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

Alberta Premier on the Supreme Court\'s ruling, an

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

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

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


Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

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


The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

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


March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

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


Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

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


2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

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


Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

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


How and why you need to defend your brand against disruptors  

Mark Sibthorpe

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


Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

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


ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

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

 


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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

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

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


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

fsim.ca/docs/booksample.pdf

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


Guide to system selection  

fsim.ca/docs/gssnow.pdf

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


News feed

AUSTRALIAN CENTRAL BANK CBDC RESEARCH HIGHLIGHTS LONG PATH TO ANY FUTURE DEPLOYMENT

Finextra (2023-12-23)

Operating in a ring-fenced environment and involving a digital currency that is a real claim on the Reserve Bank, 14 pilot projects with a range of industry participants investigated potential CBDC use cases.


CANADA IS IN ECONOMIC DECAY. PREPARE FOR BOC RATE CUTS AND BIG RETURNS IN THIS ASSET CLASS

G&M - David Rosenberg (2023-12-06)

There may be lies, damned lies, and statistics as Mark Twain posited. But statistics, as flawed as they may be, are all we have to go by. And the statistics show a Canadian economy that very likely has already slipped into a recession, even as Tiff Macklem doth protest too much.


EQUIFAX REPORT SAYS CONSUMER DEBT, CREDIT DELINQUENCIES ON THE RISE

G&M (2023-12-06)

Consumer debt and credit delinquencies are on the rise as high interest rates, skyrocketing housing costs and inflation take a toll on Canadian borrowers, according to a third-quarter report from credit-rating agency Equifax Canada. Credit counsellors say they expect those effects will worsen in coming months and years.\nRebecca Oakes, vice-president of advanced analytics at the firm, said credit card debt rose significantly and drove increases in overall debt in the third quarter of 2023, a concerning trend that leaves Canadians vulnerable to high interest rates.


CANADA’S ANTI-MONEY-LAUNDERING AGENCY LEVIES LARGEST-EVER FINE AGAINST RBC

G&M (2023-12-06)

The federal agency responsible for combatting money laundering and terrorist financing imposed its largest-ever fine Tuesday against RBC.


REAL ESTATE DEVELOPER WESTBANK FACES ONSLAUGHT OF LITIGATION FOR CANADIAN, U.S. PROJECTS DUE TO UNPAID BILLS

G&M - Shane Dingman, Rachelle Younglai (2023-12-06)

Westbank Corp., a prominent Canadian developer known for its ambitious architecture, is facing problems at several projects in Toronto and Seattle with contractors claiming millions of dollars in unpaid bills.


FROM A 'HAWKISH' TO A 'DOVISH HOLD'? HERE'S WHAT ECONOMISTS EXPECT FROM THE BANK OF CANADA ON WEDNESDAY

Yahoo Finance - Gigi Suhanic (2023-12-06)

“We expect the Bank of Canada (BoC) to remain on hold with the overnight rate at five per cent. The economy remains weak as shown by the GDP contraction in 3Q (-1.2 per quarter-over-quarter seasonally adjusted annual rate) and the output gap is closing.


US REGULATORS CLAMP DOWN IN BID TO PREVENT MORE BANK FAILURES

Yahoo Finance - Pete Schroeder and Nupur Anand (2023-12-06)

Supervisors are targeting small, mid-size and larger banks, the people said. Reuters could not ascertain exactly how many banks overall were targeted, but eight of the sources said they each had knowledge of multiple cases or banks affected.


EUROPE WAS SET TO LEAD THE WORLD ON AI REGULATION. BUT CAN LEADERS REACH A DEAL?

Yahoo Finance (2023-12-06)

The 27-nation bloc’s Artificial Intelligence Act has been hailed as a pioneering rulebook. But with time running out, it's uncertain if the EU's three branches of government can thrash out a deal Wednesday in what officials hope is a final round of talks.


ONTARIO'S HOUSING MARKET IS ALMOST AS LOOSE AS THE GREAT 1990S MELTDOWN

FP - Pamela Heaven (2023-12-06)

The concern is if higher interest rates further dampen demand the ratio will slip to levels not seen since the deep housing market downturn in the late 1980s to mid-1990s, said TD economist Rishi Sondhi.
Sales-to-new-listings ratios measure supply and demand in housing markets and help predict prices. A ratio under 40 per cent means a buyer’s market where new listings exceed sales, between 40 and 60 per cent is a balanced market and over 60 per cent, where demand outstrips supply, is a seller’s market.
During the late 1980s and early 1990s, home prices plunged by 32 per cent across Ontario, falling 38 per cent in the Greater Toronto area.
The economic backdrop is also better. From March 1990 to May 1992, Canada was in a deep recession, brought on by high interest rates and fiscal belt-tightening, among other forces. Ontario GDP and employment dropped 6 per cent peak to trough.


TORONTO REAL ESTATE PRICES DROP AS MARKET LOOSENS AT A BREAKNECK SPEED

Better Dwelling (2023-12-06)

Greater Toronto real estate prices continue to fall, now wiping out any gains made over the past year. The TRREB benchmark price shed $22.3k to hit $1.08 million in November. The City of Toronto benchmark fell $19k to $1.06 million. Both measures are virtually unchanged from last year, with the brief period of gains made earlier this year now totally wiped out.  


ITALIAN WATCHDOG HITS INTESA SANPAOLO OVER CUSTOMER MIGRATION TO APP-ONLY UNIT

Finextra (2023-12-05)

According to the AGCM, messages about the move were sent to customers in the archive section of the Intesa Sanpaolo App without any push notifications or pop-ups.


UK MPS URGE CAUTION ON CREATION OF DIGITAL POUND

Finextra (2023-12-05)

MPs have also urged the Government to alleviate privacy concerns around the misuse of personal data through robust regulation and legislated protections.


TORONTO HOME SALES RISE IN NOVEMBER BUT PRICES DROP FOR FOURTH CONSECUTIVE MONTH

G&M - RACHELLE YOUNGLAI (2023-12-05)

Toronto home sales rose in November after five months of declines, but property prices fell further as competition waned among buyers.


CANADA LIFE SIGNS RESIDENTIAL MORTGAGE PARTNERSHIP WITH NESTO

G&M (2023-12-05)

In addition to servicing the existing mortgages, Nesto will also be responsible for the Canada Life mortgages at maturity.\nThe partnership follows Canada Life’s 2022 decision to withdraw from the residential mortgage market.


PAYMENT TECHNOLOGY FIRM NUVEI SIGNS PARTNERSHIP DEAL WITH MICROSOFT

G&M (2023-12-05)

Payment technology company Nuvei Corp. has signed a partnership agreement with Microsoft Corp. Financial terms were not immediately available.\nUnder the deal, Microsoft will start using Nuvei’s payments technology in the Middle East and Africa.


