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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

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.


BANK OF CANADA APPOINTS TONI GRAVELLE AS ONE OF ITS DEPUTY GOVERNORS

G&M - DAVID PARKINSON (2019-09-20)

The Bank of Canada has appointed long-time insider Toni Gravelle as one of its deputy governors, filling the vacancy created over the summer by the retirement of Lynn Patterson.


LOAN DEFAULTS IN CANADA ARE LOW. BUT THEY’RE RISING. WHERE AND HOW THEY’RE RISING

G&M - Michael Babad (2019-09-20)

The rate of loan defaults in Canada is low. But it’s rising.


MORE FED CUTS EXPECTED TO PUSH CANADIAN INTEREST RATES LOWER: DON PITTIS

CBC - Don Pittis (2019-09-20)

A weakening global economy and continued trade fears — and emphatically, he said, not angry words from U.S. President Donald Trump — convinced U.S. Federal Reserve chair Jerome Powell to cut interest rates on Wednesday for the second time this summer.


QUEBEC PROVINCIAL POLICE QUESTION 17 PEOPLE ABOUT DESJARDINS DATA BREACH

FP - CP (2019-09-20)

The QPP said it met 91 witnesses in Quebec City, Montreal and Laval earlier this week in the Portier investigation, which concerns the data leak of 2.7 million individuals and 173,000 businesses that were Desjardins customers.


BIZARRE POLITICAL LANDSCAPE DISTRACTING INVESTORS FROM REAL PROBLEM: DISASTROUS BALANCE SHEETS

FP - Tom Bradley (2019-09-20)

Indeed, the concern I have with today’s macro mayhem is that it’s fuelling a fire that is already burning out of control. Brexit and other trade issues are contributing to our focus on the income statement, with seeming disregard for the balance sheet.


PEI ROLLS OUT PROVINCIAL DISASTER ASSISTANCE PROGRAM

Insurance Business - Lyle Adriano (2019-09-20)

The program – the first of its kind in PEI – is designed to help residents with uninsurable basic property loss from natural calamities. Aside from homeowners, small businesses, municipal governments and not-for-profit organizations are also eligible to apply for the disaster assistance.


CONSUMERS’ DATA EXPOSED FOR YEARS AFTER BREACH INCIDENTS

Insurance Business - Alicja Grzadkowska (2019-09-20)

“Some of the headline-making breaches that we've seen, like with Equifax where social security numbers are involved, victims’ identity fraud risk remains elevated, if not for several years then for life,” said Paige Schaffer (pictured), CEO of Generali Global Assistance’s identity and digital protection services global unit. “Recently it was announced that Equifax would be providing up to seven years of resolution services, and while this seems like it's a reasonable length of time, hackers will be aware of this fact. They’ll calendar it, and they don't mind hanging on until they get over that time period.”


ASIA-PACIFIC WILL MAKE UP 42% OF GLOBAL INSURANCE PREMIUMS BY 2029

Insurance Business - Alicja Grzadkowska (2019-09-20)

Global insurance premium volumes reached a new benchmark high of US$5 trillion in 2018, according to the Swiss Re Institute’s report, World Insurance: The Great Pivot East Continues, but that doesn’t mean all is well for insurance sectors in every part of the world.


AMF PUBLISHES ANNUAL OVERSIGHT REPORT

Insurance Journal - IIJ (2019-09-20)

The Autorité des marchés financiers (AMF), the regulatory and oversight body for Quebec’s financial sector, released its annual Summary of Oversight and Regulatory Activities detailing the regulator’s key initiatives undertaken in the 2018-2019 financial year.


NEW COMMERCIAL LINES SENIOR VP FOR CANADA’S LARGEST P&C INSURER

Canadian Underwriter - Greg Mechbach (2019-09-20)

Intact Financial Corp. announced Thursday that Darren Godfrey will become Intact Financial Corp.’s senior vice president, commercial lines on Jan. 1.


THE DEBATE OVER PROFITS VS. PUBLIC INTEREST CONTINUES

NY Times - NY Times (2019-09-20)

Many of the country’s biggest companies said last month that their mission wasn’t just to make profits. But not all business leaders agree — and, as Andrew points out in the latest DealBook special section, that reflects an existential divide for USA Inc.


FINTECH FIRM STRIPE CLIMBS RANKS OF U.S. STARTUP VALUATIONS

WSJ - Peter Rudegeair (2019-09-20)

Stripe’s latest funding round values the company at $35 billion, putting the financial technology firm above Airbnb and Palantir.


VANCOUVER CONDO PRICES ARE WHERE THEY WERE ALMOST TWO YEARS AGO

Better Dwelling - Kaitlin Last (2019-09-20)

The price of a condo apartment in Greater Vancouver continues to fall from last year. The benchmark price across REBGV reached $654,000 in August, down 7.4% from last year. In the City of Vancouver, Vancouver East’s benchmark reached $522,300, down 7.5% from last year. In Vancouver West, the benchmark fell to $756,000, down 8.4% from the year before. Considering prices only turned negative in 2019, this is a surprisingly large decline.


MINISTER INTERVENED IN DECISION REGARDING PERFORMANCE PAY FOR CANADA INFRASTRUCTURE BANK CEO

G&M - Bill Curry (2019-09-19)

Infrastructure Minister François-Philippe Champagne intervened in a decision by the Canada Infrastructure Bank’s independent board regarding the performance pay of the bank’s CEO, according to documents obtained by The Globe and Mail.


WHY POLITICIANS ARE TARGETING INDEBTED SUBURBAN VOTERS THIS ELECTION

G&M - DAVID PARKINSON (2019-09-19)

If you’re a suburban homeowner lying awake at night stressing about how you’ll ever get out from under your mountain of mortgage-infused debt, congratulations. You’re the most important voter in next month’s federal election.


CANADIAN HOUSING: A LOOK AT THE SELLERS’ MARKETS, THE BALANCED MARKETS AND THE ONE BUYERS’ MARKET

G&M - Michael Babad (2019-09-19)

Montreal and Saskatoon come in for special mention in the latest batch of housing statistics.


TRULIOO INFORMATION SERVICES RAISES $70-MILLION FROM GLOBAL BANKING GIANTS

G&M - Sean Silcoff (2019-09-19)

A Vancouver company that helps corporations verify the identities of customers over the internet has raised $70-million from some of the world’s largest financial institutions.


HOME OF VALERIA GONTAREVA, UKRAINE’S FORMER CENTRAL BANK HEAD, SET ON FIRE

G&M - Minsk Belarus (2019-09-19)

The home of Ukraine’s former central bank chief has been burned to the ground, the third chilling incident involving the banker over the past few weeks.


FED CUTS RATES BY QUARTER OF A PERCENTAGE POINT, GIVES MIXED SIGNALS ON NEXT MOVE

G&M - HOWARD SCHNEIDER AND ANN SAPHIR (2019-09-19)

The U.S. Federal Reserve cut interest rates again Wednesday to help sustain a record-long economic expansion, but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.


CAISSE DE DéPôT INVESTS $53-MILLION IN MONTREAL-BASED ONLINE JOBS LISTING STARTUP NEUVOO

G&M - Sean Silcoff (2019-09-19)

Caisse de dépôt et placement du Québec has invested $53-million in a Montreal-based startup, Neuvoo Inc., that is quietly becoming a big presence in the global online jobs listing market.


MORE FED CUTS EXPECTED TO PUSH CANADIAN INTEREST RATES LOWER: DON PITTIS

CBC - Don Pittis (2019-09-19)

Despite the fact that the quarter point cut was widely expected, the move had an immediate effect on the Canadian dollar which fell promptly after Powell's announcement. 


U.S. CENTRAL BANK CUTS INTEREST RATE AGAIN — BUT SPLIT ON WHAT TO DO NEXT

CBC - AP (2019-09-19)

The Fed's move will reduce its benchmark rate — which influences many consumer and business loans — by an additional quarter point to a range of 1.75 per cent to 2 per cent.


INFLATION RATE NUDGES DOWN TO 1.9% AS GASOLINE AND VEGETABLES GOT CHEAPER

CBC - CBC (2019-09-19)

Canada's inflation rate cooled to a 1.9 per cent annual rate in August, Statistics Canada says, as the price of gasoline, fresh vegetables and fruit all got cheaper during the month.


CANADIANS' AVERAGE NET WORTH SHRINKS FOR FIRST TIME IN ALMOST A DECADE AMID BANK OF CANADA RATE HIKES

FP - Colin McClelland (2019-09-19)

The average Canadian net worth dropped by $7,594 or 1.1 per cent to $678,792 last year as increases in the housing market were more than offset by the late 2018 stock market correction, higher debt levels and a downward tick in pension plan values, Toronto-based Environics reported.


NEW YORK EXTENDS LEAD OVER BREXIT-HIT LONDON IN FINANCE CENTER POLL

Reuters - Huw Jones (2019-09-19)

New York has extended its lead as the world’s top financial center, with London barely holding on to second place ahead of Hong Kong as uncertainty over Brexit takes its toll on the UK capital, a Z/Yen Group survey for 2019 showed on Thursday.


CHINA'S GROWTH COULD SLIP BELOW 6%, ANALYSTS WARN, AS TRADE WAR TAKES TOLL

Reuters - Kevin Yao, Stella Qiu (2019-09-19)

China’s economic growth risks slipping below the lower-end of Beijing 2019 target of 6% in the third quarter or over the next year, analysts warn, but government economists are slightly more optimistic as they expect stimulus to help stave off a sharper slowdown.


EXCLUSIVE: DEUTSCHE BANK HAS DISCUSSED ADDING ASSETS TO BAD BANK IF SALES GO WELL - SOURCES

Reuters - Matt Scuffham (2019-09-19)

Some senior Deutsche Bank AG (DBKGn.DE) officials have discussed the possibility of putting additional problematic assets worth billions of euros into a unit it created earlier this year, if the bank is able to sell assets already held within that “bad bank,” according to three bank sources.


ECB WEIGHS INVESTIGATING DEUTSCHE BANK OVER ALLEGED UNAUTHORIZED BOND PURCHASES: SOURCES

Reuters - Reuters (2019-09-19)

The European Central Bank is examining whether to open a formal investigation into Deutsche Bank (DBKGn.DE) for allegedly buying some of its own securities without authorization, two people familiar with the matter said on Wednesday.


CANADIAN MORTGAGES ARE NOW SO LARGE, THE BENEFIT OF LOW RATES IS MINIMAL

Better Dwelling - Daniel Wong (2019-09-19)

Canadian households are sending a lot more cash to lenders, but it’s not paying their debt down. Statistics Canada (StatCan) data shows household mortgage payments jumped in Q2 2019. Rising payments are seeing fewer dollars pay off debt, and more towards carrying it.


FED TAKES ACTION TO CONTROL SHORT-TERM INTEREST RATES

CBC - AP (2019-09-18)

Economists do not see the action as a signal about where the Fed plans to move its key policy rate, known as the federal funds rate, but rather as a technical exercise to keep the rate in the range set by the central bank.


HOW CANADA’S SUBURBAN DREAM BECAME A DEBT-FILLED NIGHTMARE

G&M - RACHELLE YOUNGLAI AND CHEN WANG (2019-09-18)

Navin Seepaul is a 29-year-old single dad who makes $30,000 a year as a barber. He owns a $1-million house in Brampton, a sprawling suburb northwest of Toronto. Each month, the payments on his roughly $700,000 mortgage are $4,300. On top of that, he has $24,000 in credit card debt.


HOW TO BUILD A CREDIT SCORE THAT GETS YOU A GREAT MORTGAGE RATE

G&M - Rob Carrick (2019-09-18)

Too many people are skipping a simple first step in buying a home – checking their credit score.


WITH DEPOSIT RATES FALLING FAST, THIS MAY BE THE LAST 3% GIC AROUND

G&M - Rob Carrick (2019-09-18)

Three-per-cent returns for conservative investors have been all but wiped out by the plunge in interest rates over the past 12 months.


THE FED WILL UNDOUBTEDLY CUT INTEREST RATES WEDNESDAY. FOR INCREASINGLY BAFFLED INVESTORS, THE BIG QUESTION IS WHY

G&M - Ian McGugan (2019-09-18)

Pity Jerome Powell. The chair of the United States Federal Reserve has just been called a bonehead by his boss. Now he faces the unenviable task of explaining the Fed’s latest interest-rate decision to increasingly baffled investors, while dealing with the aftermath of an unexpected squeeze in short-term funding markets.


THE BUSINESS ROUNDTABLE HAS REPUDIATED SHAREHOLDER PRIMACY; WHERE DO CANADA’S CEOS STAND?

G&M - Sarah Kaplan (2019-09-18)

Recently, the Business Roundtable – a lobbying group made up of the chief executives of more than 200 large U.S. corporations – announced that it was repudiating shareholder primacy in favour of the commitment to “deliver value” to all stakeholders. This is a notable about-face for an organization that since 1997 held the point of view (championed by Milton Friedman and a slew of economists and finance experts since then) that the “paramount duty of management and of boards of directors is to the corporation’s stockholders.”


DON'T LET RECORD HIGHS FOOL YOU: THE TSX’S RETURNS ARE STILL ‘PATHETIC,’ MONEY MANAGERS SAY

FP - Victor Ferreira (2019-09-18)

The S&P/TSX Composite Index has been touching record highs in recent days, but its performance isn’t fooling money managers who suggest that when its returns are properly placed in context, they’re still “pathetic.”


ONE OF CANADA'S LARGEST PENSION FUNDS FORGOT TO DISCLOSE $2.46 BILLION IN CANADIAN HOLDINGS TO THE SEC — AND IT'S NOT THE FIRST TIME

FP - Victor Ferreira (2019-09-18)

British Columbia Investment Management Corporation made the omission in February, when it submitted its disclosures for the three months ending on Dec. 31, 2018. The pension fund, which has $145.6 billion in assets under management, failed to disclose holdings in 98 companies, primarily across Canada’s energy, banking and mining sectors. The Canadian holdings accounted for more than 20 per cent of its total disclosed investments.


