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

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

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

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

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

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

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


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About BankNews TV: 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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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.


JPMORGAN MAKING BIG PROFITS BY FLIPPING CARGO VESSELS

G&M - Eric Atkins (2017-11-20)

JPMorgan Chase & Co. is flipping ships and making millions. The U.S. investment bank has emerged as the biggest buyer of second-hand cargo freighters this year, taking advantage of bargains after a wave of bankruptcies in the shipping industry even as shipping rates rise. JPMorgan bought 12 ships for $250-million (U.S.) according to VesselsValue Ltd. That works out to about $20-million each – a tenth of a cargo freighter's selling price several years ago when the shipping industry was much healthier. "They're snapping up other people's bankruptcies," said Claudia Norrgren, associate director of VesselsValue, which tracks the ship market. After making no second-hand deals in 2016, U.S. buyers leaped into the market in 2017 to lead a list compiled by VesselsValue. Buyers, including Eagle Bulk Shipping Inc. and Rowan Companies PLC, spent a total of more than $600-million on 51 ships, most of them bulk commodity carriers, container ships or offshore drilling support vessels.


JPMORGAN MAKING BIG PROFITS BY FLIPPING CARGO VESSELS

G&M - Eric Atkins (2017-11-20)

JPMorgan Chase & Co. is flipping ships and making millions. The U.S. investment bank has emerged as the biggest buyer of second-hand cargo freighters this year, taking advantage of bargains after a wave of bankruptcies in the shipping industry even as shipping rates rise. JPMorgan bought 12 ships for $250-million (U.S.) according to VesselsValue Ltd. That works out to about $20-million each – a tenth of a cargo freighter's selling price several years ago when the shipping industry was much healthier. "They're snapping up other people's bankruptcies," said Claudia Norrgren, associate director of VesselsValue, which tracks the ship market. After making no second-hand deals in 2016, U.S. buyers leaped into the market in 2017 to lead a list compiled by VesselsValue. Buyers, including Eagle Bulk Shipping Inc. and Rowan Companies PLC, spent a total of more than $600-million on 51 ships, most of them bulk commodity carriers, container ships or offshore drilling support vessels.


ANOTHER GLOBAL FINANCIAL CRISIS LOOMS

G&M - Niall Ferguson (2017-11-20)

Now consider the following four reasons to be nervous.


ONEX RAISES $7.15 BILLION FOR NEW BUYOUT FUND, SURPASSING TARGET

FP - Scott Deveau (2017-11-20)

The Toronto-based private equity firm said in a statement Onex Partners V LP drew investments from some of the largest public pension plans, sovereign wealth funds, and other institutions. Onex is the largest investor in the fund with a commitment of $2 billion.


PARADISE PAPERS RELEASED TO PUBLIC TODAY

CBC - Zach Dubinsky (2017-11-20)

The public will get a glimpse at the tens of thousands of names — including those of more than 3,000 Canadians and Canadian companies — in the Paradise Papers starting today.


LLOYD’S CORPORATION BOYCOTTS COAL-HEAVY INVESTMENT

Insurance Business - Bethan Moorcraft (2017-11-20)

The Corporation has announced that it’s implementing a coal exclusion policy as part of its responsible investment strategy for the Central Fund.


P&C PEOPLE: WHO’S DOING WHAT?

Canadian Underwriter - Greg Meckbach (2017-11-20)

Economical Insurance has hired a new personal lines EVP, while The Guarantee Company of North America’s former chief executive officer is now a senior fellow for the C.D. Howe Institute.


CAN BARCLAYS AFFORD TO COMPETE AGAINST U.S. INVESTMENT BANKS?

WSJ - WSJ (2017-11-20)

Barclays Chief Executive Jes Staley wants to reinvigorate the British bank by reinvesting in investment banking, where returns have been poor of late—and investors aren’t pleased.


TREASURY CALLS FOR OVERHAUL OF SYSTEMICALLY IMPORTANT DESIGNATION

WSJ - WSJ (2017-11-20)

The Treasury Department report sends a strong signal that firms such as MetLife, Prudential Financial and BlackRock can worry less about strict rules from Washington.


WELLS FARGO EXECUTIVE FIRED AFTER COMPLAINING ABOUT REGULATORS

WSJ - WSJ (2017-11-20)

Wells Fargo fired its head of consumer lending because of disparaging remarks he made about the regulatory system, highlighting the tense environment as the lender sorts through a variety of regulatory probes.


TWO WEEKS OF FRENZIED NEGOTIATIONS LED TO BANK-RELIEF DEAL

WSJ - WSJ (2017-11-20)

Moderate Democrats worked with the GOP on a plan to roll back the Dodd-Frank law, marking the first significant bipartisan agreement to relieve small and regional lenders from a number of restrictions.


A HEDGE FUND MANAGER COMMITTED FRAUD. WOULD THE U.S. LET HIM GO?

NY Times - David Enrich (2017-11-20)

It was July 2012, and one of the inmates was Philip Baker. A former hedge fund manager, he was serving a 20-year sentence for fraud. He had used bogus performance data to lure hundreds of people and institutions into his fund. His investors had lost hundreds of millions of dollars.

 


A GERMAN BANKING MERGER REMAINS FAR OFF

NY Times - Peter Thal Larsen (2017-11-20)

In Greek mythology, Cerberus was the three-headed dog that prevented the dead from leaving the underworld. The arrival of its financial namesake, Cerberus Capital Management, as a major shareholder in the troubled lender Deutsche Bank will be seen by investors as a more positive omen. But any hopes of reviving a merger with its rival Commerzbank, where Cerberus already owns 5 percent, rest with bigger beasts — including the German government.

 


SWISS REGULATOR FINDS JPMORGAN BROKE MONEY-LAUNDERING RULES

Reuters - Reuters (2017-11-20)

FINMA ruled on June 30 that JPMorgan Switzerland had “seriously infringed” regulatory oversight provisions, according to a ruling issued by the Federal Administrative Court on Nov. 8 and published on Thursday.

 


DRAGHI BACKS GERMANY’S HARD LINE ON BANKING UNION

FT - Claire Jones (2017-11-20)

The eurozone cannot put in place common insurance for savers until banks deal with their stockpiles of bad loans, Mario Draghi said in a sign that the European Central Bank is aligning with Germany’s tough position on banking union.


PARIS WINS FIGHT FOR EUROPEAN BANKING AUTHORITY

FT - Mehreen Khan (2017-11-20)

Paris has emerged as the winner in another dramatic contest to host the EU’s banking regulator after Brexit. The French capital beat out Dublin after the two cities were tied in a final round vote to host the European Banking Authority, with the eventual name being picked out of a hat on Monday.


UK BANK SCANDALS MAKE ENTREPRENEURS RELUCTANT BORROWERS

FT - Jonathan Ford (2017-11-20)

One of the curious things about Britain is how much better the country is at creating new companies than nurturing them once they’ve been started. When it comes to new business formation, the UK sits close to the top of the European league table.


RBC GAM: BLOCKCHAIN WILL PREVENT US BEING UBERISED

FT - Attracta Mooney (2017-11-20)

Damon Williams is on a mission to shoot down the asset management industry’s chorus of naysayers. As the industry faces a barrage of criticism over its treatment of clients, with regulators and campaigners accusing fund houses of prioritising profits while ignoring investor needs, the president of RBC Global Asset Management is determined to show a different side.


GLINT APP BRINGS GOLD INTO THE DIGITAL AGE

FT - Emma Dunkley (2017-11-20)

The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold. Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar.


CANADA, MEXICO FORMING ALLIANCE AGAINST U.S. PROTECTIONIST APPROACH TO NAFTA

G&M - Adrian Morrow (2017-11-17)

Canada and Mexico are working together behind the scenes to present a united front against U.S. President Donald Trump's protectionist NAFTA demands and control the tenor of the trade talks.


CANADIANS GIVE TRUDEAU LITTLE CREDIT FOR BOOMING ECONOMY AMID 'LARGE, DARK CLOUD' OF DEFICIT, RISING INTEREST RATES

Bloomberg - Josh Wingrove and Theophilos Argitis (2017-11-17)

Canada’s economy may be one of the strongest in the developed world this year, but Prime Minister Justin Trudeau’s government isn’t getting much credit


THE U.S. FLOODED ONE OF HOUSTON’S RICHEST NEIGHBORHOODS TO SAVE EVERYONE ELSE

Bloomberg - Shannon Sims (2017-11-17)

The West Houston cases are unlike the Katrina cases in another way, too: Rather than make a legal argument about official neglect, they speak to what happened when the federal government intentionally flooded one of the richest areas of a city to save everyone else.


HOME CAPITAL CEO CONFIDENT MORTGAGE BUSINESS WILL RETURN TO HISTORICAL NORMS

CBC - CP (2017-11-17)

Home Capital is recovering quickly from a disastrous third quarter, when a dire shortage of liquidity and a new vetting process restricted its ability to originate new mortgages, chief executive Yousry Bissada said Wednesday.


AMEX LAUNCHES BLOCKCHAIN-BASED BUSINESS PAYMENTS USING RIPPLE

Reuters - Jemima Kelly (2017-11-16)

American Express (AXP.N) has introduced instant blockchain-based payments using Ripple, a fintech start-up, for U.S. corporate customers sending funds to UK-based businesses that bank with Santander UK STN.SN, the companies said on Thursday.


