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

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

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

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

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

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

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

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

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


About

About BankNews TV: FSIM,Analytics and Research

BankNews.TV propose to help investors understand the risk of investing in African banks. Through detailed analytics, investors will be able to compare audited financial data against comparable international banks. BankNews.TV will also support banks reporting requirements and assist them in their capital outreach initiatives. In order to help investors and banks, BankNews.TV offers detailed analytics, news feeds and industry reports.

BankNews Africa Invest service is geared to African banks seeking investments. Investments can be in many forms, such as Equity Recourse Notes (ERN), stocks, bonds or other structured instruments. In order for investors to gauge the risk, investors will need to see a snapshot of each banks financial data. Click choose file for a data template that you need to upload. If you have not already downloaded the templates, please see the financial data templates tab below.

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

Research

Canadian Bank 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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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?  

banknews.tv/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  

banknews.tv/docs/ctfsfinal.pdf

Mark Sibthorpe

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


FINANCE MINISTER SCORECARD AUGUST 26, 2015  

banknews.tv/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  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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 ON CANADIAN BANKS  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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.  

banknews.tv/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  

banknews.tv/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  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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  

banknews.tv/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

MAJOR FINANCIAL INSTITUTIONS SET UP THIRD-PARTY RISK MANAGEMENT COMPANY

Insurance Business - Lyle Adriano (2018-06-16)

Several of America’s biggest banks have come together to create a new company that will carry out risk assessments on suppliers and partners.


AS BMO TAKES ON ROLE IN CANNABIS FINANCING, OTHER BANKS RETHINK RISK

G&M - Christina Pelligrini, James Bradshaw (2018-01-19)

In August, 2015, a firm then known as Tweed Inc. had its accounts at Royal Bank of Canada terminated for doing business in Canada's legal medical-marijuana sector.


CIBC EYEING FIRSTCARIBBEAN VALUATION AROUND $1.4-BILLION: SOURCES

G&M - Maatt Scuffham, John Tilak (2018-01-19)

Canadian Imperial Bank of Commerce is targeting a valuation of 10 times earnings for the potential listing of its FirstCaribbean business in New York, which would give it a market value of around $1.4-billion, five sources familiar with the matter told Reuters over the past week.


CAPE TOWN AT RISK OF BECOMING FIRST MAJOR CITY IN THE WORLD TO RUN OUT OF WATER

G&M - Geoffrey York (2018-01-19)

Cape Town, one of the biggest cities in South Africa and a famed tourist attraction, is warning its residents that they will soon have to queue for water.


ONE OF THE BIGGEST BRITISH CORPORATE FAILURES IN RECENT YEARS COULD BE FELT ALL THE WAY TO CANADA

FP - Reuters (2018-01-19)

Britain’s Carillion collapsed on Monday after its banks lost faith in the construction and services company, forcing the government to step in to guarantee major public works contracts.


TAX REFORM PROMPTS APPLE TO PAY $38B TAX BILL TO BRING HOME $245B IN FOREIGN PROFITS

CBC - AP (2018-01-19)

Apple plans to build a new corporate campus and hire 20,000 U.S. workers in an expansion driven in part by a tax cut that will enable the iPhone maker to bring an estimated $245 billion US back to its home country.


THIS COULD BE ‘MOST DANGEROUS’ YEAR EVER – WEF REPORT

Insurance Business - Bethan Moorcraft (2018-01-19)

An evolving web of complex global risks is pushing humanity towards the brink – and it’s up to insurers and other socio-political leaders to ensure the consequences of these risks don’t reach catastrophic levels.


MUNICH RE SEALS AGREEMENT WITH DRONE-INSPECTION PROVIDER

Insurance Business - Ryan Smith (2018-01-19)

Munich Re has cemented an agreement with drone-inspection service provider Betterview. Under the agreement, Betterview will offer drone imagery, analysis and reporting to Munich Re’s insurance company clients. As part of the agreement, Munich Re will also refer insurance company clients that can benefit from Betterview’s services, and interested companies would be able to purchase those services.


BROKERS REACT TO LEADERSHIP CHANGES AT AVIVA, INTACT

Canadian Underwriter - Greg Machbach (2018-01-19)

An insurance company’s top manager is “an important face” for brokers, but this does not necessarily mean that big changes will happen any time soon after the recent leadership changes announced by Canada’s top two property and casualty insurers.


SIX CHINESE SHIPS COVERTLY AIDED NORTH KOREA. THE U.S. WAS WATCHING.

WSJ - Michael R. Gordon, Chun Han Wong (2018-01-19)

Satellite photographs and other intelligence gathered by U.S. officials provide what they say is detailed evidence of at least six Chinese-owned or -operated cargo ships violating United Nations sanctions against North Korea.


SIX CHINESE SHIPS COVERTLY AIDED NORTH KOREA. THE U.S. WAS WATCHING.

WSJ - Michael R. Gordon, Chun Han Wong (2018-01-19)

Satellite photographs and other intelligence gathered by U.S. officials provide what they say is detailed evidence of at least six Chinese-owned or -operated cargo ships violating United Nations sanctions against North Korea.


SIX CHINESE SHIPS COVERTLY AIDED NORTH KOREA. THE U.S. WAS WATCHING.

WSJ - Michael R. Gordon, Chun Han Wong (2018-01-19)

Satellite photographs and other intelligence gathered by U.S. officials provide what they say is detailed evidence of at least six Chinese-owned or -operated cargo ships violating United Nations sanctions against North Korea.


HSBC TO PAY $101.5 MILLION TO RESOLVE FEDERAL FRAUD CHARGES

WSJ - WSJ (2018-01-19)

HSBC Holdings has agreed to pay $101.5 million to resolve federal fraud charges stemming from the bank’s misuse of confidential client information for its own profit, a practice commonly known as front-running.


JPMORGAN’S DIMON RECEIVED $29.5 MILLION PAY PACKAGE IN 2017

WSJ - WSJ (2018-01-19)

JPMorgan Chase Chief Executive James Dimon received a compensation package valued at $29.5 million in 2017, up 5.4%—or $1.5 million—from 2016, according to a securities filing.


BANKING ON LOWER TAX RATES

WSJ - Michael Rapoport (2018-01-19)

Now that big banks have finished reporting fourth-quarter earnings filled with noise from the new tax law, how much do they expect to actually pay in taxes going forward? A lot less than in the past.


GOLDMAN SACHS ONCE LOOKED INVINCIBLE. NOW IT’S LOSING MONEY.

NY Times - Emily Flitter (2018-01-19)

Goldman Sachs used to seem invincible. In the fourth quarter, it lost money.


MORGAN STANLEY RAISES TARGETS, BUT WALL STREET WANTS MORE

Reuters - Catherine Ngai, Aparajita Saxena (2018-01-19)

Morgan Stanley raised key profitability and efficiency targets on Thursday, but those loftier goals failed to impress Wall Street analysts, who repeatedly asked Chief Executive Officer James Gorman why the bank could not do even better.


NIGERIA SUES JP MORGAN FOR $875 MILLION OVER MALABU OILFIELD DEAL

Reuters - Libby George, Julia Payne (2018-01-19)

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.


NIGERIA SUES JP MORGAN FOR $875 MILLION OVER MALABU OILFIELD DEAL

Reuters - Libby George, Julia Payne (2018-01-19)

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.


