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Havana Rallies as Cuba Condemns U.S. Capture of Maduro

Thousands of people gathered in Havana as Cuban President Miguel Díaz‑Canel forcefully condemned the United States for its military operation that resulted in the capture of Venezuelan President Nicolás Maduro and his wife, Cilia Flores. Díaz‑Canel described the action as an attack on regional sovereignty and a dangerous escalation in U.S. interventionism. The U.S. operation, carried out in the early hours of Saturday, involved a rapid strike inside Venezuela that removed Maduro from power and transported him out of the country. The move has triggered intense debate across Latin America, with governments and political groups weighing in on the implications for regional stability. In Cuba, the response was immediate and highly visible. Demonstrators filled Havana’s streets waving Cuban and Venezuelan flags, chanting in support of Maduro, and denouncing what they view as foreign aggression. Cuban officials framed the rally as a defense of Latin American independence and a call for uni...
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TD Bank: Navigating Challenges and Changes

 

Toronto-Dominion Bank (TD), once revered as the pinnacle of banking, is facing a shift in perception. The bank, known for its robust profits and investor appeal, is experiencing a tarnished reputation. A series of events, including messy succession planning, a dimmed growth outlook, and a more reserved stance on social issues, have contributed to this change.

The bank’s attempted acquisition of First Horizon Corp was blocked by U.S. authorities, revealing significant anti-money laundering issues and attracting the Department of Justice’s attention. This setback, coupled with the departure of key executives, has raised questions about TD’s future direction.

Despite these challenges, TD remains a strong lender with solid operations. It continues to command respect from investors, reflected in its stock trading at 10.8 times next year’s expected earnings. However, it now trails behind its chief rival, Royal Bank of Canada, which trades at 11.5 times estimated earnings.

TD’s Canadian personal banking division struggled during the pandemic, while its peers thrived. The bank’s leadership, once a close-knit ‘corporate family,’ now appears more restrained, with less substantive communication.

As TD approaches a leadership transition, it retains fundamental advantages, such as a stable source of cheap funding from retail deposits. Some questioned strategies are showing promise, like the revamped Aeroplan program and expansion in capital markets with the Cowen Inc. acquisition.

In summary, TD Bank is at a crossroads, with its once-unquestionable trust starting to wane. The bank’s next steps will be crucial in maintaining its esteemed position and regaining the confidence of stakeholders. The future leader will inherit a bank with a solid foundation but must navigate the uncertainties that lie ahead.


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