NORWAY’S $1-TRILLION WEALTH FUND WANTS OUT OF OIL AND STOCKS

G&M - KRISTIAN HELGESEN (2017-11-16)

The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.


CASH IS STILL KING IN THE AGE OF PLASTIC, BOC REPORT SAYS

G&M - Barrie McKenna (2017-11-16)

Canadians are still using cash for more than half of their retail transactions despite the growing popularity of credit cards, debit cards and digital wallets, the Bank of Canada says.


TEN DIRECTORS NAMED TO NEW CANADA INFRASTRUCTURE BANK, INCLUDING SOME WITH LIBERAL CONNECTIONS

G&M - Bill Curry (2017-11-16)

The federal government has named 10 individuals to the board of the new Canada Infrastructure Bank, including some with Liberal connections.


CANADIANS JUST GOT THEIR MOST DETAILED EXPLANATION YET OF WHY BANK OF CANADA IS HOLDING OFF HIKES — FOR NOW

FP - Greg Quinn (2017-11-16)

The Bank of Canada gave its most detailed explanation to date about why policy makers have become more cautious about the interest rate outlook, saying one reason is the desire to avoid a policy reversal.


TRANSCANADA KEYSTONE PIPELINE LEAKS 795,000 LITRES OF CRUDE OIL IN SOUTH DAKOTA

CBC - CP (2017-11-16)

TransCanada Corp. said its Keystone pipeline has leaked an estimated 795,000 litres of oil in Marshall County, S.D., just days before Nebraska is set to decide the fate of its Keystone XL pipeline.


GROUPHEALTH JOINS FORCES WITH AUTHENTIC BENEFITS CONSULTING

Insurance Journal - IIJ (2017-11-16)

GroupHEALTH Benefit Solutions, an employee benefits and group insurance firm based in Surrey, B.C., has partnered with Winnipeg-based Authentic Benefits Consulting, increasing their base across Canada.


FLOOD ROUNDTABLE TO HELP PREPARE CANADIANS FOR WORSENING FLOOD RISKS

Insurance Business - Sam Boyer (2017-11-16)

So far in 2017, major floods have caused almost $600 million in insured damage across Canada.


WILL FEDS GET INVOLVED IN FLOOD COVERAGE FOR HIGH-RISK HOMES?

Canadian Underwriter - Greg Machbach (2017-11-16)

Despite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage.


ETS FINANCIAL REGULATION FEDERAL RESERVE OFFICIAL: CONSUMERS NEED CONTROL OF THEIR FINANCIAL DATA

WSJ - ADAM CREIGHTON, RYAN TRACY (2017-11-16)

Consumers need to be in control of their financial data, a Federal Reserve official said Thursday, wading into a continuing debate about rules governing the use of personal data in new financial products.


UNDER TRUMP, BANKING WATCHDOG TRADES ITS BITE FOR A TAMER STANCE

NY Times - BEN PROTESS and JESSICA SILVER-GREENBERG (2017-11-16)

A change in course has made the Office of the Comptroller of the Currency, which oversees the nation’s biggest banks, part of a campaign to roll back regulations.


PAYPAL ORDERED TO PROVIDE CRA WITH INFORMATION ABOUT BUSINESS ACCOUNTS

G&M - Mario Tonguzzi (2017-11-15)

PayPal has been ordered to provide the Canada Revenue Agency with information about its business account holders.


ZIMBABWE ARMY HAS MUGABE AND WIFE IN CUSTODY, CONTROLS CAPITAL

CBC - AP (2017-11-15)

Zimbabwe's army said Wednesday it has President Robert Mugabe and his wife in custody, and is securing government offices and patrolling the capital's streets following a night of unrest that included a military takeover of the state broadcaster.


5 FLAWS THAT KILL STUDENT LOAN COLLECTION LAWSUITS

NY Times - Stacey Cowley (2017-11-15)

Borrowers have defaulted on billions of dollars in private student loan debt. Seeking payment on those soured loans, creditors file tens of thousands of lawsuits each year.


STEVE JURVETSON QUITS VENTURE CAPITAL FIRM AMID INVESTIGATION

NY Times - CLAIRE CAIN MILLER, KATIE BENNER and JODI KANTOR (2017-11-15)

Steve Jurvetson, a founding partner of one of the best-known venture capital firms in Silicon Valley and a board member of Tesla and SpaceX, is leaving the firm after it began an investigation into his behavior with women, the firm told investors on Monday.


BANK OF CANADA WILL STAY CAUTIOUS AS IT EYES RATE HIKES: WILKINS

G&M - Andrea Hopkins (2017-11-15)

Less stimulus will be required over time but the Bank of Canada will remain cautious as it considers future interest rate moves, Senior Deputy Governor Carolyn Wilkins said on Wednesday, reiterating the central bank's recent dovish tone.


HOME CAPITAL STRUGGLES TO REGAIN CUSTOMERS AS NEW LOANS DROP

G&M - James Bradshaw (2017-11-15)

Recovering mortgage lender Home Capital Group Inc. returned to profitability in the third quarter but struggled to issue enough new home loans as it undertakes a rapid overhaul of its business.


FRANCE RAN OUT OF MONEY LAST TUESDAY — AND WITHIN DAYS, SO WILL THE REST OF EUROPE

FP - FP (2017-11-15)

Analysis: European countries are being forced to borrow well before the year ends — and sooner or later, that debt will catch up with them


GREAT-WEST LIFE OFFERS BILINGUAL VIRTUAL HEALTH-CARE SERVICE

Insurance Journal - IIJ (2017-11-15)

The virtual platform, available on the web or a mobile app, allows employees of participating group benefits plans to chat with a registered nurse or see a physician via secure video consultation, for various health and medical issues. It can be accessed from any location, seven days a week, saving hours of time typically spent waiting for in-person, non-urgent care.


SRS PICKS UP BARBADOS-BASED CAPTIVE MANAGEMENT COMPANY

Insurance Business - Ryan Smith (2017-11-15)

Strategic Risk Solutions (SRS), one of the world’s largest captive management firms, has acquired the operations of Barbados-based CGE Group, an independently owned captive and other international business management company. Chris Evans, the current CEO of CGE, will continue to lead the firm, and all CGE staff will remain with the company.


A SPECTER IS HAUNTING EUROPE’S RECOVERY: ZOMBIE COMPANIES

WSJ - Eric Silvers (2017-11-15)

Italian clothing maker and retailer Stefanel SpA became famous for its knitted coats and cardigans.


UNDER TRUMP, BANKING WATCHDOG TRADES ITS BITE FOR A TAMER STANCE

NY Times - BEN PROTESS and JESSICA SILVER-GREENBERG (2017-11-15)

After the financial crisis in 2008, the Obama administration turned one of the banking industry’s friendliest regulators into one of its toughest. But that agency is now starting to look like its old self — and becoming a vital player in the Trump administration’s campaign to roll back regulations.


U.S. INVESTOR CERBERUS TAKES 3 PERCENT STAKE IN DEUTSCHE BANK

Reuters - Reuters (2017-11-15)

U.S. buyout fund Cerberus [CBS.UL] has taken a 3 percent stake in Deutsche Bank , Germany's flagship lender said on Wednesday, making the fund one of its largest shareholders.


PAYDAY, INSTALLMENT LENDERS RALLY ON US WATCHDOG’S PLANNED DEPARTURE

FT - Alistair Gray (2017-11-15)

Shares in payday and installment lenders rallied on Wednesday on hopes that Richard Cordray’s impending departure from the Consumer Financial Protection Bureau would lessen the regulatory burden.


MUFG MAKES BID FOR FREEDOM FROM NEW YORK REGULATOR

FT - Ben McLannahan (2017-11-15)

New York’s state banking regulator is battling to keep Mitsubishi UFJ Financial Group within its oversight, as Japan’s biggest bank by assets seeks to swap state supervision for a less abrasive federal regime.


TOP US CONSUMER FINANCE REGULATOR TO STEP DOWN

FT - Alistair Gray (2017-11-15)

The head of the top US consumer finance watchdog who has been a foe of big finance despite the Trump administration’s drive for deregulation is standing aside, delivering the second boost to Wall Street in a week.


JPMORGAN CALLS FOR UK-EU FINANCIAL SERVICES FREE TRADE DEAL POST-BREXIT

FT - Caroline Binham (2017-11-15)

JPMorgan has called for a free-trade agreement between the UK and the European Union to cover financial services as a way to ensure mutual access after Brexit.


CANADA TO TAKE HARD LINE ON TRUMP’S PROTECTIONIST DEMANDS AS NAFTA TALKS RESUME

G&M - ADRIAN MORROW , GREG KEENAN AND STEVEN CHASE (2017-11-14)

The Trudeau government is well aware that taking a hard line on Washington's "poison pill" proposals risks blowing up the talks, said the sources, who spoke on condition of anonymity to describe confidential discussions. But Ottawa believes failing to reach a deal on NAFTA is better than agreeing to a bad one.


ALBERTA INVESTMENT BANKER GEORGE GOSBEE DIES AT 48

G&M - ANDREW WILLIS AND KELLY CRYDERMAN (2017-11-14)

Prominent Alberta investment banker and former Arizona Coyotes co-owner George Gosbee died suddenly on Sunday and his passing sent shock waves through the tight-knit Calgary business community.


