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Recap of recent real estate news in Canada. Tiff Macklem and market exuberance, cottage country price appreciation and the rise of lumber prices.


Bulls versus the bears, this week in the Canadian real estate industry.


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


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


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


The mortgage debt to income ratio declined despite the pandemic. In this issue I discuss real estate stalling and immigration's impact on home prices.


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


October 14th real estate report describing the issues in the market the last two weeks.


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


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


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


Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University


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


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


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


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


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


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


Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...


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


RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.


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


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

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

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Research

Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

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


2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

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


Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

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


How and why you need to defend your brand against disruptors  

Mark Sibthorpe

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


Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

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


ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

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

 


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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

fsim.ca/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


Complete loyalty RFP  

fsim.ca/docs/booksample.pdf

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


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

fsim.ca/docs/booksample.pdf

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


Report on merchants extending financial services  

fsim.ca/docs/

Special report explaining why some merchants in the UK, U.S. and Canada are expanding their financial services. The paper discusses the structural and regulatory pressures facing merchants and explains the rational behind key decisions. This is an 8 page high level report
 


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

U.S. BANK’S BIG DEAL WILL TEST D.C.'S TOLERANCE FOR LARGE MERGERS

American Banker - Jon Prior, Brendan Pedersen (2021-09-23)

The Biden administration now has a test case for its promise to subject bank mergers to greater scrutiny.


WELLS FARGO AND MASTERCARD INVEST IN BILT REWARDS PROGRAMME FOR RENTERS

Finextra - Finextra (2021-09-23)

A group of the nation's largest real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN× and Starwood Capital Group joined the round.


CHINA’S EVERGRANDE MESS IS SPREADING AND HURTING BIG MINING COMPANIES. THE IRON ORE AND STEEL PARTY IS OVER

G&M - Eric Reguly (2021-09-23)

A 40-second video made in August in the southern Chinese city of Kunming provides a graphic account of the country’s housing bubble. It shows controlled explosions turning 15 apartment towers into rubble. They were built seven years ago and never occupied.


ONTARIO TEACHERS’ PENSION PLAN BUYS ALTERNATIVE MORTGAGE LENDER

G&M - David Milstead (2021-09-23)

The Ontario Teachers’ Pension Plan has acquired HomeEquity Bank, Canada’s largest provider of reverse mortgages.


CIBC ROLLS OUT NEW LOGO IN MAKEOVER STRATEGY

FP - Staff (2021-09-23)

The new look features two chevrons facing in opposing directions to symbolize the company’s “past and future opportunities” as well as the bank’s relationship with its clients, according to a statement released Wednesday, and comes with a broader attempt to rebrand as a customer-focused operation.


FED'S POWELL SAYS TAPER COULD START IN NOVEMBER, END MID-2022

FP - Matthew Boesler (2021-09-23)

That refers to the policy gathering on Nov. 2-3, though he left the door open to waiting longer if needed and stressed that tapering was not meant to be a direct signal on the timing of rate liftoff.


CANADIAN BANK STOCKS MAY FACE VALUATION HEADWINDS FROM LIBERAL TAX PLEDGE

G&M - David Berman (2021-09-22)

The Canadian political landscape may look remarkably similar the day after Justin Trudeau’s Liberals were re-elected to another minority government. But investors are facing something new: The Liberal victory means that the party’s pledge to impose additional taxes on banks and insurers now has traction.


FINANCIAL SERVICES POWERHOUSES, LED BY FORMER BANK OF CANADA GOVERNOR MARK CARNEY, COMMIT TO NET-ZERO PUSH

G&M - Jeffrey Jones (2021-09-22)

Big-name stock exchanges, rating agencies, auditors and index providers have banded together in a group led by former central banker Mark Carney to focus their operations on achieving net-zero carbon emissions as countries prepare to meet to hammer out new commitments in the fight against climate change.

Seventeen organizations, including London Stock Exchange Group

LDNXF +1.67%increase   , Moody’s Investors Service, S&P Global Inc., PricewaterhouseCoopers and MSCI Inc., have committed to “aligning” their products and services to meet climate targets as part of the group, called the Net Zero Financial Services Providers Alliance, or NZFSPA. None is Canadian-based.


BMO DETAILS CANADA’S ‘CARPOCALYPSE’

G&M - Scott Barlow (2021-09-22)

“Evergrande is the most-indebted property developer in the world. Its on-balance-sheet liabilities amount to nearly 2 percent of China’s annual GDP … For the past several years, Chinese regulators have worked hard—if unsuccessfully—to reduce the economy’s overreliance on debt … Borrowing has enabled the property sector to become one of the main engines of economic activity for the Chinese economy, accounting for as much as 25 percent of the country’s GDP … Chinese regulators have decided to have a showdown with creditors over Evergrande.


THESE ARE THE CREDIT CARDS WITH THE MOST SATISFIED CUSTOMERS

G&M - Rob Carrick (2021-09-22)

A tip for finding the right credit card: consider one without annual fees.


B.C. PROPERTY INSURERS TIGHTEN RULES FOR HOMEOWNERS, BUILDERS IN FOREST FIRE REGIONS

G&M - Clare O'Hara (2021-09-22)

Home builders and property owners in British Columbia are seeing an increase in the number of insurers who are refusing to approve insurance policies for both residential and commercial buildings that are located near an active wildfire – in some cases fires that are burning 100 kilometres away.


FINANCIAL SECTOR BRACES FOR BANK TAX FOLLOWING LIBERAL MINORITY WIN

FP - Barbara Shecter (2021-09-22)

During the election campaign, Justin Trudeau pledged to enact a three per cent surtax on banks and insurance companies on every dollar they earn over $1 billion, prompting complaints that the sector was being singled out and penalized for its strong performance during the COVID-19 pandemic.


BANKING INDUSTRY MAY BE CLEAREST LOSER FROM TRUDEAU'S RE-ELECTION

FP - Kevin Orland (2021-09-22)

The campaign promises represent a far more aggressive approach toward banks than previously taken by Trudeau’s government — a surprising shift given that financial firms weren’t the only companies to rebound quickly from the pandemic, said John Aiken, an analyst at Barclays Plc. The “almost punitive” measures are even more surprising given that the banks committed not to cut workers during the crisis, he said in an interview Tuesday on BNN Bloomberg Television.


FED LIKELY TO OPEN BOND-BUYING 'TAPER' DOOR, BUT HEDGE ON OUTLOOK

Reuters - Howard Schneider (2021-09-22)

The Federal Reserve is expected to clear the way on Wednesday for reductions to its monthly asset purchases later this year and show in updated projections whether higher-than-expected inflation or a resurgent coronavirus pandemic is weighing more on the economic outlook.


IBM WINS AFRICA CLOUD DEALS AS BANKS QUICKEN SWITCH TO DIGITAL

Bloomberg - Loni Prinsloo (2021-09-22)

International Business Machines Corp. won hybrid cloud deals with a number of Africa’s largest banks including South Africa’s Nedbank and Morocco’s Attijariwafa Bank, as part of its strategy to pivot the business toward the fast-growing market of storing large amounts of data on the internet.


FED MEETING WILL FOCUS ON TAPER TIMETABLE

WSJ - Nick Timiraos (2021-09-22)

Federal Reserve officials will look to forge agreement Wednesday over how and when to begin reducing their large-scale bond-buying efforts, which they launched early in the pandemic to stimulate the U.S. economy.


