Home - banknews.tv


'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.


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.

Select financial data to upload:

Please download and complete the data template that you need to upload. See financial data upload section above for details of how this data will be used.

Research

ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

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

 


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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

fsim.ca/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

fsim.ca/docs/co2.pdf

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


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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


Complete loyalty RFP  

fsim.ca/docs/booksample.pdf

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


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

fsim.ca/docs/booksample.pdf

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


Report on merchants extending financial services  

fsim.ca/docs/

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


Guide to system selection  

fsim.ca/docs/gssnow.pdf

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


News feed

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.


AIMIA AGREES TO SHAKEUP TO END FIGHT WITH INVESTORS

G&M - Tim Kiladze (2019-11-19)

Aimia Inc.’s blue-chip board is putting a bitter feud with two groups of American investors to rest by agreeing to a settlement that will see six directors step down and counter lawsuits from both groups dismissed.


'A REALLY BIG DISAPPOINTMENT’: ETFS FOCUSED ON WOMEN IN LEADERSHIP FAIL TO GAIN TRACTION AMONG INVESTORS

G&M - Stefanie Marotta (2019-11-19)

Investment products that focus on companies with women in leadership have been slow to garner interest, even amid a growing body of research showing companies with more female leaders tend to be stronger performers.


TRUMP CRITICIZES FEDERAL RESERVE CHAIR JEROME POWELL, SAYING FED’S INTEREST RATE TOO HIGH

G&M - Howard Schneider (2019-11-19)

U.S. President Donald Trump and Federal Reserve Chair Jerome Powell met at the White House on Monday in their second meeting since Powell started the job in February 2017, and soon became the target of criticism from the president who appointed him.


SAUDI ARAMCO SEEKS RECORD-SETTING IPO WITH VALUE UP TO $1.7T

CBC - AP (2019-11-19)

The newly released figures also revealed a valuation for the company that's between $1.6 trillion and $1.7 trillion, a figure that fell short of the $2 trillion mark Crown Prince Mohammed bin Salman had sought.


OUR FINANCIAL SYSTEM SAVED US FROM THE WORST OF THE 2009 CRISIS, NOW IT’S HOLDING OUR ECONOMY BACK

FP - Farah Omran and Jeremy Kronick (2019-11-19)

Surprisingly, however, the financial services sector’s contribution to overall productivity growth is underwhelming. Using the OECD measure of industry contribution to productivity, from 2001-2017, we rank behind countries we are often compared with, such as Australia, Norway and Sweden. How can we turn this around?


FORMER DRUG EXECUTIVE MARTIN SHKRELI AKA PHARMA BRO STAYS IN PRISON AFTER APPEAL REJECTED

FP - Jonathan Stempel (2019-11-19)

Former pharmaceutical executive Martin Shkreli will remain in prison after the U.S. Supreme Court on Monday rejected his effort to overturn his conviction and seven-year sentence for securities fraud and conspiracy.


RBC VENTURES INTO UNUSUAL TERRITORY WITH SOCIAL NETWORK FOR BABY BOOMERS, CHINESE E-COMMERCE TOOL

FP - Geoff Zochodne (2019-11-19)

A social network for baby boomers and a China-focused marketing tool are among the outside-the-box ideas that Canada’s largest bank hopes will bring it new customers in an increasingly tech-centric world.


RISING INSOLVENCY READINGS RAISE RED FLAGS IN CANADA. SORT OF

Bloomberg - Chris Fournier and Erik Hertzberg (2019-11-19)

A surge in late payments is raising eyebrows in Canada.


MOST GERMAN BANKS ARE IMPOSING NEGATIVE RATES ON CORPORATE CLIENTS

FT - Martin Arnold (2019-11-19)

The figures, revealed in a survey by the German central bank, give one of the clearest indications of how many lenders are charging customers to deposit money since the European Central Bank cut interest rates deeper into negative territory in mid-September. The Bundesbank surveyed 220 lenders at the end of September — two weeks after the ECB’s cut its deposit rate from minus 0.4 to a record low of minus 0.5 per cent. In response, 58 per cent of the banks said they were levying negative rates on some corporate deposits and 23 per cent said they were doing the same for retail depositors.


ASSET MANAGER RUSSELL INVESTMENTS PUT UP FOR SALE

FT - Eric Platt (2019-11-19)

Private equity owner TA Associates has hired Goldman Sachs to explore a sale of Russell Investments, putting the $293bn asset manager on the block as part of a wave of consolidation in the fund management industry, according to people briefed on the matter.


FINANCE HAS RESISTED THE PUSH TOWARDS DEGLOBALISATION

FT - John Plender (2019-11-19)

To say there has been no deglobalisation in financial markets risks oversimplification. According to a study by McKinsey Global Institute, global cross-border capital flows shrank from a peak before the financial crisis of $12.4tn in 2007 to $4.3tn in 2016.


MORE THAN 3,000 CN WORKERS ON STRIKE, SHUTTING DOWN CANADA’S BIGGEST RAIL NETWORK

G&M - Eric Atkins (2019-11-19)

“We’re on strike,” said Christopher Monette, a spokesman for the Teamsters.


DAVID ROSENBERG TO LEAVE GLUSKIN SHEFF TO SET UP HIS OWN CONSULTING FI

G&M - Ian McGugan (2019-11-19)

Mr. Rosenberg won a reputation for prescience by being one of the first to warn of the dangers in the U.S. housing market in the years leading up to the financial crisis. At the time he was working as chief North American economist at Merrill Lynch, and splitting his time between his hometown of Toronto and New York.


THE RULES FOR USING CASH AND CREDIT CARDS

G&M - Rob Carrick (2019-11-19)

We all know that cash is slowly fading in popularity – just watch the people in front of you at the grocery or drugstore checkout line. The clear favourite cash replacement? Credit cards.


HIGH LEVELS OF GLOBAL DEBT COULD CREATE A ‘PERFECT STORM’ OF FINANCIAL RISK IN ECONOMIC SLUMP: BOC

G&M - DAVID PARKINSON (2019-11-19)

Bloated global debts could feed a “perfect storm” of financial risk in the event of a trade-war-induced global economic slump, making the downturn “deeper than usual and fraught with financial stresses,” Bank of Canada Senior Deputy Governor Carolyn Wilkins said.


ONTARIO TRIBUNAL UPHOLDS TORONTO’S NEW RULES TO LIMIT AIRBNB, OTHER SHORT TERM RENTALS

G&M - Shane Dingman (2019-11-19)

An Ontario tribunal has upheld Toronto regulations on short-term rentals that will restrict the most prolific hosts on Airbnb and other home-sharing services.


HOW THE IMF CAN BATTLE GRADUAL IRRELEVANCE

G&M - Mohamed A. El-Erain (2019-11-19)

This year, I didn’t attend the October annual meetings of the International Monetary Fund and the World Bank in Washington, DC. Instead, I paid close attention to reports of the gathering and talked to people who were there whom I respect. What emerged is depressing for the wellbeing of the global economy. In particular, the prospect of continued weakness and fragmentation pressures will compound the challenges to the credibility and effectiveness of multilateral institutions.