SWITZERLAND’S BANQUE PICTET ADMITS HIDING BILLIONS FROM US TAX AUTHORITIES

G&M (2023-12-05)

Swiss private bank Banque Pictet has admitted to helping U.S. taxpayers hide more than $5.6 billion from the Internal Revenue Service (IRS) and has entered into a deferred prosecution agreement with the Justice Department, federal prosecutors said on Monday.


IS A MORTGAGE CRISIS ON THE WAY?

CBC (2023-12-05)

And as banks set aside hundreds of millions more in reserves for bad loans, are there risks to Canada’s economy and financial institutions?  Ron Butler, mortgage broker at Butler Mortgage and host of the Angry Mortgage Podcast, explains. 


ALBERTA BMO CUSTOMER ON THE HOOK AFTER ALMOST $10K DISAPPEARED FROM HER ACCOUNT

CBC - Madeleine Cummings (2023-12-05)

"If you were not the one who input your bank card number, secret online banking password and the one-time passcode, then either you somehow disclosed this information, or one of your devices (computer, cellphone) may have been compromised to allow someone to gain access to this information," wrote senior investigator Gary Jasper.


WHY ROYAL BANK IS STILL RETICENT ABOUT RAMPING UP CLEANTECH INVESTMENT

Yahoo Finance - Jeff Lagerquist (2023-12-05)

The national cleantech lead at RBCx, Royal Bank’s (RY.TO)(RY) in-house shop for providing banking services and capital to tech companies, joined a panel discussion last week to discuss corporate participation in Canada’s innovation ecosystem.


LIFE INSURERS BINGE ON US FINANCING AIMED AT HELPING HOUSING

Yahoo Finance - Koh Gui Qing (2023-12-05)

The extent to which FHLBs finance insurers has not been previously reported. Reuters interviews with more than a dozen industry executives and regulators, a review of regulatory disclosures and data show this borrowing has not been matched by a rise in home loan affordability, with the cost of mortgages soaring to its highest in 23 years.


MOODY'S CUTS CHINA CREDIT OUTLOOK TO NEGATIVE, CITES SLOWING ECONOMIC GROWTH, PROPERTY CRISIS

Yahoo Finance (2023-12-05)

The credit rating firm said it expects China’s economy to grow at a 4% annual pace in 2024 and 2025, slowing to an average of 3.8% for the rest of the decade.




CENTRAL BANK BLUNDERS UNDERMINE TOUGH RATE TALK

Reuters - Francesco Guerrera (2023-12-05)

Words are fighting it out with numbers in financial markets at present. Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Traders, however, are paying closer attention to falling inflation figures, sending bonds higher in the expectation of lower borrowing costs. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real.

 


BITCOIN SURGES PAST $42,000 EVEN AS STOCKS AND BONDS TAKE A HIT

Bloomberg - Sunil Jagtiani and Suvashree Ghosh (2023-12-05)

The stock market had a rough Monday following several weeks of strength. It was a similar story in the bond market. And gold did a U-turn after climbing to a new record above $2,100 an ounce.


SHORT-TERM RENTALS REDUCE HOUSING AFFORDABILITY: DESJARDINS

Investment Executive - Ritika Dubey (2023-12-05)

The Desjardins report, using data from analytics firm AirDNA, said Canada has more than 235,800 unique active short-term rental listings on Airbnb and Vrbo, the two largest hosting platforms, amounting to about 1.4% of the country’s housing stock.


BANK OF CANADA EXPECTED TO END YEAR WITH ANOTHER INTEREST-RATE HOLD

G&M (2023-12-04)

The Bank of Canada is expected to cap another tumultuous year for monetary policy with a stand-pat decision this week that keeps interest rates steady while offering few hints about what comes next.


WHY IT’S TIME TO MOVE OUT OF GICS

G&M (2023-12-04)

If you’ve loaded up on GICs over the past 18 months, I understand. I’ve bought a couple myself. The thought of a 5-per-cent yield is intoxicating after years in which payouts were often half that.


WHY THE BANK OF CANADA COULD CUT INTEREST RATES MUCH MORE THAN MARKETS EXPECT

Yahoo Finance - Pamela Heaven (2023-12-04)

Investors are now fully pricing in a 25 bps rate cut by April, a 75 per cent chance by March and even a 20 per cent chance by next week.


WHAT BANKS REALLY MEAN WHEN THEY PUT TRILLIONS INTO ESG

Yahoo Finance - Alastair Marsh and Greg Ritchie (2023-12-04)

Banks also differ in how they account for investments, with some counting new inflows and others tallying assets under management.


U.S. BANK CEOS EXPECTED TO PROTEST REGULATION PUSH BEFORE CONGRESS

Yahoo Finance - Pete Schroeder (2023-12-04)

The top bosses of JPMorgan, Bank of America, Citigroup, Wells Fargo and other major banks are expected to warn lawmakers this week that capital hikes and other new regulations will hurt the economy and should be indefinitely shelved.


UBS TO EXPAND PRESENCE IN U.S. MARKET, NZZ AM SONNTAG REPORTS

Reuters (2023-12-04)

Swiss bank UBS (UBSG.S) plans to expand its presence in the U.S. market as part of its strategy to hit $150 billion in net new money, or inflow of new funds, per year, an executive told Swiss newspaper NZZ Am Sonntag in an interview published on Sunday.


APPLE’S IDEAL CREDIT CARD PARTNER TO REPLACE GOLDMAN SACHS IS CHASE

Bloomberg - Mark Gurman (2023-12-04)

Apple and Goldman Sachs are on the verge of splitting up, and Chase is the ideal partner to step in. Also: Sonos gets ready to take on Apple and others in headphones and TV set-top boxes; Apple continues eyeing 6G; and new retail stores are coming.


CONSULTING GIANTS SEE AI SHAVING YEARS OFF THE PATH TO PARTNER

Bloomberg - Irina Anghel (2023-12-04)

Consulting giants and law firms are looking to artificial intelligence to speed up the time it takes junior staffers to make it to the prestigious partner level as the technology eliminates vast swaths of the repetitive, time-consuming tasks that typically filled up their first few years on the job.


CREDIT SUISSE AT1 FALLOUT WIDENS IN JAPAN WITH MORE LAWSUITS

Bloomberg - Takashi Nakamichi and Nao Sano (2023-12-04)

Several Japanese investors sued the brokerage arms of SBI Holdings Inc.Rakuten Group Inc. and Monex Group Inc., adding to the fallout in the world’s third biggest economy over losses on Credit Suisse’s riskiest debt.


