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

Canadian real estate and government, March 29

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

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

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

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

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

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

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

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

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

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

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

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

We a living a ponzi real estate market and the economy is at risk. Yet Doug Porter, economist BMO, is on record as saying Candian\'s want to pay more for houses. Yes, you can\'t make this stuff up. This video discusses the issues related to Porter\'s statement and explains why he is wrong.
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January real estate report 2021

2020 was a record year, except for condos. Montreal REM sites the exception to this rule. This video shares insights regarding the Canadian real estate segment.
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December 4th real estate report

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

The mortgage debt to income ratio declined despite the pandemic. In this issue I discuss real estate stalling and immigration's impact on home prices.
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Real estate: fiscal conservatism/ponzi neoliberali

This video is intended to give viewers an understanding of the economic ideas behind Canada's potential housing bubble. This video also explains why Siddal, President and CEO of the CMHC, was likely pushed from his post.
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Caution for real estate investors, Oct 14th report

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Research

abcd

Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

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


2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

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


Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

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


How and why you need to defend your brand against disruptors  

Mark Sibthorpe

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


Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

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


ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

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

 


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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

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

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


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

BANK OF ENGLAND MULLS BIGGEST INTEREST-RATE RISE IN 33 YEARS

FP (2023-02-19)

With prices rising five times faster than the U.K. central bank’s two per cent target and the pound falling almost daily, policy makers led by Bank of England Governor Andrew Bailey are under pressure to step up the pace of monetary tightening.


BANK OF CANADA TO PUBLISH SUMMARIES OF MEETINGS IN BID TO INCREASE TRANSPARENCY

G&M - Mark Rendell (2022-09-29)

The Bank of Canada will start publishing summaries of its monetary policy meetings in an effort to improve transparency and shore up its credibility as it struggles to bring down high inflation.


IN A HARD WORLD, HOPES DIM FOR A SOFT LANDING FOR CANADA’S ECONOMY

G&M - Mark Rendell (2022-09-29)

Canada is facing growing economic headwinds as key trading partners teeter on the brink of recession, piling worries about trade and commodity prices on top of concerns about the domestic economy.


INTERAC NOW HAS MELLOW MUSIC FOR THE INFLATION-WEARY

G&M - Rob Carrick (2022-09-29)

So how about a musical answer to your spending challenges? Interac, the people who run the electronic banking network in Canada, have commissioned a mellow soundtrack called Sound Shopping for people to play while in stores. Check out a sample here, or listen to the entire 24:30 on Spotify.


CANADIANS WON'T ESCAPE THE EFFECTS OF GLOBAL CURRENCY CHAOS

G&M - Don Pittis (2022-09-29)

By that token, Canadians currently travelling in Britain will likely be very pleased when they examine their credit card statements back home. Earlier this year, you had to pay $1.70 for one pound sterling; this week the British currency plunged to less than $1.50.


CENTRAL BANKS AROUND THE GLOBE ARE KEEPING WALL STREET UP AT NIGHT: MORNING BRIEF

Yahoo Finance - Jared Blikre (2022-09-29)

The U.S. 10-year yield Treasury (^TNX) plummeted the most since the Global Financial Crisis, while the U.S. dollar index (DX-Y.NYB) fell the most since the 2020 pandemic bear market.


UKRAINE LATEST: NATO CALLS PIPELINE LEAKS RECKLESS SABOTAGE

Yahoo Finance (2022-09-29)

NATO allies on Thursday said damage to the Nord Stream 1 and 2 natural gas pipelines appear to be “the result of deliberate, reckless and irresponsible acts of sabotage.” On Thursday, the Swedish Coast Guard’s Command Center identified a new pipeline leak in the Baltic Sea.


CANADA’S NEW HOMES ARE 80% MORE LIKELY TO BE LANDLORD OWNED SINCE 2001

Better Dwelling (2022-09-29)

Well over a third of Canada’s newly constructed homes were bought by landlords. The share of homes constructed from 2016 to 2021 occupied by renters jumped to 40.4%, shows Census data. It was an increase of 11.9 points compared to homes built from 2011 to 2015, and 80% higher than those from 2001 to 2005. The latter period was a bottom for renter occupied units, climbing from there.


U.K. CENTRAL BANK INTERVENES IN MARKET TO HALT ECONOMIC CRISIS

Investment Executive (2022-09-29)

The Bank of England said it would buy long-term government bonds over the next two weeks to combat a recent slide in British financial assets. The bank’s actions are focused on long-term government debt, where yields have soared in recent days, pushing up government borrowing costs


CANADIAN BANKS HAVING SECOND THOUGHTS ABOUT MARK CARNEY’S GREEN ALLIANCE OVER LEGAL, GOVERNANCE RISKS

G&M - Jeffrey Jones (2022-09-29)

Canada’s big banks are growing uncomfortable about legal and governance risks stemming from their membership in a Mark Carney-led group of global financial institutions that has pledged to cut carbon emissions in line with the Paris Agreement, according to four banking sources familiar with the group’s internal dynamics.


EQUITABLE BANK SAYS CHRYSTIA FREELAND HAS APPROVED COMPANY’S DEAL TO BUY DIGITAL RIVAL CONCENTRA

G&M - Adrian Wilde (2022-09-29)

Equitable Bank says the federal finance minister has approved the company’s deal to buy digital rival Concentra Bank.


BROOKFIELD RENEWABLE IS BUYING TWO CLEAN POWER COMPANIES FOR ABOUT $1.54-BILLION

G&M (2022-09-29)

Brookfield Renewable Corp BEPC-T on Thursday disclosed acquisition of two clean power companies for about $1.54-billion as the alternative energy investor seeks to expand its renewables portfolio.


CMHC TO FORECAST STEEPER HOUSING PRICE DECLINE OF 10-15%

FP - Barbara Shecter (2022-09-29)

In July, a CMHC report said a surge in interest rates could drag national home values down by five per cent by the middle of 2023. While a formal revision won’t be released until October, Bowers said it is expected to be in the range of 10 to 15 per cent.


MARK CARNEY ACCUSES TRUSS GOVERNMENT OF UNDERCUTTING U.K.'S ECONOMIC INSTITUTIONS

FP - David Goodman (2022-09-29)

Former Bank of England governor Mark Carney accused Liz Truss’s government of “undercutting” the nation’s economic institutions, and said that her fiscal plans were to blame for the drop in the pound and bonds.


