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

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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What's Coming Is WORSE Than A Recession

Charlie Munger warns about the economic situation we’re in right now, saying that the troubles that come to us could be worse than the recession Paul Volcker was dealing with.
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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.

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

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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

CONSUMER CONFIDENCE IS SURGING JUST AS BANKS BRACE FOR DEFAULTS. WHAT'S GOING ON?

CBC - Don Pittis (2023-06-25)

The gloomy warnings have been coming thick and fast. On Wednesday, the latest arrivals to the misery party were the Canadian commercial banks. BMO and Scotiabank were the first in what is likely to be a trend by all the Canadian banks to set aside extra hundreds of millions of dollars — more than a billion for BMO — to cover loans that borrowers cannot afford to pay back in full.


WITH JUST DAYS TO SPARE, SENATE GIVES FINAL APPROVAL TO U.S. DEBT CEILING DEAL, SENDING IT TO BIDEN

G&M - LISA MASCARO, KEVIN FREKING, STEPHEN GROVES AND FARNOUSH AMIRI (2023-06-02)

Approval in the Senate on a bipartisan vote, 63-36, somewhat reflected the overwhelming House tally the day before, relying on centrists in both parties to pull the Biden-McCarthy package to passage – though Democrats led the tally in both chambers.


BROOKFIELD FACES SHAREHOLDER CALLS FOR TRANSPARENCY ON TAX PAYMENTS

G&M - James Bradshaw (2023-06-02)

Brookfield Corp. BN-T is facing pressure to be more transparent about its taxes as a shareholder proposal to ramp up its disclosure is set to go to a vote at the asset manager’s annual meeting next week.


THREE REASONS WHY MORTGAGE REFINANCES ARE DISAPPEARING AND WHAT BORROWERS ARE DOING

G&M - Robert Mclister (2023-06-02)

Problems, loan-to-value makes refinancing impossible,


BMO TAKEOVER OF AIR MILES NOW OFFICIAL

CBC (2023-06-02)

BMO Financial Group says it closed its acquisition of the Air Miles loyalty rewards program in Canada on Thursday.


RE/MAX REPORT FORECASTS COMMERCIAL REAL ESTATE UPSWING LATER THIS YEAR

Yahoo Finance (2023-06-02)

Industrial real estate is leading the way, with rising property values in B.C. and Ontario causing a spillover of demand to cities such as Edmonton, Calgary, Regina, Saskatoon, London-St. Thomas, Halifax and St. John's.


PUTIN’S WAR IGNITES BACKLASH AGAINST US DOLLAR ACROSS THE WORLD

Yahoo Finance - Michelle Jamrisko and Ruth Carson (2023-06-02)

Brazil and China recently struck a deal to settle trade in their local currencies, seeking to bypass the greenback in the process. India and Malaysia in April signed an accord to ramp up usage of the rupee in cross-border business. Even perennial US ally France is starting to complete transactions in yuan.


UK HOUSE PRICES ARE FALLING AGAIN — AND THERE’S MORE PAIN AHEAD

Yahoo Finance - Andrew Atkinson (2023-06-02)

The findings indicate more pain ahead for the Britain, which is suffering economic stagnation and the worst inflation among Group of Seven nations. Trouble in the housing market could also cost Prime Minister Rishi Sunak’s ruling Conservative Party, which is trailing the Labour opposition in polls a little more than a year before the deadline for the next election.


GOLDMAN ANALYSTS SAY AI STOCK WINNERS OUTPERFORM IN CREDIT TOO

Yahoo Finance - Finbarr Flynn (2023-06-02)

They found that a basket of notes of issuers who stand to benefit from AI gained almost 1.5% since February compared with a gauge of investment-grade non-financial dollar debt, on a rates-hedged basis. Advances in the bonds are constrained though by their typical return to par value over time, the strategists said.


EVERGRANDE UNIT FACES 1,426 LAWSUITS INVOLVING $49 BILLION

Yahoo Finance - Li Liu and Lulu Yilun Chen (2023-06-02)

Hengda’s unpaid debts due, excluding onshore and offshore bonds, were about 272.5 billion yuan at the end of April, the statement said.


PWC CONTRACTS FROZEN BY $191 BILLION AUSTRALIAN PENSION FUND

Yahoo Finance (2023-06-02)

The Australian arm of the global consulting giant has faced intense scrutiny following revelations that a former senior partner obtained confidential tax policy information while advising the government. PwC then leaked the advice to colleagues who used it to advise global clients. The firm is now under pressure over how many employees were aware the information was being leaked.



WILDFIRES IN CANADA HAVE ALREADY BURNED 10 TIMES MORE LAND THAN USUAL

Bloomberg - Laura Dhillon Kane (2023-06-02)

Wildfires in Canada have burned an enormous swath of land and forced thousands from their homes, prompting firefighters from across the globe to descend on the country to help douse the flames.


FIRST REPUBLIC WEALTH ADVISORS VOTED WITH THEIR FEET–AND IT WASN’T FOR JPMORGAN

Forbes - Sergei Klebnikov (2023-06-02)

More than 40% of the struggling bank’s advisors left between the end of February and May 15, data from the Financial Industry Regulatory Authority show. One place those departees didn’t go en masse: JPMorgan Chase, the nation’s largest bank, which on May 1 bought most of First Republic’s assets, including the wealth management operation, for $10.6 billion in a transaction arranged by the Federal Deposit Insurance Corp.

Analysts and J.P. Morgan have touted First Republic’s $290 billion in wealth management assets as a selling point for the deal. But the advisor exodus suggests the big bank may retain fewer of those assets than widely believed, since wealthy investors tend to follow advisors when they jump ship.


LEGISLATION INTRODUCED TO PREVENT FEDERAL RESERVE'S CBDC PILOT PROGRAM: THE DIGITAL DOLLAR DEBATE CONTINUES

Tokenpost (2023-06-02)

The legislative action aims to impose a blanket restriction on the Federal Reserve, barring it from initiating, executing, or sanctioning any program built around examining the viability of CBDC issuance.


WHAT COULD BNPL REGULATION MEAN FOR UK FINTECHS?

CMC Markets (2023-06-02)

BNPL sentiment has waned and the UK is looking to regulate the market.


KENYA CENTRAL BANK SAYS DIGITAL CURRENCY NOT A 'COMPELLING PRIORITY'

Reuters (2023-06-02)

"On the global stage, the allure of CBDCs is fading," the bank said in a statement. "Implementation of a CBDC in Kenya may not be a compelling priority in the short to medium term."