HOW THE IMF CAN BATTLE GRADUAL IRRELEVANCE

G&M - Mohamed A. El-Erain (2019-11-19)

Even more worryingly, the Fund’s policy recommendations – especially those pertaining to the advanced economies – have little impact (to put it politely). One need only look at the widening gulf between what IMF officials have said and the bland, repetitive language of the IMFC communiques. The policy insights fall on more deaf ears when finance ministers and central bankers are back in their national capitals, underscoring the current ineffectiveness of what once was a key opportunity for improving win-win policies.


IMF SIDESTEPS CLASH WITH U.S. OVER FUNDING, DELAYS SHAREHOLDING CHANGES TO 2023

G&M - David Lawder (2019-11-19)

IMF Managing Director Kristalina Georgieva announced the decision at the Fund’s and World Bank’s annual meetings, saying that the initiative will provide confidence that the IMF can adequately support member countries as they deal with slowing global growth.


U.S. FED SAYS MONETARY POLICY WILL REMAIN 'NON-POLITICAL' AFTER TRUMP-POWELL MEETING

CBC - AP (2019-11-19)

The Fed said in a statement that Powell's message to Trump during their meeting was similar to the one he expressed in congressional testimony last week, when he said that the economy is in good shape and that the Fed would likely suspend its rate cuts for now. The central bank has cut its benchmark short-term rate three times this year to try to support the economy.


ONTARIO SECURITIES COMMISSION RULES REFORM TO SAVE COMPANIES $8 MILLION A YEAR — AND THAT’S JUST THE BEGINNING

FP - Barbara Shecter (2019-11-19)

Businesses regulated in Ontario’s capital markets will save close to $8 million a year following implementation of a swath of new “burden reduction” reforms to be unveiled Tuesday by the Ontario Securities Commission.


CIBC’S 'DAY LATE AND A DOLLAR SHORT' MISSTEPS TURN INVESTORS OFF

FP - Doug Alexander (2019-11-19)

“They seem to be a day late and a dollar short,” said Barry Schwartz, chief investment officer of Baskin Wealth Management, who has avoided investing in CIBC. “They seem to be swinging past the fastballs and missing the easy layups that the other banks get right.”


COMMERCIAL PROPERTIES BEING SUBMERGED BY RISING FLOOD RISK

Insurance Business - Alicja Grzadkowska (2019-11-19)

“We are currently in a hard market in commercial lines in Canada. Premiums are increasing a lot and I think this is an opportunity for brokers to educate clients about loss mitigation issues. I think they can help clients look and realize the peril they're in,” explained Lessard. “They also have a role to make sure that carriers are recognizing the effort made by the clients on the loss mitigation aspect.”


AIG NAMES MULTINATIONAL HEAD FOR GENERAL INSURANCE

Insurance Business - Ryan Smith (2019-11-19)

American International Group (AIG) has announced the appointment of Allison Barrett as global head of multinational, General Insurance. Barrett will join the company Dec. 09 and will report to Michael Price, head of global service businesses and global chief operating officer for General Insurance.


CAN CANADA WEATHER A GLOBAL FINANCIAL STORM?

Canadian Underwriter - CP (2019-11-19)

“It also means that an economic downturn could be deeper than usual and fraught with financial stresses,” she said.


THE CANADIAN REAL ESTATE INDUSTRY JUST DOWNPLAYED THE BIGGEST OCTOBER IN 10 YEARS

Better Dwelling (2019-11-19)

The growth rate is very high, and this is also a new record. The 12-month growth is the highest for October since 2011. The number of sales reported for the month is also the highest since 2007. Some of this is delayed demand from last year’s weak numbers, but it’s still a very large month.


LESS SAVINGS, MORE DEBT: INSIDE A MULTI-DECADE SHIFT IN CANADIANS’ FINANCES

G&M - Matt Lundy (2019-11-18)

Canadians are saving much less than they used to, the result of a long-term shift in incentives that has favoured borrowers over savers and seen households pile on billions of dollars in mortgage debt to build wealth.


CANADA OH-SO-CLOSE TO SELLERS’ MARKET IN HOUSING AGAIN, AS PRICES RISE AT FASTEST SINCE THE ‘GO-GO DAYS’

G&M - Michael Babad (2019-11-18)

Canada is oh-so-close to a sellers’ market in housing again, as prices rise at their fastest pace since the “go-go days.”


CANADA’S GLOOMY ECONOMIC OUTLOOK MAY PUT FEDERAL FINANCES AT RISK

G&M - TEGAN HILL, JAKE FUSS AND JASON CLEMENS (2019-11-18)

During last month’s federal election campaign, many in the media – and in the Liberal Party – lauded the strength of Canada’s economy.


BANK WIRES FRAUDSTERS OVER $800K OF RETIREE'S SAVINGS, DESPITE RED FLAGS

CBC - Erica Johnson (2019-11-18)

A Calgary retiree says he was "sick to his stomach" after learning his bank wired more than $800,000 of his savings to fraudsters despite security red flags.


ONLINE BROKERAGE QUESTRADE NOW EYEING FEDERAL BANKING LICENCE

FP - Geoff Zachodine (2019-11-18)

Toronto-based Questrade intends to file an application to the federal government for a legal instrument, known as letters patent, that would incorporate “Quest Bank,” the Nov. 16 Canada Gazette notice states. 


U.S. CHARGES ANOTHER EX-JPMORGAN EXECUTIVE WITH ALLEGED MARKET MANIPULATION

Reuters - Reuters (2019-11-18)

The case relates to spoofing, which involves placing bids to buy or offers to sell contracts with the intent to cancel them before execution, allowing spoofers to influence prices. In recent years there has a been a surge in spoofing related prosecutions in the United States by the Department of Justice and the Commodity Futures Trading Commission.


AFTER SCHOOL SHOOTING, BILL FOCUSES ON BANKS AND GUNS

NY Times - NY Times (2019-11-18)


INVESTORS REAP WINDFALL FROM FORMER HARTFORD FINANCIAL UNIT

WSJ - Juliet Chung and Leslie Scism (2019-11-18)

Several wealthy families and investment firms have received an early $700 million payout from a once-troubled unit of Hartford Financial Services that has enjoyed a turnaround since the financial crisis.


AN UNLIKELY HONG KONG TOURIST TRAP TAKES A HIT AS INSURERS SEEK COVER

WSJ - Stella Yifan Xie (2019-11-18)

For years, popular stops in Hong Kong for mainland Chinese tourists have included the iconic Victoria Peak, the family-friendly Disneyland—and the humdrum offices of some of the city’s big insurance companies. As protests rage on, sharp drops in visitor arrivals have dented a lucrative sales channel for large life insurers.


WHY CHINA’S SMALLER BANKS ARE WOBBLING

WSJ - Stella Yifan Xie (2019-11-18)

Problems with funding, lending and management are emerging after years of rapid growth. Here’s how China’s banking system works—and what’s going wrong.


FED FLAGS ELEVATED ASSET PRICES, HIGH DEBT AS U.S. RISKS

WSJ - Andrew Ackerman (2019-11-18)

The Federal Reserve identified elevated asset prices and historically high debt owed by U.S. businesses as top vulnerabilities facing the U.S. financial system, according to the latest central bank financial-stability report.