CURRENT MORTGAGE RATES

Forbes - Brai Odion-Esene (2023-12-04)

Today, the average APR for the benchmark 30-year fixed mortgage fell to 7.52% from 7.57% yesterday. One week ago, the 30-year fixed APR was 7.69%. Meanwhile, the average APR on a 15-year fixed mortgage sits at 6.71%. At this same time last week, the 15-year fixed-rate mortgage APR was at 6.97%. And the average APR on the 30-year fixed-rate jumbo mortgage is 7.57%. Last week, it sat at 7.72%


FORMER SCOTIABANK CEO BRIAN PORTER NAMED INAUGURAL CHAIR OF THE ONTARIO INFRASTRUCTURE BANK

G&M (2023-12-01)

The Ontario government is moving quickly to get more money into major projects by appointing former Bank of Nova Scotia\nchief executive officer Brian Porter as the inaugural chair of the newly created Ontario Infrastructure Bank.


BANKS CUT JOBS, TRIM EXPENSES AS ECONOMIC FEARS WEIGH ON EARNINGS

G&M - Stefanie Marotta (2023-12-01)

Canadian banks are slashing jobs to curb mounting expenses and taking higher loan loss provisions as they grapple with the threat of an economic slowdown


RBC, TD AND CIBC: A BREAKDOWN OF THE BIG BANKS’ FOURTH-QUARTER EARNINGS SO FAR

G&M (2023-12-01)

Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce reported on Thursday while Bank of Montreal, National Bank of Canada will release their fourth-quarter results on Friday.


STRUGGLING TO GROW’: CANADA’S ECONOMY SHRINKS IN THIRD QUARTER AMID HIGHER INTEREST RATE

G&M - Matt Lundy (2023-12-01)

The Canadian economy tumbled over the summer as export shipments waned and consumer spending flattened, signs of a continuing malaise as the country grapples with higher interest rates – and a sharp contrast with robust growth in the United States


GOVERNMENTS DIDN’T WORK OUT HOW TO PAY FOR BOOMERS’ RETIREMENT

G&M (2023-12-01)

Trudeau reports $150-billion in new spending on retirees between now and 2028, with many billions more to follow.


CANADA'S ECONOMY SHRANK BY 0.3% IN THIRD QUARTER, STATSCAN SAYS

CBC - Pete Evans (2023-12-01)

"Whatever label you slap on this economy, it's basically not growing, despite the artificial sweetener of rapid population growth," he said. "The big picture is that the Canadian economy is struggling to grow, yet managing to just keep its head above recession waters."


WHY THE BANK OF CANADA COULD CUT INTEREST RATES MUCH MORE THAN MARKETS EXPECT

Yahoo Finance - Pamela Heaven (2023-12-01)

Investors are now fully pricing in a 25 bps rate cut by April, a 75 per cent chance by March and even a 20 per cent chance by next week.


EVERGRANDE CREDITORS DEMAND CONTROLLING STAKES IN NEW PROPOSAL

Yahoo Finance - Eliza Ronalds-Hannon and Erin Hudson (2023-12-01)

The so-called ad-hoc group of bondholders, which has said it holds more than $6 billion of the builder’s about $19 billion of offshore notes, has held a key role in Evergrande’s restructuring talks.


ECB RAISES MINIMUM CAPITAL REQUIREMENTS FOR SPANISH BANKS

Reuters (2023-12-01)

On Friday, Caixabank, the country's biggest lender by domestic assets, said the supervisor had set a minimum threshold of 8.58% for its strictest measure of solvency, or Common Equity Tier 1 (CET1), for 2024 compared to 8.44% set a year ago by the ECB.


ROYAL BANK CHIEF EXECUTIVE MCKAY DEFENDS HSBC DEAL AS BANK REPORTS PROFITS UP

Investment Executive - Ian Bickis (2023-12-01)

“Everybody understands that HSBC is leaving, has made a choice to leave, and it would look horrible on Canada if you didn’t allow the free flow of capital.”


ROBINHOOD LAUNCHES IN THE UK

Finextra (2023-11-30)

In 2020, the company abandoned a planned UK launch as it dealt with operational problems caused by an explosion of day trading in its core US market during the Covid-19 pandemic. A renewed push was signalled in July when it tapped Freetrade executive Jordan Sinclair to lead the business in the UK.


COMPANIES INCREASINGLY TURN TO PRIVATE LENDERS FOR FINANCING

G&M (2023-11-30)

Canadian businesses rejected by banks are increasingly turning to private lenders for financing, as demand for capital outstrips supply in the traditional debt market.


OO MUCH WEALTH TIED UP IN REAL ESTATE CAN HURT YOUR RETIREMENT, REPORT SUGGESTS

G&M - Rob Carrick (2023-11-30)

Canadians heading into retirement are in a great position, said no one ever. But even by this usual standard of negativity, a new report on retirement by Deloitte Canada is a stunner.


SECURITIES REGULATORS PROPOSE DISPUTE SETTLEMENT SYSTEM FOR INVESTORS

G&M (2023-11-30)

Canada’s securities regulators want to design a binding dispute resolution process that would require investment firms to pay monetary fines if it is determined they committed wrongdoing against retail investors.


PLUNGING CONSUMER CONFIDENCE SUGGESTS SPENDING SLOWDOWN COULD GET MUCH WORSE

G&M (2023-11-30)

Bank of Canada Governor Tiff Macklem keeps telling us that Canada hasn’t fallen into a true recession.


FREELAND TABLES MOTION TO BRING IN DIGITAL SERVICES TAX, A PLAN OPPOSED BY BIDEN ADMINISTRATION

G&M - Bill Curry (2023-11-30)

The DST would be a 3-per-cent tax on certain revenue earned by large businesses from certain digital services. It is primarily aimed at large digital service providers such as Amazon, Google, Netflix and Spotify.


CANADIAN COMPANIES FACED RECORD NUMBER OF ACTIVIST CAMPAIGNS IN 2023, SAYS TORONTO CONSULTING FIRM

G&M (2023-11-30)

The shareholders are restless. During the 2023 proxy season, Canadian companies found themselves in the crosshairs of a record-breaking 69 shareholder activist campaigns, according to Kingsdale Advisors, a Toronto-based consulting company that for two decades has advised public companies on governance, transactions and shareholder relations.


TRUDEAU GOVERNMENT MEANDERS ON FINANCIAL CRIME EVEN AS FINTRAC CRACKS THE WHIP ON BUSINESSES

G&M (2023-11-30)

Canada is fighting financial crime in fits and starts. The federal government conveyed this week that money laundering, terrorist financing and evasion of sanctions are “real threats” that harm the “integrity of our financial system and have real costs for the Canadian economy.”