THE CHINESE YUAN COULD FINALLY BECOME A FIERCE COMPETITOR FOR THE US DOLLAR

Fortune - TUUGI CHULUUN (2023-06-02)

The yuan still lags as a major global currency. The war in Ukraine, which started in February 2022, may change that.


CANADIAN MORTGAGE DEFAULT RISK IS THE HIGHEST IN THE OECD: IMF

Better Dwelling (2023-06-02)

Canadian mortgages have the highest risk of default in the world, according to the IMF. A combination of high household debt and frothy home prices have increased risk in the market. Households embracing floating, or fixed rate, loans turned it from just overpriced housing into over priced housing with a high risk of default. 


CANADA’S ECONOMY OUTPERFORMS IN FIRST QUARTER, RAISING PRESSURE ON BOC AHEAD OF NEXT WEEK’S RATE DECISION

G&M - Mark Rendell (2023-06-01)

The Canadian economy grew at an annualized rate of 3.1 per cent in the first quarter, outperforming expectations while adding pressure on the Bank of Canada to raise interest rates again, perhaps as early as next week.


GREAT-WEST LIFE SELLING U.S. WEALTH MANAGER PUTNAM TO FRANKLIN TEMPLETON IN DEAL VALUED AT US$1.8-BILLION

G&M - Clare O'Hara (2023-06-01)

Canadian insurer Great-West Lifeco Inc. is off-loading U.S. wealth manager Putnam Investments to investment giant Franklin Templeton in a deal valued at US$1.8-billion, a fraction of what the insurer initially paid for the operation.


NATIONAL BANK PROFIT SLIDES AS ECONOMIC GLOOM WEIGHS ON SECOND-QUARTER EARNINGS

G&M - Stefanie Marotta (2023-06-01)

National Bank of Canada posted a drop in profit on higher costs and rising reserves for potentially sour loans as the threat of a recession drags on results across the banking sector.


MAJOR CENTRAL BANKS RENEW RATE HIKE PUSH IN MAY

Yahoo Finance - Karin Strohecker and Vincent Flasseur (2023-06-01)

"Inflation has proven sticky, even as growth weakens," said Jean Boivin, head of the BlackRock Investment Institute in a note to clients on Tuesday.


BILLIONAIRE PEROT WARNS OF REAL ESTATE RECESSION AS LOANS DRY UP

Bloomberg - helly Hagan and Matthew Miller (2023-06-01)

Ross Perot Jr., whose family is one of the largest independent property developers in the country, warned of a looming real estate recession if banks don’t start lending again.


UK MORTGAGE LENDING UNEXPECTEDLY FALLS AFTER INTEREST RATE HIKES

Bloomberg - Andrew Atkinson (2023-06-01)

UK mortgage approvals fell unexpectedly, and borrowers repaid debt at a historic pace after soaring interest rates increased the cost of serving loans.


UBS’S HEIR APPARENT FACES NEW TESTS AND EX-COLLEAGUES AT CREDIT SUISSE

Bloomberg - Myriam Balezjou (2023-06-01)

When Iqbal Khan joined UBS from rival Credit Suisse in 2019, the crosstown move sparked a tabloid scandal over a cloak-and-dagger surveillance operation on the star banker. But in this year’s forced marriage of Switzerland’s two biggest lenders, he’s been conspicuously low-key.


SOME LIKE IT HOT: CAN A FINANCIAL ‘CANCER’ FROM THE 1980S HELP PREVENT BANK RUNS?

Forbes - Matt Schifrin (2023-06-01)

Thirty-six years ago, it was a different story. Zage—then just 24 years old—his older brother Steven and their team of young cold-calling brokers were making millions providing funding to the nation’s ailing $1.2 trillion savings-and-loan industry in the form of high-rate CDs. A 1987 Forbes article headlined “WE’RE THE LIFEBLOOD” pictured Zage popping out of the sunroof of his new car, his brother reclining on the hood. The story chronicled how regulators at regional Federal Home Loan Banks were calling brokers such as Financial Northeastern and Merrill Lynch to funnel billions to prop up zombie thrifts, mostly in Texas. Those S&Ls had gotten into deep trouble after newly deregulated deposit rates soared by investing in commercial real estate, junk bonds and other risky assets.


MAS AND GOOGLE CLOUD COLLABORATE ON GENERATIVE AI

Finextra (2023-05-31)

MAS is already working to fill the AI talent gap in the Singaporean financial sector, last month launching a programme to provide training modules and workshops to banks which incorporate the latest developments and trends in AI, with strong financial sector application. This includes developing case studies to promote sharing of good use cases and industry relevant data resources.


AT THESE COMPANIES, ANGER LURKS BENEATH SUCCESSFUL SHAREHOLDER VOTE

G&M - David Milstead (2023-05-31)

Drill down in the numbers at Restaurant Brands International Inc. QSR-T, Dentalcorp Holdings Ltd. and Nuvei Corp. NVEI-T, however, and some deep dissatisfaction can be found.


SHOPIFY FACES CLASS ACTION OVER SEVERANCE OFFERED TO RECENTLY LAID OFF STAFF

Yahoo Finance (2023-05-31)

"The individuals did the reasonable thing, which is to accept, only to be told even though we made you reasonable offers, even though you accepted that reasonable offer, we're just not going to do it and you have to sign a brand new agreement for a much lesser amount,” said Lior Samfiru, a lawyer pursuing the case.


5 TRILLION-DOLLAR COMPANIES — INCLUDING NVIDIA, APPLE, AND AMAZON — HAVE BEEN BEHIND MOST OF THE S&P 500'S 10% GAINS THIS YEAR

Yahoo Finance (2023-05-31)

The S&P 500 index is on a tear, rising nearly 10% so far this year — in stark contrast to a 13% decline over the same period last year.


WANDA IN TALKS WITH BYTEDANCE, OTHERS TO SELL PAYMENTS ARM

Bloomberg (2023-05-31)

Wanda has been in discussions to sell its digital payments license for about 1 billion yuan ($141 million), though some prospective buyers said the price could be lower based on negotiations, the people said, requesting not to be named because the matter is private.


BITCOIN FACES FIRST MONTHLY DROP OF 2023 AS CRYPTO REVIVAL COOLS

Yahoo Finance - Suvashree Ghosh and Sidhartha Shukla (2023-05-31)

The largest crypto coin bounced 84% from the turn of the year through mid-April, briefly scaling $31,000, but the climb has since fizzled to 64%. Ebbing liquidity and restrictive monetary policy have curbed enthusiasm for crypto.


