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'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.


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.


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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.

Analytical information and financial information related to technogies that can change your business.

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Research

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

HOW CAN INSURANCE BROKERS USE RATE COMPARISON SITES TO BOOST THEIR BOOKS OF BUSINESS?

Insurance Business - Bethan Moorcraft (2020-12-07)

Enter, rate comparison websites. They’re all the rage in the UK and the USA, where consumers use comparison sites to shop for insurance much like Canadians do when comparing travel costs on sites like Expedia and Trivago. But Canadians are slowly starting to catch on to the insurance comparison trend. They’re searching for and finding platforms like LowestRates.ca, which is enabling consumers to compare insurance premium prices across a number of product lines, primarily in auto and home insurance.


WEB OF DEALS: PACE CREDIT UNION EXECUTIVES COMMITTED CIVIL FRAUD WITH YEARS OF ‘SECRET’ PAYMENTS, REGULATOR ALLEGES

G&M - James Bradshaw (2020-04-23)

It is a convoluted web of suspect dealings and payments that stretches back more than two decades.


UK PROPERTY INVESTORS PULL CASH AT FASTEST RATE THIS YEAR

FT - Attracta Mooney (2019-12-12)

Investors fled UK property funds at the tail-end of the week faster than at any point this year as concerns brew over a repeat of the crisis that engulfed the sector following the EU referendum.


EXCLUSIVE: SWISS CENTRAL BANK'S $800 BILLION COULD BE ENLISTED IN CLIMATE PUSH

Reuters - JOHN REVILL (2019-12-12)

Swiss lawmakers are preparing a campaign that would make targeting climate change one of the policy objectives of the Swiss National Bank, alongside the traditional monetary targets of ensuring price stability and fostering economic growth.


EXPECT MORE REPO TURMOIL, SAYS ANALYST WHO PREDICTED SPIKE

FT - Joe Rennison (2019-12-12)

Few people anticipated the eruption in overnight borrowing costs that spilled through the US financial system in September.


BANKS FACE FRESH COLLECTIVE ACTION OVER FOREX MANIPULATION

FT - Eva Szalay (2019-12-12)

One of the law firms that secured a $2bn settlement in the US over allegations of foreign exchange price manipulation filed a collective action in the UK on Wednesday, alleging that six banks participated in “unlawful” forex cartels.


CHINA’S SMALLER BANKS FORCED TO ACT TO SUPPORT SHARES

FT - Don Weinland (2019-12-12)

A flurry of Chinese banks are being forced to buy back shares to stabilise their stock prices following a series of bank bailouts and mounting pressure on the country’s financial system.


PAYMENTS CANADA REPORT SAYS NEARLY 75% OF ALL PAYMENTS ARE DIGITAL, AND ONLINE TRANSFERS SURGE

IT World Canada - Pragya Sehgal (2019-12-12)

The data reveals that credit and debit cards still make up the largest portion of the total transaction volume in Canada, while cheque and paper transactions and electronic funds transfers (EFT) still dominate the overall transaction value. The report also revealed that Canada ranks second with the highest volume of credit cards per capita in the world after South Korea. 


HUNDREDS OF GERMAN BANKS MAKE APPLE PAY SERVICE AVAILABLE FOR FIRST TIME

The Local - DPA (2019-12-12)

On Tuesday, 371 out of a a total of 379 Germans savings banks made the service available for a total of 50 million customers.


ECHELON PRESIDENT TALKS STRATEGY POST-CAA ACQUISITION

Insurance Business - Bethan Moorcraft (2019-12-12)

“The brokers are our key focus because they have about 60% of the marketplace, and more importantly, they have the ear of the consumer and the knowledge and expertise to advise the consumer. That’s vitally important to us as a specialty market so that we can understand what the consumer wants and how we can help them.”


INSURANCE COMPANIES TO PAY OUT AS HARVEY WEINSTEIN SETTLEMENT REVEALED

Insurance Business - Duffie Osental (2019-12-12)

Lawyers working on the case told the New York Times that the amount was part of an overall US$47 million settlement intended to close out the company’s obligations. Under the terms of the agreement, the alleged victims would drop their claims against Weinstein and other executives and board members would be shielded from future liability.


VAPE-DRIVEN "POPCORN LUNG" LEAVES CANNABIS INSURERS QUAKING

Insurance Business - Bethan Moorcraft (2019-12-12)

The CMAJ (Vol. 191, Issue 48) gives a detailed report of a Canadian teenager who “developed a unique pattern of severe respiratory illness” which was rather like “severe, acute bronchiolitis” after vaping daily for five months. The condition was described by the teen’s doctors as very similar to “popcorn lung” – a rare lung disease previously seen in workers in the early 2000s who were exposed to the chemical flavouring diacetyl as they packaged microwave popcorn.


CANADIAN COMPANIES RETAINING MORE RISK DUE TO HARD MARKET

Insurance Business - Bethan Moorcraft (2019-12-12)

With rates increasing more or less across commercial lines, many organizations are considering higher self-insured retention (SIR) or higher deductibles in order to manage their soaring premium costs.   


ANDREW SCHEER STEPPING DOWN AS CONSERVATIVE PARTY LEADER

CBC - CBC (2019-12-12)

CBC News has learned he told his caucus the news today and will make an announcement in the House of Commons.


OPPOSITION PARTIES VOTE TO CREATE CHINA COMMITTEE, HANDING LIBERALS FIRST DEFEAT OF MINORITY PARLIAMENT

G&M - Robert Fife (2019-12-11)

Parliament will set up a special committee to review all aspects of Canada’s strained relationship with China amid a prolonged diplomatic and trade dispute with its second-largest trading partner.


MICHAEL BLOOMBERG HANDS UN CLIMATE ENVOY ROLE TO CANADA’S MARK CARNEY AT MADRID SUMMIT AND JABS TRUMP

G&M - Eric Reguly (2019-12-11)

Democratic presidential contender Michael Bloomberg has handed his role as United Nations climate envoy to Mark Carney, thrusting the Canadian governor of the Bank of England to the forefront of the global effort to prepare companies and lenders for potentially catastrophic climate change.


CANADA’S BANKING REGULATOR RAISES CAPITAL BUFFER, CITES ‘ELEVATED’ RISKS FOR SECTOR

G&M - James Bradshaw (2019-12-11)

Since last December, the Office of the Superintendent of Financial Institutions has gradually increased its “domestic stability buffer,” or DSB, citing “elevated” risks to the banking sector from high household and corporate indebtedness, as well as imbalances in housing markets. The buffer is a capital requirement that OSFI imposes over and above other elements used to set minimum capital ratios.


SUN LIFE USES TECHNOLOGY TO LOWER HEALTH-CARE COSTS FOR CUSTOMERS

G&M - Clare O'Hara (2019-12-11)

Two years after Jacques Goulet took over the helm as president of Sun Life Financial Canada, the insurer is cutting health-care costs for customers through digital applications that steer users to lower-cost options, while also driving down market costs for some medical products.


FINALLY, THE COST OF GETTING A REVERSE MORTGAGE IN CANADA IS GETTING CHEAPER

G&M - Robert Mclister (2019-12-11)

Reverse mortgages are booming with 20-per-cent annual growth. But they still have a ton of critics.


INTEREST IN OFF-GRID HOMES GROWING, BUT MORTGAGES HAVEN'T KEPT PACE

CBC - Shaina Luck (2019-12-11)

A growing number of Nova Scotians are considering an off-grid home, driven by factors like electricity outages and storms, as well as a desire to be environmentally friendly. 


BRANCHES ARE MAKING MORE AND MORE MONEY FOR CANADIAN BANKS, EVEN IN THE APP ERA

FP - Doug Alexander (2019-12-11)

But they’re still an important part of banking and, in Canada, the two largest lenders are beating their smaller rivals at drawing more and more revenue from physical locations. Royal Bank of Canada and Toronto-Dominion Bank earn $14 million (US$10.6 million) a year from each of their domestic branches, distancing themselves from smaller competitors in the process.


REGULATORS APPROVE GENWORTH CANADA SALE TO BROOKFIELD

Insurance Business - Lyle Adriano (2019-12-11)

The US-based mortgage insurer first made known its plans to sell off its Canadian arm in July. The company considered the option after it found that Canada’s Office of the Superintendent of Financial Institutions (OSFI) had yet to make any “substantive progress” over its review of Genworth’s sale to China Oceanwide Holdings Group.


