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.

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.

3 REASONS BANK STOCKS SOARED AFTER TRUMP'S REELECTION

Yahoo Finance (2024-11-06)

Konrad says, "There's three main factors, all kind of surrounding deregulation to some extent," that sent bank stocks higher: less antitrust regulation leading to more mergers, lower capital constraints, and less pressure from the Consumer Financial Protection Bureau (CFPB) on consumer fees.

TORONTO REAL ESTATE PRICES ROLL BACK TO 2021 LEVELS, NEAR TECHNICAL “CRASH”

Better Dwelling (2024-11-06)

Greater Toronto real estate prices have officially rolled back to where they were 3 years ago.

BANK OF ENGLAND TO STAY CAUTIOUS AS IT LOWERS RATES, U.K. RESEARCH INSTITUTE SAYS

WSJ (2024-11-06)

The Bank of England is likely to lower its key interest rate on Thursday and at three further meetings next year before inflation settles at the central bank’s target, the National Institute of Economic and Social Research said Wednesday. In

BANK OF CANADA WARNS OF ‘TINKERING’ WITH MORTGAGE RULES

BNN (2024-11-06)

Longer amortizations and reduced debt payments increase return for lenders, Rogers said, but they add to risks for both lenders and borrowers.

GOLD AND COPPER PLUNGE AS TRUMP’S DECISIVE WIN DRIVES UP DOLLAR

BNN (2024-11-06)

The selloff in gold is “a combination of the fact that positioning is rather heavy, and stronger yields and the US dollar,” said Nicky Shiels, head of metals strategy at Geneva-based MKS PAMP SA.

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.

WALL STREET POWERHOUSE BLACKSTONE IS MYSTERY BIDDER FOR $7-BILLION ROGERS INVESTMENT

G&M (2024-10-30)

Blackstone Inc.

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.

WALL STREET GIANTS TO MAKE $50 BILLION BET ON AI AND POWER PROJECTS

WSJ (2024-10-30)

KKR KKR 0.61%increase;

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.

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,