IDA STORM DAMAGE EXPECTED TO COST INSURERS AT LEAST $31 BILLION

WSJ - Leslie Scism (2021-09-22)

Ida is poised to join Katrina, Sandy, Harvey and Irma on the list of the top five costliest hurricanes as measured by insured losses.


BUYING LIFE INSURANCE? THE INDUSTRY IS BEING TRANSFORMED. WHAT YOU NEED TO KNOW.

WSJ - Leslie Scism (2021-09-22)

A growing number of U.S. life insurers—small, midsize and some of the industry’s biggest household names—have sold or announced they will sell their U.S. consumer life-insurance and annuity businesses.


CANADA RE-ELECTED THE SAME LEADERSHIP, BUT REAL ESTATE WILL BE VERY DIFFERENT

Better Dwelling - Stephen Punwasi (2021-09-22)

One of the more ambitious proposals is changes to the regulatory process. These include:

  • Blind bidding ban 
  • Legal rights to home inspection 
  • Price transparency 
  • Disclosure of all parties in a transaction 


AMID STRONG MARKETS, MUTUAL FUND ASSETS TOP $2 TRILLION

Investment Executive - James Langton (2021-09-22)

Monthly net sales came in at $9.8 billion in August, up from $8.8 billion the previous month. The strong sales, combined with market gains, pushed mutual fund AUM up by $45.7 billion in August, a 2.3% gain.


BMO’S ROTENBERG TO HEAD FIDELITY’S US$4.1-TRILLION PERSONAL INVESTING DIVISION

G&M - JAMES BRADSHAW AND CLARE O’HARA (2021-09-21)

Bank of Montreal wealth management head Joanna Rotenberg has joined the U.S. executive team at Fidelity Investments.


COINBASE DROPS PLANS TO LAUNCH INTEREST PRODUCT AFTER CEO’S SEC COMMENTS

CNBC - Tanaya Macheel (2021-09-21)

Coinbase has decided to halt its plans to launch an interest-earning product two weeks after CEO Brian Armstrong took the SEC to task on Twitter for its lack of guidance on the matter.


CANADIAN PENSION FUNDS PART OF CONSORTIUM PAYING $8.1 BILLION FOR FULL CONTROL OF SYDNEY TUNNEL NETWORK

Reuters - Reuters (2021-09-21)

Buying out the 49 per cent share from the state gives the group — of which Transurban owns a half share — the full financial benefit as more sections of the giant capital works project open to traffic in the next few years. The consortium added Canada’s Caisse de dépôt et placement du Québec as a member, Transurban added.


NINE THINGS TO KNOW ABOUT INVESTING IN CANADIAN DEPOSITARY RECEIPTS (CDRS)

FP - Julie Cazzin (2021-09-21)

For years, American depositary receipts — known as ADRs — have been trading in the United States to make it easy for people to buy shares that are listed in foreign countries. From Japanese stocks such as Toyota Motor Corp. to European stocks like Novartis International AG and AstraZeneca PLC, these foreign stocks are traded just like publicly traded American companies.


FED TO REVEAL NEW PROJECTIONS WITH INVESTORS ON ALERT FOR RATE LIFTOFF TIMING

Reuters - Lindsay Dunsmuir (2021-09-21)

U.S. Federal Reserve officials will lay bare how soon and how often they think the economy will need interest rates rises over the next three years when they release new forecasts at their policy meeting on Wednesday, with investors on alert for a faster pace of tightening.


FACTBOX-FIVE THINGS TO WATCH AT FED POLICY MEETING THIS WEEK

Reuters - Ann Saphir (2021-09-21)

The Fed has promised not to cut back on the $120 billion of Treasuries and mortgage-backed securities it is buying each month until it sees “substantial further progress” toward its goals of maximum employment and 2% inflation.


WELLS FARGO, MASTERCARD BACK BILT, WHICH TURNS RENT INTO POINTS

Bloomberg - Gillian Tan (2021-09-21)

Bilt Rewards, which offers a loyalty program and credit card that converts rent into reward points, raised $60 million from investors including Mastercard Inc. and Wells Fargo & Co., giving the startup a $350 million valuation.

Landlords including SL Green Realty Corp., Blackstone Inc., AvalonBay Communities Inc., Equity Residential, Starwood Capital Group, Related Cos. and Moinian Group also participated in the funding round, as did mortgage-software platform Blend Labs Inc. and real estate brokerage Douglas Elliman, Bilt Chief Executive Officer Ankur Jain said in an interview.


CREDIT SUISSE’S ARCHEGOS DISASTER EXPOSES CRACKS IN BANK REGULATION

WSJ - Margot Patrick (2021-09-21)

When Archegos Capital Management blew up, it saddled Credit Suisse Group AG with $5.5 billion in losses. One reason investors and regulators were blindsided: a gap in the regulatory oversight of big international banks.


THE CANADIAN REAL ESTATE INDUSTRY HAS FORECAST FACE RIPPING PRICE GAINS NEXT YEAR

Better Dwelling - Daniel Wong (2021-09-21)

Canadian real estate is expected to be slow for the rest of this year, but it won’t last very long. The Canadian Real Estate Association (CREA) shared their 2021 forecast. In the forecast for this year, they see minimal movement from the current average sale price. Next year they see huge gains returning, especially in Ontario. The province is forecast to see nearly double-digit growth in home prices next year.


CANADIAN MORTGAGE DEBT SEES FASTEST GROWTH SINCE 2008, BALANCE HITS 89% OF GDP

Better Dwelling - Daniel Wong (2021-09-21)

Canadian mortgage debt soared to a new record high, at one of the fastest rates ever. The balance reached $1.75 trillion in July, up 0.9% ($16.2 billion) from a month before. When compared to a year before, this represents an increase of 9.6% ($153.1 billion). At this balance, mortgage debt is about 88.63% the size of gross domestic product (GDP). It’s an absolutely mind-blowing number, to say the least. 


INSURANCE AGENCIES PERSEVERED THROUGHOUT PANDEMIC

Investment Executive - Katie Keir (2021-09-21)

The Report Card, which took a hiatus in 2020 due to the pandemic, assessed the sentiment of insurance advisors at seven firms for 2021: three dedicated sales agencies (DSAs) and four managing general agencies (MGAs). The advisors surveyed, who either worked for one of the DSAs or ran their business through one of the MGAs, collectively gave the firms an average IE rating of 8.6, up from the 8.2 collective rating that was recorded each year from 2017 to 2019.


STOCKS CLOSE SHARPLY LOWER AS EVERGRANDE SOLVENCY FEARS SPOOK ALREADY-SHAKY MARKETS

G&M - Darcy Keith (2021-09-20)

Concerns that Chinese property developers could default on their massive loan books ripped across global markets on Monday, with the TSX suffering its worst decline since January just as Canadians were casting ballots in the federal election.


HOW A LIBERAL OR CONSERVATIVE MINORITY WOULD AFFECT THESE FOUR KEY INDUSTRIES

G&M - Andrew Willis (2021-09-19)

For banks and insurers, this election translates into a potential $10-billion swing in profits.


CANADIAN DOLLAR CLINGS TO WEEKLY GAIN AS CHINA INJECTS LIQUIDITY

G&M - Reuters (2021-09-19)

The Canadian dollar 

CADUSD -0.18%decrease   edged higher against its U.S. counterpart on Friday as the central bank of top commodity consumer China moved to calm markets, while Canada’s 10-year yield climbed to a five-week high.


