Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.

How the US will Inflate its Debt Away

Government can inflate its way out of debt.
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Why are Interest rates not falling.

A look at why interest rates are not falling despite UK economy going into recession. Is the Bank of England making a miscalculation to focus on inflation rather than growth?
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Goldman Sachs’ top AI picks

Brook Dane, portfolio manager at Goldman Sachs Asset Management, joins The Exchange to discuss the firm\'s top AI picks and the reasoning behind these picks.
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Does Printing Money Cause Inflation?

The link between the money supply and inflation.
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HSBC, the Untouchable Titan of Global Finance

From the filmmaker behind \'Goldman Sachs: The Bank that Rules the World\' comes a compelling new exposé delving into corruption within one of the globe\'s premier financial institutions – HSBC.
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US Economist’s Shock Warning: “Biggest Crash in Ou

This time, it’s got to crash 86% for the S&P 500 just to get back to the last low in early 2009, cautions Harry Dent
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Toni Gravelle Speech

On December 7, 2023, Deputy Governor Toni Gravelle speaks before the Windsor-Essex Regional Chamber of Commerce.
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Alberta Premier on the Supreme Court\'s ruling, an

Danielle Smith, Alberta\'s Premier, joins BNN Bloomberg to discuss the Supreme Court\'s ruling against Ottawa\'s environmental impact law, and the possibility of Alberta abandoning the Canada Pension Plan to run its own stand-alone fund.
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What Bank of America Just Said is Shocking

Bull market based on hype not reality.
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Horrific Canadian Banking Corruption Right Before

Fasten your seat belts as the banks continue moral hazard.
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The Banking System is in Free-Fall

Fall as Deposits Leave in Record Numbers Amid a Collapse in Lending
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The Financialization of Real Estate

REITS, private investors, private equity are using housing to prime their portfolios.
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Bitcoin regulations are coming

Lovers and haters of Bitcoin are polarized over the Ponzi. One thing is clear, regulations are coming.
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Are we in a bubble and, if so, when will it pop?

Since 2008 Canada has been pushing home prices higher. Canadian homes are considered by many to be the least affordable of all G20 nations. What gives?
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Canadian real estate and government, March 29

The latest Canadian real estate and government news. Risk of collapse, end of QE and rate rise are some of the issues discussed. Also the governments poor foreign policies on Ukraine are covered.
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FIRE report January 12th

Indigenous banking part 2 a continuation of earlier discussion of First Nations Bank. Other news:-Inflation-M&A under scrutiny-RBC has eyes on Europe
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BOC and reconciliation with Indigenous people

The Bank of Canada and other central banks, in conjunction with indigenous leaders want reconciliation and better economic outcomes for individuals. This video explores what is happening, gives the back story and sets the stage for a more in-depth analysis.
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Nov 26 FIRE report

Inflation and tariffs hit Trudeau in the face. Oil route as new strain goes viral. BNPL benefits questioned and investors open their wallets to receive dividends.
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FSIM FIRE report Nov 23

Duobank/Fairstone merger & Amozon boycott of Visa along with recent banking, insurance and real estate news from Canada.
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Nov 18th FIRE report

The latest financial news from the financial services industry monitor. Insurance companies should know that in 1990 BC flooding devastated the same flood plains as today. This report features coverage of insane inflation, interest rates hikes and the ongoing real estate melt-up.
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Poloz debunked, Nov 12 FIRE report

Poloz is wrong about inflation, university pension funds are out of their league, Home Capital run away, real estate wars and more from the financial services industry monitor.
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Central bank digital currencies: foundational prin

Central bank digital currencies: foundational principles and core features
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Nov 5th FIRE report

Topics todayDividends are backHigher interest rates are comingCOP26: Central bankers making miners richTO real estate melt-up
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FIRE report November 2nd

The latest Canadian FIRE news covering inflation risk and opportunities, Canadian Western bank expansion, governance and stablecoins.
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Canadian real estate February 24

Recap of recent real estate news in Canada. Tiff Macklem and market exuberance, cottage country price appreciation and the rise of lumber prices.
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Real estate: Feb 9, bulls vs bears

Bulls versus the bears, this week in the Canadian real estate industry.
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Feb 1, The Dumb Money Real Estate Vid

We a living a ponzi real estate market and the economy is at risk. Yet Doug Porter, economist BMO, is on record as saying Candian\'s want to pay more for houses. Yes, you can\'t make this stuff up. This video discusses the issues related to Porter\'s statement and explains why he is wrong.
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January real estate report 2021

2020 was a record year, except for condos. Montreal REM sites the exception to this rule. This video shares insights regarding the Canadian real estate segment.
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December 4th real estate report

Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
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Real estate, mortgage debt to income ratio improve

The mortgage debt to income ratio declined despite the pandemic. In this issue I discuss real estate stalling and immigration's impact on home prices.
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Real estate: fiscal conservatism/ponzi neoliberali

This video is intended to give viewers an understanding of the economic ideas behind Canada's potential housing bubble. This video also explains why Siddal, President and CEO of the CMHC, was likely pushed from his post.
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Caution for real estate investors, Oct 14th report

October 14th real estate report describing the issues in the market the last two weeks.
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Canadian bank industry overview - part 1

Overview of Canadian banking industry. This multi-part series looks at issues facing Canadian banks from a variety of angles. Part 1 examines the types of banks and scale using ROE and EBITDA as measures.
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Why insurance should partner with flood-claim.com

'Pros on the Go', a Fierce Tartan company are seeking insurance partners to pilot its new solution for streamlining the claims process.
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Canadian large bank comparison

Using financial data, Mark Sibthorpe compares the performance of TD bank to its rivals. TD grew faster in 2017 than its rivals, but was cited for aggressive sales practices.
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Current state of fintech in Canada

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University
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XE.com explains their Big Data and AI strategy.

This video covers XE.com's presentation at the AI, Big Data and Analytics event which took place in Toronto February 7/8, 2018. Cecelia Tamez and Jean Louis provide insights into their evolution and winning strategy.
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Greenpeace urges TD bank boycott

Greenpeace's campaign to stop TD financing the oil sands is delusional. Trillions of dollars are at stake for the banks and the Canadian economy. This video explores the related financial issues.
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Insurance flood US vs Can comparison.