ROYAL BANK OF CANADA LAYS OFF 1% OF ITS U.S. INVESTMENT BANKING TEAM

FP - Gillian Tan (2022-09-29)

The lender’s RBC Capital Markets division cut one per cent of its U.S. investment banking team, which has about 1,000 people, with the reductions focused on junior staff, said some of the people, who asked not to be identified discussing personnel changes. The moves were in line with RBC’s standard annual changes, one of the people said.


ALBERTA IS CALLING? ONTARIO RESIDENTS ARE FLEEING THE PROVINCE IN RECORD NUMBERS

Better Dwelling (2022-09-29)

The trend is reaching emergency levels. Nearly 125,000 Ontario residents left in the year-ending Q2 2022, up 54.7% from a year before. Strong and rising outflows are indicative of a lack of perceived opportunity. Expensive housing in one of North America’s worst paying tech hubs, seemed like such a good pitch.


CALLS GROW FOR BRITAIN TO REVERSE FISCAL POLICY AFTER MARKET TURMOIL

G&M - ANDY BRUCE AND KATE HOLTON (2022-09-28)

The Bank of England is likely to deliver a “significant” rate hike at its next meeting in November after finance minister Kwasi Kwarteng’s tax cut plan unleashed turmoil in financial markets, BoE Chief Economist Huw Pill said on Tuesday.


CITI SAYS EUROPEAN STOCK OUTFLOWS ARE AT EURO ZONE CRISIS LEVELS

Bloomberg - Sagarika Jaisinghani (2022-09-28)

Investors are abandoning European stocks at levels last seen during the euro zone debt crisis, according to Citigroup Inc. strategists, adding that this could represent a contrarian signal to buy.


MAKE NO MISTAKE, THE FED IS GUIDING US INTO A CREDIT CRUNCH

FP - David Rosenberg (2022-09-28)

We just came off a month, where for the first time since April 2020, both the U.S. unemployment rate went up and capacity utilization rates went down (each by 20 basis points). Available supply is now outpacing demand by a three-to-one margin as the output gap begins to widen. The 8.3-per-cent inflation rate is set to melt like an ice cream bar on a Houston sidewalk in the middle of July. Rents? Please, a lagging indicator and already yesterday’s story. Wages? Sure thing, they have been running behind prices each and every month since April 2021. Give it a break.
What happened to the refrain so commonly used on bubblevision in the summer that “whenever we have seen a rebound that reversed 50 per cent of the initial slide, the S&P 500 never goes back to set a new low”? Never is a long time, isn’t it? The S&P 500 closed Monday at 3,655, undercutting the June 16 closing low of 3,667. The Dow industrials and transports have done likewise (the former -20 per cent and the latter -30 per cent) and together confirmed the bear market backdrop (both off -1.1 per cent Monday — a day when only consumer staples didn’t finish in the red). The same thing is happening to the NYSE composite, which has sliced below the mid-June trough.


BANK OF ENGLAND SAYS BLOCKCHAIN ROLL-OUT ACROSS ALL MARKETS TOO CHALLENGING

Reuters - Huw Jones (2022-09-28)

Using blockchain technology which underpins cryptoassets to offer instantaneous trading and settlement across all financial markets is not desirable given the challenges it would pose, Bank of England Deputy Governor Jon Cunliffe said on Wednesday.


TREASURY 10-YEAR YIELD RISES ABOVE 4% TO HIGHEST SINCE 2008

Bloomberg - Garfield Clinton Reynolds (2022-09-28)

Treasury 10-year yields climbed above 4% to the highest level since October 2008, as investors were rattled by Federal Reserve hawkishness and concern over potential Japanese sales of US government debt.


OVER 1 IN 4 OF CANADA’S DOWNTOWN URBAN HOMEOWNERS ARE IN “SHELTER POVERTY”

Better Dwelling (2022-09-28)

Canadian real estate is some of the most expensive in the world, and incomes are struggling to keep up with it. Statistics Canada (Stat Can) Census 2021 data shows over a quarter of homeowners in urban downtowns are in shelter poverty. The term is used to define a household that spends more than 30% of their income on shelter costs. Toronto and Vancouver have seen over a third of homeowners cross this threshold.


PRIVATE TEXTING COSTS WALL STREET FIRMS US$1 BILLION

Investment Executive (2022-09-28)

“Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust,” said SEC chair Gary Gensler, in a release.


JPMORGAN’S DIGITAL BANK CHASE UK HITS 1MN CUSTOMERS

FT - Emma Dunkley and Siddharth Venkataramakrishnan (2022-09-28)

JPMorgan’s UK digital bank has attracted more than 1mn customers and above £10bn in deposits in the first year of its attempt to crack the country’s retail market and take on Wall Street rival Goldman Sachs’s app Marcus.


LONG-TERM FORECAST

TD - James Orlando, Thomas Feltmate (2022-09-28)

  • The Canadian economy grew at a 3.3% pace over the second quarter of 2022, making it a standout performer on the global stage. Since public health restrictions were lifted earlier this year, mobility has increased, propelling spending, corporate profits, and nominal incomes. Elevated commodity prices are also providing a fillip to Canada’s expansion rate this year. A strong first half will boost annual average GDP growth to over 3% in 2022, before decelerating to approximately 1% in 2023. 


WHY ELECTING FOR A CORRESPONDENT BANK TO ACCESS THE SWIFT NETWORK IS A NO-BRAINER

Finextra - Prasangi Unatenne (2022-09-27)

Rather than tackling the process of joining SWIFT themselves, companies can turn instead to partnerships and correspondent banks. Partnering with a bank or fintech that is already part of the SWIFT network means that neobanks and fintechs can leverage that connection without plugging in themselves, saving time and money while still gaining additional capabilities.


SAMSUNG LAUNCHES CREDIT CARD IN INDIA

Finextra (2022-09-27)

Ken Kang, president and CEO, Samsung South-West Asia, says: "The Samsung Axis Bank Credit Card, powered by Visa, is our next big India-specific innovation that will change the way our customers buy Samsung products and spend on services through a series of industry-leading features."


SCOTIABANK NAMES FINNING CHIEF SCOTT THOMSON AS NEXT CEO, BRIAN PORTER RETIRING IN JANUARY

G&M - James Bradshaw (2022-09-27)

Mr. Thomson, 52, is the chief executive of construction equipment dealer Finning International Inc. 

FINGF -2.15%decrease   , a role from which he will retire on Nov. 15. He will become Scotiabank’s president on Dec. 1 for a two-month apprenticeship before taking over as chief executive on Jan. 31, when current CEO Brian Porter retires.


