ICYMI: Hard-working immigrant wins maxed out Lotto Max - St. Albert Today

Bon Truong waited 10 months before coming forward. He waited, and he spent a lot of time contemplating the possibilities of a $60-million winning Lotto Max ticket.

“I keep thinking about one month or two month … but a lot of thinking. It’s big money. A lot of thinking,” he said, during a press conference at Alberta Gaming Liquor and Cannabis on Wednesday morning.

The moment finally ended the big question that had been lingering since last October. A single winning ticket was purchased by someone in Edmonton but who it was, nobody knew until now.

Truong immigrated to Canada in 1983, a boat person from Vietnam trying to build a new life after the Vietnam War. He was 22 years old at the time and moved between Edmonton and Vancouver, finding work as a gardener, a profession he still enjoys and one that supports him, his wife and their three children.

He learned of his win when he checked the numbers the day after the Oct. 26, 2018 draw. It was as shocking for him then as it is now.

“I go home. I sit down and relax by myself. I tell my wife, ‘I win.’ I don’t say nothing. ‘It’s a big one. I win.’ She doesn’t believe me,” he said with a laugh.

Wisely, the first thing he did was put his name on the ticket and then put it into a safety deposit box. Then he let life return to normal while he waited and considered his options. He knew that there would likely be some changes and he wanted everyone to be prepared.

He said that he intends to first pay off his mortgage and other debts, then possibly take his family on a vacation. Truong doesn’t want his kids to be spoiled and still intends to raise them to learn the value of working for a living.

After that, he knows that he will still feel the plants and flowers calling to him. He said that he still feels young and strong.

“I’ll take a lot of time for my family and still to be working after this is done. I’ll go back to work,” he said.

RELATED: Retired B.C. fisherman nets $60-million lottery jackpot

Truong was joined by his niece Mina and his family friend Don Bishop, who was emotional at the good fortune that has now come to Bon.

“I've known the Truong family since the '70s and I’ve admired them enormously. They’re the hardest working people you’d ever want to meet. Delightful people,” he said.

Mina added her own thoughts of joy at the unexpected windfall.

“I'm very, very happy for him. My uncle came as a boat person from Vietnam … coming here with nothing after the Vietnam War, coming here and working very hard. He worked. He's a landscaper; my dad's a landscaper. That's what they did: work and save money to buy a house and live their lives here and have a better life for their children and to play the lottery and after 30 years it finally pays off.”

Truong picked up the cheque, which included $2 because he also won on the Extra draw on that ticket as well.

“I’m still shocked right now,” he admitted, adding that he is still buying lottery tickets.

"This time Lotto Max; maybe next time 6/49," he joked.

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August 30, 2019 at 04:30AM

TD warns on ‘tepid’ economy creating headwinds in coming quarter - Financial Post

The Toronto-Dominion Bank on Thursday said its profit increased about five per cent for the third quarter, but that uncertainty continues to loom over the economy, leaving the lender facing challenging conditions as it tries to hit its earnings growth target.

TD reported net income of nearly $3.25 billion for the three months ended July 31, up from approximately $3.1 billion a year earlier. Adjusted earnings per share were $1.79, up from $1.66 a year ago, and just shy of what analysts had been expecting.

TD chief executive Bharat Masrani said the bank’s earnings-per-share growth for its fiscal year is now up to six per cent, one percentage point below its medium-term target range of seven to 10 per cent.

Masrani said it was a “good result” given the current economic environment and the investment-banking unit’s tough start to the year.

“As you know, macroeconomic uncertainties persist,” he said during a conference call with analysts Thursday afternoon. “Trade and geopolitical tensions continue to escalate. Central banks are cutting rates, and yield curves have declined and remain inverted for long periods.”

According to TD’s current economic outlook, global real gross domestic product is expected to grow 2.9 per cent in 2019, “a tepid pace” and a drop from the 3.6-per-cent growth seen in 2018.

“However, our diversified, retail-focused model has demonstrated its resilience in a variety of operating environments,” Masrani said.

Macroeconomic factors can still affect the bank “in a variety of ways,” said Riaz Ahmed, TD’s chief financial officer. For example, interest rate cuts can improve credit performance and increase loan volumes, but also weigh on margins. The state of the economy is also making it tougher to forecast those rates.

“Clearly, there are macroeconomic uncertainties that are kind of driving rate considerations and expectations that, at some point, perhaps, we may see the economy slow,” Ahmed said during the conference call. “It’s difficult really to give you any particular outlook on the rates, because if it turns out that we might see trade uncertainties dissipate, we may see a return to greater macro confidence, which would also help the underlying business conditions.”

TD’s results still fell within the bank’s target range for earnings per share, which grew by approximately eight per cent year over year for the third quarter.

“We continue to feel good about the performance and continue to look to position the bank to earn through that medium-term target that we have for ourselves,” Ahmed said in a phone interview.

Eight Capital analyst Steve Theriault noted Masrani had said last quarter that the bank was capable of hitting its earnings target this year despite growth of just four per cent at that point.

He added that TD is “within striking distance” of its target range with the “stronger” growth in the third quarter.

TD’s U.S. retail division led the way for the bank in the third quarter, recording a profit of nearly $1.29 billion, up 13 per cent from a year ago. TD Ameritrade Holding Corp., the U.S.-based retail brokerage, contributed $294 million in earnings, a 31 per cent increase. TD owns more than 40 per cent of TD Ameritrade.

