Home - banknews.tv

'Pros on the Go', a Fierce Tartan company are seeking insurance partners to pilot its new solution for streamlining the claims process.

Using financial data, Mark Sibthorpe compares the performance of TD bank to its rivals. TD grew faster in 2017 than its rivals, but was cited for aggressive sales practices.

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University

This video covers XE.com's presentation at the AI, Big Data and Analytics event which took place in Toronto February 7/8, 2018. Cecelia Tamez and Jean Louis provide insights into their evolution and winning strategy.

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

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

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

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

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

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

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

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

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


About

About BankNews TV: financial services industry monitor (FSIM), analytics and research

Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.

Analytical information and financial information related to technogies that can change your business.

Select financial data to upload:

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

Research

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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

banknews.tv/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

banknews.tv/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

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


Banking on Pot  

banknews.tv/docs/c10191_banking-on-pot.pdf

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

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 minisiter 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 for 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

CALL FOR CRUDE PRODUCTION QUOTAS SPLITS OIL PATCH

G&M - Shawn McCarthy (2018-11-16)

Alberta’s oil industry is sharply divided over a call for the provincial government to intervene in the market and order production cuts as a means of propping up depressed crude prices.


CANADIAN HOUSING MARKETS IN 2019: SLIM GAINS THAT ARE ‘A LONG WAY FROM THE HEADY DAYS’

G&M - Michael Babad (2018-11-16)

Canadian housing markets appear to be settling into a “prolonged period of calm,” with the stability policy makers had hoped for and just tiny price gains on the horizon.


U.S. FEDERAL RESERVE TO CONDUCT MAJOR REVIEW OF HOW IT PURSUES INFLATION, EMPLOYMENT GOALS

G&M - Jonathan Spicer (2018-11-16)

The Federal Reserve, under pressure from a critical White House even while it largely hits its inflation and employment targets, will conduct an extensive review next year of how it guides the U.S. economy as it seeks to become more open and accountable.


CIBC BECOMES THE LAST OF THE MAJOR BANKS TO LAUNCH ITS OWN ETFS

G&M - Clare O'Hara (2018-11-16)

Canadian Imperial Bank of Commerce is the last of the major Canadian banks to enter the exchange-traded funds industry with plans to launch four new offerings.


INDUSTRY RESPONDS TO ONTARIO'S AUTO INSURANCE SHAKEUP

Insurance Business - Lyle Adriano (2018-11-16)

“Today, the Ontario Government has established policy objectives to modernize insurance, to improve affordability, to reduce the regulatory burden, and to foster innovation. Aviva fully supports all these principles,” said Aviva Canada president and CEO Colm Holmes in a statement.


INSURANCE HELP LIMITED AS PROVINCE SUFFERS MAJOR HARVEST ISSUE

Insurance Business - Lyle Adriano (2018-11-16)

While some farmers might have crop insurance, the coverage might be limited, Campbell cautioned. Farmers who have already harvested more than what their insurance covers will not get anything from their insurance.


AEGON WANTS CEO TO STAY

Insurance Business - Terry Gancuangco (2018-11-16)

“Alex has been instrumental in leading Aegon’s strategic, organizational, and financial transformation,” noted William Connelly, chair of Aegon’s supervisory board. “With his re-appointment, he will build on this to deliver strong financial performance and to sharpen Aegon’s strategy.”


INSURERS WEIGH IN ON HOW AUTOMATED VEHICLES SHOULD BE COVERED

Canadian Underwriter - Jason Contant (2018-11-16)

“The automated vehicle’s insurer would compensate injured people if the automated vehicle caused a collision, regardless of whether the human operator or automated technology was in control,” IBC wrote in a position paper, Auto Insurance for Automated Vehicles: Preparing for the Future of Mobility, released Thursday during its annual Regulatory Affairs Symposium. “The single insurance policy’s intent is to align the tort process for automated vehicle claims with traditional claims involving conventional vehicles.”


POUND SLIDES AS BREXIT TURMOIL HITS BRITAIN AGAIN

NY Times - Peter Eavis (2018-11-16)

Big declines in Britain’s currency, the pound, often have signaled wrenching changes for the country. Could this be the case again as Prime Minister Theresa May struggles to win support for her plan to take Britain out of the European Union?


BUSINESS HAS GOT BEHIND DRAFT DIVORCE DEAL WITH EU: UK PM MAY'S SPOKESWOMAN

Reuters - Reuters (2018-11-16)

A Brexit divorce deal brokered by Prime Minister Theresa May has received strong support from Britain’s business community, her spokeswoman said on Friday.


THE GHOST OF CHRISTMAS PAST HAUNTS THE HIGH STREET

FT - Claer Barrett (2018-11-16)

Figures this week showed over 18 per cent of the UK’s total retail spend happens online. Price transparency is one reason I prefer it — but the biggest attraction is the time savings it unlocks.


UK LOSES TWO-THIRDS OF BANK BRANCHES IN 30 YEARS

FT - Emma Agyemang (2018-11-16)

The UK has lost two-thirds of its bank branches in the past 30 years, sparking warnings that communities were losing access to mainstream financial services. New research by Which?, the consumer group, found there were 7,586 bank branches today, compared with 20,583 in 1988.


AIG AND CARLYLE GROUP SEAL DEAL FOR REBRANDED REINSURER FORTITUDE RE

Insurance Business - Ryan Smith (2018-11-15)

Fortitude Re was formerly known as DSA Re. The new name represents the company’s focus on and expertise in managing long-dated, complex risks. Fortitude Re also launched a website, Fortitude-re.com, which provides more information about the organization and its leadership.


