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


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


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


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


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


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


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


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


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


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


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


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


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


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

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

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

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Research

How and why you need to defend your brand against disruptors  

Mark Sibthorpe

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


Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

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


ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

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

 


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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

fsim.ca/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


Complete loyalty RFP  

fsim.ca/docs/booksample.pdf

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


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

fsim.ca/docs/booksample.pdf

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


Report on merchants extending financial services  

fsim.ca/docs/

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


Guide to system selection  

fsim.ca/docs/gssnow.pdf

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


News feed

UBS WEALTH BANKERS GET DOSE OF CREDIT SUISSE TONIC IN KHAN PLA

Bloomberg - Patrick Winters and Marion Halftermeyer (2020-12-17)

Colleagues say the Pakistan-born executive is enthusiastic, energetic and talented. Former associates have described him as confident, even overly so. That said, he knows the business from several angles: Khan was a UBS auditor at Ernst & Young and a key competitor at Credit Suisse.


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

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

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


BOAZ MANOR, BUSINESS PARTNER INDICTED ON FRAUD CHARGES IN U.S. OVER BLOCKCHAIN VENTURE

FP - Barbara Shecter (2020-10-20)

Boaz Manor, a former Canadian hedge fund manager who served jail time following the collapse of Portus Alternative Asset Management Inc. in 2005, was indicted Friday on fresh criminal charges in the United States in connection with an alleged securities fraud scheme at an entirely different venture: a New York-based blockchain technology startup.


CHRISTINE LAGARDE GETS A HEAVY POINTER ON HER ECB REVIEW

Bloomberg - Ferdinando Giugliano (2020-06-20)

Nevertheless, Lagarde and her colleagues would be wise to read the staff paper closely. Among all the carefully worded language, one can clearly see the contours of a monetary framework that would work for the ECB’s third decade. These include changing the inflation target to 2%, and maintaining all of the instruments — asset purchases, long-term loans to the banking system and negative interest rates — that the central bank used throughout the presidency of Lagarde’s predecessor, Mario Draghi. 

The argument for a symmetric inflation target is rooted in the power of expectations. The ECB at the moment aims to reach an inflation rate “close to but below 2%.” This means that, as price pressures start climbing toward 2%, investors and consumers expect the ECB to react aggressively, tightening monetary policy to push inflation back. The authors believe this served the ECB well during its first decade, when it had to establish its reputation and fight off inflationary forces. However, the objective has been less useful in today’s era of persistently low inflation. It may even be counterproductive. Consumers and investors don’t expect the central bank to act so decisively to counter deflation.  


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

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

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


SUN LIFE’S ASSET MANAGEMENT ARM SEEKS PRIVATE DEBT ACQUISITION TO AID EXPANSION

G&M - Nichola Saminather (2020-01-28)

Canadian insurer Sun Life Financial’s asset-management unit is eyeing its first middle-market private-debt acquisition as it seeks to expand into the higher-yielding investments, one of its top executives told Reuters.


CANADA’S ECONOMY IS FLATLINING

G&M - Michael Babad (2020-01-28)

Canada’s economy is flatlining, temporarily at this point.


FIXED RATE MORTGAGES COULD GO ON SALE AS FEARS OF SPREADING CORONAVIRUS PUSH BOND YIELDS DOWN

G&M - Robert Mclister (2020-01-28)

The Wuhan coronavirus, which at last count has killed more than 80 people and infected more than 2,800 in China, is about to make fixed mortgage rates cheaper for Canadians.


U.S. NEW-HOME SALES FALL UNEXPECTEDLY, LOW MORTGAGE RATES LEND SUPPORT

G&M - Lucia Mutikani (2020-01-28)

Sales of new U.S. single-family homes fell unexpectedly in December, likely held down by a shortage of more affordable homes, but lower mortgage rates supported the overall housing market.


TD’S MOVE TO CHARGE COMPOUND INTEREST ON CREDIT CARDS SHOWS SEAMY UNDERSIDE OF LOYALTY REWARDS

G&M - Rob Carrick (2020-01-28)

Toronto-Dominion Bank has targeted its financially weakest customers to boost profits.


OVERSIGHT OR INTERFERENCE? JENSEN'S PENDING DEPARTURE SPARKS DEBATE ABOUT GOVERNMENT'S RELATIONSHIP TO OSC

FP - Barbara Shecter (2020-01-28)

Maureen Jensen’s decision to leave the Ontario Securities Commission nearly a year before her term as chairperson expires is reviving debate over the relationship between Canada’s largest capital markets watchdog and the government that oversees it.


N26 RACKS UP A QUARTER OF A MILLION US CUSTOMERS IN FIRST SIX MONTHS

Finextra - Finextra (2020-01-28)

Berlin-based banking startup N26 claims to have recruited 250,000 new customers in the US, just six months after opening its doors Stateside.


HOW TO HACK A BANK

Bobsguide - Bobsguide (2020-01-28)

On December 31, 2019 a group of hackers called Sodinokibi launched a cyberattack on the Travelex network. The group held the foreign exchange company to ransom for £4.6m the Telegraph reported. The attack went on to cause disruption at Lloyds, Barclays, and Royal Bank of Scotland.


BOB DIAMOND'S DIGITAL CHALLENGER PRAXIA IN FIRE SALE TO VIVA WALLET

Finextra - Finextra (2020-01-28)

Former Barclays' investment banking head Diamond and fellow Atlas Capital partner David Schamis are the sole shareholders in Praxia Bank, which was formed out of the ashes of Credicom Consumer Finance Bank, a specialist Greek automotive lender, following its acquisition from Credit Agricole in June last year.


REGULATION AND ANTI-COMPETITIVE BEHAVIOUR HITTING AUSTRALIAN FINTECH

Finextra - Finextra (2020-01-28)

The Select Committee of Financial and Regulatory Technology, established in September, is undertaking a review of Australia's innovation sectors, for which it has received 123 submissions.


FCA REQUESTS EXPLANATION ON BANKS’ ‘HARMFUL’ OVERDRAFTS

Finextra - Finextra (2020-01-28)

Monzo customers are currently charged a fixed 50p per day overdraft fee but from April this year, the fee will shift to an EAR of 19%, 29% or 39% (variable), depending on the user’s credit score.


BUDGET PROPOSAL AIMS TO HELP LOW-INCOME EARNERS ACCESS ADVICE

IE - Rudy Mezzetta (2020-01-28)

On Friday, Prosper Canada submitted a proposal to the Department of Finance Canada asking Ottawa for $20.7 million over five years to fund its Financial Empowerment Champion (FEC) program, which supports community organizations that provide financial education, tax-filing assistance and money management coaching to “financially vulnerable” Canadians.


JPMORGAN HIRES SENIOR TECH EXECUTIVE FROM GOLDMAN SACHS: MEMO

Reuters - Anna Irrera (2020-01-27)

JPMorgan Chase & Co (JPM.N) has hired senior banking technology executive Gavin Leo-Rhynie as head of engineering and architecture for the corporate and investment bank (CIB), according to a memo seen by Reuters.


SWITZERLAND’S CENTRAL BANK IS STOMACHING STRONGER FRANC FOR NOW

Bloomberg - Catherine Bosley (2020-01-27)

Sight deposits at the Swiss National Bank increased only marginally last week, suggesting President Thomas Jordan and his colleagues aren’t taking much action to counter the strengthening franc.


FED OFFICIALS WEIGH NEW RECESSION-FIGHTING TOOL: CAPPING TREASURY YIELDS

WSJ - Nick Timiraos (2020-01-27)

As part of their contingency planning for the next recession, the Fed is looking at a stimulus scheme the U.S. last used during and after World War II.


EUROPE’S BANKING REGULATOR PAVES THE WAY FOR BANK MERGERS

WSJ - Patricia Kowsmann, Giovanni Legorano and Ben Dummett (2020-01-27)


GAS STATIONS BECOME A DRIVING FORCE FOR IN-CAR COMMERCE

Paymentsource - John Adams (2020-01-27)

Two of the largest U.S. fueling station chains are adopting technology that separates the act of pumping gas from the transaction — and in the process, enabling that the purchase of fuel to become a gateway to in-car shopping.


AUTOMATION TO BE CENTRAL TO FINANCIAL SERVICES, ACCORDING TO AVALOQ STUDY

Information Age - Info-age (2020-01-27)

The automation study, carried out by fintech firm Avaloq, also found that increased used of open and collaborative platforms (34%) and more distributed ledger technologies and cryptocurrencies (26%) could play a major role in financial services going forward.


U.S. RECESSION CHANCES DIP FURTHER ON JOB GROWTH, RECORD STOCKS

Bloomberg - Vince Golle (2020-01-27)

Probability of U.S. recession within 12 months


'THERE IS NO RETAIL APOCALYPSE': CANADA'S TOP SHOPPING MALLS SEE SALES GROWTH

Yahoo Finance - Alicja Siekierska (2020-01-27)

The growth comes as many malls invest millions in upgrades and add sales-boosting tenants, including luxury retailers and high-margin Tesla showrooms. Just five of the top 30 Canadians malls did not feature an Apple store, which the report said could lift sales by more than $100 per square foot.


TD TO START CHARGING COMPOUND INTEREST ON ALL PERSONAL CREDIT CARDS

Global News - Erica Alini (2020-01-27)

TD will start charging compound interest on all its branded personal credit cards, Global News has learned.


EARTHQUAKE "LIGHTLY FELT" IN FRASER VALLEY, BC AREA

Insurance Business - Lyle Adriano (2020-01-27)

An earthquake of 1.9 magnitude has been detected in the Fraser Valley – the latest tremor report in a string of incidents that began in late December.


HERE ARE THE TOP 10 BUSINESS RISKS AROUND THE WORLD IN 2020

Insurance Business - Bethan Moorcraft (2020-01-27)

According to the Allianz study, which focuses on large and small- to mid-sized enterprises in 22 industry sectors and 102 countries, cyber incidents (including cybercrime, IT failure/outage, data breaches, fines and penalties) were the top concern, followed by business interruption, changes in legislation and regulation, natural catastrophes, and market developments.


COMPANY OWNERS PLEAD GUILTY TO BERKSHIRE HATHAWAY FRAUD

Insurance Business - Lyle Adriano (2020-01-27)

The owners of a California-based solar power company have pleaded guilty in connection to a scheme that defrauded nearly a billion dollars from companies such as Berkshire Hathaway and Progressive Insurance.