DEBT LIMIT DEAL HEADS TO VOTE IN FULL HOUSE WHILE MCCARTHY SCRAMBLES FOR GOP APPROVAL

Yahoo Finance (2023-05-31)

“We’re going to pass the bill,” McCarthy said as he exited the session.


HOW CANADA'S CHALLENGER BANKS ARE NAVIGATING THE BANKING TURMOIL

FP - Stephanie Hughes (2023-05-31)

“We’re not going in a knife fight, head-to-head with the Big Five banks who can spend 10 to 20 times more to acquire a customer,” James Nauss, head of product and strategy, at Calgary-based Neo Financial, told a panel discussion at the May 17 Bankers Summit in Toronto. “I think by finding partnerships with retailers, with other companies who see the value in what we’re offering, we can get to consumers in new ways.”


OSC INVESTIGATING CRYPTO EXCHANGE BINANCE DESPITE CANADIAN EXIT

FP - Barbara Schecter (2023-05-31)

The crypto platform is seeking to have those efforts — initiated May 10 and 11, the day before Binance announced its exit from Canada — quashed because an earlier agreement between Binance and the OSC in 2022, called an undertaking, precluded the regulator from taking enforcement action based on past conduct, according to the document. Binance had tussled with the OSC in 2021 and 2022 over whether it could serve Canadian clients.


CREDIT SUISSE BANKERS LEAVING BY THE HUNDREDS EVERY WEEK - SOURCES

Reuters - Noele Illien, Stefania Spezzati (2023-05-31)

Swiss newspaper Blick reported earlier on Wednesday that each day around 150 people worldwide were resigning from Credit Suisse while one of the two people said they saw about 200 resignations a week.


NETHERLANDS SET TO REFORM $1.6 TRILLION PRIVATE PENSION SECTOR

Reuters - Bart Meijer (2023-05-31)

Following years of debate, the Dutch Senate on Tuesday gave its final approval for the shift to a "defined contribution" system, which proponents say will yield better results - though opponents have warned of the extra risks it introduces.

 


REPUBLICANS HAIL BIG SPENDING CUTS THAT ECONOMISTS SAY WILL HAVE LITTLE IMPACT ON THE ECONOMY

Bloomberg - Edna Curran (2023-05-31)

US President Joe Biden and House Speaker Kevin McCarthy struck a deal on the federal debt ceiling over the weekend that, if approved by Congress, will avert a disastrous debt default.


MORTGAGE FRAUDSTERS HIT WITH $47-MILLION SANCTION

Investment Executive - James Langton (2023-05-31)

The tribunal found that five companies and three people (Marc Ruttenberg, Ronald Bradley Burdon and Matthew Laverty) defrauded investors by improperly diverting about $50 million of the $70 million they raised to fund higher-risk mortgages, rather than investing solely in residential second mortgages as promised.


CANADIAN BANK HAD “DEFICIENT” ANTI-MONEY LAUNDERING CONTROLS: CLASS ACTION

Better Dwelling (2023-05-31)

The reason? Money laundering. A WSJ piece revealed that regulatory delays were over insufficient anti-money laundering concerns. TD pledged more comprehensive and prompt controls are coming. The Office of the Comptroller of the Currency and US Federal Reserve would need to see practical rollouts before concerns were alleviated.


LIQUIDITY: WHAT'S NEXT?

The Macro Compass - Alfonzo Peccatiello (2023-05-30)

Assuming no last minute surprises, it seems like we might be getting a debt ceiling deal in the US which means you should be prepared to get overwhelmed with financial commentators’ takes about ‘’liquidity’’.


CANADIAN PENSION FUNDS BACK VITERRA-BUNGE MERGER PROPOSAL

G&M - Eric Reguly (2023-05-30)

The proposed merger of Canada’s Viterra Ltd. and U.S. rival Bunge Ltd. BG-NBG-Nis moving ahead with the support of two of Canada’s biggest pension funds, which would emerge as shareholders in the new agribusiness company.


U.S. AND EU ARE MOVING FAST ON COMPETITION AND ANTITRUST – WHERE’S CANADA?

G&M - KEVIN LYNCH AND PAUL DEEGAN (2023-05-30)

After 40 years of relentless corporate consolidation, U.S. President Joe Biden signed an Executive Order on Promoting Competition in the American Economy in 2021, directing every agency to use all available authorities to promote competition. He also nominated strong and smart leaders – such as Lina Khan to chair the Federal Trade Commission. He increased the budgets for his enforcement agencies by US$120-million annually and created the White House Competition Council.


TRUDEAU SAYS OTTAWA IS READY TO SUPPORT FIRE-RAVAGED NOVA SCOTIA 'IN ANY WAYS WE CAN'

CBC - Catherine Tunney (2023-05-30)

The Halifax-area fire was first reported Sunday afternoon and continues to pose a risk Monday. The wind is blowing from the north, causing the fire to blow back on itself — and there's no rain in the immediate forecast.


HALF OF CONDO INVESTORS WITH MORTGAGES IN GTA ARE NOT MAKING MONEY: REPORT

Yahoo Finance - Michelle Zadikian (2023-05-30)

On average, new condo investors were losing $223 per month in 2022, whereas in 2020, new condo investors on average were cash-flow positive to the tune of $63.


CANADIAN BANK STOCKS MAY HAVE FURTHER TO FALL DUE TO RECESSION THREAT

Yahoo Finance - Bianca Bharti (2023-05-30)

“Generally speaking, there are more headwinds for banks and uncertainty in the near term than there are tailwinds,” he said. “Overall, we think we’re closer to the floor for the sector than we are to the ceiling … in terms of their (share) prices.”


ECB WARNS OF HIT TO TOP EUROPEAN BANKS IF FUNDS RUN INTO TROUBLE

Yahoo Finance (2023-05-30)

The ECB study looked into the risk of spillovers from so-called shadow banks -- such as funds and other financial companies that provide funding in one form or another -- to traditional lenders, and vice versa.


CANADA'S BIG BANKS LOG 13-FOLD RISE IN LOAN LOSS PROVISIONS ON WORRIES ABOUT COMMERCIAL REAL ESTATE DEFAULTS

FT - Jaren kerr (2023-05-30)

Canada’s big five banks this week collectively set aside the most money for loan losses since 2020, as concerns about an economic slowdown and higher defaults in commercial real estate mount.