ALBERTA INVESTMENT BANKER GEORGE GOSBEE DIES AT 48

G&M - ANDREW WILLIS AND KELLY CRYDERMAN (2017-11-14)

Prominent Alberta investment banker and former Arizona Coyotes co-owner George Gosbee died suddenly on Sunday and his passing sent shock waves through the tight-knit Calgary business community.


TORONTO, VANCOUVER HOUSING MARKETS TO BOOM DESPITE NEW RULES TO EASE FROTH: CIBC

G&M - Janet McFarland (2017-11-14)

The housing markets in Toronto and Vancouver are poised for major long-term price growth as booming demand and inadequate supply overwhelm recent policy efforts to cool those markets, according to a new report from economist Benjamin Tal.


PREMARKET: GERMAN GROWTH SURPRISE LIFTS EUROPE AS CHINA SUBDUES ASIA

G&M - Marc Jones (2017-11-14)

Strong German economic growth data drove the euro to a three-week high on Tuesday and gave European stocks a lift after five days of falls put them at a two-month low.


THE CLOSE: TSX FALLS FOR FOURTH STRAIGHT DAY AS ENERGY SLIDES

G&M - Reuters (2017-11-14)

Canada's main stock index fell for the fourth straight session on Monday as the energy sector, which had been a major driver of the index's rally since September, declined by 1.3 per cent.


BANK RESCUE PLAN THREATENS TO SQUEEZE $95 BILLION CORNER OF CANADA'S BOND MARKET

FP - Allison McNeely (2017-11-14)

New rules to protect taxpayers from bank failures may push investors out of a $95 billion (US$75 billion) corner of Canada’s corporate bond market, reducing liquidity and raising borrowing costs.


REASONS WHY THE CANADIAN PROPERTY MARKET REFUSES TO FALL: DON PITTIS

CBC - Don Pittis (2017-11-14)

On Wednesday when the Canadian Real Estate Association releases the latest sales statistics and prices for resale homes, it will feel like the whole world is watching.


SALE OF SUBSIDIARIES HELPS DESJARDINS BOOST EARNINGS

Insurance Journal - IIJ (2017-11-14)

Desjardins Group, Canada’s largest co-operative financial group, has recorded third-quarter surplus earnings before member dividends of $758 million, up $304 million from the same quarter last year.   


DENIS RICARD NAMED CHIEF OPERATING OFFICER AT IA FINANCIAL GROUP

Insurance Journal - IIJ (2017-11-14)

iA Financial Group has announced the appointment of Denis Ricard as chief operating officer, assuming full responsibility for all of the company's individual and group insurance operations in both Canada and the U.S.


INSURERS MAKE AON HEWITT'S LIST OF BEST CANADIAN EMPLOYERS

Insurance Business - Lyle Adriano (2017-11-14)

The insurers recognized were Allstate Insurance Company of Canada, British Columbia Automobile Association (BCAA), Intact Financial, La Capitale Groupe financier, LGM Financial Services, The Co-operators, and Trisura Guarantee Insurance.


WITH A TWEAK, EARNINGS LOOK EVEN BETTER

WSJ - WSJ (2017-11-14)

Take away the losses that insurers suffered from hurricanes and earthquakes, and S&P 500 earnings grew at a double-digit rate in the third quarter.


SENATORS SUPPORT ROLLBACK OF BANK OVERSIGHT

WSJ - WSJ (2017-11-14)

Dozens of banks received the biggest signal yet that they may soon be freed from some of the most onerous rules put in place after the financial crisis, as lawmakers from both parties agreed to a plan that would enact sweeping changes to current law.


SENATORS SUPPORT ROLLBACK OF BANK OVERSIGHT

WSJ - WSJ (2017-11-14)

Dozens of banks received the biggest signal yet that they may soon be freed from some of the most onerous rules put in place after the financial crisis, as lawmakers from both parties agreed to a plan that would enact sweeping changes to current law.


FRENCH INSURER AXA FILES FOR IPO OF U.S. UNIT

WSJ - WSJ (2017-11-14)

French insurance company AXA SA has filed preliminary documents for an initial public offering of its U.S. life-insurance operations.


S&P RULES VENEZUELA IN DEFAULT ON INTEREST PAYMENT

WSJ - WSJ (2017-11-14)

Venezuela was ruled in default on a missed interest payment by S&P Global Ratings, pushing the cash-strapped South American country and its creditors one step closer to a reckoning of its $150 billion debt load.


CHINA’S INDICATORS POINT TO SLOWING ECONOMY

WSJ - WSJ (2017-11-14)

With the Chinese leadership’s 2017 growth target secure, the economy showed signs of slowing in October after Beijing dialed back stimulus efforts and closed northern factories around a big Communist Party meeting.


WILL CASH DISAPPEAR?

NY Times - Nathaniel Popper (2017-11-14)

There are few corners of the world where electronic transactions are not growing faster than cash. The consulting firm Capgemini recently estimated that electronic payments will grow about 10.9 percent a year between 2015 and 2020.


Q4/17 PREVIEW – SHOULD BE A GOOD FINISH TO THE YEAR

BMO Capital Markets - BMO (2017-11-14)

Bottom Line: Industry cash operating EPS is expected to be up 7% y/y (double digits at NA, TD, and RY) with ~4% top-line growth (most notably higher spread revenue), ~200 bps positive operating leverage (managed expense growth; prior-period restructuring charges except at RY) and stable credit quality trends (PCL ratio largely unchanged y/y and q/q). NA and LB may increase dividends. We rate TD and BNS shares Outperform.


ROYAL BANK OF CANADA TO LAUNCH ITS OWN ROBO-ADVISER BUSINESS

G&M - Clare O'Hara (2017-11-14)

Royal Bank of Canada is set to launch its own robo-advisory service, making it the second Canadian bank to offer an automated online portfolio platform for investors.


2017 ROBO-ADVISER GUIDE

G&M - Rob Carrick (2017-11-14)

It’s time to stop treating robo-advisers as a novelty and start considering them as a smart option for people seeking help in building an investment portfolio.


TWO OF THE SCARIEST WORDS IN PERSONAL FINANCE TODAY ARE ‘INVESTMENT PROPERTY’

G&M - Rob Carrick (2017-11-14)

Through 10 of the most confusing years ever for managing your money, housing has delivered.


OSC STAFF SEEKING TO SUSPEND OMEGA TRADING PLATFORM

FP - Barbara Shecter (2017-11-14)

Staff of the Ontario Securities Commission is seeking an order to temporarily suspend the operations of Omega Securities Inc., an alternative trading platform that captured about four per cent of trading volume in Canada in the past four quarters.


CMHC TARGETS SHADOW LENDERS AS MORE PEOPLE TAKE OUT 'RISKIER' UNINSURED MORTGAGES

FP - Katia Dmitrieva and Sandrine Rastello (2017-11-14)

Canada’s housing agency is seeking more data on home loans from shadow lenders, amid concern rising levels of debt aren’t being adequately tracked and may increase the risk of financial instability.


PROVINCIAL FINANCES ARE WORSE THAN THEY LOOK AS POLITICIANS HIDE THEIR MEGAPROJECT BOONDOGGLES

FP - Brady Yauch (2017-11-14)

The official balance sheets of provinces across the country mask billions of dollars in debt related to a series of megaproject follies being pursued by provincial governments and government-owned power utilities. While their debt doesn’t officially appear on provincial balance sheets, taxpayers will be left footing the bill when the electricity rates needed to pay them off become so economically crippling and politically unpalatable that they will require a bailout.


POWER CORPORATION ANNOUNCES THIRD-QUARTER RESULTS

Insurance Journal - IIJ (2017-11-14)

Power Corporation of Canada has announced third-quarter net earnings attributable to participating shareholders of $470 million or $1.02 per share, compared with $303 million or 65 cents per share for the same period last year.


WHAT AN MP SAYS ABOUT BANKS SELLING INSURANCE

Canadian Underwriter - Greg Mackbach (2017-11-14)

Federal restrictions on banks selling property and casualty insurance are up for review again in 2019 but a politician told brokers Tuesday he does not foresee many changes affecting insurance.


INSURERS’ ADVICE TO BROKERS ABOUT OVERLAND FLOOD POLICIES

Canadian Underwriter - Greg Mackbach (2017-11-14)

Amid concerns about the frequency and severity of flooding in Canada, insurers are advising brokers to “stay on top” of the various water coverage products in the market, as well as to bear in mind that different carriers are taking different approaches to water risk.


CANADA CAN RETALIATE: THREE NAFTA MYTHS AS TALKS SET TO RESUME

G&M - Michael Babad (2017-11-13)

The Trump administration is spreading myths as trade talks with Canada and Mexico turn decidedly sour, among them that America's trading partners can't retaliate in a post-NAFTA world, a new report suggests.


AMID RISING PROTECTIONISM, BMO PLACES BET ON TRADE FINANCE

G&M - JAMES BRADSHAW AND CHRISTINA PELLEGRINI (2017-11-13)

Global trade winds may be blustery, but that hasn't stopped Bank of Montreal from dropping anchor in Singapore to pursue new business.