UK MORTGAGE APPROVALS AT HIGHEST LEVEL IN FOUR YEARS

FT - Valentina Romei (2020-01-27)

Banks approved 46,800 mortgages during the month, up 6.3 per cent from November, and 19.6 per cent higher than in December 2018, according to UK Finance, an industry body that tracks seven high-street banking groups that account for roughly two-thirds of the overall market. 


LAWYERS PUSH TO TOUGHEN NEW US INSIDER TRADING LAW

FT - Kadhim Shubber (2020-01-27)

A group of influential US lawyers has urged Congress to toughen insider trading laws by making insiders liable even when they do not benefit from giving non-public information to traders.


AI WILL REWRITE THE FUTURE OF FUND MANAGEMENT

FT - Amin Rajan (2020-01-27)

“If you don’t accept technology, you better go to another place, because no place here is safe,” said Robert Rauschenberg, one of the most iconic visual artists of the last century. The message is not lost on fund managers as they enter the new decade — one that will be shaped by five foundational shifts requiring slim-lined businesses that deliver what they promise:


US RETAIL UPHEAVAL LAID BARE AS BANKRUPTCIES GROW

FT - Alistair Gray (2020-01-27)

The scale of the upheaval across much of the US retail sector has been laid bare by figures showing that about one in 10 listed companies has gone bankrupt since 2008 and the value of shopping malls has tumbled 30 per cent in the past three years. About half of department stores in malls are predicted to close and another 500,000 retail jobs cut by 2025 in two industry reports that warn the disruption is set to accelerate. Retail sales overall have been buoyant as shoppers have moved online, but trade credit insurer Euler Hermes said the rise of ecommerce had benefited a small number of companies and hurt profitability across much of the sector. Amazon will this week provide details of its performance over the holiday shopping season, which founder Jeff Bezos has described as “better than ever”. The group is forecast to record a 19 per cent year-on-year rise in quarterly revenues to a record $86bn, although the rollout of one-day shipping is expected to dent profit margins. The earnings report was likely to show that Amazon’s retail business was “accruing most of the benefit” from an industry-wide spike in online orders, said Youssef Squali, analyst at SunTrust. Holiday ecommerce sales jumped nearly 19 per cent, according to Mastercard.


CONGRESS MIGHT FINALLY ADDRESS THE 'IMMINENT DANGER' FACING SOCIAL SECURITY

Yahoo Finance - Ben Werschkul (2020-01-27)

"What folks don't really understand is we have several trusts funds in really imminent danger," Goldwein says in an interview with Yahoo Finance’s “On the Move.” "We don't need to save Social Security for our grandkids, we actually need to save it for our grandparents.”


YOU CAN NOW USE YOUR AMEX AT AS MANY PLACES AS VISA, MASTERCARD

Bloomberg - Jennifer Surane (2020-01-27)

After years of trying to persuade more of America’s 30 million small businesses to accept its cards as payment, AmEx in 2019 reached “virtual parity” coverage with Visa and Mastercard in the U.S., American Express Co. Chief Executive Officer Steve Squeri said Friday.


BREAKING A GLASS CEILING: JANET BANNISTER BECOMES FIRST WOMAN TO LEAD ONE OF CANADA’S LARGEST EARLY-STAGE VC FIRMS

G&M - Josh O'Kane (2020-01-27)

Janet Bannister has been named managing partner of Real Ventures, becoming the first woman to lead one of Canada’s largest and most active early-stage venture-capital firms.


RIDESHARING INSURANCE TAKES CENTRE STAGE AS UBER, LYFT APPROVED IN B.C.’S LOWER MAINLAND

Canadian Underwriter - Jason Contant (2020-01-27)

“I’m very pleased to announce that ride-hailing is finally coming to Vancouver,” the mayor said in a statement. “We’ve been working hard to prepare for this, and staff have turned around business licences for Uber and Lyft on the same day they were issued by the province.”


ACCOUNTING FIRM TO PAY $3.5 MILLION FOR SUBSTANDARD AUDITS OF CRYSTAL WEALTH

Investment Executive - Greg Dlagetty (2020-01-27)

“Investors rely on auditors to carry out their work with professional skepticism and proper oversight,” Jeff Kehoe, the OSC’s director of enforcement, said in a statement. “When auditors fall short, investors lose confidence in the integrity of financial reporting, a cornerstone of our capital markets.”


FEAR IS CHIEF RISK FROM VIRUS OUTBREAK: SCOTIA

IE - James Langton (2020-01-27)

“While it is premature to predict the path of today’s coronavirus outbreak, we estimate that a SARS-equivalent pandemic today could have a similar impact on the Canadian economy with an estimated hit of just over 0.1% on the level of GDP by mid-2020, at which point a pandemic should be contained,” the Scotia report stated.


WEALTHSIMPLE TO ENTER THE ETF MARKET

IE - Mark Burgess (2020-01-27)

The Wealthsimple North America Socially Responsible Index ETF will invest primarily in Canadian and U.S. equities that don’t violate “commonly held social and environmental values,” the preliminary prospectus says.


BMO’S LATEST FINTECH ACQUISITION A POSITIVE, MOODY’S SAYS

IE - James Langton (2020-01-27)

“Acquiring a fintech provider such as Clearpool helps BMO increase operational efficiency, providing digital infrastructure that enhances institutional clients’ digital experience, which is an increasingly important element of client-retention strategies,” Moody’s said.


AMERICAN EXPRESS PROFIT DROPS 16 PER CENT ON HIGHER REWARDS-PROGRAM SPENDING

G&M - Reuters (2020-01-27)

Credit-card issuer American Express Co reported a fourth-quarter profit on Friday that beat analysts’ estimates, as more people used its cards for shopping and paying bills while a strong U.S. retail sales environment also helped.


SAVINGS ACCOUNT INTEREST RATE WAR BREAKS OUT AMONG FEISTY UPSTARTS

G&M - Rob Carrick (2020-01-27)

The economy simply will not co-operate in generating the sparks needed to move interest rates higher.


STEVEN MNUCHIN SAYS HE WAS JOKING WHEN HE ASKED IF TEEN CLIMATE ACTIVIST WAS THE CHIEF ECONOMIST

CBC - AP (2020-01-27)

Teenage climate activist Greta Thunberg has brushed off criticism and mockery from the U.S. Treasury chief, saying Friday his comments have "of course no effect" on her and fellow campaigners.


CANADA'S ECONOMY HAS ‘FREE MONEY LYING ON THE SIDEWALK’ AND NOBODY IS PICKING IT UP

FP - Kevin Carmichael (2020-01-27)

This week’s commentariat included a new addition. Trevin Stratton, chief economist at the Canadian Chamber of Commerce, expressed dismay over the central bank’s revised outlook, which assumes the economy essentially stalled in the fourth quarter, and foresees only lacklustre growth of 1.6 per cent in 2020.


SCOTIABANK SEES MORE ROOM TO GROW WITHIN THE DOMESTIC BANKING SECTOR AS IT WORKS TO PROTECT ITS HOME BASE

FP - Geoff Zochodne (2020-01-27)

Rees said they are looking to deepen ties with Canadian households, but also noted the outlook for business banking is favourable. The bank’s economics unit is projecting business investment in Canada to outpace that in the United States in 2020 “by a healthy margin,” Rees said, with the majority of Canadian businesses expecting to invest even more over the next 12 months.


FORMER WELLS FARGO CEO JOHN STUMPF BANNED FROM INDUSTRY FOR LIFE, TO PAY $17.5 MILLION OVER SALES SCANDAL

FP - Hannah Levitt (2020-01-27)

A group of former Wells Fargo & Co. executives are facing almost US$59 million in fines and bans from the U.S. banking industry over their roles in the firm’s scandals as regulators show more appetite to go after individuals.


CANADA'S REGULATORY TURTLES

FP - Terence Corcaran (2020-01-27)

Reform may already be underway. In a fiscal statement last November, the government announced the creation of a “task force” to review the role of the OSC. The Securities Act has not been reviewed in over 15 years, said the government. The act is “outdated, and should support modern capital markets. Ontario will undertake measures to create a modernized securities regulatory framework that is responsive to innovation and changes in a rapidly evolving marketplace.”


ALBERTA DOESN’T NEED ANOTHER PENSION PONZI SCHEME

FP - Franco Terrazzano (2020-01-27)

The last thing Alberta taxpayers need is another pension Ponzi scheme, but that’s exactly what taxpayers can expect if the provincial government recreates the Canada Pension Plan in Alberta without fundamentally over-hauling it.


REGULATOR PROBES BOARD ROLE IN CREDIT SUISSE SPYING SCANDAL - SOURCES

Reuters - John O'Donnell (2020-01-27)

Switzerland’s market supervisor is scrutinizing Credit Suisse’s oversight of chief executive Tidjane Thiam and his top lieutenants as part of a probe into corporate espionage, two people with direct knowledge of the investigation said.


REMAINING HURDLES FOR SCANDAL-HIT WELLS FARGO

Reuters - Reuters (2020-01-27)

Wells Fargo & Co and its officials have racked up well over $4 billion (3 billion pounds) in penalties since a sales practices scandal erupted in 2016, and continues to face headwinds.


SAVINGS ACCOUNT INTEREST RATE WAR BREAKS OUT AMONG FEISTY UPSTARTS

G&M - Rob Carrick (2020-01-24)

The economy simply will not co-operate in generating the sparks needed to move interest rates higher.


SCOTIABANK FORESEES GROWTH IN LATIN AMERICAN OPERATIONS DESPITE ECONOMIC HEADWINDS

G&M - James Bradshaw (2020-01-24)

Bank of Nova Scotia predicts that its Latin American operations can continue to churn out rising profits in the coming years, as the bank works to assuage concerns about the region’s civil unrest and slower economic growth.


OTTAWA SUBSIDIZING MASTERCARD’S NEW $510-MILLION VANCOUVER CYBERSECURITY R&D CENTRE

G&M - Sean Silcoff (2020-01-24)

The federal government has enticed Mastercard Inc. to open a technology research and development centre in Vancouver with $49-million in incentives through its Strategic Innovation Fund (SIF).


SUBSIDIARY OF SOM SEIF’S PURPOSE FINANCIAL BUYING WEALTHSIMPLE’S FINANCIAL-ADVISER BUSINESS

FP - Clare O'Hara (2020-01-24)

Som Seif’s Purpose Financial LP is making a major move into the financial-adviser business by scooping up Wealthsimple for Advisors.


