Cogeco, Eastlink seek to appeal CRTC decision on wholesale rules
In a legal challenge filed at the Federal Court of Appeal on Friday, Cogeco Inc. and Halifax-based Eastlink said the regulator's June decision should be quashed.
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Cision Canada
16 minutes ago
- Cision Canada
Oppenheimer Holdings Inc. Reports Second Quarter 2025 Earnings
NEW YORK, Aug. 1, 2025 /CNW/ - Oppenheimer Holdings Inc. (NYSE: OPY) (the "Company" or "Firm") today reported net income of $21.7 million or $2.06 basic earnings per share for the second quarter of 2025, compared with net income of $10.3 million or $0.99 basic earnings per share for the second quarter of 2024. Revenue for the second quarter of 2025 was $373.2 million, an increase of 12.9%, compared to revenue of $330.6 million for the second quarter of 2024. , President and CEO commented, "The Firm's improved operating results for the quarter showcase the strength of our businesses and the maturing of investments in experienced team members over the past several years. At the outset of the quarter, recession fears mounted as announced policies on trade drove significant market volatility and triggered a large selloff in the equity markets. As tariffs were suspended, the markets broadly rallied with both the NASDAQ and S&P 500 reaching new record highs to close out the quarter. Concerns remained over tariff-induced inflation, a potentially softening labor market and conflict in the Middle East. Rising markets proved quite favorable to our Wealth Management business revenue, with the rally driving assets under management ("AUM") to a fresh record, resulting in higher asset-based advisory fees when compared with the prior year period. Retail trading volumes, driven by investor interest, also remained robust, boosting commission revenue. However, the fees we earn on our FDIC sweep program are reduced from the prior year period due to lower deposit balances as clients sought higher returns in money market funds and other investments. The Capital Markets businesses showed a substantial increase in total revenue. Institutional trading volumes were strong during the quarter due in part to increased volatility, which buoyed our sales and trading revenue. Investment Banking revenue also improved on the back of more advisory assignments that closed in the quarter and robust underwriting levels as capital markets re-opened. We are hopeful that higher deal volumes will continue in the latter half of the year as policymakers firm up key trade policy decisions and concerns around recession recede. The Firm continues to maintain an unlevered balance sheet and ended the quarter with its capital reaching yet another all-time high. As we move into the second half of the year, we remain optimistic about our capabilities and our ability to continue delivering high quality services to our clients." (1) Attributable to Oppenheimer Holdings Inc. (2) Represents book value less goodwill and intangible assets divided by number of shares outstanding. Highlights Increased revenue for the second quarter of 2025 was primarily driven by significantly higher investment banking revenue due to an uptick in underwriting volumes and larger advisory mandates, an increase in transaction-based commissions and greater advisory fees attributable to a rise in billable AUM Rising markets lifted assets under administration and under management to fresh records at June 30, 2025 Compensation expenses increased from the prior year quarter largely as the result of higher production and salary-related expenses Non-compensation expenses increased from the prior year quarter primarily due to higher technology related expenses and greater travel and other miscellaneous costs Total stockholders' equity, book value and tangible book value per share reached new record highs as a result of positive earnings Wealth Management Wealth Management reported revenue for the current quarter of $246.4 million, 5.1% higher compared with the prior year period. Pre-tax income was $62.8 million in the current quarter, a decrease of 2.2% compared with a year ago. Financial advisor headcount at the end of the current quarter was 927, compared to 934 at the end of the second quarter of 2024. Revenue: Retail commissions increased 3.6% from the prior year period primarily due to higher retail trading activity Advisory fees increased 7.2% due to higher AUM during the billing period Bank deposit sweep income decreased $6.2 million from a year ago due to lower cash sweep balances and lower short-term interest rates Interest revenue was flat compared to the prior year period Other revenue increased from a year ago primarily due to an increase in the cash surrender value of Company-owned life insurance policies, which fluctuates based on changes in the fair value of the policies' underlying investments Assets under Management (AUM): AUM reached a record high of $52.8 billion at June 30, 2025, which is the basis for advisory fee billings for July 2025 The increase in AUM from the prior year period was comprised of higher asset values of $8.9 billion on existing client holdings, offset by net distributions