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

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

CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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.

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

Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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

Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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

fsim.ca/docs/booksample.pdf

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.

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.

CHINESE EVERGRAND'S CHâTEAU MONTEBELLO FORCED INTO RECEIVERSHIP, TRIGGERING NEW OWNERSHIP MYSTERY

G&M - ANDREW MCINTOSH (2025-11-21)

The iconic Château Montebello has been forced into receivership after its foreign owners racked up $63.9-million

BANKING REGULATOR PROPOSES TO EASE LENDING RULES FOR CANADIAN BANKS

Yahoo Finance (2025-11-21)

The proposed changes announced on Thursday by the Office of the Superintendent of Financial Institutions (OSFI) in its quarterly release could help Canada adjust to a “rapidly changing environment” and contribute to economic growth, it said.

BITCOIN HEADING FOR WORST MONTH SINCE CRYPTO COLLAPSE OF 2022

Yahoo Finance (2025-11-21)

The rout follows a crippling bout of liquidations on Oct.

IS CANADA IN A 'VICIOUS CIRCLE' OF LOW PRODUCTIVITY? BOC SAYS SO

BNN (2025-11-21)

Eric Lascelles, chief economist at RBC Global Asset Management, joins BNN Bloomberg to discuss the latest remarks from the Bank of Canada on productivity and what the country's economy needs to get out of this circle.

WALMART REVENUE UP 6% YEAR-OVER-YEAR

BNN (2025-11-21)

Zhihan Ma, senior analyst at Bernstein, and Jacob Aiken-Philllips, vice president of consumer and retail research at Melius Research, join BNN Bloomberg to discuss Walmart's latest earnings results, showing an increase in revenue as the retailer warns of higher costs and sees an increase in online sales.

CHINESE MAKER BEHIND MOST OF WORLD’S BITCOIN MINERS HAS BEEN FOCUS OF US NATIONAL SECURITY PROBE

Bloomberg (2025-11-21)

Investigators have sought to assess whether Bitmain Technologies’ products pose risks of espionage or sabotage, according to people familiar with the matter.

CANADIANS TAP HELOC DEBT AT THE FASTEST RATE SINCE 2012

Better Dwelling (2025-11-21)

Bank of Canada (BoC) data shows Home Equity Lines of Credit (HELOC) borrowing just saw the biggest September growth since 2009.

QUESTRADE LAUNCHES SUITE OF NEW TRADING PRODUCTS FOR SOPHISTICATED RETAIL INVESTORS

G&M - Clare O'Hara, Tim Kiladze (2025-11-20)

Questrade Financial Group Inc.,

TD SUED BY FORMER U.S. EMPLOYEES ALLEGING WRONGFUL DISMISSAL DURING MONEY-LAUNDERING PROBE

G&M - Stefanie Marotta (2025-11-20)

Toronto-Dominion Bank TD-T is being sued by five former employees in the United States who allege they were wrongly fired as the lender contended with an investigation by authorities that found failures in its anti-money-laundering (AML) procedures. A

CRYPTOCURRENCY FIRM APPEALS $176-MILLION FINE BY FINTRAC

G&M - Alexandra Posadzki (2025-11-20)

Xeltox Enterprises Ltd.,

HAVE HOMES GOTTEN PRICIER – OR HAS MONEY LOST ITS VALUE?

G&M - DARRYL DYCK, HANIF BAYAT (2025-11-20)

Home unaffordability has dominated Canadian headlines for the past decade as housing prices have increasingly outpaced average incomes.

CANADIAN MORTGAGE DELINQUENCY RATE FALLS FOR FIRST TIME IN THREE YEARS: CMHC

Yahoo Finance (2025-11-20)

Canada Mortgage and Housing Corp.

SCOTIABANK SHUFFLES EXECUTIVE RANKS, PHIL THOMAS TO TAKE ON COO ROLE

BNN (2025-11-20)

The bank says Phil Thomas has been appointed group head and chief strategy and operating officer, replacing Anique Asher who took on the role in July 2024.

