Canadian stocks fell, capping the biggest three-day retreat in over a month, as shares of Smart Technologies Inc. and BlackBerry Ltd. dropped and data showed an unexpected decline in U.S. consumer confidence.
Fairfax Financial Holdings Ltd. Chief Executive Officer Prem Watsa said he wants to boost his company’s stake in an insurance venture with India’s ICICI Bank Ltd. when rules allow for increased foreign ownership.
Fairfax Financial Holdings Ltd., which has largely bet against financial companies since 2003, plans to maintain its holdings in Wells Fargo & Co. and U.S. Bancorp, Chief Executive Officer Prem Watsa said.
Research In Motion Ltd. shareholder Fairfax Financial Holdings Ltd. almost doubled its stake in the BlackBerry maker, making it RIM’s biggest investor and offering a vote of confidence to the ailing Canadian company.
Fairfax Financial Holdings Ltd., which has seen its 2011 investment in Ireland’s biggest bank jump about 50 percent, is now focusing on Greece, betting that the worst has passed for the recession-battered nation.