REPORT SHOWCASES PRICE TAG OF LLOYD'S AMBITIOUS OVERHAUL PLAN

Insurance Business - Duffie Osental (2019-12-11)

According to Financial Times, Lloyd’s has raised £300 million (around CA$521.9 million) of senior debt to fund the plan, taking the marketplace’s total amount of debt in issue to £1.1 billion (around CA$1.91 billion).


HALLOWEEN STORM CAUSED MORE THAN $250 MILLION OF INSURED DAMAGE

Insurance Journal - IIJ (2019-12-11)

 


MANULIFE INVESTMENT MANAGEMENT ANNOUNCES FIXED INCOME TEAM CHANGES

Insurance Journal - IIJ (2019-12-11)

Manulife Investment Management has made changes to its Canadian Fixed Income team.


‘BRING IT ON,’ INTACT CEO TELLS INDUSTRY DISRUPTORS

Canadian Underwriter - Greg Meckbach (2019-12-11)

“Bulking up distribution, being amongst the best in the world in data, and then being deep in the physical world and creating an edge that’s very difficult to disrupt are the ingredients where we’re saying, ‘Look, bring it on. We’ll pivot. We have optionality. But we have elements in our strategy that are difficult to replicate, even for a big platform,’” Brindamour said during Investor Day.


AFTER YEAR OF LIVING DANGEROUSLY, FED LIKELY TO SIGNAL TIME TO LAY LOW

Reuters - Howad Schneider (2019-12-11)

The U.S. Federal Reserve holds its last policy meeting of 2019 on Wednesday, having completed a year-long U-turn that saw it abandon a tightening cycle and lower borrowing costs three times in response to the global trade war.


BORIS JOHNSON IS THE FINANCIAL MARKET'S BEST FRIEND

Bloomberg - Marcus Ashworth (2019-12-11)

Whomever takes power this week (or later if it’s a hung parliament) will have to balance all of their promises to the electorate with an ugly economic backdrop. The composite purchasing managers survey has fallen steadily from the high-50s in 2017 to below the 50 line; this weakness hasn’t shown up fully in gross domestic product but the sentiment is evident. The Bank of England's next move could be cutting rates before any promised fiscal splurge kicks in
A Tory win still looks the most market-friendly outcome — even with the prospect of a hardish Brexit. A healthy Johnson majority would let him pass an EU withdrawal bill before Christmas and formally exit on Jan. 31. That should defuse the hard-line Brexiters in his party, perhaps letting him negotiate a more sensible EU trade deal. A return of investment and consumer confidence would soften the impact of the slowing global economy.


THE LEGACY OF PAUL VOLCKER

NY Times - NY Times (2019-12-11)

Remembering Paul Volcker, the Fed chair “willing to be unpopular”


CALGARY REAL ESTATE DEVELOPER STRATEGIC GROUP PUTS ALBERTA PROPERTIES UNDER CREDITOR PROTECTION

G&M - Jeffrey Jones (2019-12-11)

Strategic Group, one of Canada’s largest private real estate developers and managers, has placed its Alberta properties under creditor protection, citing cavernous office vacancy due to the severe downturn in the oil patch.​


ONEX COMPLETES $3.5-BILLION TAKEOVER OF WESTJET

G&M - Eric Atkins (2019-12-11)

Onex Corp.’s $3.5-billion takeover of Calgary’s WestJet Airlines Ltd. is complete, the Toronto-based investment manager said on Wednesday.


U.S. FED SHOULDN’T GET TOO COMFORTABLE WITH ITS DECISION TO LEAVE INTEREST RATES STEADY IN THIS ENVIRONMENT

G&M - DAVID PARKINSON (2019-12-11)

To say the U.S. Federal Reserve has abruptly shifted its rate policy into neutral would be an understatement. It has put rates in park, shut off the engine and chucked the keys off the nearest bridge.


CHEVRON TO SELL ITS 50% STAKE IN KITIMAT LNG PROJECT AS IT WRITES DOWN ASSETS BY $10B

CBC - CP (2019-12-11)

The decision by Chevron Corp. to try to sell its 50 per cent stake in the Kitimat LNG project on the B.C. coast throws a symbolic dash of "long-dated cold water" on growth in the Canadian natural gas industry, an analysis says.


THE WALL STREET BANKERS WHO BURST SAUDI ARAMCO'S $2-TRILLION BUBBLE

FP - Javier Blas, Dinesh Nair and Matthew Martin (2019-12-11)

The chairman of the world’s biggest oil company was about to lose his temper.


GOLDMAN SACHS NAMES NEW HEAD OF JOHANNESBURG OFFICE

Reuters - Reuters (2019-12-11)

U.S. investment bank Goldman Sachs (GS.N) has appointed Jonathan Penkin as head of its Johannesburg office, the bank’s base for sub-Saharan Africa where the current chief executive is retiring at the end of the year.


BRITAIN'S LLOYDS CRITICIZED FOR MISTREATING VICTIMS OF MAJOR FRAUD

Reuters - Iain Withers (2019-12-11)

The fraud at Halifax Bank of Scotland’s Reading branch led to six people being jailed in 2017 for a combined 47 years. The scam involved small business customers being targeted and referred to a consultancy in return for bribes which the judge at the trial said included designer watches, sex with prostitutes and foreign holidays.


DEUTSCHE PAINTS GLOOMY PICTURE AT INVESTOR GATHERING

Reuters - Arno Schuetze (2019-12-11)

The bank said it expected revenue at its core banking business to grow by just 1% in the run up to 2022, half the growth level estimated in July.


CANADIAN BANK FORECASTS TEMPERED AFTER ‘SLOPPY’ END TO THE YEAR

Bloomberg - Doug Alexander and Divya Balji (2019-12-11)

 

Outlook neither positive at this stage, though it does feel like the risks outnumber the opportunities at this stage in the macroeconomic cycle,” Sedran said in a note to clients this week. “We think earnings resilience and momentum, with a little help from share buybacks, will help determine the winners in the coming year.” Scotia Capital analyst Sumit Malhotra lowered his per-share earnings estimates for 2020, and now expects a repeat of the last year, with 3% growth, followed by 6% in 2021. He views stock valuations, at 10.5 times next year’s estimated earnings, and 10 times his 2021 profit forecast, as “reasonable given the uncertain growth outlook.”   “We think the sector needs to demonstrate an EPS catalyst in order to improve sentiment towards the stocks,” Malhotra said in a note Monday. The eight-company S&P/TSX Commercial Banks Index has returned 10% so far this year. The index fell 11% last year, after posting an 11% increase in 2017 and a 25% surge in 2016.


FED IS SICK OF BEING HELD HOSTAGE BY TRADE WARS

Bloomberg - Brian Chappatta (2019-12-11)

 


FEES REPORT - FISCAL YEAR 2018 TO 2019

OSFI - OSFI (2019-12-11)

This year’s report provides more detail on each fee, such as the type and rate of adjustment, the service standard and the performance result. This information provides additional context on each fee, in the spirit of open and transparent fee management.


PAUL VOLCKER, U.S. FEDERAL RESERVE'S FORMER CHIEF, DEAD AT 92

CBC - Reuters (2019-12-10)

Volcker, who Zima said had been suffering from prostate cancer, was the first to bring celebrity status to the job of U.S. central banker, serving as chairman of the Fed from 1979 to 1987. As with the man who succeeded him, Alan Greenspan, Volcker could soothe or excite financial markets with just a vague murmur.


MICHIGAN NEARS DEAL TO LEGALIZE SPORTS, ONLINE GAMBLING

CBC - AP (2019-12-10)

The abundance of competition is a complicating factor, primarily due to concerns that letting casinos offer online gambling would hurt rapidly growing revenues from the state's iLottery. The Lottery sent nearly $1 billion to the state's school fund in the last fiscal year for which figures are available, 7 per cent of which came from online games.


CANADIANS RACKED UP $100 BILLION IN CREDIT CARD DEBT FOR FIRST TIME EVER AND THEY'RE NOT DONE ADDING TO IT

FP - Colin McClelland (2019-12-10)

The average Canadian’s non-mortgage debt may increase by 1 per cent to $31,531 by the end of 2020, New York Stock Exchange-listed TransUnion Co. forecast. Delinquency rates may fall to 5.41 per cent this year from 5.54 per cent at the end of September before increasing to 5.44 per cent by the end of next year, the data showed.


