Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
TD Bank Releases ALARMING Report About State Of Ca
Why are Interest rates not falling.
Goldman Sachs’ top AI picks
Does Printing Money Cause Inflation?
HSBC, the Untouchable Titan of Global Finance
US Economist’s Shock Warning: “Biggest Crash in Ou
Toni Gravelle Speech
Alberta Premier on the Supreme Court\'s ruling, an
What Bank of America Just Said is Shocking
Horrific Canadian Banking Corruption Right Before
The Banking System is in Free-Fall
The Financialization of Real Estate
The FDIC Threatens Downgrades That Will Cut Off Ac
Bitcoin regulations are coming
Are we in a bubble and, if so, when will it pop?
Canadian real estate and government, March 29
FIRE report January 12th
BOC and reconciliation with Indigenous people
Nov 26 FIRE report
FSIM FIRE report Nov 23
Nov 18th FIRE report
Poloz debunked, Nov 12 FIRE report
Central bank digital currencies: foundational prin
Nov 5th FIRE report
FIRE report November 2nd
Canadian real estate February 24
Real estate: Feb 9, bulls vs bears
Feb 1, The Dumb Money Real Estate Vid
January real estate report 2021
December 4th real estate report
Real estate, mortgage debt to income ratio improve
Real estate: fiscal conservatism/ponzi neoliberali
Caution for real estate investors, Oct 14th report
Canadian bank industry overview - part 1
Why insurance should partner with flood-claim.com
Canadian large bank comparison
Current state of fintech in Canada
XE.com explains their Big Data and AI strategy.
Greenpeace urges TD bank boycott
Insurance flood US vs Can comparison.
Canadian bank industry overview part 5
Canadian banking industry overview part 4
Part 3 Canadian bank industry overview
Canadian banking overview - part 2
Death to bitcoin, long live bitcoin
RBC to integrate Wave Technologies
Deposits have skyrocketed since the start of the p
About
About BankNews TV: financial services industry monitor (FSIM), analytics and research
Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.
Financial data upload
Analytical information and financial information related to technogies that can change your business.
Financial data templates
Please download and complete the data template that you need to upload. See financial data upload section above for details of how this data will be used.
capital_and_leverage | capital_and_leverage |
derivative_contracts | derivative_contracts |
impaired_assets | impaired_assets |
income_statement | income_statement |
Research
Part 2: The Merchant Loyalty Industrial Complex Collapse
fsim.ca/docs/Credit_cards_Part_2v4.pdf
Mark Sibthorpe
Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.
This report digs under the surface and uncovers why loyalty is going the way of the dodo.
Merchants should not waste time fighting card networks
fsim.ca/docs/Card_fees_ongoing.pdf
Mark Sibthorpe
This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.
The full story of SVB March 12th, 2023
fsim.ca/docs/SVB_special_report2.pdf
Mark Sibthorpe
Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.
March 2023 bank earnings summary
fsim.ca/docs/bankearningsfriday.pdf
Mark Sibthorpe
This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.
Real estate report: October 30th, 2020
fsim.ca/docs/Oct30rereportv1.pdf
Mark Sibthorpe
The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.
VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic
fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf
Press Release
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.
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.
News feed
NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW
G&M - Rachelle Younglai (2024-08-23)
The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.
CANADIAN RENTERS NOW REQUIRED TO COLLECT FOREIGN LANDLORD’S TAXES, WITHHOLD RENT
Better Dwelling (2024-05-17)
Canadian renters are getting a rough introduction to the countryâs foreign investor problem.
BANK OF CANADA WARNS OF SYSTEMIC RISK AS HEDGE FUNDS RAMP UP BORROWING TO PROFIT FROM FALLING RATES
G&M - Jameson Berkow, Mark Rendell (2024-05-17)
Brian DâCosta started getting calls from worried clients shortly after the Bank of Canada released its latest financial stability report a week ago. They
NATIONAL BANK ECONOMIST: ‘THE DEMOGRAPHIC SHOCK IS GETTING WORSE IN CANADA’
G&M - Matt Lundy (2024-05-17)
The federal government is trying to restrict migration to Canada, citing the challenge in absorbing so many newcomers over a short period.
CHINA UNVEILS BROAD RESCUE PACKAGE TO PROP UP HOUSING MARKET
Bloomberg (2024-05-17)
China announced its most forceful attempt yet to shore up the beleaguered property market, easing mortgage rules and encouraging local governments to buy unsold homes from developers for conversion into affordable housing. The
GAMESTOP, AMC SHARES RISE AFTER TWO-DAY $7 BILLION WIPEOUT
Bloomberg - Subrat Patnaik (2024-05-17)
GameStop Corp.
PBOC EARMARKS $42 BILLION FOR STATE BUYING OF UNSOLD HOMES
Bloomberg (2024-05-17)
The Peopleâs Bank of China will establish a nationwide program to unleash 300 billion yuan ($41.5
WOULD-BE HOMEBUYERS ARE IN LIMBO AND ONLY THE BANK OF CANADA CAN FREE THEM
FP - Robert Mclister (2024-05-17)
Tens of thousands of prospective homebuyers have their fingers hovering over the âbuyâ button.
