Tausi Insider

Emera Inc. EMA-T is putting capital spending on clean energy projects in Nova Scotia on hold as it works through the consequences of the Nova Scotia government’s imposed rate cap on the parent company of Nova Scotia Power. In a conference call to discuss the power utility’s latest financial results, Emera chief executive Scott Balfour said Friday that while the company will continue to make investments in safety and reliability of its network, it won’t be able to spend on other projects in the province due to the cap. “The last capital plan included $500-million in planned investment in the Eastern Clean Energy Initiative, including the Atlantic Loop, to fund new wind generation, transmission, infrastructure upgrades and battery storage to help facilitate the transition away from coal-fired generation,” he said. “Given the restrictions imposed by Bill 212, these cleaner energy investments have been forced to be put on hold as our capital investments at Nova Scotia Power are now requi...

An investigation conducted by Scotiabank found that some of its employees had inappropriately processed clients’ requests to switch their mutual fund holdings. Deborah Baic/Tausi Insider Bank of Nova Scotia’s BNS-T securities arm will pay $1-million in fines over allegations that dozens of employees engaged in improper sales practices, revealing the bank terminated more than 30 employees for “egregious misconduct.” The settlement deal with Canada’s mutual fund industry regulator, published on Wednesday, also requires Scotia Securities Inc. to return $10.8-million to clients. In Scotia’s agreement with the Mutual Fund Dealers Association, the investment dealer admits to not having adequate policies and procedures to prevent several incidents between 2017 and 2022 when employees padded their sales targets. Scotiabank’s investigation found that some employees inappropriately processed clients’ requests to switch their mutual fund holdings. Instead of processing the trades as switches, w...