BNN - Thursday, May 23, 2024 - 09:00 a.m. (ET) - Segment #7

andy, thanks for much of story there to watch as well on the banking front. And since the td story has raised a lot of questions around. >> The issue of money laundering, we'll talk to an expert in that area about it. What, what exactly has been happening within the banking industry in recent years will be right back. Closed captioning of this bnn Bloomberg program is brought to you by Avenue Living Asset Management. Investing in the Everyday. Energy Fuels, a leading American uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. Energy Fuels. At the cse, we're always invested in public markets, in business, in growth, in you. ( ) ( ) The infiniti qx60 exemplifies modern luxury. With powerful suv performance, three rows of comfort, and a sleek-yet-daring design. ( ) Lease a 2024 qx60 from 0.99% apr for up to 24 months. Visit INFINITI.ca. ( ) Mulvihills Canadian Bank Enhanced Yield etf gives investors premium exposure to Canada's big six banks with monthly distributions and a 9.3% yield. Cbnk is the highest yielding Canadian Bank etf. Mulvihill. Harvest Equal Weight Global Utilities Enhanced Income etf. The world's top utility companies in one etf, global Utilities and steady monthly income. Harvest ETFs, income happens here. The main focus of Urbana is asset growth. Building the assets of this company. We invest in public securities. Everybody does that, but we also combine it with private equity investments, which is very, very important. And that's where you can make some real money. And the beauty is you're buying it at a discount a discount from asset value. I think we do contain risk extremely well. We have a very, very experienced team and we've got results over a long term period of time. This might be the perfect place to build my future. I'm going to be a mom. I've got regrets, but... It's no reason to just give up. Life's got a way of showing you what your next move is going to be. As long as you're open to seeing it. Sullivan's crossing new episode on ctv stream on all your favourite devices Male Announcer: Everyone's talking about Mary. Who, me? Announcer: She's brightening up ctv daytime... Welcome to the Good Stuff! Announcer: ...in her own Mary way... It's a little thick and gloopy. Gloopy? That's a technical term that I've made up. Announcer: ...with good friends... It's so fun to be in Canada, it's like my second home. Announcer: ...good moments... (Gasping) ...and good times. Give me a high five! Do you love it? Oh my gosh, I love this. Announcer: The Good Stuff with Mary Berg. Join the fun. Announcer: Weekdays at 10:00, 9:00 Mountain on ctv. You're watching the open here on bnn bloomberg. I'm jon erlichman. Coming up this half hour, we'll take a look at financial crime in canada and why some canadian institutions have become a preferred destination for money laundering. We'll speak with the co editor dirty money coming up. Let's get to show you the stories. We're tracking the shower in our bnn bloomberg newsroom. Well, the big stock story, the day is nvidia at this hour, the shares are up close to 10%. Crossing the $1000 per share. Mark, the chip maker at the centre of the ai boom soaring revenue, profit expectations in the latest quarter sharing revenue forecast that also topped analyst estimates. Now with the stock price trading where it is right now, the company has unveiled plans for a 10 for one stock split. Additionally, they boosted their quarterly dividend. Some news from westjet, which plans to launch a new cheaper fare category for travellers willing to fly without a carry on bag ceo saying the new category will be introduced in the next few weeks. Travellers will have the option to put a