RBC AGREES TO SETTLEMENT WITH SEC OVER MUNICIPAL BOND SALES, WILL PAY MORE THAN US$800,000

G&M - James Bradshaw (2021-09-19)

Royal Bank of Canada 

RY-T -1.47%decrease   has agreed to pay more than US$800,000 to settle charges from a U.S. regulator that the bank improperly allocated bonds in municipal offerings.


EUROPEAN CENTRAL BANK FACES CALL TO END CLOSED-DOOR MEETINGS WITH PRIVATE SECTOR AFTER REPORTED LEAK

G&M - Francesco Canepa (2021-09-19)

The European Central Bank is facing a call to stop the practice of holding closed-door meetings with the private sector after ECB Chief Economist Philip Lane reportedly disclosed an unpublished inflation forecast at one such event.


CRYPTO GAINS CAN COME WITH A HEFTY — AND UNEXPECTED — TAX BILL

FP - Stephanie Hughes (2021-09-19)

“One part that (clients) struggle with is how we calculate the gains and losses,” he said.


RBC SHAKES UP EXECUTIVE RANKS, PROMOTES NADINE AHN TO CFO

FP - Kevin Orland (2021-09-19)

The management changes make the 50-year-old Ahn — who’s also assuming responsibility for corporate development — the only female CFO at one of Canada’s six largest banks. The shakeup also ties RBC Ventures more closely to the firm’s retail-banking operations, with the company saying the change is intended to bolster the unit’s momentum in adding individual and small-business customers.


HEY, BANKERS! HOW’S THAT ESG THING GOING FOR YOU?

FP - Terence Cocoran (2021-09-19)

As we know, Canada’s big chartered banks are all in on doing the right thing and providing important “thought leadership” and “purpose-driven” action on the latest local, national and global issues. From climate change to carbon control, cultural diversity, gender equality, systemic racism, corporate social responsibility (CSR) and the latest environmental, social and governance (ESG) policies, the banks are lined up behind sustainable investment solutions and every other idea floating through the woke atmosphere polluting modern finance.


U.S. TREASURY'S YELLEN: DEBT DEFAULT WOULD 'PERMANENTLY' WEAKEN AMERICA

Reuters - David Lawder (2021-09-19)

U.S. Treasury Secretary Janet Yellen issued a fresh plea for Congress to raise the federal debt ceiling on Sunday, arguing a default on U.S. debt would trigger a historic financial crisis.


JPMORGAN TO LAUNCH DIGITAL BANK CHASE IN BRITAIN NEXT WEEK

Reuters - Reuters (2021-09-19)

JPMorgan (JPM.N) is set to launch its big assault on British high street banks and online lenders from next week, with the launch of its long-planned digital retail bank Chase.


THE GLOBAL HOUSING MARKET IS BROKEN, AND IT’S DIVIDING ENTIRE COUNTRIES

Bloomberg - Alan Crawford (2021-09-19)

Soaring property prices are forcing people all over the world to abandon all hope of owning a home. The fallout is shaking governments of all political persuasions.

It’s a phenomenon given wings by the pandemic. And it’s not just buyers — rents are also soaring in many cities. The upshot is the perennial issue of housing costs has become one of acute housing inequality, and an entire generation is at risk of being left behind.


BANKS, ENERGY SHARES MAY MOVE AS CANADA VOTES: INVESTORS’ GUIDE

Bloomberg - Michael Bellusci (2021-09-19)

With Canadians set to vote Monday in a highly competitive election, the outlook for the two largest sectors in country’s stock index hangs in the balance.

Polls say the race is close. If Prime Minister Justin Trudeau wins, as now looks likely, he may follow through on a promise to increase taxes on the biggest banks and insurance companies and impose stricter emissions rules on oil and gas companies. Financial and energy stocks make up 44% of the benchmark S&P/TSX Composite Index.


MASSMUTUAL FINED FOR FAILING TO OVERSEE GAMESTOP TRADER KEITH GILL, OTHERS

WSJ - Caitlin McCabe (2021-09-19)

A Massachusetts Mutual Life Insurance Co. subsidiary agreed to pay a $4 million fine to settle an inquiry from Massachusetts securities regulators into the social-media and trading activity of its employees, including well-known GameStop Corp. investor Keith Gill.


ONTARIO TEACHERS’ PENSION PLAN RAMPING UP GREEN INVESTMENTS IN NET-ZERO PUSH

G&M - Jeffrey Jones (2021-09-17)

Ontario Teachers’ Pension Plan aims to vastly increase clean-energy investments and push companies in its $228-billion portfolio to set paths to net-zero carbon emissions, as one of Canada’s largest institutional investors shifts its strategy to deal with climate risks.


IF YOU INVEST IN BANK MUTUAL FUNDS, HERE’S THE SMART WAY TO DO IT

G&M - Rob Carrick (2021-09-17)

That’s one of the reasons why three big banks have decided that their in-house financial planners will no longer sell funds from outside firms. Only in-house funds will be offered, which means some of the country’s largest investment funds will only get bigger.


BMO WEALTH MANAGEMENT HEAD JOANNA ROTENBERG TO STEP DOWN

G&M - JAMES BRADSHAW AND CLARE O’HARA (2021-09-17)

BMO chief executive officer Darryl White told staff in an internal memo that Ms. Rotenberg is stepping down “to pursue another opportunity,” after she informed the bank of her decision this week.


MORTGAGE RUNDOWN: SOME BORROWING RATES ARE ACTUALLY GETTING CHEAPER. BUT FOR HOW LONG?

G&M - Robert Mclister (2021-09-17)

Fixed mortgage rates were supposed to be higher by now. The popular narrative was for a recovery-led upswing to boost bond yields and mortgage costs by this fall. If you’re wondering why that hasn’t happened yet, blame it on the wave – COVID’s fourth wave.


AS CHINA EVERGRANDE’S DEBT CRISIS DEEPENS, UNPAID SMALL BUSINESS OWNERS SPEAK OF DESPAIR

G&M - David Kirton (2021-09-17)

Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse.


CRYPTOCURRENCY: RISE OF DECENTRALIZED FINANCE SPARKS 'DIRTY MONEY' FEARS

FP - Gary Silverman (2021-09-17)

ShapeShift, as the enterprise is known, would become a “decentralized autonomous organization,” or DAO, over time, he declared. Its corporate structure would fade away. Control of its open-source software for exchanging cryptocurrencies would “gradually migrate” to holders of ShapeShift’s FOX digital token, which had been distributed to employees, investors and customers. Voorhees will receive the biggest share, a little more than 5 per cent of the maximum total supply, he added.


FORMER OMERS EXEC'S $65-MILLION WRONGFUL TERMINATION SUIT 'BASELESS,' PENSION FUND ALLEGES

FP - Kelsey Rolfe (2021-09-17)

Tim Patterson, OMERS Private Equity’s former senior managing director and head of health-care investing, sued the fund in July, seeking $65 million in damages and alleging his former employer made repeated cuts to its compensation plan for investment professionals over the past few years and fired him for refusing to sign on to the most recent changes.


BANKS BEWARE, AMAZON AND WALMART ARE CRACKING THE CODE FOR FINANCE

Reuters - Anna Irrera (2021-09-17)

Anyone can be a banker these days, you just need the right code.


LLOYD'S OF LONDON WANTS THIRD OF MARKET'S NEW HIRES TO BE ETHNIC MINORITIES

Reuters - Reuters (2021-09-17)

Nearly 50,000 staff are employed in Lloyd's underwriting and broking firms, which arrange specialist risks from oil rigs to footballers' legs.