CRYPTO WORLD WIPES OUT $1 TRILLION AS BITCOIN PLUNGES ANEW

Bloomberg (2025-11-20)

The great crypto crash of 2025 entered a new phase on Wednesday, as Bitcoin plunged to its lowest level in seven months, extending the more than $1 trillion wipeout across the digital‑asset world. The

EVERGRANDE’S ICONIC CANADIAN HOTEL TO BE SOLD AFTER DEFAULT

Bloomberg (2025-11-20)

China Evergrande Group’s iconic log-cabin hotel in Canada has been placed in receivership after the defaulted real estate developer failed to make payments on its debt. Fairmont

CANADIAN HOUSING STARTS DROP 46K HOMES IN JUST ONE MONTH

Better Dwelling (2025-11-20)

The drop in housing starts was expected, following a slump in pre-construction sales.

EDWARD JONES CANADA TO BUY FIDUCIARY TRUST COMPANY OF CANADA

Investment Executive (2025-11-20)

Fiduciary Trust Company of Canada is a private wealth boutique that has served high-net-worth clients for more than 40 years.

FED OVERHAULS APPROACH TO BANK COMPLIANCE

Investment Executive (2025-11-20)

“The principles align bank examination and ratings to material financial risks, reduce duplication between exams from different supervisors, and streamline the remediation of issues cited by supervisors,” the Fed said in a release.

NVIDIA PROFITS SOAR, SOOTHING INVESTOR JITTERS OVER AI BOOM

WSJ (2025-11-20)

Nvidia NVDA 2.85%increase;

WHY CANADIAN HOME PRICES MAY NOT HAVE HIT BOTTOM YET

Yahoo Finance (2025-11-19)

Inventory has been building in the market for two years, especially in Ontario and British Columbia, where homes for sale reached a decades high in the spring, said Robert Hogue, assistant chief economist at Royal Bank of Canada.

BITCOIN SLIDE SPURS RECORD WITHDRAWALS FROM BLACKROCK’S IBIT

Yahoo Finance (2025-11-19)

BlackRock saw $523 million in outflows from the exchange-traded fund on Tuesday, marking a fifth straight day of net redemptions, according to data compiled by Bloomberg.

CANADIAN HOUSEHOLD DEBT SURGES—BUT IT WASN’T DUE TO MORTGAGES

Better Dwelling (2025-11-19)

Yet mortgages only accounted for 55% of the debt added in September, with the remaining 45% coming from consumer credit like credit cards and lines of credit.

NEW HOME CONSTRUCTION DROPPED 17% IN OCTOBER, SAYS CMHC

CBC (2025-11-19)

"This is consistent with our view that homebuilding is likely to cool next year, as modest population growth weighs on rents, and weak pre-sales activity restrains starts in the ownership market," he wrote.

WALMART’S MCMILLON LEAVES TECH-SAVVY LEGACY

Pymnts (2025-11-18)

“Over more than a decade as CEO, Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance,” Penner said in the release.

LARRY SUMMERS TO STEP BACK FROM PUBLIC COMMITMENTS AFTER EPSTEIN EMAILS

WSJ (2025-11-18)

Former Harvard University President Larry Summers said he would be stepping back from public commitments after receiving criticism over his correspondence with sex offender Jeffrey Epstein. “I

THE FEDERAL RESERVE’S BROKEN LEADERSHIP

WSJ - Kevin Warsh (2025-11-18)

The cost of curiosity is approaching zero, owing to a new age of American innovation.

BITCOIN ETF INVESTORS IN THE RED AFTER $89,600 LEVEL BREAKS

Yahoo Finance - Vildana Hajric and Sidhartha Shukla (2025-11-18)

“Bitcoin’s sharp drop places the majority of 2025’s institutional buyers underwater for the first time and risks triggering more outflows if sentiment does not stabilize soon,” said Nick Ruck, a director at LVRG Research.