THE BIG SHORT: HOW A NATIONAL BANK ANALYST FOUND HIMSELF IN THE CROSSHAIRS OF A GROUP OF SHORT-SELLERS

G&M - David Milstead (2017-11-13)

Three guys walk into a bar and start talking about investing.


FAIRFAX VS. BERKSHIRE HATHAWAY: HERE'S THE ONE MOST LIKELY TO PRODUCE THE BETTER RETURNS

G&M - George Athanassakos (2017-11-13)

Here's an intriguing question for value investors: If you had to choose between the two, which stock would you pick – Fairfax Financial Holdings Ltd. or Berkshire Hathaway Inc.?


CPPIB'S MARK MACHIN SURPRISED BY 'SYNCHRONIZED GLOBAL ECONOMIC UPSWING'

FP - Barbara Schecter (2017-11-13)

Mark Machin, chief executive of the Canada Pension Plan Investment Board, says the “synchronized global economic upswing” of the past few months has been a “big surprise” to him, and very likely to others at the helm of large, institutional investment organizations.


'A HIGH PRIORITY FOR US': CPPIB USING ITS SHAREHOLDER VOTES TO PUSH FOR MORE WOMEN ON CORPORATE BOARDS

FP - CP (2017-11-13)

Canada’s largest retirement fund manager is pushing to have more women on corporate boards because diversity makes for better business decisions, CPPIB chief executive Mark Machin said Friday.


JUDGE DECREES UNDERWRITERS DON'T OWE A GENERAL DUTY OF CARE TO INVESTORS

FP - Barry Critchley (2017-11-13)

As expected, the principle of Caveat Emptor remains the key focus for investors in deciding whether to buy or not


EQUITABLE GROUP EARNINGS HIT BY FUNDING DONE TO ADDRESS CANADIAN BANKS LIQUIDITY ISSUE

FP - CP (2017-11-13)

The company says those actions included securing a two-year, $2-billion funding facility from Canada’s six largest banks, and insuring and securitizing an $892-million portfolio of existing residential mortgages to protect itself during what it says was a period of funding market volatility.


MANULIFE'S NEW CEO ROY GORI ISN'T BANKING ON INTEREST RATE HIKES ANY TIME SOON

FP - Barbara Shecter (2017-11-13)

Recent interest rate hikes in North America are perceived as positive for the life insurance sector, but they aren’t prompting a change in strategy at Manulife Financial Inc., according to Roy Gori, the new chief executive at Canada’s largest insurer.


EQUIFAX WARNS ON POST-BREACH COSTS, REVENUE HIT

CBC - Reuters (2017-11-13)

Equifax Inc. on Friday issued a fourth-quarter profit outlook that fell short of Wall Street expectations, saying the massive breach of its consumer data earlier this year would hurt sales and result in costs of $60 million US to $75 million US during the period.


LIPPER AWARDS HONOUR CANADIAN COMPANIES

Insurance Journal - IIJ (2017-11-13)

Renowned fund data and proprietary methodology is the foundation of the award qualification. Individual classifications of three-, five-, and 10-year periods, as well as fund families with high average scores for the three-year period are recognized.


CANADA’S AGING POPULATION IS HELPING THE TRAVEL MARKET GROW – BUT THERE’S STILL A PROTECTION GAP

Insurance Business - Bethan Moorcroft (2017-11-13)

Canadians love to travel. As a result, the Canadian travel insurance industry is growing, with 2018 projections reaching upwards of $865 million. However, a recent survey by the Conference Board of Canada found that only 65.8% of Canadians aged 18-34 had travel insurance coverage on their last trip, compared to 86.5% of Canadians over 55.


KRAUSE EDWARDS PRINCIPAL TALKS SKI RESORT INSURANCE MARKETS

Insurance Business - Sam Boyer (2017-11-13)

With temperatures plummeting and snow expected this week in southern Ontario, it likely won’t be long until the ski season will be back in full swing. 


MANITOBA GOVERNMENT UNVEILS HYBRID RETAIL AND DISTRIBUTION MODEL FOR RECREATIONAL CANNABIS

Canadian Underwriter - CU (2017-11-13)

The government of Manitoba has unveiled a hybrid retail and distribution model for the recreational use of cannabis, one that involves both the public and private sectors.


BITCOIN PLUNGES MORE THAN 25% IN FOUR DAYS

WSJ - WSJ (2017-11-13)

The booming bull market for bitcoin has hit another speed bump. Bitcoin slumped more than 25% in recent days, falling below $6,000 after touching a record high just shy of $7,900 last week.


BANKERS NO LONGER VILLAINS TO TRUMP ADMINISTRATION

WSJ - WSJ (2017-11-13)

President Donald Trump’s newly minted financial regulatory team—growing in size with recent confirmations—is sounding a friendlier tone than its predecessor, which restricted the industry following the 2008 bank bailouts.


CHINA EASES LIMITS ON FOREIGN STAKES IN FINANCIAL FIRMS

NY Times - Keith Bradsher (2017-11-13)

The move, which comes after President Trump left Beijing complaining about its trade policies, could give China’s troubled financial system a needed shake-up.


GERMAN PROSECUTORS RAID COMMERZBANK IN TAX EVASION PROBE

Reuters - Reuters (2017-11-13)

Germany's Commerzbank has become the target of a tax evasion probe in which several current and former managers are suspected of evading 40 million euros ($47 million) in taxes via so-called dividend stripping.


CENTRAL BANK CHIEFS GATHER, DATA AWAITS

Reuters - Reuters Video (2017-11-13)

Central bank chiefs from the EU, UK, US and Japan gather in Frankfurt for a monetary policy pow-wow, while Europe's biggest economies unveil their latest readings on inflation and growth. Ciara Lee reports on the week ahead.


TORONTO CONDOS BREAK LOSING STREAK, PRICES RESUME CLIMB

Better Dwelling - Kaitlin Last (2017-11-13)

Toronto real estate has been on the decline, but condos are taking a breather from the downtrend. Toronto Real Estate Board (TREB) numbers show prices are higher, marking the end of a 3 month losing streak. Generally speaking, the market saw more inventory,  less sales, and higher prices.


PART 5 - CANADIAN BANKING INDUSTRY OVERVIEW MID-LARGE BANKS

BankNews.TV - Mark Sibthorpe (2017-11-13)

Overview of Laurentian, Manulife and Tangerine Bank.


THE TWO MOST WORRISOME INDICATORS FOR MARKETS RIGHT NOW

G&M - Ian McGugan (2017-11-13)

The war of words on the weekend between U.S. President Donald Trump and North Korean dictator Kim Jong-un – You're a dotard! Well, you're short and fat! – demonstrates that it may no longer be possible to reliably distinguish between conclaves of global leaders and a typical high-school lunchroom. Add in a Saudi Arabian coup, rising autocracy in China and an aging, expensive bull market in the United States and you might think that global risk indicators would be flashing red.


BANK OF ENGLAND'S CARNEY EXPANDS INFLUENCE WITH TWO NEW GLOBAL ROLES

G&M - Huw Jones (2017-11-12)

Bank of England Governor Mark Carney is widening his influence by becoming chair of two global central bank groups which monitor risks from the economy and financial system.


EQUIFAX REPORTS LOWER THIRD-QUARTER EARNINGS AFTER DATA BREACH

G&M - Reuters (2017-11-10)

Equifax Inc on Thursday reported a lower third-quarter profit as costs from the credit reporting bureau's recently disclosed data breach that exposed deeply sensitive information on 145.5 million people began to mount.


MANULIFE ‘LOOKING AT ALL OPTIONS’ FOR JOHN HANCOCK UNIT: CEO

G&M - Matt Scuffham (2017-11-10)

Canadian insurer Manulife Financial Corp is "looking at all options" for the future of its John Hancock U.S. unit, new Chief Executive Officer Roy Gori said in an interview on Thursday.


CANADIAN DOLLAR HITS TWO-WEEK HIGH AS GREENBACK HURT BY U.S. TAX WORRIES

G&M - Solarina Ho (2017-11-10)

The Canadian dollar strengthened on Thursday to a two-week high against a broadly weaker U.S. dollar, which came under pressure as investors worried about a delay on corporate tax cuts.


MANULIFE'S NEW CEO ISN'T BANKING ON INTEREST RATE HIKES ANY TIME SOON

FP - FP (2017-11-10)

Rate hikes are usually positive for the sector, but Canada’s largest life insurer is working on the assumption that low rates will prevail


"GAME CHANGER" FOR IMPACT INVESTING

FP - Barry Critchley (2017-11-10)

The process for those wishing to invest and make a social or environmental impact and for those seeking such investments just got a little easier.


BITCOIN SURGES TO NEW HIGH ON REPORTS SOFTWARE 'FORK' SUSPENDED

CBC - Reuters (2017-11-10)

Bitcoin surged by 10 per cent on Wednesday to hit an all-time high just shy of $8,000 US after online reports that an upgrade to the cryptocurrency's software planned for next Thursday had been suspended.


SUN LIFE REPORTS THIRD QUARTER NET INCOME OF $817 MILLION

Insurance Journal - IIJ (2017-11-10)

Sun Life Financial reported on Nov. 8 third quarter net income of $817 million and underlying net income of $643 million. This compares to net income of $737 million and underlying net income of $639 million for the same quarter of 2016.


