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.

KLARNA’S US LISTING IS A SAD REFLECTION OF EUROPE’S FAILINGS

FT - Richard Milne (2024-11-20)

Klarna should be the kind of story Europe dreams of.

CLIMATE ACTION TO HAVE ‘LIMITED IMPACT’ ON FINANCIAL SYSTEM, EU FINDS

FT - Martin Arnold (2024-11-20)

European regulators found there would be only a “limited impact” on the financial system from the EU’s drive to cut carbon emissions by 55 per cent by 2030, even if it caused investors to ditch polluting companies. The

INFLATION TICKED UP TO 2% IN OCTOBER AFTER PREVIOUS MONTH'S STEEP DROP IN GAS PRICES

CBC - Jenna Benchetrit (2024-11-20)

"I'd say the two big factors here were a big annual increase in property taxes and a bit of a backup in gasoline prices.

AUTOMATIC DEPOSITS, PAYMENTS DELAYED AT CREDIT UNIONS ACROSS PRAIRIES DUE TO NETWORK OUTAGE

CBC (2024-11-20)

Credit unions across Manitoba, Saskatchewan and Alberta had notices on their websites advising of the outage on Friday morning.

CANADIAN PENSION FUNDS EXPOSED AS BATTERY MAKER NORTHVOLT STRUGGLES TO SURVIVE

G&M - Jeffrey Jones, James Bradshaw (2024-11-19)

Several Canadian pension funds have sizable financial exposure in the event of a bankruptcy filing by Northvolt AB, the Swedish battery maker that is burning through cash as growth in demand for electric vehicles lags expectations. Canada

MANULIFE CEO ROY GORI PLANS TO RETIRE NEXT YEAR IN SURPRISE ANNOUNCEMENT

G&M - Clare O'Hara (2024-11-19)

Manulife Financial Corp.

ONCE WORTH $30 BILLION, HWANG SAYS HE’S JUST A MILLIONAIRE NOW

Yahoo Finance - Chris Dolmetsch (2024-11-19)

Hwang, who faces sentencing Wednesday in New York for fraud and market manipulation tied to Archegos’ spectacular 2021 collapse, estimated his current wealth in a Monday court filing.

MORGAN STANLEY, GOLDMAN CALL FOR GREATER CHINA TRANSPARENCY

Yahoo Finance (2024-11-19)

Speaking on the same panel, his counterpart at Goldman Sachs, David Solomon, said there was still a combination of issues that has kept global investors from deploying capital in the world’s second-largest economy.

A NUDGE FROM JPMORGAN SPURRED UK TO PROBE STALEY’S EPSTEIN LINKS

Yahoo Finance (2024-11-19)

JPMorgan informed the Financial Conduct Authority in November 2019 that it had identified “various documents” that showed the relationship between Staley, a former senior JPMorgan executive, and the late pedophile financier, according to a London court filing.

SWEDEN’S $400 BILLION PENSION SHAKEUP THREATENS SMALLER FUNDS

Yahoo Finance (2024-11-19)

Sweden’s smaller asset managers face a Darwinian struggle for survival as major reforms slash the number of funds that savers can choose after a fraud scandal rocked the country’s $400 billion pension industry.

SHOPIFY HOLDS INCREASING SWAY IN CANADIAN EQUITY FUNDS: DALE JACKSON

BNN - Dale Jackson (2024-11-19)

Investors who get exposure to Canadian equities through market-weighted exchange traded funds (ETFs) and even Canadian equity mutual funds might be surprised that one company has taken a more influential role in the benchmark S&P/TSX Composite Index.

CANACCORD ACQUIRES WOOD GUNDY ADVISORY TEAM WITH $1B IN CLIENT ASSETS

Investment Executive - Noushin Ziafati (2024-11-19)

The Sutherland Group is led by portfolio manager and investment advisor Fraser Sutherland, who said in the release that his team made the move to Canaccord because it saw in the firm an “entrepreneurial culture and a tech-forward platform that enables us to elevate our client offering.”

THE YAWNING INVESTABILITY GAP BETWEEN US BANKS AND UK PEERS

FT - Patrick Jenkins (2024-11-19)

Optimists express confidence that the “special relationship” between the US and UK will survive even Donald Trump’s most anarchic instincts.

OTTAWA TAKES AIM AT CORPORATE INVESTORS BUYING SINGLE-FAMILY HOMES

G&M - RACHELLE YOUNGLAI (2024-11-19)

It is not clear if there are many of these types of investors in Canada.

