HEADLINES

Bank of Canada Officials Debated Delaying Rate Cut, Minutes Say

The Bank of Canada cut its main interest rate last month even though some policymakers pushed to hold off until a later date so officials could have a better gauge of labor-market weakness and inflation risks, according to minutes of the central bank's deliberations.

"While [officials] agreed that a cut to the policy interest rate would be needed, they had a range of views about the timing of the cut," according to the minutes. The minutes cover deliberations among senior officials starting on Oct. 21 until the decision on Oct. 29 to cut the Bank of Canada's target for the overnight rate by a quarter point to 2.25%.

Some members of the central bank's governing council believed keeping the main interest rate steady, at 2.5%, at its Oct. 29 decision would provide senior officials with more information about the labor market and inflation data. Further, officials could incorporate into its forecast the expected fiscal stimulus from the Canadian government's annual budget plan, which was released last week.

Manulife Teams With Mahindra for Insurance Venture in Growing India Market

Manulife Financial is expanding its insurance operations in India, teaming up with Mahindra & Mahindra to establish a joint venture in the fast-growing market.

Shares gained 2.6%, settling at C$48.24.

The companies signed an agreement to forge a 50-50 venture that will offer long-term savings and protection service tailored to India's diverse population.

Manulife said the goal is to become the top life insurance company for rural and semi-urban India, bringing together Mahindra's access and distribution in the country with its agency capabilities catering to urban customers.

Loblaw Profit, Sales Rise

Loblaw's profit rose in the third quarter thanks to a dual boost from increased shopper visits and larger purchases that helped drive sales.

Shares added 3.7% to settle at C$58.62.

The Canadian food-and-pharmacy retail giant posted net income of C$794 million, or C$0.66 a share, up from C$777 million, or C$0.63 a share, in the comparable quarter a year earlier.

Adjusted earnings were C$0.69 a share. According to FactSet, analysts were expecting C$0.68 a share.

Revenue rose to C$19.4 billion from C$18.54 billion a year earlier, just edging over analyst forecasts of a rise to C$19.39 billion.

Baytex Energy to Exit U.S. With $2.31 Billion Sale of Eagle Ford Assets

Baytex Energy is exiting the U.S. to focus on its core Canadian operations with a deal to sell its southern Texas assets to an unnamed buyer for $2.31 billion in cash.

Shares jumped 13.6%, ending at C$4.25.

The sale adds to recent dealmaking in the energy sector this year.

Cashing in on its Eagle Ford assets in the U.S. will strengthen Baytex's balance sheet and flexibility while positioning it to deliver returns to shareholders, the Calgary, Alberta, company said.

Building Permits Rise 4.5% in September But Drop for Third Quarter

Canadian building permits recovered in September, softening the continued weakness seen in construction plans in the quarter.

The total value of building permits increased 4.5% from the month before to a seasonally adjusted 11.72 billion Canadian dollars, the equivalent of $8.36 billion, Statistics Canada said Wednesday.

The advance was stronger than the 0.9% rise expected for the month by economists, according to TD Securities. It follows a 4.0% drop in the value of permits the month before to the lowest level since July last year.

Hudbay Expects Production Near Lower End of 2025 Target Following Disruptions in Canada, Peru

Hudbay Minerals expects copper and gold production toward the lower end of its 2025 target following disruptions at its Canadian and Peruvian operations in the latest quarter.

The Canadian miner logged a drop in revenue for the third quarter, though earnings were buoyed by the reversal of an impairment related to its Arizona copper project.

The copper producer's earnings attributable to owners rose to $224.4 million, or 56 cents a share, in the third quarter from $117.7 million, or 13 cents, a year earlier.

Boyd Group Services Profit, Revenue Climb

Boyd Group Services reported higher profit in the third quarter, thanks to higher sales at its existing network and the addition of new locations.

The operator of collision repair centers posted net earnings for the quarter of $10.8 million, or 50 cents a share, up from $2.9 million, or 13 cents a share, in the comparable quarter a year ago.

Adjusted earnings were 62 cents a share, just shy of the 64 cents a share that analysts had forecast, according to FactSet.

Sales rose 5% to $790.2 million, virtually in line with analyst expectations which had pegged revenue at $790.4 million.

Silvercorp Names Winnie Wang as Interim Chief Financial Officer

Silvercorp Metals appointed Winnie Wang as interim chief financial officer following the retirement of finance chief Derek Liu.

Liu, who had served as chief financial officer since 2015, stepped down from the role effective Monday but will continue to provide assistance during the transition period, the Canadian mining company said.