MORGAN STANLEY CUTTING 2% OF ITS WORKFORCE IN UNCERTAIN GLOBAL ENVIRONMENT, CNBC

FP - Reuters (2019-12-10)

Morgan Stanley is cutting about 2 per cent of its workforce due to an uncertain global economic outlook, CNBC reported on Monday citing people familiar with the matter.


ALBERTA CONSIDERS BUYING BACK BONDS TO SMOOTH ISSUANCE AS OUTSTANDING DEBT CLIMBS

FP - Esteban Duarte (2019-12-10)

The buy-back strategy, including terms and amounts, is still under analysis, according to Jerrica Goodwin, an Edmonton-based spokeswoman at Alberta’s finance ministry said. The plan, which may start as soon as the next fiscal year beginning in April, won’t reduce overall debt outstanding but could allow Alberta to spread out maturities over the longer term, she said.


GLOBAL FINANCIAL WATCHDOGS TAKE AIM AT BIG TECH'S DATA DOMINANCE AMID CREEP INTO BANKING

FP - Huw Jones (2019-12-10)

While still only “nascent” in most countries, Big Tech in countries like China has brought financial services within reach of underserved communities, the FSB, which is chaired by Federal Reserve Governor Randal Quarles, said in the report.


CHOPPY MARKETS LEAVE U.S. BANK BONUS DECISIONS IN LIMBO

Reuters - Elizabeth Dilts Marshall, Imani Moise (2019-12-10)

Those awards typically account for one-third of compensation for employees who receive them, so they are important.


EXCLUSIVE: MALAYSIA'S MAHATHIR HOPEFUL OF 1MDB SETTLEMENT WITH GOLDMAN SOON

Reuters - Joseph Sipalan, Krishna N. Das, Matthew Tostevin (2019-12-10)

Malaysian Prime Minister Mahathir Mohamad is hopeful of reaching an out-of-court settlement with Goldman Sachs (GS.N) over the 1MDB scandal soon, but that compensation of “one point something billion” dollars offered by the bank was too small.


THE TYCOON WHO WANTS TO SAVE YES BANK HAS A BACK STORY WORTHY OF NETFLIX

Bloomberg - Natalie Obiko Pearson and Suvashree Ghosh (2019-12-10)

“I don’t think Mr. Gill is a stupid man,” Braich said, adding “a lot of skepticism will be erased” surrounding his bid.


MANULIFE SEES POTENTIAL IN INDIA'S MUTUAL FUND SPACE; EXPECTS AUM TO TOUCH RS 42 LAKH CRORE IN 3 YEARS

Money Control - Himadri Bunch (2019-12-10)

According to him, India's asset management space is poised for growth, and he expects the assets under management to touch Rs 42 lakh crore in the next three years. In June 2019, Toronto-based Manulife picked up 49 percent stake in Mahindra Asset Management Company (Mahindra AMC) for $35 million (Rs 243 crore).


HSBC'S STUNNING ENERGY AND HUMAN-RIGHTS HYPOCRISY: IT DITCHED OILPATCH ONLY TO EMBRACE SAUDI ARABIA

FP - Tim McMillan (2019-12-10)

In the summer of 2018, HSBC announced a new energy policy under which it would stop providing financial services to a large portion of the Canadian energy industry. The move directly targeted Canada, despite this country’s record of environmental innovation and protection. The bank said its energy policy was designed to encourage economic development without having an unacceptable impact on people or the environment. Activist groups cheered the move and wagged their fingers at Canada’s energy industry, urging the country to get on board an ill-defined anti-industry movement. Little did we know that soon after waving goodbye to Canada, HSBC would fly into the open arms of Saudi Arabia, a regime notorious for a poor human rights record and lacking Canada’s stringent regulations and high environmental standards. You may have heard that the world’s largest oil company, Saudi Aramco, based in Saudi Arabia, has been preparing for an initial public offering (IPO) of shares.


THE CHALLENGES FACING FORMER BANK OF CANADA GOVERNOR MARK CARNEY

G&M - Christopher Neal (2019-12-09)

Mark Carney, recently tapped by United Nations Secretary-General Antonio Guterres to be UN Special Envoy for Climate Change, is no stranger to big challenges.


U.S. BANKS’ RELUCTANCE TO LEND CASH MAY HAVE CAUSED REPO SHOCK, BIS SAYS

G&M - Olga Cotaga (2019-12-09)

The unwillingness of the top four U.S. banks to lend cash combined with a burst of demand from hedge funds for secured funding could explain a recent spike in U.S. money market rates, the Bank for International Settlements said.


INDIGENOUS TRUSTS PROVIDE MUCH NEEDED CAPITAL TO EXPAND SMALL BUSINESSES

G&M - Sierra Bein (2019-12-09)

When Santana Wooden opened T’Sala Salon Spa, a storefront on the Squamish Nation’s reserve in North Vancouver, the only thing it offered was manicures and pedicures. After hearing about the Squamish Nation Trust (SNT), a fund to help entrepreneurs who are members of the First Nation, Ms. Wooden applied and got a grant of around $6,000. The money helped her buy equipment to allow her to expand her offerings to include waxing, massages and facial services. Now, her growing business has moved off reserve to Lower Lonsdale, a vibrant North Vancouver waterfront neighbourhood with more foot traffic and tourism.


STEPHEN POLOZ TO STEP DOWN AS BANK OF CANADA GOVERNOR AT END OF TERM

CBC - CP (2019-12-09)

The Bank of Canada says Stephen Poloz won't seek a second term as governor when his seven years in the job expire next year.


CANADA'S UNEMPLOYMENT RATE CLIMBS TO 5.9%

CBC - CP (2019-12-09)

The Canadian economy posted its biggest monthly job loss since the financial crisis in November, pushing the unemployment rate higher and raising the possibility the Bank of Canada may cut interest rates next year.


WHO WILL BE THE NEXT BANK OF CANADA GOVERNOR? HERE ARE SIX CANDIDATES

FP - Kevin Carmichael (2019-12-09)

Now that Stephen Poloz has announced he will step down as Bank of Canada Governor after his seven-year term ends in June 2020, attention turns to the possible candidates who might replace him. Here are six possibilities.


LOWER PROFITS, HIGHER LOAN-LOSS PROVISIONS COULD BE ‘NEW NORMAL’ FOR CANADA'S BIG BANKS

FP - Geoff Zochodne (2019-12-09)

Aggregate earnings among the Big Six banks were down six per cent quarter-over-quarter and five per cent year-over-year, Colangelo said. Provisions for loan losses, meanwhile, were up 17 per cent over the previous quarter and 36 per cent from a year earlier, weighing on the lenders’ bottom lines.


SWEDBANK CUTS MANAGEMENT TEAM IN REVAMP AFTER LAUNDERING PROBE

Reuters - Reuters (2019-12-09)

Swedbank said on Monday its chief risk officer was leaving as the Swedish bank revamps its structure to regain customer trust after a money laundering scandal in its Baltic branches sent its shares down 40% in the past year.


HSBC INVESTMENT BANKING CHIEF TO STEP DOWN

Bloomberg - Harry Wilson (2019-12-09)

 

By  Harry Wilson
Updated on 
  •   COO Maguire departs, replaced by former tech executive Hinshaw
  •   Assaf moves after decade atop investment bank; Moses retires
Samir Assaf Photographer: Bess Adler/Bloomberg


THIS WEEK’S TOP STORIES: CANADIAN MORTGAGE DEBT EXPLODES IN GROWTH, AND SO DO INSOLVENCIES

Better Dwelling - Better Dwelling (2019-12-09)

Insolvencies in Canada are seeing a big increase these days.  There were 13,512 insolvency filings in October, up 11% from a month before. The monthly number is up 13% when compared to the same month last year. There were 139,194 insolvencies in the 12-months ending in October, up 8.8% from a period one year before. This implies growth could be accelerating even faster.