BIG BANKS SCORE WIN AS U.S. REGULATOR PROPOSES EASING POST-CRISIS DERIVATIVES RULES

Reuters - Pete Schroeder (2019-09-18)

A U.S. banking regulator on Tuesday proposed easing a rule requiring banks to set aside cash to safeguard derivatives trades between affiliates, marking one of the biggest wins for Wall Street lenders under the business-friendly Trump administration.


FROM UNDERPANTS TO OAT DRINK MAKERS, CITIGROUP COURTS STARTUPS FOR GROWTH

Reuters - Imani Moise (2019-09-18)

The idea, bankers said, was to hatch partnerships between old companies that are replete with cash and searching for growth, and fledgling companies that are gobbling up market share and need working capital.


CANNTRUST’S POT LICENSE SUSPENDED FOLLOWING REGULATORY BREACHES

Bloomberg - Kristine Owram (2019-09-18)


CANADIAN HOUSEHOLDS SEE BORROWING RATES FALL TO 14 MONTH LOW

Better Dwelling - Daniel Wong (2019-09-18)

The effective interest rate is a weighted-average index of interest paid by households. The rate is a combination of posted and discount rates obtained from lenders. Both consumer and mortgage loans are weighted in the average. While not the actual rate provided by a lender, it helps us understand the interest actually paid. Effective rates give a better idea of where rate are heading, as opposed to the posted 5-year fixed no one pays.


A HONG KONG-LONDON STOCK EXCHANGE BID TIES 2 CITIES IN TURMOIL

NY Times - Michael J. De La Merced (2019-09-18)


SAUDI ARABIA SAYS OIL FACILITIES WERE HIT WITH IRANIAN WEAPONS

G&M - RICHARD PÉREZ-PEÑA AND DAVID D. KIRKPATRICK (2019-09-17)

Saudi Arabia said Monday that Iranian weapons had been used in the aerial strikes over the weekend that interrupted much of the kingdom’s oil production. It also said the attacks had not been launched from Yemen, home of the Houthi rebel faction that has claimed responsibility.


OIL JUMPS MOST IN ALMOST 30 YEARS AMID RECORD TRADING VOLUME AFTER SAUDI FACILITIES ATTACKED

G&M - Laila Kearney (2019-09-17)

Oil ended nearly 15 per cent higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and intensified concerns of retaliation in the Middle East.


OSFI CONDUCTS RISK ASSESSMENTS ON BANKS TO CRACK DOWN ON MISCONDUCT

G&M - Rita Trichur (2019-09-17)

Canada’s banking regulator is changing how it assesses risks in the country’s financial institutions.


3 JPMORGAN TRADERS CHARGED WITH MANIPULATING METALS PRICES

G&M - AP (2019-09-17)

Those charged include Michael Nowak, 45, of Montclair, New Jersey, who ran the global precious metals desk, Gregg Smith, a 55-year-old JPMorgan trader living in Scarsdale, N.Y., and Christopher Jordan, 47, of Mountainside, New Jersey, who left JPMorgan in 2009.


MONTREAL MAN HAS $800 IN ROLLED CHANGE, BUT HIS BANK WON'T DEPOSIT THE MONEY

CBC - Lauren McCallum, Verity Stevenson (2019-09-17)

He was carrying about $800 worth of coins, sorted and rolled, that he had collected over the past year. But she said Laurentian Bank wouldn't deposit them.


REVEALED: MASSIVE INSURED LOSS FIGURE FOR HURRICANE DORIAN IN THE US

Insurance Business - Ryan Smith (2019-09-17)

Insured losses from Hurricane Dorian to the US will be between US$500 million and US$1.5 billion, according to estimates by risk-modelling and analytics firm RMS. The projection represents insured losses associated with wind and storm-surge damage and includes losses to the National Flood Insurance Program (NFIP).


AXIS INSURANCE APPOINTS NEW CHIEF CLAIMS OFFICER

Insurance Business - Lyle Adriano (2019-09-17)

AXIS Insurance – an AXIS Capital Holdings division – has revealed the appointment of chief claims officer Michael Baumel.


FINANCIAL INSTITUTIONS AT RISK FROM “THE PACE OF CHANGE”

Insurance Business - Bethan Moorcraft (2019-09-17)

Financial institutions and financial service companies in Canada are among the cream of the crop when it comes to innovation and adopting cutting-edge technologies like blockchain, artificial intelligence (AI), Big Data analytics, and quantum computing. The sector’s progress is welcomed by Canadians, the majority of whom (72%) are comfortable with new technologies, like AI, if it means they’ll receive better and more personalized financial services, according to a recent TD Bank Group (TD) survey. 


INSURANCE GROUP REQUESTS MORE THAN $1,000 IN TAXI PREMIUM INCREASES

Insurance Business - Lyle Adriano (2019-09-17)

A consortium of insurance companies that underwrite higher-risk drivers in New Brunswick is requesting the provincial regulator approve auto insurance premium rate increases for taxi drivers in excess of $1,000.


CANADIAN LIFE INSURANCE INDUSTRY STABLE AND WELL CAPITALIZED: AM BEST

Insurance Journal - Kate McCaffrey (2019-09-17)

Ratings agency AM Best announced Sept. 13 that it is maintaining its stable rating outlook for Canada’s life insurance industry, thanks to the industry’s focus on maintaining strong regulatory capitalization levels and favourable earnings and underwriting in the face of low interest rates. Companies are also being praised for diversifying their earnings and business profiles internationally.


DRAGHI LEAVES IT TO LAGARDE TO PICK UP THE PIECES

Bloomberg - Ferdinando Giugliano (2019-09-17)


JPMORGAN INHERITED ‘SPOOF’ METHOD FROM BEAR STEARNS, U.S. SAYS

Bloomberg - Tom Schoenberg and David Voreacos (2019-09-17)


SINGAPORE WOOS BANKS IN BATTLE OF ASIA’S BIGGEST FOREX HUBS

Bloomberg - Ruth Carson (2019-09-17)


CANADIAN REAL ESTATE SALES RISE 5%, FALLING FROM PEAK 2019 GROWTH

Better Dwelling - Kaitlin Last (2019-09-17)

Canadian real estate sales weren’t quite back to the highs seen a few years ago, but volumes are rising. There were 43,478 unadjusted sales process through CREA, down 9.0% from the month before. This represents a 5.7% increase compared to the same month last year. The monthly decline is seasonal, but it was larger than expected.


MARSH & MCLENNAN INSISTS JLT STAFF DEFECTIONS NOT A ‘CRISIS’

FT - Oliver Ralph (2019-09-17)

A spate of staff defections at UK insurance broker Jardine Lloyd Thompson after its £4.3bn acquisition by Marsh & McLennan was not a “crisis”, the head of the US company has insisted.


LONDON STRENGTHENS GRIP ON CURRENCIES MARKET, SURVEY SHOWS

FT - Philip Stafford and Eva Szalay (2019-09-17)

London has strengthened its grip as the global centre for the vast foreign exchange and derivatives markets, pulling away from New York and shrugging off fears that Brexit would dent its dominance.


OSFI CONDUCTS RISK ASSESSMENTS ON BANKS TO CRACK DOWN ON MISCONDUCT

G&M - Rita Trichur (2019-09-16)

Canada’s banking regulator is changing how it assesses risks in the country’s financial institutions.


OSFI REPRIMANDED SCOTIABANK FOR UNSATISFACTORY RECORD-KEEPING IN PUERTO RICAN OPERATIONS

G&M - Rita Trichur (2019-09-16)

Canada’s banking regulator reprimanded Bank of Nova Scotia for inadequate record-keeping in its Puerto Rican operations, years before this country’s third-biggest bank decided to sell its 109-year-old subsidiary at a loss.


CANADA’S HOUSING MARKET (MINUS B.C.): ‘IT’S BAAAACK’

G&M - Michael Babad (2019-09-16)

Not only has Canada's housing market rebounded, it's "basically right back on track," Bank of Montreal's chief economist says.


IT’S TIME FOR CANADA TO ABANDON ONE-MAN RULE OVER MONETARY POLICY, AS MOST OTHER COUNTRIES HAVE DONE

G&M - MARTIN EICHENBAUM AND CHARLES MOSKOS (2019-09-16)

Canadian monetary policy is the legal responsibility of exactly one person, the Governor of the Bank of Canada. This single decision-maker structure is unique among the central banks of advanced economies. The last review of the bank’s governance structure was conducted by a parliamentary subcommittee in 1992 (known as the Manley Committee). It is time to assess the structure governing monetary policy decisions at the Bank of Canada once again.


BLACKSTONE TO PAY $3.3-BILLION IN CASH FOR CANADA’S DREAM GLOBAL REIT

G&M - TIM KILADZE AND RACHELLE YOUNGLAI (2019-09-16)

Private equity giant Blackstone Group Inc. is buying Dream Global Real Estate Investment Trust, a Canadian company founded by real estate magnate Michael Cooper that specializes in European properties.


NAME CALLING AND MARKET PRESSURE MAY CURB U.S. FED'S INDEPENDENCE

CBC - Don Pittis (2019-09-16)

With last week's declaration that the very smart people at the Federal Reserve are "boneheads," U.S. President Donald Trump has become perhaps the world's highest profile prognosticator of a North American crisis.


DEBT-TO-INCOME PICTURE IMPROVED SLIGHTLY IN 2ND QUARTER

CBC - CBC (2019-09-16)

Canadians took on slightly less new debt last quarter compared to what they earned, but they still owe $1.77 for every $1 they make, according to Statistics Canada's latest national balance sheet.


PNC BANK SPINS OUT FIRST STARTUP FROM INHOUSE INCUBATOR

Finextra - Finextra (2019-09-16)

Billed by the bank as a new model for corporate-backed innovation and entrepreneurship, numo identifies opportunities and builds fintech products from the ground up, leveraging in-house capabilities that span research, product design, software development, sales and marketing, with the intent of spinning out viable, standalone companies.


WHY PLAYING POLITICS WITH HOUSING MARKET IS A DANGEROUS GAME

FP - Kevin Carmichael (2019-09-16)

“Ample support exists already for first-time homebuyers,” Siddall told an audience in Vancouver in November 2016, a time when that city’s housing frenzy had made everyone crazy for more support. “As I’ve said, too much encouragement to buy homes exposes vulnerable people to excessive financial risk, pushes prices higher where acute supply inelasticity exists — like here in Vancouver — and jeopardizes our economic prospects.”


ASIAN DEVELOPMENT BANK EYES MORE PRIVATE-SECTOR WORK, WHILE KEEPING AN EYE ON TRADE TROUBLES

FP - Geoff Zachodine (2019-09-16)

Last year, the Manila-based ADB (in which Canada is a minority shareholder) adopted a new corporate plan, Strategy 2030, that contains priorities such as wiping out poverty, addressing climate change and strengthening governance among its developing members.


BIGGEST OIL PRICE SURGE SINCE 1991 AS 'LOCKED AND LOADED' U.S. POINTS FINGER AT IRAN FOR ATTACK

Reuters - Rania El Gamal, Aziz El Yaakoubi 5 MIN READ (2019-09-16)

An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate.


CITIGROUP STANDS BY CARD STRATEGY DESPITE ECONOMIC CLOUDS

Reuters - Imani Moise (2019-09-16)

Some Wall Street analysts have begun to question whether Citigroup Inc’s (C.N) big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly.


DON’T-PAY-TIL-YOU-DIE REVERSE MORTGAGES ARE BOOMING IN CANADA

Bloomberg - Chris Fournier and Paula Sambo (2019-09-16)


BMO’S AIM TO DOUBLE INDIGENOUS LENDING RELIES ON OLD-STYLE BANKING

Bloomberg - Doug Alexander (2019-09-16)


BANKS WARM TO MORTGAGE BONDS THAT BURNED THEM IN 2008

WSJ - Ben Eisen, Telis Demos (2019-09-16)

Banks are getting back into the business of building mortgage bonds, laying the groundwork for a market that stands to grow as the Trump administration tries to reduce the government’s role in housing finance.


CRYPTO FIRMS ASSESS HOW TO COMPLY WITH ANTI-MONEY-LAUNDERING STANDARDS

WSJ - Kristin Broughton (2019-09-16)

Recent guidance from the Financial Action Task Force has forced the cryptocurrency industry to try to find common ground on adopting stronger controls


SQUARE WANTS TO BE A BANK BUT DOESN’T WANT TO BE TAXED LIKE ONE

WSJ - Peter Rudegeair (2019-09-16)

Square Inc. has lent $5 billion to small businesses and consumers and applied for a banking license. It operates a nationwide mobile money-transfer business that serves 15 million Americans.


ECB MOVE HIGHLIGHTS DIFFERENCES BETWEEN EUROZONE, U.S. ECONOMIES

WSJ - David Harrison and Paul Hannon (2019-09-13)

The European Central Bank’s decision Thursday to lower its key interest rate further below zero while relaunching an asset-purchase program means monetary policy in Europe is now even more stimulative than in the U.S.


MARIO DRAGHI PRAYS TO THE MONETARY GODS

WSJ - Jon Sindreu (2019-09-13)

ECB President Mario Draghi’s emphasis on fiscal policy is an admission that further monetary stimulus can do little for the economy.


ONLY 50% OF RENTERS KNOW THERE’S AFFORDABLE INSURANCE TAILORED TO THEIR NEEDS

Insurance Business - Alicja Grzadkowska (2019-09-13)

Renters’ insurance can be a useful tool for residents to protect themselves and their belongings, but among consumers, there are many misconceptions about this solution that brokers can help address. The Renters Insurance Consumer Insights Benchmark 2019 from Assurant revealed that only 50% of the respondents even purchased renters’ insurance, and among those who did, many were unaware of what this insurance covered.