CIBC FOURTH-QUARTER PROFIT JUMPS ON CAPITAL MARKETS STRENGTH

G&M (2023-11-30)

Canadian Imperial Bank of Commerce reported a jump in fourth-quarter profit on Thursday, as a strong performance from its capital markets unit helped offset the hit from bigger provisions. The bank reported adjusted net income of $1.52 billion, or $1.57 per share, for the three months ended Oct. 31, compared with $1.31 billion, or $1.39 per share, a year earlier


COMPLAINTS BODY TO HAVE BINDING POWER OVER INVESTMENT DEALERS AS CANADA PLAYS CATCH-UP ON CONSUMER PROTECTION

Yahoo Finance - Barbara Shecter (2023-11-30)

An independent evaluation in 2022 led by York University law professor Poonam Puri concluded that the current structure where OBSI’s only power is to “name and shame” investment dealers that don’t abide by its rulings “provides an economic incentive for both parties to settle for amounts below OBSI’s recommendation.”


STATISTICS CANADA TO RELEASE THIRD QUARTER GDP NUMBERS TODAY

Yahoo Finance (2023-11-30)

A decline in real GDP would mark the second consecutive quarterly contraction, meeting the definition of a technical recession.




CIBC EARNINGS BEAT ESTIMATES AS CREDIT LOSSES ARE LOWER THAN EXPECTED

Bloomberg - Christine Dobby (2023-11-30)

Canadian Imperial Bank of Commerce topped analysts’ earnings estimates as the lender reported loan-loss provisions that came in below forecasts.


HOUSING PRICES ARE ‘CONUNDRUM’ FOR BANK OF CANADA, NATIONAL BANK’S MARION SAYS

Bloomberg - Randy Thanthong-Knight and Derek Decloet (2023-11-30)

Canadian house prices that remain elevated due to record population growth — but despite restrictive monetary policy — complicate the Bank of Canada’s inflation fight, a top economist said.


SCOTIABANK PROFIT FALLS AS BANK SETS ASIDE ALMOST $1.3B TO COVER BAD LOANS

CBC - Pete Evans (2023-11-29)

The bank's expenses rose to $5.5 billion during the quarter, an increase of 22 per cent. The bank attributed its surging costs to "higher personnel costs, technology-related costs, performance-based compensation, business and capital taxes, share-based compensation, advertising and the unfavourable impact of foreign currency translation."


FOUR BANKS QUIT INITIATIVE ASSESSING CLIMATE TARGETS

Yahoo Finance - Tommy Wilkes (2023-11-29)

Some of the banks, which also include Societe Generale SA and ABN Amro Bank NV, have also raised concerns that SBTi's greenhouse gas emissions target-setting demands are too hard to meet, the sources added.


GLOBAL BONDS HEAD FOR BEST MONTH SINCE 2008 FINANCIAL CRISIS

Yahoo Finance - Garfield Reynolds (2023-11-29)

A Bloomberg gauge of global sovereign and corporate debt has returned 4.9% in November, heading for the biggest monthly gain since it surged 6.2% in the depths of the recession in December 2008.


THE LOOMING THREAT OF CANADA'S MORTGAGE RENEWAL CRUNCH

FP - Larysa Harapyn (2023-11-29)

Dylan Smith, senior economist at Rosenberg Research, talks with Financial Post’s Larysa Harapyn about how the looming mortgage renewal crunch may force the Bank of Canada to cut interest rates sooner rather than later.


APPLE TO END CREDIT CARD PARTNERSHIP WITH GOLDMAN SACHS

Reuters (2023-11-29)

The tech giant recently sent a proposal to the Wall Street bank to exit the contract in the next 12 to 15 months, the report said, citing people briefed on the matter. Apple and Goldman had started to roll out a virtual credit card in 2019.


BILL ACKMAN BETS FED WILL CUT INTEREST RATES AS SOON AS FIRST QUARTER

Bloomberg - Amanda Cantrell (2023-11-29)

Billionaire investor Bill Ackman is betting the Federal Reserve will begin cutting interest rates sooner than markets are predicting. The Pershing Square Capital Management founder said such a move could happen as soon as the first quarter. Traders are fully pricing in a rate cut in June, with the chance of a cut happening in May priced at about 80%, according to swaps market data.


ALBERTA TO DEFY CANADA POWER RULES IN FACE-OFF WITH TRUDEAU

Bloomberg - Robert Tuttle (2023-11-29)

Alberta Premier Danielle Smith invoked a measure to defy federal regulations that aim for a net zero electrical grid by 2035, setting up a confrontation between the Canadian province and Prime Minister Justin Trudeau’s government.

The resolution proposed under the Alberta Sovereignty Within a United Canada Act orders provincial government agencies to not enforce or aid in enforcing Canada’s clean electricity regulations, arguing that power generation is the jurisdiction of the provinces under the constitution, not the


CANADIAN BANKS: BIG SIX RETAIN DEFENSIVE APPEAL

FT - Roula Khalaf (2023-11-29)

Storm clouds are forming. Profits at the Big Six — which include Scotiabank, Toronto-Dominion Bank and Bank of Montreal — are expected to shrink this year as bad debt provisions rise and loan growth slows. Scotiabank kicked off Canadian banks’ earnings season on Tuesday.


NATWEST LAUNCHES BOARD GAME TO EDUCATE PEOPLE ABOUT SCAMS

Finextra (2023-11-28)

NatWest research identified the most prevalent scams which all feature in the game. The most popular being phishing, vishing and smishing scams, impersonation scams, and refund scams.


HSBC CUSTOMERS HIT BY MOBILE BANKING OUTAGE

Finextra (2023-11-28)

Thousands of HSBC customers in the UK have been unable to access online and mobile banking services, preventing them from authorising online card purchases on Black Friday.


CANADIAN HOMEOWNERSHIP RATE IS FALLING SHARPLY FOR YOUNG ADULTS

Better Dwelling (2023-11-28)

The homeownership rate for young adults has spiraled lower within a span of ten years. Between 2011 and 2021, the ownership rate for those between 25 and 44 has dropped at least 5 points. A decline was also seen for people aged 45 to 74 years old, but not to the same extent. 


COMPANIES INCREASINGLY TURN TO PRIVATE LENDERS FOR FINANCING

G&M - Jameson Berkow (2023-11-28)

Canadian businesses rejected by banks are increasingly turning to private lenders for financing, as demand for capital outstrips supply in the traditional debt market.


TD BANK'S VERY BAD YEAR IN THE MARITIME SEAFOOD BUSINESS

CBC (2023-11-28)

Secured creditor Toronto-Dominion Bank reluctantly went along with reprieve. It was TD's decision earlier this month to call in $5.5 million in loans that triggered the creditor protection proceedings.


