
Bank of Montreal quarterly profit rises on wealth management strength
Lender Bank of Montreal reported a rise in second-quarter profit on Wednesday, helped by strength in its wealth management business.
The bank's adjusted net income rose to $2.05 billion, or $2.62 per share, in the three months ended April 30, compared with $2.03 billion, or $2.59 per share, a year earlier.
Reporting by Ateev Bhandari in Bengaluru; Editing by Devika Syamnath, Reuters
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CTV News
19 minutes ago
- CTV News
Bank of Canada holds key interest rate
Ottawa Watch There were no moves from the Bank of Canada Wednesday as it held its key interest rate at 2.75%. CTV's Kimberley Fowler reports.


CBC
39 minutes ago
- CBC
Preferential treatment for northerners key for trade zone between territories: N.W.T. premier
The N.W.T.'s premier says an eventual trade zone between Canada's three territories will ideally make sure northerners benefit from economic activity in the North. The three territorial premiers announced Tuesday that they had signed a memorandum of understanding to create a territorial trade zone. In a joint news release, Yukon Premier Mike Pemberton, N.W.T. Premier R.J. Simpson and Nunavut Premier P.J. Akeeagok said the memorandum — which is non-binding — would help improve both the economy across the North and labour mobility, and would include a shared credential registry so workers can more more freely between the territories. It was signed in Huntsville, Ont., last week when the premiers were attending a three-day meeting of the Council of the Federation. In an interview with CBC, Simpson said territory-and province-specific laws about goods and services are inefficient and "costing our economy money." He added efforts to break down those barriers in the North have to be tempered by other considerations, though. "What we don't want to do is drop all of our trade barriers and become, essentially, a colony for the South again, where companies from southern Canada would come up here, extract resources and then leave and not leave anything in the territory," he said. "We want to be able to give preferential treatment to northern businesses to ensure that there's benefits for northerners when there is activity in the North." The agreement also allows the northern governments to co-ordinate efforts to lobby the federal government and the private sector for investment. Tuesday's news release mentioned that any agreement must respect land claims agreements and other deals governments have made with Indigenous nations and organizations, along with actively supporting Indigenous participation in the economy. CBC News has requested an interview with Pemberton, whose office first announced the deal on Monday. Akeeagok was not made available for an interview prior to publication. Cautious optimism among industry The deal is still in its early stages. Simpson said he doesn't expect N.W.T residents to see any immediate impacts from this, saying "it's more of a longer-term vision." In Nunavut, Tony Rose, the executive director of the Baffin Regional Chamber of Commerce, said it's too soon to speculate on the potential impacts, but that the organization will be getting input from its members about the proposed trade zone. "This is a very interesting time for this to be happening, because there's a brand new government coming in the fall," Rose said, referencing Nunavut's upcoming territorial election. "For us, this represents a really interesting opportunity to communicate with that incoming government to discuss the priorities of businesses, both within the Baffin region and throughout the rest of the territory." The Yukon will also be having a territorial election this fall. This theme of cautious optimism was echoed by at least two companies that have a major presence in the North. In respective statements, Agnico Eagle Mines said they "welcome regulatory reform that can help streamline processes and support a stronger Canadian economy," while Northwestel said the trade zone "is a positive step for private businesses operating across all three territories." Both of them added that they would be following any developments before commenting further. The memorandum comes amid national economic uncertainty, as the federal government continues to negotiate a new trade deal with the United States under the threat of more tariffs. The deadline before tariffs kick in automatically is this Friday.