IA FALLS VICTIM TO CYBER BREACH

Insurance Journal - IIJ (2019-09-13)

It’s now iA Financial Group's turn to be hit by a cyber breach. Three representatives from the insurer's Quebec distribution network were victims of a phishing scheme. Unlike the incident at Desjardins Group, the intrusions came from outside the organization. In all, 2,864 of the insurer’s clients were affected.


GREATER VANCOUVER DETACHED REAL ESTATE SALES RISE AS PRICES FALL TO 2016 LEVELS

Better Dwelling - Kaitlin Last (2019-09-13)

Greater Vancouver detached real estate prices are still falling, especially in the City of Vancouver. REBGV data shows the typical, or benchmark, detached home cost $1,406,700 in August, down 9.8% from last year. In the City of Vancouver, Vancouver East saw the detached benchmark fall to $1,346,500, down 11.4% from last year. Vancouver West fell to $2,880,800, down 12% from last year. Not quite affordable by any measure, but these are fairly substantial discounts.


AI AND CLOUD REMOVE BARRIERS TO ENTRY FOR REAL-TIME INTRADAY LIQUIDITY

Finextra - Finextra (2019-09-13)

However, in order for liquidity risk managers to have a truly relevant enterprise-wide real-time view of their liquidity, FIs will need to consolidate siloed legacy systems into a single automated solution with predictive analytics layered on top.


ELEMENT AI CLOSES FINANCING, SECURING $200-MILLION BACKED BY THE CAISSE, QUEBEC AND MCKINSEY

G&M - Sean Silcoff (2019-09-13)

Montreal artificial intelligence startup Element AI Inc. has closed its second large financing round, announcing Friday it had raised US$151.4-million ($200-million), two years after it secured more than US$100-million from a collection of global investors.


AIMIA ATTACKED BY SECOND SHAREHOLDER GROUP, FACES THREAT OF BOARD SHAKEUP

G&M - Tim Kiladze (2019-09-13)

The fight to control Aimia Inc.’s future is escalating after a second set of shareholders questioned the Canadian loyalty program provider’s leadership and launched a campaign to shake up its board of directors.


MITTLEMAN FILES COUNTERCLAIM AGAINST AIMIA

G&M - CP (2019-09-13)

Aimia Inc.’s largest investor has filed a counterclaim against the loyalty company and six current and former members of the board.


LIBERALS TARGET MILLENNIALS WITH EXPANDED HOME BUYER SUBSIDIES

G&M - Michelle Zilio (2019-09-13)

Justin Trudeau says a Liberal government would expand its new first-time home buyer program to boost affordability in major centres, a move designed to appeal to young voters but expected to have little impact on the overall real estate market.


‘WE DON’T GO FAST AND BREAK THINGS’: CANADA’S BANKS TRY TO MANAGE RISKS AS THEY CAUTIOUSLY PUSH INTO AI

G&M - James Bradshaw (2019-09-13)

Canada’s banks are investing heavily in artificial intelligence but also ramping up efforts to build guard rails around powerful new technology as clients grow wary of potential risks to privacy and fairness.


EUROPEAN CENTRAL BANK INTRODUCES AGGRESSIVE STIMULUS PACKAGE TO REVIVE AILING ECONOMY

CBC - Reuters (2019-09-13)

As Draghi's eight-year mandate nears its close, the ECB cut rates deeper into negative territory and promised bond purchases with no end-date to push borrowing costs even lower, hoping to kick-start activity nearly a decade after the bloc's debt crisis.


TO PAY OFF OR BORROW MORE IS THE QUESTION FACING CANADIANS: DON PITTIS

CBC - Don Pittis (2019-09-13)

Two side-by-side transit ads on my morning commute this week seemed to define a Canadian predicament.


CONDO BUYERS COULD FACE MAJOR UNEXPECTED TAX HIT OVER LEASEBACK PURCHASE INCENTIVES

FP - Barbara Shecter (2019-09-13)

In a leaseback or rental guarantee arrangement, the developer would agree to lease the unit back from the condo buyer at a set rate for a pre-arranged period of time. The money would be paid to the condo purchaser monthly, like rent, though it could be more or less than the unit was actually bringing in once rented out by the developer or a third party. The owner of the condo would always receive the guaranteed amount, however, regardless of whether the condo unit was occupied. 


JAPAN POST BANK ADMITS IMPROPER SALES TO ELDERLY CLIENTS, DISCOVERS 19,500 CASES

Reuters - Takashi Umekawa, Takaya Yamaguchi (2019-09-13)

The bank said it discovered branches and post offices had neglected an internal rule requiring staff to confirm twice that customers aged 70 years or older were in good health and had a good grasp of its products before making any sales.


DEUTSCHE BANK IS FIRST TO SETTLE BOND-RIGGING LAWSUIT, AMID FEDERAL PROBE

Reuters - Jonathan Stempel (2019-09-13)

 Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac, becoming the first of 16 financial services companies to settle litigation by investors.


U.S. COURT UPHOLDS EX-HSBC EXECUTIVE'S CONVICTION FOR FOREIGN-EXCHANGE SCHEME

Reuters - Brendan Pierson (2019-09-13)

Johnson, a British citizen, was convicted of fraud in October 2017 in a federal court in the New York City borough of Brooklyn after a nearly four-week trial. He was the first banker to be tried in the United States as a result of worldwide investigations of the multitrillion-dollar per day currency market.


CHAIRMANS FINANCIAL B.V., LICENSEE OF VERSAVAULT TECHNOLOGY, ONBOARDS ITS FIRST CRYPTO EXCHANGE CUSTOMER

VersaBank - Press Release (2019-09-11)

VersaVault Inc. (“VersaVault”), a subsidiary of VersaBank, is pleased to announce that Chairmans Financial B.V. (“Chairmans”), the exclusive licensee of VersaVault’s encryption and authentication technology for the storage of digital assets, has onboarded its first cryptocurrency exchange customer (“Exchange Customer”). Chairmans is providing the Exchange Customer with a full suite of financial services, including services relating to the storage of digital assets.


CANADIAN REVERSE MORTGAGE DEBT IS UP OVER 26% FROM LAST YEAR

Better Dwelling - Better Dwelling (2019-09-11)

A reverse mortgage is an increasingly popular way for seniors to tap their home equity. Lenders will give you a lump sum or regular payments, secured by the equity in your home. They’re similar to a home equity line of credit (HELOC), but no regular payments are not required. Instead, the balance is only generally due in the event of death, sale, or default.


RCMP INTERVIEWS JODY WILSON-RAYBOULD TO DISCUSS POLITICAL INTERFERENCE IN SNC CRIMINAL PROSECUTION

G&M - Robert Fife (2019-09-11)

Former justice minister and attorney-general Jody Wilson-Raybould met with RCMP investigators this week to discuss political interference in the criminal prosecution of SNC-Lavalin Group Inc., and is calling on the Trudeau government to waive cabinet confidentiality for her and all other witnesses to allow a thorough probe into potential obstruction of justice.


TRUMP REVERSES COURSE, SEEKS NEGATIVE RATES FROM FED ‘BONEHEADS’

G&M - Howard Schneider (2019-09-11)

“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term,” Trump tweeted. “We have the great currency, power, and balance sheet... The USA should always be paying the … lowest rate. No Inflation!”


LONDON STOCK EXCHANGE – A STORY OF FAILED MEGA MERGERS

G&M - Reuters (2019-09-11)

Hong Kong Exchanges and Clearing made an unsolicited US$39-billion takeover bid for the London Stock Exchange, an offer contingent on the LSE ditching its planned acquisition of data company Refinitiv.


FORMER BANK OF CANADA DEPUTY HAS A RADICAL PLAN TO FIGHT THE NEXT RECESSION

G&M - KONRAD YAKABUSKI (2019-09-11)

Jean Boivin wants to be clear about one thing: Neither he, nor his colleagues at the BlackRock Investment Institute, are predicting a global recession any time soon. Which seems incongruous, considering that he has been telling central bankers they need to get ready now for the next big one.


CALIFORNIA BILL GIVING PROTECTIONS TO UBER DRIVERS, OTHER GIG ECONOMY WORKERS, MOVES AHEAD

CBC - CBC (2019-09-11)

The California Assembly is expected to give final consideration Wednesday to a bill that would provide new wage and benefit protections to workers at so-called gig economy companies such as Uber and Lyft where people pick up jobs on their own schedule.


IT'S OFFICIAL, CANADIANS: THE 2019 FEDERAL ELECTION CAMPAIGN IS UNDERWAY

CBC - Catherine Tunney (2019-09-11)

Canadians "have an important choice to make" about their country's future path, Liberal Leader Justin Trudeau said today as he triggered the official launch of the federal election campaign.


PEOPLE'S PARTY BANKING ON DEBATE PARTICIPATION TO GET ATTENTION: BERNIER

CBC - CP (2019-09-11)

But the most important is the participation to the national debate," Bernier said on Wednesday, the first day of the campaign ahead of the Oct. 21 vote.


ASIAN DEVELOPMENT BANK EYES MORE PRIVATE-SECTOR WORK, WHILE KEEPING AN EYE ON TRADE TROUBLES

FP - Geoff Zachodine (2019-09-11)

The Asian Development Bank says it is looking to do more work with the private sector, such as helping finance a solar power plant in Mongolia that is backed by a Canadian climate fund.


LSE POISED TO REJECT £32BN HONG KONG BID

FT - Philip Stafford, Owen Walker (2019-09-11)

The Hong Kong bourse’s audacious £32bn bid for the London Stock Exchange faces rejection amid doubts about political risk and deal structure, according to people briefed on the offer.


HONG KONG’S PLUTOCRATS SEE LSE AS A LIFELINE

FT - Jamil Anderlini (2019-09-11)

The chief executive of Hong Kong Stock Exchanges and Clearing might want to bone up on his Shakespeare before making any more analogies.


NEW CONDO PRICES STALL IN TORONTO, FALL IN VANCOUVER

Better Dwelling - Kaitlin Last (2019-09-11)

The new condo apartment price index (NCAPI) is StatCan’s stab at measuring new condo apartment prices. They take the developer’s sold prices, and measure similar units on a quarterly basis. A price index is then produced, showing inflation adjusted movements over time. It’s similar to CREA’s HPI or Teranet-National Bank’s House Index, but for new condo apartments. The list only includes six cities right now, but hopefully they’ll expand to smaller regions soon.


SAINSBURY'S ABANDONS CASH AND CARD-FREE STORE PILOT

Finextra - Finextra (2019-09-11)

The experimental cash and card-free store was opened in London's Holborn Circus in April. The supermarket chain completely refurbished the store to remove the checkout


EX-KPMG PARTNER SENTENCED TO A YEAR AND A DAY IN ‘STEAL THE EXAM’ SCANDAL

WSJ - Jean Eaglesham (2019-09-11)

The former No. 2 auditor at KPMG LLP was sentenced to a prison term of one year and one day for his role in a “steal the exam” scandal that exposed serious weaknesses at one of the Big Four accounting firms.


HSBC LOOKS TO UNLOAD FRENCH RETAIL BANK

WSJ - Margot Patrick (2019-09-11)

HSBC Holdings PLC is preparing to put its French retail bank on the sales block in one of its first strategic actions under new interim Chief Executive Noel Quinn, people familiar with the matter said.


FEDERAL ELECTION CAMPAIGN SET TO BEGIN WEDNESDAY

G&M - MICHELLE ZILIO, JANICE DICKSON KRISTY KIRKUP MARIEKE WALSH (2019-09-10)

Prime Minister Justin Trudeau is expected to visit Governor-General Julie Payette on Wednesday morning to kick off the election campaign, Liberal sources said.


CANADIANS SHIFT SAVINGS FROM INVESTING TO REPAYING DEBT FOR FIRST TIME IN A DECADE: REPOR

G&M - Clare O'Hara (2019-09-10)

Canadians are diverting personal savings toward paying down debt rather than investing, contributing to a decline last year in the value of investments – the first in a decade.


23% OF MILLENNIALS JUSTIFY LYING ON A MORTGAGE APPLICATION, EQUIFAX FINDS

CBC - Melissa Bennardo (2019-09-10)

"Fudging income numbers when completing a mortgage application is fraud. It also becomes a slippery slope for those people who may end up stretching themselves too thin," Julie Kuzmic, director of consumer advocacy at Equifax Canada, said in a press release. 


CMHC REPORTS ANNUAL PACE OF HOUSING STARTS CLIMBED 1.9% IN AUGUST

CBC - CP (2019-09-10)

The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in August, up from 222,467 units in July.


ALIBABA FOUNDER JACK MA STEPS DOWN AS CHAIRMAN OF CHINESE E-COMMERCE GIANT

CBC - AP (2019-09-10)

Ma's successor as chairman is CEO Daniel Zhang, a former accountant and 12-year veteran of Alibaba. He previously was president of its consumer-focused Tmall.com business unit.

 
 


TRUDEAU'S RECKLESS INEXPERIENCE IS HURTING THE CANADIAN ECONOMY

FP - Diane Francis (2019-09-10)

The budget predicts deficits of $19.8 billion in 2019-20; $19.7 billion in 2020-21; and $14.8 billion in 2021-22. Not only have they broken promises to adhere to fiscally responsible spending, but they have no timetable to reduce deficits for the near future should they be re-elected.


IA FINANCIAL GROUP APPOINTS NEW PRESIDENT OF IA AUTO AND HOME INSURANCE

Insurance Journal - IIJ (2019-09-10)

He will be taking on this new responsibility in addition to his role as Chief Operating Officer of iA Auto and Home Insurance and Prysm General Insurance.


ALBERTA ECONOMY FACES CONTINUING CHALLENGES

Insurance Journal - IIJ (2019-09-10)

"Alberta's economy is facing challenges from all sides—from the lack of pipeline capacity to trade wars—which is why ATB is forecasting marginal growth this year," said ATB's Chief Economist Todd Hirsch.


