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

How the US will Inflate its Debt Away

Government can inflate its way out of debt.
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Why are Interest rates not falling.

A look at why interest rates are not falling despite UK economy going into recession. Is the Bank of England making a miscalculation to focus on inflation rather than growth?
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Goldman Sachs’ top AI picks

Brook Dane, portfolio manager at Goldman Sachs Asset Management, joins The Exchange to discuss the firm\'s top AI picks and the reasoning behind these picks.
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Does Printing Money Cause Inflation?

The link between the money supply and inflation.
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HSBC, the Untouchable Titan of Global Finance

From the filmmaker behind \'Goldman Sachs: The Bank that Rules the World\' comes a compelling new exposé delving into corruption within one of the globe\'s premier financial institutions – HSBC.
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US Economist’s Shock Warning: “Biggest Crash in Ou

This time, it’s got to crash 86% for the S&P 500 just to get back to the last low in early 2009, cautions Harry Dent
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Toni Gravelle Speech

On December 7, 2023, Deputy Governor Toni Gravelle speaks before the Windsor-Essex Regional Chamber of Commerce.
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Alberta Premier on the Supreme Court\'s ruling, an

Danielle Smith, Alberta\'s Premier, joins BNN Bloomberg to discuss the Supreme Court\'s ruling against Ottawa\'s environmental impact law, and the possibility of Alberta abandoning the Canada Pension Plan to run its own stand-alone fund.
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What Bank of America Just Said is Shocking

Bull market based on hype not reality.
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Horrific Canadian Banking Corruption Right Before

Fasten your seat belts as the banks continue moral hazard.
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The Banking System is in Free-Fall

Fall as Deposits Leave in Record Numbers Amid a Collapse in Lending
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The Financialization of Real Estate

REITS, private investors, private equity are using housing to prime their portfolios.
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Bitcoin regulations are coming

Lovers and haters of Bitcoin are polarized over the Ponzi. One thing is clear, regulations are coming.
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Are we in a bubble and, if so, when will it pop?

Since 2008 Canada has been pushing home prices higher. Canadian homes are considered by many to be the least affordable of all G20 nations. What gives?
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Canadian real estate and government, March 29

The latest Canadian real estate and government news. Risk of collapse, end of QE and rate rise are some of the issues discussed. Also the governments poor foreign policies on Ukraine are covered.
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FIRE report January 12th

Indigenous banking part 2 a continuation of earlier discussion of First Nations Bank. Other news:-Inflation-M&A under scrutiny-RBC has eyes on Europe
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BOC and reconciliation with Indigenous people

The Bank of Canada and other central banks, in conjunction with indigenous leaders want reconciliation and better economic outcomes for individuals. This video explores what is happening, gives the back story and sets the stage for a more in-depth analysis.
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Nov 26 FIRE report

Inflation and tariffs hit Trudeau in the face. Oil route as new strain goes viral. BNPL benefits questioned and investors open their wallets to receive dividends.
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FSIM FIRE report Nov 23

Duobank/Fairstone merger & Amozon boycott of Visa along with recent banking, insurance and real estate news from Canada.
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Nov 18th FIRE report

The latest financial news from the financial services industry monitor. Insurance companies should know that in 1990 BC flooding devastated the same flood plains as today. This report features coverage of insane inflation, interest rates hikes and the ongoing real estate melt-up.
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Poloz debunked, Nov 12 FIRE report

Poloz is wrong about inflation, university pension funds are out of their league, Home Capital run away, real estate wars and more from the financial services industry monitor.
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Central bank digital currencies: foundational prin

Central bank digital currencies: foundational principles and core features
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Nov 5th FIRE report

Topics todayDividends are backHigher interest rates are comingCOP26: Central bankers making miners richTO real estate melt-up
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FIRE report November 2nd

The latest Canadian FIRE news covering inflation risk and opportunities, Canadian Western bank expansion, governance and stablecoins.
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Canadian real estate February 24

Recap of recent real estate news in Canada. Tiff Macklem and market exuberance, cottage country price appreciation and the rise of lumber prices.
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Real estate: Feb 9, bulls vs bears

Bulls versus the bears, this week in the Canadian real estate industry.
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Feb 1, The Dumb Money Real Estate Vid

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.
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January real estate report 2021

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.
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December 4th real estate report

Taxes are going up, TO condo prices are going down and recreational property up 15% to 40% in the Canadian market.
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Real estate, mortgage debt to income ratio improve

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.
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Real estate: fiscal conservatism/ponzi neoliberali

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.
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Caution for real estate investors, Oct 14th report

October 14th real estate report describing the issues in the market the last two weeks.
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Canadian bank industry overview - part 1

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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Why insurance should partner with flood-claim.com

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

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.
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Current state of fintech in Canada

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University
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XE.com explains their Big Data and AI strategy.

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.
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Greenpeace urges TD bank boycott

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.
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Insurance flood US vs Can comparison.

This video provides an overview of the main differences between Canada's approach to overland flooding versus the US approach.
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Canadian bank industry overview part 5

Canadian bank overview part 5, medium-large banks. Banks include Manulife, Tangerine and Laurentian Bank.
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Canadian banking industry overview part 4

Canadian banking industry overview of Canadian Tire Bank, Presidents Choice Financial, Equitable Bank, B2B Bank
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Part 3 Canadian bank industry overview

Overview of small-medium size banks in Canada. Banks covered include Versabank, Hollis Bank, Equity Bank and Caisse Populaire Acadienne.
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Canadian banking overview - part 2

Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...
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Death to bitcoin, long live bitcoin

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

RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.
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Deposits have skyrocketed since the start of the p

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

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

Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.


Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.


The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.


March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.


Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

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/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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_original.pdf

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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.
 


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.
 


Guide to system selection  

fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.


News feed

NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW

G&M - Rachelle Younglai (2024-08-23)

The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.