WHY APPLE SCRAPPED THE RELEASE OF ITS OSCAR CONTENDER, ‘THE BANKER

NY Times - Nicole Sperling (2019-12-09)

Ms. Garrett, a television personality who runs a ministry in Los Angeles, accused her half brother, Bernard Garrett Jr., a son of the man played by Mr. Mackie and one of the film’s co-producers, of sexually abusing her and her younger sister when they were children in the 1970s. Apple removed his name from publicity materials, and he no longer appears as a producer of “The Banker” on the website IMDB, which lists film credits.Apple has struggled to find its footing as it tries to go Hollywood. Critics were lukewarm at best about “The Morning Show,” the star-studded, big-budget flagship series on Apple TV Plus, the streaming platform that went live Nov. 1. And now one of Apple’s first films, “The Banker,” starring Samuel L. Jackson and Anthony Mackie, is in limbo after the company pulled it from a theatrical run that was scheduled to start Friday.


SOFTWARE ROBOTS GET SMARTER THANKS TO AI

WSJ - Angus Loten (2019-12-09)

Blue Prism is testing an AI-enabled platform for insurers that can interpret the validity of claims and make recommendations for human examiners. With approval from the examiners, the robot can process the claim, significantly reducing the time and effort needed to handle a case from start to finish, Mr. Geary said.


BLACKROCK EXECUTIVE MARK WISEMAN EXITS INVESTMENT FIRM OVER FAILURE TO DISCLOSE RELATIONSHIP WITH COLLEAGUE

G&M - CLARE O’HARA AND TIM KILADZE (2019-12-06)

Mark Wiseman’s ouster from investment giant BlackRock Inc. over his failure to disclose an affair with a colleague marks an abrupt exit for one of the most powerful Canadians on Wall Street.


CANADA’S LARGEST BANKS BRACE FOR TOUGH YEAR AHEAD AS GLOBAL PRESSURES WEIGH ON ECONOMY

G&M - James Bradshaw (2019-12-06)

Canadian banks ended the 2019 fiscal year on a sour note, as Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported lower profits amid deteriorating credit conditions and signs of economic stress.


SAUDI ARAMCO LOOKING TO BUY INSURANCE AGAINST WAR AND TERROR ATTACKS, SOURCES SAY

G&M - CAROLYN COHN, STEPHEN KALIN AND MARWA RASHAD (2019-12-06)

Saudi Aramco is looking to buy insurance against war and terror attacks after a damaging drone and missile attack on some of its oil facilities in September, two sources told Reuters.


TD PROFIT FALLS 4 PER CENT ON RESTRUCTURING CHARGE, HIGHER LOAN-LOSS PROVISIONS

G&M - James Bradshaw (2019-12-06)

Toronto-Dominion Bank’s fiscal fourth-quarter profit fell 4 per cent, hampered by a restructuring charge and expectations of higher loan losses.


CIBC PROFIT DIPS 6 PER CENT AS BANK EARMARKS MORE MONEY FOR BAD LOANS

G&M - James Bradshaw (2019-12-06)

Canadian Imperial Bank of Commerce suffered a 6-per-cent dip in fourth-quarter profit as the bank earmarked large sums of money to cover potential loan losses.


U.S. SHORT-SELLER TARGETS CANADIAN TIRE, SAYS RETAILER’S SHARES HAVE 50 PER CENT DOWNSIDE

G&M - David Milsead (2019-12-06)

In the November conference call, however, Mr. Wetmore said the company’s financial-services division continues to have “great performance” and there are “no signs from our data on a weakening economy or credit-card portfolio.”


MODERNIZING THE REGULATION OF FINANCIAL ADVICE

G&M - Joanne De Laurentiis (2019-12-06)

Canada’s investment advisory industry has evolved through consolidation and new products to meet the needs of a more demanding and active investing public over the past two decades. Unfortunately, its regulatory structure has not kept pace. Overlapping regulatory organizations and outdated rules are limiting innovation and efficiency.


BANK OF CANADA DEPUTY SAYS CANADIAN ECONOMY IS 'RESILIENT'

CBC - CP (2019-12-06)

The Canadian economy remains resilient despite the global uncertainty caused by the trade war between the United States and China, a senior Bank of Canada official said Thursday.


CIBC, TD CLOSE BLEAK 4TH-QUARTER EARNING SEASON WITH LOWER PROFIT

CBC - CP (2019-12-06)

Canadian Imperial Bank of Commerce reported $1.19 billion of net profit in the fourth quarter, down six per cent from the comparable period of 2018, while its adjusted earnings of $2.84 per share came in below analyst estimates.


LOWER PROFITS, HIGHER LOAN-LOSS PROVISIONS COULD BE ‘NEW NORMAL’ FOR CANADA'S BIG BANKS

FP - Geoff Zochodne (2019-12-06)

A new “normal” appears to be setting in for Canada’s biggest banks that is driving up the amount of money they need to put away for bad loans — and helping to put a dent in their bottom lines.


WORLD BANK ADOPTS $1 BILLION-PLUS ANNUAL CHINA LENDING PLAN OVER U.S. OBJECTIONS

Reuters - David Lawder (2019-12-06)

The World Bank on Thursday adopted a plan to aid China with $1 billion to $1.5 billion in low-interest loans annually through June 2025, despite the objections of U.S. Treasury Secretary Steven Mnuchin.


JPMORGAN BANKER TESTIFYING FOR CARTEL PROSECUTORS SAYS THERE WAS NO AGREEMENT

Reuters - Byron Kaye (2019-12-06)

A prosecution witness in an Australian criminal cartel case against Citigroup Inc (C.N) and Deutsche Bank AG (DBKGn.DE) said on Friday that the banks never colluded, but that he helped a regulator build its case to get immunity.


OSFI RELEASES FINAL GUIDELINE TO DEPOSIT-TAKING INSTITUTIONS ON LIQUIDITY RISK MANAGEMENT

OSFI - OSFI (2019-12-06)

OSFI last revised Guideline B-6 in 2012. Since then, market practices have evolved and the complexity of both measuring and managing liquidity risk has increased. Through its supervisory work and assessments of liquidity risk practices, OSFI identified areas of the guideline that required revisions.


GENERAL STRIKE IN FRANCE CHALLENGES MACRON’S LATEST AMBITION FOR CHANGE

NY Times - Adam Nossiter (2019-12-06)

The streets of French cities were filled with anti-government demonstrators, tear gas and police officers on Thursday as Emmanuel Macron again faced what has become an emblem of his presidency: social unrest. This time it was a general strike over his plans to overhaul the country’s pension system.


STM'S NEW CARD READERS WON'T BE UP TO SPEED FOR YEARS

Montreal Gazette - Jason Magder (2019-12-06)

The new readers have the technical ability to accept credit or debit card payments, but the Société de transport de Montréal says it doesn’t yet have the “technological solution” to allow for those kind of payments to work.


ISO 20022: A BETTER PAYMENTS EXPERIENCE FOR CUSTOMERS

Finextra - Finextra (2019-12-06)

In the coming years, key high value and real-time payment systems, and correspondent banking by SWIFT, will converge around ISO 20022. A reinvigorated global value transfer platform will emerge and banking customers will benefit through improved service. Cross-border payments are often plagued by highly variable, limited, unstructured and ambiguous data -- which leads to complex processing and manual interventions. With ISO 20022, banks will be able to bring additional speed, lower costs and improved compliance to their correspondent networks.


BANK OF CANADA GOVERNOR STEPHEN POLOZ TO STEP DOWN AT END OF TERM

WSJ - Kim Mackrael (2019-12-06)


FED ADDS $72.8 BILLION TO MARKETS, BALANCE SHEET MOVES TO $4.07 TRILLION

WSJ - Michael S. Derby (2019-12-06)


THE $3.7 TRILLION CORPORATE DEBT QUESTION

WSJ - WSJ Video (2019-12-06)

About half of all issued corporate bond debt is rated triple-B, the lowest score for investment-grade debt. Analysts say all this debt could be a mess in the making, especially if the economy enters a recession. WSJ's Gunjan Banerji explains.


EU FIRES LIBRA WARNING

Finextra - Finextra (2019-12-06)

In a statement, they acknowledge some of the potential benefits of stablecoins but also warn about risks, including on consumer protection, privacy, taxation, cyber security, money laundering, terrorism financing, market integrity, governance and legal certainty.


ALBERTA'S ECONOMIC OUTLOOK SOURS AMID A CREDIT DOWNGRADE, MUTED ENERGY SPENDING

FP - Geoffrey Morgan (2019-12-05)

“The environment around investment is still really not that great,” Conference Board of Canada chief economist Pedro Antunes said Wednesday. The Conference Board’s forecast of 2.4 per cent real GDP growth next year followed by 3.1 per cent growth in 2021 was “prudent,” Antunes said.