BANKS SHIFT PRIORITIES TOWARD GROWTH, DIGITISATION AND INNOVATION - SURVEY

Finextra - Finextra (2018-01-19)

The poll of 221 execs at banks in Europe, North America, Asia Pacific and emerging markets suggests a shift in digital attitudes away from regulatory-driven transformation to innovation-led change.


BMO FIRST MAJOR BANK TO LEAD MARIJUANA EQUITY FINANCING

G&M - Jacqueline Nelson (2018-01-18)

Bank of Montreal became the first major Canadian bank to lead an equity financing for a public company in the medical marijuana sector, underwriting a $175-million stock sale for Canopy Growth Corp.


BOC RATE HIKE, COMING ON HEELS OF NEW MORTGAGE RULES, HITS HOME BUYERS

G&M - Janet McFarland (2018-01-18)

First-time home buyers are facing a double blow after the Bank of Canada boosted interest rates on Wednesday just weeks after tougher new mortgage-qualification rules took effect in Canada.


CANADIAN OIL ASSETS PUT ON THE BLOCK EVEN AS CRUDE TOPS $60

G&M - Jeff Lewis (2018-01-18)

Oil producers are stepping up asset sales to patch up their finances, underscoring caution in the sector even as crude prices climb to more than $60 (U.S.).


DOVISH BANK OF CANADA QUASHES EXPECTATIONS OF FURTHER ‘FAST AND FURIOUS’ RATE HIKES

FP - Pamela Heaven (2018-01-18)

The Bank of Canada surprised almost no one when it hiked its key interest rate 25 basis points to 1.25 per cent Wednesday.


POWER CORP. SUBSIDIARY LAUNCHING NEW CREDIT CAPITAL FUND

FP - Barbara Shecter (2018-01-18)

Sagard Holdings, a subsidiary of Power Corp., has US$260 million in commitments for a new fund that will provide credit capital to mid-market companies in Canada and the United States.


HOME CAPITAL VOWS TO DEFEND ITSELF AGAINST SHORT SELLER'S LAWSUIT

CBC - CP (2018-01-18)

Home Capital Group days it vows to defend itself against misrepresentation claims in a $4-million lawsuit filed by a short seller against the alternative lender and three of its former executives.


LOBLAWS IN $400M TAX FIGHT WITH CRA OVER CLAIMS IT SET UP BOGUS OFFSHORE BANK

CBC - Zach Dubinsky (2018-01-18)

A senior judge warned Loblaws and the federal government this morning that she would not look kindly on any further procedural delays in a $400-million battle the two sides are waging in Tax Court.


CLHIA’S COMPENSATION DISCLOSURE GUIDELINE FOR GROUP BUSINESS WILL TAKE EFFECT THIS JULY

Insurance Journal - Alain Theriault (2018-01-18)

Driven by the regulatory trend of addressing market conduct risks, the Canadian Life and Health Insurance Association’s (CLHIA) Guideline G19, Compensation Disclosure in Group Benefits and Group Retirement Services,will come into effect on July 1, 2018 for new business, and Jan. 1, 2020 for renewals.


IA FINANCIAL GROUP TEAMS UP WITH TUGO TO OFFER TRAVEL INSURANCE

Insurance Journal - IIJ (2018-01-18)

iA Financial Group announced Jan. 17 that it is partnering with TuGo, a travel insurance provider, to offer a new travel insurance product.


MILLIONS BOUGHT INSURANCE TO COVER RETIREMENT HEALTH COSTS. NOW THEY FACE AN AWFUL CHOICE

WSJ - WSJ (2018-01-18)

Long-term-care insurance was supposed to help pay for nursing homes, assisted living and personal aides. Now, though, the industry is in financial turmoil, causing misery for many of the 7.3 million people who own a long-term-care policy.


GOLDMAN SACHS LOSES ITS TRADING EDGE

WSJ - WSJ (2018-01-18)

Goldman Sachs posted its first quarterly loss in six years as a dismal showing by its trading unit compounded a one-time charge related to the new tax law.


‘MELT-UP’ RALLY PROPELS DOW ABOVE 26000 AS FEAR TURNS TO GREED

WSJ - WSJ (2018-01-18)

The market’s most recent gains have been powered in part by a sudden hunger for stocks among certain money managers and individual investors who have long been wary of the nearly nine-year bull market.


GOLDMAN INVESTORS RATTLED BY LATEST PLUNGE IN BOND TRADING

Reuters - Catherine Ngai, Aparajita Saxena (2018-01-18)

Goldman’s bond trading unit posted its worst quarter since 2008, with a 50 percent revenue plunge. The declines were widespread across currencies, credit products, interest rate products, commodities and mortgages, Goldman said.


REAL-TIME SUCCESS IN SWEDEN

Finextra - Finextra (2018-01-18)

Carina Olsson, Director of Payments, Bankgirot, talks about the next generation of banking, what key opportunities real-time payments offer, why faster payments have been such a success in Sweden and what the next step is in this space.


TORONTO DETACHED REAL ESTATE INVENTORY RISES OVER 230%

Better Dwelling - Kaitlin Last (2018-01-18)

Toronto’s detached real estate was notoriously scarce this time last year. Numbers from the Toronto Real Estate Board (TREB) show that’s not the case anymore. Detached prices slid for a 7th month in a row, as sales continued to decline, and inventory soars.

 


FOUR SCENARIOS AND A FUNERAL: WHAT TO EXPECT TODAY ON BANK OF CANADA RATE, CANADIAN DOLLAR

G&M - Michael Babad (2018-01-17)

Expect Bank of Canada governor Stephen Poloz to raise interest rates this morning only if he's been getting a good night's sleep.


WHAT ELSE TO WATCH FOR TODAY

G&M - Michael Babad (2018-01-17)

Aside from the Bank of Canada decisions, there are key earnings reports from Bank of America Corp., Goldman Sachs Group Inc., U.S. Bancorp and Alcoa Corp.


MANULIFE’S U.S. ARM SWEPT UP IN GE’S $9.5-BILLION INSURANCE WRITEDOWN

G&M - Tim Kiladze (2018-01-17)

For the second time in as many months, a surprising shakeup in the American insurance market has dimmed the prospects for one of Manulife Financial Corp.'s most troublesome businesses, suggesting once again that the fixes promised by the insurer's newly minted chief executive officer will come with costs attached.


LOGIQ'S DEBENTURE HOLDERS GAIN THREE MORE YEARS OF 7% INTEREST

FP - Barry Critchley (2018-01-17)

It’s not quite the end of the road for holders of convertible debentures who are now the responsibility of LOGiQ Asset Management.


PROSPECT OF HIGHER RATES HAS CANADIANS WORRIED ABOUT PAYING BILLS, SURVEY SHOWS

CBC - Rajeshni Naidu-Ghelani (2018-01-17)

Canadians are feeling increasingly worried about their personal debt, with an increasing number close to being unable to pay the bills every month as higher interest rates start to make an impact, a new Ipsos survey suggests.


AVIVA NAMES NEW CANADA PRESIDENT AND CEO

Insurance Business - Paul Lucas (2018-01-17)

There has been something of a shake-up at insurance giant Aviva Canada, with the company announcing a new president and CEO.


LLOYD'S OF LONDON BOSS WARNS OF CRIPPLING CYBERATTACK

Insurance Business - Gabriel Olano (2018-01-17)

Lloyd’s of London chief executive Inga Beale has warned that the financial sector, and other industries, are inadequately prepared to defend themselves against a devastating cyberattack.