LAURENTIAN BANK CUTS JOBS AND ELIMINATES EQUITY RESEARCH TEAM
G&M - Stefanie Marotta (2024-05-16)
Laurentian Bank of CanadaLB-Tis cutting jobs and eliminating its equity research unit as the lender overhauls its business after a tumultuous year that saw its chief executive officer ousted. Late
BOFA NAMES NEW COUNTRY HEAD FOR CANADA, ELEVATING LONG-TIME CORPORATE BANKER
G&M - Tim Kiladze (2024-05-16)
Bank of America Corp.BAC-NBAC-N
TRUMP MEDIA STOCK RISES AGAIN, ADDING BILLIONS TO FORMER PRESIDENT’S STAKE
G&M - Matthew Goldstein (2024-05-16)
Shares of former President Donald Trumpâs social media company have been on a wild ride since making their debut on Wall Street in March: soaring, crashing and then climbing again. The
WHY BANKS AND INSURERS SHOULD STILL TOP YOUR INVESTING LIST
Yahoo Finance - Marius Jongstra (2024-05-16)
After taking a knock in our sector rankings post-Silicon Valley Bank and the regional banking crisis of a year ago, this part of the stock market has consistently ranked among the top of our list since August (occupying the first or second spot in each of the past six months)
AUSTRALIA’S PENSION FUNDS PLAY HARDBALL ON ASSET MANAGEMENT FEES
Yahoo Finance - Amy Bainbridge (2024-05-16)
A survey of 11 pensions revealed they paid almost 12 basis points â or about a fifth â less than their global peers in investment costs in the year through June 2023, according to analysis firm CEM Benchmarking.
HOME SALES AND NEW HOME CONSTRUCTION BOTH DROP IN APRIL
CBC - Anis Heydari (2024-05-16)
Actual new housing construction, when not seasonally adjusted, also dropped in Toronto, Vancouver and Montreal for both multi-unit and single-detached homes compared to last year in Toronto, Vancouver and Montreal.
BUFFETT’S BERKSHIRE REVEALS $6.7 BILLION STAKE IN INSURER CHUBB
Bloomberg (2024-05-16)
Warren Buffettâs Berkshire Hathaway Inc.
EUROPE’S BANKS FIND BREAKING UP WITH RUSSIA IS HARD TO DO
Bloomberg - Steven Arons and Nicholas Comfort (2024-05-16)
Two years after Russiaâs full-scale invasion of Ukraine, big European lenders continue to operate hefty, increasingly profitable units in the country despite public pledges to wind them down.
BANK OF IRELAND TO WIND DOWN BRITISH CORPORATE LENDING BUSINESS
Reuters (2024-05-16)
"By being more purposeful and strategic about what we offer in the UK we have transformed the performance of our businesses in recent years," the bank said in a statement, noting a 57% increase in underlying profitability in the UK since 2019. Bank
CANADIAN REAL ESTATE PRICES ARE MOVING SIDEWAYS & THAT’S NOT GOOD NEWS
Better Dwelling (2024-05-16)
Other than the notable horizontal trading range, the biggest standout in the chart is the peak.
CHINA’S BIGGEST BANKS LAUNCH FIRST SALES OF SPECIAL LOSS-ABSORBING DEBT
FT (2024-05-16)
Please use the sharing tools found via the share button at the top or side of articles.
CITI EXECUTIVE RESPONSIBLE FOR IMPLEMENTING THOUSANDS OF JOB CUTS QUITS
FT (2024-05-16)
Please use the sharing tools found via the share button at the top or side of articles.
FEDERAL CONSUMER FINANCIAL WATCHDOG SURVIVES SUPREME COURT SCRUTINY
WSJ - Jess Bravin (2024-05-16)
The Supreme Court on Thursday rejected a conservative-backed challenge that could have dismantled the Consumer Financial Protection Bureau, ruling that Congress had authority to insulate the agencyâs funding stream from political interference.
FLORIDA AND TEXAS SHOW SIGNS OF HOME PRICES FALLING
WSJ (2024-05-16)
Gary and Karen Steppe listed a condo in Indialantic, Fla.,
COMMONS COMMITTEE TO CONSIDER LAUNCHING PROBE OF TD BANK’S ANTI-MONEY LAUNDERING VIOLATIONS
G&M - Stefanie Marotta (2024-05-15)
A House of Commons committee is considering probing failings in Toronto-Dominion Bankâs TD-T anti-money-laundering practices as U.S.
GAMESTOP, AMC SOAR AS MEME STOCK RALLY ROARS ON
G&M (2024-05-15)
âRoaring Kitty,â the online persona of Gill, shared a clip from the movie âBraveheartâ at 8 p.m.