This video provides an overview of the main differences between Canada's approach to overland flooding versus the US approach.
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Canadian bank industry overview part 5

Canadian bank overview part 5, medium-large banks. Banks include Manulife, Tangerine and Laurentian Bank.
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Canadian banking industry overview part 4

Canadian banking industry overview of Canadian Tire Bank, Presidents Choice Financial, Equitable Bank, B2B Bank
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Part 3 Canadian bank industry overview

Overview of small-medium size banks in Canada. Banks covered include Versabank, Hollis Bank, Equity Bank and Caisse Populaire Acadienne.
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Canadian banking overview - part 2

Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...
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Death to bitcoin, long live bitcoin

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.
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RBC to integrate Wave Technologies

RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.
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Deposits have skyrocketed since the start of the p

Canadian banks have increased their deposits by $127 billion since the start of the pandemic. This video uses charts to show which banks gained the most and how.
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About

About BankNews TV: financial services industry monitor (FSIM), analytics and research

Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.

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Research

Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.


Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.


The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.


March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.


Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.


VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic  

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

VersaBank (TSX:VB) (“VB” or the “Bank”) today announced the implementation of its new high security Virtual Private Network (VPN) remote access software solution, developed in partnership with Tailscale, a leading provider of secure network connectivity solutions. The software enables VersaBank employees to securely and directly connect to all the Bank’s servers across multiple offices and cloud providers, using two factor authentication and with every connection encrypted. The Tailscale-based solution uses the Office 365 setup and Windows client/server applications that the Bank already had in place.


2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.


Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

I have been reporting on Steve Eisman's short position for quite some time.  As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.


VersaBank Beta-Testing Its New, High Volume Mortgage Finance App   

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.


How and why you need to defend your brand against disruptors  

Mark Sibthorpe

Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.


Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.


ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:

 


Observations and overview of 2018 NB flood support from government and insurance companies.  

fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf

Mark Sibthorpe

 


Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:

"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.

 

"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.

 

With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.

 


Update Argentina: a sign of the times  

fsim.ca/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.


Summary of Canada's flood news, 2017 to present  

fsim.ca/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.


Banking on Pot  

fsim.ca/docs/c10191_banking-on-pot.pdf

SBS

As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 


Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.


Reasons financial service companies should consider gamification  

fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.


Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.


Finance minisiter scorecard August 26, 2015  

fsim.ca/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

Whether he knew it or not, Tom Reid, a senior vice-president at Sun Life, made a case for the behavior modification concept ‘Nudging’ when he recently proposed auto-enrolling Canadians in his company’s pension plans. Sun life cover 1.2 million Canadians, about 60% of the eligible employees.
According to Reid,


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

In an earlier report BankNews.TV expressed concerns about CWB. Here are 5 charts that show cause:
1. First earnings drop in years;
2. Deposits dropping which will increase cost of funds in the future.


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

  • Analytics
  • Financial services industry monitor (FSIM) industry briefings and developments reports
  • Research


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.


Gamification of financial data project  

fsim.ca/docs/GamingEventProposal-printsample--en-final_original.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

This report looks at the issues facing Canadian banks in the event of a Bank Rate rise.  


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.


Scorecard Minister of Finance: JIm Flaherty  

fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.


Sample RFP for a Loyalty Program  

fsim.ca/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

Canadian and London real estate, like Macau, may also be a convenient means for China’s elite to move money offshore; with the deleterious effect of driving up home values. Louise Shelley`s research concurs. In a published paper written for the National Defense University, Shelley argues that money laundering in real estate (MLRE) increases prices.


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

Readers of this document will be presented with monetary policy issues and facts
that show the USD will likely remain the dominant reserve currency, despite
questionable Chinese practices, record US debt levels, and a shaky economy.


Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.


Cheap Oil Report  

fsim.ca/docs/co2.pdf

Cheap oil has pushed the Bank of Canada's governor, Stephen Poloz onto a slippery slope. For some background on this, take October 22nd, when Poloz bid farewell to forward guidance, resulting in yesterday's surprise rate cut. A cut that has enraged TD and other banks, which see this as eroding profits.
 


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

This report explores Canada's strategies to compete globally. The report begins with an analyses of the housing market, because housing is the canary in the coal mine; explores what happens in the event of collapse; and analyses the underlying problem causing Canada to be uncompetitive.
 


Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

fsim.ca/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Guide to system selection  

fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.


News feed

SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.


A TRUMP ELECTION WIN COULD GIVE A BOOST TO CANADA’S LARGEST FINANCIAL INSTITUTIONS, ANALYSTS SAY

G&M - Stefanie Marotta, Claire O'Hara (2024-11-06)

Canadian banks and insurers with businesses in the United States can expect two very different possible scenarios after next week’s U.S.


TRUMP CLAIMS VICTORY IN U.S. PRESIDENTIAL ELECTION

CTV (2024-11-06)

In a speech to his supporters gathered at his campaign headquarters in Florida, Donald Trump claimed victory in the U.S.


TRUMP DEFEATS HARRIS, MARKING HISTORIC COMEBACK

WSJ (2024-11-06)

Republican Donald Trump leveraged anxieties about the cost of living and illegal immigration to defeat Democratic Vice President Kamala Harris, reclaiming the White House in a victory certain to alter America’s priorities and economic relationship with the world. Trump,


CANADA’S BIG BANKS ARE PROVIDING LITTLE INFORMATION ABOUT BLACK ENTREPRENEURSHIP LOAN PROGRAMS

G&M (2024-11-06)

Most of Canada’s major banks continue to lack transparency regarding their loan programs aimed at supporting and removing barriers for Black entrepreneurs, The Globe and Mail has found. The


RELAXED MORTGAGE RULES WILL COST HOMEBUYERS IN THE LONG RUN, BOC SENIOR DEPUTY WARNS

G&M - RACHELLE YOUNGLAI (2024-11-06)

A top Bank of Canada official says there’s “no free lunch” with the country’s new easier lending rules and is warning policy makers against relying on the mortgage market to fix housing affordability problems. Under


TRUMP'S VICTORY SPARKS CONCERNS OVER RIPPLE EFFECT ON CANADIAN ECONOMY

G&M (2024-11-06)

Some Canadian business leaders have expressed uneasiness over Trump's promise to introduce a universal 10 per cent tariff on all American imports.


CORUS BONDHOLDERS, FACING STEEP LOSSES ON LOANS, FIGHT FOR CONTROL OF MEDIA COMPANY

G&M - Andrew Willis (2024-11-05)

Unsecured lenders to Corus Entertainment Inc.