Wang has been with Silvercorp since 2024, most recently as chief financial officer of the company's China operations. She previously was head of finance and CFO for Asurion China.

OPEC Holds Oil-Demand Forecast Steady While Pointing to Rising Global Inventories

The Organization of the Petroleum Exporting Countries left its oil-demand forecasts unchanged as it continues to raise production through the end of the year, while also pointing to rising global oil inventories.

The Vienna-based cartel expects global oil demand to grow by 1.3 million barrels a day this year and 1.38 million barrels a day the next, as the global economy is projected to maintain steady growth. OPEC's estimates remain well above the International Energy Agency's.

In October, overall OPEC crude-oil production rose by only 33,000 barrels a day to 28.46 million barrels a day, driven by Saudi Arabia, Iraq and Kuwait. Total production by OPEC+ members fell by 73,000 barrels a day to 43.02 million barrels a day.

Oil and Gas Demand Could Grow Until 2050, IEA Says

TALKING POINT

As Fraud Becomes More Sophisticated, Advisors Rely on Personal Connections

By Helen Burnett-Nichols for the Globe and Mail

Attempts to defraud investors are becoming more sophisticated with the adoption of artificial intelligence. When the fraudster takes on the writing style, voice or even the image of a client, how can advisors differentiate a real request from a scam?

Leaning into personal connections with clients has proven to be an effective defence, advisors say, but more controls and processes may be needed as scams evolve.

Almost all Canadians are seeing more targeted and sophisticated scams, according to a poll from Royal Bank of Canada earlier this year, with 86 per cent of those surveyed saying they believe it's getting harder to recognize scams and protect themselves. About two-thirds noted a rise in deepfake scams.

This technology is advancing quickly, and it has become almost impossible to spot a fake, says Larry Zelvin, executive vice-president and head of Bank of Montreal's financial crimes unit in New York.

AI has reached the point at which most people can't tell whether they're having a conversation with a real person or with AI, says Mr. Zelvin, a former director of the National Cybersecurity and Communications Integration Center for the U.S. Department of Homeland Security.

Sophisticated fraud attempts are not new, says Carlo Cansino, senior financial advisor with The McClelland Financial Group at Assante Wealth Management in Markham, Ont.

Several years ago, he says, his team was exposed to a plausible, personalized fraudulent e-mail from someone posing as a client after the client's e-mails were hacked.

Generative AI is only going to make this easier for fraudsters to do, he says.

"They're just using the AI to monitor e-mails going in and out of an inbox to understand the language and the grammar and the style of writing, so it's even harder to detect," he says.

Get personal

Even with fraud attempts becoming more difficult for advisors to spot, there are several red flags to look out for with these types of requests.

With phone calls or video meetings, a sign of spoofing is a lack of small talk, Mr. Zelvin says. AI-generated identities will try to shift the conversation away from personal topics toward what they can speak about.

This recently happened to a BMO employee, who received a call from a deepfake who sounded just like a trusted business contact phoning from a new number. When the employee asked about a personal matter, Mr. Zelvin says, the conversation was unusual and rushed.

When the employee realized they may not be talking to the right person, they ended the call and phoned back using the number on file.

"[The contact said], 'No, we weren't just talking -- what are you talking about?'" Mr. Zelvin says. "That was the chill-down-the-spine moment."

Many advisors are using their personal relationship with clients to verify the legitimacy of requests.

Darren Coleman, senior portfolio manager with Portage Cross Border Wealth Management at Raymond James Ltd. in Oakville, Ont., says keeping clients safe begins with comprehensive notes and knowing the client well enough to ask specific questions to validate their identity. This could be a phrase or a question that only the client can answer.

For example, Mr. Coleman says, it could be something such as, "In our last conversation, you told me about the cruise you took. Remind me where it was again?'"

Mr. Zelvin agrees: "What's old is new again. You may need to create passwords or passcodes to authenticate that you are who you are."

AI versus AI

Advisors must continue to educate clients on the need to be vigilant when sharing their information and to stay on top of evolving methods of fraud, Mr. Cansino says.

Technology may also play a role. While his team hasn't yet used AI tools to combat fraud attempts, Mr. Cansino says this could be on the horizon.

"That could be the next phase of protecting ourselves and our clients," he says.

Mr. Zelvin notes that one of the key solutions to the AI problem is AI itself. For example, BMO uses a technology in its call centres to identify if a call is AI-generated or if the voice is that of a known fraudster.

This tool, he says, scales well in those environments, but not yet to individual cell phones or video meeting apps. "It's close, but it's not there yet," he says.