POPULIST PREMIER DANIELLE SMITH OVERCOMES GAFFES TO WIN CLOSE-FOUGHT ALBERTA ELECTION

Reuters - Sam Jabri-Pickett and Nia Williams (2023-05-30)

United Conservative Party (UCP) leader Danielle Smith's election victory in Canada's main oil-producing province Alberta on Monday is likely to herald further friction with Liberal Prime Minister Justin Trudeau, particularly over climate change.


INVESTORS HAVE POURED $756 BILLION INTO CASH FUNDS THIS YEAR, BANK OF AMERICA SAYS

Reuters (2023-05-30)

The rush into money market funds continued in the week to Wednesday, with $23.1 billion flowing into the cash-like instruments, according to BofA, which cited figures from financial data company EPFR.


CANADIAN REAL ESTATE PRICES MAY HIT A ROADBLOCK AS BONDS SURGE

Better Dwelling (2023-05-30)

Rising yields almost certainly mean rising mortgage rates, making it more difficult for home prices to grow. Whether that drag is enough to lead to falling home prices remains to be seen. 


WHEN IT COMES TO ESG, FUND MANAGERS DAMNED IF THEY DO AND DAMNED IF THEY DON’T

Investment Executive - James Langton (2023-05-30)

“Although many asset managers view this environmental focus in investments as key to long-term returns, government officials in a growing number of U.S. states view the approach as inconsistent with the asset managers’ fiduciary responsibility, and say it may violate antitrust laws,” Moody’s said.


AMERICANS SHOULD BE EXEMPT FROM CANADA’S FOREIGN HOUSING TAX, MEMBERS OF CONGRESS SAY

Investment Executive (2023-05-30)

Republican counterpart Rep. Claudia Tenney called the tax a “poorly conceived” and “unfair and unjust” measure that will drive a wedge between Canada and the U.S.


BIDEN AND MCCARTHY REACH A FINAL DEAL TO AVOID U.S. DEFAULT AND NOW MUST SELL IT TO CONGRESS

G&M - LISA MASCARO, MARY CLARE JALONICK, FARNOUSH AMIRI AND MICHELLE L. PRICE (2023-05-29)

With days to spare before a potential first-ever government default, President Joe Biden and House Speaker Kevin McCarthy reached final agreement Sunday on a deal to raise the nation’s debt ceiling and worked to ensure enough support in Congress to pass the measure in the coming week.


TD SHUFFLES EQUITY CAPITAL MARKETS LEADERSHIP AFTER COWEN DEAL

James Berkow - G&M (2023-05-29)

Sante Corona, who became co-head of TD’s global equity capital markets business on March 1 when the Cowen deal closed, relocated to New York as of May 1 to create “seamless connectivity” between TD Securities and TD Cowen’s equity capital markets business, the bank said Friday in an internal memo. Mr. Corona shares his title with Grant Miller, who previously ran Cowen’s capital markets group and is already based in New York.


SVB’S BIGGEST DEBTOR IN CANADA IS MICHELE ROMANOW’S TECH FINANCE FIRM CLEARCO

FP - Paula Sambo (2023-05-29)

Clear Finance was co-founded by Michele Romanow, who came up with the idea after appearing on “Dragons’ Den” — the Canadian television show that inspired “Shark Tank,” in which investors get pitched business ideas by contestants. The firm is in the process of raising equity and its investors need assurances on the status of the loans before signing off on a deal, one of the people said. The company declined to comment.


HOLDING CASH CAN SEEM LIKE A GOOD IDEA, BUT IT CAN BE RISKIER THAN BUYING STOCKS

FP - Taylor Burns (2023-05-29)

Cash may seem like a safe haven in uncertain times, but holding cash comes with its own set of risks. One of the biggest is inflation risk, which, given the current economic landscape, is especially relevant. Over time, inflation can erode the purchasing power of your cash, meaning you’ll be able to buy less with it in the future than you can today.


MORE INSURERS DESERT NET-ZERO ALLIANCE AS U.N. CLIMATE GROUP SOUNDS ALARM

Reuters - Tommy Wilkes (2023-05-29)

Lloyd's of London became the sixth organisation to quit a net-zero alliance for insurers within 36 hours on Friday, as a U.N.-backed coalition of financial groups warned about the fallout of "political attacks" on insurers in the United States.


GEORGIAN BILLIONAIRE WINS $926 MILLION FROM CREDIT SUISSE AFTER FRAUD

Reuters - John Rivill (2023-05-29)

Credit Suisse (CSGN.S) was ordered to pay $926 million to Georgia's former prime minister on Friday for losing part of his fortune, in a Singapore court ruling that represents one of the biggest legal awards made against the bank.


WHAT MILTON FRIEDMAN WROTE TO OTMAR ISSING AT CREATION OF ECB

Bloomberg - Oliver Crook, Craig Stirling (2023-05-29)

When Otmar Issing became chief economist of the fledgling European Central Bank a quarter of a century ago, he was greeted with a letter from one of the project’s leading skeptics.


CANADIAN BANKS REPORT 1 IN 4 MORTGAGES ARE 35 YEARS OR LONGER

Better Dwelling (2023-05-29)

Canadian first time home buyers are 36 years old on average. That means they won’t have that starter condo paid off by the time they retire, according to recent bank reports. Four of the Big Five banks reported a large share of their portfolio had amortizations longer than 30 years in Q2 2023. Most of them have at least 35 years or longer remaining, as they extend terms to prevent over-leveraged buyers from defaulting.


DATA BREACH VICTIMS INCLUDE EMPIRE LIFE

Investment Executive - Greg Meckbach (2023-05-29)

“Information related to some Empire Life segregated fund policies and Empire Life Investment Inc.’s former mutual funds was compromised as result of the incident,” wrote Karen Smith, director of communication services with Kingston, Ont.-based Empire Life Insurance Co., in an email to Investment Executive on Thursday.


OPENAI UNDER BROAD SCRUTINY AS PROVINCES JOIN FEDERAL PRIVACY PROBE

G&M - Irene Galea (2023-05-26)

Canada’s federal privacy regulator is expanding its investigation into OpenAI, the creator of ChatGPT, joining many government bodies around the world in attempting to address concerns about the potentially harmful consequences of artificial intelligence.


BANK EARNINGS WRAP UP AS RESULTS DISAPPOINT AND INTEREST RATES, RECESSIONARY FEARS BITE

G&M - Stefanie Marotta (2023-05-26)

Canadian banks were weighed down by the crumbling economic outlook as climbing reserves for potential loan defaults and heated borrowing costs pinched second-quarter growth.