CRYPTO’S RISKIEST TOKENS PLUMMET TO PANDEMIC-ERA LEVELS

Yahoo Finance - Sidhartha Shukla (2025-11-18)

The broader crypto market is still reeling from an Oct.

ORACLE’S ASTONISHING $300BN OPENAI DEAL IS NOW VALUED AT MINUS $74BN

FT - Bryce Elder (2025-11-18)

Since September 10, when Oracle announced a $300bn deal with the chatbot maker, its stock has shed $374bn in market value: OK, yes, market caps don’t work like that and the post headline is clickbait.

DEUTSCHE BANK LAYS OUT PLAN TO BECOME ‘EUROPEAN CHAMPION IN BANKING’

FT - Olaf Storbeck (2025-11-18)

Deutsche Bank has pledged to deliver higher growth, returns and payouts to investors as well as lower costs by 2028, as chief executive Christian Sewing seeks to turn the lender into “the European champion in banking”. Germany’s

'THOSE INTEREST RATES ARE GOING DOWNWARDS': BALA ON POTENTIAL BOC RATE CUTS

BNN (2025-11-18)

Jay Bala, CEO and senior portfolio manager at AIP Asset Management, joins BNN Bloomberg to discuss the path forward for the BoC amid tame CPI data.

TRUMP SAYS HE THINKS HE KNOWS HIS CHOICE FOR THE NEXT FED CHAIR

Yahoo Finance (2025-11-18)

"I think I already know my choice," Trump told reporters in the Oval Office, regarding who will replace outgoing Fed Chair Jerome Powell, whose term ends in May.

FINTECH KLARNA RECORDS LOSS AS IT EXPANDS INTO CONVENTIONAL LENDING

FT (2025-11-18)

“Buy now, pay later” fintech Klarna reported a loss in its first quarterly earnings since going public in September, as a push into conventional lending weighed on profits. The

CANADIAN HOME SALES TICK UP AS RATE CUTS DRAW MORE BUYERS

G&M - SALMAAN FAROOQUI (2025-11-17)

Canadian home sales have now increased for six of the past seven months, as declining interest rates and cheaper mortgage rates prompt more buyers off the sidelines. There

CRYPTO TUMBLES: THE 'IRONY' OF BITCOIN'S BEAR MARKET

Yahoo Finance (2025-11-17)

Bitcoin (BTC-USD) extends recent declines, sinking deeper into a bear market.

BITCOIN HUMBLES WALL STREET FAITHFUL AFTER $600 BILLION PLUNGE

Yahoo Finance - Olga Kharif (2025-11-17)

“The sentiment in retail crypto is so bad that there could still be some downside in the market,” said Matthew Hougan, chief investment officer at Bitwise Asset Management, who believes prices will go up next year.

STATISTICS CANADA SET TO REPORT OCTOBER INFLATION DATA TODAY

BNN (2025-11-17)

But economists say steady consumer spending, despite rising unemployment, is keeping inflation from falling further.

MPS TO VOTE ON PRIME MINISTER MARK CARNEY’S FIRST BUDGET TODAY

BNN (2025-11-17)

So far, opposition parties have spoken out against the budget, saying it doesn’t align with their priorities, and it isn’t yet clear where the Liberals will get the votes they need.

CPP INVESTMENTS EARNED 5.4% NET RETURN IN Q2

Investment Executive (2025-11-17)

The increase in net assets for the quarter included $39.8

WALL STREET BLOWS PAST BUBBLE WORRIES TO SUPERCHARGE AI SPENDING FRENZY

WSJ (2025-11-17)

Not long ago, Blue Owl Capital OWL -1.35%decrease;

CANACCORD POSTS RECORD WEALTH REVENUES, BUT U.S. ISSUES DRAG ON Q2

Investment Executive - Alisha Hiyate (2025-11-17)

Adjusted net income totalled $44.9

SCOTIABANK SAYS THE BANK OF CANADA’S NEXT MOVE WILL BE A RATE HIKE

Canadian Mortgage Trends (2025-11-17)

“Inflation risks are serious enough that the Bank of Canada is done cutting interest rates,” the report says.