CENTRAL BANKS STRUGGLING TO UNDERSTAND WAYS AUTOMATION, AI ARE TRANSFORMING GLOBAL ECONOMY, POLOZ SAYS

G&M - Tamsin McMahon (2019-11-15)

Automation and artificial intelligence are transforming the global economy in ways that central banks are still struggling to understand, Bank of Canada Governor Stephen Poloz said Thursday. That rapid change can be difficult to capture in officials measures of the economy, he noted, and ends up sending conflicting signals that complicate monetary policy decisions.


BANK OF CANADA PROPOSES LIQUIDITY FACILITY TO PROVIDE LOANS TO FINANCIAL INSTITUTIONS SUFFERING THROUGH TEMPORARY SHOCKS

G&M - Alexandra Posadzki (2019-11-15)

The Bank of Canada is proposing a new liquidity facility that would provide loans to financial institutions that are suffering temporary shocks as a result of incidents such as cyberattacks, system failures and natural disasters.


ALBERTA EXIT FROM THE CANADA PENSION PLAN COULD COST MORE THAN KENNEY SAYS, EXPERTS WARN

G&M - Patrick Brethour (2019-11-15)

Alberta Premier Jason Kenney contends that withdrawing from the Canada Pension Plan would return billions of dollars a year to the province, but experts question how large the savings would be from going it alone.


CANADA’S MAJOR CITIES SAW CONDO PRICES RISE OVER 3X FASTER THAN HOUSES

Better Dwelling - Daniel Wong (2019-11-15)

To contrast, condo apartment prices are slowing down more recently – but made a huge climb. Condo apartment prices fell 0.18% in Q3 2019, but are up 2.11% from the same quarter last year. From the start of the index in Q1 2017, prices are up a surreal 18.89% at the end of Q3 2019. Once again, the increase for condo apartment prices is over 3x the size of houses.


SOFTBANK’S $1 BILLION INVESTMENT IN WIRECARD CAME WITH A TWIST—NO SOFTBANK CASH

WSJ - PAUL J. DAVIES (2019-11-15)

German electronic-payments company Wirecard AG was in a sticky spot back in April. Its share price was under pressure after allegations about its accounting practices in Asia—strongly denied by Wirecard—prompted a police investigation in Singapore.


HOME CAPITAL REBOUNDS FROM FINANCIAL CRISIS WITH BIG PROFITS

G&M - David Berman (2019-11-14)

Home Capital Group Inc.'s comeback went into high gear as a rebounding housing market and lower funding costs sent its earnings soaring just two years after the company plunged into financial crisis.


HOME CAPITAL PRICES ITS FIRST RESIDENTIAL MORTGAGE-BACKED SECURITIES IN $425-MILLION OFFERING

G&M - James Bradshaw (2019-11-14)

Mortgage lender Home Capital Group Inc. has priced its first offering of residential mortgage-backed securities, potentially marking an important step toward creating a viable private market for investing in pools of Canadian mortgages.


BATTLE IN DISCOUNT GROCERY SECTOR WEIGHS ON PRICES AS LOBLAWS, OTHER RETAILERS STRUGGLE TO HOLD ON TO CUSTOMERS

G&M - SUSAN KRASHINSKY ROBERTSON (2019-11-14)

Competition in the discount grocery sector intensified in the summer and early fall, weighing on prices as Loblaw Cos. Ltd. and other retailers battle to hold on to bargain-hunting customers and attract new ones.


MANULIFE AND TTC SETTLE HEALTHY FIT BENEFITS-FRAUD CASE

G&M - Clare O'Hara (2019-11-14)

Canadian insurer Manulife Financial Corp. has reached a deal with the Toronto Transit Commission to settle a long-running case involving a multimillion-dollar benefits scam that involved more than 200 TTC employees.


U.S. GOVERNMENT POSTS $134-BILLION DEFICIT IN OCTOBER

G&M - Reuters (2019-11-14)

The U.S. government recorded a $134 billion budget deficit in October, the first month of the new fiscal year, the Treasury Department said on Wednesday.


‘THE CREDIT BUBBLE IS CERTAINLY CLOSE TO BURSTING FOR MANY MORE HOUSEHOLDS’: WHY MANY CANADIANS ARE GOING BROKE

G&M - Michael Babad (2019-11-14)

Insolvencies come in two forms: The first are traditional bankruptcies, and the second are so-called proposals, which involve consumers restructuring the terms of their debts with lenders.


CREDIT SCORE 'ON STEROIDS': HOW YOUR SECRET CONSUMER SCORE COULD BE USED AGAINST YOU

CBC - CBC (2019-11-14)

As it turns out, there are companies out there gathering private information about you to assign you a consumer score based on your "predicted behaviour," said Laura Antonini, a policy director at the Consumer Education Foundation in California.


THE CDIC INSURES YOUR DEPOSITS. NOW IT WANTS TO FIGHT THE SPREAD OF UNVERIFIED ‘FACTS’

FP - Geoff Zachodine (2019-11-14)

For example, during the spring of 2017, he said, “rumours” spread on social media helped cause a run on deposits and the near-failure of “a mid-sized Canadian bank.”


GOOGLE PAY TO OFFER PERSONAL CHEQUING ACCOUNTS IN PARTNERSHIP WITH AMERICAN BANK, CREDIT UNION

FP - Paresh Dave and Munsif Vengattil (2019-11-14)

The project, named Cache, comes as rivals Facebook Inc and Apple Inc are expanding their own efforts in consumer finance, a broad area that ranges from digital payment apps to bank accounts, brokerage accounts and loans, and which offer Silicon Valley new sources of revenue and new opportunities to strengthen ties with users.


LONDON FOREX TRADER ACCUSES CITIGROUP OF UNFAIR DISMISSAL

Reuters - Kirstin Ridley (2019-11-14)

A former top Citigroup (C.N) trader, who was fired in 2014 but acquitted of foreign exchange-rigging charges after a trial in New York, told a London employment tribunal he was unfairly dismissed despite being in the “eye of the storm” at the time.


STOCKS ARE REACHING RECORDS IN CANADA. THE ECONOMY NOT SO MUCH

Bloomberg - Divya Balji and Shelly Hagan (2019-11-14)


FIDELITY TO BABY BOOMERS: LAY OFF THE STOCKS

Bloomberg - Michael McDonald (2019-11-14)


SWEDEN’S CENTRAL BANK DITCHES BONDS ISSUED BY MAJOR POLLUTERS

Bloomberg - Niclas Rolander (2019-11-14)


GOOGLE MAKES A BID FOR BANKING, WHERE TECH FIRMS GO TO STUMBLE

NY Times - Stacy Cowley and Tara Siegel Bernard (2019-11-14)


SWISS RE CORPORATE SOLUTIONS APPOINTS NEW HEAD OF CUSTOMER EXPERIENCE

Insurance Business - Ryan Smith (2019-11-14)

Swiss Re Corporate Solutions (SRCS) has announced the appointment of Loredana Mazzoleni Neglén (pictured) as head of customer experience and global sales steering, effective February 01. In the newly created role, Mazzoleni Neglén will be responsible for supporting SRCS in better understanding customer needs and delivering a better customer experience. She will report to CEO Andreas Berger.


