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Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.
Analytical information and financial information related to technogies that can change your business.
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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.
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.
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.
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).
Mark Sibthorpe
The industry overview is divided into 5 parts:
Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks
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.
Mark Sibthorpe
Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.
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.
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.
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.
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.
Mark Sibthorpe
Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.
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.”
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.
Mark Sibthorpe
Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.
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.
Mark Sibthorpe
Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.
Mark Sibthorpe
Mark Sibthorpe
BNTV
BankNews.TV Publishing Corp services overview document:
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.
Mark Sibthorpe
This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.
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.
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.
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.
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.
Mark Sibthorpe
Mark Sibthorpe
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.
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.
Mark Sibthorpe
This report examines liquidity issues in the Canadian financial service industry.
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’.
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.
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.
BNN - BNN Video (2019-06-24)
The Bank of Canada is facing a meaningfully different macroeconomic environment, so I do not believe they will be in lockstep with the Fed.
G&M - Janet McFarland (2019-06-24)
The chief executive of Canada Mortgage and Housing Corp. (CMHC) has overseen a transformation of the Crown corporation since 2014, shifting CMHC’s focus from its long-time role as Canada’s largest mortgage insurer to a new role as the front-line administrator of the Liberal government’s National Housing Strategy, a program of loans and grants to fund housing for vulnerable groups.
G&M - Editorial (2019-06-24)
Among the pre-election gambits in the federal government’s March budget was a program to bolster the spending power of aspiring homeowners in Canada’s stretched housing market. Ottawa released the details this week, and the program opens to applicants in September.
G&M - Michael Babad (2019-06-24)
“There are too many reasons to be gloomy about the Canadian dollar to forecast a sharp appreciation, and our forecast essentially looks for it to underperform others as the U.S. dollar finally corrects in the face of a slowing economy.”
Mr. Juckes, global fixed income strategist, projected the loonie would be at slightly over 75 US cents by December, just shy of 76 by next March, and almost 77 by June, 2020.G&M - Reuters (2019-06-24)
U.S. regulators have sought explanation from Deutsche Bank AG about its “bad bank” proposal and its impact on U.S. operations at the loss-making German lender, the Financial Times reported on Monday.
CBC - Don Pittis (2019-06-24)
A law that would force Hong Kong courts to send people charged with crimes under Chinese law to mainland China to face penalties has the two groups worried for different reasons, and this time business is weighing in. And it appears at least some factions within the Chinese political establishment are listening, even as Beijing blames the forces of foreign capitalism for instigating the massive protests.
FP - Doug Alexander (2019-06-24)
“We have longstanding relationships with clients who are within the sports and entertainment industry, going back decades. Within the past year, we decided to have a more dedicated presence,” Nicole Pullen Ross, who oversees the business at Goldman, said in an interview. “We’ve been extremely fortunate to have some very early success.”
FP - Elizabeth Rembery (2019-06-24)
Just 19 banks among the 161 largest retail and commercial banks that the consulting firm examined have been focusing enough on digital strategies to “make the shift to a different sort of bank,” Accenture said in the report, released Thursday. And those that did were rewarded for their efforts, the firm said.
Reuters - Iain Withers, Kirstin Ridley (2019-06-24)
The case, pursued by Britain’s Serious Fraud Office (SFO), was the first time the head of a global bank has faced criminal charges over conduct during the financial crisis, when the banking system was brought to its knees and taxpayers were forced to pay billions of pounds to shore it up.
Bloomberg - Alistair Marsh (2019-06-24)
Better Dwelling - Daniel Wong (2019-06-24)
Since 2000, Canadian cities have experienced absurd price growth to major US “bubble” cities. Toronto real estate prices have increased 239.9% as of March 2019, when compared to prices in 2000. Montreal real estate prices have increased a more modest, but still large, 189.08% over the same period. Vancouver, which recently lost the throne to Canada’s most expensive real estate market, increased a whopping 315.58%. None of the US cities have shown that kind of increase. These numbers are inflation adjusted.
NY Times - Michaeal Corkery (2019-06-21)
The settlement Walmart reached with the Department of Justice and the Securities and Exchange Commission caps one of the biggest investigations ever under the Foreign Corrupt Practices Act, which makes it illegal for American corporations to bribe Foreign officials.
G&M - Joe Costalado (2019-06-20)
The founder of defunct cryptocurrency exchange QuadrigaCX moved users’ money into his personal accounts, created artificial trading volume and inflated company revenue, according to a report from Ernst & Young.
G&M - Sean Silcoff (2019-06-20)
Canada’s billionaire Weston family is making a $100-million bet on the emerging-technology sector, hiring away one of Canada’s top early-stage investment professionals from Ontario Municipal Employees Retirement System to run its new venture fund.
CBC - CBC (2019-06-20)
The U.S. central bank has decided to keep its benchmark interest rate right where it is, in a range between 2.25 and 2.5 per cent.