POST-DORIAN CLAIMS ADJUSTMENT: HAS THE INDUSTRY RESOLVED ITS CAPACITY ISSUES?

Canadian Underwriter - Greg Machbach (2019-09-10)

“We were tapped out – not only from an adjusting perspective but from a contracting perspective,” Kumar Sivakumaran, vice president of national operations at independent adjusting firm ClaimsPro, said Monday in an interview. He was contrasting the May 4, 2018 event with the aftermath of Hurricane Dorian in Atlantic Canada.


JPMORGAN CHASE LOWERS 2019 OUTLOOK FOR NET INTEREST INCOME TO $57 BILLIO

Reuters - Elizabeth Dilts (2019-09-10)

“Our (net interest income) will be a little bit lower than we told you last time,” Chief Executive Officer Jamie Dimon said at Barclays’ Financial Services Conference in New York. “I think we told you $57.5 (billion) and I’m closer to $57 (billion) for this year.”


CITIGROUP SAYS GOLD MAY TOP RECORD

Bloomberg - Ranjeetha Pakiam (2019-09-10)


CARNEY SAYS BREXIT-HIT POUND LOOKS LIKE EMERGING MARKET CURRENCY

Bloomberg - Charlotte Ryan and Matthew Boesler (2019-09-10)


CHINA INJECTS $126 BILLION INTO ITS SLOWING ECONOMY IMAGE

NY Times - Alexandra Stevenson (2019-09-10)

China’s central bank moved on Friday to give the country’s slowing economy a jolt, saying it would essentially inject $126 billion into the financial system as Beijing fights an escalating trade war.


NUMBER OF UNINSURED AMERICANS RISES FOR FIRST TIME IN DECADE

WSJ - Stephanie Armour (2019-09-10)

The number of Americans without health insurance climbed to 27.5 million in 2018, according to federal data that show the first year-to-year increase in a decade, before the Affordable Care Act began reducing the ranks of the uninsured.


JPMORGAN CEO DIMON RAISES SPECTER OF ZERO RATES

WSJ - David Benoit (2019-09-10)

The biggest bank in the U.S. is starting to prepare for how to make money if interest rates in the U.S. drop to zero.


SILENCE, DEVASTATION SURROUND THE FEW PEOPLE STAYING IN DORIAN-WHIPPED PORT IN BAHAMAS

G&M - Zachary Fagenson (2019-09-09)

Days after fleeing their crumbling home and breaking into a vacant apartment to take shelter while Hurricane Dorian rampaged over the Bahamas’ Great Abaco Island, Samuel Cornish and his family caught a rescue flight to Nassau.


DETACHED-HOUSING MARKET IS BREAKING OUT OF TWO-YEAR SALES SLUMP IN TORONTO-AREA SUBURBS

G&M - Janet McFarland (2019-09-09)

Sales of detached houses in the suburban 905 region outside Toronto are leaping higher after a two-year slump, posting gains of 20 per cent or more in every month since April.


CANADA SHINES ON LIST OF MOST ‘LIVABLE’ CITIES: WHERE CALGARY, VANCOUVER, TORONTO, MONTREAL RANK

G&M - Michael Babad (2019-09-09)

Canada and Australia dominate the top in a ranking of the world’s most “livable” cities.


THE PRICE OF A PENSION: INSIDE CPPIB, THE $3-BILLION-A-YEAR OPERATION THAT INVESTS YOUR MONEY

G&M - David Milsted (2019-09-09)

When the Canada Pension Plan Investment Board put together its first full-year report in the spring of 2000, it assembled its employees for a group photo – all five of them.


WHY EUROPE’S BANKS ARE TREMBLING IN FEAR OF EVEN MORE NEGATIVE RATES

G&M - Eric Reguly (2019-09-09)

Abolishing interest rates sounds like the greatest idea since spray cheese. Money for nothing, mortgages for free! In Denmark, Jyske Bank AS is offering 10-year mortgages where the bank actually pays the borrower interest of 0.5 per cent a year. Imagine that. But that’s what happens when the banking world turns upside down.


SUN LIFE FINANCIAL APPOINTS LéO GRéPIN AS NEW HEAD OF ASIAN BUSINESS

G&M - Clare O'Hara (2019-09-09)

Sun Life Financial Inc. has appointed a new head of its Asian business.


JPMORGAN CLOSE TO WINNING LEAD ADVISORY ROLE FOR ARAMCO’S IPO, SOURCE SAYS

G&M - JOSHUA FRANKLIN AND HADEEL AL SAYEGH (2019-09-09)

JPMorgan Chase & Co. is close to winning the lead advisory role for Saudi Aramco’s initial public offering, a source familiar with the situation said on Sunday.


POWELL SAYS FEDERAL RESERVE WILL CONTINUE TO ACT ‘AS APPROPRIATE’ TO SUSTAIN ECONOMIC GROWTH

G&M - BRENNA HUGHES NEGHAIWI AND JOHN REVILL (2019-09-09)

The U.S. Federal Reserve will continue to act “as appropriate” to sustain the economic expansion in the world’s biggest economy, Fed Chair Jerome Powell said on Friday in Zurich, sticking to a phrase that financial markets have taken to signal further rate reductions, but declining to be more specific.


U.S. CORPORATE INSIDERS SELLING SHARES AT FASTEST PACE SINCE FINANCIAL CRISIS A DECADE AGO

CBC - Pete Evans (2019-09-09)

According to research firm TrimTabs, in the month of August insiders at American companies were selling, on average, about $600 million worth of shares in their own companies a day (all figures US).


TRADE WAR UNCERTAINTY IS HANGING OVER CANADA'S ECONOMY, BANK OF CANADA DEPUTY GOVERNOR SAYS

CBC - CP (2019-09-09)

"That said, we agree that the data show some areas of concern. Among these is the weakness in consumption ... and, of course, we are concerned about the drop in business investment, which is likely linked to ongoing trade war and related uncertainty."


MANAGED TRADE IS BACK, BUT DON'T MISTAKE ITS RETURN AS PROOF THAT FREE TRADE DOESN'T WORK

FP - Kevin Carmichael (2019-09-09)

In the summer of 2017, Jeff Rubin, the former Bay Street economist who predicted oil would one day cost more than $200 per barrel, came up with another doozy. Or at least I thought he had.


DESJARDINS CEO SLAMS SHORT-TERMISM, CREDITS CO-OP MODEL WITH HELPING IN AFTERMATH OF PRIVACY BREACH

FP - Geoff Zochodne (2019-09-09)

The sight of 181 U.S. chief executives pledging to invest in employees, deal fairly with suppliers and support their communities — as they did last month by backing a new mission statement for corporations proposed by the Business Roundtable, a major lobby group — was good news in the eyes of Guy Cormier.


SAUDI ARAMCO LINES UP BANKS, EYES LOCAL LISTING THIS YEAR: SOURCES

Reuters - Hadeel Al Sayegh, Davide Barbuscia, Sylvia Westall (2019-09-09)

Saudi Aramco is expected to give lead roles to JPMorgan, Morgan Stanley and National Commercial Bank for its planned initial public offering (IPO), a source familiar with the transaction said.


LLOYDS WARNS MIS-SELLING COULD COST IT AN EXTRA $2.2 BILLION

Reuters - Carolyn Cohn, Iain Withers (2019-09-09)

Lloyds Banking Group (LLOY.L) will set aside up to an extra 1.8 billion pounds ($2.2 billion) to settle mis-selling claims in Britain’s costliest consumer banking scandal, and said it was suspending its 2019 share buyback program.


MEXICO MOVES TO LAUNCH WORLD'S LARGEST OIL HEDGE PROGRAM

Reuters - Devika Krishna Kumar, Stefanie Eschenbacher (2019-09-09)

Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with the giant trade.


CITIGROUP DOUBLES DOWN ON CREDIT CARDS EVEN AS U.S. ECONOMY SOFTENS

Reuters - Imani Moise (2019-09-09)

Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers.


MARIO DRAGHI REACHES AGAIN FOR THE BOND-BUYING BAZOOKA

Bloomberg - Marcus Ashworth (2019-09-09)


FED AND ECB ARE STUCK IN A SHRINKING CORNER

Bloomberg - Mohamed A. El-Erain (2019-09-09)

The European Central Bank and the Federal Reserve will be under even greater scrutiny over the next 10 days as their policy-making committees discuss recent economic developments, update their assessment of prospects and adopt whatever actions and guidance they deem necessary. The outcome will most likely satisfy those looking for the world’s two most influential central banks to further loosen monetary policy.


THE WORLD’S OIL GLUT IS MUCH WORSE THAN IT LOOKS

Bloomberg - Julian Lee (2019-09-09)


CANADA IS DRAGGING ITS HEELS ON OPEN BANKING

G&M - Soheil Karkhanechi (2019-09-09)

An important segment of Canada’s technology industry is falling behind the rest of the world. The culprit? Federal politics and political manoeuvring by the big banks. At risk is not only the continued success of a key part of our technology industry, but also consumer access to better and more reasonably priced financial services.


WORLD BANK’S KRISTALINA GEORGIEVA SOLE CANDIDATE TO LEAD IMF, FUND SAYS

G&M - Reuters (2019-09-09)

The International Monetary Fund said on Monday that World Bank chief executive Kristalina Georgieva will be considered as the sole candidate to be the next IMF managing director following the close of the nomination period on Friday.


FIFTY U.S. STATES LAUNCH JOINT ANTITRUST PROBE INTO GOOGLE

G&M - Rachel Lerman (2019-09-09)

Fifty U.S. states and territories, led by Texas, announced an investigation into Google’s “potential monopolistic behaviour.”


JUDGE CALLS FACEBOOK’S VIEWS ON PRIVACY ‘SO WRONG’ AS HE ALLOWS CLASS-ACTION TO PROCEED

G&M - Jonathan Stempel (2019-09-09)

A federal judge on Monday ordered Facebook Inc to face most of a nationwide lawsuit seeking damages for letting third parties such as Cambridge Analytica access users’ private data, calling the social media company’s views on privacy “so wrong.”


BATTERED OIL AND GAS COMPANIES BRACE FOR ANOTHER SETBACK — EXCLUSION FROM CANADA’S MAIN STOCK INDEX

FP - Geoffrey Morgan (2019-09-09)

Some of the country’s largest natural gas producers and drilling companies could soon be booted out of the main Toronto Stock Exchange index amid a share price rout, according to analysts.


PENSION GIANT CPPIB IS EXTENDING ITS PRIVATE CREDIT WAGER TO MAKE UP FOR DWINDLING YIELDS ELSEWHERE

FP - Paula Sambo (2019-09-09)

The nation’s biggest pension manager has increased its private debt investments from $5.1 billion (US$3.4 billion) in 2011, to $32.7 billion at the end of March, its annual report shows. Investments in private credit were virtually zero in 2006. The growth of its allocations in less liquid assets has borne fruit, said its senior managing director and global head of credit investments John Graham.


ANNUAL INSURED LOSSES FROM GLOBAL CATASTROPHES REACH US$92 BILLION

Insurance Business - Roxanne Libatique (2019-09-09)

The report, which outlined key loss metrics from the firm’s global industry exceedance probability (EP) curve, estimated that the global modelled insurance average annual loss from catastrophes worldwide was around US$92 billion.


GUY CARPENTER ANNOUNCES CHAIRMAN AS PART OF GROWTH STRATEGY

Insurance Business - Lyle Adriano (2019-09-09)

Guy Carpenter has named David Priebe as chairman of the company, in a bid to further its growth strategy.


SUN LIFE’S KEVIN DOUGHERTY TO RETIRE

Insurance Journal - IIJ (2019-09-09)

Kevin DoughertySun Life’s Executive Vice-President, Innovation and Partnerships, will be retiring effective Dec. 31, 2019, announced Stephane Vigneault, VP, Insurance Distribution, Wholesale Channel, Sun Life.


CANADIAN HELOC DEBT RISES TO OVER $302 BILLION

Better Dwelling - Daniel Wong (2019-09-09)

Most of the loans secured by residential real estate is for personal purposes. Personal loans secured by real estate reached $269.06 billion in June, up 0.19% from the month before. Compared to the same month last year, this number is 3.90% higher. Growth here is higher than usual, but is the lowest seen since March 2017, before the surge of growth.


IRISH BANKS BATTERED AS DISORDERLY BREXIT LOOMS

WSJ - Leslie Scism, Nicole Friedman and Caitlin Ostroff (2019-09-09)

Some of the stocks worst hit by Brexit uncertainty aren’t in the U.K.: They are Irish banks.


HOW ONE FAMILY FELL INTO—AND DUG OUT OF—AN INSURANCE SCANDAL

WSJ - Miho Inada and BIOGRAPHY MIHO.INADA@WSJ.COM Megumi Fujikawa (2019-09-09)

Keijiro Nawata, a 38-year-old truck driver, had finished the day’s deliveries and was changing his truck’s oil in the shop one day in June last year when an uncle called saying something was wrong. Mr. Nawata’s mother had received a letter urging her to pay $3,600 in overdue life-insurance premiums, the uncle said


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.


BANK OF CANADA APPOINTS TONI GRAVELLE AS ONE OF ITS DEPUTY GOVERNORS

G&M - DAVID PARKINSON (2019-09-20)

The Bank of Canada has appointed long-time insider Toni Gravelle as one of its deputy governors, filling the vacancy created over the summer by the retirement of Lynn Patterson.


LOAN DEFAULTS IN CANADA ARE LOW. BUT THEY’RE RISING. WHERE AND HOW THEY’RE RISING

G&M - Michael Babad (2019-09-20)

The rate of loan defaults in Canada is low. But it’s rising.


MORE FED CUTS EXPECTED TO PUSH CANADIAN INTEREST RATES LOWER: DON PITTIS

CBC - Don Pittis (2019-09-20)

A weakening global economy and continued trade fears — and emphatically, he said, not angry words from U.S. President Donald Trump — convinced U.S. Federal Reserve chair Jerome Powell to cut interest rates on Wednesday for the second time this summer.