NESTO BUYS CANADA'S THIRD-LARGEST NON-BANK MORTGAGE LENDER

G&M (2024-06-21)

Online mortgage lender Nesto Inc.


BANK OF ENGLAND KEEPS RATES AT 16-YEAR HIGH BEFORE UK ELECTION

Yahoo Finance - David Milliken and Suban Abdulla (2024-06-21)

Sterling fell against the U.S.


CHINA ASKS VISA, MASTERCARD TO CUT TRANSACTION FEES, BLOOMBERG NEWS REPORTS

Reuters (2024-06-21)

China is pushing for Visa (V.N),


US BIG BANKS FACE GROWING SPILLOVER RISKS FROM NON-BANKS

Reuters - Michelle Conlin (2024-06-21)

Non-bank financial institutions pose an increasing risk to America's big banks, economists said on Thursday in a post on the New York Fed's Liberty Street Economics blog. During


CONSUMER-FOCUSED LENDING UNDER LABOUR COULD DENT UK BANK PROFITS

Reuters - Sinead Cruise and Lawrence White (2024-06-21)

Once seen as hostile to banks, Britain's Labour has courted lenders in recent years as it attempts to gain power, yet some of the left-leaning party's policies are still expected to hit the sector's profits if it wins next month's election. Leader


CRISIS MEMORY, GEOPOLITICS AND THE RISKS OF FINANCIAL CONTAGION

FT - Gillian Tett (2024-06-21)

Please use the sharing tools found via the share button at the top or side of articles.


REGIONAL BANKS WANT TO SLIM DOWN. HEDGE FUNDS SMELL A BARGAIN.

WSJ - Matt Wirz (2024-06-21)

Regional banks around the U.S.


BANK OF CANADA CONSIDERED HOLDING OFF INTEREST RATE CUTS UNTIL JULY, SUMMARY SAYS

G&M - Mark Rendell (2024-06-20)

The Bank of Canada’s governing council considered holding off interest-rate cuts until July, but were persuaded to move earlier this month by a string of encouraging inflation reports and economic signposts suggesting that price pressures will continue easing, according to a summary of the discussions that informed the rate decision. On


FIDELITY CANADA RECEIVES APPROVAL TO LAUNCH WEALTH-MANAGEMENT DEALER, PLANS TO RECRUIT ADVISERS

G&M (2024-06-20)

One of Canada’s largest asset managers is stepping into the financial advice business after receiving regulatory approval to open a full-service wealth-management dealer. On


NON-BANK LENDING IS GROWING – AND IT COMES WITHOUT THE SYSTEMIC RISKS OF BANKS

G&M - NICK CHAMIE AND JENNIFER HARTVIKSEN (2024-06-20)

Nick Chamie is the chief strategist and senior managing director of total portfolio & capital markets; and Jennifer Hartviksen is the managing director and head of global credit at the Investment Management Corporation of Ontario (IMCO). Just


CRYPTOCURRENCY EXCHANGE BINANCE HOLDINGS APPEALING $6M FINE IMPOSED BY FINTRAC

Yahoo Finance (2024-06-20)

In its appeal to the Federal Court, the cryptocurrency exchange company says it does not direct its services at those in Canada and any involvement in the Canadian market is incidental to its global business.



BOBBY JAIN SEES PRIVATE CREDIT COMPETING FOR HEDGE FUND MONEY

Yahoo Finance - David Ramli (2024-06-20)

The private credit market has boomed in recent years, as lending moves away from the traditional banking sector.


THE BANK OF CANADA'S GROWING LIST OF WORRIES

CBC (2024-06-20)

"The large number of households renewing mortgages at higher rates and with higher payments in 2025 could curb spending and dampen economic activity and inflation more than expected," wrote the Bank of Canada in its summary of deliberations, which is meant to give Canadians more insight into its monetary policy


NUVEI CORP. REPORTS US$4.8-MILLION LOSS IN FIRST QUARTER AS REVENUES RISE

BNN (2024-06-20)

Advent, founded in 1984, had US$91 billion in assets under management as of Sept.


CANADA'S ECONOMY 'SET TO TURN A CORNER': TD ECONOMICS

BNN - Daniel Johnson (2024-06-20)

On Tuesday, TD Economics said in a quarterly forecast that “the economy is soft, but not facing a cliff,” which will allow the Bank of Canada to be cautious while determining how restrictive interest rates need to be.


NATWEST SWOOPS ON RETAILER SAINSBURY'S BANKING BUSINESS

Reuters - Sinead Cruise and Sarah Young (2024-06-20)

NatWest (NWG.L),


PORTUGUESE BANKING CONSOLIDATION LIKELY SOON, SAYS CENTRAL BANK GOVERNOR

Reuters - Sergio Goncalves (2024-06-20)

Portugal's banking sector will likely undergo further consolidation soon as the lenders are well capitalized and attracting greater interest from investors, Bank of Portugal Governor Mario Centeno said on Wednesday. "There


GERMANY CANCELS ARREST WARRANT FOR LEBANON'S EX-CENTRAL BANK CHIEF

Reuters (2024-06-20)

The spokeswoman said the cancellation had come after an appeal from the defendant, and because he no longer held the position of central bank chief - meaning there was "no longer any risk that he will suppress evidence in this function." She


NEW CAPITAL RULES WILL BE COSTLY FOR CANADIAN BANKS AND ECONOMY, SAYS ANALYST

FP - Barbara Schecter (2024-06-20)

In a report published late Tuesday, National Bank Financial analyst Gabriel Dechaine told clients that the phased-in Basel rules introduced in 2023, which affect the way banks calculate risk-weighted asset ratios, will begin to have an impact on most of Canada’s big banks as full implementation in early 2026 approaches. It


CANADA HAS STRONG POPULATION GROWTH BUT POOR PRODUCTIVITY: OECD

Better Dwelling (2024-06-20)

Like a degenerate gambler, Canada found a little growth from its rising population.


