Author: TSX Stocks

On 20 March 2025, the delegation of National Bank of Canada and representatives of ABA Bank paid a courtesy visit to Samdech Moha Borvor Thipadei Hun Manet, Prime Minister of Cambodia. The meeting reaffirmed both financial institutions’ strong support for Cambodia’s economic future.

The delegation to Peace Palace was led by Laurent Ferreira, President & CEO of National Bank of Canada. The dialogue with the Prime Minister encompassed various topics, including strengthening investment potential, promotion of sustainable economic growth, and investments in critical infrastructure and sustainability projects since National Bank of Canada is acclaimed as one of Cambodia’s the largest foreign direct investors.

In his remarks, Laurent Ferreira praised the Royal Government of Cambodia for the country’s long-term economic development and continuous advancement. He also commended the government’s focus on digital transformation and strengthened government partnerships.

“I express sincere appreciation to the Royal Government of Cambodia for its steadfast commitment to ensuring economic and social development,” commented Laurent Ferreira. “Cambodia’s vibrant economy and supportive business climate have created ideal conditions for ABA’s expansion. National Bank of Canada appreciates and praises the opportunity to operate in Cambodia and be a good example of a successful investment in the country,” he added.

As one of Canada’s largest banks and a shareholder of ABA Bank, National Bank of Canada reaffirmed its support for promoting investment and enhancing Cambodia’s reputation as a secure and attractive investment hub. Laurent Ferreira emphasized that the bank’s successful investment in a Cambodian financial institution has raised Cambodia’s profile in Canada as a favorable investment destination. National Bank of Canada actively introduces Cambodia to its clients who explore international expansion, further strengthening confidence in the Kingdom’s potential.

In August 2024, National Bank of Canada facilitated high-level meetings between Cambodian government officials and Canadian business leaders and investors. The Investment Roadshow, led by H.E. Sun Chanthol, Deputy Prime Minister and First Vice Chairman of the Council for the Development of Cambodia, highlighted Cambodia’s promising investment opportunities in the U.S. and Canada.

Another focus of the meeting was the ongoing partnership between ABA and the government in promoting digital transformation. The Bank emphasized its dedication to working with the government to implement innovative digital solutions, improving efficiency and accessibility across various sectors. 

ABA Bank: Driving Economic Development

ABA Bank has solidified its position as a key driver of Cambodia’s economic development, extending $8.5 billion in loans to vital sectors such as trade, tourism, manufacturing and agriculture. Beyond traditional banking, ABA also finances infrastructure projects that enhance the country’s competitiveness.

Its recent financing includes green bonds supporting a solar farm to reduce electricity costs and strengthen Cambodia’s regional standing. Additionally, ABA has provided financing to Techo International Airport, a transformative initiative to enhance economic connectivity and drive growth in tourism and logistics.

The bank’s collaboration with the government extends further, particularly in tax collection. As Cambodia’s largest tax-collecting bank, ABA facilitates 25% of all tax payments and 10% of all levies and customs duties through its nationwide branch network and digital banking platforms, reinforcing its role in strengthening the country’s fiscal operations.

ABA also stands out as a significant taxpayer, having contributed approximately $500 million since 2009. Recognized for its commitment to transparency and best practices, the bank has received the GOLD Tax Compliance Certificate from the General Department of Taxation for eight consecutive years.

Supporting Cambodia’s Future Vision

Cambodia’s economic outlook is promising. The Royal Government of Cambodia’s ambitious Pentagonal Strategy and its vision to achieve Upper-Middle-Income Country status by 2030 set a clear and inspiring roadmap. ABA stands ready to support these national objectives by promoting financial inclusion, fostering innovation, and enabling economic participation. 

With the continued support of the Royal Government of Cambodia, ABA Bank looks forward to realizing the shared vision for a more prosperous and financially inclusive Cambodia.

About ABA Bank 

ABA Bank (www.ababank.com) is Cambodia’s largest commercial bank by assets, deposits, loans, and profitability, according to the Annual Supervision Report 2021-2023 of the National Bank of Cambodia. 

The Bank’s wide-reaching footprint covers 99 branches, 46 self-banking spots, 1,700+ self-banking machines, and advanced online and mobile banking platforms, providing more than 4.5 million customers with the convenience of modern financial services.

ABA Bank is a subsidiary of National Bank of Canada, one of the largest banks in Canada.

About National Bank of Canada

National Bank of Canada (www.nbc.ca) is a financial institution with around USD 334 billion in assets as of 31 January 2025 and a vast network of correspondent banks worldwide. National Bank of Canada holds credit ratings of “A” from S&P, “A+” from Fitch, and “A1” from Moody’s.

It is headquartered in Montreal and has branches across Canada, serving 2.8 million clients. National Bank of Canada is the leading bank in Quebec, where it is the partner of choice among SMEs.