FORMER WELLS FARGO CEO JOHN STUMPF BANNED FROM INDUSTRY FOR LIFE, TO PAY $17.5 MILLION OVER SALES SCANDAL

FP - Hannah Levitt (2020-01-24)

A group of former Wells Fargo & Co. executives are facing almost US$59 million in fines and bans from the U.S. banking industry over their roles in the firm’s scandals as regulators show more appetite to go after individuals.


'THEY'RE NOT GOING AWAY OVERNIGHT': RBC CEO SAYS FOSSIL FUELS ARE NECESSARY IN SHIFT TO GREEN ECONOMY

FP - Doug Alexander (2020-01-24)

“We have a longer-term transition as we change the energy source, we move to a greener economy, but it is a transition,” McKay said Thursday during a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland. “You need fossil-based fuels to make that transition — they’re not going away overnight.”


JPMORGAN BOARD RAISES CEO DIMON'S PAY TO $31.5 MILLION

Reuters - Elizabeth Dilts Marshall (2020-01-24)

That was a 1.6% increase from the $31 million he received for 2018. The bank said it was based on its strong performance last year and “over the long term,” according to the filing. The bank said its board of directors considered the bank’s business results, risk controls and conduct, client, customer and stakeholder focus and teamwork and leadership when determining Dimon’s pay.


BANK OF CANADA PIVOT RAISES STAKES FOR RETAIL SALES NUMBERS

Bloomberg - Chris Fournier and Erik Hertzberg (2020-01-24)

A more dovish than expected tone from Bank of Canada Governor Stephen Poloz is intensifying focus on incoming economic data, with Friday’s retail sales numbers now in the crosshairs.


MASTERCARD INVESTS IN PINE LABS

Finextra - Finextra (2020-01-24)

New Delhi-based Pine Labs provides merchants with cloud-based POS software that lets them accept cards, as well as QR-code-based payments and other unified payments interface (UPI)-based offerings. Today, it processes payments of US$30 billion per year and serves some 140,000 merchants across about 450,000 network points.


MAJOR INSURERS PLEDGE $55 MILLION TO TRY TO LOWER GENERIC DRUG PRICES

NY Times - Katie Thomas (2020-01-24)

Frustrated with high drug prices, especially on essential medicines like insulin, state and federal lawmakers have signaled interest in manufacturing generic medications to try to lower costs for millions of Americans. Gov. Gavin Newsom of California recently floated a similar proposal, in which the state would contract with outside manufacturers to sell generic drugs under the state’s own label. And Senator Elizabeth Warren, the Massachusetts Democrat seeking her party’s presidential nomination, has advanced a similar proposal.


FED REPOS ADD $74.2 BILLION, BUT NET LIQUIDITY DECLINES MODESTLY

WSJ - Michael S. Derby (2020-01-24)

The Federal Reserve Bank of New York intervened with two temporary additions of liquidity that nevertheless amounted to a modest reduction in the overall amount of temporary liquidity the central bank is adding to financial markets.


ECB INDICATES IT WILL LEAVE NEGATIVE RATES IN PLACE FOR SOME TIME

WSJ - Tom Fairless (2020-01-24)

The ECB signaled it will leave negative interest rates in place for some time, despite growing misgivings with the unconventional policy tool, as trade tensions continue to drag on the export-focused eurozone economy.


SHADOW BANKS COME INTO THE LIGHT IN GLOBAL LENDING

WSJ - Mike Bird (2020-01-24)

Nonbank financial institutions have a growing presence in cross-border credit, but we won’t know the real effect until a downturn arrives.


FED LIQUIDITY OPERATIONS FACE CONFLICTING CURRENTS IN WEDNESDAY INTERVENTIONS

WSJ - Michael S. Derby (2020-01-24)


VANCOUVER DETACHED REAL ESTATE SEES MORE SALES THAN NEW LISTINGS… PRICES STILL DROP

Better Dwelling - Kaitlin Last (2020-01-24)

Greater Vancouver detached real estate prices are still falling. REBGV reported the detached benchmark, a.k.a. typical home, price fell to $1,423,500 in December, down 4.0% from the same month last year. In the city, Vancouver East prices fell to $1,390,100, down 3.1% over the same period. Vancouver West fell to $2,588,900, down 6.7% from a year before. These are hefty drops from a year ago, but there are some signs of stabilization.


CANADA’S BIGGEST INSURANCE LOSSES IN 2019

Canadian Underwriter - Greg Meckbach (2020-01-24)

At $250 million, the Halloween storm in eastern Ontario/Quebec ranked first on a list of 2019 severe weather events. The Niagara and Montreal areas were the hardest hit, both in terms of wind and water damage, IBC reported earlier.


DAVOS 2020: WEF UNVEILS DIGITAL CURRENCY

Finextra - Finextra (2020-01-24)

Unveiled at Davos, the new consortium aims to tackle the challenge with an international, multi-stakeholder approach involving both the public and private sectors.


BANK OF ENGLAND OPENS BIDDING FOR CLOUD PARTNER

Finextra - Finextra (2020-01-24)

The UK central bank says it requires "an experienced partner to assist in design, construction and assurance of a modern, fit for purpose cloud environment."


OPEN BANKING CUSTOMER NUMBERS SURGE

Finextra - Finextra (2020-01-24)

The doubling in customer numbers mirrors similar growth in third party service providers. Currently there are 204 regulated providers, up from 100 at the end of 2018, who are fielding approximately 200 million monthly calls on bank account data.


SUN LIFE MAKES $560 MILLION BUY-IN GROUP ANNUITY DEAL WITH RIO TINTO SUBSIDIARY

Insurance Portal - Insurance Portal (2020-01-24)

The deal, valued at more than $560-million, covers more than 3,700 retirees and beneficiaries. Morneau Shepell says Sun Life was awarded the buy-in group annuity contract following a thorough due diligence process.


FIVE COUNTRIES, INCLUDING CANADA, GARNER SIGNIFICANT INFORMATION ON TAX EVASION HUB

Insurance Portal - IIJ (2020-01-24)

In a statement, the J5 said the action took place as part of a series of investigations in multiple countries into an international financial institution located in Central America, whose products and services are believed to be facilitating money laundering and tax evasion for customers across the globe.


WHAT IT WILL TAKE FOR BANK OF CANADA GOVERNOR STEPHEN POLOZ TO PULL THE TRIGGER ON A RATE CUT

G&M - DAVID PARKINSON (2020-01-23)

In case you had any doubt, Bank of Canada Governor Stephen Poloz stated it in plain English: The door is open for a rate cut. The bigger question now is, what would make the central bank boss walk through it?


BANK OF CANADA HOLDS RATES STEADY, SEES WEAK FOURTH QUARTER SPILLING INTO EARLY 2020

G&M - Bill Curry (2020-01-23)

Bank of Canada Governor Stephen Poloz said weaker economic growth in the fourth quarter is spilling into the early part of 2020 and signalled a possible interest rate cut should that weakness continue.


VOLKSWAGEN ORDERED TO PAY RECORD CANADIAN FINE OF $196.5-MILLION IN EMISSIONS SCANDAL

G&M - Nicole Thompson (2020-01-23)

German automotive giant Volkswagen AG was ordered Wednesday to pay a $196.5-million fine to the Canadian government after pleading guilty in an emissions-cheating scandal.


CANADA SHOULD FOLLOW U.S. TREASURY'S LEAD AND ISSUE 20-YEAR BONDS, SUN LIFE SAYS

FP - Esteban Duarte (2020-01-23)

Debt due in two decades would help Canada insulate its finances against higher interest rates down the road, but it would also allow asset managers to better pair similarly dated liabilities with government bonds. That’s the view of Randall Malcolm, Toronto-based senior managing director of fixed income at SLC Management, which oversees $227 billion (US$173.8 billion).


BMO BUYING ALGORITHMIC TRADING PROVIDER CLEARPOO

FP - Zkhanpm (2020-01-23)

BMO Financial Group on Wednesday announced the acquisition of fintech electronic trading company Clearpool Group Inc. for an undisclosed amount.


AUSTRALIA'S WESTPAC HIRES FORMER BARCLAYS CHAIRMAN TO TIDE OVER CRISIS

Reuters - Paulina Duran, Nikhil Nainan (2020-01-23)

Westpac’s woes are part of wider ructions in the banking industry. Three of the four banks that dominate the Australian market have lost their leaders in the wake of damaging revelations from a government-backed inquiry into misconduct in the industry.


MORGAN STANLEY EXECUTIVE RICH PORTOGALLO TO RETIRE: MEMO

Reuters - Elizabeth Dilts Marshall (2020-01-23)

Veteran Morgan Stanley (MS.N) executive Rich Portogallo, who was key in building the bank’s prime-brokerage business, is retiring, according to an internal memo seen by Reuters on Wednesday.


BANK OF CANADA OPENS DOOR TO RATE CUT ON PERSISTENT SLOWDOWN

Bloomberg - Erik Hertzberg and Theophilos Argitis (2020-01-23)

The near-term slowdown coupled with a slight upward revision to potential growth prompted the central bank to increase its estimate for the amount of slack in the economy -- from about 0.25% of output in the third quarter to about 0.75%. The bank also projected the economy will be in a state of excess capacity through the end of 2021. That build up in slack -- which bolsters the case for a rate cut -- is being weighed against the possibility that lower interest rates will fuel financial vulnerabilities, Poloz said at the press conference.


SCOTIABANK CEO SEES ‘SIGNIFICANT’ PROSPECTS FOR SCALED-BACK BANK

Bloomberg - Doug Alexander (2020-01-23)

The head of Canada’s third-largest lender pointed to “substantial” efforts to simplify its geographic spread and operations from six years ago, when it was in 55-plus countries. That’s left Scotiabank with scale and competitive advantages in six core markets -- Canada, the U.S. and the Pacific Alliance countries of Mexico, Peru, Chile and Colombia -- that represent 85% of earnings at the Toronto-based lender, Porter said.

“We have radically simplified the bank’s operations, removed distractions, and focused on the Americas,” he said. “Today we are a highly competitive player in each of our core markets, with multiple avenues for growth.”   Scotiabank disclosed its expectations for the company in its presentation materials, including getting 40% of earnings from Canadian banking and 30% from international banking. Global wealth management, Scotiabank’s newest standalone division, and its global banking and markets unit will each account for 15% of earnings.


NOT A SINGLE MAJOR CANADIAN REAL ESTATE MARKET IS A BUYER’S MARKET

Better Dwelling - Kaitlin Last (2020-01-23)

The sales to new listings ratio (SNLR) is one way to measure relative demand for inventory. The ratio is exactly what it sounds like – the ratio of home sales, compared to newly listed homes for sale. Using this measure, we get some idea of how quickly inventory can be replenished. The industry uses this as one of the methods of determining if a market is hot or not.