INSURANCE CLAIMS FROM HURRICANE FIONA COULD REACH $700-MILLION, BUT FLOOD DAMAGE FROM STORM SURGE WON’T BE COVERED

G&M - Clare O'Hara (2022-09-27)

With insurance for coastal flooding damage largely unavailable, much of the recovery costs from post-tropical storm Fiona that swept through Canada’s eastern provinces on Saturday will likely be borne by homeowners and government disaster financial assistance programs.


WHO’S TO BLAME FOR SCOTIABANK’S CEO SUCCESSION MESS? THE CLUMSY BOARD OF DIRECTORS

G&M - Tim Kiladze (2022-09-27)

There is one unshakable truth when running a business: Tone comes from the top. Like a corporate law of gravity, what the chief executive says and does trickles down through the organization, even when it’s unintentional.


UH, MR. POILIEVRE? CANADA PENSION PLAN PREMIUMS ARE NOT A TAX

G&M - Rob Carrick (2022-09-27)

It’s a little insensitive, but necessary, to raise the issue of retirement saving at a time when many households are struggling to pay for groceries and gas.


3 CHARTS TO EASE FEARS THAT WE’RE REPEATING THE HOUSING BUBBLE: MORNING BRIEF

Yahoo Finance - Sam Ro (2022-09-27)

This dynamic has caused mortgage costs for newly purchased homes to explode, shutting out many prospective buyers and causing the housing market to go cold. For example, the average monthly mortgage payment in the Boise metropolitan area is $2,592, up 139% from its pandemic-era low of $1,084.


NORD STREAM SAYS GAS PIPELINE DAMAGE IS UNPRECEDENTED

Yahoo Finance (2022-09-27)

Germany is investigating three simultaneous gas leaks in the Baltic Sea from the damaged Nord Stream pipelines. The leaks were so big they were seen on the radars of vessels in the vicinity, the Swedish Coast Guard said. Denmark is stepping up security on its energy installations.


BRITISH BANKS PULL MORTGAGE DEALS WITH UK MARKETS IN TURMOIL

Yahoo Finance - Harry Wilson and William Shaw (2022-09-27)

Virgin Money UK Plc said it would temporarily stop making home loans to new customers, citing volatile market conditions.


OECD PREDICTS BANK OF CANADA WILL HIKE INTEREST RATE TO 4.5% IN 2023

FP - Pamela Heaven (2022-09-27)

Global growth is now projected to slow to 2.2 per cent in 2023, down from a June forecast of 2.8 per cent.


FED'S EVANS SEES INTEREST RATES AT 4.25-4.5% BY YEAR END

Reuters (2022-09-27)

The U.S. Federal Reserve will need to raise interest rates by at least another percentage point this year, Chicago Fed President Charles Evans said on Tuesday, a more aggressive stance than he has previously embraced that underscores the central bank's hardening resolve to quash too-high inflation.


SCOTIABANK’S CEO PICK SPURS DEBATE OVER WHETHER CHANGES LOOM

Bloomberg - Kevin Orland (2022-09-27)

Bank of Nova Scotia’s surprise pick of a CEO from outside its executive ranks is sparking a debate over whether major changes will result at Canada’s third-largest lender, whose shares have underperformed those of rivals for a decade.


OFFICE MARKETS ARE THE REAL ESTATE CRASH WE NEED TO WORRY ABOUT

Bloomberg - Conor Sen (2022-09-27)

While everybody's been sweating over the housing and labor markets, the office market has been streaking toward a hard landing.


TMX TO CLOSE DOWN FUND PLATFORM

Investment Executive - James Langton (2022-09-27)

The platform was originally launched with the promise of utilizing the TMX’s trading and clearing infrastructure for equities to enable easier, cheaper bulk trading of mutual funds.


GLOBAL SUPPLY CHAINS BECOMING UNSTUCK

Investment Executive - James Langton (2022-09-27)

“Shortened delivery times in the U.S. and across Europe are allowing businesses to restock inventory and meet order backlogs.”


COINSQUARE TO BUY COMPETING EXCHANGE COINSMART, COMBINING CANADA’S TOP CRYPTO COMPANIES

G&M - Temur Durrani (2022-09-26)

Cryptoexchange Coinsquare Ltd. plans to acquire competing cryptocurrency trading platform CoinSmart Financial Inc. for about $29-million in cash and shares as the value of tokens such as bitcoin plunges in a volatile market for digital assets.


THE TERRIFYING - AND HIGHLY PROFITABLE - JOURNEY OF A BANK STOCK

G&M - John Heinzl (2022-09-26)

Last week, I discussed why the buy-and-hold approach is the best strategy for most investors. Today, I’ll provide a real-life example to illustrate my point.


UNIONS URGE THE BANK OF CANADA TO HALT INTEREST RATE HIKES AS FEARS OF RECESSION GROW

G&M - Mark Rendell (2022-09-26)

Union leaders are calling on the Bank of Canada to halt further interest-rate hikes, arguing that the brunt of a potential recession will be borne by Canadian workers whose wages are already lagging behind inflation.


TSX SLUMPS AS OIL FALLS BELOW $80 AND ECONOMIC GLOOM SETTLES IN

CBC - Pete Evans (2022-09-26)

The benchmark price of crude oil in North America lost almost $5 to close at $79.13 a barrel, its lowest price since January. The catalyst for oil's decline seems to have been central banks signaling this week that they are so committed to reining in inflation that they are willing to create a recession to achieve it.


HOMES IN CANADA 'SLIGHTLY EASIER TO AFFORD' THIS SUMMER, DESPITE RATE HIKES: RATEHUB

Yahoo Finance - Michelle Zadikian (2022-09-26)

Toronto saw the biggest improvement, where yearly income required to afford a home fell $12,550 to $213,950 in August over the two-month period. Ratehub says data from the Canadian Real Estate Association (CREA) showed the average home price in the city dropped $80,300 to $1,124,600 over that timespan.


LEBANESE BANKS REOPEN PARTIALLY AFTER WEEKLONG CLOSURE

Yahoo Finance (2022-09-26)

The frustrations boiled over this month, with angry and desperate depositors — including one armed with a hunting rifle — started holding up the banks. One of them, Sali Hafez, broke into a Beirut bank branch with a fake pistol and retrieved some $13,000 in her savings to cover her sister’s cancer treatment.