bag in overhead bins, but they can. Still putin knapsack or small personal item underneath in the seat in front of them. Maple leaf foods, meanwhile, says it will be closing its poultry plant in brantford, ontario and consolidating production within its existing network. Earlier this year. The company said that facility was 100 years old would need significant investment to continue operating long term. We believe says the closure will happen in stages. Employees who are affected will be given opportunities at some of the a maple leaf. Other locations in the markets today. We are looking at mix story, north america where on the one hand we saw record high for the nasdaq fuelled in part by nvidia. The dow is actually. Down about 7 tenths of a percent right now. Another chip company intel is the worst performer in that index along with boeing, mcdonald's and disney. At this hour. Let's take a look at what's happening with the tsx currently in negative territory. And that has a is is a result of our materials index struggling again today, although healthcare, communications services and utilities are all down at least half a percent on the session. On the oil has been a positive today and energy stocks in toronto are benefitting from oil prices being higher. Remember, they were down for the last couple of days as traders were assessing a rise in crude stockpiles and us if we take a look at the price of gold at this hour. This helps in part to explain the story of weakness in our materials sector. One of the concerns in the bullion market right now is that to this idea that interest rates are going to stay higher for longer in the u.s.. Has been. Influencing the price of gold. That was true yesterday as well. Let's take a look at what's happening with the canadian dollar at this hour. And right now, the loonie is stronger against the greenback, not by much. 73 0 for that comes after 3 sessions of weakness for the loonie against the greenback. And bitcoin earlier got above 70,000 a per coin. Now it's at about 2%. All right, we're going take a quick break. When we come back, we'll get the latest on td bank's latest quarterly results and some of the challenges the company is face will be right back. Champion Iron offers a rare solution to decarbonize the steel industry. Which represents up to 10% of global emissions. The company recently doubled production capacity at its mine in eastern Canada. It is now investing to produce one of the world's purest iron ore. Enabling green steelmaking without the use of coal. Controlling a large portfolio of high purity iron ore resources. Champion is considering strategic partnerships to further develop the region. Champion Iron. - [Narrator] The Ninepoint Web3 Innovators Fund. Get exposure to digital assets and to innovative companies leveraging Web3 technologies today. The Ninepoint Web3 Innovators Fund. Available on the tsx, ticker tkn. Ninepoint. New Herbal Essences is packedwith naturally derivedplant based ingredientsyo and none of the stuffit won't. Our sulfate free collections,smell incredible and leave your hairtouchably soft and smooth. New Herbal Essences. Now this is where I want to retire. -Retiring already? -Getting there. The way I was investing before was outdated, paying them over 2% every year in mutual fund fees. Over time - that could've cost me hundreds of thousands of dollars. -Really? -With Questrade I can do it for a fraction of the cost, keeping most of that to fund my retirement. Not someone else's. Exactly. Hi, I'm Taylor Thoen. Next time on btv Business Television. We are in a very unique position. We are the fifth largest open pit project in North America. There are not very many projects that have 7,000,000oz in a tier one safe jurisdiction. The future and the potential for this project to move forward are getting better. With all the work that we're doing to continue to de-risk it. Watch us online or here on bnn Bloomberg. Crave, The most talked about... Sounds intense. ... most anticipated shows... You step out of line even once. ... All right here. Subscribe now atCRAVE.CA.

(Funky hip hop music) we've been covering the latest on td. The company's earnings topping estimates in latest quarter, but arguably the results overshadowed by these multiple law enforcement and regulatory investigations in the u.s.. >> Tied to laundering the funds related to the illegal drug sales tv. Already setting aside hundreds of millions of dollars. And it's been investing to improve internal controls. This morning on the company's conference call t co calling banks money laundering shortfalls unacceptable and saying the bank hopes to resolve the matter as soon as possible. I want to bring back christine dobby. He's been covering this story for the bloomberg team. She is the canadian finance reporter for bloomberg. I'm christine for for those who are familiar of, of, of how this all unfolded, just remind what's been going on where things stand right now. >> Good morning, jon. Will really this goes back to about a year ago when the bank's planned takeover of first horizon corp was scrapped. And that was because the bank said it it, it's really saw no clear path to winning regulatory approval. And we later learned that the real reason for that was because it was being investigated. For a number of an team under money laundering lapses in the united states. We didn't really get much clarity on what those were until a bit more recently when td was linked to a 653 million dollar drug money laundering case and that case that really that took place in new york, new jersey, pennsylvania and elsewhere and it really involved the deposits of large amounts of cash and arriving of bank tellers. So one thing that came out on the call today was and you as romney's comments about this being unacceptable. He didn't say much more beyond what he's already said. But the chief risk officer did say that in the u.s., they've, they really had some procedural issues that caused this problem and that the it was a lapse of the code of a code of ethics by several td staff members. He didn't specify a number, but that really caused this, this issue. >> And I beyond just the the including what the ultimate financial penalties will will look like for td. You are saying we last spoke at least with part of U.S. expansion. We should been quite significant that they're starting to put the brakes on that to a certain extent. >> Yeah, I think that analysts recognize that they were going to get any specifics on that timeline or the size and scope of the, the penalties on mlb anti-money laundering issue, but they did press executives on the U.S. expansion and after the first horizon deal had what scraps td said they did. It did plan to just build some more of its own branches in the united they had planned to build about 150, but analysts question them and whether that was slowing down. The head of the U.S. business solemn talked about how they're, they're spending a lot of their investment dollars in the united states on improving their anti-money laundering controls. And he said, I just want to check that I have the right wording here. He said they're deliberately pacing their expansion of of branches in the united states. And he said he recognizes that, you know, analysts want to know if this is something that they'll be constrained on. This is a big question, whether you that td will be able to keep growing in the united states. And he said that because they're in discussions with regulators right now. He doesn't want to prejudice those discussions, but he knows that this is a topic that there's a lot of interest. All right, christine, thanks very much for your reporting this morning. We appreciate it. Christine dobby from the bloomberg newsroom. >> And the saga td that has been playing out these last few weeks. Also ration important discussion on the mechanics of financial crime in canada. >> What is attracting illicit activity to canadian institutions. For a look how we got here, want to bring in christian right professor at the royal military college and queen's university, a senior fellow at the macdonald laurier institute and co editor of dirty money

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