JPMORGAN SECURES DEALS WITH FINTECH AGGREGATORS OVER FEES TO ACCESS DATA, CNBC REPORTS

Reuters (2025-11-17)

Nov 14 (Reuters) - JPMorgan Chase (JPM.N),

CARNEY SEARCHES FOR VOTES TO PASS BUDGET AND AVOID SNAP ELECTION

FP (2025-11-17)

Prime Minister Mark Carney’s government faces a decisive moment on Monday when Canada’s House of Commons votes on a proposed budget that would increase borrowing to spend on the military and infrastructure. Article

RATE OF INFLATION EASES TO 2.2% IN OCTOBER, A NOTCH HIGHER THAN EXPECTED

G&M (2025-11-17)

There were signs inflation was easing in October, but a more muddled picture under the hood has most economists expecting the Bank of Canada will shift to the sidelines at its final interest rate decision of the year. Cheaper

BITCOIN PRICE UNDER PRESSURE, SLIPS BELOW $92,000 AS 'SELF-FULFILLING PROPHECY' PUTS 4-YEAR CYCLE IN FOCUS

Yahoo Finance (2025-11-17)

The firm noted a critical level of $93,000, noting that "a break below could trigger an accelerated liquidation cascade."

LIBERALS CLEAR HIGH-STAKES CONFIDENCE VOTE TO PASS FEDERAL BUDGET, AVOID HOLIDAY ELECTION

BNN (2025-11-17)

The vote was a make-or-break one for the Liberal government, which is two seats shy of a majority.

SENIOR MANAGERS DEPART BMO CAPITAL MARKETS AS FIRM PUSHES REORGANIZATION

Bloomberg (2025-11-17)

Bank of Montreal let go of two longtime managing directors in its capital markets unit. Alena

CANADIAN REAL ESTATE PRICES FALL TO 4-YEAR LOW AS INVENTORY SETS RECORD

Better Dwelling (2025-11-17)

Canadian home prices are still falling, but remain 25.6%

CANADIAN INFLATION REMAINS STICKY, HOMEOWNERS & RENTERS SEE COSTS SOAR

Better Dwelling (2025-11-17)

Mortgage interest rose 2.9%

MARKET ROUT INTENSIFIES, SWEEPING UP EVERYTHING FROM TECH TO CRYPTO TO GOLD

WSJ (2025-11-17)

An intensifying selloff across financial markets Monday ensnared everything from gold to crypto to highflying tech stocks, dragging the Dow Jones Industrial Average to its worst three-day stretch since President Trump’s tariff turmoil in April. Investors

BONDS ARE HEADING FOR THE BEST YEAR SINCE 2020

WSJ (2025-11-17)

Almost everything has lined up for bonds lately. The

ECN CAPITAL TO BE ACQUIRED BY PRIVATE EQUITY FIRM WARBURG PINCUS

G&M - Andrew Willis (2025-11-14)

Private equity fund Warburg Pincus LLC plans to take private Toronto-based alternative lender ECN Capital Corp.

RBC’S ASSET MANAGEMENT ARM NAMES STU KEDWELL AS CHIEF INVESTMENT OFFICER

G&M - Clare O'Hara, James Bradshaw (2025-11-14)

Royal Bank of Canada’s RY-T asset management division has chosen Stu Kedwell as its next chief investment officer, elevating a fund manager who has deep roots at the bank and who commands broad respect on Bay Street. On

MANULIFE'S SHARES HIT RECORD AFTER INSURER UNVEILS NEW EXPANSION STRATEGY, INDIA FOCUS

Yahoo Finance - Nivedita Balu and Pritam Biswas (2025-11-14)

"We definitely are not taking a position on what countries are ​a relative winner or a loser...

TOP FANNIE MAE OFFICIALS OUSTED AFTER SOUNDING ALARM ON SHARING CONFIDENTIAL HOUSING DATA

Yahoo Finance (2025-11-14)

He's prompted mortgage fraud investigations of prominent Democrats who are some of the president’s best known antagonists, including Sen.