of $3.6 billion Total Expenses: Compensation expenses increased 7.1% from the prior year period primarily due to higher production related expenses and higher deferred compensation costs, partially offset by lower expenses associated with share appreciation rights Non-compensation expenses increased 9.7% from a year ago primarily due to an increase in interest and other miscellaneous expenses Capital Markets Capital Markets reported revenue for the current quarter of $123.0 million, 33.5% higher when compared with the prior year period. Pre-tax loss was $3.9 million compared with a pre-tax loss of $21.8 million a year ago. Revenue: Investment Banking Advisory fees earned from investment banking activities increased 83.0% compared with the prior year period due to increased deal volumes and larger mandate sizes Equities underwriting fees increased 9.1% compared with the prior year period primarily due to higher underwriting fees associated with larger deal sizes Fixed income underwriting fees increased 115.3% compared with the prior year period primarily due to higher corporate and sovereign issuance activity levels Sales and Trading Equities sales and trading revenue increased 20.2% compared with the prior year period mostly due to higher trading volumes and greater options-related commissions revenue Fixed income sales and trading revenue increased 23.6% compared with a year ago largely due to higher trading volumes and interest income on trading inventory Total Expenses: Compensation expenses increased 10.0% compared with the prior year period largely due to greater production-related expenses Non-compensation expenses were 13.8% higher than a year ago primarily due to an increase in communication and technology expenses and travel-related costs Other Matters The Board of Directors announced a quarterly dividend of $0.18 per share payable on August 29, 2025 to holders of Class A non-voting and Class B voting common stock of record on August 15, 2025 Compensation expense as a percentage of revenue was modestly lower at 64.1% during the current period versus 66.8% during the same period last year The effective tax rate for the current period was 32.7% compared with 35.3% for the prior year period, as the impact of certain unfavorable permanent items and nondeductible foreign losses was reduced in the current period Company Information Oppenheimer Holdings Inc., through its operating subsidiaries, is a leading middle market investment bank and full service broker-dealer that is engaged in a broad range of activities in the financial services industry, including retail securities brokerage, institutional sales and trading, investment banking (corporate and public finance), equity and fixed income research, market-making, trust services, and investment advisory and asset management services. With roots tracing back to 1881, the Company is headquartered in New York and has 89 retail branch offices in the United States and institutional businesses located in London, Tel Aviv, and Hong Kong. Forward-Looking Statements This press release includes certain "forward-looking statements" relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to Factors Affecting "Forward-Looking Statements" and Part 1A – Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Oppenheimer Holdings Inc. Consolidated Income Statements (Unaudited) ('000s, except number of shares and per share amounts) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 % Change 2025 2024 % Change REVENUE Commissions $ 110,025 $ 97,055 13.4 $ 220,903 $ 192,905 14.5 Advisory fees 125,628 117,197 7.2 254,431 232,044 9.6 Investment banking 43,533 29,119 49.5 91,156 79,656 14.4 Bank deposit sweep income 28,654 34,846 (17.8) 58,729 71,531 (17.9) Interest 38,017 34,805 9.2 74,386 61,571 20.8 Principal transactions, net 14,532 10,074 44.3 23,507 28,308 (17.0) Other 12,789 7,493 70.7 17,891 17,712 1.0 Total revenue 373,178 330,589 12.9 741,003 683,727 8.4 EXPENSES Compensation and related expenses 239,074 220,727 8.3 466,165 442,440 5.4 Communications and technology 26,204 24,682 6.2 52,386 49,258 6.4 Occupancy and equipment costs 15,578 15,516 0.4 31,587 31,364 0.7 Clearing and exchange fees 7,041 6,780 3.8 14,793 12,622 17.2 Interest 22,529 21,980 2.5 43,925 42,528 3.3 Other 30,542 25,039 22.0 58,561 52,195 12.2 Total expenses 340,968 314,724 8.3 667,417 630,407 5.9 Pre-Tax Income 32,210 15,865 103.0 73,586 53,320 38.0 Income tax provision 10,536 5,599 88.2 21,257 17,310 22.8 Net Income $ 21,674 $ 10,266 111.1 $ 52,329 $ 36,010 45.3 Less: Net loss attributable to non-controlling interest, net of tax — — — (310) Net income attributable to Oppenheimer Holdings Inc. $ 21,674 $ 10,266 111.1 $ 52,329 $ 36,320 44.1 Earnings per share attributable to Oppenheimer Holdings Inc. Basic $ 2.06 $ 0.99 108.1 $ 4.99 $ 3.49 43.0 Diluted $ 1.91 $ 0.92 107.6 $ 4.63 $ 3.29 40.7 Weighted average number of common shares outstanding Basic 10,520,219 10,327,818 1.9 10,493,145 10,367,636 1.2 Diluted 11,349,049 11,111,903 2.1 11,308,979 11,083,422 2.0 Period end number of common shares outstanding 10,517,924 10,327,510 1.8 10,517,924 10,327,510 1.8 SOURCE Oppenheimer Holdings Inc.