THE DEPRESSING NUMBERS OF THE VENTURE-CAPITAL SLUMP DON’T TELL THE FULL STORY
G&M - Allen Lau (2024-05-15)
Recent reports are right.
NYCB SHARES RISE ON DEAL TO SELL $5 BILLION MORTGAGE WAREHOUSE LOANS TO JPMORGAN
Yahoo Finance (2024-05-15)
NYCB has pledged to cut exposure to the commercial real estate (CRE) sector, its core business, which has been roiled by higher borrowing costs and lower occupancy, to around $30 billion from nearly $47 billion at the end of March.
BNP PARIBAS BOND DESKS ARE NO LONGER DOING OIL AND GAS DEALS
Yahoo Finance (2024-05-15)
BNP is no longer participating in conventional bond issuance for the sector, according to clarifications provided by the bank in connection with its annual general meeting on Tuesday.
COULD TRUMP TAKE OVER THE FED? IT’S A SCARY THOUGHT
Bloomberg - Bill Dudley (2024-05-15)
The prospect of Donald Trump returning to the US presidency is generating concerned speculation: What if he exerts more control over the Federal Reserve, undermining the independence that has been crucial to containing inflation and to keeping the worldâs largest economy on an even keel? It wouldnât be easy.
CONSERVATIVES CRUSH TRUDEAU AT FUNDRAISING, WITH BACKING FROM BUSINESS LEADERS
Bloomberg (2024-05-15)
The Conservatives have raised C$2.45
HEDGE FUNDS SELL FINANCIALS AS ECONOMIC OUTLOOK SOURS, GOLDMAN SAYS
Bloomberg - Natalia Kniazhevich (2024-05-15)
Hedge funds ramped up their selling of financial stocks as US economic growth shows signs of weakness and the sector approaches a key technical level. Despite
BIG-NAME FUNDS PILE INTO REAL ESTATE DEBT AS BANKS RETREAT
Reuters - Iain Withers (2024-05-15)
Some of the world's largest investors are making deeper inroads into lending to commercial property, as they snap up market share from retreating banks and bet on an end to the sharp drops in real estate prices. U.S.
TD, RBC DATA POINT TO SLOWING HOUSEHOLD SPENDING IN CANADA
FP - Jay Zhao-Murray (2024-05-15)
Retail spending per person has been falling for almost two years, but a big wave of newcomers helped keep overall sales growing until recently.
U.S. BANKS FACE NEGATIVE LOAN GROWTH IN Q1: S&P
Investment Executive - James Langton (2024-05-15)
âBanks reduced credit card loans by US$35.7
HOW ONTARIO’S PLANNED BAN ON FINANCING TOOL WILL DRIVE UP NEW HOME PRICES
G&M - Gary Schwartz (2024-05-14)
Ontario Premier Doug Ford has pledged to build 1.5
CI FINANCIAL CEO SAYS HE IS COMFORTABLE WITH CURRENT DEBT LEVELS
G&M - Clare O'Hara, David Milsead (2024-05-14)
CI Financial Corp.
BILLIONAIRE BUSINESSMAN ARTHUR IRVING DEAD AT 93
CBC - Jacques Poitras (2024-05-14)
Forbes Magazine estimated Arthur Irving's wealth at $6.4
CANADA SHOULD BOOST MORTGAGES WITH LONGER TERMS, DESJARDINS SAYS
Yahoo Finance - Erik Hertzberg (2024-05-14)
Canadaâs mortgage market is dominated by shorter-term duration contracts that roll over after five years or less.
RBC TAPS STOPNIK TO LEAD REVAMPED GLOBAL INVESTMENT-BANKING UNIT
Bloomberg - Christine Dobby (2024-05-14)
Royal Bank of Canada has adopted a global structure for its investment-banking business and tapped Matthew Stopnik to head up the division. Stopnik,
US FINANCIAL REGULATORS PROPOSE ANTI-MONEY LAUNDERING RULES FOR FUND ADVISERS
Reuters (2024-05-14)
Two U.S.
MACRON WON'T RULE OUT ALLOWING SALE OF FRENCH BANKS TO EUROPEAN RIVALS
Reuters (2024-05-14)
French President Emmanuel Macron believes Europe's banking sector needs greater consolidation, even if that means a major French bank being bought by a European rival, he said in a TV interview with Bloomberg on Monday. Macron
RBC POISED TO OUTPERFORM RIVALS THANKS TO HSBC DEAL, SAY ANALYSTS
FP - Barbara Schecter (2024-05-14)
Exposure to more fee-based revenue from the acquisition of HSBCâs Canadian franchise is likely to boost Royal Bank of Canadaâs performance relative to other domestic banks when they begin releasing second-quarter earnings next week, according to analysts at Jeffries Securities Inc. âWe
TWO SIDES OF THE INSURANCE SALES DEBATE
Investment Executive - Allan Janssen (2024-05-14)
ââHolisticâ should really mean essential financial security,â Ruta said.
