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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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Research

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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

fsim.ca/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


Complete loyalty RFP  

fsim.ca/docs/booksample.pdf

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


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

fsim.ca/docs/booksample.pdf

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


Report on merchants extending financial services  

fsim.ca/docs/

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


Guide to system selection  

fsim.ca/docs/gssnow.pdf

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


News feed

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

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

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


CAN BANK OF CANADA 'DIVORCE' FROM THE FED ON RATES? EXPERTS WEIGH IN

BNN - BNN Video (2019-06-24)

The Bank of Canada is facing a meaningfully different macroeconomic environment, so I do not believe they will be in lockstep with the Fed. 


CMHC’S HEAD CHARTS COURSE FOR AGENCY AS IT STEERS HOUSING AFFORDABILITY PROGRAM

G&M - Janet McFarland (2019-06-24)

The chief executive of Canada Mortgage and Housing Corp. (CMHC) has overseen a transformation of the Crown corporation since 2014, shifting CMHC’s focus from its long-time role as Canada’s largest mortgage insurer to a new role as the front-line administrator of the Liberal government’s National Housing Strategy, a program of loans and grants to fund housing for vulnerable groups.


CANADA’S BROKEN HOUSING MARKET NEEDS MORE HOMES, NOT MORE BUYERS

G&M - Editorial (2019-06-24)

Among the pre-election gambits in the federal government’s March budget was a program to bolster the spending power of aspiring homeowners in Canada’s stretched housing market. Ottawa released the details this week, and the program opens to applicants in September.


“THE COUNTRY ‘FEELS’ CHEAP”: SEVEN VIEWS OF THE CANADIAN DOLLAR INTO 2020

G&M - Michael Babad (2019-06-24)

“There are too many reasons to be gloomy about the Canadian dollar to forecast a sharp appreciation, and our forecast essentially looks for it to underperform others as the U.S. dollar finally corrects in the face of a slowing economy.”

Mr. Juckes, global fixed income strategist, projected the loonie would be at slightly over 75 US cents by December, just shy of 76 by next March, and almost 77 by June, 2020.


U.S. REGULATORS ASK DEUTSCHE BANK TO EXPLAIN ‘BAD BANK’ PROPOSAL: REPORT

G&M - Reuters (2019-06-24)

U.S. regulators have sought explanation from Deutsche Bank AG about its “bad bank” proposal and its impact on U.S. operations at the loss-making German lender, the Financial Times reported on Monday.


BUSINESS ADDS NEW CLOUT TO LATEST ROUND OF HONG KONG PROTESTS: DON PITTIS

CBC - Don Pittis (2019-06-24)

A law that would force Hong Kong courts to send people charged with crimes under Chinese law to mainland China to face penalties has the two groups worried for different reasons, and this time business is weighing in. And it appears at least some factions within the Chinese political establishment are listening, even as Beijing blames the forces of foreign capitalism for instigating the massive protests.


AS STAR ATHLETES' SALARIES SKYROCKET, THEY BECOME TROPHIES THAT BANKS COVET

FP - Doug Alexander (2019-06-24)

“We have longstanding relationships with clients who are within the sports and entertainment industry, going back decades. Within the past year, we decided to have a more dedicated presence,” Nicole Pullen Ross, who oversees the business at Goldman, said in an interview. “We’ve been extremely fortunate to have some very early success.”


BANKS WORLDWIDE SPEND US$1 TRILLION ON DIGITAL, BUT FEW BENEFIT, STUDY FINDS

FP - Elizabeth Rembery (2019-06-24)

Just 19 banks among the 161 largest retail and commercial banks that the consulting firm examined have been focusing enough on digital strategies to “make the shift to a different sort of bank,” Accenture said in the report, released Thursday. And those that did were rewarded for their efforts, the firm said.


EX-BARCLAYS CEO VARLEY CLEARED OF FRAUD CHARGES

Reuters - Iain Withers, Kirstin Ridley (2019-06-24)

The case, pursued by Britain’s Serious Fraud Office (SFO), was the first time the head of a global bank has faced criminal charges over conduct during the financial crisis, when the banking system was brought to its knees and taxpayers were forced to pay billions of pounds to shore it up.


GUARDIANS OF MONEY BRISTLE AT ZUCKERBERG’S NEW FINANCIAL ORDER

Bloomberg - Alistair Marsh (2019-06-24)


CANADIAN REAL ESTATE PRICE GROWTH LOOKS ABSURD WHEN COMPARED TO BUBBLY US CITIES

Better Dwelling - Daniel Wong (2019-06-24)

Since 2000, Canadian cities have experienced absurd price growth to major US “bubble” cities. Toronto real estate prices have increased 239.9% as of March 2019, when compared to prices in 2000. Montreal real estate prices have increased a more modest, but still large, 189.08% over the same period. Vancouver, which recently lost the throne to Canada’s most expensive real estate market, increased a whopping 315.58%. None of the US cities have shown that kind of increase. These numbers are inflation adjusted.


A ‘SORCERESS’ IN BRAZIL, A ‘WINK’ IN INDIA: WALMART PLEADS GUILTY AFTER A DECADE OF BRIBES

NY Times - Michaeal Corkery (2019-06-21)

The settlement Walmart reached with the Department of Justice and the Securities and Exchange Commission caps one of the biggest investigations ever under the Foreign Corrupt Practices Act, which makes it illegal for American corporations to bribe Foreign officials.

Inside Walmart’s corporate offices in Brazil, one local contact was known as the“sorceress” for the ability to obtain government permits quickly


QUADRIGA FOUNDER MOVED CUSTOMERS’ MONEY INTO HIS PERSONAL ACCOUNTS, ERNST & YOUNG SAYS

G&M - Joe Costalado (2019-06-20)

The founder of defunct cryptocurrency exchange QuadrigaCX moved users’ money into his personal accounts, created artificial trading volume and inflated company revenue, according to a report from Ernst & Young.


WESTON FAMILY HIRES OMERS MANAGING PARTNER JIM ORLANDO TO INVEST $100-MILLION IN TECH VENTURES

G&M - Sean Silcoff (2019-06-20)

Canada’s billionaire Weston family is making a $100-million bet on the emerging-technology sector, hiring away one of Canada’s top early-stage investment professionals from Ontario Municipal Employees Retirement System to run its new venture fund.


FEDERAL RESERVE HOLDS KEY INTEREST RATE STEADY — BUT ITS PATIENCE IS WEARING THIN

CBC - CBC (2019-06-20)

The U.S. central bank has decided to keep its benchmark interest rate right where it is, in a range between 2.25 and 2.5 per cent.


INFLATION SURGES TO HIGHEST IN SEVEN YEARS, GIVING BANK OF CANADA ROOM TO HOLD RATES

CBC - Chris Fournier (2019-06-20)

Canadian inflation quickened in May on increases across all eight major components, giving the Bank of Canada plenty of scope to hold interest rates steady.


BANK OF MONTREAL SURPASSES ITS U.S. GROWTH TARGET IN ONLY SIX MONTH

FP - Doug Alexander (2019-06-20)

“I wouldn’t have put a three-to-five-year target out if I knew we were going to hit it in six months,” White, 47, said in an interview Tuesday at the bank’s Toronto headquarters. “The level that we’re at right now is sustainable, and I think we’re going to see the U.S. business continue to grow faster than the rest of the bank — but not that much faster than the rest of the bank.”