Vancouver Sun
an hour ago
- Vancouver Sun
Carney concedes U.S. trade deal may not happen before Aug. 1 deadline
OTTAWA — Prime Minister Mark Carney said it is 'possible' that negotiations for a new economic and security agreement with the United States will not conclude by Aug. 1, but political observers say Canadian negotiators should take the time they need to get to the best deal. Carney was meeting with his cabinet on Wednesday to discuss the state of trade negotiations. U.S. President Donald Trump has said he would increase tariffs to 35 per cent on Canadian goods if both sides can't get to a deal by the Friday deadline. 'As you know, we're seeking the best deal for Canadians. We have not yet reached that deal. Negotiations will continue until we do,' the prime minister told reporters during a press conference after the cabinet meeting. Start your day with a roundup of B.C.-focused news and opinion. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Sunrise will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Most of the goods crossing the border are protected by the Canada-U.S.-Mexico free trade agreement (CUSMA). But Trump has slapped tariffs on a number of goods entering the U.S. that aren't covered, most notably steel and aluminum, which are subject to 50 per cent levies. Softwood lumber is also subject to 21 per cent tariffs. And on Wednesday, Trump signed a proclamation for 50 per cent tariffs for all copper products starting Aug. 1. Brian Clow, who served as former prime minister Justin Trudeau's deputy chief of staff and his executive director of Canada-U.S. relations, is predicting both sides will likely not be able to come to a deal by Friday given the long list of 'unresolved issues' at the moment. Clow said the Canadian side should be prepared to 'walk away if the Trump team is demanding too much' and is the view Canadian public opinion will be on their side. 'I think (Carney) will be judged on the deal he gets, not necessarily how quickly we get a deal,' he said. 'And I think Canadians actually will give this prime minister a lot of space to take his time if there's not a good deal on the table.' Minister for Canada-U.S. Trade Dominic LeBlanc and Carney's chief of staff Marc-André Blanchard are currently in Washington D.C. in hopes of coming to an agreement. Carney said LeBlanc and senior officials will remain in the U.S. capital 'in pursuit of that goal.' Meanwhile, Trump's list of demands and grievances has been evolving. A U.S. source close to the negotiations, who only spoke on condition of anonymity, said Trump wants Canada 'to pay its fair share for the Golden Dome' — a missile defence system that could take decades to build and could cost tens of billions of dollars to participate in. The source said Trump also expressed wanting North American energy dominance that could be achieved with Canada's natural resources but complained that there is too much opposition in Canada to pipelines by those who 'prefer windmills and green energy scams.' Border security was reportedly another sticking point from the U.S. perspective — more specifically fears around China using Canada 'as a platform to gain entry and influence in North America' beyond fentanyl, said the source. Trump had originally pointed to the flow of fentanyl coming into the U.S. to impose 25 per cent tariffs on non-CUSMA compliant goods, but the idea that Canada is a large exporter of the deadly drugs to its southern border has been debunked by several analysts . Trump has already struck deals with the United Kingdom, Indonesia, Vietnam and the Philippines, and more recently, with Japan and the European Union, which all include a relatively lower level of tariffs in exchange for several economic concessions. Fen Osler Hampson, a professor of international affairs at Carleton University and co-chair of its expert group on Canada-U.S. relations, said Canada could benefit from taking its time in negotiating with its largest trading partner while Trump strikes more deal. That way, he said, Canadian negotiators will be able to compare and contrast the bilateral trade deals Trump is making with other countries to get a lower tariff rate, and get more information about the pressure points they could use to strike the best deal possible. 'It's what I call the last-mover advantage,' said Hampson, referring to a well-known business tactic which consists of the advantage a company has when it is the last to enter a market because it can learn from others' mistakes and improve on what already exists. On Wednesday, Carney said Trump's revealed approach is to have a baseline tariff in certain strategic sectors to the U.S. economy, such as aluminum, steel, automobiles, pharmaceuticals, semiconductors, lumber and more, with 'very few relative exceptions.' Hampson said the longer negotiations go on, the more pain American consumers will feel. Right now, they have been mostly shielded from its effects given that companies have either been stockpiling products or making up for the tariff loss in their profit margins. 'These costs are going to start getting passed on to the American consumer. It's only a matter of time.' National Post calevesque@ tmoran@ Our website is the place for the latest breaking news, exclusive scoops, longreads and provocative commentary. Please bookmark and sign up for our newsletters here .