CBC - Chris Fournier (2019-06-20)
Canadian inflation quickened in May on increases across all eight major components, giving the Bank of Canada plenty of scope to hold interest rates steady.
FP - Doug Alexander (2019-06-20)
“I wouldn’t have put a three-to-five-year target out if I knew we were going to hit it in six months,” White, 47, said in an interview Tuesday at the bank’s Toronto headquarters. “The level that we’re at right now is sustainable, and I think we’re going to see the U.S. business continue to grow faster than the rest of the bank — but not that much faster than the rest of the bank.”
FP - Geoff Zochodne (2019-06-20)
The first announcement, an Amazon.com Inc.-related credit card issued by Toronto-Dominion Bank’s MBNA division, might inspire some envy among the lender’s peers. TD was even highlighted in a press release as “the first Canadian-headquartered bank to issue an Amazon credit card.”
Reuters - Parisa Hafezi, Phil Stewart (2019-06-20)
Iran has shot down a U.S. drone which the elite Revolutionary Guards said on Thursday was flying over southern Iran, raising fears that a major military confrontation could erupt between Tehran and Washington.
Reuters - Yawen Chen, Ben Blanchard (2019-06-20)
“The heads of the two trade teams will communicate, according to instructions passed down from the two presidents,” Chinese commerce ministry spokesman Gao Feng told reporters, without elaborating.
Reuters - Pete Schroeder (2019-06-20)
Representative Maxine Waters, the Democrat who chairs the House Financial Services Committee, said Tuesday she planned to similarly call Facebook to testify, and asked the company to halt the project while policymakers studied it.
NY Times - DAVID ENRICH, BEN PROTESS and WILLIAM K. RASHBAUM (2019-06-20)
Federal authorities are focused on whether the bank complied with anti-money-laundering laws, including in its review of transactions linked to Jared Kushner.
WSJ - Greg IP (2019-06-20)
Like it or not, the Fed is the world’s central bank. Thus, it is now signaling it will likely cut rates in coming months, not because the U.S. is headed into recession, but because shadows are growing over the rest of the world.
WSJ - Sam Goldfarb (2019-06-20)
Ten-year Treasury yields fell below 2% for the first time since late 2016 after the Fed stood pat on its benchmark rate but opened the door to a near-term-cut, the latest milestone in this year’s global government bond rally.
Insurance Journal - IIJ (2019-06-20)
The majority of Canadians who have credit protection insurance (CPI) on their mortgages and home equity lines of credit (HELOC) find it is a convenient way to protect themselves and/or their families against major financial setbacks arising from death, disability, critical illness, or job loss.
Insurance Journal - IIJ (2019-06-20)
Sun Life Financial Inc. is combining some of its affiliates into a new autonomous asset management business called SLC Management.
Insurance Business Mag - Lucy Saddleton (2019-06-20)
“We need to be aware that this is not ‘us versus them.’ We really need collaboration between men and women in the industry. If we keep going with this adversarial approach it will push us back and we won’t make any traction going forward,” she said.
G&M - Adrian Morrow (2019-06-20)
U.S. President Donald Trump is vowing to press Chinese President Xi Jinping on Canada’s behalf over Beijing’s detention of two Canadians in apparent retaliation for Ottawa’s arrest of a Chinese telecom executive.
G&M - Les Perreaux (2019-06-20)
A rogue employee of Desjardins Group has leaked the personal information of 2.9 million members of the financial services co-operative, but executives tried to reassure customers Thursday that their money is safe.
G&M - Fergal Smith (2019-06-20)
The Canadian dollar strengthened to a three-month high against its U.S. counterpart on Thursday as oil prices surged and the greenback was pressured by the prospect of interest rate cuts by the Federal Reserve.
G&M - Andy Bruce (2019-06-20)
The Bank of England cut its growth forecast for Britain’s economy to zero in the second quarter of 2019 on Thursday and highlighted risks from global trade tensions and growing fears of a no-deal Brexit.
G&M - Reuters (2019-06-20)
Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media, Bank of England Governor Mark Carney said on Thursday.
G&M - Tom Cardoso (2019-06-20)
More than 31,000 homes across the country were rented out so often on Airbnb in 2018 that they were likely removed from the long-term rental supply, according to a groundbreaking study by McGill University researchers.
Finextra - Finextra (2019-06-20)
Despite investing more than $1trn globally in new technology over the last three years, the majority of banks have yet to see any financial boost from their digital transformation programmes.
CBC - AP (2019-06-20)
While the comments appeared to suggest Trump was not eager to escalate the latest in a series of incidents with Iran, he also warned that, "This country will not stand for it."
FP - Simban Jagday (2019-06-20)
Shopify Inc., an e-commerce company that went public four years ago, is now more valuable than Manulife Financial Corp. and Canadian Imperial Bank of Commerce — two financial institutions that have been around for more than a century.
City News - CP (2019-06-20)
On playoff game days and the day after, Tangerine experienced a 50 per cent spike in website traffic and saw a 20 per cent jump in the number of customers who signed up for an account, said Scotiabank spokesman Doug Johnson.