ARCHEGOS' HWANG LIED TO BECOME WALL STREET LEGEND, PROSECUTORS SAY AS TRIAL BEGINS
Reuters - Jody Godoy (2024-05-14)
Sung Kook "Bill" Hwang tried to trick all of Wall Street, a federal prosecutor told a Manhattan federal jury, as his trial on charges stemming from the 2021 collapse of Hwang's $36 billion fund Archegos Capital Management began on Monday. Prosecutors
THE INSIDE STORY OF CHIME, AMERICA’S BIGGEST DIGITAL BANK
Forbes - JEFF KAUFLINF (2024-05-14)
âThe people on direct deposit were clearly the whales of the business,â says Britt, 51, the cofounder and CEO of Chime, the nationâs largest digital-only bank with $1.5
CLIMATE SCORPION: THE STING IS IN THE TAIL - INTRODUCING PLANETARY INSOLVENCY
Finextra (2024-05-14)
Sandy Trust, Head of Organisational Risk at M&G, and Lucy Saye, Actuarial Manager at Deloitte, and previous chair at the IFoA Sustainability Board, present the 'Climate Scorpion' report.
'NEOBANK IN A BOX' STARTUP FINTECH FARM RAISES $32 MILLION
Finextra (2024-05-13)
Fintech Farmâs first project, Leobank, was launched in 2021.
SHOPIFY EXECUTIVE EARNED US$76-MILLION IN 2023, FAR OUTPACING CEO’S COMPENSATION
G&M - David Milstead (2024-05-13)
The best-paid Shopify Inc.
TD BANK’S $20-BILLION QUESTION: WAS A GIANT EXPANSION BET ON THE UNITED STATES WORTH IT?
G&M - Tim Kiladze (2024-05-13)
Mr.
CUSTOMER WHO FILED COMPLAINT AGAINST TD BANK REFUSES TO SIGN GAG ORDER TO GET COMPENSATION
CBC - Erica Johnson, Kimberly Ivany (2024-05-13)
Guanghu Cui was poring over his TD Bank statements in March, preparing to pay taxes for his small immigration consulting firm in Oakville, Ont.,
STRONG WALMART EARNINGS MAY ALREADY BE PRICED IN WITH SHARES NEAR RECORD
Yahoo Finance - Siddharth Cavale and Noel Randewich (2024-05-13)
Walmart's stock has climbed 15% so far in 2024, better than the S&P 500's 9% rise, increasing pressure on the company to provide strong results.
GOLDMAN STRATEGISTS SAY LOSS-MAKING US COMPANIES FACE RATES RISK
Yahoo Finance - Sagarika Jaisinghani (2024-05-13)
Riskier US stocks have underperformed the S&P 500 Index this year as sticky inflation raised concerns of higher-for-longer interest rates.
SUN LIFE SHARES SLUMP WITH U.S. DENTAL BIZ RECOVERING ONLY IN 2025
Reuters - Nivedita Balu (2024-05-13)
Shares of Sun Life Financial (SLF.TO),
HOW TD'S MONEY-LAUNDERING CRISIS IS MAKING ITS SUCCESSION DILEMMA ‘MESSY AND COMPLICATED’
FP - Barbara Shecter (2024-05-13)
Succession talk had been in the air even before TD disclosed last August that its anti-money-laundering controls were being probed by authorities in the United States, including the U.S.
BANK OF CANADA SAYS NATION'S RENTERS SHOWING SIGNS OF FINANCIAL STRAIN
FP (2024-05-13)
Senior deputy governor Carolyn Rogers, who has previously raised concerns about renters, said the data compiled suggests there is stress in these households. âAfter
IA FINANCIAL POSTS NET INCOME OF $233 MILLION IN Q1
Investment Executive - Jonathan Got (2024-05-13)
iA Financial had $229.3
SUN LIFE POSTS FIRST-QUARTER NET INCOME OF $875 MILLION
Investment Executive - Jonathan Got (2024-05-13)
The Canadian division was down about 2% to a net income of $310 million, as increased death payouts offset gains in business growth.
MORTGAGE INSURER CAPITAL ADEQUACY TEST - FILING INSTRUCTIONS
OSFI (2024-05-13)
All federally regulated mortgage insurance companies are required to complete a uniform Mortgage Insurer Capital Adequacy Test (MICAT) return each quarter.
FINTRAC FINES CRYPTO FIRM BINANCE $6-MILLION OVER ANTI-MONEY LAUNDERING SHORTFALLS
G&M - Alexandra Posadzki (2024-05-10)
Canadaâs anti-money-laundering agency has imposed a $6-million penalty on the worldâs largest cryptocurrency exchange, Binance Holdings Ltd.,
SUN LIFE’S FIRST-QUARTER PROFIT FALLS ON HIT FROM HIGHER MORBIDITY CLAIMS
G&M (2024-05-10)
Sun Life Financial reported a fall in first-quarter profit on Thursday, hurt by higher morbidity claims. The
BROOKFIELD ASSET MANAGEMENT SEES FIRST-QUARTER PROFIT DROP, PREPARES TO RAMP UP DEAL-MAKING
G&M - James Bradshaw (2024-05-10)
Brookfield Asset Management Ltd.BAM-TBAM-T
SHOPIFY SHARES SINK AS COMPANY POSTS Q1 LOSS, FORECASTS SLOWER REVENUE GROWTH
CP24 (2024-05-10)
The e-commerce software company, which keeps its books in U.S.