THE NEW CANADIAN MORTGAGE CHARTER EXPLAINED

CBC - Peter Zimonjic (2023-11-28)

"I really recognize that with interest rates having gone up very quickly, there are many, many Canadians who are concerned about their mortgages going up. They are concerned about being able to afford to stay in their own homes," Freeland said. "What we're saying today is we understand this is a challenging situation and we are here to help."


BLACKROCK UNVEILS PATH TO UNLEASHING $4 TRILLION INVESTMENT BOOM

Alastair Marsh and Natasha White (2023-11-28)

But nations experiencing the fastest increase in emissions are also those facing the biggest hurdles when it comes to accessing private capital. With that in mind, a key goal of the COP28 talks will be to come up with so-called blended finance models, whereby private investors get incentives to join public institutions in committing capital to climate projects, without the terms becoming too onerous for debtor nations.


GOLD'S SURGE SIGNALS RALLY TO NEW ALL-TIME HIGH UNDERWAY, STRATEGIST SAYS

Yahoo Finance - Innes Ferre (2023-11-28)

"My technical target for gold is $2500/oz, and it looks appealing to be long precious metals given falling real rates, rising cycles and ongoing geopolitical conflict," said Newton.


CANADA'S BIG BANKS FACE MORE CREDIT LOSSES AMID MORTGAGE RENEWAL CRUNCH

FP - Barbara Shecter (2023-11-28)

Credit losses and expense controls will be closely watched when Canada’s big banks begin to roll out fourth-quarter earnings on Nov. 28, results that come as households and businesses contend with higher interest rates and the economic outlook casts a cloud over revenue growth expectations.
“The market is anchored on higher losses in (fiscal) 2024” as the economic outlook dims, Holden wrote, adding that fourth quarter results and management commentary are unlikely to change that view.


FORCED SALES AHEAD FOR INDEBTED GLOBAL REAL ESTATE MARKETS

Reuters - Sinead Cruise and Carolyn Cohn (2023-11-28)

"We had it really good in the last 25 years but now financing costs are higher and returns will have to come either from rental growth, or from adding value to properties," Jose Pellicer, head of investment strategy at M&G Real Estate said.


SCOTIABANK MISSES ESTIMATES ON HIGHER-THAN-EXPECTED PROVISIONS

Bloomberg - Christine Dobby (2023-11-28)

Bank of Nova Scotia missed fiscal fourth-quarter profit estimates as the company set aside more money than expected for potentially souring loans.


TAKE-PRIVATES IN CANADA OUTNUMBER IPOS AS MARKET TREADS WATER

Bloomberg - Geoffrey Morgan and Layan Odeh (2023-11-28)

A meandering benchmark index and a slew of companies going private have left Canada’s capital markets in a precarious position.


BANKS SET TO REPORT EARNINGS STRAINED BY ECONOMIC SLOWDOWN

Investment Executive - Ian Bickis (2023-11-28)

“The key trend in the banking industry right now is really the decrease in lending across the Canadian market,” said Shilpa Mishra, managing director in BDO’s capital advisory services.


RBC, TD REMAIN GLOBAL SYSTEMICALLY IMPORTANT BANKS

Investment Executive - James Langton (2023-11-28)

Banks that are on the list face added capital requirements and extra supervisory attention on the basis that they are large and/or interconnected enough that their failure could have consequences for the global financial system.


CANADIAN REAL ESTATE PRICES TO FALL OVER THE NEXT YEAR: SCOTIABANK

Better Dwelling (2023-11-28)

Their optimistic scenario, where things are better than expected, doesn’t show much of an improvement. A booming economy is only expected to push home prices 1.3% higher over the next 12 months. The medium-term outlook expects compound annual growth of 4.2% for the following 48 months. 


SASKATCHEWAN SEEKS BINDING DISPUTE RESOLUTION

Investment Executive - James Langton (2023-11-28)

Alongside the proposed changes to dispute resolution, the government said that boosting the maximum penalty for securities violations will create a more effective deterrent, and more closely align Saskatchewan’s regime with other Canadian jurisdictions.


U.K. REGULATOR STEPS UP GREENWASHING FIGHT

Investment Executive - James Langton (2023-11-28)

“We’re putting in place a simple, easy to understand regime so investors can judge whether funds meet their investment needs — this is a crucial step for consumer protection as sustainable investment grows in popularity,” said Sacha Sadan, director of environmental, social and governance at the FCA, in a release.


BILLIONAIRE CHARLIE MUNGER—WARREN BUFFETT’S KEY DEPUTY—DIES AT 99

Forbes - Britney Nguyen (2023-11-28)

Munger, who was born in Omaha, Nebraska, dropped out of the University of Michigan to become a meteorologist in the Army during World War II, but later earned a law degree from Harvard. Munger moved to California after graduating from Harvard in 1948, and practiced real estate law before founding the law firm Munger, Tolles & Olsen in 1962, where he then managed investments at a hedge fund he also founded that year called Wheeler, Munger & Co., according to CNBC.


BUILDING ON THOREAU’S LEGACY IN THE BANKING INDUSTRY

Forbes - Christopher Marquis (2023-11-28)

At the same time, there’s been this massive flow of capital into impact investment. There is a huge segment of the population that has a strong desire to align their investments with a set of underlying values and impact they want to see in the world. Case in point: Impact investment is now a multi-trillion dollar asset class (depending on who you ask). But a lot of the public funds out there attempting to meet this need leave a lot to be desired from an actual impact perspective. They are mostly “do less harm” - which is a model for socially conscious investment from 10 years ago or more. Today’s model asks: How do I use my capital to affect positive change?


ARGENTINA’S MILEI SAYS SHUTTING CENTRAL BANK ‘NON-NEGOTIABLE’

Reuters (2023-11-27)

Argentina’s President-elect Javier Milei said on Friday that the closure of the country’s central bank, a signature campaign pledge, was a “non-negotiable matter”, according to a statement from his office posted on social media platform X.


CANADIAN BANKS LOOKING AT WEAK PROFITS AS FISCAL YEAR WRAPS UP

G&M - Stefanie Marotta (2023-11-27)

Canada’s banks are expected to book weaker profits, capping off a fiscal year marked by spiking expenses, rising capital requirements and higher provisions for potentially bad loans.


SCOTIABANK’S LATIN AMERICAN MARKETS POISED FOR A REVAMP AS IT PREPARES TO UNVEIL NEW STRATEGIC PLA

G&M - Stefanie Marotta (2023-11-27)

In his first remarks to investors as the new head of Bank of Nova Scotia, newly minted chief executive officer Scott Thomson zeroed in on the lender’s beleaguered international business.