Better Dwelling - Daniel Wong (2019-06-20)
Over the past 15 years, HELOC debt has become the second largest segment of debt – after mortgages. By itself, the loans aren’t good or bad, they’re just leverage. However, the surge in borrowing after real estate values soared, can leave borrowers in a precarious situation. The government has become increasingly worried about the issue. If you’re wondering why Canadians have so much debt, this is one of the reasons.
Linkedin - Trenton Gaddis (2019-06-20)
Note to this article: I included this because it seems to offer insight into how crypto is positioned by crypto evangilists. Check out a couple of the links in the article as I found it a facinating yarn.
CDIC - Kristy Henry, AJ Pratt (2019-06-20)
Congratulations to CDIC for having the best businesss case for the 'Rain or Shine Financial Challenge Game' that was demonstrated at the 'Digitial Marketing for Financial Services Summing' yesterday. Gamification, the art of building game-like elements into real-world business processes can be a game changer. Here is some background on gamefication https://fsim.ca/docs/Gamfin.pdf. However, if you want to see gamification in action click this link: https://www.rainorshinegame.com/
G&M - Nathan Vanderklippe (2019-06-19)
Real estate agents in Vancouver have noticed something unusual in the past few weeks. For the first time in recent memory, the number of Hong Kong Chinese attending open-house showings has exceeded that of mainland Chinese buyers, who have been a visible presence in the city’s real estate market over the past decade.
G&M - HALLIE GU AND DOMINIQUE PATTON (2019-06-19)
China will block pork imports from a third Canadian firm after a shipment was found to contain the banned feed additive ractopamine, the customs agency said on Tuesday, deepening a trade and diplomatic dispute with Canada.
G&M - KONRAD YAKABUSKI (2019-06-19)
Forget the Trans Mountain Pipeline. If Prime Minister Justin Trudeau is looking for a legacy project to secure his place in history, his advisory council on universal drug insurance has handed him a proposal that could one day have Canadians calling their drug plan Justincare.
CBC - Don Pittis (2019-06-19)
As governments around the world consider how to limit the commercial clout of big technology companies, Facebook has announced it is poised to expand that influence into the fundamental heart of all commerce: Money.
FP - Reuters (2019-06-19)
Amazon Canada says Toronto-Dominion Bank and MasterCard are teaming up to launch Amazon.ca rewards MasterCard in Canada.
NY Times - Jeanna Smialek (2019-06-19)
Trade tensions, weakening jobs data and inflation pose risks — but growth is strong. The Fed must decide to hold fire, signal a move or cut rates.
NY Times - Stephen Grocer (2019-06-19)
Yields on Treasury debt have fallen, which means investors expect the Federal Reserve to push interest rates lower and keep them there.
NY Times - JEANNA SMIALEK, JIM TANKERSLEY and JACK EWING (2019-06-19)
President Trump’s trade war is stirring uncertainty, weighing on manufacturing and disrupting increasingly delicate global economic growth.
WSJ - Mike Bird (2019-06-19)
In the rally currently roaring through the global bond market, Japan is being left behind, exposing the key flaws in its unique monetary policy platform.
WSJ - Nathan Allen and Joanne Chiu (2019-06-19)
European stocks edged lower after a positive session in Asia, where markets welcomed upbeat comments on trade from President Trump and the prospect of fresh central-bank stimulus for the eurozone.
Better Dwelling (2019-06-19)
Some Canadian real estate buyers are blowing off last year’s decline in sales. Canadian Real Estate Association (CREA) numbers show sales made a large increase in May. The rise, while substantial, failed to bring volume to historically significant levels. Last month’s sales still fall short of the average.
Insurance Journal - IIJ (2019-06-19)
The program, scheduled to kick in on Labour Day, is meant to help qualified middle-class families with annual household income under $120,000 take their first steps to home ownership.
Insurance Journal - Andrea Lubeck (2019-06-19)
After having shed its group insurance activities early this year, Scotia Life is now selling its individual life insurance business to Chubb Life.
Insurance Business - Terry Gancuangco (2019-06-19)
Instead of a payout deal from Old Mutual Limited (OML), previously suspended chief executive Peter Moyo has now got the axe. In an update to stakeholders, the African insurer has lifted the lid on the sacking.
Insurance Business - Duffie Osental (2019-06-19)
AXA XL’s enhanced PARLL policy will now include location and contingent transportation coverage for third-party claims for bodily injury, property damage, and remediation expense that comes from pollution or remediation expense from first-party discovery of a pollution condition. The policy will also cover emergency remediation expense indemnity for remediation expense incurred by the policyholder from a pollution condition.
Canadian Underwriter - Greg Meckbach (2019-06-19)
There are more than two million RVs in Canada and they are typically used four weeks out of year, RVezy founder Michael McNaught said Tuesday in an interview. So for 11 months out of 12, many RVs are not getting used but are depreciating in value.