BIG TECH MOVING FURTHER INTO BIG BANK TURF WITH CRYPTO, CREDIT CARD OFFERINGS

FP - Geoff Zochodne (2019-06-20)

The first announcement, an Amazon.com Inc.-related credit card issued by Toronto-Dominion Bank’s MBNA division, might inspire some envy among the lender’s peers. TD was even highlighted in a press release as “the first Canadian-headquartered bank to issue an Amazon credit card.”


IRAN SHOOTS DOWN U.S. MILITARY DRONE IN GULF REGION

Reuters - Parisa Hafezi, Phil Stewart (2019-06-20)

Iran has shot down a U.S. drone which the elite Revolutionary Guards said on Thursday was flying over southern Iran, raising fears that a major military confrontation could erupt between Tehran and Washington.


CHINA, U.S. TO RESUME TRADE TALKS BUT CHINA SAYS DEMANDS MUST BE MET

Reuters - Yawen Chen, Ben Blanchard (2019-06-20)

“The heads of the two trade teams will communicate, according to instructions passed down from the two presidents,” Chinese commerce ministry spokesman Gao Feng told reporters, without elaborating.


FACEBOOK CALLED BEFORE SENATE PANEL OVER DIGITAL CURRENCY PROJECT

Reuters - Pete Schroeder (2019-06-20)

Representative Maxine Waters, the Democrat who chairs the House Financial Services Committee, said Tuesday she planned to similarly call Facebook to testify, and asked the company to halt the project while policymakers studied it.


DEUTSCHE BANK FACES CRIMINAL INVESTIGATION FOR POTENTIAL MONEY-LAUNDERING LAPSES

NY Times - DAVID ENRICH, BEN PROTESS and WILLIAM K. RASHBAUM (2019-06-20)

Federal authorities are focused on whether the bank complied with anti-money-laundering laws, including in its review of transactions linked to Jared Kushner.


WORLD LOOMS LARGE IN FED RATE PLANS

WSJ - Greg IP (2019-06-20)

Like it or not, the Fed is the world’s central bank. Thus, it is now signaling it will likely cut rates in coming months, not because the U.S. is headed into recession, but because shadows are growing over the rest of the world.


U.S. GOVERNMENT BOND YIELDS FALL AFTER FED DECISION

WSJ - Sam Goldfarb (2019-06-20)

Ten-year Treasury yields fell below 2% for the first time since late 2016 after the Fed stood pat on its benchmark rate but opened the door to a near-term-cut, the latest milestone in this year’s global government bond rally.


CREDIT PROTECTION INSURANCE PROVES TO BE CONVENIENT AND EFFECTIVE, SAYS SURVEY

Insurance Journal - IIJ (2019-06-20)

The majority of Canadians who have credit protection insurance (CPI) on their mortgages and home equity lines of credit (HELOC) find it is a convenient way to protect themselves and/or their families against major financial setbacks arising from death, disability, critical illness, or job loss.


SUN LIFE CREATES NEW ASSET MANAGEMENT BUSINESS

Insurance Journal - IIJ (2019-06-20)

Sun Life Financial Inc. is combining some of its affiliates into a new autonomous asset management business called SLC Management.


CANSURE EXEC ON OVERCOMING STEREOTYPES

Insurance Business Mag - Lucy Saddleton (2019-06-20)

“We need to be aware that this is not ‘us versus them.’ We really need collaboration between men and women in the industry. If we keep going with this adversarial approach it will push us back and we won’t make any traction going forward,” she said.


TRUMP VOWS TO PRESS XI ON CANADA’S BEHALF AT UPCOMING G20 SUMMIT

G&M - Adrian Morrow (2019-06-20)

U.S. President Donald Trump is vowing to press Chinese President Xi Jinping on Canada’s behalf over Beijing’s detention of two Canadians in apparent retaliation for Ottawa’s arrest of a Chinese telecom executive.


DESJARDINS GROUP SUFFERS MASSIVE DATA BREACH OF 2.9 MILLION MEMBERS BY ROGUE EMPLO

G&M - Les Perreaux (2019-06-20)

A rogue employee of Desjardins Group has leaked the personal information of 2.9 million members of the financial services co-operative, but executives tried to reassure customers Thursday that their money is safe.


CANADIAN DOLLAR NOTCHES THREE-MONTH HIGH ON OIL RALLY, DOVISH FED

G&M - Fergal Smith (2019-06-20)

The Canadian dollar strengthened to a three-month high against its U.S. counterpart on Thursday as oil prices surged and the greenback was pressured by the prospect of interest rate cuts by the Federal Reserve.


BANK OF ENGLAND CHOPS SECOND QUARTER GROWTH VIEW AS GLOBAL AND BREXIT RISKS INTENSIFY

G&M - Andy Bruce (2019-06-20)

The Bank of England cut its growth forecast for Britain’s economy to zero in the second quarter of 2019 on Thursday and highlighted risks from global trade tensions and growing fears of a no-deal Brexit.


CARNEY SAYS FACEBOOK’S LIBRA CRYPTOCURRENCY WOULD REQUIRE REGULATION

G&M - Reuters (2019-06-20)

Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media, Bank of England Governor Mark Carney said on Thursday.


AIRBNB LIKELY REMOVED 31,000 HOMES FROM CANADA’S RENTAL MARKET, STUDY FIN

G&M - Tom Cardoso (2019-06-20)

More than 31,000 homes across the country were rented out so often on Airbnb in 2018 that they were likely removed from the long-term rental supply, according to a groundbreaking study by McGill University researchers.


BANKS FAILING IN DIGITAL TRANSFORMATION EFFORTS

Finextra - Finextra (2019-06-20)

Despite investing more than $1trn globally in new technology over the last three years, the majority of banks have yet to see any financial boost from their digital transformation programmes.


IRAN'S REVOLUTIONARY GUARD SHOOTS DOWN U.S. DRONE AMID TENSIONS

CBC - AP (2019-06-20)

While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that, "This country will not stand for it."


SHOPIFY IS NOW MORE VALUABLE THAN TWO OF CANADA’S OLDEST COMPANIES

FP - Simban Jagday (2019-06-20)

Shopify Inc., an e-commerce company that went public four years ago, is now more valuable than Manulife Financial Corp. and Canadian Imperial Bank of Commerce — two financial institutions that have been around for more than a century.


THE CORPORATE WINNERS AND LOSERS FROM THE TORONTO RAPTORS'S HISTORIC WIN

City News - CP (2019-06-20)

On playoff game days and the day after, Tangerine experienced a 50 per cent spike in website traffic and saw a 20 per cent jump in the number of customers who signed up for an account, said Scotiabank spokesman Doug Johnson.


