17-Dec-2010

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Bank of Montreal

+ Bank of Montreal is acquiring Marshall & Ilsley (M&I) for US $4.1 billion in stock at US$7.75.

+ Q3 book value of US$9.39, 374 branches, US$38 billion of deposits, and a sizable commercial real estate portfolio.

Suncor

+ France’s Total is spending $1.75 billion to form a partnership mining bitumen at Fort Hills and Jocelyn, upgrading at Voyageur. Targeted to start 2016.

+ Suncor unveils million barrels per day target by 2020 as part of 10 year plan.

Tidbits

+ Bank of Canada Governor Mark Carney reminded Canadians “now is not the time for complacency”.

+ TD Bank CEO, Ed Clark, said that the current Canadian debt levels are best resolved by tighter government rules. No bank wants to be the first to impose stricter requirements.

+ New West Partnership Energy Ministers from BC, Alberta, and Saskatchewan have signed a MOU to improve access and investments with Asian markets. In May, the premiers travelled to China and Japan to promote the alliance.

+ Federal Reserve is proposing caps on the fees banks can charge retailers when customers use their debit cards.

+ Moody’s downgraded Irish debt by 5 notches to Baa1 (same as Russia) from AA2.

+ Moody’s is considering cutting its rating on US sovereign debt from the current Aaa level if the Obama tax package is passed…the tax package passed today.