CI FINANCIAL CEO KURT MACALPINE SEES PAY TUMBLE

G&M - David Milstead (2023-05-26)

CI Financial Inc. CIX-Tchief executive officer Kurt MacAlpine saw his pay drop sharply last year as the company overhauled its compensation plans to head off shareholder opprobrium.


U.S. REGIONAL BANKING TROUBLES ONLY IN 'EARLY INNINGS': CIBC CEO

Yahoo Finance - Michelle Zadikian (2023-05-26)

"Anything we do has to be accretive to capital in a short period of time. That's how we think about things. So the most accretive way to build capital is to invest organically right now," he said.


TIPSTER ON ERICSSON WON SEC'S LARGEST EVER WHISTLEBLOWER AWARD OF $279 MILLION

Yahoo Finance (2023-05-26)

The award from the regulator's cash-for-tip program was related to the $1.1 billion settlement the company reached with U.S. authorities in 2019 over allegations that it conspired to make illegal payments to win business in five countries, the report said, citing people familiar with the matter.


THE US' AAA CREDIT RATINGS AT RISK OF A DOWNGRADE DUE TO 'BRINKMANSHIP OVER THE DEBT CEILING.' THIS COULD IMPACT TRILLIONS OF DOLLARS WORTH OF TREASURY SECURITIES.

Yahoo Finance - Huileng Tan (2023-05-26)

The US debt ceiling impasse has hit a crucial stage — the country's prized AAA credit rating is at risk, which could impact the pricing of trillions of dollars worth of Treasury debt securities.


THIS AI BOOM HAS ECHOES OF THE DOTCOM BUBBLE

FP - David Rosenberg (2023-05-26)

Advancements in artificial intelligence technology, and its knock-on effects on profitability and productivity, is a legitimate investment thesis. But Microsoft Corp.’s expansion of its investment in ChatGPT back in January has kicked off an “arms race,” with megacap competitors quickly following suit in announcing their own plans.


TD WON'T HIT GROWTH TARGET, ANNOUNCES BUYBACK IN WAKE OF FIRST HORIZON DEAL TERMINATION

FP - Stephanie Hughes (2023-05-26)

TD’s net income fell to $3.35 billion in the three months ending April 30, down from $3.81 billion last year. On an adjusted basis, the bank’s profit rose to $3.75 billion, from $3.71 billion the year before.


CIBC HIKES DIVIDEND AS PROFIT BEATS EXPECTATIONS

FP - Stephanie Hughes (2023-05-26)

Revenue grew six per cent from the second quarter of last year to $5.7 billion. CIBC raised its quarterly dividend by two cents to $0.87 per share.


TD TO BUILD U.S. BUSINESS BRICK BY BRICK, AFTER FIRST HORIZON SET BACK

Reuters - Nivedita Balu (2023-05-26)

Canada's no.2 lender TD Bank Group (TD.TO) will push ahead with its U.S. expansion by focusing on organic growth, after its M&A-led strategy in the world's biggest banking market suffered a setback this month, a top official told Reuters on Thursday.


NEW YORK CITY COMMISSION VOTES TO HALT DEPOSITS AT CAPITAL ONE

(2023-05-26)

The New York City Banking Commission voted to halt deposits into the city's bank accounts at Capital One (COF.N) and KeyBank (KEY.N) after the lenders failed to submit plans on their efforts to root out discrimination.


BOFA MUST FACE CLASS ACTION OVER 2020 BENEFIT CARD FRAUD

Reuters - Jody Godoy (2023-05-26)

Bank of America (BAC.N) must face cardholder allegations that it bungled its response to unauthorized transactions on unemployment and disability benefits cards in California during the pandemic, a San Diego judge ruled on Thursday.

 


CATHIE WOOD’S ARKK DUMPED NVIDIA STOCK BEFORE $560 BILLION SURGE

Bloomberg - Emily Graffeo (2023-05-26)

Cathie Wood’s flagship exchange-traded fund closed out its Nvidia Corp. stake in early January. Then, came the artificial intelligence frenzy that sent the stock and its big tech peers on a tear.


TD TARGETS ATLANTA, FLORIDA FOR GROWTH AFTER FIRST HORIZON FLOP

Bloomberg - Derek Decloet (2023-05-26)

After failing to close its largest-ever US banking acquisition, Toronto-Dominion Bank has a new strategy for growth in the Southeast — do it slowly.  


BROOKFIELD CEDES DEFAULTED LOS ANGELES OFFICE TOWER TO RECEIVER

Bloomberg - John Gittelsohn (2023-05-26)

Brookfield Corp. has handed over control of a second building this year in Los Angeles as the city’s downtown faces rising vacancies and falling office values.


ROYAL BANK TO SLOW HIRING AFTER EARNINGS MISS ON HIGHER COSTS

Bloomberg - Derek Decloet (2023-05-26)

Royal Bank of Canada missed analysts’ estimates as expenses and loan-loss provisions increased, making it the latest lender to take a profit hit due to a darkening economic picture. The shares slumped. 


CANADIAN MORTGAGE DELINQUENCIES BEGIN TO CLIMB, A LOT MORE ARE BREWING

Better Dwelling (2023-05-26)

A large share of these are problematic  late delinquencies. Roughly 18% of the delinquent accounts are 150 days past due (DPD), and are considered written off with no chance of being saved. Another 63% of those delinquent accounts are between 120 and 149 DPD, approaching the write off point. The remaining 19% of delinquent accounts are between 90 and 119 DPD, in fresh delinquency territory. The longer the account remains past due, the more likely the borrower is to default.


DATA BREACH VICTIMS INCLUDE EMPIRE LIFE

Investment Executive - Greg Meckbach (2023-05-26)

Smith said Empire Life has reported the breach to law enforcement, financial services industry regulators, federal and provincial privacy commissioners, the Canadian Centre for Cyber Security and the Canadian Anti-Fraud Centre.


GLOBAL HOUSE PRICES SEE FIRST POST-CRISIS DROP

Investment Executive - James Langton (2023-05-26)

Real house prices fell harder in advanced economies, down 2.7% year over year, compared with a 1.5% dip in emerging market economies, the BIS said.


DARK WEB STUDY REVEALS BRITS ARE EUROPE'S BIGGEST CARD FRAUD VICTIMS

Finextra (2023-05-25)

Researchers found that UK card details typically cost just £4.61. This was 18% lower than the global average (£5.61) and half the average price of payment data belonging to consumers from Denmark — at £9.23 the most expensive in the study.