PROVINCIAL BOARD APPROVES NEW RIDE-HAILING INSURANCE RATES

Canadian Underwriter - CP (2018-01-17)

Manitoba’s Public Utilities Board has approved new insurance rates for ride-hailing company drivers that businesses such as Uber and Lyft have said will keep them setting up shop in Winnipeg.


PROVINCIAL BOARD APPROVES NEW RIDE-HAILING INSURANCE RATES

Canadian Underwriter - CP (2018-01-17)

Manitoba’s Public Utilities Board has approved new insurance rates for ride-hailing company drivers that businesses such as Uber and Lyft have said will keep them setting up shop in Winnipeg.


TROUBLES PUSH GE TO CONSIDER A BREAKUP

WSJ - WSJ (2018-01-17)

General Electric is considering breaking itself apart, its chief executive said, after disclosing more problems buried in one of its major units.


WHY NEW TAX LAW COST CITIGROUP, GM $29 BILLION

WSJ - WSJ (2018-01-17)

Two of America’s biggest companies—Citigroup and General Motors—announced a combined $29 billion charge against earnings because of the new tax law. The primary reason for the charges is something that eventually will benefit companies, the corporate tax rate going to 21% from 35%.


CITIGROUP STEERS INTO RECOVERY, WITH OTHERS’ HANDS ON THE WHEEL

NY Times - John Foley (2018-01-17)

The snag with Citigroup’s decade-long climb back from the financial brink is that it’s been largely driven by forces that its chief executive, Mike Corbat, doesn’t control. Changes to the United States tax regime show that’s sometimes a good thing.


U.S. CHARGES FORMER BARCLAYS FOREX TRADER WITH FRAUD

NY Times - Lawrence White (2018-01-17)

Robert Bogucki, the former head of foreign exchange trading in New York for the British bank, is alleged to have manipulated forex options before a large trade by computer and software maker Hewlett-Packard Company (HP) in 2011, using a practice known as “front-running”.

 


WELLS FARGO LOSES BID TO END PHILADELPHIA PREDATORY LENDING LAWSUIT

Reuters - Jonathan Stempel (2018-01-17)

A federal judge in Philadelphia on Tuesday rejected Wells Fargo & Co’s bid to dismiss that city’s lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers.


BLACKROCK’S MESSAGE: CONTRIBUTE TO SOCIETY, OR RISK LOSING OUR SUPPORT

NY Times - Andrew Ross Sorkin (2018-01-16)

Laurence Fink, the chief executive of BlackRock, the $6 trillion investment firm, plans to tell C.E.O.s in a letter that businesses must serve a social purpose.


BOE WARNS OF ‘POINT OF TENSION’ IN BREXIT TALKS OVER FINANCIAL SERVICES ‘MINDSETS’

FT - Caroline Binham (2018-01-16)

The Bank of England’s top banking and insurance supervisor has warned that differences between European and UK regulators over how to treat retail and wholesale financial firms after Brexit may be a flashpoint in discussions as the UK prepares to leave the European Union, with the fate of 25 of the largest European institutions hanging in the balance.


WHERE ARE ALL THE FEMALE INVESTORS?

FT - Maike Currie (2018-01-16)

I recently received a complimentary book from the financial publisher Harriman House. Harriman’s New Book of Investing Rules: The Dos and Don’ts of the World’s Best Investors is a beautiful hardback doorstopper with a strikingly-designed outer sleeve, promising to distil more than 400 investment rules.


INSURERS COMPETE WITH FUND MANAGERS FOR LUCRATIVE PENSION POTS

FT - Angus Peters (2018-01-16)

Heneg Parthenay denies he is about to engage in battle with the giants of the insurance world, but his job description suggests otherwise. With relatively little fanfare, the head of insurance at Insight Investment, a UK-based asset manager with £550bn under management, recently launched a so-called “self-managed buy-in”, a product designed to help employers struggling with pension deficits in their defined benefit, or final salary, schemes.


TOP BACKER OF US SUBPRIME LENDERS EYES OVERSEAS OPPORTUNITIES

FT - Ben McLannahan (2018-01-16)

One of the top backers of subprime lenders in the US is eyeing opportunities overseas, seeking to cash in on the consumers that battle-scarred banks remain reluctant to serve.


U.S. LAWSUIT ACCUSES BANKS OF RIGGING A CANADIAN RATE BENCHMARK

G&M - James Bradshaw (2018-01-16)

Canada's six biggest banks are facing a lawsuit filed with a New York court that alleges they conspired with three other global banking giants to rig a Canadian interest-rate benchmark and boost profits.


CITIGROUP REPORTS $18.3-BILLION LOSS ON TAX CHARGES; PROFIT TOPS ESTIMATES

G&M - SWETA SINGH AND DAVID HENRY (2018-01-16)

Citigroup Inc. posted an $18-billion quarterly loss on Tuesday because of charges related to a new U.S. tax law, but its adjusted earnings beat Wall Street expectations and management signaled that the bank may soon lift financial performance targets.


REGULATOR FLAGS CRYPTOCURRENCY INVESTMENT RISKS

PCMA - Press Release (2018-01-16)

For those wanting to take part in the cryptocurrency craze, the North American Securities Administrators Association (NASAA) advised potential investors to look beyond the hype and proceed with caution.


TOP BMO MINING BANKER HEADS TO TMAC RESOURCES AS NEW CEO

G&M - Niall McGee (2018-01-16)

One of Canada's best known mining bankers has jumped to a junior gold company.


CURRENCY TRADERS BRACE FOR POSSIBILITY OF ‘HAWKISH HOLD’ BY BOC

G&M - Alexandria Arnold (2018-01-16)

Foreign-exchange traders who had all but priced in a Bank of Canada rate hike are suddenly paying up to hedge against the risk of a letdown at Wednesday's policy meeting.


GREAT-WEST SUBSIDIARY RECOMMENDS RETURN TO FIXED-INCOME SECURITIES

Insurance Journal - Alain Theriault (2018-01-15)

Great-West Life investment subsidiary, GLC Asset Management Group (GLC), believes it's time to moderate overweight equity positions, and underweight fixed income to protect against a slowing market.


SUN LIFE FINANCIAL ANTICIPATES $200 MILLION CHARGE IN Q4 DUE TO U.S. TAX REFORM

Insurance Journal - IIJ (2018-01-15)

Under the Tax Cuts and Jobs Act, which took effect Jan. 1, the U.S. corporate tax rate was reduced to 21 per cent from the previous rate of 35 per cent. As a result, the company expects the tax expense included in its 2018 underlying net income to decrease by approximately $130 million.    


NIMBLE START-UPS DRIVING CHANGE IN CAR INSURANCE ECOSYSTEM

Insurance Business - Bethan Moorcraft (2018-01-15)

Innovation in auto insurance has come a long way in the past few years, in part due to the founding and growth of “agile” and “tech-savvy” insurtech start-ups.   


IA FINANCIAL ROLLS OUT ONLINE CLAIMS SERVICE

Insurance Business - Lyle Adriano (2018-01-15)

iA Financial Group has launched an individual insurance online claims service that allows users to not only file claims, but to track them as well.


WHY A HOME INSURER IS PAYING FOR A WORKPLACE INJURY

Canadian Underwriter - Greg Meckbach (2018-01-15)

Intact is on the hook for legal costs to settle a personal injury lawsuit against a business executive whose friend was injured at a workplace after hours.