G&M - Geoffrey York (2019-06-18)
In Djibouti, two superpowers have built heavily guarded bases only a few kilometres apart, watching the crossroads between Asia, Africa and the Middle East in an increasingly tense standoff for global supremacy. What could possibly go wrong?
G&M - Ethan Lou (2019-06-18)
With report after inquiry after investigation suggesting a crisis of money laundering in British Columbia, the City of Vancouver has decided to tackle the problem by targeting what it sees as its lowest common denominator: bitcoin ATMs.
CBC - Adam Malik (2019-06-18)
The report suggests initially using a mixture of levies and government subsidies to build funding for the high-risk insurance option.
Insurance Journal - IIJ (2019-06-18)
Established in 2014, CatIQ provides catastrophe loss and exposure information in Canada, collecting event loss and exposure data from the majority of the Canadian insurance market. It provides an independent industry exposure & loss database for the region.
G&M - Andrew Willis (2019-06-17)
Toronto’s GMP Capital Inc. is in talks to be acquired by Stifel Financial Corp., according to sources in the financial sector, in a deal that would see a U.S. company swallow one of the last sizable independent investment banks in Canada.
G&M - Michael Babad (2019-06-17)
Economists say they're seeing signs of "green shoots" in Canadian housing markets.
G&M - Clare O'Hara (2019-06-17)
An online loan provider that offers Canadians free credit-score reports has raised an additional $20-million in equity and venture debt funding, co-led by Power Financial’s Portag3 Ventures.
G&M - Barrie McKenna (2019-06-17)
Depending on who’s talking, Canada’s farm export sector is either on the cusp of greatness or headed for disaster.
G&M - David Luggren (2019-06-17)
Ottawa looks set to approve a hotly debated plan to expand an oil pipeline this week, people familiar with the process told Reuters, but the move is unlikely to help Prime Minister Justin Trudeau rebuild flagging support ahead of an October election.
BBC - BBC (2019-06-17)
The scenes are reminiscent of 2003 - when half a million people protested against proposed national security legislation. The unpopular chief executive at the time, Tung Chee-hwa, resigned months later. Critics have said the legislation would expose people in Hong Kong to China's deeply flawed justice system and lead to further erosion of the city's judicial independence.
FP - Kevin Carmicael (2019-06-17)
Bloomberg News reported on June 7 that the value of green assets under management last year was about US$31 trillion, a 34 per cent increase from 2016. That’s trillion with a “t,” in strong dollars. Converted to loonies, the figure is about $41 trillion at the current exchange rate. Real money.
FP - Estiban Duarte (2019-06-17)
Canadian borrowers joined a slew of new debt deals from around the globe to raise at least $22.6 billion (US$17. billion) this week as issuers including the financing arm of the nation’s housing agency and a cannabis company took advantage of a lull in the global trade war.
WSJ - Nick Timiraos (2019-06-17)
Federal Reserve officials are moving into unfamiliar territory with their dots.
WSJ - Nick Timiraos (2019-06-17)
Sometimes the Fed cuts rates as a form of insurance, because the risk of bad things happening has gone up: For parallels to questions the Fed faces, analysts point to two rate cuts from the 1990s.
WSJ - Allison Prang (2019-06-17)
Shares of banks buying other banks are underperforming, reflecting investor concerns that potential economic weakness could depress future earnings and portend bigger-than-expected loan losses at target firms.
WSJ - Akane Otani (2019-06-17)
Markets are sending conflicting signals about how big a threat the global trade rift presents, underscoring the difficulty investors face in sizing up the fallout from the U.S. and China’s spat.
Reuters - Reuters (2019-06-17)
The measures are part of a significant restructuring of the investment bank, a major source of revenue for Germany’s largest lender, which has struggled to generate sustainable profits since the 2008 financial crisis.
G&M - Bill Curry (2019-06-17)
Mortgage-industry officials say the government’s First-Time Home Buyer program is likely to fall far short of its goal of making real estate more affordable to many new buyers.
G&M - James Bradshaw (2019-06-17)
Street Capital Group Inc. has struck an all-cash deal to be acquired by RFA Capital Inc. for $85-million, securing a much-needed infusion of capital as the mortgage lender has struggled to keep pace in a competitive market.
G&M - Andrew Willis (2019-06-17)
Toronto’s GMP Capital Inc. is in talks to be acquired by Stifel Financial Corp., according to sources in the financial sector, in a deal that would see a U.S. company swallow one of the last sizable independent investment banks in Canada.
G&M - SANGAMESWARAN S AND JUSTIN GEORGE VARGHESE (2019-06-17)
The U.S. arm of HSBC Holdings Plc announced plans on Monday to expand its branch network by around a quarter as it opened a new location in Apple Inc’s home town of Cupertino, California.
G&M - AP (2019-06-17)
Canada’s flexible exchange rate has helped the economy adjust to external shocks and contributed to low and stable inflation, a senior Bank of Canada official said Monday.