NORTH AMERICAN COMMERCIAL INSURANCE BUYERS TO FACE PRICE INCREASES IN 2020

Insurance Business - Lyle Adriano (2019-11-14)

A new report by Willis Towers Watson has suggested that buyers of commercial insurance in North America will encounter sizable price increases across most lines of insurance in 2020.


THE DOWNSIDE FOR BROKERS OF BETTER COMMERCIAL FLOOD MAPPING

Canadian Underwriter - Greg Meckbach (2019-11-14)

Insurers tend to have data on the claims history of commercial property, and they supplement that data with information from municipalities, said Michael Loeters, senior vice president for commercial insurance and risk management at Prolink. Moreover, the insurers are updating that with new climate data and this gives them better data – such as areas of the city that are more prone to sewer backup.


OSFI DOES NOT SUPPORT THE PROPOSED DESIGN OF THE IAIS GLOBAL INSURANCE CAPITAL STANDARD

OSFI - OSFI (2019-11-14)

While broadly supportive of the goals of the Insurance Capital Standard (ICS), the Office of the Superintendent of Financial Institutions (OSFI) did not support the ICS design proposed for a five-year monitoring period at the Executive Committee Meeting of the International Association of Insurance Supervisors (IAIS) in Abu Dhabi, United Arab Emirates.


COMBING THE INSURTECH LANDSCAPE IS LIKE ‘DRINKING FROM A FIREHOSE’

Insurance Business - Alicja Grzadkowska (2019-11-14)

With total worldwide funding commitments in the insurtech sector in 2019 officially surpassing the total for 2018, according to Willis Towers Watson’s latest insurtech briefing, it’s no surprise to see many insurers taking part in the flurry of investments, rounding out their own capabilities with those that start-ups are introducing to the insurance marketplace.


CPPIB SELLS OWNERSHIP STAKE IN TMX GROUP, ENDING LEADERSHIP ROLE

G&M - David Milstead (2019-11-14)

Canada Pension Plan Investment Board, the largest shareholder of TMX Group Inc., has sold its entire 9.3-per-cent stake in the owner of the Toronto Stock Exchange.


THE SECRET IS OUT: TORONTO’S 1PASSWORD RAISES $200-MILLION LED BY U.S. VENTURE CAPITAL GIANT ACCEL

G&M - Sean Silcoff (2019-11-14)

Silicon Valley venture capital giant Accel has made the largest single investment in its history, leading a US$200-million funding for the Toronto company behind a popular password management software product.


CANADIAN INDUSTRY REGULATOR REQUIRES INVESTMENT COMPANIES TO REPORT CYBERSECURITY ATTACKS

G&M - Clare O'Hara (2019-11-14)

Canadian investment companies will be required to report cybersecurity attacks within days of an occurrence, allowing the industry regulator to alert other brokerages of risks.


POWELL URGES CONGRESS TO TACKLE BUDGET DEFICITS

G&M - Video (2019-11-14)

Federal Reserve Chairman Jerome Powell is asking Congress to tackle the growing budget deficit.


RBC VENTURING INTO UNUSUAL TERRITORY WITH SOCIAL NETWORK FOR BOOMERS, CHINESE E-COMMERCE TOOL

FP - Geoff Zochodne (2019-11-14)

That community, it adds, is already made up of “thousands” of registered members, “hundreds” of whom have gone to the creative workshops and meet-ups it has hosted in Toronto. (An upcoming event about paper flowers costs $20.)


ALIBABA PRAISES HONG KONG AT START OF RETAIL CAMPAIGN FOR $13 BILLION LISTING

Reuters - Scott Murdoch (2019-11-14)

Alibaba Group Chairman Daniel Zhang said Hong Kong’s “future is bright” as the ecommerce giant kicked off the retail campaign for its secondary listing in the city gripped by increasingly violent protests and recession.


TRUDEAU’S DEFICITS LIKELY TO GROW ON WEAKENING FISCAL OUTLOOK

BNN - Erik Hertzberg (2019-11-14)

Justin Trudeau is starting his second term in worse fiscal shape than expected, meaning Canada’s finances will likely be pushed further into the red.


BANKERS TO SEE DISAPPOINTING BONUSES AFTER SLOW YEAR FOR DEALS

G&M - Andrew Willis (2019-11-12)

Canada’s bank-owned investment dealers will cut bonus cheques to employees in the next few weeks.


CERBERUS PUSHES FOR ACHLEITNER TO LEAVE DEUTSCHE BANK

FT - Olaf Storbeck, Laura Noonan (2019-11-12)

The desire for regime change has hardened since Deutsche abandoned merger talks with Commerzbank in April, these people said, scuppering the plans of Cerberus, which is Deutsche’s third-largest shareholder with a 3 per cent stake and the second-biggest shareholder in Commerzbank. Mr Achleitner endorsed ending the talks. Deutsche Bank’s other big shareholders — two members of the Qatari royal family, funds managed by former JPMorgan Chase executive Doug Braunstein and asset manager BlackRock — also have an increasingly negative view of Mr Achleitner’s performance, according to people familiar with their views, which have been expressed in informal talks between the top investors.


MILLIONAIRE INVESTORS HOARD LARGE CASH PILES

FT - Stefan Wagstyl (2019-11-12)

Wealthy investors are hoarding ever-larger cash piles in a sign of widespread concern about global political and economic uncertainty, according to a survey published on Tuesday by UBS, the Swiss bank. The rich individuals polled around the world are holding 27 per cent of their investable assets in cash, up from 26 per cent in a similar study released three months ago. Sixty per cent of those surveyed would consider further increases in their cash levels, underlining the bleak view they are taking of the international outlook, including the US-China trade war, conflict in the Middle East and the potential effects of Brexit.


YES BANK LAUNCHES SANDBOX HOUSING 50 BANK APIS

Finextra - Finextra (2019-11-12)

The YES Fintech Developer platform is paired with a secure virtual sandbox to test, train and develop apps integrated with bank APIs across four usage categories including account management, payments, cards and CRM.


ITALIAN BANKS RUSH TO PROFIT FROM ECB NEGATIVE RATES

FT - Martin Arnold (2019-11-12)

Italian banks have rushed to borrow more in order to take advantage of a change in the European Central Bank’s interest rate policy, according to the country’s central bank.


DIMON SAYS WARREN'S RHETORIC VILIFIES SUCCESSFUL PEOPLE

American Banker - AB (2019-11-12)

JPMorgan Chase Chief Executive Jamie Dimon said presidential hopeful Elizabeth Warren's rhetoric sounds like an attack on wealthier Americans.


XOOM TURNS TO EURONET’S RIA AND WALMART TO ENABLE CASH TRANSFERS IN THE UNITED STATES

Digital Transactions - John Steward (2019-11-12)

As peer-to-peer payments services like Cash App, Venmo, and Zelle grow in popularity in the United States, some observers fret that underserved populations are being left behind. PayPal Holdings Inc.’s Xoom money-transfer service said Tuesday it’s attacking that issue in a collaboration with Walmart Inc. and Euronet Worldwide Inc.’s Ria remittance platform. The three-way collaboration will allow domestic Xoom users for the first time to send cash to recipients living in the United States.


EU BANKS CONTEMPLATE RIVAL TO CARD SCHEMES AND BIG TECH

Finextra - Finextra (2019-11-12)

In April, a senior executive at Deutsche Bundesbank called on the banking sector to develop a pan-European mobile payments platform capable of competing with systems from Big Tech giants from the US and China.