CLHIA SEEKS TO GET AHEAD OF RAPIDLY CHANGING REGULATORY ENVIRONMENT

Insurance Journal - Serge Therrien (2017-11-10)

Looking at the current regulatory environment and the swift pace of change, Stephen Frank, who became president and CEO of the Canadian Life and Health Insurance Association last July, describes it as “almost without precedent.”


WILL AMAZON APP INCREASE INSURANCE COSTS?

Insurance Business - Ryan Smith (2017-11-10)

The apps – Amazon’s is called Amazon Key – come with smart locks, and allow the retail giants to deliver packages inside customers’ houses, even if those customers aren’t home. Amazon Key became available Wednesday for Prime customers in 37 cities. Walmart is testing a similar product in Silicon Valley and Miami.


ALLIANZ TAKES DISASTER HIT

Insurance Business - Terry Gangcuangco (2017-11-10)

For property & casualty, Allianz reported gross written premiums of €11.5 billion in the third quarter. Cited as main growth drivers were Allianz Partners, Allianz Global Corporate & Specialty SE, Latin America, and the UK. However, operating profit for the quarter slumped 28% to €1 billion amid higher claims from natural catastrophes and higher large- and weather-related losses.


MUNICH RE REPORTS Q3 COMBINED RATIO OF 160.9%, PREDICTS 112% FOR FULL YEAR

Canadian Underwriter - CU (2017-11-10)

Munich Re released its financial results for the period ending Sept. 30, reporting a 1.4-billion euro loss in Q3 and a 146 million euro loss for the first nine months of the year. The euro opened Thursday at $1.48.


INSURTECH STARTUP RELEASES COMMERCIAL DRONE PACKAGE FOR PROPERTY INSURANCE INSPECTIONS AND CLAIMS

Canadian Underwriter - CU (2017-11-10)

Insurtech startup Betterview, a service provider for capturing and analyzing data from drones, has announced a commercial drone inspection package for insurers.


CHINA TO GIVE FOREIGNERS GREATER ACCESS TO FINANCIAL SECTOR

WSJ - WSJ (2017-11-10)

China is moving to allow foreign companies to hold 51% of domestic-securities, fund-management and futures firms. The previous cap was 49%.


FINTECH LENDER SOFI ABANDONS GLOBAL PLANS, RETHINKS ASSET MANAGEMENT

WSJ - WSJ (2017-11-10)

Financial-technology startup Social Finance Inc. is ditching some of its most ambitious initiatives after a workplace scandal prompted the resignation of former CEO Mike Cagney two months ago.


TIME TO REMOVE ITALIAN BANKS FROM LIST OF GLOBAL WORRIES

WSJ - WSJ (2017-11-10)

Here’s one less thing for global investors to worry about: Italy’s once-tottering financial system isn’t nearly as scary as it was.


MARK CUBAN: ‘I’M CONSIDERING’ RUNNING FOR PRESIDENT

NY Times - Video (2017-11-10)

At the DealBook conference, the Dallas Mavericks owner said that “there's a unique opportunity” for an independent voice to enter the 2020 presidential race.


JAPAN'S MUFG SUES NEW YORK REGULATOR OVER BANK'S OVERSIGHT SHIFT

Reuters - Reuters (2017-11-10)

Mitsubishi UFJ Financial Group Inc (MUFG) on Wednesday sued New York’s banking regulator to stop its effort to continue to supervise Japan's largest lender after it switched its state branches to federal oversight this week, according to court filings.


CAPITAL ONE EXITS MORTGAGE LOANS BUSINESS, CUTS 1,100 JOBS

Reuters - Reuters (2017-11-10)

Capital One Financial will stop issuing mortgage and home equity loans and cut some 1,100 jobs amid rising interest rates that have pushed away borrowers and slowed loan growth at many U.S. regional banks.


FED RESEARCHERS COMPARE P2P LENDING TO SUBPRIME MORTGAGES

Finextra - Finextra (2017-11-10)

P2P lending arrived in the US in 2006, offering an alternative to traditional banks for both borrowers and lenders and establishing a reputation as a "progressive consumer finance innovation", say the Cleveland Fed researchers.


BANK OF AMAZON? US REGULATOR CALLS FOR RETHINK ON SEPARATION OF BANKING AND COMMERCE

Finextra - Finextra (2017-11-09)

A senior US regulator has floated the possibility of ending the long-standing separation of banking and commerce, paving the way for the likes of Amazon, Facebook and Walmart to take on Bank of America, Wells Fargo, Citi et al.


BANK OF AMAZON? US REGULATOR CALLS FOR RETHINK ON SEPARATION OF BANKING AND COMMERCE

Finextra - Finextra (2017-11-09)

A senior US regulator has floated the possibility of ending the long-standing separation of banking and commerce, paving the way for the likes of Amazon, Facebook and Walmart to take on Bank of America, Wells Fargo, Citi et al.


CANADIAN DOLLAR SETTLES INTO A HOLDING PATTERN AFTER POLOZ SPEECH

G&M - Fergal Smith (2017-11-09)

The Canadian dollar strengthened against its U.S. counterpart on Wednesday but held within its recent range after failing to get additional guidance from a speech the day before by Bank of Canada Governor Stephen Poloz.


MANULIFE SEES DIP IN QUARTERLY EARNINGS DUE TO IMPACT OF U.S. HURRICANES

G&M - Glenn Lowson (2017-11-09)

Manulife Financial Corp. says net income was down for the quarter as it took a significant provision related to the impacts of the U.S. hurricanes on its reinsurance business.


SEVERAL BIG CANADIAN DIVIDEND NAMES AMONG STOCKS SET TO SEE BIG MOVES THURSDAY

G&M - Brenda Bouw (2017-11-09)

Some major Canadian dividend-paying stocks in sectors ranging from retail to real estate to insurance will have an active day on the market Thursday.


CATALYST CAPITAL FILES $450-MILLION LAWSUIT ACCUSING ANSON FUNDS, WEST FACE OF SHORT-SELLING 'CONSPIRACY'

FP - FP (2017-11-09)

Lawsuit claims ‘Wolfpack Conspirators’ worked with group of borrowers who had defaulted on loans to Callidus


'A CAT-AND-MOUSE GAME': WHY CLOSING TAX HAVEN LOOPHOLES IS A CHALLENGE

CBC - CBC (2017-11-09)

The revelations pouring out of the Paradise Papers have once again raised questions about the use of tax havens and how wealthy individuals and corporations are able to use such structures to legally shelter their money from taxation.


FEDERAL GOVERNMENT SHOULD RAISE RRSP CONTRIBUTION LIMITS, SAYS C. D. HOWE INSTITUTE

Insurance Journal - IIJ (2017-11-09)

The federal government should raise contribution limits for savers in RRSPs and defined-contribution pension plans who are at a major disadvantage compared to those in defined benefit pension plans, says a report by C. D. Howe Institute released Nov. 7.


IS AMAZON ABOUT TO UPEND THE INSURANCE INDUSTRY?

Insurance Business - Ryan Smith (2017-11-09)

Internet-sales giant Amazon is currently recruiting insurance professionals in London in a bid to disrupt the insurance market in countries throughout Europe.


CONSTRUCTION BOOM IS GREAT CHANCE TO BUILD BUSINESS

Insurance Business - Bethan Moorcraft (2017-11-09)

Contract surety could be a good business to get into in the next few years.


SUPREME COURT OF CANADA HEARS SURETY BOND DISPUTE

Canadian Underwriter - CU (2017-11-09)

A construction subcontractor that was not fully paid and whose claim on a surety bond was denied had its case heard Tuesday before the Supreme Court of Canada.


ICAHN FACES QUESTIONS OVER TRUMP ADVISORY ROLE

WSJ - WSJ (2017-11-09)

Federal prosecutors are investigating Carl Icahn’s former role advising President Donald Trump and the activist investor’s attempts to change an environmental rule that he opposed.


BEHIND THE FALL OF A NEW YORK STATE PENSION FUND EXECUTIVE

WSJ - WSJ (2017-11-09)

Navnoor Kang, a former New York state pension fund executive accused of taking bribes from Wall Street salespeople, pleaded guilty to two counts of fraud.


IS WILBUR ROSS REALLY A BILLIONAIRE?: DEALBOOK BRIEFING

NY Times - NY Times (2017-11-09)

It seems clear that Ross lied to us, the latest in an apparent sequence of fibs, exaggerations, omissions, fabrications and whoppers that have been going on with Forbes since 2004. In addition to just padding his ego, Ross’ machinations helped bolster his standing in a way that translated into business opportunities...In related news: A Trump administration official says that Mr. Ross will sell all of his holdings in shipping companies tied to associates of Vladimir Putin, which were disclosed in the so-called Paradise Papers. (CNBC)


REINSURER MUNICH RE LOGS €1.4BN Q3 LOSS AFTER STRING OF NATURAL DISASTERS

FT - Oliver Ralph (2017-11-09)

German reinsurer Munich Re has posted a €1.4bn loss for the third quarter as the cost of natural catastrophes in the US and Caribbean weighed on its results. The company said on Thursday that it was facing €3.2bn of major claims in the period, largely from Hurricanes Harvey, Irma and Maria, although it expects insurance prices to rise in the January reinsurance renewal season because of the scale of the claims. The turnround plan at Ergo, the company’s primary insurance business, helped its operating profits to more than double to €297m in the third quarter. Munich Re said that the group as a whole would produce a small profit for the full year.