G&M - MARY MCININCH AND TED MAKSIMOWSKI (2019-06-17)
In our haste to streamline hiring through automation, have we turned candidates into vanilla units on a production line?
G&M - Katanga Johnson (2019-06-17)
KPMG LLP has agreed to pay a $50-million fine over allegations former staffers used stolen information to alter some of the accounting firm’s previous audit work and cheated on training exams, the U.S. Securities and Exchange Commission said on Monday.
CBC - CBC (2019-06-17)
About a third of transgender people report have negative experiences when they have shown a credit card with a name that did not match their appearance, MasterCard said.
Reuters - Jonathan Saul (2019-06-17)
International shipping accounts for 2.2% of global carbon dioxide (CO2) emissions and the U.N.’s International Maritime Organization (IMO), has a long-term goal to cut greenhouse gas emissions by 50% from 2008 levels by 2050.
FP - Emilio Parodi, Maria Pia Quaglia (2019-06-17)
The allegations, some previously unreported, are laid out in documents used by prosecutors when they sought a magistrate’s order seizing assets from the banks and two diamond brokers. Reuters viewed the documents, which also included excerpts of wire taps and witness statements.
NY Times - Neil Irwin (2019-06-17)
They want it known they’re basing their decisions on sound economics rather than political considerations. They wish not to be pushed around by what traders in financial markets and cable news pundits want. Or even by the president of the United States.
WSJ - Lawrence Norman (2019-06-17)
Iran said it would exceed limits on its enriched-uranium stockpiles before the end of this month, as the U.S. said it would send an additional 1,000 troops to the Mideast in response to “hostile behavior” by Tehran.
WSJ - Micah Maidenberg and Dave Michaels (2019-06-17)
U.S. indexes edged higher ahead of central bank policy meetings around the world as investors continue to bet the Federal Reserve will slash interest rates this year.
WSJ - Laura Kusisto (2019-06-17)
The Federal Reserve Bank of San Francisco says banks can get extra credit for making loans that help communities adapt to climate change and prepare for future natural disasters.
WSJ - WSJ (2019-06-17)
Chinese regulators made fresh attempts to calm frayed nerves in the country’s financial sector, as bank liquidity remained tight by some measures three weeks after authorities took over a struggling city lender.
Insurance Journal - IIJ (2019-06-17)
Much discussed, yet often misunderstood, it’s clear that Artificial Intelligence is set to dominate the global Insurance sector for the foreseeable future – and Canada is no different. Despite being a somewhat nascent discipline within insurance, progress in silicon centres across the nation mean carriers recognize the potential of AI to cut costs, improve the customer experience and generate sustainable long-term growth.
Insurance Journal - Terry Gancuangco (2019-06-17)
An announcement by the global organization of insurance and reinsurance chief executive officers outlined that Tulloch as well as Ping An Insurance Company of China co-CEO Yuansiong Lee, Prudential Financial chief executive Charles F. Lowrey, and The People’s Insurance Company of China chairman Jianmin Miao had been elected.
Insurance Business - Duffie Osenthal (2019-06-17)
The new offering, as reported by Repairer Driven News, is similar to a service already offered by Aviva Canada and is powered by the same technology from Chicago-based Snapsheet.
Canadian Underwriter - Adam Malik (2019-06-17)
“So it’s more about becoming a bionic broker – using AI and other tools to assist you in what you do,” Arbuthnot said. “The nature of the job is changing and actually getting better and more interesting and more fulfilling.”
FT - Richard Milne (2019-06-17)
Swedbank has ousted the chief executive and finance director of its Estonian operations as part of its internal investigation into extensive money laundering allegations against Sweden’s oldest bank in the Baltics.
FT - Laura Noonan (2019-06-17)
Citi announced the rejig on Monday in an internal memo signed by Carey Lathrop and Andy Morton, who took over running the markets division when Mr Ybarra became head of the investment bank earlier this year.
G&M - Eric Atkins (2019-06-14)
The battle for Transat A.T. Inc. appears set to heat up as Montreal real estate investor Group Mach Inc. submits a formal offer for the airline and vacation company that is still in talks for a friendly takeover with Air Canada.
G&M - Michael Babad (2019-06-14)
Several studies this week paint a picture of where Canadian consumers stand. Or fall, as the case may be, as loan defaults rise.
G&M - Matt Lundy (2019-06-14)
Canadian households are spending a record portion of their disposable income on debt payments, according to new figures from Statistics Canada.
CBC - AP (2019-06-14)
Some Venezuelans are expressing scepticism about new banknotes that their government says will ease challenges posed by the country's soaring inflation.
CBC - Rhianna Schmunk (2019-06-14)
Housing affordability is still far out of reach for millennials across the country, a new report says, with the average price of a house in Vancouver perched a particularly unattainable four times higher than what those prospective buyers could safely afford to pay.