Winnipeg Free Press
3 hours ago
- Winnipeg Free Press
Top EU court rules that soccer governing body FIFA's decisions can be challenged outside Switzerland
BRUSSELS (AP) — The European Union's top court ruled on Friday that the decisions of world soccer's governing body FIFA can be challenged outside Switzerland, opening up a system that currently binds athletes, officials and clubs to accept verdicts there. A statement from the European Court of Justice said that tribunals in the 27 EU member states 'must be able to carry out an in-depth review of those awards for consistency with the fundamental rules of EU law.' The ECJ ruling means that EU national courts should be able to review verdicts from the Swiss-based Court of Arbitration for Sport (CAS). Switzerland is not a member of the European Union. The decision could end a decade-long legal fight by Belgian soccer club RFC Seraing and Maltese investment fund Doyen Sports. They opposed FIFA rules prohibiting third-party ownership of a player's registration and transfer rights, and in 2015 asked a commercial court in Brussels to review if those rules breached EU law. Thursdays Keep up to date on sports with Mike McIntyre's weekly newsletter. ___ AP soccer:
National Observer
4 hours ago
- National Observer
US thermal networks are heating entire communities. Ontario should be next
Ontario is going through an energy transition that requires a creative approach to balancing affordability with the need to reduce greenhouse-gas emissions. To ease the upcoming energy crunch expected from industrial growth and new housing construction, infrastructure will need to expand over the next two decades. It won't be easy. While most of the focus to date has been on natural gas and electricity, particularly nuclear power, overlooking thermal energy networks (TENs) would be a missed opportunity. These systems can cleanly and efficiently heat and cool buildings, using energy that's already around us — no fossil fuel imports required. Thermal energy is in the soil and rock beneath our streets and buildings and in the wastewater that flows through our sewer lines. It is shed as heat from industrial facilities and data centres. It's abundant, local and emission-free. The concept of tapping into thermal energy isn't new. For years, homeowners and building operators have used heat pumps to convert energy from the air or ground into space heating in the winter. Now imagine if all the heat pumps across hundreds of buildings in a community were connected by a shared underground network of pipes, like a natural gas distribution network but instead filled with water. The heat pump in your home would pull the energy from the shared network, concentrate it, and deliver the warmth you need in the winter. In the summer, it would operate in reverse, taking heat out of your home and putting it back in the network. This system, in essence, would act like a big battery bank, with hundreds of energy deposits and withdrawals happening across an entire community every day. Local businesses, industry, schools and community centres could connect to it, too. They'd need to pay a monthly fee to the utility that builds and operates it, but other than that it would be hassle-free, safe and reliable. South of the border this model — often called "networked geothermal' — has gained traction, largely through the pioneering work of a Massachusetts-based organization called HEET. In 2017, it began conducting studies and working with regional utilities and legislators to promote the concept. Thermal energy is in the soil and rock beneath our streets and buildings and in the wastewater that flows through our sewer lines. It's abundant, local and emission-free, write Tyler Hamilton and Audrey Schulman It's arguably the most efficient way to electrify how we heat buildings. Every kilowatt of electricity used to power such a system is estimated to get the equivalent of more than five kilowatts back in the form of heating or cooling. This, some studies show, is more than double the efficiency of air-source heat pumps that have been growing in popularity, meaning roughly twice as many buildings can be heated with the same amount of electricity. That leaves more electricity available for industry and electric vehicles and helps slow the need to expand costly electricity infrastructure. Perhaps most compelling, these networks can use the same utility model already in place for natural gas services. This is why more than 26 gas utilities across the United States have joined a coalition co-founded by HEET to learn more. Even labour unions are embracing the opportunity. Taking the lead has been Eversource Energy, which provides gas, water and electric services in Massachusetts. It launched a first-of-its-kind pilot project in Framingham, Mass., moving 36 buildings and 135 customers off of natural gas service to a thermal energy network that became operational in 2024. If all goes as planned, the utility will apply what it has learning to other parts of its service territory. We need to do this in Ontario. To explore this opportunity, MaRS partnered with Black Swan Lab, previously known as HEETlabs, (a spin-off from HEET) and convened an 18-person working group of industry experts, who brought their expertise and diverse perspectives to the table, drawing from the energy utility, construction, housing, government and non-governmental organization communities. After six months, we released a roadmap report that includes recommendations on how Ontario can scale these networks province-wide. The province seems open to the idea. It recently released a long-term energy plan where it asks the energy regulator and electricity system operator to study opportunities to 'enable responsible growth' of district thermal networks. We need more data and analysis of where these networks make sense for energy consumers and more experience building them to reduce economic and technical risk. We also need municipal champions and provincial leadership. New York State and Massachusetts have passed legislation to restrict the expansion of natural gas infrastructure and enable TENs. That kind of leadership sends a powerful signal to the market. Energy systems are complex. Nobody is suggesting TENs represent a silver bullet. It's also critical to recognize that natural gas will continue to play an important role, as it currently heats 75 per cent of Ontario homes. But GHG emissions in the province are rising, up about seven per cent since 2000. Natural gas is a big reason why. If we're serious about reversing that trend, TENs must have a bigger seat at the planning table in Ontario.