U.K. INFLATION FALLS TO BANK OF ENGLAND’S 2% TARGET RATE

Investment Executive - Pan Pylas (2024-06-20)

The fall in inflation follows nearly three years of above-target inflation.


WHOLESALE, NOT RETAIL, CBDCS MORE LIKELY TO BE ISSUED IN NEAR-TERM - BIS

Finextra (2024-06-19)

Now, there is a shift away from theoretical research on potential implications towards real-life experiments to test the feasibility and desirability of specific design features.


CANADIAN REAL ESTATE LAGGED TSX RETURNS OVER THE PAST 20 YEARS: BMO

Finextra (2024-06-19)

Despite its sky-high prices, Canadian real estate appreciation has been unusually tame recently.


CAISSE CASHES OUT OF DATA CENTRE CONSOLIDATOR ESTRUXTURE IN $1.8-BILLION DEAL

G&M - Sean Silcoff (2024-06-19)

Company management and early backer Jonathan Wener, the chief executive officer of real estate investment firm Canderel, are rolling over more than $500-million of their stake and selling a minority of their shares.


CANADA’S BANK REGULATOR KEEPS CAPITAL BUFFER UNCHANGED, CITES ELEVATED RISKS IN FINANCIAL SECTOR

G&M - Tim Kiladze (2024-06-19)

OSFI raised this buffer twice in 2022 and 2023 but has now held it at 3.5


SIX NUMBERS THAT SHOW HOW DEBT GRINDS PEOPLE DOWN

G&M - Rob Carrick (2024-06-19)

The approximate number of people who missed a payment on a mortgage in the first quarter, up 22.7


FRANCE AND ITALY GET EU DEFICIT SCOLDING AS MARKETS WATCH

Bloomberg - Jorge Valero, William Horobin, and Alessandra Migliaccio (2024-06-19)

France and Italy were reprimanded by the European Union for running big deficits, the first stage in a confrontation that will test the bloc’s resolve and could in theory prompt billions of euros in fines. The


SWEDEN FINES NASDAQ $9.6 MILLION OVER REGULATORY VIOLATIONS

Reuters (2024-06-19)

Sweden's financial supervisory authority has fined Nasdaq Stockholm (NDAQ.O),


FED'S CAUTION WILL HOLD BACK BANK OF CANADA ON RATE CUTS, VANGUARD SAYS

FP - Aimee Look (2024-06-19)

Fed policymakers last week shifted their forecasts for the path of interest rates, signalling just one cut in 2024.


DEARTH OF ENERGY STOCK OFFERINGS PUTS CALGARY BANKERS AT RISK

FP - Geoffrey Morgan (2024-06-19)

The reductions come amid a broader decline in oil and gas stock deals in Canada.


WHY GAMESTOP'S MEME MANIA ISN'T CATCHING ON

FT - Jennifer Hughes (2024-06-19)

Please use the sharing tools found via the share button at the top or side of articles.


IMF WARNS OF ‘PROFOUND CONCERNS’ OVER RISING INEQUALITY FROM AI

FT - Valentina Romei (2024-06-18)

The IMF said it had “profound concerns” about massive labour disruptions and rising inequality as societies move towards generative AI, and it urged governments to do more to protect their economies. In


EUROPE POISED TO DELAY BASEL BANK TRADING RULES BY A YEAR

BNN (2024-06-18)

The European Union is set to delay key parts of global bank capital rules by a year, so that the bloc’s lenders will not be disadvantaged by continued wrangling over the standards in the US, according to people familiar with the matter.


PAST RATE HIKES WILL CAST LONG SHADOW ON CONSUMPTION, EVEN AS MONETARY POLICY EASES: BOC RESEARCHERS

G&M - Mark Rendell (2024-06-18)

Only around half of homeowners with mortgages have hit reset since the start of the rate-hike cycle.


NEED A WILL? WHY BANKS MAY GIVE YOU A DISCOUNT TO GET IT DONE

G&M - Erica Alini (2024-06-18)

Banks big and small are teaming up with estate-planning software platforms to help clients take care of that most neglected item on the personal finance to-do list: drafting a will. A


CREA REPORTS SLOWER NATIONAL HOME SALES IN MAY BUT FORECASTS GROWTH IN JUNE FOLLOWING INTEREST RATE CUT

G&M - Rachelle Younglai (2024-06-18)

Canadian homebuyers remained on the sidelines in May despite a small uptick in properties available for sale, but the national real estate association expects activity to pick up this month after the central bank cut interest rates for the first time in four years. Sales


WHY IS THE HOGUE COMMISSION OVERLOOKING FOREIGN MEDDLING THROUGH THE FINANCIAL SYSTEM?

G&M - Rita Trichur (2024-06-18)

It was bad enough to learn that unnamed parliamentarians are collaborating with China and India.


BOE LOSSES ON QE OVER THREE TIMES GREATER THAN FED, ANALYST SAYS

Yahoo Finance - Philip Aldrick (2024-06-18)

Christopher Mahon, head of dynamic real return at asset manager Columbia Threadneedle, said losses on the portfolio of government bonds the BOE bought between 2009 and 2021 amount to 4.7%


GERMAN HOME BUILDING PERMITS NOSEDIVE IN APRIL AS SLUMP CONTINUES

Reuters (2024-06-18)

"Since May 2022, the number of building permits for apartments in Germany has only gone in one direction: downwards," said Tim-Oliver Mueller, head of the German Construction Industry Federation. The


THE EURO ZONE'S FRAGMENTED BANKING INDUSTRY

Reuters - Tommy Reggiori Wilkes and Prinz Magtulis (2024-06-18)

Supporters for more consolidation in the euro zone's banking sector have been watching Spanish lender BBVA's (BBVA.MC),


NEW LEADERSHIP AT CMHC AMID ONGOING HOUSING CRISIS

FP - Shantaé Campbell (2024-06-18)

Canada’s Housing, Infrastructure, and Communities Minister, Sean Fraser, has announced the appointment of Coleen Volk as the new chief executive of Canada Mortgage and Housing Corporation (CMHC), and Don Iveson as the chair of the board.