TRADERS TRIM BETS ON BIG CANADA RATE CUT AFTER INFLATION UPTICK

BNN - Randy Thanthong-Knight (2024-11-19)

After the release, traders in overnight swaps trimmed their bets for a second consecutive rate cut to about one in three, from a little less than a coin flip previously.

CANADIAN INFLATION SURPRISES HIGHER, PROPERTY TAXES SOAR MOST SINCE 1992

Better Dwelling (2024-11-19)

Canadian headline inflation made an aggressive push higher.

WE CAN’T GIVE UP PAPER CHECKS, AND THAT’S A GOLD MINE FOR SCAMMERS

WSJ - Oyin Adedoyin, Justin Baer (2024-11-19)

A message appeared this month on an app where people often congregate to trade tips on committing check fraud.

THINGS ARE QUIET IN CONSUMER CREDIT. TOO QUIET.

WSJ (2024-11-19)

Lenders are open for business.

CANADA'S HOUSING AFFORDABILITY IMPROVES AGAIN, BUT HOMES STILL NOT AFFORDABLE

Yahoo Finance - John MacFarlane (2024-11-18)

In the third quarter, MPPI for a median-priced Canadian home ($795,540) was 56.6

RBA POLICY EFFECT IS NO STRONGER THAN OTHER ECONOMIES, KENT SAYS RBA POLICY EFFECT IS NO STRONGER THAN OTHER ECONOMIES, KENT SAYS RBA POLICY EFFECT IS NO STRONGER THAN OTHER ECONOMIES, KENT SAYS

Yahoo Finance - Michael Heath (2024-11-18)

“This outcome reflects several features of the Australian mortgage market that collectively leave most borrowers with buffers that help them to manage through a period of higher interest rates,” Kent said in the text of a speech at the Australian National University in Canberra.

CANADIAN HOME SALES POST ‘OCTOBER SURPRISE’ AS BUYERS FLOOD BACK

BNN - Ari Alstedter (2024-11-18)

Transactions surged 7.7%

HSBC MANAGERS ARE COMPETING TO KEEP THEIR JOBS IN CEO’S REVAMP

Bloomberg (2024-11-18)

HSBC Holdings Plc has asked hundreds of managers to reapply for jobs in the firm’s newly formed corporate and institutional banking division as Chief Executive Officer Georges Elhedery continues his hunt for ways to make the bank run more efficiently. Interviews

WALL STREET BANKERS SPOT A FAT PAYDAY IN $1 TRILLION AI HYSTERIA

Bloomberg (2024-11-18)

At a dinner hosted by some of Morgan Stanley’s top bankers in New York last month, one topic dominated the table talk: the fortunes to be made from the frenzy around artificial intelligence. In

CIRO SANCTIONS SUPERVISORY LAPSES AT DESJARDINS

Investment Executive (2024-11-18)

The other rep engaged in an active options trading strategy that resulted in substantial losses for a couple of clients — totalling $520,000 — while generating more than $1.2

HOW LOYAL ARE ADVISORS TO THEIR FIRMS OR BANKS?

Investment Executive (2024-11-18)

In 2024, all three of the advisor channels assessed garnered what are considered “excellent” scores (50 or more, on a scale of –100 to 100), signalling strong advisor loyalty across the financial advice industry.

IT’S TIME TO RE-EVALUATE U.S. EQUITIES ALLOCATION

Investment Executive (2024-11-18)

Our firm uses the average of expert forecasts based on the “wisdom of the crowd” logic.

HOW INFLATION ENDED NEOLIBERALISM—AND RE-ELECTED TRUMP

WSJ (2024-11-18)

The power of inflation to destroy a political establishment emerged clearly in the 1970s, when a decade of rising prices transformed American society and politics.

INTEREST RATES TO REMAIN KEY FACTOR IN 2025 MORTGAGE MARKET, SAYS EXECUTIVE

Mortgage Broker News (2024-11-18)

“I’m cautiously optimistic.

ALBERTA JOINS PACT WITH 12 U.S. STATES IN BID TO PROMOTE ENERGY SECURITY AFTER TRUMP VICTORY

G&M (2024-11-14)

Alberta’s Premier has signed on to a key energy pact with a dozen American states, the province’s first step in positioning itself in preparation for a Donald Trump administration in the new year. Danielle

IS YOUR MORTGAGE MORE RESTRICTIVE THAN YOU KNOW?