QUEBEC PROVINCIAL POLICE QUESTION 17 PEOPLE ABOUT DESJARDINS DATA BREACH

FP - CP (2019-09-20)

The QPP said it met 91 witnesses in Quebec City, Montreal and Laval earlier this week in the Portier investigation, which concerns the data leak of 2.7 million individuals and 173,000 businesses that were Desjardins customers.


BIZARRE POLITICAL LANDSCAPE DISTRACTING INVESTORS FROM REAL PROBLEM: DISASTROUS BALANCE SHEETS

FP - Tom Bradley (2019-09-20)

Indeed, the concern I have with today’s macro mayhem is that it’s fuelling a fire that is already burning out of control. Brexit and other trade issues are contributing to our focus on the income statement, with seeming disregard for the balance sheet.


PEI ROLLS OUT PROVINCIAL DISASTER ASSISTANCE PROGRAM

Insurance Business - Lyle Adriano (2019-09-20)

The program – the first of its kind in PEI – is designed to help residents with uninsurable basic property loss from natural calamities. Aside from homeowners, small businesses, municipal governments and not-for-profit organizations are also eligible to apply for the disaster assistance.


CONSUMERS’ DATA EXPOSED FOR YEARS AFTER BREACH INCIDENTS

Insurance Business - Alicja Grzadkowska (2019-09-20)

“Some of the headline-making breaches that we've seen, like with Equifax where social security numbers are involved, victims’ identity fraud risk remains elevated, if not for several years then for life,” said Paige Schaffer (pictured), CEO of Generali Global Assistance’s identity and digital protection services global unit. “Recently it was announced that Equifax would be providing up to seven years of resolution services, and while this seems like it's a reasonable length of time, hackers will be aware of this fact. They’ll calendar it, and they don't mind hanging on until they get over that time period.”


ASIA-PACIFIC WILL MAKE UP 42% OF GLOBAL INSURANCE PREMIUMS BY 2029

Insurance Business - Alicja Grzadkowska (2019-09-20)

Global insurance premium volumes reached a new benchmark high of US$5 trillion in 2018, according to the Swiss Re Institute’s report, World Insurance: The Great Pivot East Continues, but that doesn’t mean all is well for insurance sectors in every part of the world.


AMF PUBLISHES ANNUAL OVERSIGHT REPORT

Insurance Journal - IIJ (2019-09-20)

The Autorité des marchés financiers (AMF), the regulatory and oversight body for Quebec’s financial sector, released its annual Summary of Oversight and Regulatory Activities detailing the regulator’s key initiatives undertaken in the 2018-2019 financial year.


NEW COMMERCIAL LINES SENIOR VP FOR CANADA’S LARGEST P&C INSURER

Canadian Underwriter - Greg Mechbach (2019-09-20)

Intact Financial Corp. announced Thursday that Darren Godfrey will become Intact Financial Corp.’s senior vice president, commercial lines on Jan. 1.


THE DEBATE OVER PROFITS VS. PUBLIC INTEREST CONTINUES

NY Times - NY Times (2019-09-20)

Many of the country’s biggest companies said last month that their mission wasn’t just to make profits. But not all business leaders agree — and, as Andrew points out in the latest DealBook special section, that reflects an existential divide for USA Inc.


FINTECH FIRM STRIPE CLIMBS RANKS OF U.S. STARTUP VALUATIONS

WSJ - Peter Rudegeair (2019-09-20)

Stripe’s latest funding round values the company at $35 billion, putting the financial technology firm above Airbnb and Palantir.


VANCOUVER CONDO PRICES ARE WHERE THEY WERE ALMOST TWO YEARS AGO

Better Dwelling - Kaitlin Last (2019-09-20)

The price of a condo apartment in Greater Vancouver continues to fall from last year. The benchmark price across REBGV reached $654,000 in August, down 7.4% from last year. In the City of Vancouver, Vancouver East’s benchmark reached $522,300, down 7.5% from last year. In Vancouver West, the benchmark fell to $756,000, down 8.4% from the year before. Considering prices only turned negative in 2019, this is a surprisingly large decline.


MINISTER INTERVENED IN DECISION REGARDING PERFORMANCE PAY FOR CANADA INFRASTRUCTURE BANK CEO

G&M - Bill Curry (2019-09-19)

Infrastructure Minister François-Philippe Champagne intervened in a decision by the Canada Infrastructure Bank’s independent board regarding the performance pay of the bank’s CEO, according to documents obtained by The Globe and Mail.


WHY POLITICIANS ARE TARGETING INDEBTED SUBURBAN VOTERS THIS ELECTION

G&M - DAVID PARKINSON (2019-09-19)

If you’re a suburban homeowner lying awake at night stressing about how you’ll ever get out from under your mountain of mortgage-infused debt, congratulations. You’re the most important voter in next month’s federal election.


CANADIAN HOUSING: A LOOK AT THE SELLERS’ MARKETS, THE BALANCED MARKETS AND THE ONE BUYERS’ MARKET

G&M - Michael Babad (2019-09-19)

Montreal and Saskatoon come in for special mention in the latest batch of housing statistics.


TRULIOO INFORMATION SERVICES RAISES $70-MILLION FROM GLOBAL BANKING GIANTS

G&M - Sean Silcoff (2019-09-19)

A Vancouver company that helps corporations verify the identities of customers over the internet has raised $70-million from some of the world’s largest financial institutions.


HOME OF VALERIA GONTAREVA, UKRAINE’S FORMER CENTRAL BANK HEAD, SET ON FIRE

G&M - Minsk Belarus (2019-09-19)

The home of Ukraine’s former central bank chief has been burned to the ground, the third chilling incident involving the banker over the past few weeks.


FED CUTS RATES BY QUARTER OF A PERCENTAGE POINT, GIVES MIXED SIGNALS ON NEXT MOVE

G&M - HOWARD SCHNEIDER AND ANN SAPHIR (2019-09-19)

The U.S. Federal Reserve cut interest rates again Wednesday to help sustain a record-long economic expansion, but signalled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.


CAISSE DE DéPôT INVESTS $53-MILLION IN MONTREAL-BASED ONLINE JOBS LISTING STARTUP NEUVOO

G&M - Sean Silcoff (2019-09-19)

Caisse de dépôt et placement du Québec has invested $53-million in a Montreal-based startup, Neuvoo Inc., that is quietly becoming a big presence in the global online jobs listing market.


MORE FED CUTS EXPECTED TO PUSH CANADIAN INTEREST RATES LOWER: DON PITTIS

CBC - Don Pittis (2019-09-19)

Despite the fact that the quarter point cut was widely expected, the move had an immediate effect on the Canadian dollar which fell promptly after Powell's announcement. 


U.S. CENTRAL BANK CUTS INTEREST RATE AGAIN — BUT SPLIT ON WHAT TO DO NEXT

CBC - AP (2019-09-19)

The Fed's move will reduce its benchmark rate — which influences many consumer and business loans — by an additional quarter point to a range of 1.75 per cent to 2 per cent.


INFLATION RATE NUDGES DOWN TO 1.9% AS GASOLINE AND VEGETABLES GOT CHEAPER

CBC - CBC (2019-09-19)

Canada's inflation rate cooled to a 1.9 per cent annual rate in August, Statistics Canada says, as the price of gasoline, fresh vegetables and fruit all got cheaper during the month.


CANADIANS' AVERAGE NET WORTH SHRINKS FOR FIRST TIME IN ALMOST A DECADE AMID BANK OF CANADA RATE HIKES

FP - Colin McClelland (2019-09-19)

The average Canadian net worth dropped by $7,594 or 1.1 per cent to $678,792 last year as increases in the housing market were more than offset by the late 2018 stock market correction, higher debt levels and a downward tick in pension plan values, Toronto-based Environics reported.


NEW YORK EXTENDS LEAD OVER BREXIT-HIT LONDON IN FINANCE CENTER POLL

Reuters - Huw Jones (2019-09-19)

New York has extended its lead as the world’s top financial center, with London barely holding on to second place ahead of Hong Kong as uncertainty over Brexit takes its toll on the UK capital, a Z/Yen Group survey for 2019 showed on Thursday.


CHINA'S GROWTH COULD SLIP BELOW 6%, ANALYSTS WARN, AS TRADE WAR TAKES TOLL

Reuters - Kevin Yao, Stella Qiu (2019-09-19)

China’s economic growth risks slipping below the lower-end of Beijing 2019 target of 6% in the third quarter or over the next year, analysts warn, but government economists are slightly more optimistic as they expect stimulus to help stave off a sharper slowdown.


EXCLUSIVE: DEUTSCHE BANK HAS DISCUSSED ADDING ASSETS TO BAD BANK IF SALES GO WELL - SOURCES

Reuters - Matt Scuffham (2019-09-19)

Some senior Deutsche Bank AG (DBKGn.DE) officials have discussed the possibility of putting additional problematic assets worth billions of euros into a unit it created earlier this year, if the bank is able to sell assets already held within that “bad bank,” according to three bank sources.


ECB WEIGHS INVESTIGATING DEUTSCHE BANK OVER ALLEGED UNAUTHORIZED BOND PURCHASES: SOURCES

Reuters - Reuters (2019-09-19)

The European Central Bank is examining whether to open a formal investigation into Deutsche Bank (DBKGn.DE) for allegedly buying some of its own securities without authorization, two people familiar with the matter said on Wednesday.


CANADIAN MORTGAGES ARE NOW SO LARGE, THE BENEFIT OF LOW RATES IS MINIMAL

Better Dwelling - Daniel Wong (2019-09-19)

Canadian households are sending a lot more cash to lenders, but it’s not paying their debt down. Statistics Canada (StatCan) data shows household mortgage payments jumped in Q2 2019. Rising payments are seeing fewer dollars pay off debt, and more towards carrying it.


FED TAKES ACTION TO CONTROL SHORT-TERM INTEREST RATES

CBC - AP (2019-09-18)

Economists do not see the action as a signal about where the Fed plans to move its key policy rate, known as the federal funds rate, but rather as a technical exercise to keep the rate in the range set by the central bank.


HOW CANADA’S SUBURBAN DREAM BECAME A DEBT-FILLED NIGHTMARE

G&M - RACHELLE YOUNGLAI AND CHEN WANG (2019-09-18)

Navin Seepaul is a 29-year-old single dad who makes $30,000 a year as a barber. He owns a $1-million house in Brampton, a sprawling suburb northwest of Toronto. Each month, the payments on his roughly $700,000 mortgage are $4,300. On top of that, he has $24,000 in credit card debt.


HOW TO BUILD A CREDIT SCORE THAT GETS YOU A GREAT MORTGAGE RATE

G&M - Rob Carrick (2019-09-18)

Too many people are skipping a simple first step in buying a home – checking their credit score.


WITH DEPOSIT RATES FALLING FAST, THIS MAY BE THE LAST 3% GIC AROUND

G&M - Rob Carrick (2019-09-18)

Three-per-cent returns for conservative investors have been all but wiped out by the plunge in interest rates over the past 12 months.


THE FED WILL UNDOUBTEDLY CUT INTEREST RATES WEDNESDAY. FOR INCREASINGLY BAFFLED INVESTORS, THE BIG QUESTION IS WHY

G&M - Ian McGugan (2019-09-18)

Pity Jerome Powell. The chair of the United States Federal Reserve has just been called a bonehead by his boss. Now he faces the unenviable task of explaining the Fed’s latest interest-rate decision to increasingly baffled investors, while dealing with the aftermath of an unexpected squeeze in short-term funding markets.


THE BUSINESS ROUNDTABLE HAS REPUDIATED SHAREHOLDER PRIMACY; WHERE DO CANADA’S CEOS STAND?

G&M - Sarah Kaplan (2019-09-18)

Recently, the Business Roundtable – a lobbying group made up of the chief executives of more than 200 large U.S. corporations – announced that it was repudiating shareholder primacy in favour of the commitment to “deliver value” to all stakeholders. This is a notable about-face for an organization that since 1997 held the point of view (championed by Milton Friedman and a slew of economists and finance experts since then) that the “paramount duty of management and of boards of directors is to the corporation’s stockholders.”


DON'T LET RECORD HIGHS FOOL YOU: THE TSX’S RETURNS ARE STILL ‘PATHETIC,’ MONEY MANAGERS SAY

FP - Victor Ferreira (2019-09-18)

The S&P/TSX Composite Index has been touching record highs in recent days, but its performance isn’t fooling money managers who suggest that when its returns are properly placed in context, they’re still “pathetic.”


ONE OF CANADA'S LARGEST PENSION FUNDS FORGOT TO DISCLOSE $2.46 BILLION IN CANADIAN HOLDINGS TO THE SEC — AND IT'S NOT THE FIRST TIME

FP - Victor Ferreira (2019-09-18)

British Columbia Investment Management Corporation made the omission in February, when it submitted its disclosures for the three months ending on Dec. 31, 2018. The pension fund, which has $145.6 billion in assets under management, failed to disclose holdings in 98 companies, primarily across Canada’s energy, banking and mining sectors. The Canadian holdings accounted for more than 20 per cent of its total disclosed investments.


BIG BANKS SCORE WIN AS U.S. REGULATOR PROPOSES EASING POST-CRISIS DERIVATIVES RULES

Reuters - Pete Schroeder (2019-09-18)

A U.S. banking regulator on Tuesday proposed easing a rule requiring banks to set aside cash to safeguard derivatives trades between affiliates, marking one of the biggest wins for Wall Street lenders under the business-friendly Trump administration.


FROM UNDERPANTS TO OAT DRINK MAKERS, CITIGROUP COURTS STARTUPS FOR GROWTH

Reuters - Imani Moise (2019-09-18)

The idea, bankers said, was to hatch partnerships between old companies that are replete with cash and searching for growth, and fledgling companies that are gobbling up market share and need working capital.