BANK OF CANADA RATE CUT SEEN REVITALIZING HOUSING MARKET AFTER 'SLEEPY' MAY

FP - Shantaé Campbell (2024-06-18)

“May was another sleepy month for housing activity in Canada, although it may prove to be the last of those now that interest rates have moved lower,” CREA’s senior economist Shaun Cathcart said in Monday’s report.


CANADIAN REAL ESTATE SALES PLUMMET WHILE INVENTORY SOARS

Better Dwelling (2024-06-18)

Canadian real estate prices slipped lower across the country.


APPLE SCRAPS ‘BUY NOW, PAY LATER’ SERVICE IN US JUST MONTHS AFTER ROLLOUT

BBC - João da Silva (2024-06-18)

During its annual developer event last week, Apple announced that it would be partnering with banks , including Citi in the US, HSBC in the UK and ANZ in Australia, to offer instalment payment options.


GEN Z IS LOOKING FOR A JOB IN FINANCE, WITH SECURITY AND HIGH SALARIES

G&M - Samantha Edwards (2024-06-17)

Boni has clarified the video is a satire, but go down the rabbit hole of #financeguy, #financecareers or #financegirlie on TikTok, and you’ll see real videos of twentysomethings glamourizing a job in finance: stylish corporate fits, 80-hour work weeks and overpriced desk lunches.


CANADA MUST EMBRACE AI OR FACE 'MAJOR LOSS OF PROSPERITY': DESJARDINS

Yahoo Finance - John MacFarlane (2024-06-17)

Though Canada has “a strong research ecosystem and a talented pool of AI professionals,” Desjardins’ economists write, adoption of technologies by Canadian businesses is “uneven and relatively slow,” trailing the U.S.


HOW THE US MOPPED UP A THIRD OF GLOBAL CAPITAL FLOWS SINCE COVID

Yahoo Finance - Enda Curran and Saleha Mohsin (2024-06-17)

An International Monetary Fund analysis sent by request to Bloomberg News shows that the share of global flows has climbed — not fallen — since a shortage of dollars in 2020 spooked global investors and the 2022 freezing of Russian assets stoked questions about respect for free movement of capital.


WALL STREET IS DIVIDED OVER THE RISE OF PRIVATE CREDIT

Yahoo Finance - David Hollerith (2024-06-17)

The global private credit market, which accounts for all debt that is not issued or traded publicly, has grown from $41 billion in 2000 to $1.67


VISA SETTLES DISCOVER UNIT'S ANTITRUST LAWSUIT OVER DEBIT CARD NETWORK

Reuters - Mike Scarcella (2024-06-17)

Discover Financial Services (DFS.N),


LAWSUITS CLAIM PORNHUB, VISA AND HEDGE FUNDS PROFITED FROM CHILD ABUSE

Reuters - Diana Novak Jones (2024-06-17)

Eleven people who allege videos or images of their sexual abuse as minors were uploaded to PornHub have filed lawsuits in California federal court against the company, Visa and two hedge funds over claims they knowingly profited from the content, court records show. The


THE SCALES HAVE TIPPED IN FAVOUR OF VARIABLE MORTGAGE RATES

FP - Robert Mclister (2024-06-17)

But that’s life.


COMPLAINTS UP, SUSPENSIONS DOWN FOR FINANCIAL PLANNERS IN 2023

Investment Executive (2024-06-17)

Of the complaints, 32 were referred to a conduct review panel, 13 were referred to a disciplinary hearing panel, and 13 disciplinary hearings were held.


LATEST DESIGNATION FROM CIFP MAY ALLOW LIFE AGENTS TO USE FA TITLE

Investment Executive (2024-06-17)

“FSRA has a rigorous review process for each organization that applies for credentialing body status, or for a new designation,” the regulator said in an email.


CRYPTO PLATFORM TO PAY US$4.5 BILLION IN SEC DEAL

Reuters (2024-06-17)

“This wiped out $40 billion in market value nearly overnight and caused devastating losses to countless investors, including numerous retail investors who believed defendants’ lies and poured their life savings into Terraform’s ecosystem,” the SEC said.


VALUE OF A CANADIAN FINANCIAL ADVISOR DECREASES SLIGHTLY YEAR OVER YEAR: STUDY

Investment Executive (2024-06-17)

“Keeping investors from following their hearts and not their heads is one of the most important roles an advisor plays.


BANK CEOS PUSH BACK ON MP CALLS TO REDUCE OIL AND GAS FUNDING

Investment Executive - Ian Bickis (2024-06-17)

“Just stop is just not an option for us,” said RBC chief executive Dave McKay, appearing by video conference along with the other CEOs before the House of Commons standing committee on environment and sustainable development.


AI IN FINANCE IS LIKE ‘MOVING FROM TYPEWRITERS TO WORD PROCESSORS’

FT - Seb Murray (2024-06-17)

The accounting and finance professions have long adapted to technology — from calculators and spreadsheets to cloud computing.


PRESSURE MOUNTS ON SENIOR BANKERS AS DISCONTENT IN JUNIOR RANKS SIMMERS

FT - Sujeet Indep (2024-06-17)

Message boards such as Wall Street Oasis and Reddit continue to be lit up with complaints from junior analysts at investment banks about long hours and the resulting impact on mental and physical health.


BOE RESERVES FRAMEWORK DRAWN INTO POLITICAL ARENA

Central Banking - Daniel Hinge (2024-06-14)

The Bank of England’s (BoE) framework for controlling the short-term interest rate has become an issue in the UK general election, after one party proposed axing interest on reserves.