BANK OF CANADA HAD ‘STRONG CONSENSUS’ FOR OCTOBER’S HALF-POINT RATE CUT

G&M - Mark Rendell (2024-11-05)

Top officials at the Bank of Canada were in broad agreement last month that the central bank needed to accelerate the pace of interest-rate cuts with inflation back under control, according to a summary of the discussions that took place ahead of the latest monetary policy decision. On


BANK OF CANADA MEMBERS DO NOT SEE NEED FOR INTEREST RATE TO BE AS RESTRICTIVE, MINUTES SHOW

Yahoo Finance (2024-11-05)

The members of the rate-setting committee, however, discussed the merits of a 25 basis point cut but saw a strong consensus among them for the larger step, the summary of deliberations said.


INFLATION IS DOWN, WAGES ARE UP. WHY ARE CANADIANS STILL FRUSTRATED WITH THE ECONOMY?

BNN (2024-11-05)

Christopher Ragan, an associate professor of economics at McGill University, says it’s not surprising that Conservative Leader Pierre Poilievre’s more pessimistic message about the economy has resonated with Canadians over the optimism the Liberals have been trying to project.


SPIKE IN UK BORROWING COSTS WIPES OUT REEVES’ FISCAL HEADROOM

Bloomberg (2024-11-05)

The increase in UK borrowing costs since last week’s budget has wiped out all of Chancellor of the Exchequer Rachel Reeves’ headroom against her main fiscal rule, raising the prospect of further tax rises or spending cuts unless the debt picture changes. Tom


CANADIAN & AMERICAN BOND YIELDS FORM WIDEST GAP SINCE ASIAN FINANCIAL CRISIS: NBF

Better Dwelling (2024-11-05)

“… this unusual development supports a significant divergence in monetary policy, now reflected in the widest spreads on 2-year Treasury yields between Canada and the U.S.


WELLS FARGO HAS TRIPLED POLITICAL SPENDING WITH STATE GROUPS OVER PAST DECADE

Reuters (2024-11-05)

Over the past decade, Wells Fargo (WFC.N),


TORONTO HOME SALES CLIMBED 14% IN OCTOBER AS HOMEBUYERS JUMPED BACK INTO THE MARKET

G&M - RACHELLE YOUNGLAI (2024-11-05)

Toronto’s home sales climbed 14 per cent in October, the steepest monthly increase in nearly a year, as prospective homebuyers jumped back into the market after multiple interest-rate cuts. There


FEDERAL RESERVE SET TO CUT RATES AGAIN WHILE FACING A HAZY POST-ELECTION OUTLOOK

G&M (2024-11-04)

No one knows how Tuesday’s presidential election will turn out, but the Federal Reserve’s move two days later is much easier to predict: With inflation continuing to cool, the Fed is set to cut interest rates for a second time this year. The


WALL STREET FRENZY CREATES $11BN DEBT MARKET FOR AI GROUPS BUYING NVIDIA CHIPS

FT (2024-11-04)

Wall Street’s largest financial institutions have loaned more than $11bn to a niche group of tech companies based on their possession of the world’s hottest commodity: Nvidia’s artificial intelligence chips. Blackstone,


US ‘BUY NOW, PAY LATER’ GROUP AFFIRM LAUNCHES IN UK

FT (2024-11-04)

Please use the sharing tools found via the share button at the top or side of articles.


BCE SHARES DROP 9% AFTER PAYING $5-BILLION FOR U.S. INTERNET PROVIDER ZIPLY AND PAUSING DIVIDEND HIKES

G&M - ANDREW WILLIS, TIM KILADZE AND IRENE GALEA (2024-11-04)

Bell Canada parent BCE Inc.


OTTAWA DRAFT RULES CAP EMISSIONS FROM OIL AND GAS SECTOR TO 35% BELOW 2019 LEVELS

G&M - EMMA GRANEY (2024-11-04)

Alberta has vowed it will fight new federal draft regulations released Monday that will cap greenhouse gas emissions from Canada’s oil and gas sector to 35 per cent below 2019 levels. The


BANK OF CANADA NEUTRAL RATE COULD BE 2.75%, SURVEY FINDS

Yahoo Finance (2024-11-04)

The quarterly survey was conducted Sept.


CMHC SAYS MORTGAGE RISKS REMAIN AS DELINQUENCIES CREEP UP, ALTERNATIVE LENDING GROWS

Yahoo Finance (2024-11-04)

Mortgages more than 90 days past due made up 0.19


SUN LIFE FINANCIAL SEES THIRD-QUARTER EARNINGS RISE TO $1.35 BILLION

Yahoo Finance (2024-11-04)

The insurance company says diluted earnings per share were $2.33,


EXTREME RAINFALL IS BECOMING MORE FREQUENT AND DEADLY

Bloomberg (2024-11-04)

Torrential rains that triggered floods and landslides have killed hundreds of people and displaced millions across parts of Africa, Europe, Asia and the US in recent months. The


CLIMATE-RELATED CREDIT RISKS RISE ALONGSIDE EMISSIONS

Investment Executive (2024-11-04)

To get back on track with the Paris Agreement commitments, countries would have to commit to cutting emissions by 42% for 2030, and by 57% for 2035, it noted.


CANADIAN PLEADS GUILTY IN GLOBAL PUMP-AND-DUMP

Investment Executive (2024-11-04)

Bauer (aka Patek) pled guilty to a charge of conspiracy to commit securities fraud in a U.S.


WHY $11 TRILLION IN ASSETS ISN’T ENOUGH FOR BLACKROCK’S LARRY FINK

WSJ (2024-11-04)

BlackRock’s BLK 0.65%increase;


WHY CANADA’S ECONOMY IS FACING A TURBULENT FOUR YEARS – REGARDLESS OF A TRUMP OR HARRIS WIN

G&M - JASON KIRBY, MARK RENDELL AND MATT LUNDY (2024-11-03)

The results of Tuesday’s U.S.


TD BANKERS WEREN’T JAILED OVER MONEY LAUNDERING. BUT THIS GUY SURE WAS

G&M - Ethan Lou (2024-11-03)

Last week, the Canadian cryptocurrency billionaire Changpeng Zhao made his first public appearance after leaving U.S.


CANADIAN DRUG MAKER APOTEX HIRES BANKS TO PREPARE FOR IPO

Yahoo Finance (2024-11-03)

RBC Capital Markets, Jefferies Financial Group and TD Securities are advisers for the deal, the people said, asking not to be identified discussing information that is still private.