CANADIAN HELOC DEBT PUSHES PAST THE $300 BILLION MARK FOR THE FIRST-TIME

Better Dwelling - Daniel Wong (2019-06-20)

Over the past 15 years, HELOC debt has become the second largest segment of debt – after mortgages. By itself, the loans aren’t good or bad, they’re just leverage. However, the surge in borrowing after real estate values soared, can leave borrowers in a precarious situation. The government has become increasingly worried about the issue. If you’re wondering why Canadians have so much debt, this is one of the reasons.


THE LOOMING TRADE WAR WITH CHINA AND WHY DIGITAL ASSETS WILL BE THE BEST STORE OF VALUE IN THE DECADES TO COME

Linkedin - Trenton Gaddis (2019-06-20)

Note to this article: I included this because it seems to offer insight into how crypto is positioned by crypto evangilists. Check out a couple of the links in the article as I found it a facinating yarn.


RAIN OR SHINE FINANCIAL CHALLENGE GAME

CDIC - Kristy Henry, AJ Pratt (2019-06-20)

Congratulations to CDIC for having the best businesss case for the 'Rain or Shine Financial Challenge Game' that was demonstrated at the 'Digitial Marketing for Financial Services Summing' yesterday. Gamification, the art of building game-like elements into real-world business processes can be a game changer. Here is some background on gamefication https://fsim.ca/docs/Gamfin.pdf. However, if you want to see gamification in action click this link: https://www.rainorshinegame.com/


VANCOUVER REAL ESTATE SEES UPTICK IN INTEREST FROM HONG KONG BUYERS FOLLOWING EXTRADITION BILL UNREST

G&M - Nathan Vanderklippe (2019-06-19)

Real estate agents in Vancouver have noticed something unusual in the past few weeks. For the first time in recent memory, the number of Hong Kong Chinese attending open-house showings has exceeded that of mainland Chinese buyers, who have been a visible presence in the city’s real estate market over the past decade.


CHINA TO SUSPEND PORK IMPORTS FROM THIRD CANADIAN FIRM AS DISPUTE WITH OTTAWA DEEPENS

G&M - HALLIE GU AND DOMINIQUE PATTON (2019-06-19)

China will block pork imports from a third Canadian firm after a shipment was found to contain the banned feed additive ractopamine, the customs agency said on Tuesday, deepening a trade and diplomatic dispute with Canada.


PRIVATE INSURERS ARE THE BIGGEST OBSTACLE TO JUSTINCARE

G&M - KONRAD YAKABUSKI (2019-06-19)

Forget the Trans Mountain Pipeline. If Prime Minister Justin Trudeau is looking for a legacy project to secure his place in history, his advisory council on universal drug insurance has handed him a proposal that could one day have Canadians calling their drug plan Justincare.


FACEBOOK'S NEW DIGITAL COIN LIBRA COULD BE POISED TO DOMINATE MONEY: DON PITTIS

CBC - Don Pittis (2019-06-19)

As governments around the world consider how to limit the commercial clout of big technology companies, Facebook has announced it is poised to expand that influence into the fundamental heart of all commerce: Money.


AMAZON CANADA ANNOUNCES LAUNCH OF AMAZON.CA REWARDS MASTERCARD IN CANADA

FP - Reuters (2019-06-19)

Amazon Canada says Toronto-Dominion Bank and MasterCard are teaming up to launch Amazon.ca rewards MasterCard in Canada.


FED FACES TRICKY CHOICE AMID LOOMING RISKS AND TRUMP PRESSURE

NY Times - Jeanna Smialek (2019-06-19)

Trade tensions, weakening jobs data and inflation pose risks — but growth is strong. The Fed must decide to hold fire, signal a move or cut rates.


BOND INVESTORS SEEM SURE THE FED WILL CUT RATES, BUT NOT ABOUT WHEN

NY Times - Stephen Grocer (2019-06-19)

Yields on Treasury debt have fallen, which means investors expect the Federal Reserve to push interest rates lower and keep them there.


GLOBAL ECONOMIC GROWTH IS ALREADY SLOWING. THE U.S. TRADE WAR IS MAKING IT WORSE.

NY Times - JEANNA SMIALEK, JIM TANKERSLEY and JACK EWING (2019-06-19)

President Trump’s trade war is stirring uncertainty, weighing on manufacturing and disrupting increasingly delicate global economic growth.


JAPAN’S LESSON FOR THE FED: NO CENTRAL BANK IS AN ISLAND

WSJ - Mike Bird (2019-06-19)

In the rally currently roaring through the global bond market, Japan is being left behind, exposing the key flaws in its unique monetary policy platform.


INVESTORS HOLD FIRE AHEAD OF FED DECISION

WSJ - Nathan Allen and Joanne Chiu (2019-06-19)

European stocks edged lower after a positive session in Asia, where markets welcomed upbeat comments on trade from President Trump and the prospect of fresh central-bank stimulus for the eurozone.


CANADIAN REAL ESTATE SALES MAKE LARGEST INCREASE IN 2 YEARS, STILL BELOW NORMAL

Better Dwelling (2019-06-19)

Some Canadian real estate buyers are blowing off last year’s decline in sales. Canadian Real Estate Association (CREA) numbers show sales made a large increase in May. The rise, while substantial, failed to bring volume to historically significant levels. Last month’s sales still fall short of the average.


OTTAWA INTRODUCES HOME OWNERSHIP PLAN FOR MIDDLE-CLASS CANADIANS

Insurance Journal - IIJ (2019-06-19)

The program, scheduled to kick in on Labour Day, is meant to help qualified middle-class families with annual household income under $120,000 take their first steps to home ownership.


SCOTIA LIFE INSURANCE COMPANY SELLS LIFE INSURANCE BUSINESS TO CHUBB

Insurance Journal - Andrea Lubeck (2019-06-19)

After having shed its group insurance activities early this year, Scotia Life is now selling its individual life insurance business to Chubb Life.


OLD MUTUAL FIRES CHIEF EXECUTIVE PETER MOYO

Insurance Business - Terry Gancuangco (2019-06-19)

Instead of a payout deal from Old Mutual Limited (OML), previously suspended chief executive Peter Moyo has now got the axe. In an update to stakeholders, the African insurer has lifted the lid on the sacking.


AXA XL BOOSTS ENVIRONMENTAL INSURANCE POLICY

Insurance Business - Duffie Osental (2019-06-19)

AXA XL’s enhanced PARLL policy will now include location and contingent transportation coverage for third-party claims for bodily injury, property damage, and remediation expense that comes from pollution or remediation expense from first-party discovery of a pollution condition. The policy will also cover emergency remediation expense indemnity for remediation expense incurred by the policyholder from a pollution condition.


A ‘CREATIVE’ WAY OF ROLLING OUT VEHICLE SHARING INSURANCE

Canadian Underwriter - Greg Meckbach (2019-06-19)

There are more than two million RVs in Canada and they are typically used four weeks out of year, RVezy founder Michael McNaught said Tuesday in an interview. So for 11 months out of 12, many RVs are not getting used but are depreciating in value.


PARTING THE RED SEA: WHY THE CHINESE AND U.S. ARMIES ARE FORTIFYING THIS TINY AFRICAN COUNTRY

G&M - Geoffrey York (2019-06-18)

In Djibouti, two superpowers have built heavily guarded bases only a few kilometres apart, watching the crossroads between Asia, Africa and the Middle East in an increasingly tense standoff for global supremacy. What could possibly go wrong?