CANADIAN MORTGAGE BORROWERS ARE SEEKING MORE LEVERAGE WITH FIXED RATES

Better Dwelling (2023-05-25)

Canadian homeowners are seeking out medium-term fixed rate mortgages. The largest share of new loans in March had 3 to 5 year fixed terms (38%), triple the share last year. It was followed by 1 to 3 year mortgages (36%), significantly higher than the 10% last year. 


CIBC POSTS DECLINE IN SECOND-QUARTER PROFIT ON LOAN LOSS PROVISIONS

G&M (2023-05-25)

Net income, excluding one-off items, came in at $1.63 billion or $1.70 a share for the three months ended April 30, compared with $1.65 billion or $1.77 a share a year earlier.


SENATOR ON A MISSION TO MAKE FINANCE INDUSTRY PRIORITIZE CLIMATE OBJECTIVES

G&M (2023-05-25)

Rosa Galvez is a senator on a mission to get the finance industry to live up to its proclamations of aligning its business with climate objectives.


HOUSEHOLDS NOW OWE MORE THAN CANADA'S ENTIRE GDP, HOUSING AGENCY WARNS

CBC - Pete Evans (2023-05-25)

"Canada's very high levels of household debt — the highest in the G7 — makes the economy vulnerable to any global economic crisis," CMHC's deputy chief economist Aled ab Iorwerth said. "When many households in an economy are heavily indebted, the situation can quickly deteriorate, such as what was witnessed in the U.S. in 2007 and 2008."


BMO, SCOTIABANK SHARES SLUMP AFTER EARNINGS MISS ESTIMATES

Yahoo Finance - Max Reyes and Derek Decloet (2023-05-25)

“The higher-interest-rate environment is finally starting to bite on the consumer and on borrowers in general,” Philip Petursson, chief investment strategist at IG Wealth Management, told BNN Bloomberg Television. “When they are saying we need to increase provisioning, they’re saying we see headwinds for the economies of Canada and the US.”


EUROPE’S BANKS SAY THEY’RE BACK. SO WHY DOESN’T ANYONE BUY THEIR SHARES?

Yahoo Finance - Steven Arons (2023-05-25)

“We are dissatisfied with our share price,” Deutsche Bank Chief Executive Officer Christian Sewing said at the firm’s annual general meeting in Frankfurt last week, vowing to “do more to convince the market of our merits.”


BMO MISSES EXPECTATIONS AMID BANK OF THE WEST INTEGRATION

FP - Stephanie Hughes (2023-05-25)

BMO’s net income fell to $1.06 billion in the three months ending April 30, down from $4.76 billion a year earlier. On an adjusted basis, the bank’s profit grew to about $2.22 billion, or $2.93 per share, from $2.19 billion the year before. Bloomberg analysts had been expecting $3.21 per share.


A QUARTER OF CANADIANS PLAN TO BUY INVESTMENT PROPERTY IN NEXT FIVE YEARS: ROYAL LEPAGE SURVEY

FP - Denise Paglinawan (2023-05-25)

“There are more small business landlords in the country than previous data would have indicated and considerably more people interested in becoming property investors,” Royal LePage chief executive Phil Soper said in an interview. “So it’s clearly a product of the time and the economic environment of the perceived opportunity.”


ROYAL BANK OF CANADA, CIBC REPORT FALL IN EARNINGS ON HIGHER PROVISIONS

Reuters (2023-05-25)

The results follow those of peers Bank of Montreal and Bank of Nova Scotia on Wednesday that reported a fall in earnings weighed by higher provisions, slower top-line growth and an increase in expenses.

 


US BUSINESS BORROWING FOR EQUIPMENT FALLS 8% IN APRIL- ELFA SURVEY

Reuters (2023-05-25)

U.S. companies borrowed nearly 8% less in April than last year to finance equipment investments, industry body Equipment Leasing and Finance Association (ELFA) said on Wednesday.


CANADA PENSION CHIEF SAYS FUND CAN’T AVOID CHINA DESPITE HIGHER RISK

Bloomberg - Paula Sambo (2023-05-25)

The head of Canada Pension Plan Investment Board says exposure to China remains important to the fund’s overall strategy but understanding the nation’s economy, and its global importance, is crucial.


EMPTY OFFICES A CHALLENGE TO SMALLER BANKS

Investment Executive - James Langton (2023-05-25)

“These factors increase credit risk for banks that have [commercial real estate] loan concentrations, and are expected to have an impact on asset quality in [the] loan portfolios of U.S. banks,” Fitch said in its report.


DWINDLING SUPPORT FOR ESG, EXECUTIVE PAY OUTRAGE

Investment Executive - James Langton (2023-05-25)

“When all is said and done, we expect support for shareholder proposals to be down over past years and potentially closer to pre-pandemic norms,” he added.


BANK OF NOVA SCOTIA POSTS SECOND-QUARTER PROFIT DECLINE ON HIGHER PROVISIONS

G&M (2023-05-24)

Net income, excluding one-off items, came in at $2.17 billion, or $1.70 a share, in the three months ended April 30, compared with $2.77 billion, or $2.18 a share, a year earlier.


FOUR IN FIVE ONTARIO HOUSING INVESTORS LIVE IN THE PROVINCE: STATSCAN

G&M - Rachelle Younglai (2023-05-24)

More than 80 per cent of individual home investors in Ontario live in the province and the trend is similar in other provinces, according to a new report that sheds light on this growing group of real estate owners who have attracted scrutiny as home prices have surged.


CANADA HAS HIGHEST HOUSEHOLD DEBT LEVEL IN G7: CMHC DEPUTY CHIEF ECONOMIST

G&M (2023-05-24)

Mortgages currently make up about three-quarters of household debt in Canada. While household debt made up 80 per cent of the size of the overall Canadian economy during the 2008 recession, it rose to 95 per cent in 2010 and exceeded its size in 2021, he noted.


EMPTY CANADIAN OFFICES FILL 89 ROGERS CENTRES – AND IT’S A CHANCE TO REIMAGINE DOWNTOWN

G&M - KAREN CHAPPLE, PATRICK GILL AND MARWA ABDOU (2023-05-24)

Almost 50 million square feet of vacant office space is available in Canadian downtowns, with nearly 40 per cent of that becoming vacant since the COVID-19 pandemic hit. That’s the equivalent of 89 baseball stadiums the size of Rogers Centre in Toronto.