HEY OSC: CAN YOU SPARE $100-MILLION?

G&M - Joseph Groia (2020-01-23)

Do most Ontarians know that there is more than $100-million of public money sitting in a bank account at the Ontario Securities Commission (OSC) just waiting to be spent on health care, education or legal aid? Unfortunately, they may not as the OSC is badly behind on its statutory corporate-governance obligations (ironically for our capital markets regulator). It is also not clear what Queen’s Park plans to do about it.


FRANCE AND U.S. AGREE TO MOVE FORWARD ON GLOBAL DIGITAL-TAX TALKS

G&M - Luke Baker (2020-01-23)

France and the United States agreed on Thursday how to press ahead with a global rewrite of cross-border tax rules for the digital era, French Finance Minister Bruno Le Maire said.


SCOTIABANK CHIEF ECONOMIST DOUBTFUL ON RECESSION, EXPECTS INTEREST RATE CUT

G&M - Tara Deschamps (2020-01-23)

The Bank of Nova Scotia’s senior vice president and chief economist isn’t fretting over a potential recession because he believes predictions that one will hit Canada are “exaggerated.”


VANCOUVER’S COMMERCIAL REAL ESTATE BOOM FACES SOME OMINOUS SIGNS

G&M - Frances Bula (2020-01-22)

The official picture of Vancouver’s office-tower scene is blindingly bright: almost zero vacancy, more companies clamouring for space, and near euphoria over the city’s transformation from a resources-only town to a rapidly growing tech centre that is filling up commercial buildings faster than they can be put up.


DEBT-LADEN EVERGRANDE RAISES MORE DEBT

FT - Jamie Powell (2020-01-22)

While fears over coronavirus continue to spread in China (and just now, in Taiwan), there’s news of another ailment watchers of the People’s Republic have been concerned about for the past decade: corporate debt.


THE NEW KINGS OF THE BOND MARKET

FT - Joe Rennison, Robert Armstrong, Robin Wigglesworth (2020-01-22)

When Josh Barrickman became known as the new “bond king”, his colleagues teased the taciturn fund manager by leaving paper crowns from Burger King at his desk.


BANKS LABOUR UNDER NEGATIVE RATES AND ‘ZOMBIE’ LOAN PRESSURE

FT - David Crow (2020-01-22)

When bank executives descended on Davos last year for the annual meeting of the world’s elite, they did so under a cloud.


DAVOS 2020: BANKERS PUSH BACK AGAINST CLIMATE ACTION CALLS

FT - David Crow, Gillian Tett (2020-01-22)

The leaders of major banks and other financial companies have rejected suggestions that they are not doing enough to combat climate change and resisted calls that they should refuse to work with clients that are major polluters. The comments came at the World Economic Forum in Davos on Tuesday, after climate campaigner Greta Thunberg hit out at companies that she said were not doing enough. Mike Corbat, chief executive of Citibank, said it was not the job of banks to ensure that companies were adopting environmentally friendly business models by unilaterally cutting off finance for polluting businesses.


EXCLUSIVE: BANK OF AMERICA TO HIRE 50 BANKERS FOR ASIA DEALMAKING TEAM IN 2020 - SOURCES

Reuters - Sumeet Chatterjee, Scott Murdoch (2020-01-22)

Bank of America Corp (BAC.N) will recruit about 50 bankers for its investment banking team in Asia this year, as it pushes to bolster its dealmaking business and shore up revenues from the unit, three people with direct knowledge of the matter said.


GOLDMAN CEO SAYS PROCESS ON CANCELED WEWORK IPO 'WORKED'

Reuters - Greg Roumeliotis (2020-01-22)

The IPO was canceled after investors raised questions about WeWork’s valuation and corporate governance arrangements that gave its co-founder Adam Neumann too much control.


POLOZ ENTERS HOME STRETCH HAWKISH ON RATES

Bloomberg - Bloomberg (2020-01-22)

In public appearances since October, including a number from Poloz, officials have sought to accentuate the positive, highlighting the nation’s strong jobs market and on-target inflation. At the same time, they’ve been reluctant to put much stock in weaker indicators they say are transitory.
Last month, Deputy Governor Timothy Lane defended the Bank of Canada’s decision to buck the global easing trend, saying the nation’s resilient economy is allowing it to “chart its own course in monetary policy.”


CANADA’S NON-BANK MORTGAGE INDUSTRY MORE THAN TRIPLES ITS BUSINESS

Better Dwelling - Better Dwelling (2020-01-22)

The assets held by Canada’s MFCs have exploded in growth over the past few years. MFCs held $63.66 billion in assets at the end of 2018, up 10.09% from the year before. Since 2007, MFC assets are 7,606% higher. The average annual pace over growth since then has been 83.38% a year. This segment went from a relatively small industry, to a big one.


A DYING TRADITION: WHY IT HAS BECOME RARE FOR COMPANIES TO SPLIT THEIR STOCKS

G&M - David Berman (2020-01-21)

For anyone who enjoys the peculiar satisfaction that comes when one of your stock holdings splits in two, 2019 was bereft of joy. Just two Canadian companies completed stock splits last year, a drought made more severe by the fact that the S&P/TSX Composite Index surged 19 per cent.


INCOME STOCKS WILL LIKELY ADD TO THEIR GAINS IN 2020. INVESTORS SHOULD CONSIDER THESE FIVE

G&M - Gordon Pape (2020-01-21)

The year just ended was a good one for income-oriented investors. Prices of interest-sensitive securities rose as the U.S. Federal Reserve Board changed direction and lowered rates three times.


WEALTHSIMPLE UNVEILS NEW CHEQUING ACCOUNT PARTNERSHIP WITH TWO MAJOR CANADIAN BANKS

G&M - Clare O'Hara (2020-01-21)

Online financial services provider Wealthsimple Inc. has partnered with two major Canadian banks as it prepares to launch the first of three new banking products under development – a chequing account service to be called Wealthsimple Cash.


HUB FINANCIAL PARTNERS WITH NEST WEALTH TO BROADEN INVESTMENT PORTFOLIO CAPABILITIES

G&M - Clare O'Hara (2020-01-21)

Insurance adviser Hub Financial Inc. has partnered with robo-adviser Nest Wealth to broaden its investment portfolio capabilities, including adding access to low-cost exchange traded funds for Hub clients.


RELAXING FEDERAL STRESS TEST WOULD SPUR MORE USE OF LONG-TERM MORTGAGES, C.D. HOWE SAYS

G&M - James Bradshaw (2020-01-21)

The federal government can make longer-term mortgages more attractive to banks and their customers by loosening a stress test for borrowers if they choose terms of 10 years or longer, according to the C.D. Howe Institute.


CLIMATE NOT CONSIDERED A TOP 10 RISK BY CEOS: SURVEY

G&M - Pan Pylas (2020-01-21)

Climate issues are set to be one of the main talking points at the World Economic Forum in the Swiss ski resort of Davos this week, but a survey of CEOs released Monday shows that they are not even ranked among the top ten threats to business growth.


HEAD OF CANADA'S BIGGEST PENSION FUND WARNS ON RUSH TO ILLIQUID ASSETS

FP - Paula Sambo (2020-01-21)

“I do ring the alarm bell on not to be too invested in illiquid assets,” Mark Machin, chief executive officer of the Canada Pension Plan Investment Board, said in a Bloomberg Television interview Monday at the World Economic Forum in Davos. “We are very comfortable with our risk models and what we would do in various lurches down markets, but I do worry about the expansion of a lot of funds like us around the world into private illiquid assets.”


ONTARIO TEACHERS’, NATIONAL MADE PAYMENTS TO GERMAN AUTHORITIES AFTER MAPLE BANK TAX ALLEGATIONS

FP - Geoff Zochodne (2020-01-21)

Two major financial players in Canada have acknowledged they have made payments to German authorities after a bank they partly owned became entangled in an investigation into alleged tax fraud in Europe.


JPMORGAN SAYS 'OUI' TO PARIS EXPANSION POST-BREXIT

Reuters - Gwénaëlle Barzic, Maya Nikolaeva (2020-01-21)

JPMorgan Chase & Co (JPM.N) is the latest investment bank to significantly expand its Paris hub as part of plans to relocate some services from London after Britain’s exit from the European Union, snapping up new premises in the French capital.


AS BANKS RUSH INTO CHINA, BMO’S CEO STILL FAVORS U.S. FOR GROWTH

Bloomberg - Doug Alexander (2020-01-21)

Bank of Montreal Chief Executive Officer Darryl White says he still favors the U.S. for expansion over China, even with some of the world’s biggest lenders clamoring to expand in Asia’s biggest economy.


TRIO OF G-7 CENTRAL BANKS MAY SET TONE FOR 2020: ECO WEEK AHEAD

Bloomberg - David Goodman (2020-01-21)

The European Central Bank and Bank of Japan are among Group of Seven institutions leading the charge this week with their first interest-rate meetings of 2020, each of which may set the tone for the year ahead.


THE FRENCH BANKS RIVALING JPMORGAN AND CITIGROUP

WSJ - Rochelle Toplensky (2020-01-21)

France has more to offer investors than striking workers. Its banks have produced shareholder returns to rival those of JPMorgan Chase and Citigroup, and there is no reason why the trend can’t continue.


GLOBAL BANKS RUSH BACK INTO REPO MARKETS

WSJ - PAUL J. DAVIES (2020-01-21)

Increased dependence on short-term market funding comes as growth among the main shadow-banking funding sources has slowed.


CANADIAN HOUSEHOLD CREDIT SLOWS, AS CONSUMER CREDIT GROWTH PLUNGES LOWER

Better Dwelling - Daniel Wong (2020-01-21)

Canadian household debt reached a new all-time high, but lost a little steam. The balance of household debt reached $2.26 trillion in November, up 0.22% from the month before. This represents an increase of 3.9% from last year. The 12-month rate of growth is lower than it was a month before, but still higher than the same month last year. Yeah, it’s tricky as heck when looked at as an aggregate, so let’s dive into the segments.


CENTRAL BANKS FORM GROUP TO EXPLORE DIGITAL CURRENCY

Finextra - Finextra (2020-01-21)

The group - comprising The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS) - will assess CBDC use cases; economic, functional and technical design choices, including cross-border interoperability; and the sharing of knowledge on emerging technologies.