GLOBAL MARKET STORM GATHERS FORCE AS VIRTUALLY NO ASSET CLASS IS SPARED

FP - Stephanie Hughes (2022-09-26)

Indices are down across the board in Friday trading. The S&P TSX composite index slumped over 2.75 per cent to 18,480.98 as of 4:00 p.m. ET as energy shares fell to their lowest in over two months and oil prices gave up 6 per cent.


POUND PLUNGE THE LATEST ILL OMEN AS MARKET STRESS RISES

Reuters - Tom Westbrook (2022-09-26)

Sterling slumped to a record low on Monday, and a renewed selloff in British gilts pushed euro zone yields higher as the fall out from last week's fiscal statement in Britain roiled markets for a second session.


UNSTABLE CABLE

Reuters (2022-09-26)

Britain's gamble to spur growth with unfunded tax cuts into an inflation surge has morphed into a bona fide crisis for sterling and UK government bonds, with questions for all governments seeking ever more debt-funded economic supports.


NEW YORK CITY’S EMPTY OFFICES REVEAL A GLOBAL PROPERTY DILEMMA

Bloomberg - Natalie Wong, John Gittelsohn and Noah Buhayar (2022-09-26)

In the heart of midtown Manhattan lies a multibillion-dollar problem for building owners, the city and thousands of workers.


UNION BOSS ACCUSES BANK OF CANADA OF TRYING TO CURB WAGE DEMANDS

Bloomberg - Randy Thanthong-Knight (2022-09-26)

A group of unions representing more than 3 million employees said it’s “deeply concerned” that the Bank of Canada is encouraging companies to push down wages amid historic inflation that’s hurting workers.


FAMILY LOAN RATE RISING TO 3% ON OCT. 1

Investment Executive (2022-09-26)

Clients have until Sept. 30 to lock in the 2% family loan rate. That rate was 1%, the lowest possible, from July 1, 2020 to June 30, 2022.


FINASTRA AND VISA INTRODUCE GLOBAL BAAS OFFERING INTEGRATING VISA DIRECT

Finextra (2022-09-23)

This, says Finastra, will enable banks to bypass the complexities of a custom-built cross-border payment offering, with an integration to the Visa network through Finastra’s FusionFabric.cloud open development platform.


FOSSIL FUEL DIVESTMENT NOT ON THE AGENDA FOR AIMCO, CEO EVAN SIDDALL SAYS

G&M - Jeffrey Jones (2022-09-23)

Alberta’s public investment manager is not making a net-zero commitment, and selling off fossil-fuel producers is out of the question. Instead, it will concentrate on investing alongside portfolio companies to decarbonize, its chief executive officer says.


ONTARIO’S NEW RULES GOVERNING FINANCIAL ADVISERS CONTAIN SIGNIFICANT FLAWS, INDUSTRY GROUPS SAY

G&M - Clare O'Hara (2022-09-23)

“We are disappointed with Ontario’s approach to approving credentials for financial advisers,” FAIR Canada’s executive director Jean-Paul Bureaud, said in an interview with The Globe and Mail.


OTTAWA EXPECTED TO COLLECT $5.3-BILLION FROM NEW TAX ON BANKS AND INSURERS

G&M - James Bradshaw (2022-09-23)

A permanent 1.5-per-cent increase to the corporate income tax rate for banks and insurers is expected to raise $266-million this year and $2.25-billion over five years, according to cost estimates published Thursday by the Parliamentary Budget Officer.


WORLD BANK PRESIDENT DAVID MALPASS TRIES TO RESTATE VIEWS ON CLIMATE CHANGE AMID CALLS FOR DISMISSAL

G&M - DAVID GELLES AND ALAN RAPPEPORT (2022-09-23)

The president of the World Bank, David Malpass, on Thursday tried to restate his views on climate change amid widespread calls for his dismissal after he refused to acknowledge that the burning of fossil fuels is rapidly warming the planet.


AMAZON LAUNCHING AFFIRM'S 'BUY NOW, PAY LATER' OPTION IN CANADA

Yahoo Finance - Michelle Zadikian (2022-09-23)

Affirm said on Thursday in a press release that purchases on Amazon.ca of at least $50 will be eligible for the pay-over-time option within the next month if customers select the company as their payment method.


JAMIE DIMON CALLS CRYPTO TOKENS 'DECENTRALIZED PONZI SCHEMES'

Yahoo Finance - David Hollerith (2022-09-23)

“I'm a major skeptic on crypto tokens, which you call currency like Bitcoin. They are decentralized Ponzi schemes,” he said, pointing to the billions of dollars lost each year through crypto-related hacks and how cryptocurrencies are used in crimes such as ransomware payments, money laundering, and sex-trafficking.


BANK OF ENGLAND HIKES RATES BY 50 BPS AS ECONOMY SLOWS

Yahoo Finance (2022-09-23)

The Bank of England raised its key interest rate to 2.25% from 1.75% on Thursday and said it would continue to "respond forcefully, as necessary" to inflation, despite the economy entering recession.


TERENCE CORCORAN: UN MAKES ITS OWN CASE FOR DISMANTLING THE OUTDATED INSTITUTION

FP - Terence Cocoran (2022-09-23)

This week’s annual General Assembly policy rant by UN Secretary General Antonio Guterres should serve as a sign that it may be time to begin work on dismantling the United Nations, perhaps turning its iconic headquarters into a condo tower where normal people can replace the undemocratic, power-seeking control freaks who now wander its corridors in search of new ideological schemes and fears to inflict on an already troubled world.


CENTRAL BANKS RAISE RATES AGAIN AS FED DRIVES GLOBAL INFLATION FIGHT

Reuters - Francesco Canepa, Howard Schneider (2022-09-23)

 Global central banks continued raising interest rates on Thursday, following the U.S. Federal Reserve in a fight against inflation that is sending shockwaves through financial markets and the economy.


BANK OF ENGLAND SAYS PAPER BANKNOTES ONLY GOOD FOR ONE MORE WEEK

Bloomberg - David Goodman (2022-09-23)

British consumers have just one week left to spend the last £11 billion ($12.4 billion) of paper banknotes that remain in circulation before the cash ceases to become legal tender.


WHY WALL STREET CAN’T IGNORE WALMART

Bloomberg - Brendan Case, Jennifer Surane (2022-09-23)

Alarm bells sounded on Wall Street in early 2021 when a financial-technology outfit backed by Walmart Inc. lured two highly regarded executives away from Goldman Sachs Group Inc. The world’s largest retailer had been trying for years to expand into financial services. Perhaps, the thinking went, it was finally poised to take on big banks.