BLACKSTONE'S SCHWARZMAN TOUTS HIS PART IN USMCA, U.S.-CHINA TRADE NEGOTIATIONS

FP - Barbara Shecter (2019-12-05)

In the book, he says he played an active behind-the scenes role in last year’s renegotiation of the NAFTA agreement between the United States, Canada and Mexico, and worked for more than two years to try to forge an important new trade deal between the U.S. and China.


RBC TO RATCHET UP EFFORTS TO TURN VENTURES USERS INTO BANKING CLIENTS

FP - Geoff Zachodine (2019-12-05)

RBC announced the launch of its RBC Ventures Inc. subsidiary in June 2018. At the time, the bank set out to acquire five million users of the various products and services within five years, as well as to convert 10 per cent of those people, or 500,000, to customers of the bank itself.


BMO EXPLORING TRANSITION FINANCING FOR CARBON-CAPTURE PROJECT

FP - Esteban Duarte (2019-12-05)

“We are talking to a number of people about that but I don’t have a project that I could announce,” Dan Barclay, chief executive officer and group head of BMO Capital Markets, said in an interview in Toronto. It’s not clear if BMO would help finance the project or underwrite the debt.


TRUMP CALLS TRUDEAU ‘TWO-FACED,’ OVERSHADOWING NATO SUMMIT

G&M - Mark Mackinnon (2019-12-05)

“He’s two-faced,” Mr. Trump said of Mr. Trudeau when asked if he had seen the video, which was recorded by an ABC News cameraman on Tuesday evening during a reception for NATO leaders at Buckingham Palace.


RBC EXPERIENCING SLOW GROWTH STING AS PROFIT DIPS; CHIEF EXECUTIVE WARNS OF ‘CHALLENGING’ DAYS AHEAD

G&M - James Bradshaw (2019-12-05)

Royal Bank of Canada is starting to feel the sting of slowing economic growth and trade, as fourth-quarter profit slipped and its chief executive officer warned of “challenging” days ahead.


STEPHEN SCHWARZMAN OFFERS HIS INSIGHT INTO THE ALTERNATIVE-ASSET INDUSTRY

G&M - Andrew Willis (2019-12-05)

The co-founder, chairman and chief executive of alternative asset manager Blackstone Group Inc. has US$148-billion of client capital he needs to put to use – an almost unimaginable amount of what’s known in the industry as dry powder. Mr. Schwarzman is confident the New York-based company can invest it all, and earn handsome profits.


IS MARK CARNEY OUT TO KILL CANADA’S ENERGY SECTOR, OR SAVE IT FROM ITSELF?

G&M - KONRAD YAKABUSKI (2019-12-05)

For most of his stint as governor of the Bank of England, Mark Carney has moonlighted as a climate change crusader. So, it was no surprise to learn that he has signed on to become the United Nations special envoy on climate action once his current gig is up in January.


UNAFFORDABILITY REARS ITS UGLY HEAD AS PRICE OF A TORONTO DETACHED HOME NEARS $1.5-MILLION AGAIN

G&M - Michael Babad (2019-12-05)

It shouldn’t take too much longer for the average price of a detached home to hit $1.5-million again in Toronto’s 416 area code.


INDIA'S CENTRAL BANK JUST DID SOMETHING CRAZY

Bloomberg - Daniel Moss (2019-12-05)

Blame inflation. The RBI cited concerns about rising prices, given that headline inflation breached its 4% medium-term target in October. Food prices have skyrocketed as a result of heavy rainfall, with the cost of onions up 45% in September and a further 20% the following month, according to the central bank’s statement
With India’s economy crumbling all around him, it strikes me as a bit short-sighted that RBI Governor Shaktikanta Das is getting caught up in vegetables. Gross domestic product increased just 4.5% in the third quarter, government figures showed last week. Little more than a year ago, India was notching an expansion of more than 8%. If demand is sliding then price increases ought to subside. There's little inflation in a graveyard.

 


DESJARDINS COO AND IT LEAD LOSE JOBS OVER DATA BREACH

Finextra - Finextra (2019-12-05)

Denis Berthiaume who held the position of senior EVP and chief operating officer of Desjardins has been replaced by chief financial officer Réal Bellemare, who will also act as interim head of IT following the departure of current incumbent Chadi Habib.


US REGULATORS APPROVE ALTERNATIVE DATA TO ASSESS CREDITWORTHINESS

Finextra - Finextra (2019-12-05)

The move could open up the market to a wave of fintech firms relying on alternative data sources to provide credit to consumers who would traditionally be turned away by financial firms applying strict credit scoring tools.


TORONTO REAL ESTATE PRICES MAKE SECOND LARGEST NOVEMBER JUMP EVER – TOPS 2017 HIGH

Better Dwelling - Kaitlin Last (2019-12-05)

Greater Toronto home prices reached a new all-time high, according to the benchmark. TREB reported the composite benchmark hit $815,800 in November, up 6.83% from last year. The City of Toronto reached $903,700, up 6.99% from last year. This is an all-time high for the composite, but detached units haven’t returned. Instead, this is largely led by condo apartments, which are increasing nearly double digits once again.


CANADIAN NEO BANK KOHO EXTENDS SERIES B BY C$25 MILLION

Finextra - Finextra (2019-12-05)

Drive Capital and National Bank of Canada have invested C$25 million in Canadian neo banking startup Koho.


DESJARDINS GROUP REPLACES TWO SENIOR LEADERS AFTER MASSIVE PRIVACY BREACH

G&M - Nicolas Van Praet (2019-12-04)

Desjardins Group is shaking up its senior leadership ranks in the wake of a massive privacy breach that hit all its 4.2-million members earlier this year.


DENNIS GARTMAN CALLS IT QUITS AS ERA ENDS WHERE HUMANS DOMINATED INVESTING ADVICE

G&M - Ian McGugan (2019-12-04)

Dennis Gartman’s decision to end his daily investing newsletter says a lot about the transformation the investing world has undergone over the past generation.


RBC PROFIT SLIPS AS LOAN-LOSS PROVISIONS RISE

G&M - Reuters (2019-12-04)

Royal Bank of Canada reported a nearly 1-per-cent fall in quarterly profit on Wednesday, hurt by higher loan loss provisions.


HOUSING SALES SURGE IN TORONTO, VANCOUVER AS CONFIDENCE RETURNS TO MARKET

G&M - Rachelle Younglai (2019-12-04)

Home sales in Vancouver and Toronto jumped in November compared with last year, when prospective homebuyers were grappling with tougher mortgage rules and rising interest rates.


MOODY'S DOWNGRADES ALBERTA'S CREDIT RATING, CITING CONTINUED DEPENDENCE ON OIL

CBC - Sarah Rieger (2019-12-04)

Alberta's credit rating has been downgraded by Moody's, with the agency citing the volatility in the province's dependence on oil and continued fiscal pressures.


BANK OF MONTREAL CEO PROMISES 'ACCOUNTABILITY' AFTER EARNINGS AGAIN HIT BY RESTRUCTURING CHARGES

FP - Geoff Zachodine (2019-12-04)

The charge was tied to severance and some small real estate-related costs, which BMO said were in part tied to “key bank-wide initiatives focused on digitization, organizational redesign and simplification of the way we do business.”


HSBC'S STUNNING ENERGY AND HUMAN-RIGHTS HYPOCRISY: IT DITCHED OILPATCH ONLY TO EMBRACE SAUDI ARABIA

FP - Tim McMillan (2019-12-04)

In the summer of 2018, HSBC announced a new energy policy under which it would stop providing financial services to a large portion of the Canadian energy industry. The move directly targeted Canada, despite this country’s record of environmental innovation and protection. The bank said its energy policy was designed to encourage economic development without having an unacceptable impact on people or the environment. Activist groups cheered the move and wagged their fingers at Canada’s energy industry, urging the country to get on board an ill-defined anti-industry movement.


CHINA'S POSTAL SAVINGS BANK SAYS SOME RETAIL INVESTORS OPT OUT OF SHANGHAI LISTING

Reuters - Cheng Leng, Engen Tham (2019-12-04)

Postal Savings Bank of China (1658.HK) said investors had opted out of paying for 3% of shares on offer in its Shanghai listing - a rare development that underscores growing concerns over problems in China’s banking system.