BRAZIL’S FINANCE CHIEF CANCELS TRIP TO EUROPE AT LULA’S REQUEST

Yahoo Finance (2024-11-03)

Brazil’s real was the worst performing emerging-market currency on Friday amid concerns about fiscal slippage, Lula’s commitment to spending cuts and the outcome of the US presidential election.


CANADIAN IMMIGRATION CHANGES TO IMPACT BC & ONTARIO REAL ESTATE MOST: BMO

G&M (2024-11-03)

“For temporary foreign workers specifically (who carry more weight than students), B.C.


RBA SET TO HOLD KEY RATE TO COUNTER STICKY PRICES, GLOBAL RISKS

Bloomberg (2024-11-03)

Australia’s central bank is poised to keep interest rates at a 13-year high, marking a year of unchanged policy as it grapples with a slow pace of disinflation and mounting global risks capped by a tight US election. Economists


CREDIT AND DEBIT CARDS ATE CASH. SO WHAT’S EATING CARDS?

WSJ (2024-11-03)

In the most recent update of an annual diary of Americans’ payment habits, for the first time consumers used debit cards as often as cash for payments under $25. That


IT’S OFFICIAL: OBSI BECOMES SOLE EXTERNAL COMPLAINTS BODY FOR BANKING

Investment Executive (2024-11-03)

“As a result of the move to a single [external complaints body], Canadians now have a simpler and fairer complaint-handling system,” said Werner Liedtke, interim commissioner with the Financial Consumer Agency of Canada (FCAC), in a release.


HOW WILL THE OUTCOME OF THE U.S. ELECTION AFFECT FINANCIAL MARKETS?

Investment Executive (2024-11-03)

She’s likely to maintain current trade policies and stability, added Gardner, and that could lead to steadier corporate profits.


TD BANK EXECUTIVES SHOULD HAVE BEEN PUNISHED MORE SEVERELY, U.S. SENATOR ELIZABETH WARREN TELLS PROSECUTORS

G&M (2024-10-31)

American Senator Elizabeth Warren is calling out the U.S.


CANADA’S BANKING LOBBYISTS CALL FOR OVERHAUL OF FINANCIAL CRIME REPORTING REGIME

G&M - Stefanie Marotta (2024-10-31)

Canada’s banking lobby group is calling on Ottawa to significantly overhaul the framework that lenders use to monitor and report suspicious activity that could be linked to money laundering or terrorist financing. In


CANADIAN ECONOMY STALLED IN AUGUST, THIRD-QUARTER GROWTH LOOKS TO FALL SHORT OF CENTRAL BANK ESTIMATES

G&M - Najoud Al Malees (2024-10-31)

The Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter. Statistics


U.S. FEDERAL RESERVE SEEN ON TRACK TO CUT INTEREST RATES NEXT WEEK AND IN DECEMBER

G&M - Ann Saphir (2024-10-31)

With inflation now only just above the Federal Reserve’s 2 per cent target and wage pressures easing, U.S.


BANK OF CANADA OVERSIGHT OF RETAIL PAYMENT PROVIDERS LAUNCHES FRIDAY

Yahoo Finance (2024-10-31)

“Every time you tap your card on a payment terminal or make a purchase online, there are at least two, maybe three or four payment service providers involved in getting the money out of your account and into a merchant’s account,” Ron Morrow, executive director of payments, supervision and oversight


US SEC SAYS JPMORGAN CHASE SETTLES FIVE ENFORCEMENT CASES, TO PAY $151 MILLION

Yahoo Finance - Jonathan Stempel (2024-10-31)

"JPMorgan's conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest," Sanjay Wadhwa, acting director of the SEC enforcement division, said in a statement.


CANADIAN GDP DRIVEN SOLELY BY PUBLIC ADMIN, BIZ GROWTH TURNS NEGATIVE

Better Dwelling (2024-10-31)

“Consequently, GDP per capita has fallen by around 4.0%


BIG TECH EARNINGS DRAG DOWN STOCKS

WSJ (2024-10-31)

The tech-heavy Nasdaq Composite had its worst day in nearly two months, dropping 2.8%


A SIMPLE GUIDE TO THE US ELECTION 2024

Al Jazeera (2024-10-31)

It is estimated that there are more than 230 million people who are eligible to vote in the United States.


MASTERCARD'S PROFIT BEATS ESTIMATES ON RESILIENT CONSUMER SPENDING

Reuters (2024-10-31)

Although some have flagged a slowdown, spending levels remain elevated compared with last year as wage growth and hopes of a soft landing spur consumer confidence. Trends


OPENING STATEMENT BEFORE THE SENATE STANDING COMMITTEE ON BANKING, COMMERCE AND THE ECONOMY

BOC (2024-10-30)

There are risks around our inflation outlook.


SAVE THE DATE FOR OUR SECOND QUARTERLY RELEASE

OSFI (2024-10-30)

Last quarter we started piloting a new approach to the way we release regulatory guidance.



BANK OF CANADA READY FOR ANOTHER HALF-POINT RATE CUT IF WARRANTED, MACKLEM SAYS

G&M (2024-10-30)

Bank of Canada Governor Tiff Macklem said the central bank is prepared to cut interest rates by half a percentage point again if the economic conditions warrant it. “We’re


DAYS AFTER THE BANK OF CANADA CUTS RATES, THE HAMMER DROPS ON SAVERS

G&M (2024-10-30)

I do love how banks announce lower returns on savings by saying their interest rates are “changing.” EQ


THE LOONIE IS TRADING AT LOWS NOT SEEN IN YEARS. HERE’S WHAT IT MEANS FOR CANADIANS

G&M (2024-10-30)

The Canadian dollar is trading against the U.S.


ONTARIO LOWERS PROJECTIONS FOR HOW MANY NEW HOMES WILL BE BUILT

Yahoo Finance (2024-10-30)

This year's annual target is 125,000 homes, but the government's fall economic statement tabled on Wednesday shows it expects just 81,300, based on an average of private-sector forecasts.


MANULIFE CUTS 2.5% OF STAFF IN WEALTH AND ASSET MANAGEMENT UNIT

BNN (2024-10-30)

The move was made “in an effort to leverage our global operating model and focus on high-growth priorities,” a spokesperson said.


ROBINHOOD FALLS AFTER REVENUE MISS ON CUSTOMER PROMOTION PROGRAM

Bloomberg (2024-10-30)

Robinhood Markets Inc.