FOREIGN BANK LENDING TO CHINA HITS RECORD HIGH

FT - Gabriel Wildau (2017-11-09)

Lending to China by international banks hit a new high in the first half of 2017, as Beijing’s deleveraging campaign led to tighter domestic credit conditions, pushing corporate borrowers offshore. Foreign banks can typically charge higher interest rates on loans to Chinese borrowers than to those in their home markets, boosting the banks’ profits. But increased exposure to China also carries risks, as economists warn that extraordinary debt growth since 2008 is likely to produce rising defaults.


WALMART PAY VS APPLE PAY INDUSTRY OVERVIEW

BankNews.TV - Mark Sibthorpe (2017-11-09)

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 on the 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 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.


2016-17 DEPARTMENTAL RESULTS REPORT

OSFI - William Francis Morneau (2017-11-09)

The key results achieved in 2016-17 are detailed in this report.


CIBC BUILDS MESSENGER DIGITAL ASSISTANT FOR SENDING MONEY OVERSEAS

Finextra - Finextra (2017-11-08)

Called Remi, the assistant can alert clients via Messenger to an exchange rate they set themselves, with an automatic option for sending a money transfer at that time. 


OPP LAUNCH INVESTIGATION INTO MORTGAGE FRAUD

G&M - Janet McFarland (2017-11-08)

This comes one year after the Financial Services Commission of Ontario (FSCO) suspended the licenses of two mortgage brokers – Tier 1 Mortgage Corp. and First Commonwealth Mortgage Corp. – during an investigation into 16 syndicated mortgage investment pools the firms were promoting to investors.


INAUGURAL INFRASTRUCTURE BANK CHAIR FUKAKUSA OUTLINES KEY MANDATES

G&M - Jacqueline Nelson (2017-11-08)

The Canada Infrastructure Bank's inaugural chair said the organization's structure is taking shape and stressed that it will seek out deals with the private sector that might not otherwise get done.


RESERVE CONCERNS ARE WEIGHING ON GOLD STOCKS — AND ETFS COULD BE PART OF THE PROBLEM

FP - Geoff Zochodne (2017-11-08)

Canadian gold stocks have been stuck in neutral this year, held down by worries that companies aren’t adequately replacing their reserves of the yellow metal.


TENSION IN THE GREEN BOND MARKET AS ISSUERS FORCED TO BEAR THE COSTS

FP - FP (2017-11-08)

About US$95.7 billion of green bonds have been issued this year, according to the Climate Bond Initiative's website


MAUREEN JENSEN'S TERM AS OSC CHAIR EXTENDED UNTIL 2021

FP - Barbara Schecter (2017-11-08)

Maureen Jensen has received a three-year extension of her term as chair and chief executive of the Ontario Securities Commission.


BETH SHAW ADDS TO HER LIST OF MILESTONES

FP - FP (2017-11-08)

Beth Shaw, who previously ran her own firm QB Advisory Group Inc., was named head of equity capital markets at Echelon Wealth Partners


TOP JOB FOR BMO'S NEW CEO? GET PAST MEDIOCRE TO WIN BACK INVESTORS

FP - Doug Alexander (2017-11-08)

Bank of Montreal’s Darryl White steps into the top job at Canada’s oldest lender with a tough task: building on legacy while persuading investors to back a stock that has underperformed.


BMO'S OFFSHORE DEALINGS DETAILED IN PARADISE PAPERS LEAK

CBC - Zach Dubinsky (2017-11-08)

It was a blustery, grey day in Bermuda, and a clutch of Bank of Montreal executives who had flown in were huddled in a board room.


BMO RAN $288M 'ABUSIVE' TAX DODGE: CRA

CBC - Zach Dubinsky (2017-11-08)

Tax Court of Canada documents, obtained by CBC News and the Toronto Star, describe how BMO's U.S. operations routed $1.4 billion US ($1.7 billion Cdn at the time) through companies in Nevada, Nova Scotia and Delaware. The Canada Revenue Agency says the bank inflated its losses by $288 million Cdn in fiscal 2010 to dodge millions in tax.


PAUL MARTIN'S FORMER COMPANY ONE OF OFFSHORE FIRM'S 'LARGEST CLIENTS,' PARADISE PAPERS SHOW

CBC - Zach Dubinsky (2017-11-08)

The Paradise Papers leak shows a bigger chunk of former prime minister Paul Martin's financial legacy has been routed through offshore jurisdictions than was previously known.


MANULIFE’S MICHAEL DOUGHTY NAMED 2018 CHAIR OF LL GLOBAL BOARD

Insurance Journal - IIJ (2017-11-08)

LIMRA and LOMA announced on Nov. 6 the election of Michael Doughty, president and CEO, Manulife Canada, as chair of the LL Global board of directors for 2018. In this role, Doughty will succeed Rino D’Onofrio, president and CEO, RBC Life.


AIG NAMES NEW CEO FOR NORTH AMERICAN GENERAL INSURANCE

Insurance Business - Ryan Smith (2017-11-08)

American International Group (AIG) has announced the appointment of Lex Baugh as its chief executive officer for North American general insurance. In the new role, Baugh will oversee the company’s US and Canada general insurance business. He will be part of AIG’s general insurance executive leadership team, and will report to Peter Zaffino, chief executive officer of general insurance.


SENATE PANEL ADVANCES BILL TO SANCTION BANKS DEALING WITH NORTH KOREA

WSJ - WSJ (2017-11-08)

Chinese banks risk steep penalties for aiding North Korea, under new legislation that sailed through the Senate banking committee Tuesday.


STEVEN A. COHEN, ANDREESSEN-BACKED DIY QUANT FUND STRUGGLES

WSJ - WSJ (2017-11-08)

A quant-trading firm backed by hedge-fund investor Steven A. Cohen and venture-capital firm Andreessen Horowitz has run into early problems.


FED’S NEW REGULATORY POINT MAN: EVERYTHING IS ON THE TABLE

WSJ - WSJ (2017-11-08)

Fed Vice Chairman for Supervision Randal Quarles said Tuesday that all of the agency’s Wall Street rules should get a fresh look and that annual bank stress tests are “on the front burner.”


HOW BUSINESS TITANS, POP STARS AND ROYALS HIDE THEIR WEALTH

NY Times - Scott Shane, Spencer Woodman, Michael Forsythe (2017-11-08)

Records from an offshore hideaway show how an American billionaire grew one of the world’s largest trusts and another owned part of a company accused of exploiting the poor.


EXCLUSIVE: JAPAN'S MUFG GETS NOD TO BRING U.S. STATE BRANCHES UNDER FEDERAL REGULATION

Reuters - Reuters (2017-11-08)

Japan's Mitsubishi UFJ Financial Group Inc (MUFG) has received approval from the U.S. Office of the Comptroller of the Currency (OCC) to convert state-supervised branches into federally regulated ones, a U.S. spokesman for the bank confirmed late on Tuesday.


DEUTSCHE BANK CHIEF HINTS AT THOUSANDS OF JOB LOSSES

FT - Laura Noonan, Patrick Jenkins and Olaf Storbeck (2017-11-08)

The chief executive of Deutsche Bank has given his clearest hint yet that his bank could cut tens of thousands more jobs as it turns to technology to bring costs into line with sharply lower revenues. “We employ 97,000 people,” John Cryan told the Financial Times. “Most big peers have more like half that number.” Deutsche has made about 4,000 of the 9,000 job cuts promised under a five-year restructuring plan announced in late 2015. Mr Cryan said many of the additional cuts would come through using technology to boost efficiency in the bank’s processes. “There we’ve got the most to gain,” he said. “We’re too manual, which can make you error-prone and it makes you inefficient. There’s a lot of machine learning and mechanisation that we can do.” Mr Cryan said the ratio of front office, revenue-generating staff, to back office people who keep the bank’s systems running, was “out of kilter” at Deutsche. While Jes Staley, Barclays’ new chief executive, tackled the high cost base he inherited with a hiring freeze, Mr Cryan described Deutsche as having a “hiring frost”.


FCA LAUNCHES WHOLESALE INSURANCE BROKERS MARKET STUDY

FCA - Press Release (2017-11-08)

The FCA believes that effective competition contributes to ensuring London remains an international centre for insurance.


ONTARIO PREPS FINTECH SANDBOX

Finextra - Finextra (2017-11-08)

Ontario is one of the biggest centres in North America for both financial services and technology. This has inevitably seen the province, and specifically Toronto, become a major fintech hub.


ONTARIO TO EASE REGULATIONS ON FINANCIAL STARTUPS

G&M - Justin Giovanetti (2017-11-08)

Ontario is opening up some of its regulations to give financial startups more opportunities to test new products and services in a bid by the province to boost the fast-growing financial technology sector.


LOW INTEREST RATES HAVE TURNED US INTO A COUNTRY OF MONEY KLUTZES

G&M - Rob Carrick (2017-11-07)

The single worst thing to happen to this country's personal finances in the past 10 years is the decline in interest rates.


THE COMPLETE - AND UGLIER - PICTURE OF CANADA'S JOBS MARKET

G&M - Michael Babad (2017-11-07)

We were all agog last week when Statistics Canada reported that employment surged by 35,000 in October. And rightly so, as Canada has now created 208,000 jobs over the course of a year.