BIG 5 BANK CEOS WALK A FINE LINE ON CLIMATE IMPACTS OF FINANCE

G&M - Jeffrey Jones (2024-06-14)

As head of Canada’s biggest bank, RBC chief executive officer Dave McKay took much of the heat at the Standing Committee on Environment and Sustainable Development hearing on Thursday. Mr.


NATIONAL BANK’S DEAL FOR CANADIAN WESTERN BANK IS A NO-BRAINER ON STRATEGY – IT’S THE PRICE THAT’S HARD TO STOMACH

G&M - Tim Kiladze (2024-06-14)

For all the hype around corporate mergers and acquisitions, a good number are ugly ducklings dressed up as visionary projects.


BANK OF CANADA DEPUTY GOVERNOR SAYS BAR FOR USING QUANTITATIVE EASING AGAIN WILL BE VERY HIGH

G&M (2024-06-14)

It was the first time the central bank had ever used quantitative easing and only the second time that it used forward guidance to help the economy (the first was during the financial crisis). But


ANXIETY OVER FRANCE DEEPENS EUROPEAN STOCK ROUT: MARKETS WRAP

Yahoo Finance - Andre Janse van Vuuren (2024-06-14)

European markets are increasingly anxious after French President Emmanuel Macron announced a snap legislative election following his party’s drubbing in the European Parliament elections.


5 MORE ARRESTS, INCLUDING PRIMARY SUSPECT, IN CONNECTION WITH DESJARDINS DATA LEAK

CBC - Matthew Lapierre (2024-06-14)

In addition to Bernier and Boulanger-Dorval, police arrested and charged Jean-Loup Masse-Leullier, Laurence Bernier and François Baillargeon-Bouchard.


VISA, MASTERCARD $30 BILLION FEE SETTLEMENT IN PERIL

Reuters - Jonathan Stempel (2024-06-14)

U.S.


CANADA'S PARLIAMENT GRILLS BANK CEOS ON CLIMATE POLICY IN RARE MEETING

Reuters (2024-06-14)

The CEOs of Canada's big five banks on Thursday reassured members of parliament about their commitment to fighting climate change, but said reducing funding for fossil fuel extraction would take time and more works need to be done to reach net zero emissions. In


BANK OF CANADA DIDN'T GET 'EVERYTHING RIGHT IN PANDEMIC RESPONSE,' OFFICIAL SAYS

FP - Erik Hertzberg (2024-06-14)

She also defended the central bank’s use of extraordinary forward guidance — governor Tiff Macklem’s 2020 message that interest rates would remain low for longer than markets expected — saying it also helped to lower longer-term rates. Both


BANK OF CANADA WARNS INTEREST RATES WON’T RETURN TO PRE-PANDEMIC LEVELS

Better Dwelling (2024-06-14)

Elevated global interest rates are both good and bad news.


FRENCH STOCKS HEAD FOR WORST WEEK SINCE 2022 OVER FEARS OF FAR-RIGHT ELECTION WIN

FT - George Steer and Mary McDougall (2024-06-14)

French stocks are heading for their worst week since September 2022 as the prospect of a far-right government rattles European financial markets. The


BIS AND MAS MAP BLUEPRINT FOR ASSESSING BANK CLIMATE RISK

Finextra (2024-06-13)

Celine Sia, assistant managing director, MAS, states: "Project Viridis demonstrates how regulatory data can be integrated with climate data, which are extracted from corporate disclosure documents using natural language processing techniques.


REVOLUT TO MOVE UK HEADQUARTERS TO CANARY WHARF

Finextra (2024-06-13)

Nik Storonsky, co-founder and CEO, comments :“We are delighted to be committing to a new global headquarters in the centre of London’s financial district.



CHINA’S ONCE-MIGHTY CREDIT CYCLE IS A FADING FORCE ON WORLD MARKETS

Yahoo Finance (2024-06-13)

The People’s Bank of China has repeatedly signaled it has no intention of revving up the lending engine again.


POLICE ARREST 3 IN CONNECTION WITH MASSIVE DESJARDINS DATA BREACH

CBC - Erika Morris (2024-06-13)

The Desjardins employee behind the leak worked in the marketing team at its head office and had access to personal information his database access rights did not allow him to obtain, said the Commission d'accès à l'information.


FEDERAL RESERVE HOLDS INTEREST RATE, SIGNALS JUST ONE CUT FOR 2024

FP - Christopher Rugaber (2024-06-13)

In a statement issued after its two-day meeting, the Fed said that the economy is growing at a solid pace while hiring has “remained strong.”


NEW HOUSING STARTS MEAN $100,000 PER HOME NEEDED TO FUND INFRASTRUCTURE: REPORT

FP - Sammy Hudes (2024-06-13)

The total cost of housing-related infrastructure doesn’t constitute an “immediate price tag,” said report author Michael Fenn, Ontario’s former deputy minister of municipal affairs and housing.


VIRGIN MONEY UK FLAGS HIGHER COST-TO-INCOME RATIO IN SECOND HALF

Reuters (2024-06-13)

The impact of inflation and investments will only be partially offset by the company's cost-savings programme, as some restructuring has been deferred due to the proposed acquisition by Nationwide, representing further headwinds relative to the first half, CEO David Duffy said. The


CANADIAN MORTGAGE BORROWERS ARE TOO INDEBTED TO FAIL AT BIG SIX BANKS

Better Dwelling (2024-06-13)

Despite the limit, Canada’s Big Six banks are sitting on a substantial share of loans with over 35 years remaining.


DEEPFAKES POSE GROWING THREAT TO FINANCIAL INDUSTRY

Investment Executive - James Langton (2024-06-13)

“Deepfakes are a serious concern,” said Scott Gilbert, vice-president, risk monitoring, member supervision, with the U.S.