POLOZ LIKELY TO HOLD, KEEP CANADA AN OUTLIER: DECISION DAY GUIDE

Bloomberg - Theophilos Argitis (2019-12-04)

Poloz to maintain wait-and-see approach.


STOCK SELL-OFF IS A WAKE-UP CALL FOR INVESTORS

Bloomberg - Mohamed A. El-Erain (2019-12-04)


MONZO AND BUD VETS LAUNCH PLATFORM FOR RENTERS

Finextra - Finextra (2019-12-04)

Fronted will offer users the chance to link their bank account to the startup's platform using Open Banking. Then, the firm will pay their deposits directly to the estate agents and arrange repayment. This technique, says Fronted, enables it to lend at very low rates with no fees, no early repayment penalties and the option to reduce monthly payments with a ‘holiday mode’ feature.


STEVE EISMAN STILL SHORT CANADA'S BANKS, NOW TAKING AIM AT CANADIAN TIRE

BNN - BNN Video (2019-12-04)

Steve Eisman, portfolio manager at Neuberger Berman, joins BNN Bloomberg to provide his latest take on the Canadian bank earnings and why he's now shorting Canadian Tire.


U.S. DIGS DEEPER INTO DEUTSCHE ROLE IN DANSKE MONEY LAUNDERING SCANDAL - SOURCES

Reuters - John O'Donnell, Tom Sims, Matt Scuffham (2019-12-03)

The U.S. Department of Justice has in recent weeks stepped up its investigation into Deutsche Bank’s role in the 200 billion euro ($220 billion) Danske Bank money laundering scandal, four people familiar with the inquiry told Reuters.


BETTING ON A YEAR-END CANADIAN STOCK RALLY? TRADERS BEWARE

Bloomberg - Divya Balji and Brandon Kochkodin (2019-12-03)

Pot stocks had another tumultuous month, gold miners slumped as the price of the metal fell and the macro risk is still out there, with sluggish economic growth and an impending U.S.-China trade resolution hanging in the balance.


GOOGLE AND WALMART PUSH INDIA’S BILLIONAIRES OUT OF MOBILE PAYMENTS

Bloomberg - Suvashree Ghosh (2019-12-03)

If there’s any nation where it seems fortunes could be made by getting in early on digital payments, it’s India. The population of 1.4 billion is still wedded to cash, which accounts for about 70% of transactions by value. But the government is trying to get more people into the formal financial system.


TORONTO LAUNCHES 10-YEAR, $23.4-BILLION PLAN TO ADDRESS HOUSING ISSUES

G&M - CP (2019-12-03)

Toronto is launching a plan to address a shortage of both rental and social housing as well as homelessness.


WEALTHSIMPLE LOOKING TO SEPARATE ITS WEALTH MANAGEMENT BUSINESS TARGETING FINANCIAL ADVISERS

G&M - Clare O'Hara (2019-12-03)

Robo-adviser Wealthsimple is in discussions with several Canadian wealth managers as it looks to separate its Wealthsimple for Advisers business in order to focus on its online services for direct consumers.


BMO RESTRUCTURING CHARGE TO LEAD TO HUNDREDS OF JOB LOSSES

CBC - CP (2019-12-03)

The bank said Tuesday the quarter ended Oct. 31 included a $357-million restructuring charge as a result of a decision to accelerate delivery of digitization initiatives and simplification of the way it does business.


WHILE CANADA HESITATES, RUSSIA BUILDS 3,000 KM GAS PIPELINE TO CHINA IN JUST FIVE YEARS

FP - Victor Ferreira (2019-12-03)

As multiple Canadian pipeline projects linger in limbo, Russia and China have just turned on the taps on a natural gas behemoth long enough to connect Timmins, Ont., to Burnaby, B.C.


JOHN MANLEY URGES ‘PRISONER EXCHANGE’ TO SWAP HUAWEI EXECUTIVE MENG WANZHOU FOR TWO CANADIANS HELD IN CHINA

G&M - Steven Chase (2019-12-03)

Canada should swap Huawei executive Meng Wanzhou for two Canadians detained in China in a “prisoner exchange,” says former Liberal deputy prime minister John Manley, who is a director of a Canadian telecommunications company that uses equipment from the Chinese multinational.


PERSONAL INSOLVENCIES HIT HIGHEST LEVEL IN A DECADE

G&M - Matt Lundy (2019-12-03)

During October, Canadians filed the highest number of personal insolvencies in a decade, the latest sign that households are struggling to cope with elevated debt loads.


BOJ GOVERNOR SAYS BANK HAS ‘AMPLE ROOM’ TO EASE FURTHER IF ECONOMY WEAKENS

G&M - LEIKA KIHARA AND TETSUSHI KAJIMOTO (2019-12-03)

Bank of Japan Governor Haruhiko Kuroda said on Friday he saw no need to expand monetary stimulus now, underscoring the central bank’s preference to save its dwindling ammunition in case the economy takes a bigger hit from heightening overseas risks.


BANK OF MONTREAL PROFIT DROPS 30 PER CENT ON RESTRUCTURING CHARGES

G&M - Reuters (2019-12-03)

Canada’s fourth-largest lender said net income fell to $1.19 billion, or $1.78 per share, in the fourth quarter ended Oct. 31, from $1.69 billion, or $2.57 per share, a year earlier.


RETAILERS FORESEE HOLIDAY JOY — EVEN AS POLOZ LOOKS TO HOLD LINE ON RATES: DON PITTIS

CBC - Don Pittis (2019-12-03)

Figures released last week show that despite an overall decline to 1.3 per cent in Canadian GDP, housing, consumer activity, construction and business investment were all holding up well.


MONETARY ESTABLISHMENT PANIC ABOUT LIBRA IS FIVE MONTHS IN AND RISING

FP - Terence Corcaran (2019-12-03)

For instance, a search of BIS’s web site produced no references to stablecoins until after Facebook’s formal June 18 announcement of its plan to launch Libra by 2020. At the Bank of England, stablecoins were generally dismissed as not so stable. “Time will tell,” a Bank of England blog post said in early 2019, “but it seems unlikely that these algorithmic stablecoins will be replacing national currencies any time soon.”


MAJOR PENSION PLANS JOIN INVESTOR GROUP PUMPING $229M INTO PORTAG3’S SECOND FINTECH FUND

FP - Barbara Shecter (2019-12-03)

The Caisse de dépôt et placement du Québec and the Public Sector Pension Investment Board (PSP) are among a group of at least 14 investors pumping $229 million into an international fintech fund run by Portag3 Ventures, an early-stage investor established by companies under the umbrella of the Desmarais family’s Power Corp.


INTACT FINANCIAL COMPLETES ACQUISITION OF THE GUARANTEE, FRANK COWAN COMPANY

Insurance Business - Lyle Adriano (2019-12-03)

Intact’s acquisition of both The Guarantee and Frank Cowan Company was first revealed in August; the P&C company purchased both for $1 billion in cash.


SWISS RE DELVES INTO THE TRADE WAR AND A WORLD POST-BREXIT

Insurance Business - Mia Wallace (2019-12-03)

The main risk of the trade war, he said, is that, in a worst-case scenario, it can lead to a global recession. Another risk is its impact on the structure of economies and the removal of multi-lateral coordination and open markets. Without these open markets, he said, societies and economies will suffer and though insurance is likely to hold its value proposition, this will come at a higher cost.


ONTARIO TO DISCONTINUE EMERGENCY HEALTH COVERAGE ABROAD

Insurance Business - Lyle Adriano (2019-12-03)

The discontinuation of the province’s health plan, Ontario Health Insurance Plan (OHIP), takes effect January 01, 2020. The cancellation was originally planned to go live on October 01, 2019, but the implementation date was later pushed back.


DESJARDINS LAUNCHES ELECTORAL PROCESS TO CHOOSE ITS NEXT PRESIDENT

Insurance Journal - IIJ (2019-12-03)

 


WHY YOUR BROKERAGE COULD BE AN ATTRACTIVE TAKEOVER TARGET

Canadian Underwriter - Greg Mechbach (2019-12-03)

“The insurance broker has emerged as a hot target in the (M&A) marketplace and there appear to be deals for insurance brokers happening almost every week as the big American consolidators come into Canada to buy up targets left and right to try to gain competitive advantages,” said Michael Carolan, senior vice president of corporate finance at KPMG Canada.