CANADA IS HEADING FOR A HARD LANDING, REAL ESTATE PRICES TO DROP 30%: OXFORD ECON

Better Dwelling (2022-09-23)

A hard landing is a recession that happens after a rate adjustment, when trying to calm inflation. This is in contrast to a soft landing, where rates rise but the economy only slows — no recession. Tony Stillo, a director at Oxford Econ, expects a moderate recession to kick off in Q4 2022. He attributes rate hikes, high inflation, and weak global demand for the forecast. 


FED ATTACKS INFLATION WITH ANOTHER BIG HIKE AND EXPECTS MORE

G&M - Christopher Rugaber (2022-09-22)

Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time and signalled more large rate hikes to come – an aggressive pace that will heighten the risk of an eventual recession.


CANADA’S HOMEOWNERSHIP RATE FALLS TO 20-YEAR LOW, CENSUS SHOWS

G&M - Rachelle Younglai (2022-09-22)

Canada’s home ownership rate dropped to 66.5 per cent last year, new census data show, the lowest level since the turn of the century, as more Canadians became renters.


MONTREAL-BASED CRIME-FIGHTING TECH COMPANY CHARGED WITH BRIBING FOREIGN OFFICIAL, DEFRAUDING PUBLIC

G&M - Nicolas Van Praet (2022-09-22)

Police have charged a Canadian company hailed worldwide for its crime-fighting technology with corruption and fraud.


RBC COMBINES TECHNOLOGY BANKING UNIT WITH VENTURE ARM TO REACH MORE CLIENTS IN INNOVATION SPACE

G&M - JAMES BRADSHAWBANKING (2022-09-22)

Royal Bank of Canada RY-T has merged its technology banking unit with its Ventures business that nurtures companies outside traditional banking as it looks to expand support for a tech sector squeezed by a slowing economy.


RAYMOND JAMES’S CHIEF EXECUTIVE AIMS TO ADD $30-BILLION IN ASSETS OVER FIVE YEARS

G&M - Clare O'Hara (2022-09-22)

Amid an economic slowdown that has seen job losses begin to emerge in some parts of the financial sector, Jamie Coulter, chief executive officer of Canadian wealth manager Raymond James Ltd. 

RJF-N -1.31%decrease   , is on a different course, with plans to recruit more than 60 investment advisers and add $30-billion in assets to the company over the next five years.


HOW STEEP FED RATE HIKES AFFECT YOUR FINANCES

Yahoo Finance (2022-09-22)

The Fed's latest move is expected to raise its benchmark rate to a range of 3% to 3.25%, the highest level in 14 years. Its steady rate increases are making it increasingly costly for consumers and businesses to borrow — for homes, autos and other purchases. And more hikes are almost surely coming. Fed officials are expected to signal Wednesday that their benchmark rate could reach as high as 4.5% by early next year.


PLUNGING POUND IS FUELING FTSE 100’S OUTPERFORMANCE

Yahoo Finance - Michael Msika (2022-09-22)

The plunging pound is pointing to further outperformance for the exporter-heavy FTSE 100 index relative to the more domestically-focused FTSE 250.


BDC AIMS TO HELP WOMEN OVERCOME BARRIERS WITH $500-MILLION VENTURE PLATFORM

FP - Denise Paglinawan (2022-09-22)

The Business Development Bank of Canada (BDC) is launching a $500-million venture fund and lab to support Canadian women-led businesses at a time when investors tend to be discouraged from making business investments amid a looming recession and market turmoil.
The investment platform comprises three parts, including a $300-million direct investment fund, a $100-million lab and a $100-million indirect investment arm that will focus on companies that have at least one woman as the general partner investor.
The platform is a follow-up to BDC Capital’s Women in Technology $200-million venture fund, which launched in 2017. Out of the 38 investments made into women-led businesses, the team has exited eight companies successfully, one of which was the Montreal-based photography platform Unsplash Inc.


'IMMORAL AND IRRESPONSIBLE': U.S. BANKS THREATEN TO LEAVE MARK CARNEY'S GREEN ALLIANCE OVER LEGAL RISKS

FP - Stephen Morris, Kenza Bryan and Owen Walker (2022-09-22)

Wall Street banks including JPMorgan Chase & Co., Morgan Stanley and Bank of America Corp. have threatened to leave Mark Carney’s financial alliance to tackle climate change because they fear being sued over increasingly stringent decarbonization commitments.


BANK OF IRELAND TO RETURN TO FULL PRIVATE OWNERSHIP SHORTLY

Reuters - Reuters (2022-09-22)

Ireland's finance minister said on Wednesday that he expects to announce shortly that the government has cut its shareholding in Bank of Ireland (BIRG.I) to zero having raised over 800 million euros by selling shares in the bank in the last year.


RBCX AND RBC VENTURES MERGE

Finextra (2022-09-22)

Sid Paquette, head, RBCx, says: "We aren’t just offering banking products to the tech industry, we are connecting founders with other founders, providing access to financing through our fund finance group, investing in and scaling our internal Ventures innovation portfolio, supporting companies on their growth journey with our platform group, and helping tomorrow’s change makers scale globally.


YUAN LOSSES DEEPEN HIGHLIGHTING LIMITS OF PBOC CURRENCY DEFENSE

Yahoo Finance (2022-09-22)

China’s yuan is set for its longest losing streak since June even after the central bank sought to support the currency with stronger-than-expected fixings in every single session for nearly a month.


CHARTING THE GLOBAL ECONOMY: INFLATION WINDS KEEP BLOWING STRONG

Bloomberg - Video (2022-09-22)

Inflation continues to rattle the global economy, forcing monetary authorities to strengthen efforts to extinguish it.


“DR. DOOM” ROUBINI EXPECTS A ‘LONG, UGLY’ RECESSION AND STOCKS SINKING 40%

Bloomberg - Natalia Kniazhevich (2022-09-22)

Economist Nouriel Roubini, who correctly predicted the 2008 financial crisis, sees a “long and ugly” recession in the US and globally occurring at the end of 2022 that could last all of 2023 and a sharp correction in the S&P 500.


BANK REGULATORS RESIST JOINING CLIMATE FIGHT

Investment Executive - James Langton (2022-09-22)

“The head of the U.K.’s prudential supervisor, Sam Woods, recently said that addressing the causes of climate change is a decision for governments and parliaments, not regulators,” Fitch said, adding that the chair of the Basel Committee on Banking Supervision also said in July that regulators shouldn’t be using prudential requirements to meet climate-related objectives.


