RBC Financial News

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at Frontline, Digital Realty Trust, FactSet Research Systems, and Crestwood Equity Partners.

By Nivedita Balu and Manya Saini

Despite higher provisions for credit losses and a quarter in which “everything went against” Royal Bank of Canada’s City National franchise in the United States, the bank beat third-quarter earnings estimates, aided by lower taxes and strong performance in Canada including growth in loans, deposits and credit card balances in the three months ending July 31.

Canada’s largest bank Royal Bank of Canada (RBC) beat analysts’ estimates for third-quarter profit on Thursday, helped by cost cutting and higher interest rates and warned of more layoffs ahead as it tackles elevated expenses.

TORONTO — Royal Bank of Canada says its third-quarter profit rose compared with a year ago and said it remained focused on reducing costs and expected to continue to trim jobs.

Sergei Surovikin, nicknamed "General Armageddon", as head of the air force after he vanished from public view during a Wagner mercenary mutiny against the top army brass, two Russian news outlets reported on Wednesday. A recipient of Russia's top military award, Surovikin is the most senior Russian military figure to lose his job over the June 23-34 mutiny, which President Vladimir Putin said could have tipped Russia into civil war. Wagner boss Yevgeny Prigozhin, who spearheaded the revolt, remains free and on Monday posted a video address which he suggested was shot in Africa. The two men Prigozhin had wanted to topple — Defence Minister Sergei Shoigu and Valery Gerasimov, chief of general staff — remain in their posts. Once commander of Russia's overall war effort in Ukraine when he was lauded by Russian and Western military experts as one of its most effective operators, Surovikin has not yet been publicly fired. However, Russian state news agency RIA cited an unnamed but «informed» source as saying: «Ex-chief of the Russian Air and Space Forces Sergei Surovikin has now been relieved of his post, while Colonel-General Viktor Afzalov, head of the main staff of the Air Force, is temporarily acting as commander-in-chief of the Air Force».

Canadian millennials, particularly those who own a home, are set to face steep interest costs and economic damage in the months ahead, according to a new report from RBC.

The crash of Russia’s Luna-25 spacecraft into the moon over the weekend isn’t just a setback for President Vladimir Putin’s ambitions to overcome war-related sanctions. It’s also an embarrassment for Chinese President Xi Jinping—Putin’s partner in building a proposed base on the moon meant to challenge the US and its space allies.

Royal Bank of Canada hired Credit Suisse Group AG banker Tim Perry, people with knowledge of the matter said.

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Here is your Pro Recap of the top takeaways from Wall Street analysts for the past week: upgrades for Hexcel, Callon Petroleum, Adobe, and Marvell, and a downgrade for Urban Outfitters.

By Samuel Indyk

It’s also an embarrassment for Chinese President Xi Jinping — Putin’s partner in building a proposed base on the moon meant to challenge the US and its space allies. The Russian spacecraft was aiming to be the first to land near the south pole, the intended location of a joint base that space agencies in China and Russia announced in 2021 they had agreed to build together.

Hanwha Energy Australia has tapped Azure Capital to find a like-minded investment partner for its shovel-ready solar and battery storage assets in New South Wales.

RBC Wealth Management said Friday that it had hired a substantial practice in Atlanta, the ESOP Group, with close to $5.5 billion in client assets, fromUBS.

By Anirban Sen and David Carnevali

By Elena Fabrichnaya, Gleb Stolyarov and Anastasia Lyrchikova

A rare corporate bond deal lit up the market on Wednesday as NBN Co tapped investors for a new five-year fixed-rate debt raising.

Listed packaging solutions business Pact Group Holdings has sold half of its crate pooling business to infrastructure investor Morrison & Co for a $380 million enterprise valuation.

Two Credit Suisse infrastructure bankers are following their former boss, Tim Foy, to his new gig at JPMorgan.

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