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An unusually large increase in income from capital markets helped the Royal Bank of Canada’s (NYSE:RY) profits take off year-over-year in its third fiscal year by 18 percent, as the above income went up 88 percent to $486 million. Adjusted quarter earnings were $1.31 per share, and the company raised its dividend from 5 cents Canadian to 60 cents.
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Validus Holdings, Ltd. (NYSE:VR) will buy Flagstone Reinsurance Holdings, S.A. (NYSE:FSR) in a $600 million cash and stock transaction, which the buyer hopes will reinforce its property reinsurance operations. Validus is paying $8.43 per share, which marks a 19 percent bonus to Flagstone’s Wednesday close.
Shares of the investment bank Gleacher & Co. (NASDAQ:GLCH) moved up on the day on word that it has retained a financial adviser to help in exploring strategic alternatives, among which include acquisitions, cooperating with equity investors, asset divestitures, or a business combination.
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