TD BANK LAUNCHES CARBON ADVISORY BUSINESS AND INVESTS $10-MILLION IN BOREAL FOREST PROJECT

G&M - Jeffrey Jones (2022-09-21)

Toronto-Dominion Bank 

TD-T -0.65%decrease    has launched a carbon advisory business and is investing $10-million in a major Ontario forest conservation project, making it the latest Canadian financial institution to pursue strategic moves in the carbon-offset and credit markets.


BANK OF CANADA’S BEAUDRY PUSHES BACK AGAINST RECESSION FORECASTS

G&M - Mark Rendell (2022-09-21)

The Bank of Canada is pushing back against the idea it will need to cause a recession to get prices under control, while assuring financial markets it will take “whatever actions are necessary” to bring inflation back to target.


PIERRE POILIEVRE’S ECONOMIC PRIORITIES ARE MORE STRAIGHTFORWARD THAN THEY SEEM

G&M - DAVID PARKINSON (2022-09-21)

When it comes to nailing down Pierre Poilievre’s economic policy, it can be hard separating the real from the surreal.


MILLIONS OF PRIME-WORKING-AGE AMERICANS HAVE DISAPPEARED FROM THE LABOUR FORCE. NOT IN CANADA

G&M - Jason Kirby (2022-09-21)

Millions of prime-working-age Americans — those aged 25 to 54 — are missing from the labour force, even as that same cohort in Canada continues to grow. Over the past decade, Canada’s prime-age labour force has grown nearly 13%, whereas the U.S. labour force is up just 2.1%, having yet to even fully recover from the shocks of the Great Recession and COVID-19 recession.


LUXURY CARS SEIZED FROM 23-YEAR-OLD 'CRYPTO KING' AS INVESTORS TRY TO RECOUP MILLIONS

CBC - Nicole Bockbank (2022-09-21)

Creditors are working to unravel where at least $35 million provided to Pleterski and his company AP Private Equity Limited for cryptocurrency and foreign exchange investments ended up, according to a fraud recovery lawyer and documents filed in two separate actions reviewed by CBC Toronto.


HIGH INFLATION IN SIGHT, FED TO SIGNAL MORE RATE HIKES AHEAD

Yahoo Finance (2022-09-21)

The central bank is expected to raise its key short-term rate by a substantial three-quarters of a point for the third consecutive time. Another hike that large would boost its benchmark rate — which affects many consumer and business loans — to a range of 3% to 3.25%, the highest level in 14 years.


IF YOU'RE THINKING OF SHORTCHANGING A DEPARTING EMPLOYEE ON A BONUS, THINK AGAIN

FP - Howard Levitt (2022-09-21)

The employer provided evidence that the bonus was “purely subjective” and included factors such as length of service, company performance, attitude, teamwork and individual performance, among other things. The Court of Appeal ruled that this was inconsistent with the obligation to exercise discretion in a fair and reasonable manner. Two other employees not involved in the litigation were provided bonuses of $200,000 each for the full year in question. The court also reviewed evidence that showed the employer’s performance had been “jaw dropping” for that bonus year. It found that bonuses paid to other, similarly situate, employees is the best evidence of what bonus would have resulted from a fair and reasonable exercise of the discretion. As result, the appellants were awarded $115,000 in bonus each plus interest.


'I NEED JUSTICE': THE LAWLESS WORLD OF CRYPTO SCAMS

FP - Joshua Oliver (2022-09-21)

Scammers stole US$6.2 billion from victims worldwide in 2021, according to the blockchain research group Chainalysis Inc., an annual increase of about 80 per cent. Losses from crypto-related scams reported to Action Fraud, the United Kingdom’s national reporting centre for fraud, more than doubled to £190 million last year compared with 2020. And, by the end of August, losses are 25 per cent higher than the same period last year.


WHAT'S INSIDE CHINA'S TOOLBOX TO REIN IN EXCESS YUAN WEAKNESS?

Reuters (2022-09-21)

The yuan has lost about 4% to the dollar since mid-August to weaken past the psychologically important 7 per dollar level. The local currency also looks set for the biggest annual loss since 1994, when China unified official and market exchange rates.
The rapid yuan declines prompted the People's Bank of China (PBOC) to lower the amount of foreign exchange financial institutions must hold as reserves to rein in weakness. read more


CANADIAN REAL ESTATE PRICES JUST MADE A RECORD PRICE DROP: TERANET-NATIONAL BANK

Better Dwelling (2022-09-21)

Canadian real estate prices made the largest drop in the history of the HPI. The 11-City HPI fell 2.4% in August, and is down 4.06% from the peak in May 2022. The index hasn’t seen such a substantial monthly drop in the data series, which goes back to 1999.  


HOUSING MARKETS RESPOND MUCH FASTER TO INTEREST RATES THAN PREVIOUSLY THOUGHT

Investment Executive - James Langton (2022-09-21)

In fact, the researchers found that surprise rate hikes produce a 0.2% to 0.3% drop in listing prices within two weeks, producing a contraction “on par with the effect on stock prices.”


REMARKS BY CEO AMIN H. NASSER AT SCHLUMBERGER DIGITAL FORUM 2022

Aramco - Amin H. Nasser (2022-09-21)

Because when you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right.


WITH INFLATION THE TALK OF THE TOWN, THE BANK OF CANADA REFINES ITS MESSAGE

G&M - Mark Rendell (2022-09-19)

Shortly after taking over as Bank of Canada Governor in the summer of 2020, Tiff Macklem gave a speech to a virtual gathering of central bankers at the U.S. Federal Reserve’s annual Jackson Hole Symposium about the importance of communicating with the public.


INDEPENDENT CENTRAL BANK MAY BE ONLY DEFENSE AGAINST OTTAWA’S ‘CRISIS’ MANAGEMENT

G&M - Steven Globerman (2022-09-19)

Back in 2020, Conservative MP Pierre Poilievre accused the Bank of Canada of being an “ATM” for the Liberal government and its deficit spending, helping fuel inflation. Mr. Poilievre, now leader of his party, has also said if he’s elected prime minister, he’ll replace Tiff Macklem as governor of the central bank with someone who would reinstate the institution’s low-inflation mandate. And he’s promised to increase parliamentary oversight of the bank.


JPMORGAN REDUCES CREDIT TO CHINA’S TSINGSHAN AND METAL CLIENTS GLOBALLY

G&M - ERIC ONSTAD, PRATIMA DESAI AND PETER HOBSON (2022-09-19)

JPMorgan Chase & Co JPM-N has reduced lending to China’s Tsingshan, one of the world’s top nickel producers, while also paring back credit to other customers in Europe and Asia after a review of risk, sources close to the situation said.