BANK OF AMERICA, BANK OF NEW YORK MELLON SEEK TO END EPSTEIN LAWSUITS

Yahoo Finance - Jonathan Stempel (2025-11-14)

The proposed class actions filed on October 15 by one of Epstein's victims, a ‌Florida woman known as Jane Doe, said the banks knowingly ignored a "plethora" of information about Epstein's crimes because they valued profit over protecting victims.

BOOMERS ARE PASSING DOWN FORTUNES — AND WAY, WAY TOO MUCH STUFF

Bloomberg - Chris Rovzer (2025-11-14)

Nick Malis knew that one day he would have to sort through the 10,000 Pez dispensers.

US MORTGAGE RATES RISE SLIGHTLY, SENDING 30-YEAR LOANS TO 6.24%

Bloomberg - Preshant Gopal (2025-11-14)

Mortgage rates in the US increased for a second week, adding to costs for homebuyers already facing a precarious economy. The

CANADIAN & US REAL ESTATE AFFORDABILITY IMPROVED, STILL NEAR RECORD LOWS: BMO

Better Dwelling (2025-11-14)

Both markets are now in a post-boom phase, with affordability still hovering near historic lows.

CAPITAL ONE DEBIT-CARD USERS AREN’T ALL HAPPY AFTER THE SWITCH TO DISCOVER

WSJ - Ben Glickman (2025-11-14)

Capital One COF -2.40%decrease;

CANADA IN THE RUNNING TO HEADQUARTER NEW DEFENCE BANK

G&M - PIppa Norman (2025-11-13)

Canada is in the running to headquarter a new multinational bank dedicated specifically to financing defence projects, a sea change for a sector that has traditionally been shunned by the country’s financial institutions. The

MANULIFE CEO UNVEILS NEW EXPANSION STRATEGY FOR CANADA AND ABROAD

G&M - CLARE O’HARA (2025-11-13)

Six months into his tenure, Manulife chief executive officer Phil Witherington is laying out a new list of strategic priorities that will see the insurer invest more money in its domestic operations and in artificial intelligence, expand its U.S.-based

TD PICKS OIL STOCKS AS INVESTORS AWAIT CARNEY'S NEXT MAJOR PROJECTS LIST

Yahoo Finance - Jeff Lagerquist (2025-11-13)

TD predicts the industry will add 270,000 barrels per day (mbbl/d) of new pipeline capacity through 2030, mainly through optimization and de-bottlenecking efforts

TRUMP SIGNS BILL ENDING GOVERNMENT SHUTDOWN AFTER 43 DAYS

Yahoo Finance - Ramzan Karmali (2025-11-13)

President Donald Trump has signed a government funding bill that ends a record 43-day shutdown.

CARNEY TO ANNOUNCE LATEST BATCH OF MAJOR PROJECT OFFICE REFERRALS TODAY

Yahoo Finance - Nick Murray (2025-11-13)

“One of the challenges I think we’ll face is that many of these projects are not what I call ready for prime time.

BANK OF CANADA MULLED DELAYING CUT UNTIL AFTER CARNEY’S BUDGET

Bloomberg (2025-11-13)

Bank of Canada officials discussed delaying a rate cut until they had more details about Prime Minister Mark Carney’s budget and US trade policy. In

CANADIAN INSOLVENCIES ACCELERATE, HIT HIGHEST LEVEL SINCE 2009

Better Dwelling (2025-11-13)

Consumer insolvencies are once again approaching historic highs, challenging any evidence of stabilization.

TWO-FIFTHS OF CANADIANS WITH TFSAS ARE SITTING ON CASH: SURVEY

Investment Executive (2025-11-13)

Among Gen Z Canadians without a TFSA, 74% said their lack of knowledge about the account was the biggest barrier, higher than the national average of 52%.