FISCAL POLICY AND RECESSIONS THE ROLE OF PUBLIC INFRASTRUCTURE SPENDING

Fraser Institute - Finn Poschmann (2020-01-21)

Governments are often encouraged to respond to economic downturns by way of discretionary spending measures intended to stimulate growth, offsetting the negative impacts of reduced private sector activity. In recent decades, governments have placed particular emphasis on public infrastructure investment as a response to recessions.


BANKING IS FINALLY ON THE VERGE OF GOING COMPLETELY BORDERLESS

Wired - Taavet Hinrikus (2020-01-21)

Because banks have had a captive audience and local networks, many services they offer are woefully out of step with a globalised society, none more so than international payments. This is an enormous industry – according to McKinsey, $10 trillion is sent across borders by consumers and small-to-medium businesses every year – but it is plagued by excessively high charges that make moving this money outrageously expensive for the regular consumer or business owner. In March 2019, the World Bank estimated the average cost of a remittance at 6.94 per cent of the transfer value. On a £500 transfer, that’s nearly £35.


WORLDPAY AND VISA BACK AFRICAN PAYMENTS FIRM FLUTTERWAVE

Finextra - Finextra (2020-01-21)

With bases in Lagos and San Francisco, Flutterwave is one of several African fintech firms looking to cash in on the continent's drive to electronic payments.


CANADIAN ONLINE BROKERS FACE CLASS ACTION LAWSUIT OVER COMMISSIONS

Insurance-Portal.ca - IIJ (2020-01-21)

Toronto law firm, Koskie Minsky LLP announced late last week that it has commenced a class proceeding concerning the payment of trailing commissions to Canadian online trading brokers. The law firm says the class action is being brought on behalf of all persons who purchased mutual funds through a Canadian discount brokerage.


BROKER ENDS EIGHT-YEAR LEADERSHIP DROUGHT ON IBAO COUNCIL

Insurance Business - Alicja Grzadkowska (2020-01-21)

Katie Grieve (pictured) has a whole list of accomplishments and goals she’s reached over the course of her broking career, which include earning her CAIB designation in 2014, becoming a team leader on the Insurance Brokers Association of Ontario’s (IBAO) Young Brokers Council (YBC) in 2019, and taking on the role of treasurer for the local affiliate, Windsor Essex County Insurance Brokers Association, also in 2019.


AVIVA CHAIRMAN TO RETIRE

Insurance Business - Paul Lucas (2020-01-21)

Montague, who took the reins at Aviva in 2015, built his career as a solicitor and businessman. He worked at Linklaters and Paines from 1971-1994, before switching to investment bank Dresdner Kleinwort and later into the public sector as the chief executive of the Private Finance Initiative Task Force at HM Treasury until 2000.


CYBERATTACK ON A BIG 5 BANK MAY IMPACT ENTIRE FINANCIAL SYSTEM

Insurance Business - Lyle Adriano (2020-01-21)

The post-mortem report prepared by the federal bank modeled how a cyberattack on a single large bank, a group of smaller banks, or a common service provider could be transmitted through the wholesale payments network.


ONTARIO SECURITIES COMMISSION CHAIR AND CEO MAUREEN JENSEN TO STEP DOWN

OSC - OSC (2020-01-21)

“It has been an honour to serve Ontario investors and market participants,” said Chair Jensen. “These past nine years have been the most meaningful in my career. I have enjoyed every moment working alongside my respected colleagues and leadership team, and contributing to Ontario’s vibrant, healthy and internationally recognized capital markets.”


MAUREEN JENSEN TO RESIGN FROM OSC AMID CLASHES WITH FORD GOVERNMENT

G&M - Greg Mcarthur (2020-01-21)

Ontario Securities Commission chair and CEO Maureen Jensen is resigning almost a year before her term expires amid tensions with the Progressive Conservative government.


LOU ECCLESTON LEAVES TMX GROUP WITH $44-MILLION WORTH OF COMPANY STOCK AWARDS

G&M - David Milstead (2020-01-21)

TMX Group Ltd. CEO Lou Eccleston left the company with nearly $44-million in company stock awards after a five-year tenure that ended abruptly earlier this month after TMX investigated allegations he sexually harassed employees during his tenure at Bloomberg LP in the 1990s.


DISCOUNT BROKERAGES HIT WITH CLASS-ACTION LAWSUIT OVER MUTUAL FUND SALES

G&M - Clare O'Hara (2020-01-21)

A group of do-it-yourself investors has filed a lawsuit against Canada’s discount brokerage firms, alleging the brokers improperly received millions of dollars in fees from mutual fund investors for advice they never provided.


BMO IN TALKS TO ACQUIRE CLEARPOOL FOR ABOUT $100-MILLION: SOURCES

G&M - Andrew Willis, James Bradshaw (2020-01-21)

The technology race between Canada’s big banks is heating up, with Bank of Montreal in talks to acquire U.S. trading software company Clearpool Group Inc. for approximately $100-million, according to multiple sources familiar with the transaction.


‘MY CONVICTION LEVEL HAS CHANGED’: DAVID ROSENBERG NOW SEES LOWER ODDS OF U.S. RECESSION IN 2020

G&M - David Berman (2020-01-21)

David Rosenberg estimates the chances of the U.S. economy slipping into recession in 2020 at about 50 per cent – marking a modest improvement in his outlook, although the economist remains far from sunny.


CAN THE WORLD ECONOMIC FORUM KEEP ITS MOJO?

Economist - Economist (2020-01-21)


In 1971 a precocious German academic—at 32 years old, the holder of five degrees in engineering and economics—hosted a conference. The setting was the newly opened congress centre in the Swiss resort of Davos, best known for its tuberculosis sanatoriums and as the backdrop for Thomas Mann’s “The Magic Mountain”. Klaus Schwab wanted to use the symposium to make European businesses think more about stakeholders beyond those who own their shares, and to expose them to American management methods. The fees paid by the 450 who came generated a profit of SFr25,000 ($75,000 in today’s money), which Mr Schwab used to endow the European Management Forum.


MONETARY POLICY WILL NOT BE ENOUGH TO FIGHT THE NEXT RECESSION

Economist - Economist (2020-01-21)

The biggest challenge economists face today is how to deal with downturns. America’s expansion is the longest on record; a slowdown at some point is inevitable. The fear is that central banks will not have enough tools to fight the next recession. During and after the financial crisis they responded with a mixture of conventional interest-rate cuts and, when these reached their limit, with experimental measures, such as bond-buying (“quantitative easing”, or qe) and making promises about future policy (“forward guidance”). The trouble is that today across the rich world short-term interest rates are still close to or below zero and cannot be cut much more, depriving central banks of their main lever if a recession strikes.


BANK OF CANADA LIKELY TO HOLD RATES AMID MIXED OUTLOOK FOR ECONOMY

G&M - DAVID PARKINSON (2020-01-20)

The Bank of Canada will be weighing deteriorating economic numbers against an improving global trade climate, as it prepares this week to issue its first interest-rate decision and economic projections of 2020.


GERMANY TAKES ON BIG TECH: INSIDE THE FIGHT TO CURB THE POWER OF GLOBAL DATA GIANTS

G&M - Josh O'Kane (2020-01-20)

Sitting in a sun-splashed office on the edge of the Rhine River that once belonged to West German presidents, Andreas Mundt leans his elbows on a table and nods to a yellow and blue experimental painting by the artist Maiken Bardeschi. It’s called Frei, he says – the German word for free. “I like that a lot,” he says. “Competition law is a lot about freedom. It’s about choice. And this matters a lot to me.”


CIBC HIRES FORMER TORY CABINET MINISTER LISA RAITT AS VICE-CHAIR FOR GLOBAL INVESTMENT BANKING

FP - Doug Alexander (2020-01-20)

Canadian Imperial Bank of Commerce hired former Conservative Party lawmaker Lisa Raitt as a vice-chair for global investment banking.


STATSCAN EYEING ALTERNATE DATA SOURCES AS CHIEF SAYS SURVEYS JUST DON'T CUT IT ANYMORE

FP - Geoff Zachodine (2020-01-20)

The country’s chief statistician on Tuesday said the traditional ways of collecting information have become less effective in a more digital world, and that Statistics Canada is prepared to start harnessing more “alternate” sources of data.


FIRST PHASE OF MENG WANZHOU'S EXTRADITION HEARING BEGINS IN VANCOUVER

CBC - Jason Proctor (2020-01-20)

More than a year after Meng Wanzhou's arrest at Vancouver International Airport, the first formal phase of the Huawei executive's extradition hearing begins Monday in B.C. Supreme Court.


CEO SAYS BANK OF AMERICA AIMS TO 'DOUBLE' ITS U.S. CONSUMER MARKET SHARE: FT

Reuters - Reuters (2020-01-20)

Brian Moynihan, the chief executive officer of Bank of America Corp (BAC.N), has said the bank could double its consumer market share in the United States despite fears about the power of the country’s largest banking institutions.


MORGAN STANLEY’S TOP-PERFORMING FUND BUYS UNDERVALUED STOCKS

Bloomberg - Ishika Mookerjee (2020-01-20)

The Wall Street firm’s Asia Opportunity Fund, which focuses on equities in the region excluding Japan, returned 44% in the past year, beating 99% of its peers, according to data compiled by Bloomberg. The portfolio focuses on undervalued companies with low debt or net cash on their balance sheets, many of which are found in consumer sectors, said Kristian Heugh, who has been co-managing the fund since its inception in 2016.

   


ECONOMISTS FALL OUT OF FAVOR IN A NEGATIVE-RATE TEST CASE

Bloomberg - Nick Rigillo (2020-01-20)

It’s the latest sign that, since the global financial crisis of 2008, experts are struggling to reassert their credibility. Helge Pedersen, chief economist at Nordea in Copenhagen, says part of the reason his industry has suffered reputational damage is due to its failure to predict negative rates in the first place.


GLOBAL BANKS RUSH BACK INTO REPO MARKETS

WSJ - PAUL J. DAVIES (2020-01-20)

Increased dependence on short-term market funding comes as growth among the main shadow-banking funding sources has slowed.


FORMER BARBADIAN OFFICIAL FOUND GUILTY OF LAUNDERING BRIBES

WSJ - Dylan tokar (2020-01-20)

Donville Inniss, a former minister of industry for Barbados, was convicted of laundering bribes he allegedly received from an insurance company that was seeking to renew a public contract.