CATASTROPHE EVENT? WHERE’S THE COMPANY DRONE?

Canadian Underwriter - David Gambrill (2018-01-15)

Using drone technology to process high volumes of claims during catastrophe events is one of several ways the claims process may become automated in the future, RSA Canada reports.


JAMES DIMON: THE TAX LAW MEANS MORE PROFIT FOR JPMORGAN

WSJ - WSJ (2018-01-15)

JPMorgan Chase & Co. and Wells Fargo & Co. posted fourth-quarter earnings that were roiled by the recent tax overhaul but forecast the changes would bolster future profits and stoke the broader U.S. economy.


BANKS UPBEAT AS TAXES MUDDY EARNINGS

WSJ - WSJ (2018-01-15)

JPMorgan Chase & Co. and Wells Fargo & Co. posted fourth-quarter earnings that were roiled by the recent tax overhaul but forecast the changes would bolster future profits and stoke the broader U.S. economy.


VISA TO CARD CUSTOMERS: LOSE THE SIGNATURE

WSJ - WSJ (2018-01-15)

Visa, the largest U.S. card network, is ditching the signature required for customers to make debit and credit-card purchases.


BLACKROCK: THE $6 TRILLION MONEY MANAGER

NY Times - Landon Thomas Jr. (2018-01-15)

BlackRock is now a $6 trillion firm.


CHINA ABSENCE LOOMS OVER CANADA MEETING ON HOW TO PRESSURE NORTH KOREA

Reuters - David Ljunggren (2018-01-15)

Foreign ministers from around 20 nations gather on Tuesday to discuss how to curb North Korea’s nuclear ambitions through diplomatic and financial pressure, but China, seen as a key player in any long-term solution, will be absent.


TERANET: MONTREAL AND TORONTO REAL ESTATE PRICES DROP, VANCOUVER SOARS

Better Dwelling - Daniel Wong (2018-01-15)

Canadian real estate prices are finally stabilizing… if you don’t dig deeper. The Teranet-National Bank Home Price Index (HPI) stopped its decline in December, and actually printed a climb. That’s an encouraging sign, until you break down the index by city. Most of last month’s climb was due to one city, while the majority of markets saw prices fall.


IMPROVING EUROPEAN CORPORATE BOND MARKETS

European Commission - EU (2018-01-15)

Integrated, efficient and resilient corporate bond markets are a vital and core pillar of a successful Capital Markets Union. Strong corporate bond markets will give businesses access to more diverse sources of funding and offer Europeans more investment opportunities.


PREDICTING DOOM FOR THE BOND MARKET

Economist - Buttonwood (2018-01-15)

INVESTORS are dragging their attention away from the stockmarket for a moment to figure out what is going on in the other main part of their portfolios: government bonds. Yields have been rising so far this year and Bill Gross, one of the sector's gurus, has said the long bull market (which dates back to the early 1980s) is finally over.


HOUSEHOLD DEBT AND FED RATES ARE FRONT AND CENTER FOR POLOZ

Bloomberg - Theophilos Aargitis (2018-01-15)

The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy’s stellar performance last year.


THE BIG QUESTION ISN’T WHETHER THE BANK OF CANADA WILL RAISE RATES THIS WEEK

Bloomberg - Theophilos Aargitis (2018-01-15)

The Bank of Canada is already well into the process of raising interest rates to more normal levels and another increase is expected on Wednesday, after the economy’s stellar performance last year.


FROM MORTGAGES TO NAFTA, THE BANK OF CANADA SHOWS IT HAS REAL POLITICAL CLOUT: DON PITTIS

CBC - Don Pittis (2018-01-15)

Bank of Canada governor Stephen Poloz always insists he doesn't play politics. He also insists the bank is not concerned with the value of the Canadian dollar.


ECONOMY PRIMED FOR RATE HIKE. NOW IT’S UP TO POLOZ

G&M - Barrie McKenna (2018-01-14)

Bank of Canada Governor Stephen Poloz likes to remind people that he takes his cues for setting interest rates from the flow of economic data.


NEW BMO NESBITT BURNS HEAD FACES IN-HOUSE CHALLENGES

G&M - Clare O'Hara (2018-01-14)

Bank of Montreal's investment dealer BMO Nesbitt Burns Inc. has appointed a new leader five months after the departure of its former head, Charyl Galpin.


INTERNAL CSIS DOCUMENT DETAILS 'MEGA TRENDS' SET TO ALTER ECONOMY, SOCIETY, SECURITY

G&M - Andy Blatchford (2018-01-14)

From cryptocurrencies, to artificial intelligence, to the rise of millennials, a top-secret document by Canada's spy agency explores the so-called "mega trends" on its radar and details how they will transform the economy, society and security.


WELLS FARGO TO CLOSE 900 BRANCHES

Finextra - Finextra (2018-01-14)

As it books a $3.25 billion fourth quarter pre-tax charge related to the misselling scandal, Wells Fargo says it plans to make savings by closing around 900 branches by 2020.


HOW TO FIX RUSSIA’S BROKEN BANKING SYSTEM

FT - Andrey Movchan (2018-01-14)

Russia’s privately owned banks are collapsing one by one. In 2017, Otkritie and B&N Bank failed within weeks of each other. In the past 17 years, 2,600 of just over 3,000 registered banks have lost their licences.


BITCOIN INVESTORS STRUGGLE TO CASH OUT NEW FORTUNES

FT - Kate Beioley, James Pickford (2018-01-14)

Bitcoin investors trying to channel their new fortunes into UK property are being turned away by mortgage lenders and brokers who fear breaching anti money-laundering regulations.


A MAJOR BANK JUST HIKED MORTGAGE RATES - AND THIS TIME, IT'S A BIG DEAL

G&M - Robert Mclister (2018-01-12)

Canada's mortgage-rate trendsetter, Royal Bank of Canada, hiked its posted five-year fixed mortgage rate Thursday.


UBER MAY LEAVE WINNIPEG AT THE CURB OVER INSURANCE CONCERNS

G&M - CP (2018-01-12)

The ride-hailing company Uber is considering giving Winnipeg a pass over concerns about insurance rates its drivers may have to pay to operate.


EUROPEAN CENTRAL BANK CLOSE TO REVISITING STIMULUS PROGRAM

G&M - David McHugh (2018-01-12)

Top officials at the European Central Bank may revise their outlook for their massive monetary stimulus program at the start of this year, according to an account of their last meeting.


TORONTO KNOCKED OUT OF RUNNING FOR ARAMCO IPO AS SAUDI ARABIA SHORTLISTS NEW YORK, LONDON AND HONG KONG

FP - Rania El Gamal and Alex Lawler (2018-01-12)

Saudi Arabia has shortlisted New York, London and Hong Kong — singly or in a combination of two or even all three — for the international portion of the listing of national oil company Aramco, two sources with knowledge of the discussions said.


OSFI PUTTING CANADIAN BANKS ON FAST TRACK FOR NEW CAPITAL RULE

FP - Barbara Schecter (2018-01-12)

Canada’s top banking regulator is pushing the country’s largest financial institutions toward faster adoption of new risk-based capital rules than their international counterparts.