G&M - Penelope Graham (2024-11-14)

In today’s uncertain interest-rate environment, homeowners want the option to make a change to their mortgage and shop around for the best terms and rates, especially at renewal time.

POWELL SAYS FED WILL LIKELY CUT RATES CAUTIOUSLY GIVEN PERSISTENT INFLATION PRESSURES

Yahoo Finance (2024-11-14)

“The economy is not sending any signals that we need to be in a hurry to lower rates,” the Fed chair said.

MODERNA, NOVOVAX STOCKS SLIDE AFTER TRUMP NOMINATES ROBERT F. KENNEDY JR. TO BE TOP HEALTH OFFICIAL

Yahoo Finance (2024-11-14)

Shares of Moderna (MRNA) fell over 5%, while Novavax (NVAX) stock lost over 7%.

UK SAYS POST-CRISIS CRACKDOWN ON WALL STREET WENT TOO FAR

Yahoo Finance (2024-11-14)

“The UK has been regulating for risk, but not regulating for growth,” Reeves said.

HARVARD’S NOT-SO-SMART MONEY: TWO DECADES OF POOR RETURNS AND RICH PAY

Bloomberg (2024-11-14)

Harvard University alumni and business luminaries gathered at the memorial service in Midtown Manhattan.

CANADIAN CONSUMER INSOLVENCIES CONTINUE CLIMBING TOWARDS NEW HIGHS

Better Dwelling (2024-11-14)

Canadians are seeking a lot more formal relief from credit woes.

FUND MANAGERS SHAKE OFF HEADWINDS: FITCH

Investment Executive (2024-11-14)

“In Fitch’s view, recurring management fees will remain under pressure largely due to higher competition, reducing the [fund managers’] earnings potential, but from a generally high level,” the report said.

BBVA COULD WALK AWAY FROM SABADELL DEAL IF HARSH REMEDIES ARE IMPOSED, CEO SAYS

WSJ (2024-11-14)

Banco Bilbao Vizcaya Argentaria won’t hesitate to abandon its takeover bid for peer Sabadell SAB 3.33%increase;

ABN AMRO POSTS PROFIT BEAT, DELAYS NEXT BUYBACK DECISION

WSJ (2024-11-14)

ABN Amro Bank will take longer than expected to decide on its next share buyback as it adapts to new capital rules, sending shares lower in early trading despite the Dutch lender’s better-than-expected third-quarter results. The

US MONEY MARKET FUNDS HIT ALL-TIME HIGH OF $6.67TN

FT (2024-11-14)

US money market funds have hit an all-time high, adding $82bn in the week ending on Wednesday to bring total assets to $6.67tn,

MUFG CHIEF SAYS JAPANESE LENDER ON TRACK TO BECOME ONE OF WORLD’S BIGGEST BANKS

FT (2024-11-14)

The head of Mitsubishi UFJ Financial Group has said the Japanese lender could return to the ranks of the global top 10 banks by market value as it benefits from tightening monetary policy after two decades of ultra-low interest rates. At

VERSABANK TO PARTICIPATE IN 13TH ANNUAL ROTH TECHNOLOGY CONFERENCE IN NEW YORK CITY

VersaBank (2024-11-14)

Versabank, today announced management will participate in the 13th Annual ROTH Technology Conference to be held November 19-20, 2024 in New York City.

WHITE-KNIGHT BID FOR JAPAN’S SEVEN & I COULD THWART ALIMENTATION COUCHE-TARD OFFER

G&M (2024-11-13)

Japan’s Seven & i Holdings SVNDY is weighing a takeover offer from a member of its founding Ito family, a white-knight bid that could thwart efforts by Canada’s Alimentation Couche-Tard Inc.

QUEBEC FINANCIAL TECHNOLOGY FIRM NUVEI NABS REGULATORY APPROVALS NEEDED TO TAKE FIRM PRIVATE

G&M - TARA DESCHAMPS (2024-11-13)

Nuvei Corp.

DEEP SKY SELLS FIRST CARBON REMOVAL CREDITS TO RBC, MICROSOFT

G&M - Jeffrey Jones (2024-11-13)

Carbon-removal startup Deep Sky Corp.

AMERICANS FALL FURTHER BEHIND ON DEBTS, NEW YORK FED FINDS

Yahoo Finance (2024-11-13)

In a positive development, incomes have grown faster than borrowing, the NY Fed’s researchers noted in a blog post, meaning that most households may be better positioned to handle their obligations.