GATING ISN’T A BETRAYAL; IT’S A FORESEEABLE MISMATCH

Investment Executive - Noah Shipman & Randy Gar (2025-11-13)

Many investors and their advisors navigating the current stress in private evergreen funds feel betrayed.

AS CARNEY PUSHES MAJOR PROJECTS, HE MUST HEED A CAUTIONARY TALE FROM CANADA’S PAS

G&M - JOHN SANDLOS AND ARN KEELING (2025-11-12)

John Sandlos and Arn Keeling are professors at Memorial University of Newfoundland.

PAYPAL RE-LAUNCHES IN THE UK AFTER NEARLY TWO YEARS

Yahoo Finance (2025-11-12)

The digital payments platform ​said customers ‌in the UK will have access to debit cards that can be used ⁠worldwide without ​any transaction ​fees, credit cards, and ‍its ⁠PayPal+ loyalty programme.

NVIDIA, INTEL AND ALIBABA RIDE THE AI BOOM AS BUBBLE FEARS GROW

Yahoo Finance (2025-11-12)

He’s joined by hedge fund manager Tom Hayes of Great Hill Capital, who unpacks how crowded the AI trade has become, why retail options buying may be a red flag, and where he sees second-derivative winners in names like Alibaba (BABA), Intel (INTC), and Boeing (BA).

CANADIAN JOB GROWTH IS ALL IN ON BIG BUSINESS, AMPLIFYING RISKS: BMO

Better Dwelling (2025-11-12)

Canada’s job growth is increasingly concentrated in large firms (500+ employees).

TOKENIZATION RAISES NEW RISKS, WITH FAMILIAR ONES

Investment Executive (2025-11-12)

The prospect of tokenizing financial assets holds some promise of enhancing efficiency, but it also invites possible new risks, says a new report from the International Organization of Securities Commissions (IOSCO) — which calls on regulators to remain alert to novel risks from this evolving technology.

THE PROSPECT OF TOKENIZING FINANCIAL ASSETS HOLDS SOME PROMISE OF ENHANCING EFFICIENCY AND POSSIBLE NEW RISKS

WSJ (2025-11-12)

The path for interest-rate cuts has been clouded by an emerging split within the central bank with little precedent during Federal Reserve Chair Jerome Powell’s nearly eight-year tenure. Officials

FANNIE MAE WATCHDOGS PROBED HOW PULTE OBTAINED MORTGAGE RECORDS OF KEY DEMOCRATS

WSJ (2025-11-12)

Since being installed at the top of the FHFA, normally a sleepy administration post out of the spotlight, Pulte has been investigating alleged mortgage fraud, including against some of Trump’s political opponents.

THE AI BOOM IS LOOKING MORE AND MORE FRAGILE

WSJ (2025-11-12)

Perfect isn’t good enough, and any sign of weakness is a disaster: Justified or not, that’s the current mood in the markets about the AI boom. Recent

QUEBEC LOOKING TO CAISSE INVESTMENTS, DATA CENTRES TO BOOST ECONOMY AMID TRADE TURMOIL

G&M (2025-11-11)

The Quebec government is leaning harder on pension fund giant Caisse de dépot et placement du Québec to boost the economy as Premier François Legault doubles down on state interventionism to shield the province in the face of mounting trade turmoil. The

UBS DELAYS MIGRATION OF SOME SUPER-RICH CREDIT SUISSE CLIENTS, SOURCES SAY

Yahoo Finance - Ariane Luthi and Oliver Hirt (2025-11-11)

The exact reasons for the delay are unclear, but one of the sources said integration teams were overworked, and a shift before year-end could have complicated tax filings for clients.

USING YOUR CREDIT CARD AT THE CHECKOUT IS SET TO GET A LOT MORE COMPLICATED

WSJ (2025-11-11)

Your favorite latte at the local coffee shop could soon cost $5, $5.10

THE CREDIT-CARD RULE THAT POWERS REWARDS CARDS JUST GOT BROKEN

WSJ (2025-11-11)

Premium credit-card users are in for a big surprise: Their JPMorgan Chase Sapphire Reserve, and many other rewards cards, could soon be rejected by merchants.