CAISSE CEO MICHAEL SABIA TO STEP DOWN FOR JOB AT MUNK SCHOOL OF GLOBAL AFFAIRS

G&M - Sean Silcoff (2019-11-12)

Michael Sabia is stepping down from his post as chief executive officer of Canadian pension fund giant Caisse de dépôt et placement du Québec after a decade at the helm, leaving an institution once marred by crisis on stable footing but with several looming challenges.


FACEBOOK TO CONSOLIDATE PAYMENTS TOOLS ACROSS APPS WITH FACEBOOK PAY

CBC - Reuters (2019-11-12)

Facebook said on Tuesday it was launching Facebook Pay, a service that will help consolidate payments tools across its social media platforms including Whatsapp and Instagram.


VANCOUVER REAL ESTATE CRACKDOWN’S NEXT STEP: A BIG WATCHDOG

Bloomberg - Natalie Obiko Pearson (2019-11-12)


HOME CAPITAL SHARES REGAIN GROUND LOST SINCE FIRM’S 2017 CRISIS

Bloomberg - Doug Alexander (2019-11-12)


EVEN THE FED'S OWN RESEARCH SHOWS RATES ARE TOO HIGH

Bloomberg - Tim Duy (2019-11-12)


FED ADDS $111.909 BILLION IN TEMPORARY LIQUIDITY TO MARKETS

WSJ - Michael S. Derby (2019-11-12)

The New York Fed added $111.909 billion to financial markets on Tuesday.


BOSTON FED PRESIDENT WARNS CENTRAL BANKS HAVE LIMITED TOOL KITS

WSJ - Michael S. Derby (2019-11-12)

Eric Rosengren warned on Monday many top central banks have a limited tool kit to deal with the next downturn, and added efforts to roll back regulations on banks may be exacerbating risks to the financial sector.


BANK SHARE BUYBACKS ARE A LIMITED-TIME OFFER

WSJ - Rochelle Toplensky (2019-11-12)

Share buybacks worth a total of $4 billion offer a rare reason to get excited about Europe’s beleaguered banking sector right now. Investors should enjoy the boost while it lasts.


INDUSTRY PLAYERS WELCOME FEDNOW FASTER PAYMENTS PLAN

Finextra - Finextra (2019-11-11)

The American Bankers Association and credit union groups are among those offering their support for the Federal Reserve Board's plans to build a new round-the-clock real-time payment and settlement service.


WORLD SHARES FALL AS HONG KONG VIOLENCE UNNERVES INVESTORS

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

“At some stage I think it will be likely that there will be a more fully-fledged crackdown,” said Stéphane Barbier de la Serre, a strategist at Makor Capital Markets.


BRAND-NAME DRUG DISCOUNT CARDS FORCE CANADA’S PRIVATE-INSURANCE PLANS TO SPEND NEARLY 50 PER CENT MORE, STUDY SHOWS

G&M - Kelly Grant (2019-11-11)

A University of British Columbia study that examined more than 2.8 million prescriptions for 89 medications is the first to reveal the financial impact of the discount cards that pharmaceutical companies began promoting at the start of this decade, when patents expired for a slew of brand-name drugs.


NUMBERS SHOW THE U.S. IS CLOSER TO A RECESSION THAN YOU THINK

G&M - David Rosenberg (2019-11-11)

I keep hearing from the stock promoters how great the U.S. economy is doing now. Somehow they don’t see that the Atlanta and New York Federal District Bank economic models are down to around 1 per cent for real fourth quarter GDP growth. Despite suggestions in some circles that we are finding a bottom in this global growth downturn, I have news for you. It isn’t happening.


LESSONS FROM THE GREAT CRASH OF 1929 FOR INVESTING IN AN EVER-RISING MARKET: DON PITTIS

CBC - Don Pittis (2019-11-11)

"There was no reason for expecting disaster," wrote Canadian economist John Kenneth Galbraith in his 1954 history of the time, The Great Crash 1929. "A depression, serious or otherwise, could not be foreseen when the market fell."


A $100 BILLION FUND MANAGER IS DEBUNKING STOCK-BUBBLE THEORIES

Bloomberg - Frances Schwartzkopff (2019-11-11)

According to Kasper Lorenzen, the chief investment officer of pension fund PFA in Denmark, we’re essentially living through the negative supply shock that came with the oil crises of the 1970s, but in reverse. Thanks to cheaper imports and better technology, the supply shock is now positive and it’s going to continue shaping monetary policy far into the future, the theory goes.

“This is just a massive, positive supply shock, similar, though with a reverse sign, to the negative supply shock we saw in the 1970s,” he said in an interview. Back then, “we underestimated how bad returns were and how long it took to get rid of the oil crisis,” he said. “Investors didn’t really make any returns for 12 years over the 70s.” Now, Lorenzen says he thinks “we generally underestimated the effect of this positive supply shock.”


PARTNERRE’S Q3 2019 RESULTS SHOW "IMPROVED YEAR-ON-YEAR PROFITABILITY"

Insurance Business - Lyle Adriano (2019-11-11)

For the third quarter of 2019, the company reported net income available to common shareholders of US$216 million. The net income includes net realized and unrealized investments gains of US$41 million on fixed maturities and short-term investments, mainly due to decreases in worldwide risk-free rates, as well as US$39 million net foreign exchange plans.


LLOYD'S OF LONDON REVEALS MAJOR SHAKE-UP

Insurance Business - Paul Lucas (2019-11-11)

“We need to make our governance structures as efficient as possible,” Lloyd’s chairman Bruce Carnegie-Brown said in a statement, as reported by Reuters. He went to state that the new structure “will combine robust and accountable governance with the ability to make swift decisions when necessary.”


ZOMBIE DEBT WILL HAUNT MORE CANADIANS AS SCOURGE OF INDEBTEDNESS RISES: EXPERTS

CBC - Ross Marowits (2019-11-11)

Canadians have taken advantage of cheap money, with total debt per consumer surging to $71,979 in the second quarter, up from about $57,000 five years earlier, according to credit monitoring service Equifax.


IRAN SAYS IT HAS DISCOVERED A MASSIVE NEW OIL FIELD WITH 50B BARRELS

CBC - CBC (2019-11-11)

Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude oil, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions.


RBC EXPLORING CRYPTOCURRENCY TRADING PLATFORM FOR INVESTMENTS, IN-STORE AND ONLINE PURCHASES

FP - Zane Schwartz (2019-11-11)

The trading platform would facilitate the buying and selling of individual digital coins, including Bitcoin and Ether, as well as the transfer of funds combining different types of cryptocurrencies. The bank is also looking into letting customers open bank accounts containing cryptocurrency.


APPLE CARD USERS INCLUDING STEVE WOZNIAK SAY IT'S SEXIST. NOW IT’S UNDER INVESTIGATION

FP - Neil Vigdor (2019-11-11)

“Any algorithm that intentionally or not results in discriminatory treatment of women or any other protected class violates New York law,” an agency spokeswoman said in a statement Saturday night.