DOLLAR DOOMSTERS HAVE GOT IT ALL WRONG

FT - Katie Martin (2024-06-13)

As every connoisseur of the more excitable bits of the financial blogosphere can tell you, the dollar is on an unstoppable trajectory to disaster. One


NATIONAL BANK OFFERS TO BUY CANADIAN WESTERN BANK IN DEAL VALUED AT $5-BILLION

G&M - Stefanie Marotta (2024-06-12)

National Bank of Canada NA-T is buying Canadian Western Bank CWB-T in a pending deal that extends the reach of the country’s sixth-largest lender into Alberta and British Columbia. The


COMMERCIAL REAL ESTATE IS IN A GROWING CRISIS THAT SEEMS TO HAVE NO END

G&M - Gus Carlson (2024-06-12)

Gus Carlson is a U.S.-based


MISSED MORTGAGE, CREDIT PAYMENTS IN CANADA HIT PRE-COVID HIGHS: REPORT

Yahoo Finance - John MacFarlane (2024-06-12)

More than 34,000 Canadians missed a mortgage payment in Q1, nearly 23 per cent more than in Q1 2023, according to Equifax’s latest Consumer Credit Trends Report.


‘A TALE OF TWO ECONOMIES’: INTEREST RATE POLICY IN CANADA AND U.S. SET TO DIVERGE

Yahoo Finance - Rosa Saba (2024-06-12)

Canada’s economy is more sensitive to interest rates, in large part because Canadians have five-year mortgage terms, while in the U.S.,


GAMESTOP RAISES $2.14 BILLION AMID ROARING KITTY-FUELED RETAIL TRADING FRENZY

Yahoo Finance (2024-06-12)

On a livestream on Friday with more than 600,000 viewers, Gill, the key figure behind an eye-popping rally in the struggling company's stock in 2021, joked about memes and interspersed his discussion of GameStop with various disclaimers.


THESE ARE THE LOWEST NATIONAL MORTGAGE RATES IN CANADA RIGHT NOW

FP - Robert Mclister (2024-06-12)

Nesto 4.54%,


FRANCE'S MACRON ASKS RIVAL PARTIES TO FORM ELECTORAL PACT AGAINST FAR RIGHT

Reuters - Michel Rose and Elizabeth Pineau (2024-06-12)

French President Emmanuel Macron on Wednesday urged rival parties on both sides of the political centre to join him in forging a democratic alliance against Marine Le Pen's far-right National Rally (RN) in upcoming snap legislative elections. In


NEW ZEALAND ORDERS INQUIRY INTO BANKING SECTOR AMID COMPETITION CONCERNS

Reuters (2024-06-12)

The decision comes after a draft report in March by the country's competition watchdog said New Zealand's four major banks provided limited competition for personal banking, and that a focus on maintaining profit margins had resulted in under-investment in technology and low levels of innovation. New


FIDELITY SECURES ‘DOZENS’ OF PAYMENT DEALS FROM ETF PROVIDERS

FT - Will Schmitt (2024-06-12)

Fidelity has reached revenue-sharing agreements with “dozens” of ETF issuers, a person with knowledge of the situation told the FT, and is continuing to negotiate with many others.


TRIO OF NEW CITIGROUP EXECUTIVES STIRS SUCCESSION TALK ON WALL STREET

FT - Stephen Gandel and Stephen Foley (2024-06-12)

Citigroup chief executive Jane Fraser has sparked speculation on Wall Street about a three-way race to be her heir apparent, after tapping a trio of outsiders with impressive résumés to aid her turnaround of the underperforming bank. Executives


THE FINANCIAL DATA ARMS RACE IS HOTTING UP

FT (2024-06-12)

Finance used to be governed by knowledge, networks and nous.


JPMORGAN CHASE'S JAMIE DIMON SHARES HIS MORNING ROUTINE: ‘I GET UP AT 4.30, FLIP THROUGH FIVE PAPERS…’

LiveMint - Jocely Fernandes (2024-06-12)

Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has shared his morning routine.


SANTANDER BNPL PLATFORM TO PROVIDE INSTALLMENT PAYMENTS FOR APPLE CUSTOMERS IN GERMANY

Finextra (2024-06-11)

Zinia will offer customers purchasing Apple products the option to defer payments by splitting the total amount into installments (3, 6, 12, 18, 24 and 36 months), or by deferring the payment 30 days after the shipment (online) or pick up in-store.


GERMAN BANKS TO SHUT DOWN THEIR PAYPAL COMPETITOR PAYDIREKT

Finextra (2024-06-11)

Initially backed by 31 major Eurozone banks and acquirers Worldline and Nets, the EPI has set itself the goal of building a unified pan-European payment system, offering a digital wallet, initially to support account-to-account based instant P2P and consumer-to-business payments, followed by online and mobile shopping payments and then point-of-sale


INSTITUTIONS WEIGH FRANK STRONACH AFFILIATION AMID CRIMINAL CHARGES

G&M - Eric Atkins, Colin Freeze (2024-06-11)

Public institutions bearing the name of Frank Stronach are considering their next steps after the auto parts magnate was accused of sexual-assault offences. Peel


PRIVATE DEBT MANAGER NEXT EDGE HALTS REDEMPTIONS ON FLAGSHIP CREDIT FUND, WILL WIND DOWN PORTFOLIO

G&M - Tim Kiladze (2024-06-11)

Private debt manager Next Edge Capital is gating its flagship credit fund after a surge in redemption requests, meaning clients are unable to get their money out and the portfolio will be wound down over the next two years. The


FOREIGN INVESTORS FLEE THAI STOCKS, FUELING WORLD’S BIGGEST DROP

Yahoo Finance (2024-06-11)

Foreign investors have sold Thai stocks for 13 straight days, the longest stretch since Jan.