AFTER YEARS OF GROWTH, ETFS MAY FINALLY GET THEIR OWN RULES

Investment Executive (2025-11-11)

Now, the Canadian Securities Administrators (CSA) is contemplating a set of bespoke rules for the sector that may underpin its future growth and innovation.

OUTLOOK A BIT GLOOMIER IN BOC SURVEY

Investment Executive (2025-11-11)

The list of downside risks to these forecasts remained unchanged, with the prospect of rising trade tensions leading the way, cited by 90% of respondents, followed by weaker consumer spending (63%) and a weaker housing market (40%).

INDUSTRY MOVES: NATIONAL BANK, SCOTIA WEALTH AND IG WEALTH WIN ADVISORY TEAMS

Investment Executive (2025-11-11)

Each week, we summarize notable moves across the financial industry.

BANK OF CANADA SURVEY PUTS 1-IN-3 ODDS OF RECESSION BY MARCH 2026

Better Dwelling (2025-11-11)

These surveys tend to reinforce central bank sentiment, potentially skewing the outlook further toward easing.

BITCOIN TRADERS ARE STILL RATTLED AFTER $340 BILLION WIPEOUT

Yahoo Finance (2025-11-11)

Bitcoin is struggling to stage a meaningful recovery after last month’s stumble, with signs of fatigue continuing to mount across crypto markets.

CANADIAN CORPORATE DEBT BINGE UNFOLDING AS BUSINESSES SEEK TO RETOOL IN FACE OF TRADE WAR

G&M (2025-11-10)

Even in the face of mounting economic uncertainty, a Canadian corporate debt binge is growing unabated as businesses retool in the face of trade war threats and foreign entities flock to Canada in ever-greater numbers. During

CANADIANS GAINING CONFIDENCE IN PERSONAL FINANCES DESPITE PESSIMISM ABOUT THE ECONOMY: REPORT

Yahoo Finance (2025-11-10)

According to economist Benjamin Tal, household credit health remains relatively strong, with insolvencies returning to pre-pandemic levels and more borrowers opting for consumer proposals rather than filing for bankruptcy.

MORNING BID: MARKETS REJOICE POTENTIAL END TO US GOVERNMENT SHUTDOWN

Yahoo Finance (2025-11-10)

The latest developments offered a much-needed lift to stock markets after a turbulent few sessions last week on nerves over elevated valuations of artificial intelligence and technology stocks - sectors that have powered the market this year.

THE TRUE COST OF CHINA’S FALLING PRICES

Bloomberg (2025-11-10)

Bloomberg analysis shows deflation on the ground feels more pronounced than official data show, with prices of everyday goods plunging and the share of loss-making companies at a 25-year high. By

FIRST BRANDS WINS ACCESS TO LAST $600 MILLION OF EMERGENCY FUNDS

Bloomberg (2025-11-10)

First Brands Group won access to $600 million of remaining bankruptcy financing, which company lawyers said was needed to prevent the company from immediately shutting down. Judge

RISING DEBT TO WEIGH ON CANADA’S CREDIT STRENGTH

Investment Executive (2025-11-10)

The general government deficit, which amounts to 3.3%

SUN LIFE REPORTS $1.1B IN Q3 PROFIT

Investment Executive (2025-11-10)

In Canada, the insurer’s asset management gross flows and net sales of $4 billion were up 9%, mainly from mutual fund sales in individual wealth and higher rollover volumes in group retirement services, partially offset by lower defined benefit group sales.

US JUDGE REJECTS CAPITAL ONE $425 MILLION SETTLEMENT WITH DEPOSITORS

Reuters (2025-11-10)

The class action settlement was intended to resolve claims that Capital One froze rates at 0.3%

PAYPAL BRINGS ITS BUY NOW PAY LATER SERVICE TO CANADA

Yahoo Finance (2025-11-10)

The company says it has partnered with companies like Ticketmaster and The Home Depot to offer consumers the ability to pay for purchases of between $30 and $1,500 in four interest-free instalments over six weeks.