HSBC AND RBS SET TO LAUNCH NEW DIGITAL BANKING PLATFORMS

Reuters - Iain Withers, Sinead Cruise (2019-11-11)

Britain’s high street lenders are investing billions of pounds in new or refreshed digital services to meet growing customer demand. But they are playing catch-up when it comes to matching the technology of fast-growing startups like Monzo, Starling and Tandem.


ALIBABA'S SINGLES' DAY SALES HIT RECORD $38 BILLION; GROWTH SLOWS

Reuters - Josh Horwitz (2019-11-11)

Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.


BANKS MUST ADOPT DECARBONISATION STRATEGY AHEAD OF IMMINENT CLIMATE CRISIS

Finextra - Finextra (2019-11-11)

Surveying 58 global banks and focusing on the governance aspects outlined by the Taskforce on Climate-related Financial Disclosures (TCFD), Boston Common states that we are now 12 months before Glasgow hosts COP26 in November 2020, where countries will be encouraged to up the ante on the reduction pledges previously made in Paris in 2015.


INVESTORS SUE ONTARIO REGULATOR OVER SUPERVISION OF RISKY SYNDICATED MORTGAGES

G&M - Greg Mcarthur (2019-11-10)

A group of investors has launched a class-action lawsuit against the Ontario government alleging that the provincial regulator responsible for licensing mortgage brokers was negligent in allowing the sale of risky syndicated mortgage investment products marketed by the Tier 1 group of companies.


CPPIB SELLS OFF HOLDINGS IN TWO U.S. PRISONS ON REPUTATIONAL RISK

FP - Paula Sambo (2019-11-10)

“We recognize that when it comes to reputation risk, it doesn’t matter how big or small the investment is,” Deborah Orida, global head of active equities for CPPIB said by telephone Thursday. “For a long time, we’ve tried to incorporate reputational risk assessments into our due diligence process for investments and after that controversy, we did take advantages of new tools and ways to broaden our processes.”


CIBC TO SELL MAJORITY STAKE IN CIBC FIRSTCARIBBEAN FOR $797 MILLION

FP - Geoff Zachodine (2019-11-10)

CIBC announced an agreement to sell 66.73 per cent of CIBC FirstCaribbean to GNB Financial Group Ltd. for US$797 million, valuing the company at approximately US$1.195 million, according to a press release.


GOLDMAN FACES PROBE AFTER ENTREPRENEUR SLAMS APPLE CARD ALGORITHM IN TWEETS

Reuters - Reuters (2019-11-10)

In a series of Twitter posts starting on Thursday, David Heinemeier Hansson railed against the Apple Card for giving him 20 times the credit limit that his wife got, Bloomberg reported on Saturday.


ITALIAN COURT CONVICTS DEUTSCHE BANK, NOMURA IN MONTE PASCHI DERIVATIVE TRIAL

Reuters - Emilio Parodi (2019-11-10)

An Italian court has convicted 13 former bankers from Deutsche Bank, Nomura and Monte dei Paschi di Siena over derivative deals that prosecutors say helped the Tuscan bank hide losses in one of the country’s biggest financial scandals.


SUPERVISING THE SUPERVISORS: SYSTEMIC FAILURES IN BANKING OVERSIGHT

Transparency - Max Heywood (2019-11-10)

Case after case shows that banks are a critical link in the flow of illicit money around the world — helping launder dirty money so it can be converted into an extravagant 5th Avenue apartment or a private jet and luxury yacht . All too often, supervisory action only follows the uncovering of a large-scale corruption case by a whistleblower or journalist. It is time for supervisors to get the powers and resources they need to do their jobs, and to be held publicly accountable if they fail to do so.


CONSUMER INSOLVENCIES ARE ACCELERATING, WITH NEAR 20% BUMP IN SEPTEMBER

G&M - Matt Lundy (2019-11-09)

In total, there were close to 12,000 consumer insolvencies filed across the country in September, compared with about 10,000 a year earlier, the Office of the Superintendent of Bankruptcy said. Insolvencies are comprised of both bankruptcies and proposals – the latter being an offer to pay back a percentage of money owed, extend the payment timeline, or both.


APARTMENT REIT CONTINUUM CANCELS IPO, SELLS TO STARLIGHT FOR $1.7-BILLION

G&M - Tim Kiladze (2019-11-09)

The latest Canadian rental apartment owner to try going public has scrapped its deal despite heavy investor demand, deciding instead to sell to a private buyer at a premium price.


ANNUAL PACE OF HOUSING STARTS SLOWED TO 201,973 IN OCTOBER, CMHC REPORTS

CBC - CP (2019-11-09)

The national housing agency says the seasonally adjusted annual rate of housing starts last month slowed to 201,973 units in October compared with 221,135 in September.


FRUSTRATED TD BANK CUSTOMER STUNNED AFTER SERVICE REP BITES BACK ONLINE

CBC - Shannon Martin (2019-11-09)

Customers, with Uber or Airbnb for example, may sometimes agree to be rated. But banks, McNeish says, simply know too much about our private lives.


JURY TELLS WELLS FARGO TO PAY USAA $200M OVER CHEQUE IMAGING PATENT INFRINGEMENT

Finextra - Finextra (2019-11-08)

Regarding other cases, USAA says it "continues to seek opportunities to create reasonable and mutually beneficial licensing agreements with banks and credit unions"


CANADIAN BANKS INVEST IN SPARE CHANGE APP MYLO

Finextra - Finextra (2019-11-08)

In January, the firm launched Mylo Advantage, a $3/month premium package that includes access to registered accounts, socially responsible investing options, next-day withdrawals and monthly cashback Perks from millennial-friendly brands like Netflix and Foodora.


QUEBEC PRESENTS $4-BILLION SURPLUS FOR 2019-20 AMID BOOMING ECONOMY

G&M - Les Perreaux (2019-11-08)

Premier François Legault’s government presented an economic update Thursday featuring a $4-billion surplus for 2019-20 on top of a revised surplus of $8.3-billion for 2018-19. Finance Minister Éric Girard announced that he will boost spending by $857-million and put $6.2-billion from the surpluses into a debt-repayment fund.


CI FINANCIAL BUYS CANADIAN DIVISION OF ETF PROVIDER WISDOMTREE

G&M - Clare O'Hara (2019-11-08)

CI said Thursday it will add WisdomTree’s 14 Canadian ETFs, which have $958-million in assets, to its current ETF division, which manages about $8.9-billion. The acquired ETFs trade on the Toronto Stock Exchange.


CMHC REPORTS HOUSING MARKET STABILIZING, MODERATE VULNERABILITY

CBC - CBC (2019-11-08)

It says the narrowing risk comes as home prices ease somewhat, with the average price down 0.6 per cent in the second quarter of this year compared with last, while the young-adult population continued to grow at 1.9 per cent to increase the pool of potential first-time homebuyers.


INSURERS MANULIFE, SUN LIFE PROFITS BEAT ESTIMATES ON GAINS IN ASIA

FP - Doug Alexander (2019-11-08)

Sun Life saw underlying profit in Asia surge 25 per cent to $138 million (US$105 million), boosted by higher sales in insurance and wealth, while Manulife’s record $520 million of core earnings for the region was up 13 per cent from a year earlier.