ARGENTINA BONDS WOBBLE BEFORE SENATE DEBATES MILEI REFORMS

Yahoo Finance (2024-06-11)

Benchmark dollar notes due in 2030 have fallen for six of the past seven sessions, hitting their lowest in two months.


ECB SAYS MANY EURO ZONE BANKS DRAGGING THEIR FEET ON LOAN-LOSS PROVISIONS

Reuters (2024-06-11)

But euro zone banks are dragging their feet in applying the International Financial Reporting Standard 9 (IFRS 9), Claudia Buch said, repeating a concern shared by other European regulators. "While


BANNING ‘GREENWASHING’ IS PART OF THE WAR ON FREE ENTERPRISE

FP - Joe Oliver (2024-06-11)

This latest sortie in the left-wing assault on the free enterprise system may be an unconstitutional infringement of free expression, but that hardly worries authoritarian progressives, who, dedicated to saving the world from climate apocalypse, are always more comfortable with central control than individual rights.


RATE CUTS A WELCOME SHIFT FOR BANKS

Investment Executive - James Langton (2024-06-11)

Aggregate provisions rose 1.3%


CANADA’S UNEMPLOYMENT RATE RISES TO 6.2 PER CENT IN MAY AS LABOUR MARKET DISAPPOINTS JOBSEEKERS

BNN - Nojoud Al Mallees (2024-06-10)

Statistics Canada’s latest labour force survey Friday showed the economy added 27,000 jobs last month – too modest of a gain to keep the unemployment rate from rising by a tenth of a percentage point to 6.2


LIBERAL DEMOCRATS SEEK TO TAX UK BANKS, SQUEEZE RICH TO FUND NHS

BNN - Joe Mayes (2024-06-10)

The plan would include a £4 billion tax increase on banks by reversing cuts to the bank levy overseen by the Tories since 2018, and raising £5 billion by tightening rules that are currently used by the very wealthy to pay less capital gains tax, the Liberal Democrats said in


HOMEOWNERSHIP COSTS IN THE US JUMPED 26% SINCE PANDEMIC BEGAN

BNN - Jennifer Epstein (2024-06-10)

The average annual outlay for owning and maintaining a typical single-family home — not including mortgage payments — totaled $18,118 in March, the personal finance website Bankrate found.


INVESTORS BRACE FOR THE FED TO DIAL BACK ITS 2024 RATE CUT PREDICTIONS

Yahoo Finance - Jennifer Schonberger (2024-06-10)

Fed Chair Jay Powell and his colleagues on the Federal Open Market Committee have been emphasizing they want to be sure inflation is moving "sustainably" down to their 2% target before starting cuts, and that in the interim they expect to hold rates higher for longer.


RBC’S CALVASINA SEES RISK OF S&P 500 SINKING 8% IF NO FED CUT

Yahoo Finance - Sagarika Jaisignhani (2024-06-10)

Investors are now only pricing in one full rate reduction by December, according to swaps data, but even that projection is too optimistic, Calvasina said.


VISA AND MASTERCARD FACE NEW UK LAWSUITS OVER MERCHANT FEES

Reuters (2024-06-10)

Special purpose vehicle Commercial and Interregional Card Claims brought another set of lawsuits against Visa and Mastercard in 2022, seeking damages on behalf of merchants who were allegedly overcharged. The


WHO IS KEITH GILL, THE ONLINE INFLUENCER SENDING GAMESTOP SHARES SOARING AGAIN?

Reuters - Michelle Price (2024-06-10)

Known as "Roaring Kitty" on YouTube and "DeepF***ingValue" on Reddit's popular WallStreetBets, Gill was a key figure in the so-called "Reddit rally" in which shares of GameStop surged 1600% at one point in Jan.


MORE YOUNG CANADIANS WANT HOMES AND PETS OVER MARRIAGE AND KIDS, SURVEY SAYS

FP - Ben Cousins (2024-06-10)

A Statistics Canada report from 2023 found it costs about $293,000 to raise a child from birth to age 17 for a middle-family with two kids, amounting to an average of $17,235 per year. Meanwhile,


TD SUES WEALTH ADVISER WHO LEFT DURING MONEY-LAUNDERING REVIEW

FP - Christine Dobby (2024-06-10)

It seemed like a typical dispute between a company and a former employee: Toronto-Dominion Bank sued wealth adviser Gregg Desmarais last month, claiming he and a colleague “abruptly” resigned and violated their contracts by luring away clients with millions of dollars of assets to competitor Raymond James Financial Inc. But


BROOKFIELD SAYS IT CAN TRIPLE SIZE OF PRIVATE EQUITY BUSINESS IN 5 YEARS

FP - Dani Burger and Dinesh Nair (2024-06-10)

Expansion will be driven by North America and Western Europe, while Brookfield is also excited about opportunities in the Middle East, Ranjan said in an interview at the SuperReturn 2024 conference in Berlin.


VERSABANK RECEIVES FIRST OF TWO U.S. APPROVALS FOR U.S. BANK ACQUISITION

VersaBank (2024-06-10)

Versabank received formal approval of its proposed acquisition of Minnesota-based Stearns Bank Holdingford (the "Stearns Holdingford Acquisition"), a national OCC-licensed bank, from the U.S.


STRENGTHENING FUNDAMENTALS AND ADAPTING TO A DYNAMIC RISK LANDSCAPE - FOSTERING THE FOUNDATIONS OF SOUND SUPERVISION

OSFI (2024-06-10)

The banking sector in Europe and the United States experienced significant upheaval in 2023, including the failures of major banks such as Silicon Valley Bank (SVB), First Republic, Signature Bank, and Credit Suisse.


WHY VARIABLE RECURRING PAYMENTS IS THE NEXT STEP IN GROWING EUROPEAN OPEN BANKING

Finextra - Niamh Curran (2024-06-10)

Open banking in Europe is maturing.