FP - Esteban Duarte and Jill Ward (2019-06-14)
“On this trip, a lot of people are bringing up Brexit, U.S. and China in their discussions,” Ontario Finance Minister Vic Fedeli said in a BNN Bloomberg TV interview in London Tuesday. Investors view Ontario as a “safe haven” and “sea of tranquility,” Fedeli said.
Reuters - Press Release (2019-06-14)
“The Swiss big banks Credit Suisse and UBS have slightly improved their capital situation overall, in spite of the moderate deterioration in economic and financial conditions”, the central bank said in its 2019 financial stability report.
Reuters - Reuters Video (2019-06-14)
U.S. stocks rebounded Thursday from two days of declines. As Conway Gittens reports, energy shares bounced back with on oil supply disruption concerns following attacks on two tankers in the Gulf of Oman.
NY Times - Staff (2019-06-14)
President Trump wants the Fed to cut interest rates to juice the American economy. Employ America, a group of left-leaning millennials, is pushing the central bank to do the same thing — though for different reasons, Jeanna Smialek of the NYT reports.
Insurance Journal - IIJ (2019-06-14)
“Awareness is the first step in recognizing and stopping financial abuse of seniors,” said Louis Morisset, CSA Chair and President and CEO of Quebec regulator, the Autorité des marchés financiers. “With a growing senior population, it is more important than ever to help safeguard our aging communities who may become increasingly susceptible to financial exploitation and fraud.”
Insurance Journal - IIJ (2019-06-14)
The CRA says the scheme is advertised as an investment opportunity in real estate through a limited partnership. “It is usually heavily promoted as a product with a significant tax advantage and limited liability for the investor. The promoter of the scheme promises a tax write-off for more than double of what was invested,” explains the CRA.
Insurance Business - Duffie Osenthal (2019-06-14)
In a statement, the two companies said that an amalgamation will enable them to meet the challenges associated with Quebec’s very competitive property and casualty insurance market. A transition committee has been set up to do the necessary groundwork to ensure that the merger goes smoothly.
Insurance Business - Duffie Osental (2019-06-14)
O’Donovan is an experienced public company board member and strategic senior executive with over 30 years of Canadian and global financial services industry experience. She was first elected to Aviva’s board in 2016 and is also a member of the boards of Cadillac Fairview, Indigo Books and Music Inc., and two private investment management firms.
G&M - Michael Babad (2019-06-13)
Canada has been sliding down the real-estate consulting group’s ladder for some time, from No. 39 in the fourth quarter of last year. For annual comparisons, Canada ranked No. 15 in the first quarter of 2018, with annual price growth of 6.6 per cent, and No. 10 in the first three months of 2017, with 10.3 per cent.
G&M - Janet Macfarland (2019-06-13)
Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency.
CBC - CBC (2019-06-13)
Immigrants own proportionally fewer single-detached homes than Canadian-born residents, a new report has found, but in Vancouver, the ones they do own likely come with a higher sticker price.
FP - Larysa Harapyn and Kevin Carmichael (2019-06-13)
The Financial Post’s Kevin Carmichael speaks to Larysa Harapyn about central bank moves around the world, and what we can expect from Canada.
FP - Philip Cross (2019-06-13)
It is no surprise that of all the former governors of the Bank of Canada, only John Crow had the gravitas and legacy to write a book about his tenure. By comparison, the current governor, Stephen Poloz, whose seven-year term has just entered its final year, barely has accomplishments, never mind a legacy. That is, unless one counts a track record of subpar growth, two near-recessions, monumental bubbles in Canada’s two largest housing markets and a substantial devaluation of the currency. But he did put the face of a female civil-rights activist on the $10 bill.
Insurance Journal - Susan Yellin (2019-06-13)
Homegrown insurtechs are making inroads into both the life and property and casualty insurance markets in Canada. But insurers and the technology-savvy insurtech start-ups face a number of logjams they must clear to ensure smoother relationships, a recent conference was told.
Insurance Business - Terry Gancuangco (2019-06-13)
In the view of Marsh & McLennan Companies (MMC) president and chief executive Dan Glaser (pictured), no industry benefits society more than insurance does. Addressing more than 700 delegates at the ongoing MMC Rising Professionals’ Forum 2019 in London, Glaser explained why.
Canadian Underwriter - Colette Derworiz (2019-06-13)
The spill into the North Saskatchewan River in July 2016 forced the cities of North Battleford, Prince Albert and Melfort to shut off their water intakes for almost two months.
Reuters - Jonathan Stempel (2019-06-13)
Wells Fargo remains unable to expand under restrictions imposed in February 2018 by the Federal Reserve until the bank, the nation’s fourth-largest by assets, cleans up its culture and oversight.
WSJ - Laura Kusisto (2019-06-13)
When Heather Gaker found the perfect sage-green beach house in Boynton Beach, Fla., four years ago, she hired multiple inspectors and researched the property’s flood history. Finding no serious history of flooding, she used most of her retirement savings to buy it with cash.