CONSUMERS SHOULD BE WARNED OF RISKS RELATED TO ONLINE INSURANCE PURCHASES

Insurance Journal - Alain Theriault (2018-01-12)

Adopted as is, Quebec’s Bill 141 will lead to an increase in the number of simplified products sold via the Internet without advice, believes the Quebec financial advisor organization, the Association professionnelle des conseillers en services financiers (APCSF).


INVESTORS SPOOKED AT SPECTER OF CENTRAL BANKS HALTING BOND-BUYING SPREE

NY Times - Landon Thomas Jr. (2018-01-12)

For nearly a decade, central banks around the world have been the biggest buyers of bonds, sending interest rates plummeting and stock markets soaring.


GLOBAL STOCKS RECOVER AS BOND JITTERS RETREAT, EURO HITS 3-YEAR HIGH

Reuters - Helen Reid (2018-01-12)

World stocks scaled fresh peaks on Friday while the euro hit a three-year high and Bund yields rose as progress on forming a German government gave fresh impetus to a bond market sell-off triggered by signs the ECB may accelerate an end to its stimulus.


NO MORE MR. NICE GUY: OTTAWA INVOKES PLAN B ON TRADE WITH THE U.S.

G&M - Barrie McKenna (2018-01-11)

It wasn't long ago when Ottawa's playbook on dealing with U.S. President Donald Trump was all about charm and influence.


B.C. ROLLS OUT NEW CASINO RULES AIMED AT TACKLING MONEY LAUNDERING

G&M - JUSTINE HUNTER (2018-01-11)

New restrictions aimed at money laundering in B.C. casinos were imposed on Wednesday, almost two years after similar recommendations were rejected by the BC Lottery Corporation.


BITCOIN PLUNGES AS S.KOREA PLANS TO BAN CRYPTOCURRENCY TRADING

G&M - CYNTHIA KIM AND DAHEE KIM (2018-01-11)

South Korea's government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation's police and tax authorities raided local exchanges on alleged tax evasion.


CANADA INFRASTRUCTURE BANK AIMS TO START APPROVING PROJECTS BY END OF YEAR

G&M - Bill Curry (2018-01-11)

The Canada Infrastructure Bank is heading into its first full year of operation without a permanent CEO, but the bank's chair is hoping the $35-billion entity will be in a position to start approving projects by the end of 2018.


NEW YORK SUES OIL COMPANIES, PLANS DIVESTMENT FROM PENSION FUNDS

CBC - Reuters (2018-01-11)

New York City announced on Wednesday that it filed a multibillion-dollar lawsuit against five top oil companies, citing their "contributions to global warming," as it said it would divest fossil fuel investments from its $189-billion public pension funds over the next five years.


'CANADA HAS JUST DETONATED A BOMB': TRADE RELATIONS WITH U.S. PLUMMET AFTER WTO COMPLAINT

FP - Jesse Snyder (2018-01-11)

Canada launched the opening salvo in a trade war with the United States Wednesday, lodging an international complaint about the superpower’s use of punitive duties.


LAURENTIAN BUYS BACK $180M IN 'PROBLEMATIC' MORTGAGES, MORE REPURCHASES TO COME

FP - Geoff Zochodne (2018-01-11)

Laurentian Bank of Canada says it has so far repurchased $180 million of problematic mortgages it identified late last year, while increasing the total target for its buy-backs to around $392 million.


TRUMP POLICIES LOOM LARGE FOR CANADIAN BANKS

FP - Geoff Zochodne (2018-01-11)

NAFTA renegotiations and recently passed corporate tax cuts were among the policies of U.S. President Donald Trump that loomed large over a get-together of Canada’s top bank CEOs Tuesday.


HOW A LOOMING HIKE BY THE BANK OF CANADA AFFECTS RATE-RESET PREFERRED SHARES

FP - Barry Critchely (2018-01-11)

Investors in the year’s first issue of preferred shares by a chartered bank — a $400 million offering by CIBC announced on Wednesday — may not have to wait long before they get a read on the merits of their investment.


THE HAIDER-MORANIS BULLETIN: WHY WE WOULDN'T BET ON A MONTREAL HOUSING BUBBLE

FP - Murtza haider, Stephen Moranis (2018-01-11)

Earlier this week, final numbers were released on the Montreal housing market for 2017, and unlike Vancouver and Toronto, Canada’s second-largest city posted strong gains in sales.


FM GLOBAL CEO TAKES POSITION AS BOARD CHAIRMAN

Insurance Business - Terry Gancuangco (2018-01-11)

In 2014, Shivan Subramaniam retired as chief executive of commercial and industrial property insurer FM Global, with Thomas Lawson taking over. Now, in what seems to be a succession planning déjà vu, Lawson is again replacing Subramaniam – this time as board chairman, a position the latter held from 2002.   


AIG BRINGS IN TWO NEW HEADS

Insurance Business - Paul Lucas (2018-01-11)

They say two heads are better than one, and for American International Group (AIG) that means bringing in two highly respected industry names.


BROKER LOSES LICENCE FOR PREFERRED VENDOR KICKBACK SCHEME

Canadian Underwriter - David Gambrill (2018-01-11)

A B.C. broker has had his licence cancelled for five years after the provincial broker regulator found that he had participated in a kickback scheme involving a potential preferred vendor for the brokerage.


WHAT CANADA’S LARGEST CITY IS DOING TO HELP REDUCE FLOOD INSURANCE CLAIMS

Canadian Underwriter - Greg Machbach (2018-01-11)

As climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system.


BOE PROPOSES REFORMS TO LOOSEN REGULATORY REPORTING REQUIREMENTS ON INSURERS

FT - Caroline Binham (2018-01-11)

The Bank of England is pushing ahead with plans to lighten the load of requirements for insurers under EU rules, following a lobbying effort from politicians and the industry as Brexit looms.


INDIA HITS PWC WITH 2-YEAR AUDIT BAN FOR SATYAM FAILURE

FT - Simon Mundy (2018-01-11)

India’s securities regulator has banned the global accountancy firm PwC from auditing listed companies in the country for two years, after it failed to spot a $1.7bn fraud at the defunct Satyam Computer Services. In a 108-page report, the Securities and Exchange Board of India wrote that PwC had neglected to check “glaring anomalies” in the financial details reported by Satyam, whose downfall followed one of the worst financial scandals in Indian corporate history. For about five years beginning in 2003, Sebi wrote, Satyam inflated its revenue by accounting for 7,561 fake invoices. The fraud persisted in part because PwC, Satyam’s auditor, “did not independently check the veracity of the monthly bank statements“. It relied upon assurances from Satyam ”without any further examination or inquiry into the matter and ignored the balance confirmations received directly from banks which were showing true balances”, the regulator wrote.


OVER 81,000 CANADIAN REAL ESTATE BUYERS WOULD HAVE FAILED THE NEW STRESS TEST

Better Dwelling - Stephen Punwasi (2018-01-11)

Canadian real estate buyers with large down payments, will now be stress tested at banks. Numbers obtained from the Bank of Canada (BoC) show this will have a “significant” impact on buyers that are stretched thin. Yes, that means absolutely nothing to most people. To give a better sense of what it means to the market, we applied these stats to real mortgage numbers. This gives us an idea of what “significant” means. A pool of buyers roughly the size of a year worth of sales in Toronto will be affected. More interesting is what happens if the rules don’t cool buying activity,  it would make housing less affordable in the near term.