LLOYDS USED DATA FROM 30,000 STAFF ACCOUNTS IN UNION PAY TALKS

FT (2025-11-10)

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

BOE DILUTES PLANNED RULES FOR UK STABLECOINS

FT (2025-11-10)

The Bank of England has diluted its planned rules for UK stablecoins in response to industry criticism by allowing some assets backing the digital tokens to be invested in short-term government debt and exempting certain businesses from ownership limits. But

CREDIT COCKROACHES REVISITED

FT (2025-11-10)

Good morning.

NASDAQ POSTS STEEPEST WEEKLY LOSS SINCE APRIL AS AI BUBBLE CONCERNS RISE

Yahoo Finance (2025-11-09)

The Nasdaq Composite (^IXIC) closed lower for the week, posting its biggest weekly loss since April.

VISA AND MASTERCARD NEAR SETTLEMENT WITH MERCHANTS, WOULD LOWER FEES, WSJ REPORTS

Yahoo Finance (2025-11-09)

payment ‌firms Visa and Mastercard ‌are nearing a settlement with merchants that aims to ⁠end ‌a 20-year-old legal dispute ‍by lowering fees stores pay and giving ​them more ‌power to reject certain credit cards, the Wall Street Journal reported on ⁠Saturday, ​citing people ​familiar with matter.

LAWYERS ARE THE ‘BLACK HOLE’ OF MONEY LAUNDERING. WHY IS CANADA TURNING A BLIND EYE?

G&M - Rita Trichur (2025-11-07)

One doesn’t need a crystal ball to predict that they will home in on the exclusion of lawyers and other legal professionals from Canada’s anti-money-laundering and anti-terrorist-financing regime – a glaring gap previously flagged by the FATF in its last full review of our country roughly a decade ago. That’s

BOC’S MACKLEM LAYS OUT HIGH-LEVEL VISION FOR STABLECOIN REGULATION

G&M (2025-11-07)

Bank of Canada Governor Tiff Macklem said he expects Canadian stablecoins will need to be backed by “high-quality, short-term, highly liquid assets,” laying out expectations for the new digital asset class two days after the central bank was tapped to oversee the sector. The

BANK OF CANADA SAYS IT WILL BE REDUCING ITS WORKFORCE BY 230 JOBS

Yahoo Finance (2025-11-07)

"We will be reducing our overall expenses by 15%, ⁠and part ​of that ​will be a reduction in workforce,‍"⁠ Carolyn Rogers told a senate ⁠committee during a ‌testimony.

GOLDMAN TO PROMOTE HIGHEST NUMBER OF EXECUTIVES TO MANAGING DIRECTOR SINCE 2021

Reuters (2025-11-07)

More than 70% of the latest promotions come from revenue-generating businesses, but unlike previous years, Goldman did not break down how many came from global banking and markets or global asset and wealth units. Goldman's

CHURN AND EARN

CBC (2025-11-07)

There are websites and Reddit threads dedicated to "credit card churning."

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.

CHINESE EVERGRAND'S CHâTEAU MONTEBELLO FORCED INTO RECEIVERSHIP, TRIGGERING NEW OWNERSHIP MYSTERY

G&M - ANDREW MCINTOSH (2025-11-21)

The iconic Château Montebello has been forced into receivership after its foreign owners racked up $63.9-million

BANKING REGULATOR PROPOSES TO EASE LENDING RULES FOR CANADIAN BANKS

Yahoo Finance (2025-11-21)

The proposed changes announced on Thursday by the Office of the Superintendent of Financial Institutions (OSFI) in its quarterly release could help Canada adjust to a “rapidly changing environment” and contribute to economic growth, it said.

BITCOIN HEADING FOR WORST MONTH SINCE CRYPTO COLLAPSE OF 2022

Yahoo Finance (2025-11-21)

The rout follows a crippling bout of liquidations on Oct.