The Week in Canadian Press Releases: 10 Stories You Need to See

A roundup of the most newsworthy press releases from Cision Distribution this week

TORONTO, March 1, 2024 /CNW/ - With thousands of press releases published each week, it can be difficult to keep up with everything on Cision. To help journalists and consumers stay on top of the week's most newsworthy and popular releases, here's a recap of some major stories from the week that shouldn't be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

1. GREAT CANADIAN CASINO RESORT TORONTO SET TO HOST TORONTO'S FIRST EVER WSOP® CIRCUIT EVENT 
   "We are thrilled to collaborate with GGPoker to bring the World Series of Poker to Toronto for the first time. This is a fitting milestone that will create further momentum for our recently opened 30-table poker room at Great Canadian Toronto, Canada's newest and largest casino resort," stated Robert Katsavelos, General Manager, Great Canadian Casino Resort Toronto. "We are excited to welcome tournament participants from across the North American poker community and from right here in the City of Toronto and are certain that this event is going to be a huge success," Katsavelos added.
2. BZAM Obtains Creditor Protection to Pursue Restructuring and Sales Process 
   Due to, among other things, margin pressures caused by significant competition and the fragmentation of the cannabis industry, and financial underperformance and pressures resulting from obligations owing to creditors, the BZAM Group has been unable to generate positive cash flows and has incurred cumulative losses. After careful consideration of all available alternatives, the board of directors of each member of the BZAM Group determined that it was in the best interest of the BZAM Group and its stakeholders to seek creditor protection under the CCAA.
3. Scotiabank reports first quarter results
   Adjusted net income⁽¹⁾ for the first quarter was $2,212 million and diluted EPS was $1.69, down from $1.84 last year. Adjusted return on equity was 11.9% compared to 13.4% a year ago. Canadian Banking delivered adjusted earnings⁽¹⁾ of $1,096 million this quarter as solid revenue growth from margin expansion, continued deposit growth and expense management were partly offset by higher provision for credit losses. International Banking generated adjusted earnings⁽¹⁾ of $774 million. The 32% quarter-over-quarter earnings growth was driven by double-digit revenue growth, partly offset by higher provision for credit losses and expenses.
4. ROYAL BANK OF CANADA REPORTS FIRST QUARTER 2024 RESULTS 
   Compared to last quarter, net income was down 9%, partly reflecting a higher effective tax rate, as results in the prior quarter included the favourable impact of the specified item relating to certain deferred tax adjustments, and higher PCL on impaired loans. Lower results in Corporate Support and Personal & Commercial Banking were partially offset by higher results in Wealth Management, Capital Markets and Insurance. Adjusted net income⁷ was up 8% over the same period. Pre-provision, pre-tax earnings⁷ were up 12% as higher revenue more than offset expense growth.
5. RECONAFRICA PROVIDES AN OPERATIONS UPDATE AND CHANGE IN THE BOARD OF DIRECTORS
   ReconAfrica continues to pursue activities as it prepares to start a multi-well drilling campaign in 2024. To date, all surveying activity has been completed, with demining activities complete on the Damara Fold Belt Prospect L, which is expected to be the Company's first drilling location with an expected spud date in June 2024.  ReconAfrica announces that Mark Gerlitz, has tendered his resignation from the Board of Directors (the "Board"), to pursue other professional interests. Mr. Gerlitz has been a member of the Board since February 2021 and has been an integral part of the Company's growth during that period.
6. CIBC Announces First Quarter 2024 Results 
   "These first quarter results demonstrate our success in executing on our client-focused strategy which is delivering results for our stakeholders," said Victor G. Dodig, CIBC President and Chief Executive Officer. "We have clear momentum in attracting and deepening client relationships, underpinned by continued expense discipline, a robust capital position, and strong credit quality, giving us a strong foundation as we continue to proactively manage our bank to further our progress and momentum in 2024."
7. JDS Development Group and Mercedes-Benz announce the launch of Mercedes-Benz Places in Miami 
   This visionary tower is being developed by JDS Development Group, the company behind some of the world's most transformative skyscrapers of the past decade. The project is part of the Mercedes-Benz licencing business by Mercedes-Benz Customer Solutions GmbH. The Mercedes-Benz design team has worked in collaboration with award-winning SHoP Architects to ensure the structure embodies the brand's design philosophy of Sensual Purity. The residential tower will be built in Brickell at 1 Southside Park, comprising 791 Mercedes-Benz residences with studios to 3-bedroom condominiums.
8. BMO Financial Group Reports First Quarter 2024 Results 
   "Against an uncertain economic outlook, we continued to demonstrate the strength and resilience of our diversified businesses and the benefit of strategic acquisitions. Although the environment has constrained revenue growth in market sensitive businesses in the near term, with the strength of our personal and commercial businesses and our sharp focus on positioning the bank effectively for long-term success by reducing expenses, optimizing our balance sheet, and growing customer relationships, we are poised to create significant value for our shareholders," said Darryl White, Chief Executive Officer, BMO Financial Group.
9. Scotiabank partners with Nch'?ay? Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation to establish a new investment dealer in Canada 
   Scotiabank has entered into an agreement with two Indigenous development corporations and one First Nation to seek regulatory approval to create and operate a new investment dealer in Canada. The proposed investment dealer, to be named Cedar Leaf Capital Inc. ("Cedar Leaf Capital"), will be majority-owned by three Indigenous shareholders: Nch'?ay? Development Limited Partnership, Des Nedhe Financial LP and Chippewas of Rama First Nation and controlled initially by Scotiabank. Subject to regulatory approval, Cedar Leaf Capital will be the first-to-market majority Indigenous-owned investment dealer in Canada. 
10. EQB delivers 12% y/y earnings growth, increases dividend 5% q/q and 20% y/y, with assets under management and administration climbing 16% to $119 billion 
    "This is an important time for EQB as we consistently build our business, which expanded to include ACM Advisors in the first quarter, providing access to an attractive wealth management market niche," said Chadwick Westlake, CFO, EQB. "We delivered on our commitment to allocate capital and manage risk in order to consistently generate greater than 15% ROE. Notwithstanding the challenging economic backdrop, our strategy and growing diversification resulted in solid execution. We continue to believe the second half of 2024 will be even stronger, and based on this and Q1 results, we are reaffirming our 2024 guidance. It's a standout time for EQB, and our distinct approach to creating value and enriching lives."

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SOURCE Cision Canada