CANADA'S HOUSING MARKET FACES BIGGEST TEST SINCE 1990S RECESSION

Yahoo Finance - Pamela Heaven (2023-11-27)

Home sales that reached a peak of 64,000 in early 2021 are now down 45 per cent, said Canadian Imperial Bank of Canada’s housing market outlook. That’s 12 per cent below their pre-pandemic 10-year average.


BILLIONS WIPED OUT AS STOCK-SAFETY TRADE ON WALL STREET MISFIRES

Yahoo Finance - Emily Graffeo (2023-11-27)

It’s the latest lesson on the dangers of market timing. Investors wanted exposure to companies with a history of paying out profits as a precaution amid the Federal Reserve’s most aggressive tightening cycle in 40 years. Instead they were saddled with underperforming companies that proved especially vulnerable when yields shot higher.


DEUTSCHE BANK EXPECTS US STOCKS AT RECORD HIGH BY END OF 2024

Yahoo Finance - Sagarika Jaisinghani (2023-11-27)

After broadly failing to predict the equity rally in 2023, market forecasters have turned more optimistic about the outlook for next year as investor sentiment improves and expectations of a recession are dialed back.


‘AI BLOWBACK’ ANGST GRIPS ESG INVESTORS WHO BET BIG ON TECH

Yahoo Finance - Gautam Naik and Saijel Kishan (2023-11-27)

Stotzel said he’s “worried we’ll get an AI blowback,” which he describes as a situation in which something unexpected triggers a meaningful market decline. “It takes just one incident for something to go wrong and the material impact could be significant,” he said.


AUSTRALIA APPOINTS BANK OF ENGLAND OFFICIAL AS NEW RBA NO. 2

Yahoo Finance - Ben Westcott and Swati Pandey (2023-11-27)

The move is another step by Chalmers to overhaul Australia’s central bank and its culture by installing someone from an offshore institution. The RBA has historically promoted internally and has been criticized for being overly insular and lapsing into group think.



EX-BINANCE CEO ZHAO URGES JUDGE TO ALLOW HIM TO LEAVE US BEFORE SENTENCING

Reuters - Nate Raymond (2023-11-27)

The company as part of a plea deal agreed to pay more than $4.3 billion. Zhao has agreed to pay a $150 million penalty to the U.S. Commodity Futures Trading Commission, and prosecutors in a Wednesday filing said he faces up to 18 months in prison.


AMERICANAS CLOSES DEAL WITH BANKS TO RESTRUCTURE DEBT

Bloomberg - Cristiane Lucchesi and Daniel Cancel (2023-11-27)

Brazilian retailer Americanas SA reached an agreement with bank creditors to overhaul some of its debt, in a key step toward eventually exiting bankruptcy protection.


OTTAWA TO INTRODUCE OPEN BANKING LEGISLATION IN 2024

Investment Executive - Jonathan Got (2023-11-27)

A government-led body will supervise the open banking system, enforce its rules, accredit institutions and update technical standards. The Department of Finance aims to adopt the legislation and implement the governance framework by 2025.


FEDS SWEETEN TAX INCENTIVE FOR EMPLOYEE OWNERSHIP TRUSTS

Investment Executive - Mark Burgess (2023-11-27)

“The trusts can also provide an alternative business succession option for retiring business owners, especially since more than 75% of small business owners plan to exit their business in the next decade,” the economic statement said.


BUY NOW, PAY LATER USE JUMPS IN AUSTRALIA FOR YOUNG ADULTS

Bloomberg - Ainsley Thomson (2023-11-27)

Australia’s younger adults are increasingly embracing buy now, pay later services, with more than 40% of 18 to 39 year olds holding installment loans in the past year, a sharp uptick from the 2019 figure, according to a Reserve Bank of Australia survey.


A GLANCE AHEAD: THE EUROPEAN PAYMENTS LANDSCAPE IN 2024

Fintech - Eva Zhang (2023-11-27)

Social commerce has taken off with strong Gen Z adoption and an expected 34% annual growth rate in Western Europe looking towards 2025, according to figures from Deloitte.


HYUNDAI AND AMAZON: STEERING THE AUTO INDUSTRY IN A DIGITAL DIRECTION

Forbes - Chris Walton (2023-11-27)

The right starting partner for Amazon to sell cars online is a brand that is as true to utilitarianism as Amazon is, a brand that consumers can understand right from the get-go because, cognitively, the idea of buying a car online is already a big enough adjustment for most consumers.


INFOPENSIONS – ISSUE 29 – NOVEMBER 2023

OSFI (2023-11-27)

As mentioned in the notice published on October 4, 2023, our new Supervisory Framework, which will come into effect on April 1, 2024, represents a comprehensive update to how we supervise federally regulated pension plans (FRPPs) and federally regulated financial institutions (FRFIs). The new framework will apply to both FRPPs and FRFIs and recognizes the specific nature of the different industries we regulate. 


ONTARIO ECONOMIC BRIEFING

Central 1 (2023-11-27)

• Annual CPI decelerates to 3.3 per cent.


B.C. ECONOMIC BRIEFING

Central 1 (2023-11-27)

• Monthly and yearly CPI down in October


CANADA HAS A NEW MEASURE TO HELP HOMEOWNERS PAY THEIR MORTGAGES. HERE’S WHAT YOU NEED TO KNOW

Now - Breanna Marcelo (2023-11-27)

1. Temporary extensions of the amortization period for mortgage holders at risk;


MAN ALLEGED TO BE BEHIND HIGH-INTEREST MORTGAGE SCAM LIVING LARGE ON SOCIAL MEDIA

CBC - Stephanie Kampf, David Common, Katie Pedersen (2023-11-24)

AFG charged Clarke for the work using a legal tool to place a financial claim against her home in Ontario — it's called a Notice of Security Interest (NOSI). A NOSI can be registered on the title of a property by companies when they finance or lease equipment on a property as a form of assurance that the contract will be paid. 


CANADA'S HOUSING MARKET FACES BIGGEST TEST SINCE 1990S RECESSION

Yahoo Finance - Pamela Heaven (2023-11-24)

“The housing market in Canada is in recessionary territory, as it faces its most significant test since the 1991 recession,” said CIBC economists Benjamin Tal and Katherine Judge.


CANADA MAY NOT BE BROKEN BUT OTTAWA IS DEFINITELY BROKE

Yahoo Finance - Jack M. Mintz (2023-11-24)

Canada may not be broken but the federal government is all but broke and is clearly running out of steam. With a weak economy growing only a little faster than population, there is not a lot of spending room left, not unless deficits and debts are cranked up again. As it is, debt as share of GDP jumps from 41.7 per cent in fiscal year 2022/23 to 42.4 per cent in 2023/24. So much for the fiscal anchors we were promised.