CIBC LAUNCHES SIMPLII FINANCIAL DIRECT BANKING, BUT CUSTOMERS FIND GLITCHES

G&M - CP (2017-11-07)

The launch of CIBC's new Simplii Financial direct banking brand on Wednesday has not gone exactly to plan, as some customers are finding glitches with the new offering.


'A JOKE': SOME TD CUSTOMERS SAY E-TRANSFERS STILL DOWN A WEEK LATER

CBC - Sophia Harris (2017-11-07)

Some TD Canada Trust customers are still having problems with e-transfer payments several days after the bank announced the issue has been resolved


'WE HAVE STUMBLED': CRYPTO FUND NEXTBLOCK GLOBAL PULLS PLANS TO GO PUBLIC

CBC - CBC (2017-11-07)

The company's reported plan was to go public through a reverse-takeover of Nobelium Tech Corp., a firm listed on the TSX Venture Exchange. NextBlock Global had aimed to raise about $100 million by going public.


IFB LAUNCHES ONLINE EDUCATION PORTAL

Insurance Journal - IIJ (2017-11-07)

The Independent Financial Brokers of Canada (IFB) have introduced an online education portal for independent financial advisors called IFB Academy.


CANADIAN PENSION PLAN SOLVENCY REACHES HIGHEST LEVEL IN 15 YEARS

Insurance Journal - IIJ (2017-11-07)

Canadian defined benefit pension plan solvency hit 100.7 per cent in October, says an Aon survey released Nov. 6. This is up 1.4 percentage points from September and the highest level since 2002 when the ratio stood at 102 per cent.


PREM WATSA REACTS TO ALMOST $1 BILLION IN CATASTROPHE LOSSES

Insurance Business - Sam Boyer (2017-11-07)

Fairfax Financial Holdings suffered almost $1 billion in losses in its insurance divisions relating to natural disasters in the last quarter, but still announced net earnings of $476.9 million (all figures $USD) for Q3 2017.


ICBC TO LOWER RATES FOR DRIVERS WITH PHONE-DISABLING TECH

Insurance Business - Lyle Adriano (2017-11-07)

The Insurance Corporation of British Columbia (ICBC) plans to test a pilot program early next year that could help lower the auto insurance rates of those who participate.


FBI INVESTIGATES EUROPEAN BANKS FOR ALLEGEDLY AIDING CORRUPTION IN MOZAMBIQUE

WSJ - WSJ (2017-11-07)

The Justice Department and the FBI are investigating BNP Paribas, Credit Suisse and VTB for their roles in selling about $2 billion of debt for Mozambique, opening a new phase in the global inquiry into the deals.


MEN LINKED TO 1MDB FINANCIER FAILED IN BID TO BUY BANK

WSJ - WSJ (2017-11-07)

Two men with links to the alleged mastermind of a multibillion-dollar Malaysian financial scandal launched a bid last year to buy a controlling stake in a bank in Mauritius—prompting an investigation by regulators.


IN SAUDI PURGE, ECHOES OF PUTIN AND XI

WSJ - WSJ (2017-11-07)

By having much of Saudi Arabia’s ancien regime detained on Saturday, Crown Prince Mohammed bin Salman seems to be turning to the same playbook that the leaders of Russia and China have used, writes Yaroslav Trofimov.


CANADA EXPORTS FELL FOR FOURTH-STRAIGHT MONTH IN SEPTEMBER

WSJ - Paul Vieira (2017-11-07)

Canadian exports fell in September for a fourth straight month and the country’s trade deficit with the rest of the world remained largely unchanged from the previous month, marking the worst spell in Canadian trade since the oil-price swoon from three years ago.


THE NEW YORK FED CHIEF IS STEPPING DOWN — BUT NOT QUIETLY

NY Times - Landon thomas, Tiffany Hsu (2017-11-07)

William C. Dudley, who is stepping down from his post earlier than expected, warned against moving too aggressively to roll back financial regulations.


BARCLAYS FAILS TO END U.S. 'DARK POOL' CLASS ACTION

Reuters - Reuters (2017-11-07)

Barclays Plc has failed to persuade a U.S. appeals court to unwind a class action lawsuit accusing the British bank of defrauding shareholders about its private "dark pool" trading platforms.


WALMART PAY THREATENS TO SURPASS APPLE IN U.S. MOBILE PAYMENTS

Bloomberg - Olga Kharif, Matthew Boyle (2017-11-07)

Wal-Mart Stores Inc.’s app is close to surpassing Apple Pay in usage for mobile payments in the U.S., giving the world’s largest retailer even more clout as a growing number of people shop with their smartphones.


CREDIT SUISSE EMBRACES DIGITAL MONEY DESPITE CEO'S BUBBLE FEARS

Bloomberg - Sonali Basak, Lily Katz, Jan-Henrik Foerster (2017-11-07)

Credit Suisse Group AG Chief Executive Officer Tidjane Thiam said last week that bitcoin speculation is the “very definition of a bubble.” Even so, he can’t avoid it or the technology behind it.


PROPOSALS FOR A MORE FOCUSED AND EFFECTIVE APPROACH TO GOVERNANCE OF CANADIAN FINANCIAL INSTITUTIONS

OSFI - News Release (2017-11-07)

The Office of the Superintendent of Financial Institutions (OSFI) is issuing draft changes to its Corporate Governance Guideline for public consultation. OSFI’s corporate governance guidance sets out expectations for boards of federally regulated financial institutions (FRFIs).


CRA VOWS ACTION ON CANADIAN TAX EVADERS AMID PARADISE PAPERS LEAK

G&M - CP (2017-11-06)

The Canada Revenue Agency says it won't hesitate to investigate new evidence of offshore tax evasion in the wake of a second massive leak of tax haven financial records.


SPECIALTY INSURANCE LINE PREDICTED FOR BOOM BEFORE 2019

Insurance Business - Lyle Adriano (2017-11-06)

Last year, US companies, for example, spent about US$2.2 billion on insurance policies covering the legal fallout from sexual harassment, racial discrimination and unfair-dismissal accusations. Research firm MarketStance projected that the EPLI market is expected to grow to US$2.7 billion by 2019.


CANADIAN UNDERWRITERS CONVERGE FOR MIAMI FLOOD EVENT

Insurance Journal - Chris Davies (2017-11-06)

If you’re in Canada and want to hone cutting-edge private flood sales strategies – not to mention enjoying a trip to Miami at the same time – you’re in luck.


AVIVA CANADA WELCOMES BILL LIMITING INSURERS’ BROKERAGE OWNERSHIP TO 20% IN QUEBEC

Canadian Underwriter - CU (2017-11-06)

Aviva Canada said on Friday that it welcomes the new omnibus Bill 150 tabled by Quebec’s finance minister, which “provides clarity on the distinction between agents and independent brokers” and will help to ensure consumers in Quebec are protected and treated fairly.


CANADA ‘EASILY’ ON TRACK TO HIT RECORD VEHICLE SALES IN 2017 AFTER STRONG OCTOBER

Canadian Underwriter - CP (2017-11-06)

The consulting firm says October sales hit about 164,200 vehicles for a 6.3 per cent increase from the same month last year.


BANK BETS TIED TO GOVERNMENT BAILOUTS SOAR UP TO 1470% IN A YEAR

WSJ - WSJ (2017-11-06)

The U.S. banking industry is booming—a development that is bringing windfall gains to a small group of investors who bought esoteric bank securities when the outlook for financial firms were far less clear-cut.


U.S. INVESTIGATES CREDIT SUISSE, VTB AND BNP PARIBAS FOR ROLES IN SELLING MOZAMBIQUE DEBT

WSJ - WSJ (2017-11-06)

The Justice Department and the FBI are investigating BNP Paribas, Credit Suisse and VTB for their roles in selling about $2 billion of debt for Mozambique, opening a new phase in the global inquiry into the deals.


BERKSHIRE HATHAWAY POSTS WEAKER RESULTS ON $3 BILLION IN DISASTER LOSSES

WSJ - WSJ (2017-11-06)

Warren Buffett’s Berkshire Hathaway reported a 43% drop in quarterly profit as costly disasters drove the company’s insurance operations to a loss.


BITCOIN HITS $7,000 AS WALL STREET INTEREST GETS REAL

WSJ - WSJ (2017-11-06)

The price of the digital currency bitcoin smashed through the $7,000 mark for the first time, another milestone for the surging asset.


WILLIAM DUDLEY, NEW YORK FED PRESIDENT, IS EXPECTED TO RETIRE

NY Times - Deborah Solomon (2017-11-06)

William C. Dudley, the president of the Federal Reserve Bank of New York and a vocal proponent of improving the “culture” at big banks, was expected to announce his retirement as early as this week, according to two people familiar with the decision.


INVESTORS WORLDWIDE SIZE UP PALACE INTRIGUE IN OIL-RICH KINGDOM

NY Times - NY Times (2017-11-06)

The arrests of four Saudi ministers and 11 princes could be the power play of a reformer. Or they have the potential for great political tumult.