The bank’s securities are listed on the Toronto Stock Exchange (TSX: NA). Clients in the United States, Europe, and other parts of the world are served through a network of representative offices, subsidiaries, and partnerships.

First Quantum Minerals’ shares rose by as much as 3% on the Toronto Stock Exchange early on Tuesday after the company said it had discontinued arbitration proceedings against the Panama government.

The decision, announced on Monday, raises the prospect of negotiations to resume production at the Cobre Panama copper mine, which had contributed 1% of global copper production until the government of Panama shut it down following public protests in 2023.

The suspension of output impacted both Panama’s and the company’s financial prospects.

The next steps in the dispute depend on the actions of Panama’s president.

The Panama government did not respond to queries from Reuters.

In addition to First Quantum, at least five other companies have filed arbitration cases against Panama over the closure of the Cobre Panama mine.

Shares of Aptose Biosciences (NASDAQ:) plunged 38.4% premarket today after the Nasdaq Hearings Panel decided to delist the company’s common shares from The Nasdaq Stock Market, News.Az reports citing Investing.

The clinical-stage precision oncology company, which focuses on developing therapies for acute myeloid leukemia (AML), confirmed through its advisor on March 31, 2025, that it had not regained compliance with the Exchange’s minimum equity requirement.

The delisting decision comes as a significant setback for Aptose, which was unable to meet the Nasdaq’s equity rule by the March 31 deadline, marking the limit of the Panel’s discretion to allow continued listing while the company was non-compliant. Trading in Aptose’s common shares is set to be suspended at the open of business on April 2, 2025.

Despite the delisting, Aptose’s management and board are considering all available options, including an appeal against the Panel’s determination. The company has expressed its intention to continue executing its business plan and aims to seek listing on another U.S. national securities exchange when appropriate. For the time being, Aptose’s shares will remain listed on the Toronto Stock Exchange (TSX) under the ticker symbol “APS”.

The delisting news is a blow to Aptose, which has been working on a tuspetinib (TUS) based triple drug frontline therapy for patients with newly diagnosed AML. The impact on the company’s stock is a reflection of investor concerns over the financial stability and future access to capital markets following the Nasdaq’s decision.

As Aptose explores its next steps, the company’s focus remains on advancing its clinical programs and seeking alternative avenues to support its operations and research endeavors. The situation underscores the challenges faced by clinical-stage biotech companies in maintaining financial and regulatory standards required by major stock exchanges.

News.Az 

As Canada moves toward stronger AI regulation with the proposed Artificial Intelligence and Data Act (AIDA), its southern neighbor appears to be taking the opposite approach.

AIDA, part of Bill C-27, aims to establish a regulatory framework to improve AI transparency, accountability and oversight in Canada, although some experts have argued it doesn’t go far enough.

Meanwhile, United States President Donald Trump is pushing for AI deregulation. In January, Trump signed an executive order aimed at eliminating any perceived regulatory barriers to “American AI innovation.” The executive order replaced former president Joe Biden’s prior executive order on AI.

Notably, the US was also one of two countries — along with the UK — that didn’t sign a global declaration in February to ensure AI is “open, inclusive, transparent, ethical, safe, secure and trustworthy.”

Eliminating AI safeguards leaves financial institutions vulnerable. This vulnerability can increase uncertainty and, in a worst-case scenario, increase the risk of systemic collapse.

The power of AI in financial markets

AI’s potential in financial markets is undeniable. It can improve operational efficiency, perform real-time risk assessments, generate higher income and forecast predictive economic change.

My research has found that AI-driven machine learning models not only outperform conventional approaches in identifying financial statement fraud, but also in detecting abnormalities quickly and effectively. In other words, AI can catch signs of financial mismanagement before they spiral into a disaster.

In another study, my co-researcher and I found that AI models like artificial neural networks and classification and regression trees can predict financial distress with remarkable accuracy.

Artificial neural networks are brain-inspired algorithms. Similar to how our brain sends messages through neurons to perform actions, these neural networks process information through layers of interconnected “artificial neurons,” learning patterns from data to make predictions.

Similarly, classification and regression trees are decision-making models that divide data into branches based on important features to identify outcomes.

Our artificial neural networks models predicted financial distress among Toronto Stock Exchange-listed companies with a staggering 98% accuracy. This suggests AI’s immense potential in providing early warning signals that could help avert financial downturns before they start.

However, while AI can simplify manual processes and lower financial risks, it can also introduce vulnerabilities that, if left unchecked, could pose significant threats to economic stability.

The risks of deregulation

Trump’s push for deregulation could result in Wall Street and other major financial institutions gaining significant power over AI-driven decision-making tools with little to no oversight.

When profit-driven AI models operate without the appropriate ethical boundaries, the consequences could be severe. Unchecked algorithms, especially in credit evaluation and trading, could worsen economic inequality and generate systematic financial risks that traditional regulatory frameworks cannot detect.