BANK OF CANADA SAYS DEBT, ASSET VALUATIONS ARE KEY RISKS TO STABILITY
Yahoo Finance - David Lyjunggren (2024-05-10)
Over the last year, the share of borrowers without a mortgage who carry a credit card balance of at least 80% of their credit limit - people seen as significantly likely to miss a future debt payment - has edged up and is now at 23%.
BFF BANK SHARES SLUMP 32% AMID BANK OF ITALY PROBE
Yahoo Finance - Sonia Sirletti and Tiago Ramos Alfaro (2024-05-10)
BFF Bankâs senior preferred bond due March 2029 is indicated at 91.7
ADVOCATES HOPEFUL BUT WARY OF BANKS' PLEDGE TO STOP ABUSIVE E-TRANSFERS
CBC - Katie Nicholson, Victoria Stunt, Tess Ha (2024-05-10)
One solution suggested in the letter is an AI-based program developed by the Commonwealth Bank in Australia and made free for all other banks worldwide.
UBS MULLS BONUS FOR INVESTMENT BANKERS WHO LURE RICH CLIENTS
Bloomberg - Chanyaporn Chanjaroen (2024-05-10)
UBS Group AG is considering introducing a reward system for investment bankers who refer clients to the firmâs wealth management business, according to people with knowledge of the matter. Some
DISTRUST IN FDIC LEADERSHIP DRIVES MORE STAFF TO CONSIDER EXITS, DATA SHOWS
Reuters - Douglas Gillison (2024-05-10)
Staff trust in the Federal Deposit Insurance Corporation's leadership has fallen sharply to well below government averages, with a growing number of workers considering leaving the agency, the latest FDIC staff survey data obtained by Reuters shows. In
US 30-YEAR FIXED-RATE MORTGAGE FALLS TO 7.09%, STILL TOO HIGH TO BOOST HOUSING
Reuters (2024-05-10)
The average rate on the 15-year fixed-rate mortgage fell to 6.38%
CANADA'S JOB MARKET COULD BE IN WORSE SHAPE THAN WE THOUGHT
FP (2024-05-10)
Last month we got a surprise.
TORONTO OFFICE SPACE HITS RECORD VACANCY RATE, AVAILABILITY SURGES DOWNTOWN
Better Dwelling (2024-05-10)
Itâs not just a suburban issue either, with Downtown Toronto seeing the issue intensify even faster.
BANKS ‘HAVE TO GET BETTER’ AT SOLVING MONEY LAUNDERING, SAYS OSFI HEAD
G&M - Stefanie Marotta (2024-05-09)
The head of Canadaâs banking regulator is comfortable with the ability of the countryâs largest banks to curb money laundering crimes, but says that there is room for improvement. The
CANADIAN CLIMATE FINANCE IS ‘PATCHWORK, DELIVERED LATE, FALLING SHORT,’ CARNEY SAYS
G&M - Jeffrey Jones (2024-05-09)
Mr.
MANULIFE’S FIRST-QUARTER PROFIT RISES ON ASIA UNIT STRENGTH
G&M (2024-05-09)
Total investment income at Manulife came in at $4.79-billion
BOE IS SENDING RIPPLES THROUGH MONEY MARKETS WITH AGGRESSIVE BOND SALES
Yahoo Finance (2024-05-09)
Analysts have warned the central bank will need to halt its weekly bond sales later in the year, or risk undermining future efforts to loosen borrowing conditions.
MORNING BID: BANK OF ENGLAND TO TEST CUT ASSUMPTIONS
Yahoo Finance (2024-05-09)
Academic Swati Dhingra already voted for a cut in March and some figure on Deputy Governor Dave Ramsden joining her this month.
'SERIOUSLY UNDERWATER' HOME MORTGAGES TICK UP ACROSS THE US
Yahoo Finance (2024-05-09)
Nationally, 2.7%
FED'S COMMUNICATIONS STYLE SCORES WELL WITH ANALYSTS BUT NOT PUBLIC
Reuters - Howard Schneider (2024-05-09)
Responses from 31 academic and 24 private Fed watchers to questions posed by the Brookings Institution's Hutchins Center on Fiscal and Monetary Policy gave the U.S.
SPANISH GOVERNMENT OPPOSES BBVA'S $13 BLN SABADELL BID
Reuters (2024-05-09)
Under Spanish law, the Economy Ministry has the last word in approving any merger or acquisition of a bank.