WELLS FARGO ADDS MORE EXTERNAL BANKERS TO TOP RANKS

Reuters - Imani Moise, C Nivedita (2019-12-03)

Wells Fargo & Co said on Monday Scott Powell will become chief operating officer, the second external recruit to join the top ranks since Chief Executive Charles Scharf took over six weeks ago.


MARK CARNEY TO LEAD UN EFFORT TO GET FINANCE INDUSTRY TO DEAL WITH RISKS OF CLIMATE CHANGE

G&M - Isla Binnie (2019-12-02)

Bank of England Governor Mark Carney will lead a push by the United Nations to make the financial sector take full account of the risks posed by climate change, UN Secretary-General Antonio Guterres said on Sunday.


THE RENTAL RUSH: INVESTORS ARE SCOOPING UP APARTMENT BUILDINGS — AND TENANTS ARE GETTING SQUEEZED

G&M - Tim Kiladze (2019-12-02)

The twin 1970s brown-brick apartment buildings that rise above a supermarket and strip plazas in northwest Toronto aren’t elegant or even striking.


QUESTRADE APPLIES FOR CANADIAN BANKING LICENCE

G&M - Clare O'Hara (2019-12-02)

Questrade Financial Group Inc. is continuing to expand its footprint in the financial-services industry with an application for a Canadian banking licence, allowing it to diversify beyond low-cost stock trading for Canadians.


SCOTIABANK CONTINUES CARIBBEAN WITHDRAWAL WITH SALE OF OPERATIONS IN BRITISH VIRGIN ISLANDS

G&M - James Bradshaw (2019-12-02)

Bank of Nova Scotia has reached a deal to sell its operations in the British Virgin Islands as the Canadian bank continues to shrink its Caribbean footprint.


40 CENTRAL BANKS HAVE EASED UP. HERE’S WHY THE BANK OF CANADA WON’T JOIN IN THIS WEEK

G&M - Michael Babad (2019-12-02)

About 40 central banks worldwide have eased up this year, but the Bank of Canada isn’t one of them and isn’t expected to join them this week.


HEAD OF $247-BILLION CANADIAN PENSION FUND SAYS CHINA-U.S. TENSION IS HERE TO STAY

FP - Paula Sambo and Sandrine Rastello (2019-12-02)

“The conflict between China and the United States is not going away anytime soon,” the 66-year-old told reporters after a speech in Montreal. “I think it is going to change some global trading patterns, it is potentially going to change some important things around the evolution of technology, 5G.”


CHINA'S FACTORY ACTIVITY SURPRISES WITH FASTEST EXPANSION IN THREE YEARS: CAIXIN PMI

Reuters - Yawen Chen, Kevin Yao (2019-12-02)

China’s factory activity showed surprising signs of improvement in November, with growth picking up to a near three-year high, a private sector survey showed on Monday, reinforcing upbeat government data released over the weekend.


OIL JUMPS ABOVE $61 ON TALK OF FURTHER OPEC+ SUPPLY CURBS

Reuters - Alex Lawler (2019-12-02)

The Organization of the Petroleum Exporting Countries and allies including Russia are expected to extend output cuts this week and could increase the size of the curb by at least 400,000 barrels per day, two sources said.


BARCLAYS JOINS RIVALS WITH CUTS TO CEO PENSION PERKS

Reuters - Sinead Cruise (2019-12-02)

The British lender is consulting shareholders on the proposal in a review of its remuneration policy to be voted on at the bank’s annual meeting next year, a source with knowledge of the matter said.


BUFFETT OUTBID BY PRIVATE EQUITY IN BERKSHIRE’S DEAL HUNT

Bloomberg - Katherine Chiglinsky (2019-12-02)

Warren Buffett has frequently touted his Berkshire Hathaway Inc. as a home for businesses away from what he said was the debt-fueled, quick-turnover appetite of private equity firms. But the Berkshire name wasn’t enough for Tech Data Corp.


BANKERS AREN'T READY TO START SHARING YET

Bloomberg - Elisa Martinuzzi (2019-12-02)

Three years ago Tidjane Thiam stirred hopes that the banking industry was looking at new ways to tackle its bloated cost base. The chief executive officer of Credit Suisse Group AG said his company was working on a common platform with another lender to share expenses.


WITH BRUTAL CRACKDOWN, IRAN IS CONVULSED BY WORST UNREST IN 40 YEARS

NY Times - Farnaz Fassihi and Rick Gladstone (2019-12-02)

Iran is experiencing its deadliest political unrest since the Islamic Revolution 40 years ago, with at least 180 people killed — and possibly hundreds more — as angry protests have been smothered in a government crackdown of unbridled force.


YES, YOU CAN GET FREE TRADING. BUT THERE’S OFTEN A CATCH.

NY Times - Tara Siegel Bernard (2019-12-02)

Investing is cheaper than ever. Trading is free, some index funds may as well be, and a diversified portfolio can be built by machines for a fraction of the cost of live professionals who deliver advice in an elegant leather binder.


YOUNG CANADIANS EXPERIENCE MORE INFLATION THAN OLDER ONES

Better Dwelling - Daniel Wong (2019-12-02)

Canadian inflation is touted as “low and stable,” but for whom is an interesting question to ponder. Statistics Canada’s Consumer Price Index (CPI) when broken down, shows a huge gap in which costs are rising. While averaged out in a weighted basket, CPI looks low and stable. However, when broken down, we see costs rising that disproportionately impact young people.


HEAD OF CHINESE CRYPTO EXCHANGE DISAPPEARS

Finextra - Finextra (2019-12-02)

On November 29th, an official announcement on the echange's website announced that Lei Guorong had "gone missing with unknown cause and Idax Global staffs were out of touch with Idax Global CEO".


CRYPTOCURRENCY POLICIES MUST COMBAT SNAKE OIL WITHOUT STIFLING INNOVATION

G&M - Ethan Lou (2019-11-29)

In the wake of the latest B.C. bitcoin scandals, I talked to the executive director of the provincial securities commission, Peter Brady, who warned investors to be careful because, sometimes, there is nothing the regulator can do.


FURTHER DELAYS ADD UP TO MAJOR FRUSTRATION FOR 8,000 WOULD-BE ACCOUNTANTS AFTER TESTING SNAFU

FP - Barbara Shecter (2019-11-29)

More than 8,000 aspiring chartered professional accountants will have to wait until next year to find out if they have received their CPA designation, putting their professional lives on hold after technology problems caused hours-long delays in some parts of the country during September’s gruelling three-day national final examination.


STATE-CONTROLLED LENDER BANCO DO BRASIL SEES 2020 PROFIT UP 10%

Reuters - CAROLINA MANDL (2019-11-29)

Brazilian state-controlled lender Banco do Brasil SA (BBAS3.SA) sees its profits likely growing 10% in 2020 from this year, its Chief Financial Officer Carlos Hamilton Araujo said on Thursday in a meeting with analysts.


MORGAN STANLEY OUSTS FX TRADERS AS IT PROBES CONCEALED LOSS

Bloomberg - Stefania Spezzati, Donal Griffin, and Viren Vaghela (2019-11-29)


ASSET MANAGEMENT IS IN TROUBLE IF THIS IS ITS PROPOSED SALVATION

Bloomberg - Mark Gilbert (2019-11-29)


UK BANKERS SHOW THANKSGIVING RESTRAINT WHILE US BANKS GIVE THANKS

FT - Kate Burgess (2019-11-29)

Happy Thanksgiving to Jes Staley, Barclays’ chief.


POLISH BANKS TAKE FRIGHT AT RULING ON SWISS FRANC MORTGAGES

FT - James Shotter (2019-11-29)

Poland’s banking stocks and currency tumbled on Thursday after the country’s top court issued an unfavourable ruling in a closely watched and potentially expensive dispute over foreign-exchange mortgages.


CANADIAN HOUSEHOLD BORROWING RATES RISE IN NOVEMBER

Better Dwelling - Daniel Wong (2019-11-29)

The rate paid by Canadian households is up from last month, but still down from last year. The effective interest rate reached 3.72% on November 22nd, up 0.54% from last year. This represents a 6.06% decline compared to last year. Not a big increase from last month, but we’re at the highest level in a few months.