AS VANCOUVER MULLS A BITCOIN ATM BAN, DON’T FORGET WHO THIS MIGHT HURT THE MOST: SEX WORKERS

G&M - Ethan Lou (2019-06-18)

With report after inquiry after investigation suggesting a crisis of money laundering in British Columbia, the City of Vancouver has decided to tackle the problem by targeting what it sees as its lowest common denominator: bitcoin ATMs.


TAX LEVIES, SUBSIDIES COULD PAY FOR HIGH-RISK FLOOD INSURANCE, REPORT SAYS

CBC - Adam Malik (2019-06-18)

The report suggests initially using a mixture of levies and government subsidies to build funding for the high-risk insurance option. 


PERILS BUYS CANADA’S CATASTROPHE LOSS & EXPOSURE ANALYSIS FIRM CATIQ

Insurance Journal - IIJ (2019-06-18)

Established in 2014, CatIQ provides catastrophe loss and exposure information in Canada, collecting event loss and exposure data from the majority of the Canadian insurance market. It provides an independent industry exposure & loss database for the region.


GMP CAPITAL IN TALKS TO BE ACQUIRED BY U.S. BROKERAGE FIRM STIFEL FINANCIAL

G&M - Andrew Willis (2019-06-17)

Toronto’s GMP Capital Inc. is in talks to be acquired by Stifel Financial Corp., according to sources in the financial sector, in a deal that would see a U.S. company swallow one of the last sizable independent investment banks in Canada.


‘GREEN SHOOTS’ IN THE HOUSING MARKET: A CROSS-CANADA LOOK THAT SHOWS IF YOU’RE IN BUYERS’ OR SELLERS’ TERRITORY

G&M - Michael Babad (2019-06-17)

Economists say they're seeing signs of "green shoots" in Canadian housing markets.


ONLINE LOAN PROVIDER BORROWELL RAISES $20-MILLION IN SECOND ROUND OF FUNDING

G&M - Clare O'Hara (2019-06-17)

An online loan provider that offers Canadians free credit-score reports has raised an additional $20-million in equity and venture debt funding, co-led by Power Financial’s Portag3 Ventures.


CANADIAN FARMERS ARE COLLATERAL DAMAGE OF CHINA-U.S. FEUD

G&M - Barrie McKenna (2019-06-17)

Depending on who’s talking, Canada’s farm export sector is either on the cusp of greatness or headed for disaster.


OTTAWA EXPECTED TO APPROVE HOTLY-DEBATED TRANS MOUNTAIN PIPELINE EXPANSION, TRUDEAU UNLIKELY TO BENEFIT

G&M - David Luggren (2019-06-17)

Ottawa looks set to approve a hotly debated plan to expand an oil pipeline this week, people familiar with the process told Reuters, but the move is unlikely to help Prime Minister Justin Trudeau rebuild flagging support ahead of an October election.


HONG KONG PROTEST: 'NEARLY TWO MILLION' JOIN DEMONSTRATION

BBC - BBC (2019-06-17)

The scenes are reminiscent of 2003 - when half a million people protested against proposed national security legislation. The unpopular chief executive at the time, Tung Chee-hwa, resigned months later. Critics have said the legislation would expose people in Hong Kong to China's deeply flawed justice system and lead to further erosion of the city's judicial independence.


EXPERT PANEL ON SUSTAINABLE FINANCE DID THE HARD WORK, NOW IT'S UP TO POLITICIANS TO FIND CONSENSUS

FP - Kevin Carmicael (2019-06-17)

Bloomberg News reported on June 7 that the value of green assets under management last year was about US$31 trillion, a 34 per cent increase from 2016. That’s trillion with a “t,” in strong dollars. Converted to loonies, the figure is about $41 trillion at the current exchange rate. Real money.


THE BOND FLOODGATES OPEN IN CANADA WITH AT LEAST $22 BILLION RAISED THIS WEEK

FP - Estiban Duarte (2019-06-17)

Canadian borrowers joined a slew of new debt deals from around the globe to raise at least $22.6 billion (US$17. billion) this week as issuers including the financing arm of the nation’s housing agency and a cannabis company took advantage of a lull in the global trade war.


FED FACES UNFAMILIAR DILEMMA WITH RATE PROJECTIONS

WSJ - Nick Timiraos (2019-06-17)

Federal Reserve officials are moving into unfamiliar territory with their dots.


CASE FOR CUTTING RATES CAN BE FOUND IN CLOSE CALLS OF THE 1990S

WSJ - Nick Timiraos (2019-06-17)

Sometimes the Fed cuts rates as a form of insurance, because the risk of bad things happening has gone up: For parallels to questions the Fed faces, analysts point to two rate cuts from the 1990s.


INVESTORS SHUN BANKS BUYING OTHER BANKS

WSJ - Allison Prang (2019-06-17)

Shares of banks buying other banks are underperforming, reflecting investor concerns that potential economic weakness could depress future earnings and portend bigger-than-expected loan losses at target firms.


MARKETS SEND MIXED SIGNALS ON TRADE BATTLE

WSJ - Akane Otani (2019-06-17)

Markets are sending conflicting signals about how big a threat the global trade rift presents, underscoring the difficulty investors face in sizing up the fallout from the U.S. and China’s spat.


DEUTSCHE BANK TO SET UP 50 BILLION EURO BAD BANK: SOURCE

Reuters - Reuters (2019-06-17)

The measures are part of a significant restructuring of the investment bank, a major source of revenue for Germany’s largest lender, which has struggled to generate sustainable profits since the 2008 financial crisis.


MORTGAGE INDUSTRY REMAINS SKEPTICAL AS OTTAWA DETAILS NEW INCENTIVE FOR FIRST-TIME HOME BUYERS

G&M - Bill Curry (2019-06-17)

Mortgage-industry officials say the government’s First-Time Home Buyer program is likely to fall far short of its goal of making real estate more affordable to many new buyers.


STREET CAPITAL GAINS MUCH-NEEDED CASH BOOST WITH $85-MILLION SALE TO RFA CAPITAL

G&M - James Bradshaw (2019-06-17)

Street Capital Group Inc. has struck an all-cash deal to be acquired by RFA Capital Inc. for $85-million, securing a much-needed infusion of capital as the mortgage lender has struggled to keep pace in a competitive market.


GMP CAPITAL IN TALKS TO BE ACQUIRED BY U.S. BROKERAGE FIRM STIFEL FINANCIAL

G&M - Andrew Willis (2019-06-17)

Toronto’s GMP Capital Inc. is in talks to be acquired by Stifel Financial Corp., according to sources in the financial sector, in a deal that would see a U.S. company swallow one of the last sizable independent investment banks in Canada.


HSBC OPENS IN APPLE’S HOMETOWN, PROMISES 50 NEW U.S. BRANCHES

G&M - SANGAMESWARAN S AND JUSTIN GEORGE VARGHESE (2019-06-17)

The U.S. arm of HSBC Holdings Plc announced plans on Monday to expand its branch network by around a quarter as it opened a new location in Apple Inc’s home town of Cupertino, California.