BITCOIN FALLS BELOW $19,000 AS CRYPTOS CREAK UNDER RATE HIKE RISK

Yahoo Finance (2022-09-19)

Bitcoin, the biggest cryptocurrency by market value, fell about 5% to a three-month low of $18,387.


FALLING HOUSING PRICES MAY NOT BE LEADING TO WIDESPREAD BUYERS' REMORSE THE WAY YOU THINK

FP - Murtaza Haider and Stephen Moranis (2022-09-19)

Sellers might believe they were too quick to accept an offer and wonder if there could have been a higher offer had they waited a bit longer. Buyers, meanwhile, are more likely to experience remorse after their offer is accepted, fearing they might have overpaid since why else would the sellers have accepted their offer.


THE BANK OF CANADA IS LOSING MONEY FOR THE FIRST TIME EVER ON RISING RATES

FP - Stephanie Hughes (2022-09-19)

The Bank of Canada’s historic fight against deflation during the COVID recession, and now the startling inflationary surge that has come in the recovery’s wake, will likely bring to an end the central bank’s untarnished streak of profitability.


U.S. BANK REGULATORS CONSIDER NEW RULES FOR REGIONAL BANKS IN TIMES OF CRISIS, WALL STREET JOURNAL REPORTS

Reuters (2022-09-19)

A group of bank regulators appointed by U.S President Joe Biden is considering new rules which will require big regional banks to add financial cushions that can be used in times of crisis, the Wall Street Journal reported on Sunday.


GOLDMAN SACHS DEFEATS EMPLOYEE CLASS ACTION OVER RETIREMENT PLAN

Reuters - Jonathan Stempel (2022-09-19)

U.S. District Judge Edgardo Ramos in Manhattan found no proof that Goldman's 401(k) retirement committee's decision to use five funds managed by Goldman Sachs Asset Management created a conflict of interest because the affiliate received management fees.


CHINA IS CRANKING UP ITS GLOBAL PROPAGANDA MACHINE

Bloomberg - Adam Minter (2022-09-19)

In a recent essay, Fu Hua, editor-in-chief of Xinhua, China's largest and most influential state news agency, outlined how he and others like him can crank up the "volume of China" and dominate the global public opinion debate. Among other steps being taken, he claims, is an ongoing effort to "strengthen" Xinhua's accounts on overseas social media services like Twitter, Facebook, and TikTok.


THREE WAYS OPEN BANKING COULD IMPACT WEALTH MANAGEMENT

Investment Executive - Greg Meckbach (2022-09-19)

If Canada gets open banking, technology firms could disrupt wealth management by automating processes and helping clients with multiple investment accounts, fintech experts say.


HOME CAPITAL ANNOUNCES FINAL RESULTS OF SUBSTANTIAL ISSUER BID

Home Capital (2022-09-19)

The Shares to be purchased under the Offer represent approximately 3.87% of the Shares issued and outstanding (undiluted) prior to the take-up of the Shares. After giving effect to the repurchase, the number of issued and outstanding Shares will be 38,397,442 (undiluted). None of the directors or management of the Company tendered any of their Shares pursuant to the Offer.


ECB TAPS CAIXABANK AND AMAZON FOR DIGITAL EURO PROTOTYPES

Finextra (2022-09-19)

The ECB received 54 expressions of interest after it put out a call for partners in April and has now settled on the Spanish lender and US tech giant, alongside Worldline, Nexi and EPI.


MUSLIM HOMEBUYERS FLOCK TO HALAL FINANCING OPTIONS AS NEW COMPANIES EMERGE TO SERVE MARKET

G&M - James Bradshaw (2022-09-19)

Canada’s housing market is in retreat, but in some provinces there’s an emerging niche where demand for home loans is still booming: Halal financing for Muslim homebuyers.


CHINESE BUYERS SNAP UP LUXURY HOMES AS ‘HARD CURRENCY’ IN SOFT PROPERTY MARKET

G&M (2022-09-19)

In the southern Chinese city of Shenzhen, where the real estate sector has slowed, luxury property is bucking the downtrend, the official Securities Times reported on Monday, as wealthy buyers seek a safe haven amid a weak market.


WHY GOLD HAS LOST ITS STATUS AS A HAVEN FROM INFLATION AND MARKET CHAOS

Yahoo Finance - Gabriel Freidman (2022-09-19)

Case in point: Last week, gold fell three per cent to US$1,665 per ounce after the release of data that showed that U.S. inflation hit 8.3 per cent in August, the opposite of what you would have expected given fresh evidence of intense upward price pressure. Gold has now sunk some 20 per cent since hitting US$2,087 per ounce in March.


BEYOND MEAT COO ARRESTED FOR BITING MAN’S NOSE AFTER COLLEGE FOOTBALL GAME

Yahoo Finance - Daniela Sirtori-Cortina and Deena Shanker (2022-09-19)

Ramsey got out of his car and “punched through the back windshield of the Subaru,” according to the report. The Beyond Meat executive allegedly then started punching the owner of the car, who had left the vehicle, and also “bit the owner’s nose, ripping the flesh on the tip.” He also “threatened to kill” the other man, according to the report.


BIG U.S. BANK CEOS TO BE GRILLED BY CONGRESS ON CONSUMER, SOCIAL ISSUES

Reuters - Pete Schroeder (2022-09-19)

The chief executives of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major U.S. retail banks will be grilled this week by lawmakers on a slew of issues, from the state of the economy to their stances on hot-button issues including abortion and fossil-fuel lending.


MARK ZUCKERBERG’S $71 BILLION WEALTH WIPEOUT PUTS FOCUS ON META’S WOES

Bloomberg - Nur Dayana Mustak (2022-09-19)

Mark Zuckerberg’s pivot into the metaverse has cost him dearly in the real world.


CANADIAN BANKS LOOK TO NEWCOMERS AS KEY SOURCE OF CLIENT GROWTH

Investment Executive - Ian Bickis (2022-09-19)

“We’re seeing it as a big focus across all categories of banks, not just the big banks,” said Abhishek Sinha, banking transformation leader at EY Canada.


ALTERNATIVE BANKS WITH THE JUICIEST GIC AND SAVINGS RATES ARE REALLY BUSY

G&M - Rob Carrick (2022-09-19)

The now-defunct era of low interest rates was a great time to borrow.