VISA SAYS EU REGULATOR PROBING FEES CHARGED TO RETAILERS

Yahoo Finance (2024-11-13)

Last month, Mastercard also disclosed that the EC had sought documents tied to a broader investigation into alleged anti-competitive behavior in the European Union.

CHIEF MARKET STRATEGIST SAYS LOONIE COULD GO LOWER AFTER FALLING TO 4-YEAR LOW

BNN (2024-11-13)

“The U.S.

TRUMP WINS REPUBLICAN TRIFECTA AS GOP RETAINS HOUSE MAJORITY

Bloomberg (2024-11-13)

Republicans held on to their narrow majority in the US House, giving Donald Trump and his party unified control of the elected branches of government and limiting potential curbs on the incoming president’s power. The

CANADA ABRUPTLY CANCELS FAST-TRACK STUDENT VISAS USED BY 4 IN 5 INDIAN APPLICANTS

Better Dwelling (2024-11-13)

Last Friday the GoC announced the program would come to an abrupt end.

ANOTHER 50-POINT CUT POSSIBLE NEXT MONTH: REPORT

Investment Executive (2024-11-13)

Ultimately, the report concluded that the labour market is soft, and with labour demand remaining depressed, “it’s unlikely we’ll see the above-potential hiring (or GDP growth) that the [Bank of Canada] is seeking.”

US REGULATORS WARN BANKERS ABOUT INTENSIFIED FOCUS ON FINANCIAL CRIME

Reuters (2024-11-13)

U.S.

RECORD CAPITAL RAISED BY ISSUING INVESTMENT-GRADE BONDS

Reuters (2024-11-13)

Banks raised $23.5

‘BANG-UP QUARTER ACROSS THE BOARD’: EXPERTS REACT TO SHOPIFY’S Q3 EARNINGS BEAT

BNN (2024-11-13)

The Ottawa-based firm, which keeps its books in U.S.

NEO FINANCIAL RAISES $360-MILLION, BACKED BY SHOPIFY’S TOBI LUTKE, SLACK FOUNDER STEWART BUTTERFIELD, OTHERS

G&M - Jameson Berkow (2024-11-12)

Digital bank Neo Financial Technologies Inc.

ALBERTA PREMIER SMITH MUST RESIST THE TEMPTATION TO TREAT AIMCO AS THE PROVINCE’S COOKIE JAR

G&M - Andrew Willis (2024-11-12)

As recently as two years ago, Alberta Premier Danielle Smith could have justified cleaning house at the province’s $169-billion asset manager. The

ALBERTA NAMES SENIOR BUREAUCRAT TO LEAD AIMCO AFTER OUSTING CEO, BOARD

G&M - James Bradshaw, Carrie Tait (2024-11-12)

Alberta’s government appointed a long-time provincial bureaucrat to lead its $169-billion public-sector pension fund, choosing a trusted official to steer the arm’s-length investment manager after ousting its top leaders en masse. The

'MORTGAGE WAR': CANADIANS MAY EMERGE WINNERS AS BANKS FIGHT FOR BUSINESS

Yahoo Finance - John MacFarlane (2024-11-12)

“All Canadian banks view mortgages as a significant anchor product and currently, loan growth across multiple loan categories is very low,” Mihelic wrote.

VISA TEAMS UP WITH AFFIRM TO LAUNCH CARD FOR FLEXIBLE PAYMENTS IN US

Yahoo Finance (2024-11-12)

Visa's "Flexible Credential" feature is available in Hong Kong, Japan, the Philippines, Singapore, Thailand and Vietnam.

BITCOIN HITS ANOTHER RECORD HIGH IN ‘UNDENIABLE BULL MARKET’

BNN - Sidhartha shukla (2024-11-12)

“Bitcoin continues to defy expectations by setting new highs,” said Chris Newhouse, director of research at Cumberland Labs.

MANULIFE CFO DISCUSSES ‘BLOWOUT’ Q3 EARNINGS AS STOCK HITS ALL-TIME HIGH

BNN - Jordan Fleguel (2024-11-12)

Manulife’s previous all-time high of just over $44 was hit in 2007 before the stock tumbled the following year at the outset of the 2008 financial crisis, reaching lows of less than $10 in 2009.

BOFA COMPELS US STAFF TO TAKE WORKPLACE DISPUTES TO ARBITRATION

Bloomberg (2024-11-12)

Bank of America Corp.