WALL STREET INFLUENCERS ARE MAKING $500,000, TOPPING EVEN BANKERS

Bloomberg - Misyrlena Egkolfopoulou (2021-09-17)

At first no one could explain why business was picking up at Betterment, a robo adviser aimed at newbie investors. There were about 10,000 signups in one day. 

Then came the answer: A 25-year-old TikToker from Tennessee was posting videos describing how to retire a millionaire by using the platform.


PACE SECURITIES CEO FACES TEMPORARY BAN AFTER IIROC SETTLEMENT

Investment Executive - Michelle Schriver (2021-09-17)

Between June 2017 and June 2019 — the period of the misconduct — Joseph Anthony Thomson was CEO, CFO and ultimate designated person of PACE Securities Corp., which offered preferred shares of PACE Financial Ltd. (PFL) and First Hamilton Holdings Inc. to its clients. Thomson also held roles with those two companies.


COAL’S UNWELCOME REVIVAL IS BAD NEWS FOR THE UN’S CRUCIAL CLIMATE SUMMIT IN GLASGOW

G&M - Eric Reguly (2021-09-16)

Energy predictions are often laughably wrong, and so it was with coal. Today, coal is distressingly undead and mining companies can’t supply enough of it. The price of Australian thermal coal (burned to generate electricity) has climbed more than 100 per cent this year alone and is up about 300 per cent from its pandemic low. Unofficial reports from coal traders suggest China will import about 10 per cent more coal this year than last year, reaching 220 million to 230 million tonnes.


TD BANK PUSHES BACK PLANS FOR RETURN TO OFFICE UNTIL 2022

G&M - James Bradshaw (2021-09-16)

Toronto-Dominion Bank expects most of its staff will continue to work remotely until 2022, pushing back plans for a broader return to offices as the Delta variant of COVID-19 creates new public health challenges.


TD TO OPEN SMALLER BRANCHES WITH MORE TECHNOLOGY AS IT 'PRUNES' RETAIL FOOTPRINT IN U.S.

FP - Stefanie Marotta (2021-09-16)

The culling of branches was the result of a two-to-three-year acceleration in digital adoption rates ushered in by the pandemic, a shift that has cemented itself permanently in the way customers want to conduct their banking, Braca said at a Barclays financial conference on Wednesday.


TRUDEAU’S RIVALS SEE SOARING INFLATION AS THE LEVER TO OUST HIM

FP - Theophilos Argitis (2021-09-16)

Trudeau’s campaign won’t be helped by a 4.1 per cent inflation reading for August, the highest since 2003. The Tories, already running on a pledge to “stop Liberal inflation,” pounced on the figure shortly after it was reported Wednesday morning.


SURGE IN HOUSING, CONSUMER PRICES BRINGS NEW URGENCY TO ELECTION CAMPAIGN FOCUSED ON AFFORDABILITY

FP - Jesse Snyder, Bianca Bharti (2021-09-16)

The homeowners’ replacement cost index — which tracks how much it would cost to replace a home at current prices — increased by 14.3 per cent, a reflection of the rising cost of housing that has become one of the biggest issues for voters this election.


DEPOSIT BUILDUP COULD TAKE YEARS TO UNWIND, CIBC SAYS

FP - Kevin Orland (2021-09-16)

The extra cash socked away in bank accounts by consumers flush with stimulus payments and unable to spend the money on activities such as travel and entertainment is likely to remain as long as it isn’t “extracted” by some reversal of government support measures, Panossian said at a Barclays Plc conference.
CIBC had about $603 billion in deposits on its balance sheet at the end of July, up 21 per cent from January 2020, before the pandemic took hold in North America. Even as deposits are drawn down, CIBC can benefit from the process, Panossian said. Consumers spending that money may help the bank’s business clients, for example. Or, if clients invest the money, that could mean a transfer of the funds to the bank’s wealth business, he said.


U.S. BANKING REGULATORS WORKING ON CLIMATE RISK MANAGEMENT GUIDANCE, OFFICIAL SAYS

Reuters - Michelle Price (2021-09-16)

U.S. banking regulators are working on new climate risk management guidance for large lenders, a top official said on Wednesday, in another sign of efforts to incorporate the risks posed by rising temperatures into financial rules.


GLOBAL DEBT IS FAST APPROACHING RECORD $300 TRILLION - IIF

Reuters - Dhara Ranashinghe (2021-09-16)

Global debt rose to a new record high of nearly $300 trillion in the second quarter, but the debt-to-GDP ratio declined for the first time since the start of the pandemic as economic growth rebounded, the Institute of International Finance (IIF) said on Tuesday.


INVESTORS TENSE UP AS FEARS OF POST-ELECTION GRIDLOCK RISE IN CANADA

Reuters - Fergal Smith (2021-09-16)

Foreign investors are growing more worried that Canada's federal election on Monday could result in a deadlock that hampers Ottawa's response to the COVID-19 pandemic and further slows the economic recovery from the crisis.


TENCENT’S SLIDE LEAVES CHINA WITH NO STOCKS IN GLOBAL TOP 10

Bloomberg - Ishika Mookerjee (2021-09-16)

Tencent Holdings Ltd. is set to lose its place among the world’s 10 largest companies by market value, leaving no Chinese names in the list as Bejing’s regulatory crackdown continues to wreak havoc on the stock market.

Hong Kong-listed shares of the internet giant fell as much as 1.9% Thursday before paring some of that loss, with its market capitalization standing at about $552 billion as of 11:55 a.m. local time. That’s just below the value of U.S. chipmaker Nvidia Corp., according to data compiled by Bloomberg.


CANADIAN INFLATION SOARS TO THE HIGHEST LEVEL IN 2 DECADES, DRIVEN BY HOUSING

Better Dwelling - Daniel Wong (2021-09-16)

Canadian inflation looks less transitory by the day, as costs surge higher and higher. Statistics Canada (Stat Can) data shows the consumer price index (CPI) made a sharp climb in August. Growth is now well in excess of the base effect, and not just an illusion. One of the biggest drivers has been shelter costs, which had no base effect around this period.


CANADIAN REAL ESTATE SALES CONTINUE TO SPIRAL LOWER, FEWEST IN OVER A YEAR

Better Dwelling - Kaitlin Last (2021-09-16)

Annual growth showed smaller declines, but a sharp drop in sales volume. The 14% annual drop for unadjusted sales was a little lower than the 15.1% seen a month before. The volume of sales is still tapering towards more historic levels, but has 15% more to go. It might seem like a lot, but sales fell that much in the two months after the peak was reached. When the market changes its mind, it can hit like a freight train.


FAIR CANADA BLASTS BANKS FOR TRIMMING SHELVES

Investment Executive - James Langton (2021-09-16)

Banks and regulators alike are under fire from investor advocacy group the Canadian Foundation for Advancement of Investor Rights (FAIR Canada) over the move by several bank-owned dealers to stop selling third-party mutual funds.


TRAILER-FEE CLASS ACTION CAN PROCEED AS COURT DENIES LEAVE

Investment Executive - James Langton (2021-09-16)

An Ontario court has denied a motion from BMO Investments Inc. that sought leave to appeal an earlier ruling, and the move allows for a proposed investor class action — over trailer fees paid to discount brokers — to go ahead.