EU BANKS ARE SAID TO SAIL THROUGH EARLY ROUND OF STRESS TEST

Yahoo Finance - Sonia Sirletti, Jan-Henrik Förster, Steven Arons and Nicholas Comfort (2023-05-24)

The EBA assessment is a key exam for lenders because it gives insight into their preparedness to weather shocks and also feeds into their capital requirements. Banks, using data from the end of 2022, are tested under an adverse scenario and more benign baseline scenario for the three years through 2025. A clean bill of health strengthens the case for distributing billions of euros of capital to shareholders, even as economic uncertainty increases.


PACWEST TO SELL CIVIC FINANCIAL TO REAL ESTATE LENDER ROC360

Yahoo Finance - Sally Bakewell (2023-05-24)

PacWest rose as much as 9.8% in premarket trading on Wednesday. Shares of PacWest are up 29% this week through Tuesday after it agreed to sell a $2.6 billion portfolio of real estate construction loans although the stock is still down 68% so far this year.


FIVE MAJOR BANKS COLLUDED ON UK BONDS, ANTITRUST AGENCY SAYS

Yahoo Finance - Katherine Gemmell (2023-05-24)

Citigroup Inc., Deutsche Bank AG, HSBC Holdings Plc, Morgan Stanley and Royal Bank of Canada each unlawfully shared details on pricing and trading strategies in chatrooms between 2009 and 2013, the Competition and Markets Authority said on Wednesday in its provisional findings.


U.S. BANKING CRISIS CASTING CHILL OVER CANADIAN BANKS HEADING INTO EARNINGS THIS WEEK

FP - Stephanie Hughes (2023-05-24)

The chill cast over the sector comes amid fears that a recession could be imminent, with slowing loan growth and potential exposure to a weakened commercial real estate sector among the specific concerns for the banks themselves.


BANK OF MONTREAL QUARTERLY PROFIT RISES ON HIGHER INTEREST INCOME

Reuters (2023-05-24)

Bank of Montreal's (BMO.TO) second-quarter profit jumped as higher interest rates shored up the lender's net interest income, the Canadian bank said on Wednesday.


BANK OF MONTREAL MISSES ESTIMATES AS LOAN-LOSS SET-ASIDES GROW

Bloomberg - Derek Decloet (2023-05-24)

Bank of Montreal posted a surprise drop in fiscal second-quarter profit as it set aside a larger provision for loan losses than analysts had expected. 


DOUBLE OR NOTHING? MOST OF CANADA’S REAL ESTATE INVESTORS ARE BOOMERS: STAT CAN

Better Dwelling (2023-05-24)

Most of the country’s resident investors are 55 or older. Looking at property registry data for five provinces, the largest share of investors were in Nova Scotia (66.9%), and New Brunswick (66.1%). Though the other provinces weren’t too far behind—BC (58.5%), Manitoba (58.1%), and Ontario (57.1%). Boomers held nearly 1 in 3 resident owned investment properties in these provinces.


U.S. BANKING CRISIS CREATES OPPORTUNITIES FOR PRIVATE CREDIT

Investment Executive - Mark Burgess (2023-05-24)

Small- and mid-sized companies may see benefits from non-bank borrowing, such as the ease of dealing with one private lender rather than several banks, and not spooking markets by tapping funds from public markets at inopportune times, BlackRock said.


VERSABANK TO HOST SECOND QUARTER FISCAL 2023 FINANCIAL RESULTS CONFERENCE CALL/WEBCAST WEDNESDAY, JUNE 7, 2023 AT 9:00 A.M. ET

Versabank (2023-05-24)

Versabank will report its second quarter 2023 financial results and host a conference call to discuss those results on Wednesday, June 7, 2023.


HOUSING MARKET PREDICTIONS FOR 2023: WHEN WILL HOME PRICES BE AFFORDABLE AGAIN?

Forbes - Robin Rothstein (2023-05-24)

Persistently high mortgage rates and home prices continue to put off many prospective homebuyers as fears of ongoing inflation, bank sector volatility, weakening economic growth and an impending recession hang in the air.


JPMORGAN INVESTOR DAY: JAMIE DIMON SUCCESSION PLAN SPECULATION

Yahoo Finance (2023-05-23)

Yahoo Finance reporter David Hollerith joins the Live show to break down the latest from JPMorgan's investor day.


HOW WALL STREET IS PREPARING FOR POSSIBLE US DEBT DEFAULT

Reuters - Davide Barbuscia (2023-05-23)

The financial industry has prepared for such a crisis before, most recently in September 2021. But this time, the relatively short time frame for reaching a compromise has bankers on edge, said one senior industry official.

 


JPMORGAN'S DIMON SAYS BANK'S PLANS REGARDING HIS TENURE ARE UNCHANGED

Reuters (2023-05-23)

Succession plans of Wall Street giants have come into focus after Morgan Stanley (MS.N) chief James Gorman outlined steps last week to hand over reins in twelve months.


MORE ECONOMISTS SAY BANK OF CANADA IS POISED TO HIKE RATES SOON

Bloomberg (2023-05-23)

Some economists are starting to lean toward a Bank of Canada hike, either in June or July, as evidence mounts that the housing market is gaining momentum and inflation is proving stubborn.  


RBI’S DOLLAR PURCHASES CASTING A PALL OVER THE INDIAN RUPEE

Bloomberg - Ronojoy Mazumdar and Akshay Chinchalkar (2023-05-23)

Dollar purchases by the Indian central bank to limit the impact of foreign inflows are helping lead to shortages of the US currency in the Indian banking system and weighing on the rupee, according to analysts. 


BANKS GOT RISING RATES WRONG

Bloomberg (2023-05-23)

The basic question about this year’s US regional banking crisis is “why weren’t the banks prepared for the very predictable problems that they faced when interest rates went up,” and the basic answer is “because they thought rates going up would be good for them.”


OPENAI SEEKS INTERNATIONAL GOVERNANCE OF MOST POWERFUL AI SYSTEMS

Pymnts - Pymnts (2023-05-23)

“We’re not just sitting in Silicon Valley thinking we can write these rules for everyone,” Brockman said at an AI Forward event in San Francisco hosted by Goldman Sachs Group and SV Angel, according to the report. “We’re starting to think about democratic decision-making.”


JPMORGAN ON TRACK TO DELIVER $1 BILLION IN VALUE THROUGH AI

Pymnts (2023-05-23)

“We’re ahead of our plan to deliver on our commitment to deliver $1 billion in business value through AI” this year alone, said Beer. The firm has increased its artificial intelligence and machine learning use cases by more than 34% year over year, with more than 300 use cases in production. Leveraging AI, she said during the presentation, has helped personalize products and experiences for retail customers across more than two dozen use cases, with $220 million in positive revenue impact to the firm last year. 