CITI, DEUTSCHE GET GO-AHEAD TO PROBE REGULATOR WITNESSES IN LANDMARK CARTEL CASE

Reuters - Byron Kaye (2019-11-08)

The two banks plus JP Morgan Chase & Co (JPM.N) worked on a A$3 billion ($2 billion) stock issue for Australia and New Zealand Banking Group Ltd (ANZ) (ANZ.AX) in 2015. Citi, Deutsche, ANZ and eight of their staff were charged last year with withholding crucial information from shareholders about the sale.


NEW MORTGAGE LENDING IN CANADA SEES DOLLAR GROWTH BOOM

Better Dwelling - Daniel Wong (2019-11-08)

Canadian mortgage lenders lent a lot for new mortgages. Lenders advanced $42.98 billion in funds in August, up 23.52% from last year. Insured mortgages represent $11.09 billion of the total, and is up 12% compared to last year. Uninsured mortgages represent the other $31.89 billion, which is up 28% compared to last year. Both segments made big increases, but uninsured mortgages are growing twice as fast.


SOLID GROWTH IN ASIAN MARKETS CONTINUES TO DRIVE SALES AT MANULIFE, SUN LIFE

G&M - Clare O'Hara (2019-11-07)

Solid growth in Asian markets continues to drive sales at two of Canada’s largest insurers.


WHO’S BUYING $5-MILLION-PLUS HOMES IN TORONTO? MORE THAN 100 PEOPLE SO FAR THIS YEAR

G&M - Michael Babad (2019-11-07)

Sales of “uber-luxury” homes are picking up in the Greater Toronto Area.


CANADIAN MINING FIRM'S CONVOY ATTACKED IN BURKINA FASO, 37 DEAD

CBC - Reuters (2019-11-07)

Thirty-seven civilians were killed and more than 60 wounded when gunmen ambushed a convoy transporting workers of Canadian-based gold miner Semafo in eastern Burkina Faso, regional authorities said Wednesday.


THE MARKET BATTLE FOR CLIMATE SUPREMACY HEATS UP: DON PITTIS

CBC - Don Pittis (2019-11-07)

Clearly Canadian bank RBC thinks oil still has a big financial future. The bank is one of the underwriters for the launch of Saudi Arabia's giant government oil corporation Saudi Aramco, which is finally going ahead with its sale of shares onto world stock markets.


CRA RELEASES YMPE FOR 2020

Insurance Journal - IIJ (2019-11-07)

The Canada Revenue Agency (CRA) has announced that the maximum pensionable earnings for 2020 under the Canada Pension Plan (CPP) will be increased from $57,400 to $58,700.


ECONOMIC GROWTH IN CANADA OUTPACES THE U.S.

Insurance Journal - IIJ (2019-11-07)

Excluding gas prices, consumer prices rose 2.4 per cent on a year-over-year basis in July, August and September. The value of household real estate assets rose in the first and second quarters following declines in the second half of last year, and household net worth rose 1.2 per cent in the second quarter, following a 2.7 gain in the first, as equity markets rebounded from sharp losses suffered in late 2018.


STRONG GROWTH FOR BMO LIFE ASSURANCE

Insurance Journal - IIJ (2019-11-07)

BMO Life Assurance has maintained the Financial Strength Rating of A (Excellent) issued by ratings firm A.M. Best, coupled with a stable outlook.


FSRA SELECTS STAKEHOLDER ADVISORY COMMITTEE MEMBERS

Insurance Journal - IIJ (2019-11-07)

The Financial Services Regulatory Authority of Ontario has finalized the membership of six stakeholder advisory committees.


AMF PUBLISHES ANNUAL ENFORCEMENT REPORT

Insurance Journal - IIJ (2019-11-07)

 


MANULIFE KEEN ON ARTIFICIAL INTELLIGENCE

Insurance Journal - Aurelia Morvan (2019-11-07)

Machines that can simulate human intelligence are revolutionizing insurance. To advance in this area, Manulife has signed a partnership with Mila — the Quebec Artificial Intelligence Institute, renowned as a space for innovation in artificial intelligence and technology transfer.


ALBERTA TO STUDY 'COMPELLING CASE' OF WITHDRAWING FROM CANADA PENSION PLAN, JASON KENNEY SAYS

FP - Andy Blatchford (2019-11-07)

Alberta Premier Jason Kenney says there’s a “compelling case” to be made for his province to exit the half-century-old Canada Pension Plan — an idea sure to face increasing scrutiny over the coming months.


CANADIAN TIRE PLANS TO CUT $200-MILLION IN COSTS BY 2022 AMID E-COMMERCE PUSH

G&M - Susan Robertson (2019-11-07)

The company announced the plan, as it reported total net income of $227.7-million, or $3.20 per share, compared with $231.3-million, or $3.15 per share in the same period last year. Revenue from its retail segment fell by 0.4 per cent, while overall revenue was slightly up, to $3.64-billion in the three months ending Sept. 28. The cost-cutting measures were announced as the company also said it would raise its quarterly dividend for the eleventh time in a decade.


IS LOWE’S REPEATING TARGET’S MISTAKES IN CANADA?

G&M - Konrad Yakabuski (2019-11-06)

Almost four years after U.S. home-improvement giant Lowe’s Cos. Inc. swallowed Quebec-based Rona Inc., the dust has yet to settle on the $3.2-billion deal that rocked the province’s hardware retailing sector and led to calls for new measures to block foreign takeovers.


‘NOT A SMALL AMOUNT FOR A SMALL BUSINESS:’ ONTARIO TO CUT SMALL BUSINESS TAX RATE TO 3.2%

FP - Geoff Zachodine (2019-11-06)

The tax cut and other measures were part of a mini-budget that showed the Ontario government’s projected deficit for the current 2019-20 fiscal year is now $9 billion, down from the $10.3 billion estimated in the actual budget earlier this year.


CANADIAN HOUSEHOLDS SEE INTEREST RATES DROP, BUT THE TREND IS STILL HIGHER

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

Canadians are paying lower interest rates for borrowing than last year. Bank of Canada (BoC) data shows the effective interest rate has fallen as of the first week of November. The rate is lower than last year, but the longer-term movement is still towards higher rates.


CANADA TRADE DEFICIT NARROWS TO $978-MILLION IN SEPTEMBER, BUT IMPORTS FALL FASTER THAN EXPORTS

G&M - DAVID PARKINSON (2019-11-06)

Canada’s trade deficit narrowed slightly in September, but falling exports and imports bear the marks of a damaged global trade and investment environment.


CANADIAN ROBO-ADVISER PLANSWELL SHUTS DOWN AFTER INVESTORS PULL PLANNED FINANCING

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

Canadian robo-adviser Planswell is closing down after losing a $20-million round of funding from a group of investors that included Sun Life Financial Inc.


CANADIAN HOUSING MARKETS: WHAT’S FLASHING GREEN, YELLOW AND RED (THE COLOUR YOU CARE ABOUT)

G&M - Michael Babad (2019-11-06)

“Generally stronger market activity reduced already low odds of a steep and widespread housing downturn over the next 12 months in Canada. There’s a greater likelihood that the market will heat up.”