CANADA AMONG NATIONS FIGHTING RISING RENT IN GLOBAL INFLATION BATTLE
FP (2024-05-09)
The upshot: The disinflation momentum seen through most of last year has all but stalled in some developed economies.
BUBBLE CONTAGION? EASTERN CANADA HOME PRICES RETAIN THE FROTHIEST GROWTH
Better Dwelling (2024-05-09)
First letâs get some market context by looking at the national composite benchmark.
CANADA HEADED FOR A HYBRID OPEN-BANKING REGIME
Investment Executive (2024-05-09)
Canada could be headed to a hybrid open-banking model where industry pursues market-driven objectives under parameters set by the government, said Saba Shariff, head of new product development and corporate strategy with Symcor, a payment processing company based in Mississauga, Ont.
THE FINANCE CURSE
RT.com - Video on financial system (2024-05-09)
For many years, weâve been told that finance is good and more finance is better.
TD BANK’S SHARE PRICE FALLS 5.8% AS ANALYST WARNS OF POTENTIAL HIGHER FINES FROM U.S. MONEY-LAUNDERING PROBE
G&M - CHRISTINA PELLEGRINI, JAMES BRADSHAW, TIM KILADZE and JACQUELINE NELSON (2024-05-08)
As TDâs share price fell on Friday, declining by more than 6 per cent at its lowest point in trading on the Toronto Stock Exchange, shares in its four largest Canadian peers â RBC, Bank of Montreal, Bank of Nova Scotia and Canadian Imperial Bank of Commerce â were modestly
SPAIN’S CENTRAL BANK MAY BE LED BY A WOMAN FOR THE FIRST TIME
Yahoo Finance - Jorge Valero and Jorge Zuloaga (2024-05-08)
Whoever takes charge will do so just as the ECB starts undoing the spate of rate hikes it deployed to quell inflation after Russia attacked Ukraine.
RIKSBANK KICKS OFF EASING WITH FIRST SWEDISH RATE CUT SINCE 2016
Bloomberg - Niclas Rolander (2024-05-08)
The Riksbank cut its benchmark interest rate for the first time in eight years, acting before the neighboring euro zone in a bid to offer respite to Swedenâs recession-stricken economy. The
TRUMP JUDGE INDEFINITELY POSTPONES DOCUMENTS CASE TRIAL
Bloomberg - Chris Strohm (2024-05-08)
Donald Trumpâs criminal trial for allegedly mishandling classified documents has been postponed indefinitely in a blow to the Justice Departmentâs efforts to obtain a jury verdict before Novemberâs presidential election. US
JPMORGAN SEES GAIN OF ABOUT $8 BILLION FROM VISA EXCHANGE OFFER
Bloomberg - David Scheer (2024-05-08)
JPMorgan Chase & Co.
US PROBE FINDS WIDESPREAD SEXUAL MISCONDUCT AT FDIC
Reuters - Douglas Gillison and Pete Schroeder (2024-05-08)
Overall, the report by law firm Cleary Gottlieb, opens new tab paints a picture of an agency at which sexual harassment, racial discrimination and bullying were pervasive at every level and tolerated by senior leaders for years, while complaints about misconduct were met with retaliation. "For
GENERATIVE AI IS TAKING OVER CUSTOMER SERVICE — AND IT'S WORKING
FP - Kelsey Rolfe (2024-05-08)
The first few months of the year are particularly busy for Wealthsimple Inc.âs
TANKING ECONOMY, PRODUCTIVITY MEAN BANK OF CANADA SHOULD CUT RATES WITH OR WITHOUT THE FED
FP - David Rosenberg (2024-05-08)
We find it rather incredible that the Bank of Canada is so nonchalant when it comes to the state of the Canadian economy.
WARREN BUFFETT EYES CANADIAN INVESTMENT AS CASH PILE HITS FRESH RECORD
FP - Sally Bakewell (2024-05-08)
The companyâs hoard increased to US$189 billion at the end of the first quarter, topping the record it set at year-end.
CANADIAN BUSINESS INSOLVENCIES SURGED 87% HIGHER IN Q1
Better Dwelling (2024-05-08)
Canada has seen a big uptick in the number of filings over the past year.
TD BANK FACES MOUNTING CALLS FOR EXECUTIVE CHANGE
G&M - Stefanie Marotta (2024-05-07)
Toronto-Dominion Bank TD-T is under escalating pressure to shake up its leadership in response to emerging details about its anti-money-laundering gaps that prompted a probe from U.S.