WHY GENERATIVE AI IS A BIGGER THREAT TO APPLE THAN GOOGLE OR AMAZON

Pymnts - Karen Webster (2023-05-23)

More recently, Amazon announced that its AI-powered voice assistant, Alexa, has taken a step closer to being Alexa everywhere a consumer wants to take her. In addition to new Echo devices with and without screens suitable for home use, Alexa is now available in earbuds, glasses (not smart glasses, but those with sensors that allow a noise cancelation conversation with Alexa), and a USB plug that takes Alexa inside the car, whether or not the car OS is powered by Alexa.


AI-FOCUSED NAMES LEAD CE 100 INDEX 2.3% HIGHER

Pymnts (2023-05-23)

The CE 100 Index gained 2.3% as artificial intelligence (AI) sparked investor enthusiasm and the earnings season continued to wind down for the March quarter.


AUSTRALIA USHERS IN BNPL REGULATION

Finextra (2023-05-22)

Trade body Fintech Australia welcomed the proposals. "Measured regulation is crucial in ensuring trust in Australia’s fintech industry, which is essential for its growth,” says general manager Rehan D'Almeida. “This framework strikes a balance, designing a scalable and technology-neutral framework that embeds strong and effective consumer protections."


JPMORGAN AND BARCLAYS BACK GERMAN INSURTECH WEFOX

Finextra (2023-05-22)

The company's technology is currently used by than 300 insurers and 4,000 distributors serving 2.5m customers across Europe.


THE UGLY DOWNSIDES OF CANADA’S COSTLY OBSESSION WITH ELECTRIC VEHICLES

G&M - Eric Reguly (2023-05-22)

Canada’s government is enchanted – obsessed even – with the idea of building batteries for electric vehicles on home soil. Already, Volkswagen is soaking up about $14-billion in public subsidies to build a battery factory in Southwestern Ontario, and Stellantis, owner of Jeep and Fiat, and LG Energy Solution are demanding equal treatment for their joint venture.


MORTGAGE DEBT A ‘TICKING TIME BOMB’ AS RENEWALS COME UP, ECONOMISTS WARN

G&M - DAVID PARKINSON (2023-05-22)

The housing market was in the immediate line of fire in the steep and rapid increase of interest rates that the Bank of Canada began in March, 2022, and put on pause a year later. Now, with the central bank taking some time to assess whether it needs to nudge rates any higher, the focus is turning to next-level consequences of those rate hikes, as the initial effects on the costs of borrowing spread their way more broadly through the overall economy.


BANK THAT BOUGHT SILICON VALLEY BANK SUES HSBC FOR POACHING STAFF

CBC (2023-05-22)

First Citizens BancShares Inc, which acquired Silicon Valley Bank following its collapse, sued HSBC Holdings PLC on Monday, accusing it of illegally poaching more than 40 of the failed bank's employees to launch its own U.S. venture banking business.


META FINED RECORD $1.3 BILLION AND ORDERED TO STOP SENDING EUROPEAN USER DATA TO U.S.

G&M - Kevin Chan (2023-05-22)

The penalty of 1.2 billion euros is the biggest since the EU’s strict data privacy regime took effect five years ago, surpassing Amazon’s 746 million euro fine in 2021 for data protection violations.


SCOTIABANK, HSBC WIN DISMISSAL OF U.S. SILVER PRICE-FIXING LITIGATION

G&M - Jonathan Stempel (2023-05-22)

U.S. District Judge Valerie Caproni in Manhattan said the investors lacked legal standing to pursue federal antitrust claims under the Sherman Act, or claims under the federal Commodity Exchange Act.


MORGAN STANLEY CEO GORMAN TO STEP DOWN WITHIN THE NEXT YEAR

Yahoo Finance (2023-05-22)

"The board has identified three very strong senior internal candidates for consideration as the next CEO," Gorman added.


THE HOUSING SLOWDOWN IS A TOP SIGNAL THAT THE US IS HEADED INTO A MODERATE RECESSION, FANNIE MAE SAYS

Yahoo Finance - Jennifer Sor (2023-05-22)

"There are select data available to support several alternative views of the path of the economy, though we maintain our view that a modest recession will begin in the second half of 2023," Duncan said in a statement on Friday. "Housing remains exhibit number one for why we expect the recession to be modest."


JPMORGAN EXPECTS TO EARN $3 BILLION MORE IN NET INTEREST INCOME THIS YEAR AFTER ITS TAKEOVER OF FAILED FIRST REPUBLIC BANK

Yahoo Finance - Phil Rosen (2023-05-22)

The forecast goes counter to other US banks' shrinking profits, and the firm now anticipates pulling in $84 billion in net interest income, up from the previous outlook for $81 billion, according to a Monday presentation for its investor day.


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CONSUMER CONFIDENCE IS SURGING JUST AS BANKS BRACE FOR DEFAULTS. WHAT'S GOING ON?

CBC - Don Pittis (2023-06-25)

The gloomy warnings have been coming thick and fast. On Wednesday, the latest arrivals to the misery party were the Canadian commercial banks. BMO and Scotiabank were the first in what is likely to be a trend by all the Canadian banks to set aside extra hundreds of millions of dollars — more than a billion for BMO — to cover loans that borrowers cannot afford to pay back in full.


WITH JUST DAYS TO SPARE, SENATE GIVES FINAL APPROVAL TO U.S. DEBT CEILING DEAL, SENDING IT TO BIDEN

G&M - LISA MASCARO, KEVIN FREKING, STEPHEN GROVES AND FARNOUSH AMIRI (2023-06-02)

Approval in the Senate on a bipartisan vote, 63-36, somewhat reflected the overwhelming House tally the day before, relying on centrists in both parties to pull the Biden-McCarthy package to passage – though Democrats led the tally in both chambers.


BROOKFIELD FACES SHAREHOLDER CALLS FOR TRANSPARENCY ON TAX PAYMENTS

G&M - James Bradshaw (2023-06-02)

Brookfield Corp. BN-T is facing pressure to be more transparent about its taxes as a shareholder proposal to ramp up its disclosure is set to go to a vote at the asset manager’s annual meeting next week.


THREE REASONS WHY MORTGAGE REFINANCES ARE DISAPPEARING AND WHAT BORROWERS ARE DOING

G&M - Robert Mclister (2023-06-02)

Problems, loan-to-value makes refinancing impossible,