SCOTIABANK SCRAPS SALE OF ANTIGUA AND GUYANA BANKS FOR NOW AMID REGULATORY AND POLITICAL PUSHBACK

FP - Geoff Zochodne (2019-11-06)

Scotiabank announced Friday that it had completed the sale of banking operations in seven “non-core” Caribbean markets — including Anguilla, Dominica and Grenada — to Trinidad and Tobago-based Republic Financial Holdings Ltd. However, when the deal was first announced in November, 2018, it involved operations in nine countries.


ROYAL BANK OF CANADA CUTTING TRADING, INVESTMENT-BANKING JOBS IN LONDON

FP - Doug Alexander (2019-11-06)

The reductions are across RBC Capital Markets and affect areas including investment banking, equity sales and trading, and research, according to the people, who asked not to be identified because the moves haven’t been publicly announced. The cuts represent about 2 per cent of the division’s workforce in the British capital.


TORONTO REAL ESTATE PRICES MADE THE 2ND LARGEST MONTHLY OCTOBER JUMP IN OVER 10 YEARS

Better Dwelling - Kaitlin Last (2019-11-06)

The price of a typical Greater Toronto home made a sharp increase, according to the benchmark. TREB reported a benchmark price of $810,900 in October, up 5.8% from last year. The City of Toronto benchmark reached $897,200, up 6.1% from the same month last year. Both the monthly and 12-month increases were stronger than typical last month.


FORMER GOLDMAN SACHS EXECUTIVE TO STAND TRIAL IN MALAYSIA NEXT YEAR

Reuters - Reuters (2019-11-06)

Malaysia had requested that a trial start in April, as the 10-month period of U.S. custody agreed to by the countries would lapse in March, Deputy Public Prosecutor Zaki Asyraf Zubir told Reuters.


IBM, BANK OF AMERICA TEAM UP TO LAUNCH FINANCIAL SERVICES-SPECIFIC CLOUD

Reuters - Imani Moise (2019-11-06)

“By setting a standard that addresses the concern of hosting highly confidential information, we aim to drive the public cloud to a safety level that is unmatched,” said Cathy Bessant, chief operations and technology officer of Bank of America.


GFL ENVIRONMENTAL CANCELS IPO AFTER FALLING SHORT OF TARGET

Bloomberg - Scott Deveau and Crystal Tse (2019-11-06)


HONG KONG EXCHANGE PROFIT DROPS MOST IN ALMOST THREE YEARS

Bloomberg - Kiuyan Wong (2019-11-06)


THE FED’S VIEW ON INFLATION IS QUIETLY SHIFTING. HERE’S WHY.

NY Times - Jeanna Smialek (2019-11-06)

For decades, the central bank has raised rates to guard against coming price increases. Now, it seems to be raising that hurdle.


TRUMP ADMINISTRATION SCALING BACK RULES MEANT TO STOP CORPORATE INVERSIONS

NY Times - Jim Tankersley (2019-11-06)

The Treasury Department says the Obama-era regulations are unnecessary after the 2017 tax overhaul.


INVESTORS’ MULTITRILLION DOLLAR CASH HOARD COULD PUSH STOCKS HIGHER

WSJ - Ira Iosebashvili (2019-11-06)

Nervous investors have socked $3.4 trillion away in cash. But stocks are rising and their nerves are calming, leading bulls to view the huge cash pile as a sign that markets have room to go higher.


IS THE INDUSTRY ON TARGET FOR ISO20022 IMPLEMENTATION?

Finextra - Finextra Video (2019-11-06)

Paula Roels, Head of Market Infrastructure and Industry Initiatives, Cash Management, Deutsche Bank speaks at Sibos about the migration of ISO20022, whether the industry is on track for implementing it for 2021, different approaches we are seeing from banks and how they can make the most of this time from a business perspective.


BREXIT – THE IMPACT ON CROSS-BORDER PAYMENTS AND BANKING

Finextra - Finextra (2019-11-06)

With ongoing Brexit discussions and continuous uncertainty, Christoph Tutsch, CEO at ONPEX, discusses at Sibos what impact these events could have on cross-border payments and banking for businesses on both sides of the Channel. During the interview, Christoph shares his perspective on SEPA and SWIFT payments between the UK and EU in the wake of Brexit and what solutions are in place to support businesses in making cross-border payments simple after Brexit.


DEUTSCHE BANK COLLAPSE REBUTTAL SETS OFF TWITTER STORM

Finextra - Finextra (2019-11-06)

Likening Deutsche bank's travails to that of Lehman Brothers before its collapse, the Zero Hedge take presented the giant German bank as a zombie institution on the brink of a catastrophic ruination that would bring down the entire financial system.


BANK OF CANADA ACKNOWLEDGES ITS LACKS OPTIONS TO LEAD ECONOMY OUT OF POTENTIAL RECESSION

G&M - DAVID PARKINSON (2019-11-06)

The last time Canada slipped into a recession, we leaned heavily on the Bank of Canada to lift us out of it. The next time, we shouldn’t count on the central bank to carry the load. Current circumstances and the lessons of history suggest that government spending will have to lead the way.


News feed


Displayed data is for demo purposes. To login or subscribe for full access, click here.

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.


AIMIA AGREES TO SHAKEUP TO END FIGHT WITH INVESTORS

G&M - Tim Kiladze (2019-11-19)

Aimia Inc.’s blue-chip board is putting a bitter feud with two groups of American investors to rest by agreeing to a settlement that will see six directors step down and counter lawsuits from both groups dismissed.


'A REALLY BIG DISAPPOINTMENT’: ETFS FOCUSED ON WOMEN IN LEADERSHIP FAIL TO GAIN TRACTION AMONG INVESTORS

G&M - Stefanie Marotta (2019-11-19)

Investment products that focus on companies with women in leadership have been slow to garner interest, even amid a growing body of research showing companies with more female leaders tend to be stronger performers.


TRUMP CRITICIZES FEDERAL RESERVE CHAIR JEROME POWELL, SAYING FED’S INTEREST RATE TOO HIGH

G&M - Howard Schneider (2019-11-19)

U.S. President Donald Trump and Federal Reserve Chair Jerome Powell met at the White House on Monday in their second meeting since Powell started the job in February 2017, and soon became the target of criticism from the president who appointed him.


FSIM briefings and developments reports



Displayed data is for demo purposes. To login or subscribe for full access, click here.

Select Category Enter a Search Term Select Date  

THE CANADIAN REAL ESTATE INDUSTRY JUST DOWNPLAYED THE BIGGEST OCTOBER IN 10 YEARS

The growth rate is very high, and this is also a new record. The 12-month growth is the highest for October since 2011. The number of sales reported for the month is also the highest since 2007. Some of this is delayed demand from last year’s weak numbers, but it’s still a very large month.


CAN CANADA WEATHER A GLOBAL FINANCIAL STORM?

“It also means that an economic downturn could be deeper than usual and fraught with financial stresses,” she said.


AIG NAMES MULTINATIONAL HEAD FOR GENERAL INSURANCE

American International Group (AIG) has announced the appointment of Allison Barrett as global head of multinational, General Insurance. Barrett will join the company Dec. 09 and will report to Michael Price, head of global service businesses and global chief operating officer for General Insurance.



Analytics


Displayed data is for demo purposes. To login or subscribe for full access, click here.

All amounts in millions of dollars
Choose criteria Choose chart type Choose Fi or Fis Choose time frame