FED ADDS $52.6 BILLION TO MARKETS

WSJ - Michael S. Derby (2020-01-20)

As the Federal Reserve added $52.6 billion in short-term liquidity to the financial system Friday to aid money markets, central bank officials debated the program that has been in place since September.


MORGAN STANLEY’S STOCK HASN’T KEPT PACE WITH RECORD PROFITS

WSJ - Michael Wursthorn (2020-01-20)

Morgan Stanley reported record revenue and profit for 2019 and the stock Thursday had it biggest gain in three years. But for some long-term shareholders, that isn’t enough.


INSURANCE OFFICIALS PURSUE CONTROL OF MANY OF GREG LINDBERG’S FIRMS

WSJ - Mark Maremont and Leslie Scism (2020-01-20)


A $45 BILLION BET ON NARENDRA MODI’S INDIA IS UNWINDING

Bloomberg - Ronojoy Mazumdar (2020-01-20)

“The euphoria around Modi before 2014 has tapered off,” said Salman Ahmed, the London-based chief investment strategist at Lombard Odier Investment Managers, which oversees about $52 billion.


BUSINESS OUTLOOK SURVEY—WINTER 2019–20

BOC - BOC (2020-01-20)

Results from the winter Business Outlook Survey suggest that business sentiment is broadly positive except in the Prairies, where indicators remain weak. In aggregate, firms’ outlook is supported by expectations of healthy domestic and foreign sales.


AMERICAN-EXPRESS-HOLDS-OFF-LAUNCHING-PAY-WITH-BANK-TRANSFER-SERVICE-IN-AUSTRALIA

ZD Net - Aimee Chanthadavong (2020-01-20)

American Express (Amex) Australia has confirmed that unless Consumer Data Right (CDR) is expanded to "write-access" under Open Banking in Australia, it would not launch its Amex Pay with Bank Transfer service in Australia.


IMPLEMENTATION TIMELINE FOR BASEL III OPERATIONAL RISK CAPITAL REQUIREMENTS

OSFI - OSFI (2020-01-20)

OSFI is revising its capital requirements for operational risk applicable to deposit-taking institutions (DTIs) to reflect the final Basel III reforms published by the Basel Committee on Banking Supervision (BCBS) in December 2017Footnote1.


FILING AND REPORTING REQUIREMENTS FOR DEFINED BENEFIT PENSION PLAN TERMINATIONS

OSFI - OSFI (2020-01-20)

The Office of the Superintendent of Financial Institutions (OSFI) has issued this Instruction Guide to inform the pension industry of the filing and reporting requirements for a non-insuredFootnote1 defined benefit pension plan that has terminated, in whole or in part, under the Pension Benefits Standards Act, 1985 (PBSA). These requirements also apply to plans with both a defined benefit and a defined contribution component.


WHAT INTEREST RATES DATING BACK TO 1311 TELL US ABOUT TODAY’S GLOBAL ECONOMY

QZ - Gwynn Guilford (2020-01-20)

Interest rates sure are weird these days. Five central banks currently hold policy rates negative; several are dabbling with unconventional bond-buying. The one bank that tried to raise them, the Federal Reserve, found itself back cutting rates within a year. Meanwhile, some $11 trillion worth of bonds have negative rates—guaranteeing losses for buyers that hold those to maturity.


REVOLUT RAISE SET TO VALUE BUSINESS AT $5 BILLION

Finextra - Finextra (2020-01-17)

Silicon Valley TCV, an early investor in the likes of Spotify, Airbnb and Netflix, closed a $3 billion fund in January 2019 to back fast-growing new economy companies.


TURKISH BANKS SWITCH ON DIGITAL GOLD TRANSFER NETWORK

Finextra - Finextra (2020-01-17)

Turkish banks have begun the transfer of a cryptocurrency representing physical units of gold via a blockchain platform developed by Istanbul Clearing, Settlement and Custody Bank (Takasban).


BOMBARDIER TURNAROUND DERAILED AS WOES MOUNT

G&M - Nicolas Van Praet (2020-01-17)

Bombardier Inc. slashed its financial estimates for 2019 again on the back of continuing struggles with its train business and said it might pull out of a joint venture with Airbus SE, deepening investor concern that its turnaround is veering off the rails and raising the possibility that the company is headed for a breakup.


NEWTON GLASSMAN'S GATEWAY CASINO DEAL OFFERS LITTLE WINDFALL FOR CATALYST CAPITAL

FP - Paula Sambo (2020-01-17)

Just two days after Christmas, Glassman’s Catalyst Capital Group Inc. sold its Canadian casino company, almost eight years after it first tried to exit its investment. A week later, Catalyst persuaded an investment group to sweeten its offer a second time for Hudson’s Bay Co., likely ending a six-month battle over the Saks Fifth Avenue owner.


MARK CARNEY AND HOW TO CREATE A SUB-PRIME ENERGY CRISIS

FP - Terence Corcaran (2020-01-17)

We need a new model, they say, one that is “sustainable” and “green” and “social” and “environmental” and “equitable.” To create that new model will require a major economic overhaul, with new policies, incentives, structures and strategies, laws and regulations. At the same time, new social and environmental engagement will be needed to shape business investment decisions to achieve objectives that are beyond the reach of markets alone. In the words of Ottawa’s Expert Panel on Sustainable Finance, today’s markets do not accurately reflect economic and environmental reality. “Markets work best when assets are properly valued; however, in today’s market economy, climate factors are often mispriced and climate risks are generally underappreciated.”


U.K. RETAIL SALES EXTEND WORST RUN ON RECORD

Bloomberg - Lucy Meakin (2020-01-17)

The pound fell after the report, the latest in a string of disappointing U.K. data in recent days, and traders moved to price in a 75% chance of a cut at the BOE’s Jan. 30 meeting.

The volume of goods sold in stores and online fell 0.6% in December, confounding expectations of a 0.6% increase. Sales excluding auto fuel dropped 0.8%. The period included Black Friday and Cyber Monday, when price cuts would be expected to attract shoppers to stores.


MORGAN STANLEY RAISES THE BAR

WSJ - Telis Demos (2020-01-17)


VANCOUVER RENTAL VACANCIES CLIMB TO THE HIGHEST LEVEL SINCE 2013

Better Dwelling - Daniel Wong (2020-01-17)

Vancouver’s population growth is still booming, but the rental vacancy rate is climbing. Canada Mortgage and Housing Corporation (CMHC) data shows primary rentals saw vacancies increase in 2019. The rate of vacancy is now at the highest level since 2013, but it has a long way to go to clear that number.


RETAILER CANADIAN TIRE NAMES GREGORY CRAIG AS NEW CHIEF FINANCIAL OFFICER

Canadian Investor - Canadian Investor (2020-01-17)

Craig is president of Canadian Tire Financial Services and president and chief executive of Canadian Tire Bank.


TWO CHINA FIRMS MISS $526 MILLION BOND PAYMENTS AS WOES GROW

Bloomberg - Shen Hong, Tongjian Dong and Yuling Yang (2020-01-17)

The quickening speed of bond defaults in China, especially among ailing private firms, highlights the growing financial strain triggered by the country’s worst economic slowdown in three decades and unabated trade tensions with the U.S. Last week, industrial firm Xiwang Group failed to pay a 1 billion yuan bond, missing a fresh repayment deadline on an already defaulted bond.

“It’s getting harder for companies to get funding help when facing a debt crisis, unless they’re centrally-controlled companies and local SOEs that have great importance to the local economy,” said Yang Hao, fixed income analyst from Nanjing Securities Co.   Founder’s missed payment on the bond, which has a 15 business-day grace period, is set to escalate concerns about the weak finances of debt-laden business arms of Chinese universities. The company and Tsinghua Unigroup Co., a top chipmaker run by arch-rival Tsinghua University, have been under the spotlight in recent months following a tumble in their dollar bonds.


CANADA OFFERS U.S. DOLLAR BOND AT HIGHER YIELD THAN LOCAL SALES IN MOVE TO DIVERSIFY FUNDING SOURCES

FP - Esteban Duarte (2020-01-17)

The top rated nation issued a US$3 billion of bonds at 6 basis points over the U.S. Treasury yield, according to data compiled by Bloomberg. That’s equivalent to a yield in loonies of around 1.91 per cent and compares with 1.60 per cent for Canada’s five-year bonds denominated in the country’s own currency, according to data compiled by Bloomberg.


U.S., CHINA SIGN DEAL, EASING TRADE WAR THAT HURT GLOBAL GROWTH

G&M - ANA SWANSON AND ALAN RAPPEPORT (2020-01-16)

U.S. President Donald Trump signed an initial trade deal with China on Wednesday, bringing the first chapter of a protracted and economically damaging fight with one of the world’s largest economies to a close.


CANADIAN HOME SALES FELL IN DECEMBER, ENDING NINE-MONTH STREAK OF GAINS

G&M - Ian Bickis (2020-01-16)

Canadian home sales ended last year with a 22.7-per-cent jump in December compared with a year ago as prices rose as part of a trend that should continue into this year, the Canadian Real Estate Association said.


MARK CARNEY 'ABSOLUTELY' OPPOSES OIL DIVESTMENT

FP - Terence Corcoran (2020-01-16)

I have some welcome news for Canada’s fossil fuel industry. Bank of England Governor Mark Carney, soon to be the UN envoy on climate finance, will not be joining the fossil fuel divestment movement. “I absolutely disagree with divestment campaigns,” Carney said in an email to an FP Comment column reader in Calgary.


TRUDEAU GOVERNMENT HAS PUSHED FEDERAL SPENDING TO THE HIGHEST LEVEL IN CANADIAN HISTORY

FP - Tegan Hill and Jake Fuss (2020-01-16)

Sound fiscal policy is crucial for a healthy economy. A key component of sound policy is the appropriate size and role of government (i.e. government spending and regulations). Higher spending comes at the expense of higher taxes, levied now or in the future through larger deficits and greater debt accumulation, all of which can influence economic growth and social progress. This issue is particularly relevant today, as 2019 marks the highest level of federal government spending in Canadian history.


FAIRFAX TEAMS UP WITH FARMERS EDGE TO INTRODUCE DATA-DRIVEN CROP INSURANCE IN BRAZIL

Insurance Business - Lyle Adriano (2020-01-16)

The new partnership will leverage Farmers Edge’s risk management platform to enhance the insurer’s services. A release said that the platform disrupts traditional crop insurance through the use of real-time data and science-derived insights, which allows farm coverage to be personalized to better suit individual grower’s needs based on changing risks and the actions taken by the grower to mitigate those risks.