APPLE LAUNCHES TAP TO CASH

Finextra (2024-06-10)

The iOS update also brings the ability to redeem rewards and access instalments from eligible credit or debit cards with Apple Pay.


56% OF US COMPANIES OFFER FASTER PAYMENTS; 35% PLANNING TO DO SO

Finextra (2024-06-10)

David True, partner at PayGility Advisors and the FIWG Survey subgoup lead, adds: "While financial institutions are beginning to engage with faster payments, their efforts to ensure financial inclusion are in the early stages, and much work needs to be done.


CANACCORD’S WEALTH MANAGEMENT EARNINGS SET RECORDS

Investment Executive (2024-06-10)

“Fiscal 2024 results in our capital markets division continued to reflect a persistent, sluggish backdrop, which resulted in a substantially lower appetite for risk equities and a notable decline in advisory completions over our core mid-market focus sectors,” said Dan Daviau, president and CEO of Canaccord, in a conference call


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NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW

G&M - Rachelle Younglai (2024-08-23)

The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.


NESTO BUYS CANADA'S THIRD-LARGEST NON-BANK MORTGAGE LENDER

G&M (2024-06-21)

Online mortgage lender Nesto Inc.


BANK OF ENGLAND KEEPS RATES AT 16-YEAR HIGH BEFORE UK ELECTION

Yahoo Finance - David Milliken and Suban Abdulla (2024-06-21)

Sterling fell against the U.S.


CHINA ASKS VISA, MASTERCARD TO CUT TRANSACTION FEES, BLOOMBERG NEWS REPORTS

Reuters (2024-06-21)

China is pushing for Visa (V.N),


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REGIONAL BANKS WANT TO SLIM DOWN. HEDGE FUNDS SMELL A BARGAIN.

Regional banks around the U.S. are striking complex and costly bargains with hedge funds, hoping to insulate themselves from a replay of the turmoil that followed Silicon Valley Bank’s failure last year. Wall Street smells a payday. Ohio-based Huntington Bancshares recently entered into an arrangement to sell investors some of the risk that its borrowers won’t repay their loans.


CRISIS MEMORY, GEOPOLITICS AND THE RISKS OF FINANCIAL CONTAGION

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/10584fae-9bcc-42a3-987f-902d6415368b If another financial shock erupts in the next decade, how well would we curb contagion? If you pitched that question to western regulators right now, their answer would probably be “pretty well”. After all, in the 15 years since the 2008 great financial crisis, western governments have poured huge resources into learning the right lessons, crafting new regulations, monitoring compliance and fostering culture change.  And last year’s collapse of Silicon Valley Bank suggests that this has partly worked. Yes, regulators and SVB executives made terrible mistakes before the collapse, by failing to see the scale of interest rate risk. But contagion was contained without sparking a wider crash. Hooray. But before anyone gets too relaxed — or complacent — about the future, they should take note of a couple of messages that emerged this week from a gathering of financial historians at the London School of Economics. Most notably, these academics think there are two oft-ignored issues we need to ponder: the role that memory and political hegemony play in finance — and what happens when these disappear. The first of these — memory — matters because of an obvious point: humans do not assess risks consistently and dispassionately, as 20th-century economic models often suggest they should. Instead, they parse risk through the lens of “narratives”, to cite the behavioural economist Robert Shiller, which include lived and folk memories.   One key point about memory is that it is not dispassionate — or stable. Consider the 1929 financial crash and Depression. Regulators often assume that the history of this was self-evident and uniformly accepted. Not so: as Tobias Pforr and Giuseppe Telesca, two economic historians, point out, folk memories of 1929 have been fluid and “contentious”, reflecting attitudes towards the Glass-Steagall Act that reformed banks’ business models. Such fluidity might also soon emerge around the 2008 crisis. Youssef Cassis and Bruno Pacchiotti, of the European University Institute, recently did a survey of 150 top financial executives. This found that three-quarters of them (still) describe it as a traumatic event; so much so that half say the memory of it shapes their companies’ current risk management policies, and a third that it guides business models. Meanwhile, two-thirds apparently think that regulators were correct to introduce sweeping financial reforms after 2008 — and four in five want these to be maintained, since “markets have short memories and new generations reinvent old practices”, as one participant noted. This is striking, given that it flies in the face of what bank lobbyists typically say. But the survey also showed that two-thirds of these bankers have worked in finance for more than 10 years and almost half for over 15 years. So, given that the financiers’ career spans are usually short, “it is doubtful” that direct memories of the crisis “will survive another 15 years”, as Cassis and Pacchiotti say. The key question, then, is what happens in the 2030s, and whether enough oldies remember how to stop contagion — and enough newbies listen.


CONSUMER-FOCUSED LENDING UNDER LABOUR COULD DENT UK BANK PROFITS

Once seen as hostile to banks, Britain's Labour has courted lenders in recent years as it attempts to gain power, yet some of the left-leaning party's policies are still expected to hit the sector's profits if it wins next month's election. Leader Keir Starmer has won plaudits among business-owners and financiers with promises of stability and a more balanced approach towards taxation of the financial and professional services sector, which contributed more than 110 billion pounds ($139 billion), or 12.3%, of total UK tax receipts in 2023. But the party is still expected to lean on the industry to improve the financial resilience of households and consumers, many of whom have suffered disproportionately from more than two years of mortgage market volatility and a cost of living crisis. Many lenders in Britain, including HSBC (HSBA.L), opens new tab, Barclays (BARC.L), opens new tab, Lloyds Bank (LLOY.L), opens new tab and NatWest (NWG.L), opens new tab, have reported record profits in the past two years. These have been bolstered by robust lending margins, low volumes of loan defaults and modest rates paid to savers on their deposits.



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All amounts in millions of dollars