THE COMMERCIAL REAL ESTATE CRASH IS BATTERING EVEN THE SAFEST BONDS

Bloomberg (2024-10-30)

1407 Broadway was, as far as the financiers of Wall Street could tell, as rock-solid an asset as could possibly exist.



FLORIDA ACCIDENTALLY BANNED BANKS FROM DOING BUSINESS IN SUNSHINE STATE

WSJ (2024-10-30)

Florida wanted to make it easier to invest in the state’s booming economy.


DONALD TRUMP WIN COULD BE A BOON FOR THESE CANADIAN BANKS

FP (2024-10-30)

“When thinking about which Canadian financials would benefit from a Trump presidency and which would not, the analysis is relatively straightforward: what companies have the highest proportion of employees who celebrate Thanksgiving in November versus October,” he said in a note on Oct.


JPMORGAN CEO JAMIE DIMON SAYS 'IT'S TIME TO FIGHT BACK' ON REGULATION

Reuters (2024-10-30)

"I have been told by people at the Fed, know that because of what you have said and what you wrote about, you know they are coming after you." The


POILIEVRE VOWS TO REMOVE GST ON NEW HOMES UNDER $1-MILLION

G&M - Rachelle Younglai, Stefanie Marotta (2024-10-29)

Federal Conservative Leader Pierre Poilievre said he would eliminate the federal goods and services tax on new homes priced under $1-million and $8-billion from the Liberals’ existing housing programs if his party forms the government after the next election. Mr.


GOLDMAN SACHS OPENS OFFICE IN RIYADH’S GIANT FINANCIAL DISTRICT

G&M - Nicolas Parasie (2024-10-29)

Goldman Sachs Group Inc.


HSBC TO BUY BACK $3 BILLION SHARES AS PROFIT BEATS ESTIMATES

Yahoo Finance (2024-10-29)

Europe’s largest bank said Tuesday that it would repurchase up to $3 billion of shares on the back of a 9.9%


GOLD NEARS RECORD WITH FOCUS ON KEY US DATA AND ELECTION ENDGAME

Yahoo Finance (2024-10-29)

Gold advanced toward a record as traders prepared for key data that will help to set the stage for the next Federal Reserve policy decision, while the countdown to the US presidential election continued.


MACKLEM SAYS BANK OF CANADA WILL HAVE TO ‘DISCOVER’ WHERE NEUTRAL RATE IS

BNN - Erik Hertzberg (2024-10-29)

“It makes sense to take some bigger-than-normal steps when you’ve taken some really big steps on the way up,” Macklem said.


CANADA ON TRACK TO BE WORLD'S THIRD-LARGEST WHEAT EXPORTER IN '24-25 CROP YEAR

BNN - Amanda Stephenson (2024-10-29)

According to a 2024-25 outlook released last week by Agriculture and Agri-Food Canada, production of all principal field crops in the country is estimated to increase 1.8


SANTANDER BEATS PROFIT ESTIMATES AMID SIGNS OF INTEREST DRO

Bloomberg - Jorge Zuloaga (2024-10-29)

Banco Santander SA posted better-than-expected profit in the third quarter, as the lender sees progress in adjusting to lower interest rates. The


PRIVATE CREDIT’S BANKING ROMANCE MAY TURN SOU

Bloomberg (2024-10-29)

To understand the wave of bank partnerships with private-credit fund managers during the past year or so, think back to the boom in mortgage lending through securitization in the early 2000s.


CANADIAN PERMANENT RESIDENT APPLICATIONS FALL 57%, WEAKEST MONTH IN YEARS

Better Dwelling (2024-10-29)

Canadian permanent resident applications have made a sharp drop over the past twelve months.


WALL STREET TO CAPITALIZE ON RATE CUTS

Investment Executive (2024-10-29)

“Falling interest rates have bolstered fee income from investment banking and wealth management and are likely to support a recovery in loan growth,” the report said.


WHY A RISE IN REPORTED BULLYING AT U.K. BANKS MAY BE POSITIVE

Investment Executive - James Langton (2024-10-29)

“[A] high number of complaints could be an indicator of a healthy culture in which people feel they can speak up, confident they will be listened to.


BANK OF JAPAN LIKELY TO HOLD RATES, BUT SIGNAL THAT HIKES REMAIN ON THE TABLE

WSJ - Megumi Fujikawa (2024-10-29)

The bank is also slated to release its quarterly outlook on growth and prices.


TENS OF THOUSANDS OF TAXPAYER ACCOUNTS HACKED AS CRA REPEATEDLY PAID OUT MILLIONS IN BOGUS REFUNDS

CBC - Harvey Cashore, Daniel Leblanc (2024-10-29)

At the height of this year's tax season, the Canada Revenue Agency discovered that hackers had obtained confidential data used by one of the country's largest tax preparation firms, H&R Block Canada.


THE FALL OF THE HOUSE OF SHARPE: WHAT EXACTLY HAPPENED TO BRIDGING FINANCE?

Canadian Business (2024-10-29)

When they started out in the ’90s, David Sharpe and Natasha Hilfer were both both fiercely smart and exceedingly ambitious, with eyes on the finance sector.


BANK OF CANADA EXHORTS FINTECHS TO GET ON BOARD WITH NEW RULES, WARNS OF REPERCUSSIONS

G&M - Mark Rendell (2024-10-29)

The Bank of Canada is urging thousands of digital payment companies to get on board with a new regulatory regime that starts rolling out this week, warning that it could take a tough line with businesses that fail to sign up. Starting


VISA EARNINGS TOP ESTIMATES, REVENUE JUMPS

Yahoo Finance (2024-10-29)

Visa (V) posted better-than-expected fiscal fourth quarter results.


BDC, EQUIFAX LAUNCH SMALL BUSINESS HEALTH INDEX TO TAKE PULSE OF CANADA'S SMES

Yahoo Finance (2024-10-29)

“Our innovative idea was that if we could combine the BDC and Equifax data, we could create a definitive measure of the business landscape in Canada,” said Sue Hutchison, chief executive of Equifax.


TRADER SAYS TD BANK SPOOFING DEAL DENIES HIM A FAIR TRIAL

BNN (2024-10-29)

Nadarajah’s lawyers said in a court filing that the government’s announcement of the deal turned “the constitutional right to a fair trial on its head” by telling the world that the trader was guilty.