INFOPENSIONS – ISSUE 22 – NOVEMBER 2019

OSFI - OSFI (2019-11-29)

InfoPensions includes announcements and reminders on matters relevant to federally regulated private pension plans and pooled registered pension plans. It includes descriptions of how the Office of the Superintendent of Financial Institutions (OSFI) applies various provisions of the Pension Benefits Standards Act, 1985Pooled Registered Pension Plans Act, their regulations, directives and OSFI guidance. Plan administrators should obtain appropriate professional advice on how the legislation and guidelines affect their particular pension plan.


ONTARIO HOMES AT RISK OF FLOODING SHOULD BE MADE PUBLIC: REPORT

G&M - Matthew McClearn (2019-11-29)

A government adviser said Ontario house hunters should be warned about properties at risk of flooding, a proposal that would have far-ranging implications for real estate transactions in Canada’s most populous province.


ETORO: FACEBOOK SHOULD GIVE UP ON THE IDEA OF LAUNCHING ITS OWN CRYPTOCURRNEY

Finextra - Finextra (2019-11-28)

Rather than create its own digital currency, dubbed ‘ZuckBucks’ by US politicians, eToro believes the issuance of stablecoins backed by fiat currencies should be delegated to regulated third party partners. This would remove Facebook from the responsibility of controlling a currency, so it could focus on Calibra becoming the first wallet to provide infrastructure for a payment system that could be accessed by over 2.7 billion users globally via WhatsApp and other Facebook platforms.


ROBINHOOD WITHDRAWS BANK CHARTER APPLICATION

Finextra - Finextra (2019-11-28)

The Californian startup has seen huge take up since launching its free stock trading app in 2015, hitting a valuation of over $7 billion in its latest funding round.


ECONOMICALLY SPEAKING, B.C. IS KILLING IT, ALBERTA IS PUSHING IT, ONTARIO IS LOSING IT, QUEBEC IS BOTCHING IT

G&M - Michael Babad (2019-11-28)

Economically speaking, British Columbia is killing it, and has been for some time.


DESPITE CRITICISM, STEPHEN POLOZ HAS SUCCEEDED WHERE IT MATTERS MOST AS BANK OF CANADA GOVERNOR

G&M - DAVID PARKINSON (2019-11-28)

Mr. Poloz’s seven-year term as Bank of Canada governor expires at the beginning of next June. While the rules do allow a sitting governor to apply to return to the job for a second term, one-and-done has become the norm. The Bank of Canada hasn’t had anyone re-enlist since Gerald Bouey 40 years ago.


CI FINANCIAL MOVES INTO U.S. MARKET WITH MAJORITY STAKE IN U.S.-BASED INVESTMENT FIRM SUREVEST

G&M - Clare O'Hara (2019-11-28)

CI Financial Corp. has moved into the United States market for the first time with the purchase of a majority stake in Surevest Wealth Management, a Phoenix-based investment advisory business.


FACEBOOK IS THE TRIGGER FOR A CURRENCY REVOLUTION THAT’S LONG OVERDUE — LIKE IT, OR NOT

FP - Terence Corcoran (2019-11-28)

But nobody on the U.S. House Financial Services Committee in October really wanted to hear Facebook Inc. chief executive Mark Zuckerberg’s testimony about his plan to shake up the global money system with a new, private currency. Instead, he had to deal with the usual grandstanding politicians whose main objective, from their power soapboxes in the committee room, was to make the head of the US$70-billion tech giant grovel. But his opening statement is worth another look: “As we sit here, there are more than a billion people around the world who don’t have a bank account but could through mobile phones if the right system existed,” Zuckerberg said about Facebook’s proposal to lead a band of tech companies — including Uber Technologies Inc., Spotify Technology SA and Vodaphone Group PLC — in creating a new currency, a “stablecoin” called Libra.


WHY LIBRA PASSES THE MONEY TEST AND BITCOIN DOESN'T

FP - Terence Cocoran (2019-11-28)

Perhaps the best real-world demonstration of the concept behind the Libra plan is the Hong Kong dollar, which is managed through a currency board structure rather than a formal central bank. Established in 1983, the Hong Kong Monetary Authority issues currency that is fully backed and exchanged, dollar for dollar, though a reserve of U.S. dollars at a fixed rate of around 7.8 HK$ per US$.


EXCLUSIVE: FACING U.S. SANCTIONS, VENEZUELA OFFERS SUPPLIERS PAYMENT IN CHINESE YUAN - SOURCES

Reuters - Mayela Armas, Corina Pons (2019-11-28)

Venezuela’s government and its oil company PDVSA have offered to pay suppliers and contractors into accounts in China using the yuan currency, five people familiar with the matter said.


DEUTSCHE BANK SELLS $50 BILLION IN ASSETS TO GOLDMAN AMID OVERHAUL: SOURCES

Reuters - Reuters (2019-11-28)

As part of a broad overhaul, Deutsche has hived off billions in assets into a so-called capital release unit, also called a bad bank. The sale to Goldman marks the latest in a series of disposals of such assets.


IRAN SAYS HUNDREDS OF BANKS WERE TORCHED IN 'VAST' UNREST PLOT

Reuters - Babak Dehghanpisheh (2019-11-28)

Iran’s top leader on Wednesday denounced an outbreak of deadly unrest as a “very dangerous conspiracy” as authorities reported about 731 banks and 140 government sites had been torched in the disturbances.


BOLD BETS THAT GOLD COULD TRIPLE TO $4,000 TRADE IN NEW YORK

Bloomberg - Yvonne Yue Li (2019-11-28)


DEAR ALIBABA, THANK YOU FOR THE $10 TRILLION GIFT

Bloomberg - Shuli Ren (2019-11-28)


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HOW CAN INSURANCE BROKERS USE RATE COMPARISON SITES TO BOOST THEIR BOOKS OF BUSINESS?

Insurance Business - Bethan Moorcraft (2020-12-07)

Enter, rate comparison websites. They’re all the rage in the UK and the USA, where consumers use comparison sites to shop for insurance much like Canadians do when comparing travel costs on sites like Expedia and Trivago. But Canadians are slowly starting to catch on to the insurance comparison trend. They’re searching for and finding platforms like LowestRates.ca, which is enabling consumers to compare insurance premium prices across a number of product lines, primarily in auto and home insurance.


WEB OF DEALS: PACE CREDIT UNION EXECUTIVES COMMITTED CIVIL FRAUD WITH YEARS OF ‘SECRET’ PAYMENTS, REGULATOR ALLEGES

G&M - James Bradshaw (2020-04-23)

It is a convoluted web of suspect dealings and payments that stretches back more than two decades.


UK PROPERTY INVESTORS PULL CASH AT FASTEST RATE THIS YEAR

FT - Attracta Mooney (2019-12-12)

Investors fled UK property funds at the tail-end of the week faster than at any point this year as concerns brew over a repeat of the crisis that engulfed the sector following the EU referendum.


EXCLUSIVE: SWISS CENTRAL BANK'S $800 BILLION COULD BE ENLISTED IN CLIMATE PUSH

Reuters - JOHN REVILL (2019-12-12)

Swiss lawmakers are preparing a campaign that would make targeting climate change one of the policy objectives of the Swiss National Bank, alongside the traditional monetary targets of ensuring price stability and fostering economic growth.


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ANDREW SCHEER STEPPING DOWN AS CONSERVATIVE PARTY LEADER

CBC News has learned he told his caucus the news today and will make an announcement in the House of Commons.


CANADIAN COMPANIES RETAINING MORE RISK DUE TO HARD MARKET

With rates increasing more or less across commercial lines, many organizations are considering higher self-insured retention (SIR) or higher deductibles in order to manage their soaring premium costs.   


VAPE-DRIVEN "POPCORN LUNG" LEAVES CANNABIS INSURERS QUAKING

The CMAJ (Vol. 191, Issue 48) gives a detailed report of a Canadian teenager who “developed a unique pattern of severe respiratory illness” which was rather like “severe, acute bronchiolitis” after vaping daily for five months. The condition was described by the teen’s doctors as very similar to “popcorn lung” – a rare lung disease previously seen in workers in the early 2000s who were exposed to the chemical flavouring diacetyl as they packaged microwave popcorn.



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