PROPERTY INSURER INTACT ROLLS OUT PILOT PROJECT TO FIREPROOF HOMES WHEN WILDFIRES ARE NEAR
G&M - Clare O'Hara (2024-05-07)
âLast year, the wildfire season in Alberta and British Columbia was very intense, and the very warm and dry winter we had this year is conducive to what could be another challenging wildfire season,â Intact senior vice-president of personal lines Guillaume Lamy said in an interview. âWe
MONTREAL HOME SALES JUMPED 25.5% IN APRIL AS EXPECTED RATE CUTS PROMPT RECOVERY, REAL ESTATE BOARD SAYS
G&M (2024-05-07)
The median price for all housing types was up year-over-year, led by a 6.5
WEALTHSIMPLE EXPERIENCING MASSIVE GROWTH AFTER TWO QUARTERS OF RECORD ASSET GAINS
G&M - Sean Silcoff, Clare O'Hara (2024-05-07)
Two years after its growth stalled, bank challenger Wealthsimple Technologies Inc.
CANADA POST LOST $748 MILLION LAST YEAR, WARNS OF 'CRITICAL' FINANCIAL SITUATION
CBC (2024-05-07)
Canada Post has been losing money since 2018.
UBS IS ADDING $20 BILLION IN CAPITAL EVEN BEFORE SWISS REFORMS
Bloomberg - Myriam Balezou and Nicholas Comfort (2024-05-07)
UBS Group AG is already adding almost $20 billion in capital to its regulatory reserves as it integrates Credit Suisseâs business, Chief Executive Officer Sergio Ermotti said, regardless of the Swiss governmentâs plans to increase requirements from next year. âFully
FOR CLUES ON WHY THE BOE HASN’T CUT RATES, JUST HEAD TO THE PUB
Bloomberg (2024-05-07)
Prime Minister Rishi Sunak has rarely missed a chance to take credit for bringing UK inflation down to 3.2%.
CMHC BEATS TARGETS FOR NEW HOMES IN 2023, DESPITE ECONOMIC CHALLENGES
FP - Shantaé Campbell (2024-05-07)
The Crown corporation, charged with administering the countryâs national housing programs, released its annual report on Monday, revealing its progress in meeting the mandates of the NHS â a 10-year plan launched in 2017.
TD MAY FACE US$2 BILLION MONEY LAUNDERING FINE, THIRD-LARGEST EVER: ANALYSTS
Better Dwelling (2024-05-07)
Aiken believes the extent of the issue may cost a lot more.
OSC TO INCREASE FOCUS ON DIY INVESTORS
Investment Executive - James Langton (2024-05-07)
He added that advice given at bank branches must be âmore proficient and [have] more components of financial planning brought to bear,â and be accessible to people âeven if theyâre not wealthy and receiving the highest level of fiduciary advice.â
CAPITAL MARKETS REBOUND OFFSETS U.S. BANKS’ WEAKNESS
Investment Executive (2024-05-07)
âWe still expect modest total loan growth in 2024, presuming there is greater clarity around the path of interest rates and regulatory capital requirements,â it said.
INVESTING COMPANY NEWS REAL ESTATE NEWS WIRE 40M AGO AUSTRALIA BANKS SHOWER INVESTORS IN BUYBACKS AMID MORTGAGE FIGHT
BNN (2024-05-07)
Over the past week, ANZ Group Holdings Ltd.
FTX FILES AMENDED REORGANIZATION PLAN, EXPECTS $14.5 BILLION-$16.3 BILLION FOR DISTRIBUTION
Yahoo Finance (2024-05-07)
The plan put forward by FTX creates a "convenience class" for creditors with claims of $50,000 or lower, under which it anticipates that majority of the creditors will receive about 118% of the amount of their claims within 2 months if approved by the court.
FITCH DOWNGRADES NEW YORK COMMUNITY BANCORP TO 'BB' ON NEAR-TERM EARNINGS PRESSURE
Yahoo Finance (2024-05-07)
Last week, NYCB reported a first-quarter loss of $327 million, or 45 cents per share, as the lender set aside higher provision for credit losses due to its exposure to the beleaguered commercial real estate sector.
WARREN BUFFETT’S BERKSHIRE HATHAWAY MULLS MAJOR NEW INVESTMENT IN CANADA
G&M - Brent Jang (2024-05-06)
Warren Buffettâs Berkshire Hathaway Inc.
MACKLEM TRIES TO STAY OUT OF THE FRAY AS MPS DO THEIR BEST TO USE HIM TO SCORE POINTS
G&M - Nojoud Al Mallees (2024-05-06)
Mindful of the weight his words carry, the governor keeps his responses focused on the implications of fiscal policy on inflation. But
TD BANK COULD FACE MORE SEVERE PENALTIES AFTER DRUG MONEY LAUNDERING ALLEGATIONS, SAYS ANALYST
CBC (2024-05-06)
Dechaine said the severity of the allegations means TD could not only face fines well above the $500 million to $1 billion that many investors have anticipated, but also more severe regulator-imposed limitations on its business activities.
GOLD ADVANCES AS INVESTORS WEIGH MIXED SIGNALS ON US ECONOMY
Yahoo Finance - Sybilla Gross (2024-05-06)
The precious metal climbed as much as 1% on Monday, following its first back-to-back weekly losses since February.
