Briefly:

Previous Brieflies this week: | MON | TUE | WED | THU |

(October 1, 2007) A group of Ontario-based venture capitalists are calling on all parties currently campaigning to address what they call the “deteriorating investment climate” in the province.

The latest data from the Canadian Venture Capital and Private Equity Association shows that venture capital investment in Ontario dropped 35% (year-over-year) in the second quarter, to just $131 million, spread across 34 companies.

Meanwhile, venture capital financing in Quebec totalled $149 million, among 71 companies, in the same period.

“Since 2002, Ontario has experienced a dramatic decline in venture capital investing, and there is no end in sight,” said Mark McQueen, president and CEO of Wellington Financial LP. “In 2002, Ontario attracted $1.4 billion of venture capital, according to Thomson Financial.”

McQueen points to Ontario’s relatively high provincial corporate tax rates and the “destruction of the labour-sponsored fund market” as likely culprits.

• • •

UBS hit hard by U.S. sub-prime woes

(October 1, 2007) Swiss banking giant UBS says it is likely to record an overall pre-tax loss of between 600 million CHF (Swiss francs) and 800 million CHF for the third quarter due to “deterioration” in the U.S. sub-prime mortgage market.

The losses come as a result of UBS Investment Bank FIRC (fixed-income, rates and currencies) investments, which were directly tied to the U.S. sub-prime lending market.

Marcel Rohner, UBS Group CEO, will reorganize senior management, slash about 1,500 jobs and take over as chairman and CEO of the investment bank to get the company back in the black.

“Our first quarterly loss in nine years is an unsatisfactory result, especially after such a strong first half. I have therefore taken decisive action to be as transparent as possible. I have also made appropriate senior management changes, and will accelerate already-planned changes to the firm,” Rohner says.

Among the major senior management changes, investment bank chairman and CEO Huw Jenkins will step down. Group CFO Clive Standish will retire and will be replaced by executive vice-chairman of UBS, Marco Suter. Robert Wolf, COO of the investment bank, will be additionally appointed its president.

UBS expects that its strong profits for the first nine months of 2007 will ensure the company turns a profit for 2007 overall. It stresses that strength in its other businesses in the investment bank, as well as in the global wealth management, business banking and global asset management divisions, remain sound.

• • •

KLD launches global sustainability index

(October 1, 2007) KLD Research & Analytics has launched the KLD Global Sustainability Index (GSI) series, which will track companies that are committed to sustainable development.

KLD defines sustainability as the degree to which a company addresses the social and environmental needs of the present without compromising the quality of life of future generations. The GSI will be composed of companies across all sectors, which are recognized for their high standards on environmental, social and governance issues. The firms are then divided into three geographic sub-indexes that cover North America, Europe and Asia Pacific.

“The GSI differs from other socially responsible investing (SRI) and sustainability indexes in that it is simultaneously broad, sector-neutral and based on rigorous sustainability standards,” says Peter D. Kinder, president of KLD.

KLD will determine sustainability performance by analyzing five key categories — environment; community and society; employees and supply chain; customers; and governance and ethics.

The GSI’s rating framework favours corporations that are

• strong stewards of the environment;
• devoted to serving local communities and society overall;
• committed to high labour standards for their own employees and those in their supply chain;
• dedicated to producing high-quality and safe products; and
• managing their company in an exemplary and ethical manner.

The top 75% of the market capitalization of each sector in 23 developed-market countries will comprise the eligible universe for the GSI. KLD compiled the eligible universe from the S&P/Citigroup BMI World Index. KLD and its research partners rank the sustainability of each company in the eligible universe on key environmental, social and governance performance indicators in 10 economic sectors.

• • •

Scotia closes TradeFreedom deal

(October 1, 2007) Scotiabank has completed its acquisition of TradeFreedom Securities, which was announced June 26, 2007. TradeFreedom will continue to operate under its current brand.

“This acquisition is an excellent strategic fit for our wealth management business, and we are pleased to welcome the TradeFreedom team to Scotiabank,” said Barb Mason, executive vice-president, wealth management. “We believe our two brands — SMDI and TradeFreedom — allow us to offer a broader, more competitive range of online brokerage products and high-quality customer service.”