CANADA MAKES A HUGE GDP REVISION, BOC MADE SUPERSIZED RATE CUT ON BAD DATA

Better Dwelling (2024-11-12)

He further explains, “To briefly recap, the past three years have been revised up by a cumulative 1.3

TRUMP 2.0 A MIXED BAG FOR THE BIG SIX

Investment Executive - James Langton (2024-11-12)

“In our view, Bank of Montreal (BMO) and Royal Bank of Canada (RBC) are likely to benefit the most among the Big Six from the Trump presidency,” DBRS said.

WALL STREET WELCOMES BACK FATTER BONUSES

WSJ - Justin Baer (2024-11-12)

“If you’re in the securities industry, you better be pretty optimistic,” said Alan Johnson, the firm’s founder.

CANADA LAUNCHES $2-BILLION PUBLIC-PRIVATE FINANCE PLATFORM FOR DEVELOPING COUNTRIES AT COP29

G&M (2024-11-12)

Canada is launching a US$1.48-billion

CANADIAN DOLLAR HITS 2-YEAR LOW AGAINST DOMINANT US COUNTERPART

G&M (2024-11-12)

The Canadian dollar CADUSD weakened to a two-year low against its U.S.

POWER CORP. THIRD-QUARTER EARNINGS DOWN YEAR OVER YEAR TO $371-MILLION

G&M (2024-11-12)

Power Corporation of Canada POW-T says its net earnings for the third quarter were $371-million. That’s

SHOPIFY SHARES SKYROCKET AS COMPANY FORECASTS STRONGER-THAN-EXPECTED SALES FOR HOLIDAY QUARTER

Yahoo Finance (2024-11-12)

The company also said it expects sales in the fourth quarter, which includes the holiday shopping period, to grow between mid-to-high twenties percentage rate compared to last year.

STEPHEN HARPER'S NAME IN MIX AS POTENTIAL HEAD OF AIMCO, SOURCES SAY

Yahoo Finance (2024-11-12)

The speculation has grown “louder,” however, since the government jettisoned all 10 directors and a handful of key executives including chief executive Evan Siddall, according to one source, who requested anonymity due to the sensitive nature of AIMCo governance.

CAR FINANCING FIRM VROOM PLANS TO FILE CHAPTER 11 TO REVAMP DEBT

Yahoo Finance (2024-11-12)

The company has entered a restructuring support agreement with creditors and its largest stockholder, it said.

TRUMP 2.0 AND WHAT IT MAY MEAN FOR MARKETS, THE ECONOMY AND CANADA

BNN (2024-11-12)

Beata Caranci, Chief Economist at TD, and Kevin Hebner, Global Investment Strategist with TD Epoch, speak with MoneyTalk's Kim Parlee about Donald Trump's election victory and the implications for the economy, trade, and the markets.

CITIGROUP CEO FRASER SAYS IT’S ‘GAME ON’ FOR DEALS IN THE US

Bloomberg - Todd Gillespie (2024-11-12)

Citigroup Inc.

BANK OF CANADA WARNS POLICYMAKERS AGAINST TINKERING WITH MORTGAGES

Better Dwelling (2024-11-12)

Rogers is the second deputy governor to explain that credit’s role in affordability is often misunderstood.

BOC’S MACKLEM TO CHAIR BIS ADVISORY COMMITTEE

Investment Executive (2024-11-12)

On Tuesday, Macklem was named chair of the Consultative Council for the Americas — an advisory group that includes central banks from Canada, the U.S.,

WSJ MARKET ROUNDUP

WSJ (2024-11-12)

Mastercard is expected to focus on the opportunity to capture more share of spending at its investment community meeting on Wednesday, JPMorgan analysts say in a research note.

WALL STREET BANKERS ON COURSE FOR UP TO 35% BONUS BUMP

FT (2024-11-12)

Wall Street bonuses are on course to rise by as much as 35 per cent this year, as bankers eye even greater potential payouts under a second Donald Trump presidency. Activity

WALL STREET FRETS OVER BIG TECH’S $200BN AI SPENDING SPLURGE

FT (2024-11-12)

Big Tech’s capital spending is on track to surpass $200bn this year and rise even further in 2025, as anxiety grows on Wall Street about the returns on soaring investment in artificial intelligence. The

WITH PRESIDENT TRUMP, CANADIAN BANKS RISK BECOMING UNCOMPETITIVE IN THE U.S.