A SHIFT FROM MONETARY POLICY TO 'MONETARY POLITICS' SHOULD MAKE CANADIANS NERVOUS

Yahoo Finance (2023-11-24)

The premiers’ letters, arguably, make for good politics: There is little to lose, and central bankers are an easy target. And besides, the premiers have no formal sway over monetary policy, anyway, so why not try to score some points with voters?


GERMANY FINANCIAL SECTOR FACING DARK CLOUDS, BUNDESBANK WARNS

Reuters (2023-11-24)

"Almost two-thirds of savings banks and credit cooperatives now have unrealised losses throughout their banking book, which comprises loans as well as securities," Buch said in a statement. "Life insurers are in a similar situation."


BARCLAYS COULD SLASH 2,000 JOBS IN $1.3 BILLION COST CUT, REUTERS SAYS

Bloomberg - Tom Metcalf (2023-11-24)

Barclays Plc is working on plans to reduce costs by as much as £1 billion ($1.3 billion) over several years, which could involve slashing as many as 2,000 jobs, according to Reuters.


CANADIAN INTEREST RATES 2 POINTS HIGHER DUE TO GOV SPENDING

Better Dwelling (2023-11-24)

A combination of spending and transfers to households helped produce excess consumption. Scotiabank estimates 200 basis points (bps), or 2 points, of the 475 bps increase to the overnight rate was due to government spending. They found that government consumption has outpaced gross domestic product (GDP) significantly since 2019. It doesn’t exactly look like a smart decision, since it’s failing to drive the growth one expects. 


TFSA LIMIT RISES TO $7,000 FOR 2024, OFFICIALLY

Investment Executive - Rudy Mezzetta (2023-11-24)

The annual TFSA dollar limit is indexed to inflation and rounded to the nearest $500. The CRA’s indexation increase for 2024 is 4.7%, down from 6.3% in 2023.


ISSUES IMPACTING THE ECONOMIC AND FINANCIAL OUTLOOK

TD (2023-11-24)

TD economists answer questions such as:

  • What has driven bond yields?
  • Why is the US outperforming?
  • Is Canada already in a recession?
  • How will consumers fare if rates rise?
  • Is a real estate correction coming?


CRYPTO LAID BARE: WHAT U.S. FEDERAL CHARGES AGAINST BINANCE’S CEO EXPOSE ABOUT THE INDUSTRY’S DECEIT

G&M (2023-11-23)

“For years, Binance allowed users to open accounts and trade without submitting any identifying information beyond an email address,” the Justice Department said.


BANK OF CANADA’S MACKLEM SAYS INTEREST RATES MAY BE HIGH ENOUGH TO TAME INFLATION

G&M (2023-11-23)

Bank of Canada Governor Tiff Macklem said borrowing costs may now be “restrictive enough” to get inflation under control, his most explicit comments to date suggesting that interest rates have peaked.


FEDERAL GOVERNMENT URGES PENSION FUNDS TO INVEST MORE ASSETS IN CANADA

G&M (2023-11-23)

Ottawa wants Canadian pension funds to invest a larger share of their assets in Canada and is promising measures to make it a more attractive option, as advocates for raising domestic investment have clashed with pension managers intent on guarding their independence.


HBC SELLS OFF $340-MILLION IN REAL ESTATE AS IT FALLS BEHIND ON PAYMENTS TO SUPPLIERS

G&M - Susan Krashinsky (2023-11-23)

The news follows significant cutbacks at Hudson’s Bay: the retailer cut its corporate offices in a bid to “streamline operations.”


STRATEGIST OF THE YEAR: HOW BMO CEO DARRYL WHITE PULLED OFF THE BIGGEST BANK DEAL IN BAY STREET HISTORY

G&M (2023-11-23)

It was Sunday night of the Labour Day long weekend, and over the previous 60 hours, the CEO of Bank of Montreal had been fixated on a finely choreographed operation playing out across 24 U.S. states: the conversion of 1.8 million customer accounts and more than 500 branches from Bank of the West to BMO.


BINANCE'S CANADIAN CEO STEPS DOWN, PLEADS GUILTY TO BREAKING ANTI-MONEY LAUNDERING LAWS

CBC (2023-11-23)

Binance chief Changpeng Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion US settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said on Tuesday.


BOFA BULLISH ON CANADIAN ENERGY STOCKS AHEAD OF ‘CHALLENGING’ 2024

Yahoo Finance - Jeff Lagerquist (2023-11-23)

The Trans Mountain Pipeline expansion project, stretching from Alberta to British Columbia, is expected to start operating in the first quarter of 2024. It’s set to ship an extra 590,000 barrels per day of crude to the West Coast.


DUTCH FAR-RIGHT LEADER WILDERS SCORES SHOCK ELECTION VICTORY

Yahoo Finance - Cagan Koc and Diederik Baazil (2023-11-23)

Wilders’s victory presents a challenge to the European Union project in one of the bloc’s six founding members as the world braces for the potential return of Donald Trump after next year’s US election.


TD SAYS HOME PRICES TO FALL 10%, DOUBLE PREVIOUS FORECAST

FP (2023-11-23)

Canadian home prices are likely to fall twice as much as previously expected, according to economists at Toronto-Dominion Bank, as persistently high borrowing costs and an unexpected surge in listings puts more downward pressure on the market.


GERMANY FINANCIAL SECTOR FACING DARK CLOUDS, BUNDESBANK WARNS

Reuters (2023-11-23)

Germany's financial firms may be well capitalised now but face challenges ranging from rising interest expenditure and weak loan demand to unrealised losses, Bundesbank Vice President Claudia Buch said on Wednesday.


UK PAYMENTS REPORT CALLS FOR ALTERNATIVES TO MASTERCARD AND VISA

Reuters (2023-11-23)

"While cards make a tremendous contribution to the payments landscape, we heard notable dissatisfaction with the cost of card schemes on the part of shops, services, and other merchants – which may be in part due to a lack of choice or digital alternatives to the existing card schemes," the review said.


CANADA’S BIGGEST BANK IS TRYING TO FIX ITS $10 BILLION HEADACHE

Bloomberg - Christine Dobby (2023-11-23)

Royal Bank of Canada wanted to return to the US personal and commercial banking business, and City National Bank seemed to have it all: wealthy Hollywood clients, a foothold in the massive California market and a long history of churning out profits.


US PENSIONS TO GORGE ON CORPORATE BONDS AS FUNDING LEVELS SOAR

Bloomberg - Tanaz Meghjani (2023-11-23)

A quirk in retirement fund accounting is making corporate pensions look particularly flush now, giving them more incentive to cut risk by dumping equities and buying bonds.