TORONTO REAL ESTATE LISTINGS WERE UP OVER 172% IN DECEMBER

Better Dwelling - Kaitlin Last (2018-01-11)

Toronto real estate prices continue to slide from peak, but are still up compared to last year. The composite benchmark price across TREB reached $743,500 in December, up 7.43% compared to last year. In the City of Toronto proper, the benchmark price reached $793,900, 11.67% higher than the same time last year. Prices are up on annual basis, but it’s worth noting the tapering of price gains.


TORONTO’S LUXURY HOUSING MARKET HITS ROUGH PATCH AS SALES SLUMP

G&M - Janet McFarland (2018-01-10)

Toronto's luxury-home sector was hit hard by the market downturn in the second half of 2017 as sales of high-end detached houses slumped and the condominium sector slowed its torrid pace of growth.


CANADA'S (MARVELOUS?) JOBS MARKET: BETTER THAN IT LOOKS OR SOMETHING MORE OMINOUS?

G&M - Michael Babad (2018-01-10)

The beauty of Canada's jobs market appears to be in the eye of the beholder.


TD ADDS TO TECH CAPABILITIES WITH $100-MILLION DEAL FOR AI FIRM LAYER 6

G&M - Sean Silcoff (2018-01-10)

Toronto-Dominion Bank has agreed to buy a one-year-old artificial-intelligence startup with just 17 employees for more than $100-million (U.S.), snapping up Canadian machine-learning talent that has been in hot demand from the world's technology giants.


WATERLOO SOFTWARE FIRM IGLOO ATTRACTS $47-MILLION IN FINANCING FROM FRONTIER CAPITAL

G&M - Sean Silcoff (2018-01-10)

One of Waterloo, Ont.'s emerging software stars, Igloo Inc., has attracted $47-million (U.S.) in investment capital from U.S. private equity giant Frontier Capital.


BANK BOSSES TALK UP TECH SPENDING AMID FINANCIAL SECTOR 'ARMS RACE'

FP - Geoff Zochodne (2018-01-10)

The leaders of the biggest banks in Canada said Tuesday that they are still spending billions on transformative technologies as the financial sector’s digital “arms race” shows no signs of abating.


DON'T UNDERESTIMATE THE POTENTIAL FOR A POLOZ SURPRISE

FP - Joe Chidley (2018-01-10)

Just about everyone is convinced that the Bank of Canada is going to raise its overnight rate target next week. Maybe that certainty is overdone.


JPMORGAN'S DIMON REGRETS CALLING BITCOIN A 'FRAUD'

CBC - Reuters (2018-01-10)

JPMorgan chief executive Jamie Dimon regrets having called bitcoin a "fraud" but would still not be interested in the cryptocurrency, he said in an interview on Fox Business on Tuesday.


BANKS SEE INITIAL WRITEDOWNS, FUTURE EARNINGS BUMP UNDER TRUMP TAX CHANGES

CBC - CP (2018-01-10)

RBC chief executive Dave McKay told a investment conference Tuesday that he expects a writedown of $150 million US, plus or minus 10 or 15 per cent, in the bank's first quarter. However, he said Canada's biggest bank by market capitalization is expecting an annual tax-positive benefit of $150 million US to $200 million US going forward.


BANKS SEE INITIAL WRITEDOWNS, FUTURE EARNINGS BUMP UNDER TRUMP TAX CHANGES

CBC - CP (2018-01-10)

RBC chief executive Dave McKay told a investment conference Tuesday that he expects a writedown of $150 million US, plus or minus 10 or 15 per cent, in the bank's first quarter. However, he said Canada's biggest bank by market capitalization is expecting an annual tax-positive benefit of $150 million US to $200 million US going forward.


FORMER ZURICH EXEC JUMPS TO THOMAS MILLER AS COO

Insurance Business - Terry Gancuangco (2018-01-10)

Ann Haugh, former Zurich Insurance global corporate UK chief executive, is taking on the newly created role of chief operating officer at insurance services provider Thomas Miller.  


WHO OWNS THE SURPLUS IF A MUTUAL COMPANY DEMUTUALIZES?

Canadian Underwriter - Jason Contant (2018-01-10)

In the event that a mutual company decides to demutualize, there is some debate over what happens with that insurer’s surplus. Current regulations do not address what happens in the event of a conversion.


WHAT BROKERS NEED TO TELL HOMEOWNERS HIRING RENOVATORS

Canadian Underwriter - Greg Meckbach (2018-01-10)

Brokers placing home insurance should be advising clients on how to vet renovation contractors, a spokesperson for a bidding website advises.


BROKERS PLACING HOME INSURANCE SHOULD BE ADVISING CLIENTS ON HOW TO VET RENOVATION CONTRACTORS, A SPOKESPERSON FOR A BIDDING WEBSITE ADVISES.

Canadian Underwriter - Allison Jones (2018-01-10)

Ontario drivers could soon find themselves motoring along the highway next to a car with no one in the driver’s seat.


EARNINGS MAY TEMPER THE BANK RALLY

WSJ - WSJ (2018-01-10)

Bank shares have been riding high, seen by investors as among the biggest beneficiaries of tax reform and a strengthening economy. But this enthusiasm could soon collide with just mediocre fundamentals


STONE POINT CAPITAL, FOUNDING FAMILY PROPOSE TAKING INSURER AMTRUST PRIVATE

WSJ - WSJ (2018-01-10)

The founding family of AmTrust Financial Services Inc. has proposed taking the workers’ compensation insurer private, potentially capping a series of deals and cash infusions in a bid to strengthen the company’s financial position.


CALIFORNIA MUDSLIDES BLAMED FOR 13 DEATHS

NY Times - JENNIFER MEDINA, THOMAS FULLER and TIM ARANGO (2018-01-10)

Weeks after Southern California was ravaged by wildfires, a torrential rain turned the denuded hillsides and destabilized earth into another deadly natural disaster.


WASTE FIRM GFL HIRES RBC, GOLDMAN AND BMO FOR IPO

Bloomberg - Scott Deveau (2018-01-10)

Canadian waste management firm GFL Environmental Inc. is working with Royal Bank of Canada, Goldman Sachs Group Inc. and Bank of Montreal to lead its initial public offering this year, according to people familiar with the matter.


STEPHEN POLOZ CAN SLEEP SOUNDLY: THE CANADIAN KIDS ARE ALRIGHT

Bloomberg - Luke Kawa (2018-01-10)

Bank of Canada Governor Stephen Poloz cited in his last speech of 2017 “the tough job market for young people” as one of a trio of things keeping him awake at night.


GOLDMAN SACHS TO LEAD PACK IN AN EXPLOSIVE YEAR FOR BANKS: BOVE

CNBC - CNBC Video (2018-01-10)

Vertical Group analyst Dick Bove discusses bank earnings and the outlook for Goldman Sachs with Brian Sullivan.


LOBLAW’S BREAD-FIXING GIFT CARD ASSAILED AS ‘DECEITFUL PUBLIC RELATIONS’ CAMPAIGN

G&M - Marina Strauss (2018-01-09)

Loblaw Cos. Ltd.'s offer of free $25 gift cards to make amends for fixing bread prices over 14 years is "a misleading and deceitful public relations" campaign designed to benefit the grocer, says a complainant seeking to launch a class-action lawsuit against the retailer.


CANADIAN BUSINESSES FACE TIGHT CAPACITY AS CASE FOR RATE HIKE GROWS: BOC

G&M - DAVID PARKINSON (2018-01-09)

The Bank of Canada's closely watched quarterly survey of business sentiment shows that the country's businesses are under the tightest capacity pressures since before the Great Recession, perhaps giving the central bank's policy makers the last piece of evidence they need to raise interest rates again next week.