BANK OF CANADA’S SCHEMBRI SAYS FLEXIBLE EXCHANGE RATE HELPS ECONOMY COPE WITH EXTERNAL SHOCKS

G&M - AP (2019-06-17)

Canada’s flexible exchange rate has helped the economy adjust to external shocks and contributed to low and stable inflation, a senior Bank of Canada official said Monday.


ALGORITHMS, CHATBOTS AND AI SCREENING: HAVE JOB CANDIDATES BECOME A COMMODITY IN OUR DIGITAL WORLD?

G&M - MARY MCININCH AND TED MAKSIMOWSKI (2019-06-17)

In our haste to streamline hiring through automation, have we turned candidates into vanilla units on a production line?


KPMG FINED $50-MILLION FOR USING STOLEN DATA, EXAM FRAUD: U.S. SEC

G&M - Katanga Johnson (2019-06-17)

KPMG LLP has agreed to pay a $50-million fine over allegations former staffers used stolen information to alter some of the accounting firm’s previous audit work and cheated on training exams, the U.S. Securities and Exchange Commission said on Monday.


MASTERCARD LAUNCHES BID TO LET TRANSGENDER PEOPLE USE CHOSEN NAME ON CARDS

CBC - CBC (2019-06-17)

About a third of transgender people report have negative experiences when they have shown a credit card with a name that did not match their appearance, MasterCard said.


BANKS TO INCLUDE CO2 EMISSION MEASURES IN SHIPPING LOAN DECISIONS

Reuters - Jonathan Saul (2019-06-17)

International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.’s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.


BANKS FACE NEW CHALLENGES IN ITALIAN DIAMOND SCANDAL

FP - Emilio Parodi, Maria Pia Quaglia (2019-06-17)

The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate’s order seizing assets from the banks and two diamond brokers. Reuters viewed the documents, which also included excerpts of wire taps and witness statements.


THE BIG QUESTION FOR THE FED THIS WEEK: DID WE MAKE A MISTAKE?

NY Times - Neil Irwin (2019-06-17)

They want it known they’re basing their decisions on sound economics rather than political considerations. They wish not to be pushed around by what traders in financial markets and cable news pundits want. Or even by the president of the United States.


IRAN TO BREACH LIMITS OF NUCLEAR PACT, AS U.S. TO SEND MORE TROOPS TO MIDEAST

WSJ - Lawrence Norman (2019-06-17)

Iran said it would exceed limits on its enriched-uranium stockpiles before the end of this month, as the U.S. said it would send an additional 1,000 troops to the Mideast in response to “hostile behavior” by Tehran.


STOCKS CLIMB AHEAD OF CENTRAL-BANK MEETINGS

WSJ - Micah Maidenberg and Dave Michaels (2019-06-17)

U.S. indexes edged higher ahead of central bank policy meetings around the world as investors continue to bet the Federal Reserve will slash interest rates this year.


SAN FRANCISCO FED WANTS TO REWARD BANKS FOR CLIMATE-CHANGE LOANS

WSJ - Laura Kusisto (2019-06-17)

The Federal Reserve Bank of San Francisco says banks can get extra credit for making loans that help communities adapt to climate change and prepare for future natural disasters.


CHINESE REGULATORS TRY TO CALM FEARS OF A FUNDING SQUEEZE

WSJ - WSJ (2019-06-17)

Chinese regulators made fresh attempts to calm frayed nerves in the country’s financial sector, as bank liquidity remained tight by some measures three weeks after authorities took over a struggling city lender.


DRIVING VALUE FROM AI IN INSURANCE: DELIVERING SUCCESS WITH SUN LIFE AND SCOTIABANK

Insurance Journal - IIJ (2019-06-17)

Much discussed, yet often misunderstood, it’s clear that Artificial Intelligence is set to dominate the global Insurance sector for the foreseeable future – and Canada is no different. Despite being a somewhat nascent discipline within insurance, progress in silicon centres across the nation mean carriers recognize the potential of AI to cut costs, improve the customer experience and generate sustainable long-term growth.


AVIVA BOSS TO SERVE ON INSURANCE THINK TANK’S BOARD

Insurance Journal - Terry Gancuangco (2019-06-17)

An announcement by the global organization of insurance and reinsurance chief executive officers outlined that Tulloch as well as Ping An Insurance Company of China co-CEO Yuansiong Lee, Prudential Financial chief executive Charles F. Lowrey, and The People’s Insurance Company of China chairman Jianmin Miao had been elected.


INTACT FINANCIAL STARTS OFFERING PHOTO ESTIMATION OF CLAIMS

Insurance Business - Duffie Osenthal (2019-06-17)

The new offering, as reported by Repairer Driven News, is similar to a service already offered by Aviva Canada and is powered by the same technology from Chicago-based Snapsheet. 


CANADIANS DON’T THINK ABOUT AI – HERE’S WHY BROKERS SHOULD

Canadian Underwriter - Adam Malik (2019-06-17)

“So it’s more about becoming a bionic broker – using AI and other tools to assist you in what you do,” Arbuthnot said. “The nature of the job is changing and actually getting better and more interesting and more fulfilling.”


SWEDBANK OUSTS ESTONIAN CHIEFS OVER MONEY LAUNDERING CLAIMS

FT - Richard Milne (2019-06-17)

Swedbank has ousted the chief executive and finance director of its Estonian operations as part of its internal investigation into extensive money laundering allegations against Sweden’s oldest bank in the Baltics. 


CITI MERGES RATES AND CURRENCIES BUSINESSES

FT - Laura Noonan (2019-06-17)

Citi announced the rejig on Monday in an internal memo signed by Carey Lathrop and Andy Morton, who took over running the markets division when Mr Ybarra became head of the investment bank earlier this year.


AIRLINE BATTLE HEATS UP AS MONTREAL REAL ESTATE INVESTOR SUBMITS RIVAL BID FOR TRANSAT

G&M - Eric Atkins (2019-06-14)

The battle for Transat A.T. Inc. appears set to heat up as Montreal real estate investor Group Mach Inc. submits a formal offer for the airline and vacation company that is still in talks for a friendly takeover with Air Canada.


WHERE CANADIAN CONSUMERS STAND (OR FALL, AS LOAN DEFAULTS RISE)

G&M - Michael Babad (2019-06-14)

Several studies this week paint a picture of where Canadian consumers stand. Or fall, as the case may be, as loan defaults rise.


CANADIAN HOUSEHOLDS ARE SPENDING MORE THAN EVER ON DEBT PAYMENTS

G&M - Matt Lundy (2019-06-14)

Canadian households are spending a record portion of their disposable income on debt payments, according to new figures from Statistics Canada.


NEW VENEZUELAN BANKNOTES GREETED WITH SKEPTICISM

CBC - AP (2019-06-14)

Some Venezuelans are expressing scepticism about new banknotes that their government says will ease challenges posed by the country's soaring inflation.


HOME PRICES IN VANCOUVER ARE QUADRUPLE WHAT AVERAGE MILLENNIAL CAN AFFORD: REPORT

CBC - Rhianna Schmunk (2019-06-14)

Housing affordability is still far out of reach for millennials across the country, a new report says, with the average price of a house in Vancouver perched a particularly unattainable four times higher than what those prospective buyers could safely afford to pay.