CANNTRUST’S POT LICENSE SUSPENDED FOLLOWING REGULATORY BREACHES

Bloomberg - Kristine Owram (2019-09-18)


CANADIAN HOUSEHOLDS SEE BORROWING RATES FALL TO 14 MONTH LOW

Better Dwelling - Daniel Wong (2019-09-18)

The effective interest rate is a weighted-average index of interest paid by households. The rate is a combination of posted and discount rates obtained from lenders. Both consumer and mortgage loans are weighted in the average. While not the actual rate provided by a lender, it helps us understand the interest actually paid. Effective rates give a better idea of where rate are heading, as opposed to the posted 5-year fixed no one pays.


A HONG KONG-LONDON STOCK EXCHANGE BID TIES 2 CITIES IN TURMOIL

NY Times - Michael J. De La Merced (2019-09-18)


SAUDI ARABIA SAYS OIL FACILITIES WERE HIT WITH IRANIAN WEAPONS

G&M - RICHARD PÉREZ-PEÑA AND DAVID D. KIRKPATRICK (2019-09-17)

Saudi Arabia said Monday that Iranian weapons had been used in the aerial strikes over the weekend that interrupted much of the kingdom’s oil production. It also said the attacks had not been launched from Yemen, home of the Houthi rebel faction that has claimed responsibility.


OIL JUMPS MOST IN ALMOST 30 YEARS AMID RECORD TRADING VOLUME AFTER SAUDI FACILITIES ATTACKED

G&M - Laila Kearney (2019-09-17)

Oil ended nearly 15 per cent higher on Monday, with Brent logging its biggest jump in over 30 years and a record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and intensified concerns of retaliation in the Middle East.


OSFI CONDUCTS RISK ASSESSMENTS ON BANKS TO CRACK DOWN ON MISCONDUCT

G&M - Rita Trichur (2019-09-17)

Canada’s banking regulator is changing how it assesses risks in the country’s financial institutions.


3 JPMORGAN TRADERS CHARGED WITH MANIPULATING METALS PRICES

G&M - AP (2019-09-17)

Those charged include Michael Nowak, 45, of Montclair, New Jersey, who ran the global precious metals desk, Gregg Smith, a 55-year-old JPMorgan trader living in Scarsdale, N.Y., and Christopher Jordan, 47, of Mountainside, New Jersey, who left JPMorgan in 2009.


MONTREAL MAN HAS $800 IN ROLLED CHANGE, BUT HIS BANK WON'T DEPOSIT THE MONEY

CBC - Lauren McCallum, Verity Stevenson (2019-09-17)

He was carrying about $800 worth of coins, sorted and rolled, that he had collected over the past year. But she said Laurentian Bank wouldn't deposit them.


REVEALED: MASSIVE INSURED LOSS FIGURE FOR HURRICANE DORIAN IN THE US

Insurance Business - Ryan Smith (2019-09-17)

Insured losses from Hurricane Dorian to the US will be between US$500 million and US$1.5 billion, according to estimates by risk-modelling and analytics firm RMS. The projection represents insured losses associated with wind and storm-surge damage and includes losses to the National Flood Insurance Program (NFIP).


AXIS INSURANCE APPOINTS NEW CHIEF CLAIMS OFFICER

Insurance Business - Lyle Adriano (2019-09-17)

AXIS Insurance – an AXIS Capital Holdings division – has revealed the appointment of chief claims officer Michael Baumel.


FINANCIAL INSTITUTIONS AT RISK FROM “THE PACE OF CHANGE”

Insurance Business - Bethan Moorcraft (2019-09-17)

Financial institutions and financial service companies in Canada are among the cream of the crop when it comes to innovation and adopting cutting-edge technologies like blockchain, artificial intelligence (AI), Big Data analytics, and quantum computing. The sector’s progress is welcomed by Canadians, the majority of whom (72%) are comfortable with new technologies, like AI, if it means they’ll receive better and more personalized financial services, according to a recent TD Bank Group (TD) survey. 


INSURANCE GROUP REQUESTS MORE THAN $1,000 IN TAXI PREMIUM INCREASES

Insurance Business - Lyle Adriano (2019-09-17)

A consortium of insurance companies that underwrite higher-risk drivers in New Brunswick is requesting the provincial regulator approve auto insurance premium rate increases for taxi drivers in excess of $1,000.


CANADIAN LIFE INSURANCE INDUSTRY STABLE AND WELL CAPITALIZED: AM BEST

Insurance Journal - Kate McCaffrey (2019-09-17)

Ratings agency AM Best announced Sept. 13 that it is maintaining its stable rating outlook for Canada’s life insurance industry, thanks to the industry’s focus on maintaining strong regulatory capitalization levels and favourable earnings and underwriting in the face of low interest rates. Companies are also being praised for diversifying their earnings and business profiles internationally.


DRAGHI LEAVES IT TO LAGARDE TO PICK UP THE PIECES

Bloomberg - Ferdinando Giugliano (2019-09-17)


JPMORGAN INHERITED ‘SPOOF’ METHOD FROM BEAR STEARNS, U.S. SAYS

Bloomberg - Tom Schoenberg and David Voreacos (2019-09-17)


SINGAPORE WOOS BANKS IN BATTLE OF ASIA’S BIGGEST FOREX HUBS

Bloomberg - Ruth Carson (2019-09-17)


CANADIAN REAL ESTATE SALES RISE 5%, FALLING FROM PEAK 2019 GROWTH

Better Dwelling - Kaitlin Last (2019-09-17)

Canadian real estate sales weren’t quite back to the highs seen a few years ago, but volumes are rising. There were 43,478 unadjusted sales process through CREA, down 9.0% from the month before. This represents a 5.7% increase compared to the same month last year. The monthly decline is seasonal, but it was larger than expected.


MARSH & MCLENNAN INSISTS JLT STAFF DEFECTIONS NOT A ‘CRISIS’

FT - Oliver Ralph (2019-09-17)

A spate of staff defections at UK insurance broker Jardine Lloyd Thompson after its £4.3bn acquisition by Marsh & McLennan was not a “crisis”, the head of the US company has insisted.


LONDON STRENGTHENS GRIP ON CURRENCIES MARKET, SURVEY SHOWS

FT - Philip Stafford and Eva Szalay (2019-09-17)

London has strengthened its grip as the global centre for the vast foreign exchange and derivatives markets, pulling away from New York and shrugging off fears that Brexit would dent its dominance.


OSFI CONDUCTS RISK ASSESSMENTS ON BANKS TO CRACK DOWN ON MISCONDUCT

G&M - Rita Trichur (2019-09-16)

Canada’s banking regulator is changing how it assesses risks in the country’s financial institutions.


OSFI REPRIMANDED SCOTIABANK FOR UNSATISFACTORY RECORD-KEEPING IN PUERTO RICAN OPERATIONS

G&M - Rita Trichur (2019-09-16)

Canada’s banking regulator reprimanded Bank of Nova Scotia for inadequate record-keeping in its Puerto Rican operations, years before this country’s third-biggest bank decided to sell its 109-year-old subsidiary at a loss.


CANADA’S HOUSING MARKET (MINUS B.C.): ‘IT’S BAAAACK’

G&M - Michael Babad (2019-09-16)

Not only has Canada's housing market rebounded, it's "basically right back on track," Bank of Montreal's chief economist says.


IT’S TIME FOR CANADA TO ABANDON ONE-MAN RULE OVER MONETARY POLICY, AS MOST OTHER COUNTRIES HAVE DONE

G&M - MARTIN EICHENBAUM AND CHARLES MOSKOS (2019-09-16)

Canadian monetary policy is the legal responsibility of exactly one person, the Governor of the Bank of Canada. This single decision-maker structure is unique among the central banks of advanced economies. The last review of the bank’s governance structure was conducted by a parliamentary subcommittee in 1992 (known as the Manley Committee). It is time to assess the structure governing monetary policy decisions at the Bank of Canada once again.


BLACKSTONE TO PAY $3.3-BILLION IN CASH FOR CANADA’S DREAM GLOBAL REIT

G&M - TIM KILADZE AND RACHELLE YOUNGLAI (2019-09-16)

Private equity giant Blackstone Group Inc. is buying Dream Global Real Estate Investment Trust, a Canadian company founded by real estate magnate Michael Cooper that specializes in European properties.


NAME CALLING AND MARKET PRESSURE MAY CURB U.S. FED'S INDEPENDENCE

CBC - Don Pittis (2019-09-16)

With last week's declaration that the very smart people at the Federal Reserve are "boneheads," U.S. President Donald Trump has become perhaps the world's highest profile prognosticator of a North American crisis.


DEBT-TO-INCOME PICTURE IMPROVED SLIGHTLY IN 2ND QUARTER

CBC - CBC (2019-09-16)

Canadians took on slightly less new debt last quarter compared to what they earned, but they still owe $1.77 for every $1 they make, according to Statistics Canada's latest national balance sheet.


PNC BANK SPINS OUT FIRST STARTUP FROM INHOUSE INCUBATOR

Finextra - Finextra (2019-09-16)

Billed by the bank as a new model for corporate-backed innovation and entrepreneurship, numo identifies opportunities and builds fintech products from the ground up, leveraging in-house capabilities that span research, product design, software development, sales and marketing, with the intent of spinning out viable, standalone companies.


WHY PLAYING POLITICS WITH HOUSING MARKET IS A DANGEROUS GAME

FP - Kevin Carmichael (2019-09-16)

“Ample support exists already for first-time homebuyers,” Siddall told an audience in Vancouver in November 2016, a time when that city’s housing frenzy had made everyone crazy for more support. “As I’ve said, too much encouragement to buy homes exposes vulnerable people to excessive financial risk, pushes prices higher where acute supply inelasticity exists — like here in Vancouver — and jeopardizes our economic prospects.”


ASIAN DEVELOPMENT BANK EYES MORE PRIVATE-SECTOR WORK, WHILE KEEPING AN EYE ON TRADE TROUBLES

FP - Geoff Zachodine (2019-09-16)

Last year, the Manila-based ADB (in which Canada is a minority shareholder) adopted a new corporate plan, Strategy 2030, that contains priorities such as wiping out poverty, addressing climate change and strengthening governance among its developing members.


BIGGEST OIL PRICE SURGE SINCE 1991 AS 'LOCKED AND LOADED' U.S. POINTS FINGER AT IRAN FOR ATTACK

Reuters - Rania El Gamal, Aziz El Yaakoubi 5 MIN READ (2019-09-16)

An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate.


CITIGROUP STANDS BY CARD STRATEGY DESPITE ECONOMIC CLOUDS

Reuters - Imani Moise (2019-09-16)

Some Wall Street analysts have begun to question whether Citigroup Inc’s (C.N) big bet on credit cards will backfire if the U.S. economy enters a recession, despite the bank saying it is underwriting responsibly.


DON’T-PAY-TIL-YOU-DIE REVERSE MORTGAGES ARE BOOMING IN CANADA

Bloomberg - Chris Fournier and Paula Sambo (2019-09-16)


BMO’S AIM TO DOUBLE INDIGENOUS LENDING RELIES ON OLD-STYLE BANKING

Bloomberg - Doug Alexander (2019-09-16)


BANKS WARM TO MORTGAGE BONDS THAT BURNED THEM IN 2008

WSJ - Ben Eisen, Telis Demos (2019-09-16)

Banks are getting back into the business of building mortgage bonds, laying the groundwork for a market that stands to grow as the Trump administration tries to reduce the government’s role in housing finance.


CRYPTO FIRMS ASSESS HOW TO COMPLY WITH ANTI-MONEY-LAUNDERING STANDARDS

WSJ - Kristin Broughton (2019-09-16)

Recent guidance from the Financial Action Task Force has forced the cryptocurrency industry to try to find common ground on adopting stronger controls


SQUARE WANTS TO BE A BANK BUT DOESN’T WANT TO BE TAXED LIKE ONE

WSJ - Peter Rudegeair (2019-09-16)

Square Inc. has lent $5 billion to small businesses and consumers and applied for a banking license. It operates a nationwide mobile money-transfer business that serves 15 million Americans.


ECB MOVE HIGHLIGHTS DIFFERENCES BETWEEN EUROZONE, U.S. ECONOMIES

WSJ - David Harrison and Paul Hannon (2019-09-13)

The European Central Bank’s decision Thursday to lower its key interest rate further below zero while relaunching an asset-purchase program means monetary policy in Europe is now even more stimulative than in the U.S.


MARIO DRAGHI PRAYS TO THE MONETARY GODS

WSJ - Jon Sindreu (2019-09-13)

ECB President Mario Draghi’s emphasis on fiscal policy is an admission that further monetary stimulus can do little for the economy.


ONLY 50% OF RENTERS KNOW THERE’S AFFORDABLE INSURANCE TAILORED TO THEIR NEEDS

Insurance Business - Alicja Grzadkowska (2019-09-13)

Renters’ insurance can be a useful tool for residents to protect themselves and their belongings, but among consumers, there are many misconceptions about this solution that brokers can help address. The Renters Insurance Consumer Insights Benchmark 2019 from Assurant revealed that only 50% of the respondents even purchased renters’ insurance, and among those who did, many were unaware of what this insurance covered.


IA FALLS VICTIM TO CYBER BREACH

Insurance Journal - IIJ (2019-09-13)

It’s now iA Financial Group's turn to be hit by a cyber breach. Three representatives from the insurer's Quebec distribution network were victims of a phishing scheme. Unlike the incident at Desjardins Group, the intrusions came from outside the organization. In all, 2,864 of the insurer’s clients were affected.


GREATER VANCOUVER DETACHED REAL ESTATE SALES RISE AS PRICES FALL TO 2016 LEVELS

Better Dwelling - Kaitlin Last (2019-09-13)

Greater Vancouver detached real estate prices are still falling, especially in the City of Vancouver. REBGV data shows the typical, or benchmark, detached home cost $1,406,700 in August, down 9.8% from last year. In the City of Vancouver, Vancouver East saw the detached benchmark fall to $1,346,500, down 11.4% from last year. Vancouver West fell to $2,880,800, down 12% from last year. Not quite affordable by any measure, but these are fairly substantial discounts.