G&M (2024-11-11)

John Turley-Ewart is a Canadian banking historian and principal at Regulatory Risk Management Inc.

NATWEST BUYS £1 BILLION OF SHARES AS UK CONTINUES TO EXIT STAKE

Yahoo Finance - Jenny Surane (2024-11-11)

The off-market purchase of 262.6

AIMCO BOARD FIRING COMES AS FUND HAS ‘A LOT OF UNHAPPY CLIENTS’: COLUMNIST

BNN - Jordan Fleguel (2024-11-11)

“The university professors in Alberta, for example, AIMCo runs their money, and over the last few years, those professors have been complaining about performance and they’ve been withdrawing their funds from AIMCo and giving them to other outside managers.”

TRUMP WILL BURY ESG, BUT IT WAS ALREADY DEAD

Bloomberg (2024-11-11)

The green investing revolution never stood a chance in the US once ensnared by the culture wars, but that wasn’t the only cause of death As was obvious even before voters went to the polls, ESG was already a decisive loser in the US.

FIERA SINKS 11% AS RIZK’S EXIT LEADS TO $4 BILLION OUTFLOW

Bloomberg (2024-11-11)

Canadian asset manager Fiera Capital Corp.

IF TRUMP TRIES TO FIRE POWELL, FED CHAIR IS READY FOR A LEGAL FIGHT

WSJ (2024-11-11)

When a frustrated Donald Trump flirted with removing Federal Reserve Chair Jerome Powell in a dispute over interest rates back in 2018, Fed leaders privately readied a break-glass-in-case-of-emergency response: a legal challenge against the president to protect the integrity of America’s central bank. Powell

BANK ECONOMISTS SPLIT ON OVERNIGHT RATE FORECAST

Investment Executive - Kevin Press (2024-11-11)

Canada’s largest banks are split on whether investors will see the Bank of Canada cut its target for the overnight rate by 25 or 50 basis points next month.

CANACCORD POSTS $16.9 MILLION PROFIT IN Q2

Investment Executive - Noushin Ziafati (2024-11-11)

“Our second fiscal quarter was characterized by an improving backdrop for corporate finance and advisory activities in our core mid-market focused sectors and continued strong performance from our wealth management businesses,” said Dan Daviau, president and CEO of Canaccord, in a conference call with analysts on Friday.

SUMMARY OF GOVERNING COUNCIL DELIBERATIONS: FIXED ANNOUNCEMENT DATE OF OCTOBER 23, 2024

BOC (2024-11-11)

This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process.

SUPERINTENDENT AND CHIEF ACTUARY DISCUSS PENSION PLAN ECOSYSTEM

OSFI (2024-11-11)

This discussion covers risks, skills and governance, the role of the CPP and other issues related to pensions in Canada.

REGISTER FOR OSFI’S SECOND QUARTERLY RELEASE INDUSTRY DAY

OSFI (2024-11-08)

Come join the Office of the Superintendent of Financial Institutions (OSFI) for our second quarterly release industry day! We are continuing to pilot a new approach to the way we release regulatory guidance.

ALBERTA GOVERNMENT FIRES AIMCO BOARD AND CEO, PLANS TO ‘RESET FOCUS’

G&M - James Bradshaw, Jeffrey Jones (2024-11-07)

Alberta’s government has fired the CEO and the entire board of Alberta Investment Management Corp.

U.S. FEDERAL RESERVE CUTS RATES BY QUARTER OF A PERCENTAGE POINT, NOTES LABOUR MARKET EASING

G&M - Howard Schneider (2024-11-07)

The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policy-makers took note of a job market that has “generally eased” while inflation continues to move towards the U.S.

BANK OF ENGLAND CUTS INTEREST RATES, BUT SEES HIGHER INFLATION AFTER LABOUR GOVERNMENT’S BUDGET

G&M - Andy Bruce (2024-11-07)

The Bank of England cut interest rates on Thursday for only the second time since 2020 and said future reductions were likely to be gradual as it predicted the British government’s first budget would lead to higher inflation and economic growth. The

TD’S NEW ANTI-MONEY LAUNDERING CHIEF CALLS ON FINANCIAL SECTOR TO LEARN FROM BANK’S SHORTCOMINGS

G&M - Stefanie Morotta (2024-11-07)

