The Canadian dollar touched its highest point in four weeks against its U.S. peer as signs of growth in the North American economy boosted bets the Bank of Canada will raise interest rates earlier than expected.
Kinross Gold Corp., Canada’s third- largest producer by revenue, decided to stop developing the Fruta del Norte mining project in Ecuador after it couldn’t agree with the government on economic and legal terms.
Bankers at Goldman Sachs Group Inc. had a tumultuous 2012. The firm cut 900 jobs, promoted the fewest executives to the exalted post of partner in more than a decade and slashed the portion of revenue set aside for compensation to 38 percent from 42 percent a year earlier.
Royal Bank of Canada, the country’s largest lender, and Canadian Imperial Bank of Commerce posted higher second-quarter profits amid gains in domestic consumer lending and a decline in provisions for bad loans.
The Canadian dollar fell to a one- year low against its U.S. peer after confidence among America’s consumers climbed in May to a five-year high, boosting speculation the Federal Reserve could taper its monetary stimulus.
Bank of Nova Scotia, Canada’s third- biggest lender by assets, said second-quarter profit rose 9.6 percent on contributions from its takeover of ING Groep NV’s business in the country. Results missed analysts’ estimates.