TD SEES $400-MILLION FIRST-QUARTER HIT ON U.S. TAX CHANGES

G&M - James Bradshaw (2018-01-09)

Toronto-Dominion Bank expects to take a $400-million (U.S.) hit to its first-quarter profit due to changes to the U.S. tax code, but anticipates higher earnings in the long run.


FOUR COMPELLING REASONS TO BUY CANADIAN BANK STOCKS RIGHT NOW

G&M - David Berman (2018-01-09)

In the past couple of years, Canadian bank stocks have powered through concerns about energy loans, new regulations for the domestic housing market, rising competition from technology companies and short-selling activity by U.S. investors.


MORNEAU CLEARED OF INSIDER TRADING, ETHICS COMMISSIONER’S OFFICE STILL REVIEWING PENSION BILL CASE

G&M - Bill Curry (2018-01-09)

The federal ethics commissioner has dismissed opposition accusations that Bill Morneau benefited from insider trading, but has yet to rule on whether the finance minister was in a conflict of interest when he introduced pension legislation.


'HARD TO ACTUALLY SEE THEM NOT HIKING': BANK OF CANADA SEEN RAISING RATES AFTER UPBEAT SURVEY

FP - Jesse Snyder (2018-01-09)

Expectations of a tightening labour market in 2018 is helping fuel speculation that the Bank of Canada will raise its overnight interest rate later this month, a belief that has rapidly gained traction following a better-than-expected jobs report last week.

 


CIBC ACQUIRES TECH SAVVY WELLINGTON FINANCIAL, LAUNCHES CIBC INNOVATION BANKING

FP - CP (2018-01-09)

CIBC has signed a deal to acquire Wellington Financial as part of its plan to grow its business in the fast-moving technology sector.


CFTC DEFENDS BITCOIN OVERSIGHT AFTER SOME ARGUE RISKS OVERLOOKED

FP - Ben Bain (2018-01-09)

A U.S. regulator is defending its approach to policing cryptocurrencies after some derivatives brokerages complained that two of the world’s biggest exchanges rushed bitcoin futures to market last month without properly evaluating the risks involved


$500M RECOUPED WORLDWIDE FROM TAX CHEATS DUE TO PANAMA PAPERS — BUT NONE OF IT IN CANADA

CBC - Zach Dubinsky (2018-01-09)

A dozen governments around the world say they've recovered a combined $500 million in unpaid taxes so far thanks to the Panama Papers leak of tax-haven financial records in 2016.


KNOWLEDGE FIRST FINANCIAL TO ACQUIRE HERITAGE EDUCATION FUNDS

Insurance Journal - IIJ (2018-01-09)

Knowledge First Financial announced Jan. 3 that it will acquire Heritage Education Funds.  The deal will create the largest RESP provider in Canada with approximately $6.2 billion in assets under management. 


MORE CANADIANS BENEFITTING FROM PRIVATE DRUG INSURANCE POOLS

Insurance Business - Lyle Adriano (2018-01-09)

A life and health insurance association says that more Canadians are benefitting from the private insurance drug pooling systems it maintains.


AWARD WINNER ROSS TOTTEN REFLECTS ON A LIFETIME IN INSURANCE

Insurance Business - Bethan Moorcraft (2018-01-09)

Ross Totten is a well known and warmly regarded name in the Canadian insurance industry.


WILL IOT DEVICES HELP REDUCE HOME INSURANCE CLAIMS?

Insurance Business - Bethan Moorcraft (2018-01-09)

In the US alone, homeowners file more than 14,000 water damage claims per day, averaging between $6,000 and $15,000 each and totaling up to $123 million in preventable damages daily across the country. The story’s no different in Canada.


WAS 2017 THE COSTLIEST YEAR EVER FOR INSURED LOSSES?

Canadian Underwriter - Jason Contant (2018-01-09)

Canada wasn’t hit as hard. Reinsurers licensed in Canada were the “main beneficiaries of the relatively quiet Canadian CAT year,” wroteJoel Baker, president and CEO of MSA Research, in MSA’s quarterly outlook report for the third quarter of 2017. The combined ratio in reinsurance in Canada improved 39% from 123.5% during the first nine months of 2016 to 84.5% during the same period in 2017.


BANKS SEEK GOVERNMENT HELP TO TRACK MONEY LAUNDERING

WSJ - Lalita Clozel (2018-01-09)

Efforts to overhaul U.S. anti-money-laundering laws are gathering steam, as large banks, anticorruption groups and law-enforcement authorities coalesce around the idea of creating a national database of corporations and their true owners.


BLACKSTONE’S LATEST ACQUISITION TARGET: YOUR INSURER’S MONEY

WSJ - Sarah Krouse, Nicole Friedman (2018-01-09)

Blackstone Group LP is turning to a New York Life Insurance Co. executive to pursue at least $100 billion in assets from insurance companies, part of a larger push by the Wall Street giant to broaden its customer base.


AFTER DOW 25,000, THE PARTY HAS TO END. BUT WHEN?

NY Times - James B. Stewart (2018-01-09)

In the midst of a long-running bull market that is now reaching momentous proportions, most investors may well have forgotten that just two years ago, during the first five trading days of 2016, the market dropped 6 percent. It was the worst five-day start to a year ever and supposedly a harbinger of bad times.


BERKSHIRE MAY GET $37 BILLION BOOK VALUE BOOST FROM U.S. TAX CUTS: BARCLAYS

Reuters - Jonathan Stempel (2018-01-09)

Book value, a key performance measure for Buffett reflecting assets minus liabilities, probably rose by 12 percent in the final quarter of 2017 because Berkshire can lower its tax bill on investments that have risen in value, Barclays analysts led by Jay Gelb wrote.


A STAR WARS WARNING FOR CENTRAL BANKERS: ECONOMICALLY SPEAKING, THE FORCE IS NOT WITH YOU

FP - Martin Pelletier (2018-01-09)

Balance is certainly lacking in today’s market environment and I wonder if 2018 will finally be the year that rationality returns or if markets will continue to test the limits of euphoria. So far it looks to be the latter with companies changing their names to include “blockchain” in order to boost their share prices, millennials becoming overnight cryptocurrency millionaires and a record amount of leverage being deployed to buy up any dip in U.S. equities.


THE LESSONS OF BASEL 3 AND THE PATH AHEAD FOR CANADA — REMARKS BY CAROLYN ROGERS, TO THE 2018 RBC CAPITAL MARKETS CANADIAN BANK CEO CONFERENCE, TORONTO, ONTARIO, JANUARY 9, 2018

OSFI - Report (2018-01-09)

The Basel Committee is comprised of 45 member organizations, from 28 different jurisdictions. The members are a mix of central banks and prudential supervisors, so while our mandates vary, we share a common objective of promoting the safety and stability of the financial sector. That shared objective provides a lot of common ground, but there can also be different perspectives about how best to achieve the desired outcome.


PREPARE FOR HIGHER INTEREST RATES AS EARLY AS NEXT WEEK

G&M - Michael Babad (2018-01-08)

Don't take this to the bank just yet, but Stephen Poloz may well raise interest rates again as early as next week.