(10/01/07)

Previous Brieflies this week: | MON | TUE | WED | THU |

(October 1, 2007) A group of Ontario-based venture capitalists are calling on all parties currently campaigning to address what they call the “deteriorating investment climate” in the province.

The latest data from the Canadian Venture Capital and Private Equity Association shows that venture capital investment in Ontario dropped 35% (year-over-year) in the second quarter, to just $131 million, spread across 34 companies.

Meanwhile, venture capital financing in Quebec totalled $149 million, among 71 companies, in the same period.

“Since 2002, Ontario has experienced a dramatic decline in venture capital investing, and there is no end in sight,” said Mark McQueen, president and CEO of Wellington Financial LP. “In 2002, Ontario attracted $1.4 billion of venture capital, according to Thomson Financial.”

McQueen points to Ontario’s relatively high provincial corporate tax rates and the “destruction of the labour-sponsored fund market” as likely culprits.

• • •

UBS hit hard by U.S. sub-prime woes

(October 1, 2007) Swiss banking giant UBS says it is likely to record an overall pre-tax loss of between 600 million CHF (Swiss francs) and 800 million CHF for the third quarter due to “deterioration” in the U.S. sub-prime mortgage market.

The losses come as a result of UBS Investment Bank FIRC (fixed-income, rates and currencies) investments, which were directly tied to the U.S. sub-prime lending market.

Marcel Rohner, UBS Group CEO, will reorganize senior management, slash about 1,500 jobs and take over as chairman and CEO of the investment bank to get the company back in the black.

“Our first quarterly loss in nine years is an unsatisfactory result, especially after such a strong first half. I have therefore taken decisive action to be as transparent as possible. I have also made appropriate senior management changes, and will accelerate already-planned changes to the firm,” Rohner says.

Among the major senior management changes, investment bank chairman and CEO Huw Jenkins will step down. Group CFO Clive Standish will retire and will be replaced by executive vice-chairman of UBS, Marco Suter. Robert Wolf, COO of the investment bank, will be additionally appointed its president.

UBS expects that its strong profits for the first nine months of 2007 will ensure the company turns a profit for 2007 overall. It stresses that strength in its other businesses in the investment bank, as well as in the global wealth management, business banking and global asset management divisions, remain sound.

• • •

KLD launches global sustainability index

(October 1, 2007) KLD Research & Analytics has launched the KLD Global Sustainability Index (GSI) series, which will track companies that are committed to sustainable development.

KLD defines sustainability as the degree to which a company addresses the social and environmental needs of the present without compromising the quality of life of future generations. The GSI will be composed of companies across all sectors, which are recognized for their high standards on environmental, social and governance issues. The firms are then divided into three geographic sub-indexes that cover North America, Europe and Asia Pacific.

“The GSI differs from other socially responsible investing (SRI) and sustainability indexes in that it is simultaneously broad, sector-neutral and based on rigorous sustainability standards,” says Peter D. Kinder, president of KLD.

KLD will determine sustainability performance by analyzing five key categories — environment; community and society; employees and supply chain; customers; and governance and ethics.

The GSI’s rating framework favours corporations that are

• strong stewards of the environment;
• devoted to serving local communities and society overall;
• committed to high labour standards for their own employees and those in their supply chain;
• dedicated to producing high-quality and safe products; and
• managing their company in an exemplary and ethical manner.

The top 75% of the market capitalization of each sector in 23 developed-market countries will comprise the eligible universe for the GSI. KLD compiled the eligible universe from the S&P/Citigroup BMI World Index. KLD and its research partners rank the sustainability of each company in the eligible universe on key environmental, social and governance performance indicators in 10 economic sectors.

• • •

Scotia closes TradeFreedom deal

(October 1, 2007) Scotiabank has completed its acquisition of TradeFreedom Securities, which was announced June 26, 2007. TradeFreedom will continue to operate under its current brand.

“This acquisition is an excellent strategic fit for our wealth management business, and we are pleased to welcome the TradeFreedom team to Scotiabank,” said Barb Mason, executive vice-president, wealth management. “We believe our two brands — SMDI and TradeFreedom — allow us to offer a broader, more competitive range of online brokerage products and high-quality customer service.”