AI AND CLOUD REMOVE BARRIERS TO ENTRY FOR REAL-TIME INTRADAY LIQUIDITY

Finextra - Finextra (2019-09-13)

However, in order for liquidity risk managers to have a truly relevant enterprise-wide real-time view of their liquidity, FIs will need to consolidate siloed legacy systems into a single automated solution with predictive analytics layered on top.


ELEMENT AI CLOSES FINANCING, SECURING $200-MILLION BACKED BY THE CAISSE, QUEBEC AND MCKINSEY

G&M - Sean Silcoff (2019-09-13)

Montreal artificial intelligence startup Element AI Inc. has closed its second large financing round, announcing Friday it had raised US$151.4-million ($200-million), two years after it secured more than US$100-million from a collection of global investors.


AIMIA ATTACKED BY SECOND SHAREHOLDER GROUP, FACES THREAT OF BOARD SHAKEUP

G&M - Tim Kiladze (2019-09-13)

The fight to control Aimia Inc.’s future is escalating after a second set of shareholders questioned the Canadian loyalty program provider’s leadership and launched a campaign to shake up its board of directors.


MITTLEMAN FILES COUNTERCLAIM AGAINST AIMIA

G&M - CP (2019-09-13)

Aimia Inc.’s largest investor has filed a counterclaim against the loyalty company and six current and former members of the board.


LIBERALS TARGET MILLENNIALS WITH EXPANDED HOME BUYER SUBSIDIES

G&M - Michelle Zilio (2019-09-13)

Justin Trudeau says a Liberal government would expand its new first-time home buyer program to boost affordability in major centres, a move designed to appeal to young voters but expected to have little impact on the overall real estate market.


‘WE DON’T GO FAST AND BREAK THINGS’: CANADA’S BANKS TRY TO MANAGE RISKS AS THEY CAUTIOUSLY PUSH INTO AI

G&M - James Bradshaw (2019-09-13)

Canada’s banks are investing heavily in artificial intelligence but also ramping up efforts to build guard rails around powerful new technology as clients grow wary of potential risks to privacy and fairness.


EUROPEAN CENTRAL BANK INTRODUCES AGGRESSIVE STIMULUS PACKAGE TO REVIVE AILING ECONOMY

CBC - Reuters (2019-09-13)

As Draghi's eight-year mandate nears its close, the ECB cut rates deeper into negative territory and promised bond purchases with no end-date to push borrowing costs even lower, hoping to kick-start activity nearly a decade after the bloc's debt crisis.


TO PAY OFF OR BORROW MORE IS THE QUESTION FACING CANADIANS: DON PITTIS

CBC - Don Pittis (2019-09-13)

Two side-by-side transit ads on my morning commute this week seemed to define a Canadian predicament.


CONDO BUYERS COULD FACE MAJOR UNEXPECTED TAX HIT OVER LEASEBACK PURCHASE INCENTIVES

FP - Barbara Shecter (2019-09-13)

In a leaseback or rental guarantee arrangement, the developer would agree to lease the unit back from the condo buyer at a set rate for a pre-arranged period of time. The money would be paid to the condo purchaser monthly, like rent, though it could be more or less than the unit was actually bringing in once rented out by the developer or a third party. The owner of the condo would always receive the guaranteed amount, however, regardless of whether the condo unit was occupied. 


JAPAN POST BANK ADMITS IMPROPER SALES TO ELDERLY CLIENTS, DISCOVERS 19,500 CASES

Reuters - Takashi Umekawa, Takaya Yamaguchi (2019-09-13)

The bank said it discovered branches and post offices had neglected an internal rule requiring staff to confirm twice that customers aged 70 years or older were in good health and had a good grasp of its products before making any sales.


DEUTSCHE BANK IS FIRST TO SETTLE BOND-RIGGING LAWSUIT, AMID FEDERAL PROBE

Reuters - Jonathan Stempel (2019-09-13)

 Deutsche Bank AG will pay $15 million to resolve claims it conspired to rig prices of bonds issued by Fannie Mae and Freddie Mac, becoming the first of 16 financial services companies to settle litigation by investors.


U.S. COURT UPHOLDS EX-HSBC EXECUTIVE'S CONVICTION FOR FOREIGN-EXCHANGE SCHEME

Reuters - Brendan Pierson (2019-09-13)

Johnson, a British citizen, was convicted of fraud in October 2017 in a federal court in the New York City borough of Brooklyn after a nearly four-week trial. He was the first banker to be tried in the United States as a result of worldwide investigations of the multitrillion-dollar per day currency market.


CHAIRMANS FINANCIAL B.V., LICENSEE OF VERSAVAULT TECHNOLOGY, ONBOARDS ITS FIRST CRYPTO EXCHANGE CUSTOMER

VersaBank - Press Release (2019-09-11)

VersaVault Inc. (“VersaVault”), a subsidiary of VersaBank, is pleased to announce that Chairmans Financial B.V. (“Chairmans”), the exclusive licensee of VersaVault’s encryption and authentication technology for the storage of digital assets, has onboarded its first cryptocurrency exchange customer (“Exchange Customer”). Chairmans is providing the Exchange Customer with a full suite of financial services, including services relating to the storage of digital assets.


CANADIAN REVERSE MORTGAGE DEBT IS UP OVER 26% FROM LAST YEAR

Better Dwelling - Better Dwelling (2019-09-11)

A reverse mortgage is an increasingly popular way for seniors to tap their home equity. Lenders will give you a lump sum or regular payments, secured by the equity in your home. They’re similar to a home equity line of credit (HELOC), but no regular payments are not required. Instead, the balance is only generally due in the event of death, sale, or default.


RCMP INTERVIEWS JODY WILSON-RAYBOULD TO DISCUSS POLITICAL INTERFERENCE IN SNC CRIMINAL PROSECUTION

G&M - Robert Fife (2019-09-11)

Former justice minister and attorney-general Jody Wilson-Raybould met with RCMP investigators this week to discuss political interference in the criminal prosecution of SNC-Lavalin Group Inc., and is calling on the Trudeau government to waive cabinet confidentiality for her and all other witnesses to allow a thorough probe into potential obstruction of justice.


TRUMP REVERSES COURSE, SEEKS NEGATIVE RATES FROM FED ‘BONEHEADS’

G&M - Howard Schneider (2019-09-11)

“The Federal Reserve should get our interest rates down to ZERO, or less, and we should then start to refinance our debt. INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term,” Trump tweeted. “We have the great currency, power, and balance sheet... The USA should always be paying the … lowest rate. No Inflation!”


LONDON STOCK EXCHANGE – A STORY OF FAILED MEGA MERGERS

G&M - Reuters (2019-09-11)

Hong Kong Exchanges and Clearing made an unsolicited US$39-billion takeover bid for the London Stock Exchange, an offer contingent on the LSE ditching its planned acquisition of data company Refinitiv.


FORMER BANK OF CANADA DEPUTY HAS A RADICAL PLAN TO FIGHT THE NEXT RECESSION

G&M - KONRAD YAKABUSKI (2019-09-11)

Jean Boivin wants to be clear about one thing: Neither he, nor his colleagues at the BlackRock Investment Institute, are predicting a global recession any time soon. Which seems incongruous, considering that he has been telling central bankers they need to get ready now for the next big one.


CALIFORNIA BILL GIVING PROTECTIONS TO UBER DRIVERS, OTHER GIG ECONOMY WORKERS, MOVES AHEAD

CBC - CBC (2019-09-11)

The California Assembly is expected to give final consideration Wednesday to a bill that would provide new wage and benefit protections to workers at so-called gig economy companies such as Uber and Lyft where people pick up jobs on their own schedule.


IT'S OFFICIAL, CANADIANS: THE 2019 FEDERAL ELECTION CAMPAIGN IS UNDERWAY

CBC - Catherine Tunney (2019-09-11)

Canadians "have an important choice to make" about their country's future path, Liberal Leader Justin Trudeau said today as he triggered the official launch of the federal election campaign.


PEOPLE'S PARTY BANKING ON DEBATE PARTICIPATION TO GET ATTENTION: BERNIER

CBC - CP (2019-09-11)

But the most important is the participation to the national debate," Bernier said on Wednesday, the first day of the campaign ahead of the Oct. 21 vote.


ASIAN DEVELOPMENT BANK EYES MORE PRIVATE-SECTOR WORK, WHILE KEEPING AN EYE ON TRADE TROUBLES

FP - Geoff Zachodine (2019-09-11)

The Asian Development Bank says it is looking to do more work with the private sector, such as helping finance a solar power plant in Mongolia that is backed by a Canadian climate fund.


LSE POISED TO REJECT £32BN HONG KONG BID

FT - Philip Stafford, Owen Walker (2019-09-11)

The Hong Kong bourse’s audacious £32bn bid for the London Stock Exchange faces rejection amid doubts about political risk and deal structure, according to people briefed on the offer.


HONG KONG’S PLUTOCRATS SEE LSE AS A LIFELINE

FT - Jamil Anderlini (2019-09-11)

The chief executive of Hong Kong Stock Exchanges and Clearing might want to bone up on his Shakespeare before making any more analogies.


NEW CONDO PRICES STALL IN TORONTO, FALL IN VANCOUVER

Better Dwelling - Kaitlin Last (2019-09-11)

The new condo apartment price index (NCAPI) is StatCan’s stab at measuring new condo apartment prices. They take the developer’s sold prices, and measure similar units on a quarterly basis. A price index is then produced, showing inflation adjusted movements over time. It’s similar to CREA’s HPI or Teranet-National Bank’s House Index, but for new condo apartments. The list only includes six cities right now, but hopefully they’ll expand to smaller regions soon.


SAINSBURY'S ABANDONS CASH AND CARD-FREE STORE PILOT

Finextra - Finextra (2019-09-11)

The experimental cash and card-free store was opened in London's Holborn Circus in April. The supermarket chain completely refurbished the store to remove the checkout


EX-KPMG PARTNER SENTENCED TO A YEAR AND A DAY IN ‘STEAL THE EXAM’ SCANDAL

WSJ - Jean Eaglesham (2019-09-11)

The former No. 2 auditor at KPMG LLP was sentenced to a prison term of one year and one day for his role in a “steal the exam” scandal that exposed serious weaknesses at one of the Big Four accounting firms.


HSBC LOOKS TO UNLOAD FRENCH RETAIL BANK

WSJ - Margot Patrick (2019-09-11)

HSBC Holdings PLC is preparing to put its French retail bank on the sales block in one of its first strategic actions under new interim Chief Executive Noel Quinn, people familiar with the matter said.


FEDERAL ELECTION CAMPAIGN SET TO BEGIN WEDNESDAY

G&M - MICHELLE ZILIO, JANICE DICKSON KRISTY KIRKUP MARIEKE WALSH (2019-09-10)

Prime Minister Justin Trudeau is expected to visit Governor-General Julie Payette on Wednesday morning to kick off the election campaign, Liberal sources said.


CANADIANS SHIFT SAVINGS FROM INVESTING TO REPAYING DEBT FOR FIRST TIME IN A DECADE: REPOR

G&M - Clare O'Hara (2019-09-10)

Canadians are diverting personal savings toward paying down debt rather than investing, contributing to a decline last year in the value of investments – the first in a decade.


23% OF MILLENNIALS JUSTIFY LYING ON A MORTGAGE APPLICATION, EQUIFAX FINDS

CBC - Melissa Bennardo (2019-09-10)

"Fudging income numbers when completing a mortgage application is fraud. It also becomes a slippery slope for those people who may end up stretching themselves too thin," Julie Kuzmic, director of consumer advocacy at Equifax Canada, said in a press release. 


CMHC REPORTS ANNUAL PACE OF HOUSING STARTS CLIMBED 1.9% IN AUGUST

CBC - CP (2019-09-10)

The housing agency says the seasonally adjusted annual rate of housing starts rose to 226,639 units in August, up from 222,467 units in July.


ALIBABA FOUNDER JACK MA STEPS DOWN AS CHAIRMAN OF CHINESE E-COMMERCE GIANT

CBC - AP (2019-09-10)

Ma's successor as chairman is CEO Daniel Zhang, a former accountant and 12-year veteran of Alibaba. He previously was president of its consumer-focused Tmall.com business unit.

 
 


TRUDEAU'S RECKLESS INEXPERIENCE IS HURTING THE CANADIAN ECONOMY

FP - Diane Francis (2019-09-10)

The budget predicts deficits of $19.8 billion in 2019-20; $19.7 billion in 2020-21; and $14.8 billion in 2021-22. Not only have they broken promises to adhere to fiscally responsible spending, but they have no timetable to reduce deficits for the near future should they be re-elected.


IA FINANCIAL GROUP APPOINTS NEW PRESIDENT OF IA AUTO AND HOME INSURANCE

Insurance Journal - IIJ (2019-09-10)

He will be taking on this new responsibility in addition to his role as Chief Operating Officer of iA Auto and Home Insurance and Prysm General Insurance.


ALBERTA ECONOMY FACES CONTINUING CHALLENGES

Insurance Journal - IIJ (2019-09-10)

"Alberta's economy is facing challenges from all sides—from the lack of pipeline capacity to trade wars—which is why ATB is forecasting marginal growth this year," said ATB's Chief Economist Todd Hirsch.


POST-DORIAN CLAIMS ADJUSTMENT: HAS THE INDUSTRY RESOLVED ITS CAPACITY ISSUES?

Canadian Underwriter - Greg Machbach (2019-09-10)

“We were tapped out – not only from an adjusting perspective but from a contracting perspective,” Kumar Sivakumaran, vice president of national operations at independent adjusting firm ClaimsPro, said Monday in an interview. He was contrasting the May 4, 2018 event with the aftermath of Hurricane Dorian in Atlantic Canada.