CI FINANCIAL TO OPEN U.S. HEADQUARTERS IN MIAMI

Investment Executive - Rudy Mezzatta (2021-09-16)

Over the last 19 months, CI has acquired or has made deals to acquire 21 registered investment advisor (RIA) firms in the U.S. On Tuesday, CI Financial announced it had acquired Menlo Park, Calif.-based Portola Partners, a wealth management firm with US$5.2 billion in assets under management. Following the completion of all outstanding deals, CI’s U.S. wealth management assets are expected to reach approximately $103 billion (US$82 billion).


SEC WHISTLEBLOWER PAYOUTS TOP US$1-BILLION MARK

Investment Executive - James Langton (2021-09-16)

The SEC announced a pair of whistleblower awards, including the second-largest payout on record (US$110 million), that pushed its program past the $1-billion mark. It has now paid awards to 207 tipsters since issuing its first award in 2012. The largest award was over $114 million in October 2020.


THE CANNABIS COLLAPSE: WHY WEED STOCKS ARE CRASHING AGAIN

G&M - Tim Kiladze (2021-09-15)

All the dreams of a sustained cannabis comeback are quickly getting dashed, and the sell-off is so sharp that the sector’s hardcore supporters have to wonder whether the endless roller coaster is worth it.

What started as a spectacular year for the industry, with the Horizons Marijuana Life Sciences Index 

HMLSF -2.94%decrease   surging 140 per cent by early February, has come crashing down. The index is now back to where it started the year, and many of the sector’s stalwarts are faring much worse.


TD BANK SAYS PLAN TO HALT SALES OF THIRD-PARTY FUNDS WILL HAVE MINIMAL IMPACT

G&M - Clare O'Hara (2021-09-15)

The head of Toronto-Dominion Bank’s

TD-N -0.54%decrease    wealth management division says a decision to no longer sell third-party investment funds was not a “dramatic move,” as a majority of mutual fund assets held by clients were already TD products.


THE MOST OVERBLOWN WARNING IN PERSONAL FINANCE HAS BEEN THAT RISING RATES WILL CRUSH BORROWERS

G&M - Rob Caarrick (2021-09-15)

A lot of personal finance is warning people about risk, and no risk has been talked about more in the past dozen or so years than rising interest rates.


LATEST THREATS OF RISING INTEREST RATES AND HIGH INFLATION MAY SHIFT REAL ESTATE OUTLOOK SOCIAL SHARING

CBC - Don Pittis (2021-09-15)

People with a stake in Canada's diverse housing sector, including homeowners, investors and those aspiring to buy, will be paying close attention to Wednesday's latest data from the Canadian Real Estate Association.


CHINA EVERGRANDE'S LIQUIDITY CRISIS DEEPENS, REPORT FLAGS INTEREST PAYMENT MISS

Reuters - Reuters (2021-09-15)

China's major banks have been notified by the housing authority that Evergrande Group (3333.HK) won't be able to pay loan interest due Sept. 20, Bloomberg reported, underlining the broadening impact of the property developer's liquidity crisis.


ANTI-LAUNDERING UNIT GOES OFF-GRID, FRAYING AFGHAN TIES TO GLOBAL FINANCE

Reuters - Tom Arnold (2021-09-15)

A unit in Afghanistan's central bank leading a 15-year effort to counter illicit funding flows has halted operations, four staff members said, threatening to hasten the country's slide out of the global financial system.


UK INFLATION SOARS TO 9-YEAR HIGH ON REBOUND FROM RESTAURANT DISCOUNT SCHEME

Reuters - Andy Bruce (2021-09-15)

British inflation hit a more than nine-year high last month after the biggest monthly jump in the annual rate in at least 24 years, largely due to a one-off boost reflecting the "Eat Out to Help Out" scheme that pushed down restaurant meal prices last year.


REAL ESTATE INVESTMENT SURGES TO RECORD WITH CANADA REBOUNDING

Bloomberg - Ari Alstedter (2021-09-15)

Canada saw record investment in commercial properties in the second quarter as the easing of the Covid-19 pandemic pushed buyers and sellers off the sidelines.


SUPPLIES! BANK OF CANADA RESEARCHERS SAY SUPPLY ALONE CAN’T EXPLAIN HOME PRICES

Better Dwelling - Stephen Punwasi (2021-09-15)

The elasticity of supply is the responsiveness of the supply of goods and services to price change. If a good is considered elastic, it means it responds very easily to prices. Elastic goods are considered luxuries, since their consumption can be tapered. If you can taper consumption based on price, in most cases, you didn’t need it in the first place. Supply is considered at 1.0 or higher, with higher ratios meaning it’s more elastic. 


ACTION NEEDED ON SHRINKING BANK SHELVES

Investment Executive - James Langton (2021-09-15)

If the role of regulators is to stoke competition, then signs that several big banks are shutting their doors to independent, third-party investment funds is exactly the sort of anti-competitive behaviour that should inspire regulatory action. This year, an Ontario government task force recommended expanding the Ontario Securities Commission’s (OSC) mandate to include an obligation to foster competition and capital formation.


LIFE INSURANCE PAYOUTS RELATED TO COVID-19 TOTALLED $154M IN 2020

Investment Executive - Michelle Schriver (2021-09-15)

“The crisis tested and demonstrated the resilience of the life and health insurance industry and the importance of our products for Canadians’ well being,” said Stephen Frank, president and CEO of the CLHIA, in the report.


FINANCIALS CRACK TSX TOP 30

Investment Executive - James Langton (2021-09-15)

Overall, the firms on the list averaged a return of more than 300%, adding a combined $248 billion in market cap over the past three years.


ONTARIO REGULATOR SAYS RULE REFORMS NOT MEANT TO STOP BANKS SELLING THIRD-PARTY MUTUAL FUNDS

G&M - Clare O'Hara (2021-09-14)

Ontario’s securities watchdog says new regulations that will soon require advisers to have deeper knowledge of the funds they recommend to clients should not have prompted banks to halt the sale of third-party investment funds.

The Ontario Securities Commission said on Monday that it has contacted Canada’s big banks to ask for more information about their plans to stop selling other companies’ investment funds in favour of narrowing their focus to their own proprietary shelves of funds. The banks are making the switch in response to new rules that require advisers to ensure they are providing products that are appropriate for clients.

“The intention of the client-focused reforms is to give investors access to products that best serve their needs – not to cause a move to proprietary shelves,” OSC spokesperson Kristen Rose said in an e-mail to The Globe.

“To reiterate this expectation, we have sent a communication to the banks to confirm how each understands and intends to approach this area.”

The OSC’s communication comes a week after The Globe reported that several of Canada’s

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largest banks have halted sales of third-party investment products from their financial planning arms.


BIG BANK POLICY ON THIRD-PARTY FUNDS SABOTAGES ADVISERS AND SERVES INVESTORS BADLY

G&M - Rob Carrick (2021-09-14)

A few big banks recently made a strong policy statement on balancing the need to sell products with providing objective financial advice.


WHY RISING INTEREST RATES ARE SUCH A THREAT TO CANADIAN HOUSEHOLD FINANCES. PLUS, INVESTORS SHOULD BUCKLE UP FOR A VOLATILE FALL

G&M - Staff (2021-09-14)

Statistics Canada’s recent report on the state of household finances is a bit like a psychologist’s “what does this inkblot look like to you test?” in that it offers different interpretations that support both optimists and pessimists. Overall, household finances are “in good shape,” in the words of TD economist Ksenia Bushmeneva, but remain dependent on low interest rates and rising real estate and equity market values.


