The asset management giant raised US$77 billion in the second quarter of the year, while fee-related earnings jumped 20 per cent to US$808 million. More than half of the new capital came from a US$40-billion mandate from British insurer Just Group, which Brookfield Wealth Solutions acquired earlier this year. The company also reported total profit of US$1.17 billion, up from US$584 million a year earlier. (The Logic)
Trade negotiators have reportedly revived a proposal to limit the amount of steel and aluminum that Canada ships to the United States in exchange for reducing the 50 per cent tariffs that President Donald Trump slapped on both metals last year. (The Globe and Mail)
The Ottawa-based e-commerce company reported nearly US$3.6 billion in revenue in the second quarter, up 34 per cent from the same period last year. Gross profit, free cash flow and gross merchandise volume—the amount of goods and services sold using Shopify’s tech—all grew more than 30 per cent. Shopify also projected revenue growth in the low-30-per-cent range for the third quarter. (The Logic)
In an online post, Wealthsimple lawyers Blair Wiley and Catherine De Giusti say securities regulators should update or replace Canada’s 2017 ban on binary options, or contracts where investors bet on the performance of an underlying asset within a period of time. (The Logic)
The pipeline giant had been advancing plans for a second expansion of the three-million-barrel-per-day Mainline system, which carries crude from Western Canada to Eastern Canada and the U.S. Midwest. It said Friday it is postponing part of the project to give producers more time to firm up plans to get more oil out of the ground. (The Logic)
The venture capital firm is seeking a founding CEO to lead a new company intended to help utilities, critical infrastructure owners, wildfire agencies and governments better understand and reduce wildfire risks. (The Logic)
The Defence Investment Agency announced the deal to use Telesat’s planned Lightspeed constellation of low Earth orbit satellites for Arctic communications. Telesat turned around and ordered $474 million worth of additional satellites from Lightspeed supplier MDA Space. MDA’s share price rose more than 15 per cent by mid-day; Telesat’s rocketed more than 45 per cent. (The Logic)
Selim Bassoul, who was named CEO of the Montreal-based firm in February, will be replaced by Najib Maalouf, who joined the company as chief operating officer in March. The company, which delivers meal kits and has production facilities in Alberta and Quebec, did not say why Bassoul resigned. (The Logic)
Cyber criminals had stolen almost 1,600 bitcoins from about 7,300 addresses associated with Coinkite’s Coldcard wallets as of Monday, according to Galaxy Research. If suspected (but unconfirmed) cases are included, the total stolen hits US$130 million. (The Logic)
The central bank, which regulates non-bank payments firms, took enforcement action against Quikcard Solutions, Teranet, UpperBee Pay, GoDaddy Payments Services Canada and Paytrak Payroll Services for failing to register. (The Logic)