JPMORGAN CHASE LOWERS 2019 OUTLOOK FOR NET INTEREST INCOME TO $57 BILLIO

Reuters - Elizabeth Dilts (2019-09-10)

“Our (net interest income) will be a little bit lower than we told you last time,” Chief Executive Officer Jamie Dimon said at Barclays’ Financial Services Conference in New York. “I think we told you $57.5 (billion) and I’m closer to $57 (billion) for this year.”


CITIGROUP SAYS GOLD MAY TOP RECORD

Bloomberg - Ranjeetha Pakiam (2019-09-10)


CARNEY SAYS BREXIT-HIT POUND LOOKS LIKE EMERGING MARKET CURRENCY

Bloomberg - Charlotte Ryan and Matthew Boesler (2019-09-10)


CHINA INJECTS $126 BILLION INTO ITS SLOWING ECONOMY IMAGE

NY Times - Alexandra Stevenson (2019-09-10)

China’s central bank moved on Friday to give the country’s slowing economy a jolt, saying it would essentially inject $126 billion into the financial system as Beijing fights an escalating trade war.


NUMBER OF UNINSURED AMERICANS RISES FOR FIRST TIME IN DECADE

WSJ - Stephanie Armour (2019-09-10)

The number of Americans without health insurance climbed to 27.5 million in 2018, according to federal data that show the first year-to-year increase in a decade, before the Affordable Care Act began reducing the ranks of the uninsured.


JPMORGAN CEO DIMON RAISES SPECTER OF ZERO RATES

WSJ - David Benoit (2019-09-10)

The biggest bank in the U.S. is starting to prepare for how to make money if interest rates in the U.S. drop to zero.


SILENCE, DEVASTATION SURROUND THE FEW PEOPLE STAYING IN DORIAN-WHIPPED PORT IN BAHAMAS

G&M - Zachary Fagenson (2019-09-09)

Days after fleeing their crumbling home and breaking into a vacant apartment to take shelter while Hurricane Dorian rampaged over the Bahamas’ Great Abaco Island, Samuel Cornish and his family caught a rescue flight to Nassau.


DETACHED-HOUSING MARKET IS BREAKING OUT OF TWO-YEAR SALES SLUMP IN TORONTO-AREA SUBURBS

G&M - Janet McFarland (2019-09-09)

Sales of detached houses in the suburban 905 region outside Toronto are leaping higher after a two-year slump, posting gains of 20 per cent or more in every month since April.


CANADA SHINES ON LIST OF MOST ‘LIVABLE’ CITIES: WHERE CALGARY, VANCOUVER, TORONTO, MONTREAL RANK

G&M - Michael Babad (2019-09-09)

Canada and Australia dominate the top in a ranking of the world’s most “livable” cities.


THE PRICE OF A PENSION: INSIDE CPPIB, THE $3-BILLION-A-YEAR OPERATION THAT INVESTS YOUR MONEY

G&M - David Milsted (2019-09-09)

When the Canada Pension Plan Investment Board put together its first full-year report in the spring of 2000, it assembled its employees for a group photo – all five of them.


WHY EUROPE’S BANKS ARE TREMBLING IN FEAR OF EVEN MORE NEGATIVE RATES

G&M - Eric Reguly (2019-09-09)

Abolishing interest rates sounds like the greatest idea since spray cheese. Money for nothing, mortgages for free! In Denmark, Jyske Bank AS is offering 10-year mortgages where the bank actually pays the borrower interest of 0.5 per cent a year. Imagine that. But that’s what happens when the banking world turns upside down.


SUN LIFE FINANCIAL APPOINTS LéO GRéPIN AS NEW HEAD OF ASIAN BUSINESS

G&M - Clare O'Hara (2019-09-09)

Sun Life Financial Inc. has appointed a new head of its Asian business.


JPMORGAN CLOSE TO WINNING LEAD ADVISORY ROLE FOR ARAMCO’S IPO, SOURCE SAYS

G&M - JOSHUA FRANKLIN AND HADEEL AL SAYEGH (2019-09-09)

JPMorgan Chase & Co. is close to winning the lead advisory role for Saudi Aramco’s initial public offering, a source familiar with the situation said on Sunday.


POWELL SAYS FEDERAL RESERVE WILL CONTINUE TO ACT ‘AS APPROPRIATE’ TO SUSTAIN ECONOMIC GROWTH

G&M - BRENNA HUGHES NEGHAIWI AND JOHN REVILL (2019-09-09)

The U.S. Federal Reserve will continue to act “as appropriate” to sustain the economic expansion in the world’s biggest economy, Fed Chair Jerome Powell said on Friday in Zurich, sticking to a phrase that financial markets have taken to signal further rate reductions, but declining to be more specific.


U.S. CORPORATE INSIDERS SELLING SHARES AT FASTEST PACE SINCE FINANCIAL CRISIS A DECADE AGO

CBC - Pete Evans (2019-09-09)

According to research firm TrimTabs, in the month of August insiders at American companies were selling, on average, about $600 million worth of shares in their own companies a day (all figures US).


TRADE WAR UNCERTAINTY IS HANGING OVER CANADA'S ECONOMY, BANK OF CANADA DEPUTY GOVERNOR SAYS

CBC - CP (2019-09-09)

"That said, we agree that the data show some areas of concern. Among these is the weakness in consumption ... and, of course, we are concerned about the drop in business investment, which is likely linked to ongoing trade war and related uncertainty."


MANAGED TRADE IS BACK, BUT DON'T MISTAKE ITS RETURN AS PROOF THAT FREE TRADE DOESN'T WORK

FP - Kevin Carmichael (2019-09-09)

In the summer of 2017, Jeff Rubin, the former Bay Street economist who predicted oil would one day cost more than $200 per barrel, came up with another doozy. Or at least I thought he had.


DESJARDINS CEO SLAMS SHORT-TERMISM, CREDITS CO-OP MODEL WITH HELPING IN AFTERMATH OF PRIVACY BREACH

FP - Geoff Zochodne (2019-09-09)

The sight of 181 U.S. chief executives pledging to invest in employees, deal fairly with suppliers and support their communities — as they did last month by backing a new mission statement for corporations proposed by the Business Roundtable, a major lobby group — was good news in the eyes of Guy Cormier.


SAUDI ARAMCO LINES UP BANKS, EYES LOCAL LISTING THIS YEAR: SOURCES

Reuters - Hadeel Al Sayegh, Davide Barbuscia, Sylvia Westall (2019-09-09)

Saudi Aramco is expected to give lead roles to JPMorgan, Morgan Stanley and National Commercial Bank for its planned initial public offering (IPO), a source familiar with the transaction said.


LLOYDS WARNS MIS-SELLING COULD COST IT AN EXTRA $2.2 BILLION

Reuters - Carolyn Cohn, Iain Withers (2019-09-09)

Lloyds Banking Group (LLOY.L) will set aside up to an extra 1.8 billion pounds ($2.2 billion) to settle mis-selling claims in Britain’s costliest consumer banking scandal, and said it was suspending its 2019 share buyback program.


MEXICO MOVES TO LAUNCH WORLD'S LARGEST OIL HEDGE PROGRAM

Reuters - Devika Krishna Kumar, Stefanie Eschenbacher (2019-09-09)

Mexico has made the first moves to launch its annual $1 billion oil hedging program by asking banks for quotes, sources familiar with the deal said, while buying in financial oil options contracts for 2020 has risen in recent days, consistent with the giant trade.


CITIGROUP DOUBLES DOWN ON CREDIT CARDS EVEN AS U.S. ECONOMY SOFTENS

Reuters - Imani Moise (2019-09-09)

Citigroup, the third-largest U.S. card issuer, according to payments industry publication The Nilson Report, has been among the most aggressive promoters of zero-interest balance transfers.


MARIO DRAGHI REACHES AGAIN FOR THE BOND-BUYING BAZOOKA

Bloomberg - Marcus Ashworth (2019-09-09)


FED AND ECB ARE STUCK IN A SHRINKING CORNER

Bloomberg - Mohamed A. El-Erain (2019-09-09)

The European Central Bank and the Federal Reserve will be under even greater scrutiny over the next 10 days as their policy-making committees discuss recent economic developments, update their assessment of prospects and adopt whatever actions and guidance they deem necessary. The outcome will most likely satisfy those looking for the world’s two most influential central banks to further loosen monetary policy.


THE WORLD’S OIL GLUT IS MUCH WORSE THAN IT LOOKS

Bloomberg - Julian Lee (2019-09-09)


CANADA IS DRAGGING ITS HEELS ON OPEN BANKING

G&M - Soheil Karkhanechi (2019-09-09)

An important segment of Canada’s technology industry is falling behind the rest of the world. The culprit? Federal politics and political manoeuvring by the big banks. At risk is not only the continued success of a key part of our technology industry, but also consumer access to better and more reasonably priced financial services.


WORLD BANK’S KRISTALINA GEORGIEVA SOLE CANDIDATE TO LEAD IMF, FUND SAYS

G&M - Reuters (2019-09-09)

The International Monetary Fund said on Monday that World Bank chief executive Kristalina Georgieva will be considered as the sole candidate to be the next IMF managing director following the close of the nomination period on Friday.


FIFTY U.S. STATES LAUNCH JOINT ANTITRUST PROBE INTO GOOGLE

G&M - Rachel Lerman (2019-09-09)

Fifty U.S. states and territories, led by Texas, announced an investigation into Google’s “potential monopolistic behaviour.”


JUDGE CALLS FACEBOOK’S VIEWS ON PRIVACY ‘SO WRONG’ AS HE ALLOWS CLASS-ACTION TO PROCEED

G&M - Jonathan Stempel (2019-09-09)

A federal judge on Monday ordered Facebook Inc to face most of a nationwide lawsuit seeking damages for letting third parties such as Cambridge Analytica access users’ private data, calling the social media company’s views on privacy “so wrong.”


BATTERED OIL AND GAS COMPANIES BRACE FOR ANOTHER SETBACK — EXCLUSION FROM CANADA’S MAIN STOCK INDEX

FP - Geoffrey Morgan (2019-09-09)

Some of the country’s largest natural gas producers and drilling companies could soon be booted out of the main Toronto Stock Exchange index amid a share price rout, according to analysts.


PENSION GIANT CPPIB IS EXTENDING ITS PRIVATE CREDIT WAGER TO MAKE UP FOR DWINDLING YIELDS ELSEWHERE

FP - Paula Sambo (2019-09-09)

The nation’s biggest pension manager has increased its private debt investments from $5.1 billion (US$3.4 billion) in 2011, to $32.7 billion at the end of March, its annual report shows. Investments in private credit were virtually zero in 2006. The growth of its allocations in less liquid assets has borne fruit, said its senior managing director and global head of credit investments John Graham.


ANNUAL INSURED LOSSES FROM GLOBAL CATASTROPHES REACH US$92 BILLION

Insurance Business - Roxanne Libatique (2019-09-09)

The report, which outlined key loss metrics from the firm’s global industry exceedance probability (EP) curve, estimated that the global modelled insurance average annual loss from catastrophes worldwide was around US$92 billion.


GUY CARPENTER ANNOUNCES CHAIRMAN AS PART OF GROWTH STRATEGY

Insurance Business - Lyle Adriano (2019-09-09)

Guy Carpenter has named David Priebe as chairman of the company, in a bid to further its growth strategy.


SUN LIFE’S KEVIN DOUGHERTY TO RETIRE

Insurance Journal - IIJ (2019-09-09)

Kevin DoughertySun Life’s Executive Vice-President, Innovation and Partnerships, will be retiring effective Dec. 31, 2019, announced Stephane Vigneault, VP, Insurance Distribution, Wholesale Channel, Sun Life.


CANADIAN HELOC DEBT RISES TO OVER $302 BILLION

Better Dwelling - Daniel Wong (2019-09-09)

Most of the loans secured by residential real estate is for personal purposes. Personal loans secured by real estate reached $269.06 billion in June, up 0.19% from the month before. Compared to the same month last year, this number is 3.90% higher. Growth here is higher than usual, but is the lowest seen since March 2017, before the surge of growth.


IRISH BANKS BATTERED AS DISORDERLY BREXIT LOOMS

WSJ - Leslie Scism, Nicole Friedman and Caitlin Ostroff (2019-09-09)

Some of the stocks worst hit by Brexit uncertainty aren’t in the U.K.: They are Irish banks.


HOW ONE FAMILY FELL INTO—AND DUG OUT OF—AN INSURANCE SCANDAL

WSJ - Miho Inada and BIOGRAPHY MIHO.INADA@WSJ.COM Megumi Fujikawa (2019-09-09)

Keijiro Nawata, a 38-year-old truck driver, had finished the day’s deliveries and was changing his truck’s oil in the shop one day in June last year when an uncle called saying something was wrong. Mr. Nawata’s mother had received a letter urging her to pay $3,600 in overdue life-insurance premiums, the uncle said


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VANCOUVER CONDO PRICES ARE WHERE THEY WERE ALMOST TWO YEARS AGO

The price of a condo apartment in Greater Vancouver continues to fall from last year. The benchmark price across REBGV reached $654,000 in August, down 7.4% from last year. In the City of Vancouver, Vancouver East’s benchmark reached $522,300, down 7.5% from last year. In Vancouver West, the benchmark fell to $756,000, down 8.4% from the year before. Considering prices only turned negative in 2019, this is a surprisingly large decline.


FINTECH FIRM STRIPE CLIMBS RANKS OF U.S. STARTUP VALUATIONS

Stripe’s latest funding round values the company at $35 billion, putting the financial technology firm above Airbnb and Palantir.


THE DEBATE OVER PROFITS VS. PUBLIC INTEREST CONTINUES

Many of the country’s biggest companies said last month that their mission wasn’t just to make profits. But not all business leaders agree — and, as Andrew points out in the latest DealBook special section, that reflects an existential divide for USA Inc.



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