REAL ESTATE INVESTMENT IN CANADA ROARS BACK TO LIFE, HITTING RECORD IN SECOND QUARTER

FP - Ari Alstedter (2021-09-14)

Investors targeted apartment buildings and warehouses, driving a surge of deals that has Canada on pace to post nearly $50 billion in commercial real estate investment this year. That would be a new annual record, according to the report.


FIRST HOME SAVINGS ACCOUNT CALLED 'VOTER CANDY FOR MILLENNIALS' BY MORTGAGE INSIDER

FP - Daniel Johnson (2021-09-14)

The accounts meld together benefits of both a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA), but despite the extra $40,000 of sheltered savings and the tax deductibility of deposits, not everyone is convinced the FHSA will help a significant number of younger Canadians enter the housing market.
“I don’t know how beneficial it’s (FHSA) going to be for a lot of the young people that are having a hard time saving up to buy a home in the first place,” said Jason Heath, a financial planner and managing director at Objective Financial Partners.


WALMART SAYS PRESS RELEASE ON PACT WITH LITECOIN WAS FAKE AND CRYPTOCURRENCIES FALL

FP - VILDANA HAJRIC (2021-09-14)

Walmart Inc. said it hasn’t agreed to partner with Litecoin, refuting a statement earlier Monday that sent the cryptocurrency soaring.


DODD-FRANK ARCHITECTS CALL FOR REAPPOINTMENT OF FED'S POWELL

Reuters - Howard Schneider (2021-09-14)

The Democratic architects of a key overhaul of U.S. financial regulation a decade ago called on President Joe Biden to reappoint Fed Chair Jerome Powell to a second term, rebuffing arguments he has been weak on regulatory issues.


U.S. EQUITY FUNDS FACE OUTFLOWS ON GROWTH CONCERNS

Reuters - Reuters (2021-09-14)

U.S. equity growth funds faced net selling of $4.72 billion, their biggest outflow in seven weeks, while value funds saw outflows for a third straight week, worth a net $541 million.


MANULIFE JOINS BANKS WITH VACCINE MANDATE FOR CANADIAN EMPLOYEES

Bloomberg - Paula Sambo (2021-09-14)

Manulife Financial Corp. will require employees in Canada to provide proof of their vaccination status by the end of October and will force unvaccinated staff to undergo regular Covid-19 testing before they work in its offices. 

Employees who can’t be vaccinated for medical reasons must provide a note from a licensed health care professional, Manulife Canada Chief Executive Officer Mike Doughty said in a memo Monday. Those refusing the shots for religious reasons must make a written attestation.


EL SALVADOR RUNS A BITCOIN SCAM

WSJ - Mary Anastasia O’Grady (2021-09-14)

Ever since Iran was denied access in 2012 to the Society for Worldwide Interbank Financial Telecommunication, a Brussels-based global banking network known as Swift, the axis of evil and its allies have intensified their search for a way to move illicit money electronically, outside the legal banking system.


CANADIAN WEALTH SOARS RELATIVE TO DEBT, BUT BANK EXEC WARNED THIS MIGHT BE A MIRAGE

Better Dwelling - Stephen Punwasi (2021-09-14)

The unprecedented (drink!) increase in asset values has the relative size of debt looking smaller. The debt to asset ratio dropped below 16% last quarter, the lowest it’s been since the early 2000s. NBC sees this producing a “wealth effect” — when people feel rich, they spend more. Often taking out more debt to finance it, since they have little relative to the size of their assets. 


GLOBAL CREDIT CONDITIONS LOOKING UP

Investment Executive - James Langton (2021-09-14)

Last year, public health restrictions resulted in almost 20% of corporate ratings receiving a downgrade, with 7% of issuers suffering a multiple-notch downgrade, Fitch said.


SCOTIA SLASHES GDP FORECAST AMID SUPPLY CONSTRAINTS

Investment Executive - James Langton (2021-09-14)

“A big revision to the Canadian outlook is in order owing to supply-chain constraints that appear longer lasting and more binding than previously assessed,” it said. Constraints are mainly due to challenges in obtaining key inputs “either because of component shortages, such as semiconductor chips or transportation bottlenecks.”


WHY INVESTORS SHOULD WORRY ABOUT RISING DEBT LEVELS IN ALL QUARTERS

FP - Martin Pelletier (2021-09-13)

For example, in today’s ultra-low rate environment, the Global Wealth & Investment Management equity allocation has reached an all-time high. Specifically, the Bank of America’s private-client equity holdings as a percentage of assets under management reached 65.2 per cent, well above the long-term average of 55 per cent. Not surprisingly, this is also directly reflected in the performance of the S&P 500 and the Fed’s balance sheet, both of which have been soaring.


AFTER THE 'BAZOOKA', BANK OF JAPAN DISMANTLES THE WORK OF ITS RADICAL CHIEF

Reuters - Leika Kihara (2021-09-13)

After years of shock-and-awe stimulus, the Bank of Japan is quietly rolling back radical policies introduced by its bold chief Haruhiko Kuroda and pioneering controversial new measures that blur the lines between central banking and politics.


TREASURY, FINANCIAL INDUSTRY DISCUSS CRYPTOCURRENCY 'STABLECOINS'

Reuters - Pete Schroeder (2021-09-13)

The U.S. Treasury Department met with a number of industry participants this week to quiz them about the risks and benefits posed by stablecoins -- a rapidly growing type of cryptocurrencies, the value of which is pegged to traditional currencies, according to three people with direct knowledge of the meetings.


YELLEN URGES QUICK U.S. ADOPTION OF STABLECOIN RULES

Reuters - Pete Schroeder (2021-09-13)

The group discussed the rapid growth of stablecoins, which are cryptocurrencies that attempt to peg their values to a conventional currency, like the U.S. dollar, according to the Treasury. Regulators discussed their potential uses, as well as risks to end users and the financial system.


DOWN THE BITCOIN RABBIT HOLE

Bloomberg - Bloomberg Video (2021-09-13)

Bloomberg's Eddie van der Walt explains why conventional wisdom is wrong about Bitcoin's future. (Source: Bloomberg)


YOU DON'T NEED A CFA TO VALUE CHINESE EQUITIES

Bloomberg - Matthew Brooker (2021-09-13)

What we’ve got here is a failure to communicate, as Paul Newman observed just before being shot in Cool Hand Luke. Chinese and foreign investors appear to have an acute difference of opinion over how the government’s shifting of the regulatory goalposts has affected equity valuations. A gauge of U.S.-traded Chinese stocks had fallen about 43% from its February high as of Friday afternoon, while the MSCI China Index used as a benchmark by many global investors had lost 27%. On the same day, the Shanghai Composite Index surpassed its February peak.

Cathie Wood of Ark Investment Management is among those who have sold China tech stocks, warning of a “valuation reset.” Wood told an audience of institutional asset managers that her fund had “dramatically” reduced its positioning in the country and had swapped some holdings into companies that were courting government favor by supporting its “common prosperity” campaign, the Financial Times reported last week. Legendary trader George Soros, meanwhile, criticized BlackRock Inc. for investing in China, writing in a Wall Street Journal op-ed that it was a “tragic mistake” and likely to lose money. New York-based BlackRock and other investors such as veteran emerging markets fund manager Mark Mobius have pushed back against Soros. (Ark’s Wood has also said she is optimistic about China in the long run.)