CHUBB APPOINTS NEW COO FOR NORTH AMERICA ACCIDENT AND HEALTH OPERATIONS

Insurance Business - Lyle Adriano (2020-01-16)

As COO of the North America accident and health business, Krishnan will assist in overseeing the day-to-day operations of the unit. He will also be responsible for developing and implementing growth strategies for the business, while reporting to Chubb executive vice-president of North America accident and health James Walloga.


FORT MCMURRAY CONDO COMPLEX DENIED INSURANCE

Insurance Business - Lyle Adriano (2020-01-16)

The condo complex joins a growing list of condo corporations from different parts of Canada all reporting difficulty with securing insurance at reasonable rates, as insurance premiums skyrocketed at the break of the New Year.


EXPERTS REACT TO SKY-ROCKETING CONDO INSURANCE RATES

Insurance Business - Bethan Moorcraft (2020-01-16)

The reasons for the widespread premium increases are multifaceted. In recent years, the number of claims filed by strata and condominium corporations has increased quite significantly. As multi-unit buildings by nature, when something like a water failure or a kitchen fire occurs within a condo, multiple units are often affected. That means repair costs are often quite substantial, especially with property values and rebuilding costs increasing so significantly.


GOLDMAN PLEDGES 'CONCRETE' EXPENSE TARGET AFTER PROFIT DECLINE

Reuters - Anirban Sen, Elizabeth Dilts Marshall (2020-01-16)

However, Goldman also spent more on compensation, technology, occupancy costs and professional fees, some of which pertained to new businesses, like the credit card it launched with Apple Inc APPL.O and its transaction banking business.


TIGHT SUPPLY SIGNALS STRONGER PRICE GAINS IN CANADIAN HOUSING

Bloomberg - Theophilos Argitis and Erik Hertzberg (2020-01-16)

The data suggest the recent housing-market rebound, which had been mostly welcomed after a rough 2018, may now be entering a more perilous phase, particularly after regulators took significant steps to deflate some of the country’s most expensive markets. The development hasn’t gone unnoticed among policy makers. Last week, Bank of Canada Governor Stephen Poloz highlighted the need to keep an eye on the market for any return of speculative activity


BRITAIN’S RETAIL BANKING REFORM HAS FALLEN SHORT

FT - Editorial Board (2020-01-16)

There have been many false dawns in the quest to inject more competition into UK banking. Reform has been a tenet of government policy since the financial crisis in 2008.


UK REGULATORS LAUNCH FRESH PUSH TO SWITCH AWAY FROM LIBOR

FT - Caroline Binham (2020-01-16)

Banks have until September this year to stop issuing cash products linked to sterling-denominated Libor as part of a fresh assault on the notorious benchmark by UK watchdogs to meet a 2021 deadline. In a new warning to major banks and insurers published on Thursday, the Bank of England and Financial Conduct Authority said that it was demanding to see “clear evidence of engagement” from firms to make sure they move away from the scandal-tainted rate by next year. The BoE added that it was “keeping the potential use of supervisory tools under review”, a veiled threat to firms that do not comply that senior managers may be in the line of fire and that capital ratios for banks deemed to be taking too much risk could be jacked up.


WHAT CAN BURGERS TELL US ABOUT FOREIGN-EXCHANGE MARKETS?

Economist - Economist (2020-01-16)

FEATHERS WERE ruffled in America in the great chicken-sandwich war of 2019, an online fight involving rival brands and their aficionados. But for economics enthusiasts the fast-food dish of choice will always be a McDonald’s Big Mac, whose price underlies the Big Mac indexThe Economist’s light-hearted guide to global exchange rates. According to our latest batch of data, most currencies have strengthened against the dollar in recent months, as trade tensions between America and China have eased and global-growth prospects have improved. Still, the greenback remains strong by historical standards and may yet fall further in 2020.


ZURICH INSURANCE SUES TO RECOVER $200-MILLION FROM FORMER BONDFIELD CEO

G&M - Greg Mcarthur (2020-01-15)

A multinational insurance giant has filed a legal action against the former top executive of Bondfield Construction Co. Ltd., seeking to recover $200-million it says it paid out as a result of the company’s collapse.


BLACKROCK’S GREEN INVESTING STRATEGY IS NOT A MORAL AWAKENING

G&M - Ian McGugan (2020-01-15)

Larry Fink, arguably the world’s most powerful investor, has just delivered his annual letter to chief executives. This year, the chairman of giant money manager BlackRock Inc. used his institutional pulpit to thunder about the mounting dangers of climate change and preach the virtues of sustainable investing.This is a decent, politically palatable solution that has the additional virtue of giving BlackRock even more products to sell. But it falls far short of BlackRock taking a strong stance on climate change itself. As Mr. Fink notes in his letter, “the transition [to a low-carbon economy] will take decades.” As a result, “the portfolios we manage will continue to hold exposures to the hydrocarbon economy as the transition advances.” If that sounds as if BlackRock would still like to have things both ways, that is because it would.


CIBC’S PUSH TO SPEED UP CANADIAN MORTGAGE GROWTH SET TO FACE HURDLES

G&M - Nichola Siminather (2020-01-15)

Canadian Imperial Bank of Commerce’s efforts to speed up mortgage growth after a pullback two years ago is expected to face hurdles as bigger rivals maintain their hold on the market and record-high debt levels weigh on borrowers, analysts and investors said.


90% OF ENCANA SHAREHOLDERS APPROVE NAME CHANGE, COMPANY'S HQ MOVE TO U.S.

CBC - CP (2020-01-15)

Encana shareholders have voted overwhelmingly in favour of the oil and gas company moving its headquarters to Denver from Calgary and changing its name to Ovintiv Inc.


REVERSE MORTGAGE BUSINESS IS BOOMING IN CANADA AS SENIORS TAP HOME EQUITY TO PAY DEBTS

FP - Barbara Shecter (2020-01-15)

“Seniors now are taking more debt into retirement and debt is pretty hard to manage on a fixed income,” said Steven Ranson, chief executive of HomeEquity Bank, which originated a record $820 million in reverse mortgages in 2019, up from $767 million a year earlier and $309 million five years ago.


TRUDEAU GOVERNMENT HAS PUSHED FEDERAL SPENDING TO THE HIGHEST LEVEL IN CANADIAN HISTORY

FP - TEGAN HILL, JAKE FUSS (2020-01-15)

Sound fiscal policy is crucial for a healthy economy. A key component of sound policy is the appropriate size and role of government (i.e. government spending and regulations). Higher spending comes at the expense of higher taxes, levied now or in the future through larger deficits and greater debt accumulation, all of which can influence economic growth and social progress. This issue is particularly relevant today, as 2019 marks the highest level of federal government spending in Canadian history.


THE BURDEN OF PROOF RESTS ON MARK CARNEY, AND HE HASN'T MADE HIS CASE AGAINST FOSSIL FUELS

FP - John Constable (2020-01-15)

Mark Carney is using his final days as governor of the Bank of England to intimidate institutional financial managers by suggesting that investments in conventional energy are high-risk adventures requiring special justification.


JPMORGAN FIRST MAJOR BROKERAGE TO RATE SAUDI ARAMCO 'OVERWEIGHT'

Reuters - Hadeel Al Sayegh (2020-01-15)

Goldman Sachs on Tuesday rated the company “neutral” with a price target of 41 riyals while HSBC on Wednesday initiated coverage of Aramco with a “hold” rating and a target of 36.80 riyals.


FED’S WILLIAMS SAYS WALL STREET CULTURE STILL NEEDS IMPROVEMENT

WSJ - Michael S. Derby (2020-01-15)


HEDGE FUNDS COULD MAKE ONE POTENTIAL FED REPO-MARKET FIX HARD TO STOMACH

WSJ - Daniel Kruger (2020-01-15)


THE PLOT TO POLITICIZE BANKING

WSJ - Phil Gramm (2020-01-15)


A TRUCE IN THE CURRENCY WAR

WSJ - Editorial Board (2020-01-15)


FED ADDS $82 BILLION TO FINANCIAL MARKETS

WSJ - Michael S. Derby (2020-01-15)


MAJOR FIGURE TO EXIT LLOYD'S OF LONDON

Insurance Business - Terry Gancuangco (2020-01-15)

Those were the words of Lloyd’s of London performance management director Jon Hancock (pictured) when it was announced that he has decided to step down from his post this year. It’s not clear as to when the departure is taking place, but Lloyd’s chief executive John Neal is “delighted that we will have him for a while longer.”


LESSONS LEARNED FROM THE COSTLIEST INSURED EVENT IN CANADA'S HISTORY

Insurance Business - Alicja Grzadkowska (2020-01-15)

Three years after the Fort McMurray wildfire, the fallout from the event is far from over. Nearly 200 residential claims related to the incident are still awaiting settlement and while this is a small number considering the total 25,498 residential claims that were filed, a local lawyer representing more than 40 of the unresolved cases said that the wildfire event has been a thorn in the side for her clients.


OLD MUTUAL WINS CASE AGAINST FORMER CEO WHO FOUGHT FOR REINSTATEMENT

Insurance Business - Alicja Grzadkowska (2020-01-15)

The ongoing battle between South African insurer Old Mutual and its former CEO Peter Moyo seems to have come to a close, after the High Court in Johannesburg ruled that the company doesn’t have to reinstate the fired executive. The decision clears the way for the insurer to now look for a replacement for Moyo and, as a result, the company’s stock has risen.


DESJARDINS DISSOLVES INDEPENDENT AGENT NETWORK IN QUEBEC

Insurance Journal - Hubert Roy (2020-01-15)

Desjardins Group’s independent agent network group in Quebec is now defunct. It ceased operations on Dec. 31. This network sold property and casualty insurance.


PENSION PLANS END 2019 IN STRONG FINANCIAL HEALTH

Insurance Portal - Alain Theriault (2020-01-15)

Rising bond yields and a stock market rally at year-end propelled the solvency level of defined benefits plans to historic heights.


GAMBLING ON CREDIT CARDS TO BE BANNED

BBC - BBC (2020-01-15)

A total of 24 million adults in Britain gamble, with 10.5 million of those doing so online.


DESPITE HOW EARNINGS GO, US BANKS REMAIN FAR BEHIND ON THIS BIG TECH ISSUE

CNBC - Harsh Sinha (2020-01-15)

In the past 45 years, we haven't really had a fundamental change in payment rails that handle a large majority of U.S. domestic payments. The ACH network, which handles electronic payments in the U.S., processes tens of billions of transactions per year including salaries, Social Security payments, mortgage and credit card payments and funds sent between friends' accounts.