Toronto-Dominion Bank anti-money-laundering chief Herbert Mazariegos is urging the financial sector to learn from his bank’s failures, cautioning the industry that criminals are targeting other institutions to wash illicit funds. In

NATIONAL RENT PRICES DECLINE YEAR-OVER-YEAR FOR FIRST TIME SINCE PANDEMIC: REPORT

Yahoo Finance - Sammy Hudes (2024-11-07)

The report from Rentals.ca

BANK OF CANADA MAY NEED TO MOVE 'CAUTIOUSLY' ON RATES AFTER TRUMP'S WIN: ECONOMISTS

Yahoo Finance (2024-11-07)

The BoC has already been dealing with a widening interest rate gap between its overnight rate and that of the Federal Reserve, a situation that tends to make the loonie weaker.

FORMER TD EMPLOYEE INDICTED FOR DISTRIBUTING CUSTOMER DATA ON TELEGRAM

Yahoo Finance (2024-11-07)

"This defendant allegedly abused her access while working in TD Bank’s anti-money laundering department to steal from the bank’s own customers," District Attorney Alvin Bragg said in a statement.

MANULIFE CFO DISCUSSES ‘BLOWOUT’ Q3 EARNINGS AS STOCK HITS ALL-TIME HIGH

BNN (2024-11-07)

Overall, the Toronto-based insurer reported quarterly earnings of $1.84

U.S. BANKS TO SEE SOFTER REGULATION

Investment Executive - James Langton (2024-11-07)

Over the past year, the industry and regulators have already tussled over the implementation of the final edition of the global capital reforms, known as Basel III endgame rules in the U.S.,

GREAT-WEST LIFECO NETS $859M IN THIRD-QUARTER EARNINGS

Investment Executive (2024-11-07)

The Canadian business delivered $460 million in net earnings, up from $414 million in Q3 2023.

FIDELITY WINS TOP GROUP HONOURS AT LIPPER AWARDS

Investment Executive (2024-11-07)

The annual LSEG Lipper Fund Awards honour investment funds and asset managers that have excelled in providing consistently strong risk-adjusted performance relative to their peers.

PUTIN SAYS TRUMP’S PROPOSALS ON UKRAINE DESERVE ATTENTION

BNN (2024-11-07)

“Many people close to power in Moscow who understand US policy are afraid of Trump’s victory,” said Tatiana Stanovaya, founder of the consultancy R.Politik

SEQUOIA CAPITAL AND THE EVOLUTION OF THE VC INDUSTRY | FT FILM

Youtube (2024-11-07)

Sequoia Capital is one of the most successful and influential venture capital companies in Silicon Valley history, but it has come under pressure from global economic uncertainty, geopolitics and boardroom battles.

BANKS FACE GROWING RISK AS DOUBLE DEFAULTS ON COMMERCIAL LOANS MOUNT

FT (2024-11-07)

The number of US borrowers in danger of defaulting a second time on commercial property loans is at the highest level in a decade, raising concerns that a bank practice known as “extend and pretend” is hiding growing systemic risk. “They

VERSABANK TO PARTICIPATE IN 2024 KBW FINTECH CONFERENCE IN NEW YORK CITY NOVEMBER 13-14, 2024

VersaBank (2024-11-07)

As part of the conference, David Taylor, President and CEO will participate in a panel discussing The Future of Fintech-Bank Partnerships on Wednesday, November 13, 2024 at 1:25 p.m.

SUPERINTENDENT AND CHIEF ACTUARY DISCUSS PENSION PLAN ECOSYSTEM

OSFI (2024-11-07)

OSFI and OCA’s roles within the private pension plan ecosystem

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.

KLARNA’S US LISTING IS A SAD REFLECTION OF EUROPE’S FAILINGS

FT - Richard Milne (2024-11-20)

Klarna should be the kind of story Europe dreams of.

CLIMATE ACTION TO HAVE ‘LIMITED IMPACT’ ON FINANCIAL SYSTEM, EU FINDS

FT - Martin Arnold (2024-11-20)

European regulators found there would be only a “limited impact” on the financial system from the EU’s drive to cut carbon emissions by 55 per cent by 2030, even if it caused investors to ditch polluting companies. The

INFLATION TICKED UP TO 2% IN OCTOBER AFTER PREVIOUS MONTH'S STEEP DROP IN GAS PRICES

CBC - Jenna Benchetrit (2024-11-20)

"I'd say the two big factors here were a big annual increase in property taxes and a bit of a backup in gasoline prices.