U.S. STOCK MARKET FACES RISK OF BUMPY AUTUMN, WALL STREET ANALYSTS WARN

WSJ - Caitlin McCabe (2021-09-13)

After a record-breaking bull run for the U.S. stock market this year, many Wall Street analysts are starting to warn that investors could be in for a bumpy ride in the coming weeks and months.


AIG COMBINES CEO, CHAIRMAN ROLES, HOPING TO PUT YEARS OF TUMULT BEHIND

WSJ - Leslie Scism (2021-09-13)

CEO Peter Zaffino will add the roll of company chairman.


CANADIAN REAL ESTATE IS NOW A BUBBLE ON TOP OF A BUBBLE: US FEDERAL RESERVE

Better Dwelling - Stephen Punwasi (2021-09-13)

Either the Canadian real estate bubble is now a bubble on a bubble, or old enough it should be in school. The US Federal Reserve (the Fed) released its quarterly exuberance index for Q1 2021. The index, used to determine country-level housing bubbles, shows Canada is well into one. The unusual circumstances make it unclear if it’s a long bubble, or a double bubble. It does show Canadian home prices have been in bubble territory for 6 years without a correction.


HOUSEHOLDS STACKED CASH, MORTGAGE DEBT IN Q2

Investment Executive - James Langton (2021-09-13)

“Today’s report largely reaffirmed that household finances remained in good shape through the third wave of the pandemic,” said TD Economics in a research note, which pointed out that household wealth continued to rise along with incomes and the savings rate.


CHINA WILL REPORTEDLY BREAK UP ANT GROUP’S ALIPAY AND FORCE CREATION OF NEW LOANS APP

CNBC - Eustance Huang (2021-09-13)

The plan will also result in Ant turning over the user data that underpins lending decisions to a new credit scoring joint-venture that will be partly state-owned, the Times reported, citing people familiar with the process.


CAN THE PRU PROVE CATHIE WOOD AND GEORGE SOROS WRONG ON CHINA?

FT - Patrick Jenkins (2021-09-13)

There can’t be many things that would unite the star investors George Soros, a liberal-minded billionaire who survived the Nazi occupation of Hungary, and Cathie Wood, the Trump-supporting Redditor-loved boss of Ark Invest.


REDDIT SQUEEZE GOES NUCLEAR, BOOSTING URANIUM-RELATED INVESTMENTS

G&M - Niall McGee (2021-09-13)

A speculative rally fuelled by Reddit is juicing the price of uranium and investments with exposure to the commodity, leaving investors and companies alike wondering how long the run will last.

The Sprott Physical Uranium Trust, an exchange-traded investment that tracks the price of uranium, rose by 15.5 per cent on Monday on the Toronto Stock Exchange. Shares of uranium miner Cameco Corp., which have rallied 55 per cent since late August, ended the day flat after being up by 8 per cent at one point. Another producer, Denison Mines Corp., rose by 3 per cent on the New York Stock Exchange.

This year, retail traders on the social-media and chat-forum site Reddit have muscled traditional market-moving institutional investors out of the way, and driven up the share prices of companies such as Gamestop Corp. and Blackberry Ltd. to levels far above what analysts considered fair value. On a number of occasions, the share prices of companies have fallen back to Earth quickly after investors moved on to other sectors. Online speculators have also targeted the mining sector, with silver getting a huge boost in January 

Loading... owing to a similar Reddit-inspired rally.


AMAZON DEVELOPING POS TO COMPETE WITH PAYPAL, SHOPIFY

Finextra - Finextra (2021-09-10)

Project Santos is a dedicated (once-secret) taskforce launched by Amazon last year with the aim of brainstorming innovations to compete against Canadian giant, Shopify.


BANK OF CANADA PLANS TO RAISE KEY RATE BEFORE WINDING DOWN BOND BUYING PROGRAM, MACKLEM SAYS

G&M - Mark Rendell (2021-09-10)

Bank of Canada Governor Tiff Macklem has provided the clearest picture yet on how the central bank plans to reduce monetary stimulus, saying it expects to start raising interest rates before entirely winding down its bond buying program.


CAN THE CONSERVATIVES ACTUALLY BALANCE THE FEDERAL BUDGET WITHIN 10 YEARS?

G&M - Patrick Brethour (2021-09-10)

The Conservatives are promising to balance the federal budget within 10 years without spending cuts or tax increases, even as they add tens of billions of dollars in new spending on top of the 2021 budget.


AS CASH PILES UP, CANADA’S BIG BANKS ON THE HUNT FOR SMALLER DEALS

G&M - James Bradshaw (2021-09-10)

Canada’s major banks are flush with cash, and their chief executives are on the lookout for acquisitions, but most are setting their sights on smaller deals to satisfy specific needs rather than large-scale mergers.

Wealth managers, financial technology startups and credit card portfolios are emerging as attractive targets for banks’ deal-making teams. They often carry price tags in the tens or hundreds of millions of dollars rather than the billions, and offer banks a chance to quickly add heft to business lines that are growing quickly from a smaller scale, particularly in the United States.

The COVID-19 pandemic has created fertile conditions for deal-making. Banks have growing piles of excess capital that have swelled to unusually high levels. That’s because of temporary restrictions imposed by Canada’s banking regulator that have prevented banks from raising dividends or buying back shares at a normal pace. At the same time, investment bankers say deal pipelines are full as companies are gearing up for an economic recovery, and taking advantage of low interest rates and cheap credit to bulk up and get more efficient by acquiring rivals.

Several bank CEOs said at an industry conference on Thursday that they’re taking pitches and making offers in search of the right fit at the right price. But some also said they’re looking first for more modest deals, rather than a big splash to transform their competitive position overnight. And if the right deal isn’t available, most are more than comfortable returning some of their extra capital to shareholders once the regulator allows it.

“There’s potential for M&A. There always is. But it’s not driven just because there is excess capital,” said Toronto-Dominion Bank 

TD-T -0.04%decrease   CEO Bharat Masrani at the Scotiabank Financials Summit, which was held virtually on Thursday.


STIMULUS-PUMPED STOCKS AT RISK AS WARNING SIGNALS FLASH RED

G&M - TOMMY WILKES AND SAIKAT CHATTERJEE (2021-09-10)

Sky-high valuations and signs that the flood of cheap cash washing around financial markets may be subsiding suggest the record-breaking run in shares is about to hit the buffers.


'WE’VE BEEN PREPARING FOR THIS': BIG BANKS GEAR UP TO COMPETE AS NEW CHALLENGERS LOOM

FP - Stefanie Marotta (2021-09-10)

Canada’s largest lenders barrelled past analyst expectations with Ottawa published its long-anticipated open banking report after a year of delays that ignited concern across the financial technology, or “fintech,” sector. The proposed regulatory framework — which would allow consumers to determine how to share their banking data with financial service providers — could reduce barriers to switching financial institutions, and would allow fintech companies to compete directly with incumbents, a change that could take a chunk out of the bottom lines at Canada’s Big Six banks.


HOW THE THREE TOP FEDERAL PARTIES PLAN TO TACKLE CANADA'S HOUSING CRISIS

FP - Stephanie Hughes (2021-09-10)

The Financial Post’s Stephanie Hughes gives a run-down on what the Conservatives, NDP, and Liberals are promising in their housing platforms amid Canada’s home affordability crisis.