WEALTHSIMPLE CEO CALLS CANADA’S PRODUCTIVITY LAG A ‘CRISIS’

Bloomberg (2024-10-29)

The head of Wealthsimple Inc.


TORONTO CONDO PRICES JUST HAD ONE OF THE WORST MONTHS ON RECORD

Better Dwelling (2024-10-29)

Greater Toronto condo prices are plunging.


MAJORITY OF YOUNG CANADIANS PLAN TO BUY HOMES WITHIN 5 YEARS: POLL

Investment Executive (2024-10-29)

But despite housing market challenges, the survey says 58% of non-homeowners aged 18 to 43 in Canada are still determined to purchase a home within the next five years.


RUSSIA RAISES INTEREST RATE TO 21 PERCENT, ITS HIGHEST IN DECADES

Reuters - Elena Fabrichnaya and Gleb Bryanski (2024-10-28)

Russia's central bank hiked its key interest rate by 200 basis points on Friday to 21%, the highest level since the early years of President Vladimir Putin's rule, when Russia was recovering from the chaos that followed the collapse of the Soviet Union. The


EUROPEAN CENTRAL BANK HEAD, CHRISTINE LAGARDE: "CLIMATE CHANGE" REQUIRES A COMPLETE OVERHAUL OF THE ENTIRE ECONOMY, IN LINE WITH THE "GREEN TRANSITION"

X (2024-10-28)

Including the need to "reduce our carbon footprint in everything we do, from banknotes to how we supervise banks.


WHY REGISTERING UNDER CANADA’S RETAIL PAYMENTS ACTIVITIES ACT HAS A MULTITUDE OF BENEFITS

Finextra - Madhvi Sonia (2024-10-28)

Registering under the Retail Payments Activities Act (RPAA) will allow payments services providers (PSPs) operating in Canada to bolster the safety and reliability of their retail services, while also protecting end users from specific risks.


IN CONVERSATION WITH DAN KELLY, PRESIDENT & CEO OF CFIB: NAVIGATING CANADA’S SMALL BUSINESS LANDSCAPE

Central 1 (2024-10-28)

I’m really excited by the potential for faster payments in Canada.


MAYBE IT’S NOT ALL BAD THAT CANADA STILL DOESN’T HAVE OPEN BANKING

G&M - JohnTurley-Ewart (2024-10-28)

The contrast between the Canadian and U.S.


BANK OF CANADA CRASHES GIC PARTY, SENDS RETIREMENT SAVERS PACKING: JACKSON

BNN - Dale Jackson (2024-10-28)

The Bank of Canada drove another nail in the coffin for Canadians who invest in fixed income this week after slashing its benchmark interest rate by a whopping 50 basis points (half of a per cent) to 3.75


WHY SMALL BUSINESS NEED BETTER INTERNATIONAL BANKING ACCESS

BNN (2024-10-28)

CEO of Loop Financial Cato Pastol explains why small business may be missing out on the benefits of international banking access.


NEXT HURDLE FOR TREASURIES IS WHETHER US KEEPS DEBT SALES STABLE

Bloomberg (2024-10-28)

With its confidence in future interest-rate cuts shaken by US economic resilience, the Treasuries market is also facing doubts about how much longer the US government can avoid ramping up its borrowing. Even


THE MOST DISRUPTIVE TECHNOLOGY IN HUMAN HISTORY

Bloomberg (2024-10-28)

It’s been a hectic week, what with Prime Minister Keir Starmer (via a careless choice of words) saying that shareholders aren’t working people, and sweeping speculation about what the Budget might hold — the most pertinent of which for the readership of this newsletter is probably the threat to impose


WHY EVERYTHING YOU THINK YOU KNOW ABOUT MONEY IS WRONG

Apple Podcasts (2024-10-28)

Author and economist David McWilliams joins Merryn to discuss his latest book Money: A Story of Humanity, and how the evolution of currency is central to the rise and fall of civilizations.


‘INDUSTRY,’ THE HIT SHOW ABOUT FINANCE, LEAVES BANKERS SCRATCHING THEIR HEADS

WSJ - Alexander Saeedy (2024-10-28)

For instance, why would traders at Pierpoint be working on a company’s initial public offering of stock—something that would so obviously be run by the equity capital markets syndicate.


CANADA SLOW TO EMBRACE NATURE RISK REPORTING

Investment Executive - James Langton (2024-10-28)

An industry-led group that’s pioneering corporate disclosure of nature-related financial risks is reporting a surge in companies and financial institutions embracing its reporting framework, but only a handful of them are Canadian.


MOODY’S DOWNGRADES SOME TORONTO-DOMINION RATINGS, QUESTIONING EFFECTIVENESS OF BANK’S GOVERNANCE

G&M - Stefanie Marotta (2024-10-25)

Moody’s Ratings downgraded Toronto-Dominion Bank TD-T late Wednesday on concerns over governance weaknesses and anti-money laundering failures that led U.S.


BOE’S MANN WARNS UK MAY HAVE CUT INTEREST RATES PREMATURELY

Yahoo Finance - Tom Rees and Irina Anghel (2024-10-25)

“If you have structural persistence in the relationship between wages and price formation that lasts, that is persistent and embedded, then it’s premature to start cutting until you purge those behaviors,” she said.


KOREA SAID TO INDICT BNP PARIBAS FOR ILLEGAL SHORT-SELLING

Yahoo Finance (2024-10-25)

The French bank was charged last week with violating local capital markets law, according to the people, who requested anonymity discussing a private matter.


‘THEY HAVE SOME CATCHING UP TO DO’: EXPERT REACTION TO BOC’S JUMBO RATE CUT

BNN - Jordan Fieguel (2024-10-25)

“It’s rare that the bank hikes or cuts by more than 25 basis points… it’s a bit of an unusual move but at the same time, it may be a little bit of catching up.


CRYPTO FIRMS CHARGED WITH MARKET MANIPULATION IN US STING

BNN - Zeke Faux (2024-10-25)

The scheme involved wash trades — using accounts you control to trade assets back and forth to create the false impression of volume, the government said.


SWEDEN’S RIKSBANK SEEN EASING AT HIGHER PACE IN BLOOMBERG POLL

Bloomberg (2024-10-25)

Sweden’s central bank is likely to take interest rates lower at a faster pace than previously anticipated, according to economists surveyed by Bloomberg. Respondents


BARCLAYS POSTS PROFIT BEAT ON INVESTMENT BANKING, U.K. DOMESTIC STRENGTH

WSJ - Elena Vardon (2024-10-25)

The British bank on Thursday reported a pretax profit of 2.23


HARRIS STOPS TALKING ABOUT CLIMATE CHANGE

WSJ - Bjorn Lomborg (2024-10-25)

You might think Ms.