G&M - Nathan Vanderklippe (2019-06-12)
Protesters crowded onto the streets of downtown Hong Kong Wednesday morning, installing barriers on roads and snarling traffic as they prepared for a day of action to protest a bill that would make it easier for authorities in China to extradite people from the city.
G&M - Janet Macfarland, James Bradshaw (2019-06-12)
Canada would need a “calamity” in the housing market to warrant adjusting the mortgage stress test, which is helping affordability, according to the head of Canada’s national housing agency.
FP - Geoff Zochodne (2019-06-12)
Lucie Tedesco’s term at the helm of the FCAC — already extended twice past its original September 2018 expiry date — ended June 3.
FP - Gavin Finch (2019-06-12)
Two executives at a top Lloyd’s of London insurance company have resigned following allegations of sexual harassment. One was accused of groping colleagues at a booze-fuelled party, the other of stalking a junior employee.
Reuters - Sumeet Chatterjee (2019-06-12)
Grab, Southeast Asia’s most valuable start-up, is exploring a move into Singapore banking as regulators in the Southeast Asian city-state consider allowing online-only banks, four people with knowledge of the process said.
Bloomberg - Sandrine Rastello (2019-06-12)
Bloomberg - Esteban Duarte and Kristine Owram (2019-06-12)
FT - Sarah Provan (2019-06-12)
The Financial Conduct Authority on Wednesday said the rules will ban companies from charging backdated interest on money that the purchaser has repaid during the offer period.
FT - Nicholas Megaw (2019-06-12)
Europe’s big banks have warned that more than a quarter of online payments will be impossible to complete from September because of a lack of preparedness for new EU anti-fraud rules and have “urgently” requested more time to adapt. In a letter seen by the Financial Times, trade bodies for the European banking sector wrote to the European Commission and Europe’s top banking regulator on Tuesday asking for an EU-wide effort to manage risks created by the new rules. The planned changes, which are part of the EU’s Second Payment Services Directive, will require most online payments above €30 to go through an extra level of verification such as entering a code received via a text message.
FT - Caroline Binham and Martin Arnold (2019-06-12)
New powers given to Europe’s banking watchdog are not enough to stem the tide of dirty money sweeping through the bloc that has been revealed by recent scandals, the head of the European Banking Authority said.
Finextra - Finextra (2019-06-12)
Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.
Better Dwelling - Daniel Wong (2019-06-12)
Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high.
G&M - MATTHEW MCCLEARN, GEOFFREY YORK (2019-06-11)
In Latin America, billions of dollars in Canadian government-backed loans have been funnelled to two of the region’s most notorious oil companies: the state-owned petroleum corporations of Mexico and Brazil, each riddled with frequent reports of bribery, bid-rigging and inflated contracts.
G&M - Marina Strauss (2019-06-11)
Hudson’s Bay Co. executive chairman Richard Baker is leading a $1-billion cash proposal to take the iconic company private, a big bet on the turnaround prospects of the long-struggling retailer.
G&M - Diane Bellemare (2019-06-11)
The time has come to take a fresh look at the Bank of Canada Act. It received royal assent on July 3, 1934 – 85 years ago. Even though it has been amended over time, it needs to be reassessed. The act provides mainly organizational and operational clauses as well as a preamble that explains the reasons for its creation. This preamble states that the central bank should promote the “economic and financial welfare of Canada." It is very broad in scope. The act does not state the specific mandate of the bank nor mention the agreements between it and the federal government. It does not include either transparency or accountability obligations for the bank.
G&M - CP (2019-06-11)
Canada Mortgage and Housing Corp. says the pace of housing starts slowed in May.
G&M - Clare O'Hara (2019-06-11)
A new independent financial regulator is up and running in Ontario to oversee insurance, mortgage and deposit taking institutions.
G&M - CP (2019-06-11)
Canaccord Genuity Group Inc. has struck a deal to acquire Australian financial services firm Patersons Securities Ltd. for roughly $23 million in cash.
CBC - CP (2019-06-11)
The housing agency say the seasonally adjusted annual rate of housing starts slipped to 202,337 units in May, down 13.3 per cent from 233,410 units in April.
CBC - Chris Fournier (2019-06-11)
“There’s just no latent capacity to spend or to buffer a shock in Canada, and the U.S. is very well positioned,” Lascelles said by phone from Toronto. “You could lose your job and you would be okay in the U.S., or rates could go up and you’d be fine, or the economy could turn down and spending could continue. In Canada, you can’t really say that.”
CBC - Barbara Schecter (2019-06-11)
“Diagram’s unique, entrepreneur-focused model and the success it has enjoyed so far drew me to the platform,” Hill said in a statement. “I have yet to see anything else like it and I believe this formula represents the way forward to create the next generation of Canadian-based global businesses in the financial technology sector.
FP - CP (2019-06-11)
In a report Monday, the PBO compared the growth in the $392-billion public pension fund to what the same money would have made in “passive” investments that just tracked a pair of index funds, and finds the active-management strategy has come out ahead.