WEALTHSIMPLE LAUNCHES PRIVATE EQUITY FUND

Investment Executive - Mark Burgess (2023-11-23)

Like the private credit fund Wealthsimple launched in March with Sagard, the private equity fund is open-ended, with quarterly redemptions up to a limit of 5% of the fund’s assets. The management fee is 1.5%, with a 12.5% performance fee that kicks in at an 8% hurdle.


WE NEED TO CONSIDER INDIGENOUS LOAN GUARANTEES’ IMPACT ON CANADA’S DEBT SITUATION

G&M (2023-11-22)

Indian country, and the politicians roaming within it, is awash in talk about the loan guarantee program announced by the federal government on Tuesday and the panacea they represent for First Nations anxious to gain a foothold in energy and infrastructure projects as full, equity partners.


WHO IS ILYA SUTSKEVER, THE OPENAI BOARD MEMBER WHO LED THE OUSTER OF SAM ALTMAN – THEN REGRETTED IT?

G&M (2023-11-22)

Long before Ilya Sutskever moved to oust OpenAI chief executive Sam Altman, throwing the world’s most prominent artificial intelligence company into chaos...


CANADA’S INFLATION RATE SLOWED TO 3.1% IN OCTOBER, BUT RENTS SURGE

G&M - Matt Lundy (2023-11-22)

Canada’s inflation rate slowed markedly in October, bolstering views on Bay Street that the Bank of Canada is done raising interest rates and will start to cut them next year.


FREELAND’S ECONOMIC UPDATE PLEDGES TO CAP FUTURE DEFICITS AT 1 PER CENT OF GDP

G&M - Bill Curry, Mark Rendell (2023-11-22)

Finance Minister Chrystia Freeland announced billions in spending on Tuesday, in a housing-focused fall economic statement that also set a new cap on the size of future deficits, pledging to keep them at no larger than 1 per cent of gross domestic product.


HERE'S HOW OCTOBER'S INFLATION DATA COULD AFFECT MORTGAGE RENEWALS

Yahoo Finance (2023-11-22)

He said consumers who opt for a fixed-rate mortgage with a shorter term will pay more in interest than those that choose a long-term fixed-rate loan. Homeowners have to be strategic in choosing the type of mortgage to make sure they're able to save money, he said.


$21B IN NEW SPENDING, WHOPPING DEFICIT IN FALL FISCAL UPDATE

Yahoo Finance (2023-11-22)

As first reported by CBC News, the federal government's fall fiscal update includes $16 billion in funding to build rental and social housing, along with targeted measures to combat inflation. All in, new spending will total about $21 billion as the government faces another whopping deficit.


OPENAI SAYS OUSTED CEO SAM ALTMAN TO RETURN TO COMPANY BEHIND CHATGPT

Yahoo Finance (2023-11-22)

San Francisco-based OpenAI said in a statement late Tuesday: “We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board" made of former Salesforce co-CEO Bret Taylor, former U.S. Treasury Secretary Larry Summers and Quora CEO Adam D’Angelo.


SHIPS ACROSS THE WORLD FACE HEFTY $3.6 BILLION CLIMATE BILL

Yahoo Finance - Jack Wittels, Yongchang Chin and John Ainger (2023-11-22)

Under the regulation, which takes effect Jan. 1, vessels going into and out of EU ports must pay for their carbon pollution, affecting deliveries of everything from container loads of finished goods to the liquefied natural gas needed to keep homes warm in winter.


CHANGPENG ZHAO, THE CRYPTO KING AND BINANCE CHIEF, OUSTED FOR US CRIMES

Reuters - Tom Wilson (2023-11-22)

Binance chief Changpeng Zhao on Tuesday stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a $4.3 billion settlement resolving a years-long probe into the world's largest crypto exchange, prosecutors said.


BANKRUPT WEWORK ENTERS FINANCING AGREEMENTS WITH CERTAIN LENDERS

Reuters (2023-11-22)

The SoftBank-backed (9984.T) company is seeking to address more than $4 billion in debt and unsustainable future rent costs through a bankruptcy plan.


CITI IS IN TALKS TO START NEW PRIVATE CREDIT STRATEGY BY EARLY 2024

Bloomberg - Paula Seligson (2023-11-22)

Citigroup Inc. is in discussions to start a new direct-lending strategy by early January, the latest in a series of bank efforts to gain a foothold in the booming $1.6 trillion private credit market.


BRIDGING INVESTORS MUST BE TREATED EQUALLY, RULING SAYS

Investment Executive - James Langton (2023-11-22)

“The whole point of creating statutory priorities is to alert the world regarding the distribution scheme for a given fund. The idea is to create certainty so that claimants understand where they stand relative to other claimants. A clear priority scheme also makes it easier for courts to adjudicate competing claims,” the appeal court said.


FSRA REMOVES CREDIT UNION DIRECTOR

Investment Executive (2023-11-22)

Last week, the regulator removed Gary Brown as director of Toronto-based Rapport Credit Union, an enforcement order said.


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AUSTRALIAN CENTRAL BANK CBDC RESEARCH HIGHLIGHTS LONG PATH TO ANY FUTURE DEPLOYMENT

Finextra (2023-12-23)

Operating in a ring-fenced environment and involving a digital currency that is a real claim on the Reserve Bank, 14 pilot projects with a range of industry participants investigated potential CBDC use cases.


CANADA IS IN ECONOMIC DECAY. PREPARE FOR BOC RATE CUTS AND BIG RETURNS IN THIS ASSET CLASS

G&M - David Rosenberg (2023-12-06)

There may be lies, damned lies, and statistics as Mark Twain posited. But statistics, as flawed as they may be, are all we have to go by. And the statistics show a Canadian economy that very likely has already slipped into a recession, even as Tiff Macklem doth protest too much.


EQUIFAX REPORT SAYS CONSUMER DEBT, CREDIT DELINQUENCIES ON THE RISE

G&M (2023-12-06)

Consumer debt and credit delinquencies are on the rise as high interest rates, skyrocketing housing costs and inflation take a toll on Canadian borrowers, according to a third-quarter report from credit-rating agency Equifax Canada. Credit counsellors say they expect those effects will worsen in coming months and years.\nRebecca Oakes, vice-president of advanced analytics at the firm, said credit card debt rose significantly and drove increases in overall debt in the third quarter of 2023, a concerning trend that leaves Canadians vulnerable to high interest rates.


CANADA’S ANTI-MONEY-LAUNDERING AGENCY LEVIES LARGEST-EVER FINE AGAINST RBC

G&M (2023-12-06)

The federal agency responsible for combatting money laundering and terrorist financing imposed its largest-ever fine Tuesday against RBC.