CANADA PLANS TO SHRINK ITS POPULATION… AFTER IMMIGRATION DEMAND PLUMMETS

Better Dwelling (2024-10-25)

The current permanent resident target will be slashed by over a fifth, over two years.


THIS ISN’T YOUR DADDY’S BANK RUN: FSB

Investment Executive - James Langton (2024-10-25)

Additionally, the median deposit outflow of these runs — 24% of pre-run deposits — was more than double the median of past deposit runs, which were around 10% of deposits.


NUMBER OF WORKERS ON EI CONTINUES TO RISE: STATCAN

Investment Executive - James Langton (2024-10-25)

Over this period, the jobless rate rose by 0.5


CANADIAN HOUSING OUTLOOK

TD - Rishi Sondhi (2024-10-25)

In terms of risks to our forecast, there is considerable uncertainty around the impact of the new federal policies.


BANK OF CANADA CUTS ITS KEY INTEREST RATE BY A HALF-POINT TO 3.75%

G&M - Mark Rendell (2024-10-23)

The Bank of Canada delivered an oversized interest-rate cut on Wednesday and said that its fight with inflation is almost over, accelerating the pace of monetary policy easing in an attempt to engineer a soft landing for the Canadian economy. As



THE BANK OF CANADA RISKS BEING WAY BEHIND THE CURVE. CANADA WILL PAY FOR IT

G&M - Carl Gomez (2024-10-23)

Carl Gomez is the chief economist and head of market analytics at CoStar Group Canada. On


THE NATIONAL | TRUDEAU LEADERSHIP ULTIMATUM

CBC (2024-10-23)

A group of Liberal MPs gives Prime Minister Justin Trudeau a leadership ultimatum: Decide if you’re staying or going by Monday.


'CANADIANS CAN BREATHE A SIGH OF RELIEF,' MACKLEM SAYS, AS BANK OF CANADA CUTS INTEREST RATE BY 50 BASIS POINTS

Yahoo Finance - Alicja Siekierska, Jeff Lagerquist and John MacFarlane (2024-10-23)

Macklem said on Wednesday that the Bank opted to take a bigger step “because inflation is now back to the two per cent target and we want to keep it close to the target.”


BANKS LOWER PRIME RATES TO 5.95% AFTER BANK OF CANADA MOVE

Yahoo Finance (2024-10-23)

All of the Big Six banks including RBC, TD, BMO, Scotiabank, CIBC and National Bank say they have lowered their prime rate to 5.95


FINTRAC WARNS OF WAYS LAWYERS MAY BE FACILITATING MONEY LAUNDERING

Yahoo Finance (2024-10-23)

The warning comes as other agencies like Canada's banking regulator has also raised money laundering concerns, and in the wake of TD Bank Group paying more than US$3 billion in the U.S.


REAL ESTATE WHAT DOES THE BANK OF CANADA’S RATE CUT MEAN FOR REAL ESTATE?

BNN - Daniel Johnson (2024-10-23)

“While this will likely encourage some buyers to enter the market and may encourage more sellers to list in anticipation of these buyers, it’s likely that many will wait for the final rate announcement of the year before making a move.


AUSTRALIA’S TOP PENSION FUNDS TO ADD BILLIONS IN PRIVATE ASSETS

BNN - Amy Bainbridge (2024-10-23)

Australia’s A$3.9


GOLDMAN SACHS, APPLE FINED BY CFPB

Investment Executive - James Langton (2024-10-23)

The companies launched the card in 2019, “despite warnings to Goldman’s board… that the Apple Card disputes system was ‘not fully ready’ due to technological issues,” the CFPB said in its order.


ROYAL SETTLES THE CASE OF THE MISSING RESP GRANTS

Investment Executive - James Langton (2024-10-23)

Almost 1,500 investors missed out on over $1 million in federal grants, after Royal Mutual Funds Inc.


SAVE THE DATE FOR OUR SECOND QUARTERLY RELEASE

OSFI (2024-10-23)

As part of the release, Tolga Yalkin, Assistant Superintendent, Regulatory Response, will give remarks and take questions on our latest releases.


OPEN BANKING CHALLENGES AMERICA’S COZY LENDERS’ CLUB

FT - Roula Khalaf (2024-10-23)

Consumers tend not to care how banks actually work.


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SCOTIABANK SAYS TECHNICAL GLITCH THAT DISRUPTED DIRECT DEPOSIT, CHEQUE PAYMENTS HAS BEEN RESOLVED

G&M (2026-01-28)

“We are deeply sorry for the inconvenience the earlier technical issue has had on our clients, and sincerely appreciate their patience as we worked through this,” Ms.


A TRUMP ELECTION WIN COULD GIVE A BOOST TO CANADA’S LARGEST FINANCIAL INSTITUTIONS, ANALYSTS SAY

G&M - Stefanie Marotta, Claire O'Hara (2024-11-06)

Canadian banks and insurers with businesses in the United States can expect two very different possible scenarios after next week’s U.S.


TRUMP CLAIMS VICTORY IN U.S. PRESIDENTIAL ELECTION

CTV (2024-11-06)

In a speech to his supporters gathered at his campaign headquarters in Florida, Donald Trump claimed victory in the U.S.


TRUMP DEFEATS HARRIS, MARKING HISTORIC COMEBACK

WSJ (2024-11-06)

Republican Donald Trump leveraged anxieties about the cost of living and illegal immigration to defeat Democratic Vice President Kamala Harris, reclaiming the White House in a victory certain to alter America’s priorities and economic relationship with the world. Trump,


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TRUMP'S VICTORY SPARKS CONCERNS OVER RIPPLE EFFECT ON CANADIAN ECONOMY

Some Canadian business leaders have expressed uneasiness over Trump's promise to introduce a universal 10 per cent tariff on all American imports.