A BROKE, AND BROKEN, FLOOD INSURANCE PROGRAM

NY Times - Mary Williams Walsh (2017-11-06)

In August, when Hurricane Harvey was bearing down on Texas, David Clutter was in court, trying one more time to make his insurer pay his flood claim — from Hurricane Sandy, five years before.


SINGAPORE POLICE EXAMINE GOLDMAN'S ROLE IN 1MDB DEALS: BLOOMBERG

Reuters - Reuters (2017-11-06)

Singaporean prosecutors and police are looking at Goldman Sachs Group’s (GS.N) relationship with scandal-hit Malaysian state investment fund 1MDB, Bloomberg reported, citing people familiar with the matter.


GOLDMAN'S BLANKFEIN IS ONLY MAJOR FINANCIAL FIRM CEO TO JOIN TRUMP ON CHINA TRIP

Reuters - Olivia Oran (2017-11-06)

Goldman Sachs Group Inc (GS.N) Chief Executive Lloyd Blankfein will visit China as part of a business delegation in November at the same time as U.S. President Donald Trump, a Goldman spokesman confirmed.


YELLEN'S BEQUEST: A HEALTHY ECONOMY BUT QUESTIONS OVER FUTURE POLICY FOR FED

Reuters - Howard Schneider (2017-11-06)

U.S. Federal Reserve Governor Jerome Powell will inherit healthy economic growth and a consensus on monetary policy at least for the next few months, if he is confirmed by the Senate as the next Fed chair when Janet Yellen’s term expires in February.


PENSION PLAN FOR THE FEDERALLY APPOINTED JUDGES

OSFI - OSFI (2017-11-06)

The purpose of this actuarial report is to show estimates as at the valuation date of plan benefits and contributions in accordance with the financing arrangement in effect.


CANADIAN BANK INDUSTRY OVERVIEW PART 4

BankNews.TV - Mark Sibthorpe (2017-11-06)

A snapshot of Canadian Tire Bank, Presidents Choice Bank, Equitable and B2B Bank. 


News feed

ANOTHER GLOBAL FINANCIAL CRISIS LOOMS

G&M - Niall Ferguson (2017-11-20)

Now consider the following four reasons to be nervous.


CAN BARCLAYS AFFORD TO COMPETE AGAINST U.S. INVESTMENT BANKS?

WSJ - WSJ (2017-11-20)

Barclays Chief Executive Jes Staley wants to reinvigorate the British bank by reinvesting in investment banking, where returns have been poor of late—and investors aren’t pleased.


GLINT APP BRINGS GOLD INTO THE DIGITAL AGE

FT - Emma Dunkley (2017-11-20)

The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold. Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar.


WILL CASH DISAPPEAR?

NY Times - Nathaniel Popper (2017-11-14)

There are few corners of the world where electronic transactions are not growing faster than cash. The consulting firm Capgemini recently estimated that electronic payments will grow about 10.9 percent a year between 2015 and 2020.


BITCOIN PLUNGES MORE THAN 25% IN FOUR DAYS

WSJ - WSJ (2017-11-13)

The booming bull market for bitcoin has hit another speed bump. Bitcoin slumped more than 25% in recent days, falling below $6,000 after touching a record high just shy of $7,900 last week.


THE TWO MOST WORRISOME INDICATORS FOR MARKETS RIGHT NOW

G&M - Ian McGugan (2017-11-13)

The war of words on the weekend between U.S. President Donald Trump and North Korean dictator Kim Jong-un – You're a dotard! Well, you're short and fat! – demonstrates that it may no longer be possible to reliably distinguish between conclaves of global leaders and a typical high-school lunchroom. Add in a Saudi Arabian coup, rising autocracy in China and an aging, expensive bull market in the United States and you might think that global risk indicators would be flashing red.


FINTECH LENDER SOFI ABANDONS GLOBAL PLANS, RETHINKS ASSET MANAGEMENT

WSJ - WSJ (2017-11-10)

Financial-technology startup Social Finance Inc. is ditching some of its most ambitious initiatives after a workplace scandal prompted the resignation of former CEO Mike Cagney two months ago.


IN SAUDI PURGE, ECHOES OF PUTIN AND XI

WSJ - WSJ (2017-11-07)

By having much of Saudi Arabia’s ancien regime detained on Saturday, Crown Prince Mohammed bin Salman seems to be turning to the same playbook that the leaders of Russia and China have used, writes Yaroslav Trofimov.


INVESTORS WORLDWIDE SIZE UP PALACE INTRIGUE IN OIL-RICH KINGDOM

NY Times - NY Times (2017-11-06)

The arrests of four Saudi ministers and 11 princes could be the power play of a reformer. Or they have the potential for great political tumult.


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GLINT APP BRINGS GOLD INTO THE DIGITAL AGE

The world’s oldest currency is being brought into the digital age with the launch of a debit card and app that will allow people to pay for goods in gold. Fintech group Glint has teamed up with Lloyds Banking Group in the UK and MasterCard to create an app that enables people to load credit in various currencies, which can then be used to buy a portion of a physical gold bar.
Customers use the app at the checkout to select whether to pay in a currency or gold, before transacting with their MasterCard. The development marks the first time people in the UK and overseas can own just a portion of a gold bar through an app, which can then be used in mobile and debit card-based payments. The app also allows people to send gold to peers in the form of a digital payment. Jason Cozens, Glint’s chief executive and co-founder, said: “Everyone is familiar with gold as one of society’s oldest means of exchange, its universal acceptance, its reliability, its history as a store of wealth and as a means of underpinning the value of ‘paper’ currencies. “Unlike paper currencies, gold can’t be wiped out, devalued or corrupted.” The gold price has risen year-to-date, to about $1,300 an ounce. However, critics of gold point out that it is less liquid than traditional currencies, and that its value has also fluctuated over the past few decades.
The new gold app has the backing of the Tokyo Commodity Exchange, and NEC Capital Solutions, a technology integration company.


RBC GAM: BLOCKCHAIN WILL PREVENT US BEING UBERISED

Damon Williams is on a mission to shoot down the asset management industry’s chorus of naysayers. As the industry faces a barrage of criticism over its treatment of clients, with regulators and campaigners accusing fund houses of prioritising profits while ignoring investor needs, the president of RBC Global Asset Management is determined to show a different side.
During an hour-long meeting in the company’s London offices on the banks of the Thames, the head of the $323bn asset manager owned by Royal Bank of Canada uses the word “client” or its plural an impressive 73 times. The 47-year-old seems acutely aware of the reputational problem the industry faces, after concerns about bad performance and high fees dented trust. A survey by PwC, the consultancy, in 2014 found that only 12 per cent of consumers polled said they trusted asset managers, compared with 32 per cent who trust retail banks and 76 per cent who trust medical doctors. Mr Williams is reluctant to comment on the practices of the wider industry, which oversees the savings of hundreds of millions of people. But throughout the conversation he talks about the need to deliver “very good value” for clients, how asset managers should develop products that clients need rather than ones that generate the most money for fund houses, and the challenges facing clients in the low interest-rate environment.


UK BANK SCANDALS MAKE ENTREPRENEURS RELUCTANT BORROWERS

One of the curious things about Britain is how much better the country is at creating new companies than nurturing them once they’ve been started. When it comes to new business formation, the UK sits close to the top of the European league table.
At 14 per cent of the total company population, its annual business birth rate exceeds those of other large EU economies, such as Germany and France. But fast forward a little bit, and pretty quickly the country slides down the rankings. After three years, the number of those companies employing more than 10 people lags behind badly compared with the European peer group. That places the UK 13th out of 18 countries, according to the Federation of Small Business. So while British entrepreneurs race out of the blocks, they then soon slow to a potter. This isn’t a costless foible. The inability to grow small businesses is one factor behind sub-standard productivity and low wage growth. Some believe the slow pace may reflect the fact that modern Britons have become wedded to the idea of running “lifestyle” companies — the sort that make artisanal cheese, or own hipster cafés, and don’t tend to grow much. But there’s another, more likely explanation, which is that owners don’t want to seek outside capital. The main source is after all a bank — and the UK’s largest lenders have since the financial crisis been wading through a series of trust-sapping scandals with business customers.
Some believe the slow pace may reflect the fact that modern Britons have become wedded to the idea of running “lifestyle” companies — the sort that make artisanal cheese, or own hipster cafés, and don’t tend to grow much. But there’s another, more likely explanation, which is that owners don’t want to seek outside capital. The main source is after all a bank — and the UK’s largest lenders have since the financial crisis been wading through a series of trust-sapping scandals with business customers. Many are embroiled in accusations that they mis-sold derivatives in industrial quantities to smaller companies, now the subject of an industry-wide compensation scheme. Then there is the case of RBS, and its controversial GRG restructuring unit, which is accused of pushing smaller companies unnecessarily into bankruptcy. This has become so rancid that Ross McEwan, the state-owned bank’s chief executive, recently berated his own customers for “bad mouthing” the bank and making “false accusations” about the behaviour of GRG. And that again is despite the existence of a £400m restitution scheme. Although it is perilous to disaggregate loan demand from general business confidence, entrepreneurs do seem to be more reluctant borrowers. According to the British Business Bank, the proportion of small companies making applications for an overdraft fell from 11 per cent in 2012 to 7 per cent in 2015, and 6 per cent in the first half of 2016. About 46 per cent of such companies are persistent non-borrowers. Cash balances are going up.



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