In Canada, TD’s retail division reported a third-quarter profit of $1.89 billion, up two per cent. Its wholesale unit reported net income of $244 million, an increase of nine per cent compared to the same quarter in 2018.

TD’s provisions for credit losses, which can be affected by the economic outlook, were $655 million for the quarter, an increase from the $561 million reported for the same three months a year ago.

• Email: gzochodne@nationalpost.com | Twitter: GeoffZochodne

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August 30, 2019 at 02:16AM

Calgary-based Four20 agrees to be acquired by Tilray in $110M deal - Calgary Herald

Alphabet, Ontario Teachers' to launch infrastructure investment company - BNNBloomberg.ca

TORONTO -- Google parent company Alphabet Inc. (GOOGL:UN) and affiliate Sidewalk Labs are partnering with the Ontario Teachers' Pension Plan to launch a new company that invests in North American infrastructure.

The spin-out of Sidewalk Labs called Sidewalk Infrastructure Partners, plans to hold, operate and invest in advanced infrastructure for the digital age.

"Sidewalk Infrastructure will give cities an opportunity to deploy next-generation infrastructure," said Sidewalk Labs CEO Dan Doctoroff in a statement.

The company will focus on five areas including advanced mobility, energy, water and waste, digital infrastructure and social infrastructure.

The infrastructure could include technology-enabled systems for stormwater management, neighbourhood-scale heating and cooling, advanced traffic controls and other initiatives like the ones that Sidewalk Labs hopes to deploy at the Quayside side on Toronto's waterfront.

"Sidewalk Infrastructure will play an important role in Sidewalk Labs' ecosystem of products, financing, and development too make cities more inclusive and sustainable," said Doctoroff.

The new venture will help transform infrastructure through the use of technology, Olivia Steedman, senior managing director of the Teachers' Innovation Platform said in a statement.

"We will bring our infrastructure and investment expertise to the table, while leveraging our partners' world-leading capabilities in technology, to enable sustainable, intelligent and efficient physical infrastructure."

The company's co-CEO's are Brian Barlow, who will be based in its Silicon Valley office, and Jonathan Winer, who lives in New York.

Sidewalk Infrastructure's launch comes as Waterfront Toronto continues to evaluate Sidewalk Labs' proposal for Quayside and the eastern waterfront, which included a $1.3-billion spending commitment from the company.

The proposal, which would see Sidewalk develop both Quayside and a separate eight hectare site, has come under criticism for overstepping the criteria set out by Waterfront Toronto.

Sidewalk has also faced wider criticism over concerns of data collection and monitoring as part of its plan for the waterfront development.

The company has recommended that an independent, government-sanctioned trust be established to set guidelines and oversee data collection, while also committing not to sell personal information or use it for advertising.

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August 29, 2019 at 11:02PM

Apple sets the date: The iPhone event is on September 10 - MobileSyrup

Man who picked same numbers for three decades claims $60-million lotto jackpot - Edmonton Journal

TD profit falls shy of forecasts as loan-loss provisions weigh - The Globe and Mail

Toronto-Dominion Bank reported profit growth across all its major divisions in the third quarter but fell just shy of analysts’ expectations.

A 17-per-cent rise in provisions for credit losses – the funds banks set aside to cover bad loans – was a drag on TD’s results, continuing a trend among Canada’s largest banks as they see expected loan losses creep up from unusually low levels a year ago.

In TD’s core Canadian retail banking division, profit rose a modest 2 per cent, to $1.89-billion, as gains from increasing loan and deposit volumes were offset partly by higher loan loss provisions. TD adjusted its models in the quarter to account for the potential that more loans that are currently performing well may soon go sour.

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"I would say that we are continuing to see normalization in credit losses this year," said Riaz Ahmed, TD's chief financial officer, in an interview. "It feels more [like] business as usual to us."

TD reported profit of $3.25-billion, or $1.74 per share, for the three months ended July 31, compared with profit of $3.1-billion, or $1.65 a share, in the same quarter last year.

Adjusted to exclude certain one-time items, TD said it earned $1.79 per share. Analysts had expected $1.80 per share, on average, according to Refinitiv.

The results wrap up an earnings season characterized by mixed results, as higher loan losses, uneven capital markets performance and slower retail banking growth were partially offset by strong international results and healthy increases in loans and deposits.

TD’s U.S. retail division continues to be a source of strength for the bank, with profit up 13 per cent year over year, to $1.29-billion. That was driven in large part by strong contributions from the bank’s minority stake in TD Ameritrade, which contributed $294-million in profit in the third quarter. U.S. loans increased 6 per cent in the quarter, but margins were under heavy pressure, down 11 basis points, as U.S. interest rates have begun to fall amid uncertainty about trade tensions and the potential for a recession. (100 basis points equal one percentage point).

"I think there is a feeling on the ground [in the U.S.] that things continue to be okay so far, so we'll see how that develops as the macro and the political situations evolve," Mr. Ahmed said.

Profit from TD’s wholesale banking division was up 9 per cent, to $244-million, on the strength of strong trading-related revenue.

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“Overall, the results came in slightly below expectations despite a strong trading quarter,” said Robert Sedran, an analyst at CIBC World Markets, in a research note. “The strain from the lower interest rate environment was evident as it was for other banks this quarter.”

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August 29, 2019 at 07:45PM