Brian Klock News
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Bank of Nova Scotia is betting on the market for no-frills, high-interest banking with a proposed C$3.13 billion ($3.16 billion) purchase of the Canadian unit of ING Groep NV in its biggest acquisition.
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M&T Bank Corp.’s $3.7 billion takeover of Hudson City Bancorp, the largest bank deal announced this year, solidifies the Buffalo, New York-based lender’s status as a hunter instead of the hunted.
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Zions Bancorporation , the best- performing bank in the Standard & Poor’s 500 Index this year, reported an eighth straight quarterly loss as expenses increased and provisions stayed elevated.
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U.S. stocks rose, sending the Standard & Poor’s 500 Index to a two-year high, as a potential extension of tax cuts boosted shares and American International Group Inc. said it will repay its Federal Reserve credit line.
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Shares of the following companies had unusual moves in U.S. trading. Stock symbols are in parentheses and prices are as of 4 p.m. in New York.
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Toronto-Dominion Bank became the fifth Canadian lender to report third-quarter earnings that topped analysts’ estimates even as the country’s biggest lenders warn of a slowdown in consumer lending next year.
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Treasuries slid, sending the 10-year yield to a six-month high, while the Standard & Poor’s 500 Index closed at the highest level since 2008 amid speculation the potential extension of U.S. tax cuts will spur growth. Copper rose to a record on signs the global recovery will stoke demand.
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Bank of Nova Scotia, Canada’s third- largest lender, plans to acquire a stake in closely held Bank of Guangzhou for about C$719 million ($727 million) to add branches and deposits in China.
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Toronto-Dominion Bank may continue to make acquisitions in the U.S. after increasing its bet there with the $6.3 billion purchase of Chrysler Financial Corp., capping a record quarter for U.S. takeovers by Canadian lenders.
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Toronto-Dominion Bank is increasing its bet in the U.S. with the $6.3 billion purchase of Chrysler Financial Corp., capping a record quarter for U.S. takeovers by Canadian lenders as some European rivals retreat.
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