Algorithms trained on biased or incomplete data may reinforce discriminatory lending practices. In lending, for instance, biased AI algorithms can deny loans to marginalized groups, widening wealth and inequality gaps.

In addition, AI-powered trading bots, which are capable of executing rapid transactions, could trigger flash crashes in seconds, disrupting financial markets before regulators have time to respond.

The flash crash of 2010 is a prime example where high-frequency trading algorithms aggressively reacted to market signals causing the Dow Jones Industrial Average to drop by 998.5 points in a matter of minutes.

Furthermore, unregulated AI-driven risk models might overlook economic warning signals, resulting in substantial errors in monetary control and fiscal policy.

Striking a balance between innovation and safety depends on the ability for regulators and policymakers to reduce AI hazards. While considering the financial crisis of 2008, many risk models — earlier forms of AI — were wrong to anticipate a national housing market crash, which led regulators and financial institutions astray and exacerbated the crisis.

Blueprint for financial stability

My research underscores the importance of integrating machine learning methods within strong regulatory systems to improve financial oversight, fraud detection and prevention.

Durable and reasonable regulatory frameworks are required to turn AI from a potential disruptor into a stabilizing force. By implementing policies that prioritize transparency and accountability, policymakers can maximize the advantages of AI while lowering the risks associated with it.

A federally regulated AI oversight body in the US could serve as an arbitrator, just like Canada’s Digital Charter Implementation Act of 2022 proposes the establishment of an AI and Data Commissioner.

Operating with checks and balances inherent to democratic structures would ensure fairness in financial algorithms and stop biased lending policies and concealed market manipulation.

Financial institutions would be required to open the “black box” of AI-driven alternatives by mandating transparency through explainable AI standards — guidelines that are aimed at making AI systems’ outputs more understandable and transparent to humans.

Machine learning’s predictive capabilities could help regulators identify financial crises in real time using early warning signs — similar to the model developed by my co-researcher and me in our study.

However, this vision doesn’t end at national borders. Globally, the International Monetary Fund and the Financial Stability Board could establish AI ethical standards to curb cross-border financial misconduct.

Crisis prevention or catalyst?

Will AI still be the key to foresee and stop the next economic crisis, or will the lack of regulatory oversight cause a financial disaster? As financial institutions continue to adopt AI-driven models, the absence of strong regulatory guardrails raises pressing concerns.

Without proper safeguards in place, AI is not just a tool for economic prediction — it could become an unpredictable force capable of accelerating the next financial crisis.

The stakes are high. Policymakers must act swiftly to regulate the increasing impact of AI before deregulation opens the path for an economic disaster.

Without decisive action, the rapid adoption of AI in finance could outpace regulatory efforts, leaving economies vulnerable to unforeseen risks and potentially setting the stage for another global financial crisis.

Sana Ramzan is assistant professor in Business, University Canada West

This article is republished from The Conversation under a Creative Commons license. Read the original article.

Business

TSX set for monthly loss as Trump’s tariff announcement nears

(Reuters) – Canada’s main stock index fell on Monday, dragged by information technology stocks, as investors shunned risky assets amid concerns that US President Donald Trump’s upcoming tariffs will hurt the global economy.

Toronto Stock Exchange’s S&P/TSX composite index was down 0.2% at 24,686.72 points, and is poised to decline nearly 3% this month, if losses hold.

Global stocks plunged after Trump said on Sunday the reciprocal tariffs he is expected to announce on Wednesday will include all nations, adding to existing levies on aluminum, steel, autos and a range of Chinese goods.

“We’ve got that big fear that there could be a lot of tariffs implemented on Wednesday”, said Colin Cieszynski, chief market strategist at SIA Wealth Management.

While Canada had secured protections against new US auto tariffs, including a 60-day delay and annual duty-free quotas, under a 2018 trade agreement with the US and Mexico, there’s no evidence Trump will honor those commitments.

However, the Canadian government expects the US to honor the agreements on Wednesday.

Information technology led declines, down 2.6% to its lowest in five months, with electronic equipment company Celestica falling 7.2% to the bottom of the benchmark index.

Meanwhile, heavy-weight energy climbed 1.4%, tracking crude prices, spurred by Trump’s threat to impose secondary tariffs on buyers of Russian oil and a warning of possible military action against Iran.

Consumer staples gained 1.3% with Metro rising 2% after the food and pharmacy retailer said it prioritizes local products amid the “Buy Canadian” movement.

Gold prices reached a fresh record high, as worries about potential inflation pressures due to US tariffs put the safe-haven asset on track for its strongest quarter since 1986.

“Gold helps to cushion the Canadian market a bit, as we’ve seen this over the last few days that Canada has gone down less than the US as the heavily weighted gold sector benefits from this uncertainty”, Cieszynski added.