INSURERS TURN BACKS ON IN-HOUSE TECH SOLUTIONS

Bobsguide - Emma Olsson (2020-01-15)

“Aviva has set up its Digital Garage, so that’s moved quite quick and got quite a lot of profile quite quickly, but Aviva as I understand it are questioning the premise of that. They had a chief digital officer (CDO) prior to that … and when [he] left, they didn’t replace that role,” says Andy Thornley, head of corporate affairs at the British Insurance Brokers’ Association (Biba).


CANADIAN REAL ESTATE NUMBERS SOAR AS BC SALES SURGE… KIND OF

Better Dwelling - Better Dwelling (2020-01-15)

Canadian real estate sales made a big jump from last year, as BC sales returned to normal. There were 26,976 sales in December, down 27.50% from a month before. Even with the decline, sales came in 22.7% higher than the same month last year. The monthly drop is seasonally expected, and the year-over-year increase is… up to interpretation.


CALGARY HOUSING PRICES DOWN MORE THAN 10 PER CENT OVER PAST FIVE YEARS

G&M - Kelly Cryderman (2020-01-15)

Calgary home prices have dropped by more than 10 per cent in the five years since Alberta’s economic downturn began, and the market is expected to dip down more in 2020 as slower sales and cautious buying become the “new normal” in Alberta’s largest city.


ANT FINANCIAL PREPS HUGE FINTECH CONFERENCE

Finextra - Finextra (2020-01-15)

Jack Ma's firm says it expects up to 30,000 participants for the three-day Inclusion Fintech Conference, dwarfing many established industry get-togethers such as Sibos, which drew around 11,500 delegates in London last year.


JAMIE DIMON MAKES RENEWED PITCH FOR JPMORGAN TO BE VALUED LIKE A SUBSCRIPTION SERVICE — AND IT SHOWS HOW WALL STREET IS TRYING TO ECHO BIG TECH

USA Today - Maxime Lafrance Desrochers (2020-01-15)

The JPMorgan Chase CEO sounded a familiar note on Tuesday on a call with journalists when he casually compared his bank to competitors in Silicon Valley. Answering a question about whether the bank’s stellar performance has driven its stock price as high as it will go, Dimon said one nature of its revenue – much of it being very stable – is similar to a subscription-based model.


UK TO CRACK DOWN ON CREDIT CARD USE IN GAMBLING

FT - Alice Hancock (2020-01-14)

Credit cards will be banned from use in gambling from April, according to rules announced by the UK’s industry regulator on Tuesday in response to calls for greater protection of problem gamblers.


OTTAWA NEEDS TO PLAY BIGGER ROLE IF ECONOMY FALTERS, MORNEAU SAYS

G&M - Bill Curry (2020-01-14)

Finance Minister Bill Morneau says fiscal policy such as increased government spending will need to play a larger role in the event of an economic downturn because central banks can do little with global interest rates near historic lows.


BLACKROCK’S FINK SAYS CLIMATE CHANGE IS ‘DEFINING FACTOR’ FOR COMPANIES’ LONG-TERM PROSPECTS

G&M - Andrew Willis (2020-01-14)

Climate-change activist Greta Thunberg has a new ally in Larry Fink, the influential chief executive of BlackRock Inc., one of the world’s largest fund managers.


BANK OF CANADA SURVEYS SHOW BUSINESSES, CONSUMERS CONFIDENT, DESPITE RECENT ECONOMIC HICCUPS

G&M - DAVID PARKINSON (2020-01-14)

Canadian businesses and consumers remained relatively confident despite the country’s lacklustre economic performance in the final quarter of 2019, a pair of Bank of Canada quarterly surveys indicated Monday.


TMX GROUP SAYS CEO TO RETIRE EARLY, FINDS NO EVIDENCE OF MISCONDUCT

FP - Barbara Shecter (2020-01-14)

“With Lou’s retirement, the board of directors is concluding the investigation into the historical sexual harassment and sexual misconduct allegations to avoid further distraction to the company,” TMX said in the statement.


CITI'S CORPORATE BANKING ARM AIMS TO PICK UP STEAM AS MARKET COOLS DOWN

Reuters - Imani Moise (2020-01-14)

When Citigroup Inc (C.N) combined businesses that cater to big companies in 2018, management wanted dealmakers, traders and traditional corporate bankers to combine forces and propel Citi toward the top of Wall Street market-share rankings.


CASH-STUFFED SECRET HIDEAWAY DISCOVERED IN CHINESE BANKER'S APARTMENT

Bloomberg - Bloomberg News (2020-01-14)

Authorities are taking an increasingly tough stance on corporate malfeasance, broadening Xi’s seven-year corruption crackdown into the nation’s boardrooms. In a speech Monday, Xi said the state will also punish people responsible for corruption linked to local government debt risk. China is in the midst of a record wave of bond defaults as growth slows, with even state-backed firms now missing bond payments.


U.S. INSURER AXA EQUITABLE LEAVES AXA NAME BEHIND

WSJ - Leslie Scism, Nicole Friedman (2020-01-14)

AXA Equitable Holdings is dropping AXA from its name in another sign the company is breaking free of insurance conglomerate AXA, its parent since the 1990s.


SURGING TRUCK INSURANCE RATES HIT FREIGHT OPERATORS

WSJ - Jennifer Smith (2020-01-14)

Soaring insurance costs are taking a toll on the trucking business, adding financial headwinds for carriers already contending with weakening freight demand.


WHY SONNET ASKED FOR A 50% AUTO RATE INCREASE IN NOVA SCOTIA IN 2020

Canadian Underwriter - Greg Meckbach (2020-01-14)

As a result of rate changes approved Thursday, the premium increase will be about 50% across Sonnet’s book of business in Nova Scotia. Most of what Sonnet asked for got approved.


AS PROVINCE’S OUT-OF-COUNTRY HEALTH COVERAGE ENDS, SO BEGINS AN OPPORTUNITY FOR BROKERS

Canadian Underwriter - David Gambrill (2020-01-14)

With the wind-down of Ontario’s limited Out-of-Country Travellers Program now official, brokers in the province who sell travel insurance have a golden opportunity to make sure their snowbird and other travelling clients are properly covered for trips.


GLOBAL DEBT-TO-GDP RATIO HAS NOW HIT AN ALL-TIME HIGH OF 322%

FP - Alex Tanzi (2020-01-14)

The global debt-to-GDP ratio hit an all-time high of 322 per cent in the third quarter of last year, according to a report released Monday by the Institute of International Finance.


CANADA’S SUB-STANDARD PAYMENTS SYSTEM IS ONLY SUPPORTING THE INCUMBENT BANKS, NOT CANADIANS

G&M - Doug Kreviazuk (2020-01-14)

When I attempt to explain Canada’s payments system, eyes begin to glaze over. Payments infrastructure is not a sexy topic, but we all want assurances that it works well and meets our ever-changing needs. All Canadians and businesses depend on the payments system daily and yet that trusted system is no longer able to meet our evolving expectations.


VOICE OF THE INDUSTRY ISO 20022: THE FUTURE OF PAYMENT MESSAGING

ThePayPers - Andra Constantinovici (2020-01-14)

The new standard affects all banks with many-to-many relationships in the correspondent banking space and all users of payments and cash management messages (MT categories 1, 2 and 9). While the project does not extend to corporate-to-bank traffic and is not mandatory for market infrastructures operating a closed user group in FIN (MI-CUG) formats, the implications for corporates will nevertheless be significant. 


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UBS WEALTH BANKERS GET DOSE OF CREDIT SUISSE TONIC IN KHAN PLA

Bloomberg - Patrick Winters and Marion Halftermeyer (2020-12-17)

Colleagues say the Pakistan-born executive is enthusiastic, energetic and talented. Former associates have described him as confident, even overly so. That said, he knows the business from several angles: Khan was a UBS auditor at Ernst & Young and a key competitor at Credit Suisse.


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

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

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


BOAZ MANOR, BUSINESS PARTNER INDICTED ON FRAUD CHARGES IN U.S. OVER BLOCKCHAIN VENTURE

FP - Barbara Shecter (2020-10-20)

Boaz Manor, a former Canadian hedge fund manager who served jail time following the collapse of Portus Alternative Asset Management Inc. in 2005, was indicted Friday on fresh criminal charges in the United States in connection with an alleged securities fraud scheme at an entirely different venture: a New York-based blockchain technology startup.


CHRISTINE LAGARDE GETS A HEAVY POINTER ON HER ECB REVIEW

Bloomberg - Ferdinando Giugliano (2020-06-20)

Nevertheless, Lagarde and her colleagues would be wise to read the staff paper closely. Among all the carefully worded language, one can clearly see the contours of a monetary framework that would work for the ECB’s third decade. These include changing the inflation target to 2%, and maintaining all of the instruments — asset purchases, long-term loans to the banking system and negative interest rates — that the central bank used throughout the presidency of Lagarde’s predecessor, Mario Draghi. 

The argument for a symmetric inflation target is rooted in the power of expectations. The ECB at the moment aims to reach an inflation rate “close to but below 2%.” This means that, as price pressures start climbing toward 2%, investors and consumers expect the ECB to react aggressively, tightening monetary policy to push inflation back. The authors believe this served the ECB well during its first decade, when it had to establish its reputation and fight off inflationary forces. However, the objective has been less useful in today’s era of persistently low inflation. It may even be counterproductive. Consumers and investors don’t expect the central bank to act so decisively to counter deflation.  


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BUDGET PROPOSAL AIMS TO HELP LOW-INCOME EARNERS ACCESS ADVICE

On Friday, Prosper Canada submitted a proposal to the Department of Finance Canada asking Ottawa for $20.7 million over five years to fund its Financial Empowerment Champion (FEC) program, which supports community organizations that provide financial education, tax-filing assistance and money management coaching to “financially vulnerable” Canadians.


FCA REQUESTS EXPLANATION ON BANKS’ ‘HARMFUL’ OVERDRAFTS

Monzo customers are currently charged a fixed 50p per day overdraft fee but from April this year, the fee will shift to an EAR of 19%, 29% or 39% (variable), depending on the user’s credit score.


REGULATION AND ANTI-COMPETITIVE BEHAVIOUR HITTING AUSTRALIAN FINTECH

The Select Committee of Financial and Regulatory Technology, established in September, is undertaking a review of Australia's innovation sectors, for which it has received 123 submissions.



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