Expected Major Events for Thursday

00:01/UK: Oct RICS Residential Market Survey

06:30/FRA: 3Q ILO Unemployment and Labour Market-related indicators

07:00/UK: Sep Index of production

07:00/UK: Sep UK trade

07:00/UK: Sep Index of services

07:00/UK: 3Q Business investment in the UK: provisional results

07:00/UK: 3Q First quarterly estimate of GDP

07:00/UK: Sep Monthly GDP estimates

09:00/FRA: Nov IEA Oil Market Report

09:30/UK: 3Q Mortgage Arrears and Possessions data

11:00/FRA: Sep OECD Harmonised Unemployment Rates

12:30/UK: Oct NIESR Monthly GDP Tracker

13:00/RUS: Weekly International Reserves

13:30/US: Oct CPI

13:30/US: Oct Real Earnings

13:30/US: 11/08 Unemployment Insurance Weekly Claims Report - Initial Claims

17:00/US: 11/07 EIA Weekly Petroleum Status Report

19:00/US: Oct Monthly Treasury Statement of Receipts and Outlays of the U.S. Government

21:30/US: Foreign Central Bank Holdings

21:30/US: Federal Discount Window Borrowings

All times in GMT. Powered by Onclusive and Dow Jones.

Expected Earnings for Thursday

American Shared Hospital Services (AMS) is expected to report for 3Q.

Aspira Women's Health Inc (AWHL) is expected to report for 3Q.

AtkinsRealis Group Inc (ATRL.T) is expected to report for 3Q.

Ballard Power Systems Inc (BLDP,BLDP.T) is expected to report $-0.16 for 3Q.

Broadwind Inc $(BWEN)$ is expected to report $0.21 for 3Q.

Brookfield Corp (BN,BN.T) is expected to report $0.61 for 3Q.

CASI Pharmaceuticals Inc $(CASI)$ is expected to report for 3Q.

CI Financial Corp (CIFAF,CIX.T) is expected to report for 3Q.

Carisma Therapeutics Inc (CARM) is expected to report $-0.12 for 3Q.

DarioHealth Corp (DRIO) is expected to report for 3Q.

Dillard's Inc - Class A $(DDS)$ is expected to report $6.26 for 3Q.

Edgewell Personal Care Co (EPC) is expected to report $0.63 for 4Q.

Endeavour Mining PLC (EDV.T,EDVMF) is expected to report for 3Q.

Enterprise Group Inc (E.T) is expected to report for 3Q.

Fennec Pharmaceuticals Inc (FENC,FRX.T) is expected to report $-0.03 for 3Q.

Fiera Capital Corp (FSZ.T) is expected to report $0.09 for 3Q.

Global Water Resources Inc (GWR-T,GWRS) is expected to report $0.09 for 3Q.

GoHealth Inc (GOCO) is expected to report $-2.03 for 3Q.

HLS Therapeutics Inc (HLS.T) is expected to report for 3Q.

Hydro One Ltd (H.T) is expected to report $0.65 for 3Q.

Immunic Inc $(IMUX)$ is expected to report $-0.11 for 3Q.

Imunon Inc $(IMNN)$ is expected to report for 3Q.

KP Tissue (KPT.T) is expected to report for 3Q.

LiqTech International Inc $(LIQT)$ is expected to report for 3Q.

MarineMax Inc $(HZO)$ is expected to report $-0.21 for 4Q.

New Fortress Energy LLC (NFE) is expected to report $-0.76 for 3Q.

Oblong Inc $(OBLG)$ is expected to report for 3Q.

Ondas Holdings Inc $(ONDS)$ is expected to report $-0.05 for 3Q.

Petrotal Corp (TAL.T) is expected to report for 3Q.

Q32 Bio Inc (QTTB) is expected to report for 3Q.

Sotherly Hotels Inc $(SOHO)$ is expected to report for 3Q.

Star Equity Holdings Inc (STRR) is expected to report $0.03 for 3Q.

Suburban Propane Partners LP $(SPH)$ is expected to report $-0.54 for 4Q.

Superior Industries International Inc $(SSUP)$ is expected to report $-0.08 for 3Q.

The Walt Disney Co $(DIS)$ is expected to report $0.84 for 4Q.

Total Energy Services Inc (TOT.T) is expected to report $0.13 for 3Q.

Vecima Networks Inc (VCM.T) is expected to report for 1Q.

Vislink Technologies Inc (VISL) is expected to report for 3Q.

Yellow Pages Ltd (Y.T) is expected to report for 3Q.

Zura Bio Ltd (ZURA) is expected to report $-0.18 for 3Q.

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(END) Dow Jones Newswires

November 12, 2025 16:31 ET (21:31 GMT)

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