BANK OF CANADA SEES RECOVERY ON TRACK, STAYS COURSE ON POLICY

FP - Kevin Carmichael (2021-09-10)

The message from Canada’s central bankers was that “even though the recovery lost a bit of steam in the second quarter, the ingredients are there for economic activity to strengthen through the remainder of the year,” Sri Thanabalasingam, an economist at Toronto-Dominion Bank, said in a note to clients. “While the Delta variant could complicate matters, the bank, like us, do not expect the virus to blow the recovery off course in the fourth quarter.”


AUSTRALIA APPOINTS FORMER MACQUARIE BOSS TO SUPERVISE FINANCIAL REGULATORS

Reuters - Paulina Duran (2021-09-10)

The new body was set up in response to recommendations by a 2018 inquiry into misconduct in the banking, insurance and pension fund sectors where regulators were criticised for their "light touch" on enforcement.


HARVARD’S $42 BILLION FUND TO STOP INVESTING IN FOSSIL FUELS

Bloomberg - Kevin Crowley and Stephen Stapczynski (2021-09-10)

Harvard University will stop investing in fossil fuels and instead use its giant $42 billion endowment to support the green economy, joining a growing wave of investors moving away from pollutive industries. 

Harvard Management Co., which runs the endowment, has no investments in companies that explore for or develop fossil fuels and “does not intend to make such investments in the future,” President Larry Bacow said Thursday in a letter posted on the university’s website.


SCOTIABANK CEO SAYS FIRM LOOKING AT ACQUISITIONS IN U.S. WEALTH

Bloomberg - Ari Altstedter and Kevin Orland (2021-09-10)

Bank of Nova Scotia Chief Executive Officer Brian Porter said the lender is looking at making acquisitions to expand its wealth-management business in the U.S. 

Options including buying teams of advisers or an existing company, and Scotiabank is evaluating both possibilities and discussing them with its board, Porter said Thursday during a conference the bank is hosting. The acquisition is unlikely be “sizable” in terms of its price tag, he said.


RBC ACQUIRES 50% OF QUADREAL REAL ESTATE FUND, AS INVESTORS CHASE RENTAL YIELDS

Better Dwelling - Daniel Wong (2021-09-10)

The trend of institutions chasing yields through real estate investment has been expanding since the Great Recession. Bond yields were cut below the rate of inflation, forcing fixed-income investors to seek a “hedge.” Now alternative investment funds are flush with cash, looking for relatively safe regular income. 


CANADIAN ELECTION PROMISES WILL NOT IMPROVE REAL ESTATE AFFORDABILITY: TOP ECONOMISTS

Better Dwelling - Daniel Wong (2021-09-10)

Most promised affordability measures include subsidies for buyers. As discussed yesterday, these are called “demand inducement schemes.” The goal is to create more demand, which tends to push prices higher, not lower. But free money sounds good, doesn’t it? Unfortunately, it sounds good to the seller as well. Now, who is in the better position to capture capital from the other? 


CANADIAN BANKS LOOK TO U.S. FOR GROWTH AMID STRONG ECONOMIC RECOVERY

Investment Executive - Ian Bickis (2021-09-10)

Scotiabank CEO Brian Porter, speaking Thursday at the bank’s virtual Financials Summit, said the country was showing a stronger rebound than other markets Scotiabank operates in like the Caribbean and Latin America.


BANK OF CANADA’S NEW OPENNESS GETS A TEST DURING FEDERAL ELECTION CAMPAIGN

G&M - DAVID PARKINSON (2021-09-09)

The Bank of Canada has returned from an eventful summer with a tricky job on its hands: how to communicate vital information while keeping your mouth shut.


ALBERTA’S INVESTMENT MANAGER AIMCO TO ADMINISTER $19.3-BILLION TEACHERS’ PENSION PLAN

G&M - ANDREW WILLIS, JEFFREY JONES (2021-09-09)

Alberta’s teachers have won the right to maintain final say over investments made for their $19.3-billion pension plan in a deal that pre-empts a move by Premier Jason Kenney’s government to hand control over to the province’s fund manager.


ANK OF CANADA SEES RECOVERY ON TRACK, STAYS COURSE ON POLICY

FP - Kevin Carmichael (2021-09-09)

As expected, governor Tiff Macklem and his deputies opted to leave the current level of stimulus unchanged at the end of their latest round of interest-rate deliberations on Sept. 8. The election raised the bar for a shift in policy, as Macklem would only risk becoming a campaign issue if economic conditions demanded it. They didn’t, allowing the governor to turn the central bank’s latest interest-rate decision into a non-event.


LONDON'S FINANCIAL WORKERS FLOCK BACK TO OFFICE IN HOT COMMUTER CRUSH

Reuters - Lawrence White and Iain Withers, Rachel Armstrong (2021-09-09)

There's no free lunch in finance - except when banks are wooing workers back to the office.


AUSTRALIAN BANKS REJECT PRESSURE TO DEAL WITH CRYPTOCURRENCY FIRMS

Reuters - Paulina Duran (2021-09-09)

Two of Australia's largest lenders, National Australia Bank (NAB) (NAB.AX) and Westpac (WBC.AX), on Thursday rejected criticism that they are stymieing competition by refusing to do business with cryptocurrency providers.


CANADIAN BANKS JOIN BOND-MARKET BLITZ AS SALES HIT $17.4 BILLION

Bloomberg - Esteban Duarte (2021-09-09)

Canadian banks are joining the global rush to the bond market, selling at least C$22 billion ($17.4 billion) of debt already this month. 


BANK OF CANADA MAY DELAY QUANTITATIVE EASE TAPER, MARKET DOUBTS RATE HIKES: RBC

Better Dwelling - Daniel Wong (2021-09-09)

Remember, this isn’t just low rates. They’re flooding the system with credit to push the cost of goods higher. Delaying a taper would mean adding billions more in credit stimulus for longer.


UNPACKING THE LIBERAL PARTY OF CANADA’S ELECTION HOUSING PLATFORM, POLICY BY POLICY

Better Dwelling - Stephen Punwasi (2021-09-09)

Using a demand inducement scheme, you’re essentially saying, “I don’t want prices to fall. We’ll make it so the second tier can borrow more money!” Rather than let prices fall, they look for ways a buyer can pay more. This helps to prevent prices from falling, or softens any price declines. Sometimes it even provides a footing for prices to rise even higher. 


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U.S. BANK’S BIG DEAL WILL TEST D.C.'S TOLERANCE FOR LARGE MERGERS

American Banker - Jon Prior, Brendan Pedersen (2021-09-23)

The Biden administration now has a test case for its promise to subject bank mergers to greater scrutiny.


WELLS FARGO AND MASTERCARD INVEST IN BILT REWARDS PROGRAMME FOR RENTERS

Finextra - Finextra (2021-09-23)

A group of the nation's largest real estate owners including Blackstone, AvalonBay Communities, Douglas Elliman, New Valley Ventures, Equity Residential, GID, LEN× and Starwood Capital Group joined the round.


CHINA’S EVERGRANDE MESS IS SPREADING AND HURTING BIG MINING COMPANIES. THE IRON ORE AND STEEL PARTY IS OVER

G&M - Eric Reguly (2021-09-23)

A 40-second video made in August in the southern Chinese city of Kunming provides a graphic account of the country’s housing bubble. It shows controlled explosions turning 15 apartment towers into rubble. They were built seven years ago and never occupied.


ONTARIO TEACHERS’ PENSION PLAN BUYS ALTERNATIVE MORTGAGE LENDER

G&M - David Milstead (2021-09-23)

The Ontario Teachers’ Pension Plan has acquired HomeEquity Bank, Canada’s largest provider of reverse mortgages.