HOUSING AFFORDABILITY IS THE WORST IT’S BEEN IN 32 YEARS

G&M - Jason Kirby (2022-09-16)

House prices across Canada may be tumbling, but housing affordability hasn’t been this bad since the final months of 1990, when Brian Mulroney was still prime minister, a new tax called the GST was winding its way through Parliament and, somewhat ominously, Jon Bon Jovi’s Blaze of Glory blanketed the airwaves.


CREA CUTS CANADIAN HOME PRICE FORECAST AS VALUES DROP FOR SIXTH CONSECUTIVE MONTH

G&M - Rachelle Younglai (2022-09-16)

Canada’s real estate association cut its home price forecast for the year as values declined for the sixth straight month in August, with smaller Ontario cities shouldering the largest declines.


US YIELD CURVE SET TO INVERT BY MOST IN 40 YEARS, ALLSPRING SAYS

Yahoo Finance - Tassia Sipahutar (2022-09-16)

Two-year yields are likely to surge in the next six months, increasing the inversion with 10-year yields to at least 100 basis points, said Brian Jacobsen, senior investment strategist at the firm. The yield gap at that part of the curve stood at minus 44 basis points on Friday, the deepest in a month, data compiled by Bloomberg show.


ANALYSIS-'IT'S A CAR WITH BROKEN BRAKES': INVESTORS SEE UNRELENTING YEN DESCENT

Yahoo Finance - Kevin Buckland and Rae Wee (2022-09-16)

The yen has already lost more than 20% of its value this year to reach a 24-year trough at 144.99 per dollar last week, including a more than 7% tumble over the past month alone.


THE POUND HAS BEEN ON THE ROPES BEFORE. IT DIDN’T END WELL

Yahoo Finance - Naomi Tajitsu, Alice Gledhill and Philip Aldrick (2022-09-16)

“There was a tense atmosphere inside the bank,” said Stuart Cole, who joined the BOE just months before Black Wednesday and is now head macro economist at Equiti Capital. “It was the bank against the markets. There was a sense of apprehension where you knew it was going to end badly.”


CANADA'S AVERAGE HOME PRICE DOWN ALMOST 4% FROM LAST YEAR

FP - Shantaé Campbell (2022-09-16)

The average price of homes sold in Canada in August fell 3.9 per cent from the same month last year to $637,673 according to statistics released Thursday by the Canadian Real Estate Association, which also scaled back its forecast for price gains and sales for the remainder of the year.
Sales volumes fell by 24.7 per cent on a year-over-year basis, but edged down just one per cent from July to August, making it the smallest of six consecutive month-over-month declines in sales volumes, the group’s data showed.
It was close to an even split between the number of markets in which month-over-month sales were up and those in which sales were down. Gains were led by the Greater Toronto Area (GTA) and a large regional mix of other Ontario markets. These were offset by declines in Greater Vancouver, Calgary, Edmonton, Winnipeg and Halifax-Dartmouth.


A CANADIAN RECESSION IS 'ALL BUT SET IN STONE'

FP - David Rosenberg (2022-09-16)

The flood of cash, in turn, led to an additional $906 billion landing in the hands of households than would have otherwise been the case if fiscal support had remained at pre-pandemic levels over the past two years. That stimulus has been substantially cut back since then, but the government still has further to go to revert to the historical trend.


CANADIAN DOLLAR HITS LOWEST SINCE 2020 AS AUSSIE TAKES A HIT

Bloomberg - Mary Biekert (2022-09-16)

Foreign-exchange markets took a risk-averse turn Thursday, sending the Canadian dollar to its weakest against the greenback in almost two years and Australia’s currency close to the lowest since the early months of the Covid pandemic.


CANADIAN REAL ESTATE PRICES ARE BACK TO NOVEMBER 2021, DOWN OVER $100K SINCE PEAK

Better Dwelling (2022-09-16)

Canadian home prices fell sharply once again, continuing to erode massive gains made over the past few months. The price of a typical home fell to $760,400 in August, down 2.80% ($21,900) from a month before. Prices remain 7.05% ($50,100) higher than last year, but at this rate, those gains can disappear quickly.


CANADIAN REAL ESTATE PRICES ARE BACK TO NOVEMBER 2021, DOWN OVER $100K SINCE PEAK

Better Dwelling (2022-09-16)

Canadian home prices fell sharply once again, continuing to erode massive gains made over the past few months. The price of a typical home fell to $760,400 in August, down 2.80% ($21,900) from a month before. Prices remain 7.05% ($50,100) higher than last year, but at this rate, those gains can disappear quickly.


INSURERS PAY RECORD AMOUNT OF BENEFITS IN 2021

Investment Executive (2022-09-16)

Specifically, insurers paid over $113 billion in life and health benefits last year, up 17% from 2020 and nearly $10 billion above pre-pandemic levels, the Canadian Life and Health Insurance Association (CLHIA) said in its annual statistics report published on Thursday.


GLOBAL BANKS WELL ARMED TO FACE SLUMP

Investment Executive - James Langton (2022-09-16)

“While rising interest rates are expected to support intermediation revenue on the one hand, the risk of persistently high inflation and possible economic downturns could test banks’ resilience,” the group said in a statement.


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BANK OF ENGLAND MULLS BIGGEST INTEREST-RATE RISE IN 33 YEARS

FP (2023-02-19)

With prices rising five times faster than the U.K. central bank’s two per cent target and the pound falling almost daily, policy makers led by Bank of England Governor Andrew Bailey are under pressure to step up the pace of monetary tightening.


BANK OF CANADA TO PUBLISH SUMMARIES OF MEETINGS IN BID TO INCREASE TRANSPARENCY

G&M - Mark Rendell (2022-09-29)

The Bank of Canada will start publishing summaries of its monetary policy meetings in an effort to improve transparency and shore up its credibility as it struggles to bring down high inflation.


IN A HARD WORLD, HOPES DIM FOR A SOFT LANDING FOR CANADA’S ECONOMY

G&M - Mark Rendell (2022-09-29)

Canada is facing growing economic headwinds as key trading partners teeter on the brink of recession, piling worries about trade and commodity prices on top of concerns about the domestic economy.


INTERAC NOW HAS MELLOW MUSIC FOR THE INFLATION-WEARY

G&M - Rob Carrick (2022-09-29)

So how about a musical answer to your spending challenges? Interac, the people who run the electronic banking network in Canada, have commissioned a mellow soundtrack called Sound Shopping for people to play while in stores. Check out a sample here, or listen to the entire 24:30 on Spotify.