).[More...]

Nomination de Vijay Parmar au poste de president de RBC Phillips, Hager & North Services-conseils en placements, plus importante societe de conseils en placement canadienne au service d'une clientele privee

Tue, 08 Sep 2009 16:55:00 GMT

TORONTO, le 8 sept. /CNW/ - Vijay Parmar a ete nomme president de RBC Phillips, Hager & North Services-conseils en placements, plus importante societe de conseils en placement canadienne au service d'une clientele privee. Cette nomination est assujettie a l'approbation des autorites reglementaires.[More...]

RBC Banque Royale reduit ses taux hypothecaires residentiels

Fri, 04 Sep 2009 18:55:00 GMT

TORONTO, le 4 sept. /CNW/ - RBC Banque Royale a annonce aujourd'hui qu'elle reduit ses taux hypothecaires residentiels a compter du 5 septembre 2009.[More...]