(10/01/07)

Previous Brieflies this week: | MON | TUE | WED | THU |

(October 1, 2007) A group of Ontario-based venture capitalists are calling on all parties currently campaigning to address what they call the “deteriorating investment climate” in the province.

The latest data from the Canadian Venture Capital and Private Equity Association shows that venture capital investment in Ontario dropped 35% (year-over-year) in the second quarter, to just $131 million, spread across 34 companies.

Meanwhile, venture capital financing in Quebec totalled $149 million, among 71 companies, in the same period.

“Since 2002, Ontario has experienced a dramatic decline in venture capital investing, and there is no end in sight,” said Mark McQueen, president and CEO of Wellington Financial LP. “In 2002, Ontario attracted $1.4 billion of venture capital, according to Thomson Financial.”

McQueen points to Ontario’s relatively high provincial corporate tax rates and the “destruction of the labour-sponsored fund market” as likely culprits.

• • •

UBS hit hard by U.S. sub-prime woes

(October 1, 2007) Swiss banking giant UBS says it is likely to record an overall pre-tax loss of between 600 million CHF (Swiss francs) and 800 million CHF for the third quarter due to “deterioration” in the U.S. sub-prime mortgage market.

The losses come as a result of UBS Investment Bank FIRC (fixed-income, rates and currencies) investments, which were directly tied to the U.S. sub-prime lending market.

Marcel Rohner, UBS Group CEO, will reorganize senior management, slash about 1,500 jobs and take over as chairman and CEO of the investment bank to get the company back in the black.

“Our first quarterly loss in nine years is an unsatisfactory result, especially after such a strong first half. I have therefore taken decisive action to be as transparent as possible. I have also made appropriate senior management changes, and will accelerate already-planned changes to the firm,” Rohner says.

Among the major senior management changes, investment bank chairman and CEO Huw Jenkins will step down. Group CFO Clive Standish will retire and will be replaced by executive vice-chairman of UBS, Marco Suter. Robert Wolf, COO of the investment bank, will be additionally appointed its president.

UBS expects that its strong profits for the first nine months of 2007 will ensure the company turns a profit for 2007 overall. It stresses that strength in its other businesses in the investment bank, as well as in the global wealth management, business banking and global asset management divisions, remain sound.

• • •

KLD launches global sustainability index

(October 1, 2007) KLD Research & Analytics has launched the KLD Global Sustainability Index (GSI) series, which will track companies that are committed to sustainable development.

KLD defines sustainability as the degree to which a company addresses the social and environmental needs of the present without compromising the quality of life of future generations. The GSI will be composed of companies across all sectors, which are recognized for their high standards on environmental, social and governance issues. The firms are then divided into three geographic sub-indexes that cover North America, Europe and Asia Pacific.

“The GSI differs from other socially responsible investing (SRI) and sustainability indexes in that it is simultaneously broad, sector-neutral and based on rigorous sustainability standards,” says Peter D. Kinder, president of KLD.

KLD will determine sustainability performance by analyzing five key categories — environment; community and society; employees and supply chain; customers; and governance and ethics.

The GSI’s rating framework favours corporations that are

• strong stewards of the environment;
• devoted to serving local communities and society overall;
• committed to high labour standards for their own employees and those in their supply chain;
• dedicated to producing high-quality and safe products; and
• managing their company in an exemplary and ethical manner.

The top 75% of the market capitalization of each sector in 23 developed-market countries will comprise the eligible universe for the GSI. KLD compiled the eligible universe from the S&P/Citigroup BMI World Index. KLD and its research partners rank the sustainability of each company in the eligible universe on key environmental, social and governance performance indicators in 10 economic sectors.

• • •

Scotia closes TradeFreedom deal

(October 1, 2007) Scotiabank has completed its acquisition of TradeFreedom Securities, which was announced June 26, 2007. TradeFreedom will continue to operate under its current brand.

“This acquisition is an excellent strategic fit for our wealth management business, and we are pleased to welcome the TradeFreedom team to Scotiabank,” said Barb Mason, executive vice-president, wealth management. “We believe our two brands — SMDI and TradeFreedom — allow us to offer a broader, more competitive range of online brokerage products and high-quality customer service.”

(10/01/07)