Better Dwelling - Stephen Punwasi (2019-06-11)
Residential investment (a.k.a. residential structures) covers construction, renovation, and ownership transfer. Construction means new construction of single and multi-family homes. The renovation portion only covers large renovations such as roofs and kitchens. It doesn’t include routine maintenance such as painting or minor repairs. Ownership transfer costs include things like agent commissions and lawyer fees. It’s not a comprehensive bill of real estate’s contribution towards GDP. Instead, it’s the most direct contributors.
NY Times - Jack Ewing (2019-06-11)
Deutsche Bank on Monday acknowledged a lapse in its money laundering controls, underlining the bank’s continuing struggle to move beyond a series of scandals that have helped push its stock price to a record low.
WSJ - Peter Rudegeair and Leslie Scism (2019-06-11)
‘Insuretech’ companies found it made more sense to collaborate with old-line insurers, rather than replace them.
WSJ - Brian Blackston (2019-06-11)
As the global economy slows, central bank policies won’t follow the same path as a decade ago.
WSJ - Vivian Salama (2019-06-11)
President Trump said that the Federal Reserve has given China a competitive advantage over the U.S. with its monetary policy, adding that it is clear some officials haven’t listened to his advice to cut interest rates.
Reuters - Clare Jim, Kane Wu (2019-06-11)
Hong Kong geared for more protests, including strikes, transport go-slows and even picnics, against a proposed extradition law that would allow people to be sent to China for trial, even as the city’s leader vowed on Tuesday to push ahead with the bill.
Benefits Pro - Phil Murphy (2019-06-11)
South Park is coming to the end of its 23-season run, with the series finale scheduled for later this year.
Better Dwelling - Daniel Wong (2019-06-11)
Delinquencies are rising across every age demographic, but the youngest and oldest were most notable. The rate of credit delinquencies hit 1.12% across Canada in Q1 2019, up 3.5% from last year. The youngest demographic, aged 18-25 had the highest rate of delinquency at 1.68% – up 0.1% from last year. People aged 65+ had a delinquency rate of 0.99%, up a massive 9.4% from last year. The youngest demographic showed the smallest change, indicating stabilization at that rate. The oldest demographic experienced the largest increase of any segment, indicating deterioration.
Digital Transactions - Kevin Woodward (2019-06-11)
Perhaps not surprisingly, younger consumers were more likely to use a mobile-payment app on a smart phone. Of those 16 to 24 years old, 71% said they would, as did 73% of those 25 to 34 years old. The likelihood begins to fall with 59% for 35-to-44 year old consumers, and drops to 42% for the 45-to-54 group and 28% for the 55-to-64 segment.
FP - Elizabeth Rembery (2019-06-24)
Just 19 banks among the 161 largest retail and commercial banks that the consulting firm examined have been focusing enough on digital strategies to “make the shift to a different sort of bank,” Accenture said in the report, released Thursday. And those that did were rewarded for their efforts, the firm said.
Bloomberg - Alistair Marsh (2019-06-24)
NY Times - JEANNA SMIALEK, JIM TANKERSLEY and JACK EWING (2019-06-19)
President Trump’s trade war is stirring uncertainty, weighing on manufacturing and disrupting increasingly delicate global economic growth.
G&M - Geoffrey York (2019-06-18)
In Djibouti, two superpowers have built heavily guarded bases only a few kilometres apart, watching the crossroads between Asia, Africa and the Middle East in an increasingly tense standoff for global supremacy. What could possibly go wrong?
WSJ - Akane Otani (2019-06-17)
Markets are sending conflicting signals about how big a threat the global trade rift presents, underscoring the difficulty investors face in sizing up the fallout from the U.S. and China’s spat.
Finextra - Finextra (2019-06-12)
Visa first revealed back in 2016 that it had teamed up with blockchain outfit Chain to develop Visa B2B Connect, improving B2B payments by providing a system that promises near real-time notification and finality of payment aligned with an immutable system of record over a permissioned private blockchain.
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Since 2000, Canadian cities have experienced absurd price growth to major US “bubble” cities. Toronto real estate prices have increased 239.9% as of March 2019, when compared to prices in 2000. Montreal real estate prices have increased a more modest, but still large, 189.08% over the same period. Vancouver, which recently lost the throne to Canada’s most expensive real estate market, increased a whopping 315.58%. None of the US cities have shown that kind of increase. These numbers are inflation adjusted.
Facebook Inc. was hours away from the formal announcement of its ambitious foray into financial services, but French Finance Minister Bruno Le Maire was already broadcasting his discontent.
"It’s out of the question’’ that the social-media giant’s digital money compete with sovereign currencies, Le Maire said.
The case, pursued by Britain’s Serious Fraud Office (SFO), was the first time the head of a global bank has faced criminal charges over conduct during the financial crisis, when the banking system was brought to its knees and taxpayers were forced to pay billions of pounds to shore it up.
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