THE U.S. ECONOMY IS HEADED FOR A HARD LANDING, AND FED RATE CUTS WON’T BE ENOUGH TO RESCUE IT, CITI SAYS
Yahoo Finance - Jason Ma (2024-05-06)
Doubling down on his contrarian view, Citi chief U.S.
GLOBAL HOUSING SHORTAGES ARE CRUSHING IMMIGRATION-FUELED GROWTH
Bloomberg - Randy Thanthong-Knight, Swati Pandey, and Tom Rees (2024-05-06)
Across much of the developed world, one of the most dependable drivers of economic growth is faltering. For
PING AN VOTES AGAINST REAPPOINTMENT OF HSBC CEO AS DIRECTOR, SOURCE SAYS
Reuters - Gursimrankaur Mehar (2024-05-06)
China's Ping An Insurance Group Co(601318.SS),
KILLER TD VARIABLE RATE MORTGAGE COULD BE SIGN OF BETTER DEALS TO COME
FP (2024-05-06)
Toronto-Dominion Bankâs new offer is 6.19
DAVID ROSENBERG: WHY THE BANK OF CANADA NEEDS TO START CUTTING RATES … NOW
FP - David Rosenberg (2024-05-06)
The most important inflation metric, the CPIX, which excludes the eight most volatile segments of the index, is running at 2.1
RBC LAUNCHES INCUBATOR
Finextra (2024-05-06)
The bank is working with the Rogers Cybersecure Catalyst at Toronto Metropolitan University on the RBC FinSec Incubator.
News feed
NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW
G&M - Rachelle Younglai (2024-08-23)
The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.
CANADIAN RENTERS NOW REQUIRED TO COLLECT FOREIGN LANDLORD’S TAXES, WITHHOLD RENT
Better Dwelling (2024-05-17)
Canadian renters are getting a rough introduction to the countryâs foreign investor problem.
BANK OF CANADA WARNS OF SYSTEMIC RISK AS HEDGE FUNDS RAMP UP BORROWING TO PROFIT FROM FALLING RATES
G&M - Jameson Berkow, Mark Rendell (2024-05-17)
Brian DâCosta started getting calls from worried clients shortly after the Bank of Canada released its latest financial stability report a week ago. They
NATIONAL BANK ECONOMIST: ‘THE DEMOGRAPHIC SHOCK IS GETTING WORSE IN CANADA’
G&M - Matt Lundy (2024-05-17)
The federal government is trying to restrict migration to Canada, citing the challenge in absorbing so many newcomers over a short period.
News feed
FSIM briefings and developments reports
CANADIAN RENTERS NOW REQUIRED TO COLLECT FOREIGN LANDLORD’S TAXES, WITHHOLD RENT
Canadian renters are getting a rough introduction to the country’s foreign investor problem. The Canada Revenue Agency (CRA) just informed tenants they’re on the hook for any unpaid taxes their non-resident landlord may owe. In a bizarre decision, the nation’s tax authority is telling tenants who pay rent to non-resident landlords to withhold a portion and remit it on their behalf, or they may be liable for the amount with penalties. To complicate things further, one Ontario policymaker warns tenants that have inquired about withholding have been threatened with eviction.
WOULD-BE HOMEBUYERS ARE IN LIMBO AND ONLY THE BANK OF CANADA CAN FREE THEM
Tens of thousands of prospective homebuyers have their fingers hovering over the “buy” button. But they’re waiting for one thing before pressing it: the Bank of Canada to give rates a haircut. Article content A BMO poll by Ipsos throws a hard number at us — 72 per cent of Canadians won’t buy until rates come down. Buyers are sitting on their wallets for two big reasons: First, thanks to record unaffordability, people need lower rates to pass the government’s mortgage stress test — which forces borrowers to prove they can handle payments at rates that are 200-plus basis points (bps) higher than the contract rate.
US FDIC CHIEF FACES 2ND DAY OF PENITENCE ON CAPITOL HILL
U.S. Federal Deposit Insurance Corporation Chair Martin Gruenberg on Thursday faced a second day of grilling before lawmakers on Capitol Hill as he battles to survive the fallout from a sexual harassment scandal at his agency. Appearing alongside fellow top banking regulators from the Federal Reserve and U.S. Office of the Comptroller, Gruenberg reiterated his apologies to staff and acceptance of responsibility for leading an organization that had allowed serious misconduct to go unchecked for years. In successive rounds of questioning, Gruenberg offered renewed expressions of contrition and commitment to making "fundamental structural change." "We have to cut the good old boys network that is serving as an impediment to employees coming forward and reporting experiences of abusive treatment," Gruenberg said. Gruenberg on Wednesday had faced hours of angry denunciations from lawmakers of both major parties during testimony before a House panel. Republicans have demanded Gruenberg's resignation but elicited little new information beyond what was already public knowledge. FDIC is working jointly with the Federal Reserve and Office of the Comptroller of the Currency on several pending regulatory projects, most notably a sweeping effort to overhaul how banks measure risk that would significantly boost capital requirements for big banks.