Canada's TD Bank names John MacIntyre board chair
MacIntyre will succeed Alan MacGibbon, who will retire after more than a year in the role.
"His (MacIntyre's) deep financial expertise and governance experience will support the Board as it continues to prioritize strong oversight and long-term value creation," the company said.
The bank is undergoing a U.S. government-ordered anti-money laundering remediation program following a historic $3 billion penalty by regulators for lapses in its risk systems.
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Reuters
2 hours ago
- Reuters
Trump's tariffs give chocolate makers in Canada, Mexico an edge over US firms
LONDON/NEW YORK, July 30 (Reuters) - U.S. President Donald Trump's trade tariffs are meant to boost domestic manufacturing. But in the chocolate industry, they're doing the opposite: ramping up the cost of importing already-pricey cocoa and hurting the competitiveness of local factories versus Canadian and Mexican outfits that supply the U.S., according to conversations with 11 industry executives, representatives, experts and traders. Under the United States-Mexico-Canada free trade pact (USMCA), which the Trump administration has confirmed remains in place, Canada and Mexico can export chocolate to the U.S. tariff-free no matter where they sourced their inputs of cocoa - a tropical crop that does not grow in the United States. Canada also has zero tariffs on imports of raw and semi-processed cocoa like butter and powder, while Mexico grows its own beans, meaning factories both north and south of the U.S. border can produce more cheaply than those domestically who now have to pay tariffs of between 10-25% on cocoa inputs. The rates could rise to 35% on August 1. A government official said that the White House continues to monitor trends in trade and commerce and listen to industry feedback to deliver on Trump's economic agenda. Top U.S. chocolate maker Hershey, which mainly makes chocolate in the U.S. but has plants in Canada and Mexico, has estimated it would face $100 million in tariff costs in its third and fourth quarters if the levies remain in place. Smaller firms like Somerville, Massachusetts-based Taza Chocolate, which produces chocolate from scratch using imported cocoa, have no alternatives to U.S. manufacturing. Taza in May had to pay $24,124 in duties on a container of cocoa from Haiti, subject to the blanket 10% tariff imposed by Trump, a Customs and Border Protection invoice showed. Taza faces a customs cheque of more than $30,000 to release its next container of cocoa from the Dominican Republic, founder and CEO Alex Whitmore said. "For a company our size, that's our profit margin gone so the immediate thought is OK, the rules have changed, we just need to create the most cost-effective solution for the consumer," said Whitmore. He initially explored offshoring part of Taza's manufacturing to Canada to benefit from USMCA terms, but decided against it given the significant investment of both money and time that would require, in a volatile business environment. "Right now, the environment is so uncertain that we're just hunkering down and hoping this will pass," Whitmore said. "A lot of us business owners are kind of frozen." Customs data compiled for Reuters by Trade Data Monitor (TDM) shows Canada's chocolate exports to the U.S. grew by 10% in volume terms in the five months to end-May, indicating some Canadian manufacturers are taking advantage of the opportunity created by tariffs. Companies benefiting are mostly Canadian and Mexican contract chocolate makers, or multinational contractors like Barry Callebaut (BARN.S), opens new tab that have a significant footprint in Canada and Mexico, industry sources said. Barry Callebaut, which has just under half its North America chocolate factories in Canada and Mexico, declined to comment. Its CEO Peter Feld said at its July post-results conference call: "On tariffs ... we have operations in the U.S., we have operations in Canada, we have operations in Mexico. So we can actually navigate this environment in the right way." Contract chocolate firms produce raw chocolate that U.S. factories add ingredients to and sell as American chocolate. Tariffs - a pillar of Trump's "America First" economic agenda - come at a delicate time for U.S. chocolate makers as consumers are already buying less after absorbing double-digit inflation over the past several years. In chocolate specifically, prices have risen sharply as cocoa , tripled in value to hit record highs in the first four months of last year, and remains well above historical averages because of adverse weather and disease in top growers Ivory Coast and Ghana. Under pressure from rising input costs, Hershey (HSY.N), opens new tab earlier this month rolled out double-digit price hikes across its confectionary products like Reese's cups to retailers like Walmart (WMT.N), opens new tab and Kroger (KR.N), opens new tab. Cocoa accounts for about 30-50% of the cost of a bar of chocolate. Hershey said its recent price hikes were not related to tariffs. Taza has raised its wholesale prices by 10% since a year ago, and the price of its chocolate bars on its website rose in June to $6.99 from $5.99 previously, but Whitmore also said tariffs would cause further price hikes. Because cocoa can't be sourced domestically, Hershey said in May it is "engaging with the U.S. government to seek an exemption" for cocoa. It declined to comment on whether it was counting on imports from its Canada and Mexico plants to help mitigate tariff costs. M&Ms maker Mars, which said Tuesday it is investing $2 billion in its U.S. manufacturing, including chocolate, has not changed its sourcing structure and continues to make 94% of its U.S. products locally. A Lindt (LISN.S), opens new tab spokesperson said the Lindor truffle maker will decide on possible changes to its sourcing after August 1. Paolo Quadrini, director general of Mexican chocolate and candy association Aschoco Confimex, said U.S. tariffs are "creating new opportunities for Mexican companies." "The sentiment among companies and entrepreneurs, as well as requests from U.S. chocolate companies to manufacture in Mexico, is real and has been increasing," he said. The chocolate market in the U.S., the world's top chocolate consumer, is worth $25-30 billion, according to investment bank TD Cowen, and imports from top supplier Canada account for about 10% of that total, while those from No. 2 supplier Mexico account for some 2.5%. Tareq Hadhad, CEO of mid-sized Nova Scotia-based chocolate maker Peace by Chocolate said tariffs had largely prompted Canadian and American firms to opt for locally produced goods but that contract chocolate makers in Canada had benefited from the new trade dynamic. "It's an advantage for them," he said.
Reuters
5 hours ago
- Reuters
Dye & Durham to consider sale, merger in truce with investor Plantro
July 29 (Reuters) - Dye & Durham ( opens new tab will review strategic alternatives to stabilize its finances and may even consider selling itself, it said on Tuesday, reaching a settlement that avoids a proxy fight with its second-largest investor, Plantro. The agreement comes less than a month after Plantro, which owns 11% of the Toronto-based Canadian legal software maker, said it was nominating three directors to the board who would push for a sale of the company, and calling for a special shareholders' meeting to vote on the nominees. Plantro had argued a sale was the only way to realize a control premium for shareholders and restore stability in the business. Dye & Durham has now agreed to add Plantro-nominee David Danziger to its board of directors. Danziger, who has expertise in audits, accounting, M&A and management consulting, will also chair a newly formed special committee to lead the review. In return, Plantro has withdrawn its special meeting request. Dye & Durham said it will not make any further public comments about the review, which could also include potential mergers, recapitalizations and asset sales, until the process has been completed. In May, Plantro, a company controlled by former Dye & Durham CEO Matthew Proud, asked Dye & Durham to stabilize its executive team, divest its financial services division, and later this year pursue the sale of its remaining core business.
Daily Mail
20 hours ago
- Daily Mail
They've found a bold fix for the condo crisis sweeping the South... it's sparking an angry backlash
With the turbulent real estate scene in Florida being described as the , one developer is going against the grain. Billionaire real estate developer Isaac Toledano plans to completely alter the Miami skyline.