RELAXED MORTGAGE RULES WILL COST HOMEBUYERS IN THE LONG RUN, BOC SENIOR DEPUTY WARNS

A top Bank of Canada official says there’s “no free lunch” with the country’s new easier lending rules and is warning policy makers against relying on the mortgage market to fix housing affordability problems. Under new rules announced in September, Canadians will be able to put smaller down payments on pricier homes and first-time buyers will be able to stretch out their payments over 30 years instead of 25 years, effective mid-December. The policies are aimed at helping younger buyers get into the housing market where the average home price is $670,000 across the nation and more than $1-million in Toronto and Vancouver. But Bank of Canada senior deputy governor Carolyn Rogers is warning consumers will pay a price later for the more lenient payment terms. “Steps to reduce the short-term cost of mortgages for borrowers can increase their long-term costs,” Ms. Rogers said in a speech to the Economic Club of Canada on Wednesday. Using today’s interest rate and the average mortgage size, Ms. Rogers said that a borrower who stretches out their mortgage payments over 30 years instead of 25 years could reduce their monthly payments by $200. But she said those borrowers would end up paying an additional $50,000 in interest costs over the life of the mortgage. As well, she said that even though lenders will profit from the longer mortgage terms, she said they will face risks because there is less equity or capital available for the homeowner if they encounter financial stress. “There’s no free lunch,” she said. However, if a borrower was required to pay for mortgage insurance, the lender will be protected if the homeowner defaults on mortgage payments. The new mortgage policies go into effect Dec. 15 and are the most significant relaxation of borrowing rules in more than a decade. They are the federal government’s latest attempt to address the country’s affordable housing shortage. Ms. Rogers said it was encouraging to see all levels of governments focused on trying to make housing more affordable. But she said: “We need to resist the temptation to try to solve the housing affordability challenge by tinkering too much with the mortgage market.” Ottawa has also tried to boost home building by offering cheaper loans for developers who build rental-only apartment buildings. The federal government has also changed rules to allow some homebuyers to purchase preconstruction homes with an insured mortgage with a 30-year amortization instead of 25 years. Ms. Rogers said housing affordability requires a better balance between supply and demand. “Leaning too much on measures that reduce the short-term cost of financing could have long-term impacts on the financial health of households, the mortgage market and the economy,” she said. Canada has a reputation for having the highest ratio of household debt to disposable income among the Group of Seven advanced economies, which includes the U.S. The runup in home prices over the pandemic’s real estate boom exacerbated the problem. Many homeowners with mortgages have been renewing at much higher interest rates and have higher mortgage payments.


CANADA’S BIG BANKS ARE PROVIDING LITTLE INFORMATION ABOUT BLACK ENTREPRENEURSHIP LOAN PROGRAMS

Most of Canada’s major banks continue to lack transparency regarding their loan programs aimed at supporting and removing barriers for Black entrepreneurs, The Globe and Mail has found. The killing of George Floyd in 2020 sparked conversations between the banks, the federal government and Black business organizations about increasing funding for Black entrepreneurs who disproportionately face systemic barriers to accessing capital. Banks ended up leaving the government initiative in 2021 with promises to create their own tailored programs. In the three years since, five of the six biggest banks have created programs that they say would help increase the amount of credit that Black entrepreneurs have been able to access. However, while The Globe has repeatedly checked in with the banks to track the progress and impact of these programs, the institutions have generally declined to provide data on how many loans have been extended or how many Black entrepreneurs they have helped. In October, The Globe reached out again. Only Canadian Imperial Bank of Commerce and Royal Bank of Canada shared data about the amount of loan money they have distributed and the number of approved applicants. Other institutions, including Bank of Nova Scotia, Toronto-Dominion Bank, Bank of Montreal and National Bank provided limited or no information. Jackee Kasandy, chief executive officer and founder of the Black Entrepreneurs and Businesses of Canada Society, said funding remains a challenge. “Three to four years in, despite some progress, the banking and other funding systems still move slowly when it comes to real, equitable funding opportunities for Black business owners,” she said. CIBC said it has approved more than $14-million in loans to Black entrepreneurs, exceeding its goal of $13-million since the launch of its program in 2022. Its Black Entrepreneurship Program provides loans up to $250,000 for equipment, leasehold improvements and working capitals. In addition to the loans, the bank said it has provided $2-million in non-repayable loans through the Black Opportunity Fund to support entrepreneurs who were declined a loan under its program. The BOF is a charitable organization that funds Black businesses. RBC said it has committed over $44.5-million in funding as part of its broader five-year, $100-million commitment to support Black Canadian entrepreneurs. The bank launched its Black Entrepreneur Program in 2021. Some of the funding is allocated to the Black Entrepreneur Startup Program delivered through Futurpreneur, a non-profit organization that provides young entrepreneurs with loan financing. The bank has made some changes to the BESP program since its launch in 2021. Young Black entrepreneurs from the ages of 18 to 39 who qualify can now access loans of up to $75,000 in collateral-free financing, an increase from the previous limit of $60,000. Mentorship, guidance and networking opportunities for startup ventures are also included. In October, 2021, the bank launched the RBC Black Entrepreneur Business Loan, another program that provides eligible Black entrepreneurs in Canada with business loans of up to $250,000. Loan rates for the program are now reduced to two percentage points above the current prime interest rate, making the loan more affordable than a fixed-rate one. Scotiabank, which launched its Black-Led Business Financing Program in June, 2022, said that its loans may have longer amortization to free up cash flow, no application fees and financing for working capital. However, the bank declined to provide any information on how much it has lent under the program. TD Bank said it has approved 63.7 per cent of applicants since launching its Black Entrepreneur Credit Access in February, 2023. The program provides loans of up to $25,000, but the bank would not disclose the total value of loans it has given out so far... “I had to put up security,” Mr. Whyte said. “I don’t even know how I would have survived without having that injection earlier in the year.” BMO launched the BMO for Black Entrepreneurs (BBE) Program on Feb. 14, 2022, providing educational resources, networking opportunities and working capital with loans of up to $150,000. BMO didn’t provide any detail of how much has been lent under the program. Through BBE, BMO has supported business such as Domum Care, a Montreal-based company that provides care to elderly and people with reduced mobility, allowing them to remain at home with dignity and comfort. Co-founder and president Roch Dupervil said that the company initially secured contracts from the provincial government but struggled with cash flow owing to delays in government payments, which forced them to limit service hours. Participating in BMO’s program alleviated these issues, allowing them to hire more staff and accept more service hours. “The thing that I’m most proud of is to be able to pay people,” Mr. Dupervil said. National Bank decided not to launch a lending program. Instead, it partnered with the BOF to create a $5-million investment fund. The bank said the fund hasn’t been launched yet, but it made a $1.25-million donation to the BOF to support Black entrepreneurs across Canada.



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