'SEA OF TRANQUILITY': ONTARIO PITCHES ITS DEBT AS A HAVEN TO EUROPEAN INVESTORS AMID BREXIT

FP - Esteban Duarte and Jill Ward (2019-06-14)

“On this trip, a lot of people are bringing up Brexit, U.S. and China in their discussions,” Ontario Finance Minister Vic Fedeli said in a BNN Bloomberg TV interview in London Tuesday. Investors view Ontario as a “safe haven” and “sea of tranquility,” Fedeli said.


CREDIT SUISSE, UBS HAVE BOOSTED CAPITAL POSITIONS: SNB

Reuters - Press Release (2019-06-14)

“The Swiss big banks Credit Suisse and UBS have slightly improved their capital situation overall, in spite of the moderate deterioration in economic and financial conditions”, the central bank said in its 2019 financial stability report.


WALL STREET CLIMBS AS OIL STOCKS RALLY

Reuters - Reuters Video (2019-06-14)

U.S. stocks rebounded Thursday from two days of declines. As Conway Gittens reports, energy shares bounced back with on oil supply disruption concerns following attacks on two tankers in the Gulf of Oman.


THE BEST CANDIDATE TO REPLACE MARIO DRAGHI

Bloomberg - Ferdinando Giugliano (2019-06-14)


DEALBOOK BRIEFING: TRUMP FINDS AN UNLIKELY ALLY ON INTEREST RATES

NY Times - Staff (2019-06-14)

President Trump wants the Fed to cut interest rates to juice the American economy. Employ America, a group of left-leaning millennials, is pushing the central bank to do the same thing — though for different reasons, Jeanna Smialek of the NYT reports.


REGULATORS ENCOURAGE CANADIANS TO HELP STOP SENIOR FINANCIAL ABUSE

Insurance Journal - IIJ (2019-06-14)

“Awareness is the first step in recognizing and stopping financial abuse of seniors,” said Louis Morisset, CSA Chair and President and CEO of Quebec regulator, the Autorité des marchés financiers. “With a growing senior population, it is more important than ever to help safeguard our aging communities who may become increasingly susceptible to financial exploitation and fraud.”


CRA WARNS CANADIANS ABOUT REAL ESTATE INVESTMENT SCHEMES

Insurance Journal - IIJ (2019-06-14)

The CRA says the scheme is advertised as an investment opportunity in real estate through a limited partnership. “It is usually heavily promoted as a product with a significant tax advantage and limited liability for the investor. The promoter of the scheme promises a tax write-off for more than double of what was invested,” explains the CRA.


QUEBEC MUTUAL INSURANCE FIRMS ANNOUNCE PLANS TO MERGE

Insurance Business - Duffie Osenthal (2019-06-14)

In a statement, the two companies said that an amalgamation will enable them to meet the challenges associated with Quebec’s very competitive property and casualty insurance market. A transition committee has been set up to do the necessary groundwork to ensure that the merger goes smoothly.


AVIVA CANADA APPOINTS FIRST FEMALE BOARD CHAIR

Insurance Business - Duffie Osental (2019-06-14)

O’Donovan is an experienced public company board member and strategic senior executive with over 30 years of Canadian and global financial services industry experience. She was first elected to Aviva’s board in 2016 and is also a member of the boards of Cadillac Fairview, Indigo Books and Music Inc., and two private investment management firms.


CANADA’S HOUSING MARKET TUMBLES IN GLOBAL RANKING, BUT ‘OPPORTUNISTIC BUYERS’ ARE AFOOT

G&M - Michael Babad (2019-06-13)

Canada has been sliding down the real-estate consulting group’s ladder for some time, from No. 39 in the fourth quarter of last year. For annual comparisons, Canada ranked No. 15 in the first quarter of 2018, with annual price growth of 6.6 per cent, and No. 10 in the first three months of 2017, with 10.3 per cent.


'LOBBY IS ON THE WRONG SIDE OF THIS ISSUE’: CMHC HEAD TAKES ON REAL ESTATE INDUSTRY WITH DEFENCE OF MORTGAGE STRESS TESTS

G&M - Janet Macfarland (2019-06-13)

Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency.


IMMIGRANTS LESS LIKELY TO OWN SINGLE-DETACHED HOUSES, STATSCAN REPORT FINDS

CBC - CBC (2019-06-13)

Immigrants own proportionally fewer single-detached homes than Canadian-born residents, a new report has found, but in Vancouver, the ones they do own likely come with a higher sticker price.


NO REASON FOR BANK OF CANADA TO CUT INTEREST RATES — UNLESS THERE IS AN EXTERNAL SHOCK

FP - Larysa Harapyn and Kevin Carmichael (2019-06-13)

The Financial Post’s Kevin Carmichael speaks to Larysa Harapyn about central bank moves around the world, and what we can expect from Canada.


PHILIP CROSS: PUNCHBOWL POLOZ’S LEGACY OF RISING BUBBLES, SINKING DOLLARS AND LIMPING GROWTH

FP - Philip Cross (2019-06-13)

It is no surprise that of all the former governors of the Bank of Canada, only John Crow had the gravitas and legacy to write a book about his tenure. By comparison, the current governor, Stephen Poloz, whose seven-year term has just entered its final year, barely has accomplishments, never mind a legacy. That is, unless one counts a track record of subpar growth, two near-recessions, monumental bubbles in Canada’s two largest housing markets and a substantial devaluation of the currency. But he did put the face of a female civil-rights activist on the $10 bill.


INSURERS AND INSURTECHS MUST OVERCOME CHALLENGES TO BUILD SMOOTHER RELATIONSHIPS

Insurance Journal - Susan Yellin (2019-06-13)

Homegrown insurtechs are making inroads into both the life and property and casualty insurance markets in Canada. But insurers and the technology-savvy insurtech start-ups face a number of logjams they must clear to ensure smoother relationships, a recent conference was told.


MMC CHIEF ON WHY THERE IS NO BETTER TIME TO BE IN THE RISK BUSINESS

Insurance Business - Terry Gancuangco (2019-06-13)

In the view of Marsh & McLennan Companies (MMC) president and chief executive Dan Glaser (pictured), no industry benefits society more than insurance does. Addressing more than 700 delegates at the ongoing MMC Rising Professionals’ Forum 2019 in London, Glaser explained why. 


$107-MILLION SASKATCHEWAN OIL LEAK RESULTS IN GUILTY PLEA

Canadian Underwriter - Colette Derworiz (2019-06-13)

The spill into the North Saskatchewan River in July 2016 forced the cities of North Battleford, Prince Albert and Melfort to shut off their water intakes for almost two months.


WELLS FARGO WILL PAY CUSTOMERS $386 MILLION OVER UNWANTED AUTO INSURANCE

Reuters - Jonathan Stempel (2019-06-13)

Wells Fargo remains unable to expand under restrictions imposed in February 2018 by the Federal Reserve until the bank, the nation’s fourth-largest by assets, cleans up its culture and oversight.