BRITAIN TO BE FIRST IN LINE TO SHAKE UP FINANCIAL SERVICES WITH OPEN BANKING

G&M - PAUL WALDIE (2018-01-08)

Britain will launch the world's first experiment in open banking this week with a series of reforms that the government hopes will revolutionize financial services and open the door to new entrants such as Google, Facebook, Apple and Amazon.


THE REAL REASON FOR BAY STREET'S ONLINE TRADING OUTAGES: INTENSE INVESTOR DEMAND

G&M - TIM KILADZE AND JAMES BRADSHAW (2018-01-08)

After a long slumber, Canadian retail investors are back as a powerful force. So powerful, in fact, the online systems they trade through can't seem to handle the demand.


LIMRA FINDS MAJORITY OF ANNUITY PREMIUM USED TO CREATE GUARANTEED INCOME

Insurance Journal - IIJ (2018-01-08)

A new analysis by LIMRA Secure Retirement Institute finds that half of the money ($84.5 billion) that Americans invested in annuities in 2016 was used to purchase products that offer guaranteed income.


NISSAN CANADA FINANCE ISSUES DATA BREACH WARNING

Insurance Business - Lyle Adriano (2018-01-08)

Nissan’s auto financing business has issued a notice to its customers, warning them that it has suffered a data breach.


BEAZLEY NAMES UNDERWRITER FOR NEW MARINE PLATFORM

Insurance Business - Ryan Smith (2018-01-08)

Specialist insurer Beazley has announced the appointment of John Moy as US marine underwriter within its new US marine platform. Moy will report to Steve Vivian, head of US marine, according to the company.


HOW THE FEDS’ POT PLAN COULD TRIGGER HOME INSURANCE CLAIMS

Canadian Underwriter - David Gambrill (2018-01-08)

Canadian insurance claims professionals see social host liability issues at play when the federal government’s Cannabis Act comes into force.

 


SEXUAL HARASSMENT, CANNABIS TOP LEGAL RISKS IN CANADA THIS YEAR: LAW FIRM

Canadian Underwriter - Ross Marowits (2018-01-08)

The hot button issues of sexual harassment in the workplace and cannabis legalization joined a leading Canadian law firm’s annual top 10 list of legal risks for businesses in 2018.

 


FORMER TRUMP BANK REGULATOR RETURNS TO LAW FIRM

WSJ - WSJ (2018-01-08)

Former bank regulator Keith Noreika has returned to his old law firm, where he will advise banks he oversaw during an eventful six-month stint as acting Comptroller of the Currency.


HOW MUCH DO YOU KNOW ABOUT FINTECH? TIME TO FIND OUT.

WSJ - WSJ (2018-01-08)

News Challenge: The financial-technology industry has brought up mobile check deposit, robo advisers and more. Take this WSJ quiz.


WELLS FARGO EARNS NEW IRE FROM BANK OVERSEERS

WSJ - WSJ (2018-01-08)

Banking regulators in mid-2017 downgraded one part of a secret assessment of Wells Fargo’s health and strength, according to people familiar with the decision


INDIA CLINGS TO CASH, EVEN AS TECH FIRMS PUSH DIGITAL MONEY

NY Times - Vindu Goel (2018-01-08)

India’s Paytm and global heavyweights like Google are moving aggressively to persuade reluctant Indians to give up their rupee notes.

 


A SWISS BANKER HELPED AMERICANS DODGE TAXES. WAS IT A CRIME?

NY Times - David Enrich (2018-01-08)

Diane Butrus, a business executive from St. Louis, wandered the streets of Zurich, looking for a bank that would help her keep $1.5 million hidden from America tax collectors


QUANT HEDGE FUNDS SET TO PASS $1TN MANAGEMENT MARK

FT - Robin Wigglesworth (2018-01-08)

The quantitative hedge fund industry is on the brink of surpassing $1tn of assets under management this year after breakneck growth from rising interest in more systematic, computer-powered investment strategies.  


CHINA SHADOW BANK CURBS EYE $2TN OF ENTRUSTED LOANS

FT - Don Weinland (2018-01-08)

China’s banking regulator has put new curbs on the country’s Rmb13.8tn ($2.13tn) entrusted lending business, a sign that the crackdown on shadow banking launched by Beijing in 2017 will extend into the new year. Rules issued at the weekend by the China Banking Regulatory Commission bar banks from arranging entrusted loans or providing guarantees on them.


BURIED GOVERNMENT REPORT REVEALS LOOMING FISCAL CRISIS

Toronto Sun - Anthony Furey (2018-01-08)

The report warns that lower than expected growth combined with higher program spending “would be sufficient to put at risk the fiscal sustainability of the federal government.”


News feed

BANKS SHIFT PRIORITIES TOWARD GROWTH, DIGITISATION AND INNOVATION - SURVEY

Finextra - Finextra (2018-01-19)

The poll of 221 execs at banks in Europe, North America, Asia Pacific and emerging markets suggests a shift in digital attitudes away from regulatory-driven transformation to innovation-led change.


PREDICTING DOOM FOR THE BOND MARKET

Economist - Buttonwood (2018-01-15)

INVESTORS are dragging their attention away from the stockmarket for a moment to figure out what is going on in the other main part of their portfolios: government bonds. Yields have been rising so far this year and Bill Gross, one of the sector's gurus, has said the long bull market (which dates back to the early 1980s) is finally over.


BITCOIN INVESTORS STRUGGLE TO CASH OUT NEW FORTUNES

FT - Kate Beioley, James Pickford (2018-01-14)

Bitcoin investors trying to channel their new fortunes into UK property are being turned away by mortgage lenders and brokers who fear breaching anti money-laundering regulations.


INVESTORS SPOOKED AT SPECTER OF CENTRAL BANKS HALTING BOND-BUYING SPREE

NY Times - Landon Thomas Jr. (2018-01-12)

For nearly a decade, central banks around the world have been the biggest buyers of bonds, sending interest rates plummeting and stock markets soaring.


GLOBAL STOCKS RECOVER AS BOND JITTERS RETREAT, EURO HITS 3-YEAR HIGH

Reuters - Helen Reid (2018-01-12)

World stocks scaled fresh peaks on Friday while the euro hit a three-year high and Bund yields rose as progress on forming a German government gave fresh impetus to a bond market sell-off triggered by signs the ECB may accelerate an end to its stimulus.


WELLS FARGO EARNS NEW IRE FROM BANK OVERSEERS

WSJ - WSJ (2018-01-08)

Banking regulators in mid-2017 downgraded one part of a secret assessment of Wells Fargo’s health and strength, according to people familiar with the decision


QUANT HEDGE FUNDS SET TO PASS $1TN MANAGEMENT MARK

FT - Robin Wigglesworth (2018-01-08)

The quantitative hedge fund industry is on the brink of surpassing $1tn of assets under management this year after breakneck growth from rising interest in more systematic, computer-powered investment strategies.  


FSIM Briefings and Developments reports


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BANKS SHIFT PRIORITIES TOWARD GROWTH, DIGITISATION AND INNOVATION - SURVEY

The poll of 221 execs at banks in Europe, North America, Asia Pacific and emerging markets suggests a shift in digital attitudes away from regulatory-driven transformation to innovation-led change.


NIGERIA SUES JP MORGAN FOR $875 MILLION OVER MALABU OILFIELD DEAL

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.


NIGERIA SUES JP MORGAN FOR $875 MILLION OVER MALABU OILFIELD DEAL

The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.



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