IS YOUR HOME AT RISK OF FLOODING? THE DATA IS HARD TO FIND

WSJ - Laura Kusisto (2019-06-13)

When Heather Gaker found the perfect sage-green beach house in Boynton Beach, Fla., four years ago, she hired multiple inspectors and researched the property’s flood history. Finding no serious history of flooding, she used most of her retirement savings to buy it with cash.


HONG KONG LEGISLATORS POSTPONE DEBATE ON CHINA EXTRADITION BILL AS PROTESTERS FLOOD STREETS

G&M - Nathan Vanderklippe (2019-06-12)

Protesters crowded onto the streets of downtown Hong Kong Wednesday morning, installing barriers on roads and snarling traffic as they prepared for a day of action to protest a bill that would make it easier for authorities in China to extradite people from the city.


'LOBBY IS ON THE WRONG SIDE OF THIS ISSUE’: CMHC HEAD TAKES ON REAL ESTATE INDUSTRY WITH DEFENCE OF MORTGAGE STRESS TESTS

G&M - Janet Macfarland, James Bradshaw (2019-06-12)

Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency.


CANADA'S FINANCIAL CONSUMER WATCHDOG FACING LEADERSHIP LIMBO

FP - Geoff Zochodne (2019-06-12)

Lucie Tedesco’s term at the helm of the FCAC — already extended twice past its original September 2018 expiry date — ended June 3.


GROPING AND STALKING CLAIMS DEEPEN LLOYD'S OF LONDON SCANDAL

FP - Gavin Finch (2019-06-12)

Two executives at a top Lloyd’s of London insurance company have resigned following allegations of sexual harassment. One was accused of groping colleagues at a booze-fuelled party, the other of stalking a junior employee.


GRAB EYES SINGAPORE BANKING LICENSE AS REGULATOR STUDIES VIRTUAL BANKS - SOURCES

Reuters - Sumeet Chatterjee (2019-06-12)

Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said.


SNC APPOINTS NEW CEO TO OVERHAUL EMBATTLED ENGINEERING FIRM

Bloomberg - Sandrine Rastello (2019-06-12)


CANOPY CONSIDERS REIT, SECURED DEBT TO FINANCE POT EXPANSION

Bloomberg - Esteban Duarte and Kristine Owram (2019-06-12)


UK FINANCIAL REGULATOR TO TIGHTEN ‘BUY NOW PAY LATER’ RULES

FT - Sarah Provan (2019-06-12)

The Financial Conduct Authority on Wednesday said the rules will ban companies from charging backdated interest on money that the purchaser has repaid during the offer period.


BANKS WARN EU RULES WILL SCUPPER A QUARTER OF ONLINE PAYMENTS

FT - Nicholas Megaw (2019-06-12)

Europe’s big banks have warned that more than a quarter of online payments will be impossible to complete from September because of a lack of preparedness for new EU anti-fraud rules and have “urgently” requested more time to adapt. In a letter seen by the Financial Times, trade bodies for the European banking sector wrote to the European Commission and Europe’s top banking regulator on Tuesday asking for an EU-wide effort to manage risks created by the new rules. The planned changes, which are part of the EU’s Second Payment Services Directive, will require most online payments above €30 to go through an extra level of verification such as entering a code received via a text message.


EUROPE’S BANK WATCHDOG WARNS ON WAVE OF DIRTY MONEY

FT - Caroline Binham and Martin Arnold (2019-06-12)

New powers given to Europe’s banking watchdog are not enough to stem the tide of dirty money sweeping through the bloc that has been revealed by recent scandals, the head of the European Banking Authority said.


VISA LAUNCHES DLT-BASED CROSS-BORDER PAYMENTS PLATFORM

Finextra - Finextra (2019-06-12)

Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.


CANADA HAS NEVER HAD MORE HOMES UNDER CONSTRUCTION AT THE SAME TIME

Better Dwelling - Daniel Wong (2019-06-12)

Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high.


SEE NO EVIL: HOW CANADA IS BANKROLLING COMPANIES ACCUSED OF BID-RIGGING, GRAFT AND HUMAN-RIGHTS VIOLATION

G&M - MATTHEW MCCLEARN, GEOFFREY YORK (2019-06-11)

In Latin America, billions of dollars in Canadian government-backed loans have been funnelled to two of the region’s most notorious oil companies: the state-owned petroleum corporations of Mexico and Brazil, each riddled with frequent reports of bribery, bid-rigging and inflated contracts.


HUDSON’S BAY’S RICHARD BAKER LEADS $1-BILLION BID TO TAKE RETAILER PRIVATE

G&M - Marina Strauss (2019-06-11)

Hudson’s Bay Co. executive chairman Richard Baker is leading a $1-billion cash proposal to take the iconic company private, a big bet on the turnaround prospects of the long-struggling retailer.


THE BANK OF CANADA ACT DOES, IN FACT, NEED AN OVERHAUL

G&M - Diane Bellemare (2019-06-11)

The time has come to take a fresh look at the Bank of Canada Act. It received royal assent on July 3, 1934 – 85 years ago. Even though it has been amended over time, it needs to be reassessed. The act provides mainly organizational and operational clauses as well as a preamble that explains the reasons for its creation. This preamble states that the central bank should promote the “economic and financial welfare of Canada." It is very broad in scope. The act does not state the specific mandate of the bank nor mention the agreements between it and the federal government. It does not include either transparency or accountability obligations for the bank.


HOUSING STARTS DROP 13 PER CENT IN MAY

G&M - CP (2019-06-11)

Canada Mortgage and Housing Corp. says the pace of housing starts slowed in May.


FSRA TO OVERSEE INSURANCE, MORTGAGE AND DEPOSIT TAKING INSTITUTIONS IN ONTARIO

G&M - Clare O'Hara (2019-06-11)

A new independent financial regulator is up and running in Ontario to oversee insurance, mortgage and deposit taking institutions.


CANACCORD TO BUY AUSTRALIAN SECURITIES BUSINESS PATERSONS FOR $23-MILLION

G&M - CP (2019-06-11)

Canaccord Genuity Group Inc. has struck a deal to acquire Australian financial services firm Patersons Securities Ltd. for roughly $23 million in cash.


PACE OF CANADIAN HOME CONSTRUCTION SLOWED IN MAY, CMHC SAYS

CBC - CP (2019-06-11)

The housing agency say the seasonally adjusted annual rate of housing starts slipped to 202,337 units in May, down 13.3 per cent from 233,410 units in April.


THREE REASONS CANADIANS WILL FEEL THE PAIN OF THE NEXT RECESSION MORE THAN AMERICANS

CBC - Chris Fournier (2019-06-11)

“There’s just no latent capacity to spend or to buffer a shock in Canada, and the U.S. is very well positioned,” Lascelles said by phone from Toronto. “You could lose your job and you would be okay in the U.S., or rates could go up and you’d be fine, or the economy could turn down and spending could continue. In Canada, you can’t really say that.”


DESMARAIS-BACKED VENTURE CAPITAL PLATFORM CLOSES NEW $55-MILLION TECH FUND

CBC - Barbara Schecter (2019-06-11)

“Diagram’s unique, entrepreneur-focused model and the success it has enjoyed so far drew me to the platform,” Hill said in a statement. “I have yet to see anything else like it and I believe this formula represents the way forward to create the next generation of Canadian-based global businesses in the financial technology sector.


CANADA PENSION PLAN’S MONEY MANAGERS ARE WORTH MORE THAN THEY COST, PBO SAYS

FP - CP (2019-06-11)

In a report Monday, the PBO compared the growth in the $392-billion public pension fund to what the same money would have made in “passive” investments that just tracked a pair of index funds, and finds the active-management strategy has come out ahead.


CANADIAN RESIDENTIAL INVESTMENT DROPS FOR A FIFTH QUARTER, SIGNALING RECESSION

Better Dwelling - Stephen Punwasi (2019-06-11)

Residential investment (a.k.a. residential structures) covers construction, renovation, and ownership transfer. Construction means new construction of single and multi-family homes. The renovation portion only covers large renovations such as roofs and kitchens. It doesn’t include routine maintenance such as painting or minor repairs. Ownership transfer costs include things like agent commissions and lawyer fees. It’s not a comprehensive bill of real estate’s contribution towards GDP. Instead, it’s the most direct contributors.


DEUTSCHE BANK ACKNOWLEDGES LAPSE IN CHECKS ON MONEY LAUNDERING

NY Times - Jack Ewing (2019-06-11)

Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low.


THE SURPRISING WAY STARTUPS ARE DISRUPTING THE LIFE-INSURANCE BUSINESS

WSJ - Peter Rudegeair and Leslie Scism (2019-06-11)

‘Insuretech’ companies found it made more sense to collaborate with old-line insurers, rather than replace them.


MONETARY EASING LOOKS DIFFERENT THIS TIME AROUND

WSJ - Brian Blackston (2019-06-11)

As the global economy slows, central bank policies won’t follow the same path as a decade ago.


TRUMP SAYS FED POLICY MAKERS HAVE BECOME ‘VERY DESTRUCTIVE’

WSJ - Vivian Salama (2019-06-11)

President Trump said that the Federal Reserve has given China a competitive advantage over the U.S. with its monetary policy, adding that it is clear some officials haven’t listened to his advice to cut interest rates.


HONG KONG GEARS UP FOR PROTESTS, STRIKES AS EXTRADITION ANGER BOILS OVER

Reuters - Clare Jim, Kane Wu (2019-06-11)

Hong Kong geared for more protests, including strikes, transport go-slows and even picnics, against a proposed extradition law that would allow people to be sent to China for trial, even as the city’s leader vowed on Tuesday to push ahead with the bill.


IF SOUTH PARK CHARACTERS APPLIED FOR LIFE INSURANCE POLICIES...

Benefits Pro - Phil Murphy (2019-06-11)

South Park is coming to the end of its 23-season run, with the series finale scheduled for later this year.


EQUIFAX: CANADIAN CREDIT DELINQUENCIES ARE SPIKING, SENIORS SEE LARGEST INCREASE

Better Dwelling - Daniel Wong (2019-06-11)

Delinquencies are rising across every age demographic, but the youngest and oldest were most notable. The rate of credit delinquencies hit 1.12% across Canada in Q1 2019, up 3.5% from last year. The youngest demographic, aged 18-25 had the highest rate of delinquency at 1.68% – up 0.1% from last year. People aged 65+ had a delinquency rate of 0.99%, up a massive 9.4% from last year. The youngest demographic showed the smallest change, indicating stabilization at that rate. The oldest demographic experienced the largest increase of any segment, indicating deterioration.


A NEW SURVEY SHOWS THE U.S. LEADS IN MOBILE PAYMENTS BUT TRAILS IN CONTACTLESS

Digital Transactions - Kevin Woodward (2019-06-11)

Perhaps not surprisingly, younger consumers were more likely to use a mobile-payment app on a smart phone. Of those 16 to 24 years old, 71% said they would, as did 73% of those 25 to 34 years old. The likelihood begins to fall with 59% for 35-to-44 year old consumers, and drops to 42% for the 45-to-54 group and 28% for the 55-to-64 segment.


News feed

BANKS WORLDWIDE SPEND US$1 TRILLION ON DIGITAL, BUT FEW BENEFIT, STUDY FINDS

FP - Elizabeth Rembery (2019-06-24)

Just 19 banks among the 161 largest retail and commercial banks that the consulting firm examined have been focusing enough on digital strategies to “make the shift to a different sort of bank,” Accenture said in the report, released Thursday. And those that did were rewarded for their efforts, the firm said.


GUARDIANS OF MONEY BRISTLE AT ZUCKERBERG’S NEW FINANCIAL ORDER

Bloomberg - Alistair Marsh (2019-06-24)


GLOBAL ECONOMIC GROWTH IS ALREADY SLOWING. THE U.S. TRADE WAR IS MAKING IT WORSE.

NY Times - JEANNA SMIALEK, JIM TANKERSLEY and JACK EWING (2019-06-19)

President Trump’s trade war is stirring uncertainty, weighing on manufacturing and disrupting increasingly delicate global economic growth.


PARTING THE RED SEA: WHY THE CHINESE AND U.S. ARMIES ARE FORTIFYING THIS TINY AFRICAN COUNTRY

G&M - Geoffrey York (2019-06-18)

In Djibouti, two superpowers have built heavily guarded bases only a few kilometres apart, watching the crossroads between Asia, Africa and the Middle East in an increasingly tense standoff for global supremacy. What could possibly go wrong?


MARKETS SEND MIXED SIGNALS ON TRADE BATTLE

WSJ - Akane Otani (2019-06-17)

Markets are sending conflicting signals about how big a threat the global trade rift presents, underscoring the difficulty investors face in sizing up the fallout from the U.S. and China’s spat.


VISA LAUNCHES DLT-BASED CROSS-BORDER PAYMENTS PLATFORM

Finextra - Finextra (2019-06-12)

Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.


FSIM briefings and developments reports


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CANADIAN REAL ESTATE PRICE GROWTH LOOKS ABSURD WHEN COMPARED TO BUBBLY US CITIES

Since 2000, Canadian cities have experienced absurd price growth to major US “bubble” cities. Toronto real estate prices have increased 239.9% as of March 2019, when compared to prices in 2000. Montreal real estate prices have increased a more modest, but still large, 189.08% over the same period. Vancouver, which recently lost the throne to Canada’s most expensive real estate market, increased a whopping 315.58%. None of the US cities have shown that kind of increase. These numbers are inflation adjusted.


GUARDIANS OF MONEY BRISTLE AT ZUCKERBERG’S NEW FINANCIAL ORDER

Facebook Inc. was hours away from the formal announcement of its ambitious foray into financial services, but French Finance Minister Bruno Le Maire was already broadcasting his discontent.

"It’s out of the question’’ that the social-media giant’s digital money compete with sovereign currencies, Le Maire said.


EX-BARCLAYS CEO VARLEY CLEARED OF FRAUD CHARGES

The case, pursued by Britain’s Serious Fraud Office (SFO), was the first time the head of a global bank has faced criminal charges over conduct during the financial crisis, when the banking system was brought to its knees and taxpayers were forced to pay billions of pounds to shore it up.



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