IA FINANCIAL TO FACE CLASS ACTION LAWSUIT OVER MISCALCULATED LONG-TERM BENEFITS

Insurance Business - Lyle Adriano (2018-11-15)

The lawsuit claims that iA Financial had miscalculated the cost of living increase to which all class members were entitled on a yearly basis. Allegedly, the insurer computed the cost of living increase based on the class members’ net long-term disability benefits after the application of deductions, instead of against the class members’ gross long-term disability benefits before the application of deductions.


GLOBAL ECONOMY SHOWS STRAIN AS U.S. STEAMS AHEAD

WSJ - William Boton, Josh Zumbrun (2018-11-15)

The global economy has hit a soft patch, putting the U.S.’s robust growth at risk should the slowdown persist.


DEPARTURE OF TOP WELLS FARGO EXECUTIVE SHOWS CHASM WITH REGULATOR

WSJ - Emily Glazer (2018-11-15)

A month ago, Hope Hardison was a top lieutenant to Wells Fargo & Co. Chief Executive Timothy Sloan, playing a major role in the cleanup of the bank’s sales scandal.


SWISS COMPETITION WATCHDOG PROBES SUSPECTED PAYMENT SYSTEMS BOYCOTT

Reuters - John Miller (2018-11-15)

“There is the suspicion that the companies agreed not to make their credit cards available for use with Apple Pay and Samsung Pay, in order to favor the Swiss solution TWINT,” WEKO said in its statement.


VANCOUVER DETACHED REAL ESTATE SALES FALL OVER 32%, PRICE DECLINES GET LARGER

Better Dwelling - Kaitlin Last (2018-11-15)

The price of a detached home across Greater Vancouver is getting cheaper. REBGV reported the price of a typical home fell to $1,524,000 in October, down 1.1% from the month before. Prices are now 5.1% lower than they were last year. The city saw even greater declines, with Vancouver East down 5.5%, and Vancouver West down 9.9% from last year.


ONTARIO WILL ALLOW RETAILERS TO OPERATE UP TO 75 CANNABIS STORES EACH AMID LACK OF CLARITY OVER RULES

G&M - Christina Pellegrini (2018-11-15)

Cannabis retailers in Ontario will be allowed to operate as many as 75 stores each, the province said in an update on its rules governing how marijuana will be sold in bricks-and-mortar outlets this spring.


NEW LEADERS EXPECTED TO LAY OUT STRATEGY FOR CALLIDUS CAPITAL ON THURSDAY

G&M - Andrew Willis (2018-11-15)

New leaders at Callidus Capital Corp. are expected to set out their strategy Thursday for the distressed lender, which has seen its share price fall sharply after announcing a string of loan losses and cutting its dividend.


LONDON METAL EXCHANGE APPLIES FOR STANDING IN ONTARIO

G&M - Alexandra Posadzki (2018-11-15)

The London Metal Exchange, the world’s biggest and oldest market for industrial metals, is applying to Ontario’s regulator to be recognized as an exchange.


CANADA’S CARBON TAX: A GUIDE TO WHO’S AFFECTED, WHO PAYS WHAT AND WHO OPPOSES IT

G&M - Staff (2018-11-15)

An in-depth report on many issues related to the carbon tax. Not possible to provide a long version as the report is extensive.


BANK OF CANADA SURVEY FINDS FEARS OF ECONOMIC SLUMP ON THE RISE

G&M - Barrie McKenna (2018-11-15)

Fears that a global economic slump could damage the financial system are up sharply since the summer, according to a Bank of Canada survey of banks, insurers, pension funds and other market players.


CANADA'S ECONOMIC ACHILLES HEEL: A MOUNTAIN OF HOUSEHOLD DEBT

FP - Kevin Carmichael (2018-11-15)

I bought the Stephen Harper book, and I look forward to reading it. However, I hope his analysis of populist politics is more credible than his assessment of his time in office. The former prime minister’s rearview mirror has some blind spots.


THE IMPACT OF RECENT POLICY CHANGES ON THE CANADIAN MORTGAGE MARKET

BOC - Olga Bilyk, Maria teNyenhuis (2018-11-15)

Recent policy changes are having a clear impact on the mortgage market. The number of new highly indebted borrowers has fallen, and overall mortgage activity has slowed significantly. Tighter policies around mortgage qualification and higher interest rates are having a direct effect on the quality and quantity of credit. At the same time, provincial and municipal housing measures have weighed on housing activity and price growth in certain markets.


ANOTHER PROVINCE RECEIVES FEDERAL FUNDING FOR FLOOD MITIGATION

Insurance Business - Lyle Adriano (2018-11-15)

Minister of Public Safety and Emergency Preparedness Ralph Goodale announced that the federal government has pledged close to $1 million for NL’s flood mapping projects. The funding is being provided through the National Disaster Mitigation Program (NDMP).


MISERY FOR CANADIAN ENERGY INVESTORS AS OIL’S UNPRECEDENTED LOSING STREAK DEEPENS

G&M - David Berman (2018-11-14)

Crude oil prices slumped for an unprecedented 12th straight day on Tuesday, sending Canadian energy stocks lower amid the prospect of weaker global demand but steady output from the world’s major oil producers.


IN EV ERA, BROOKFIELD AND CAISSE PLACE $13-BILLION BET ON CONVENTIONAL CAR BATTERY MAKER

FP - Gabriel Friedman (2018-11-14)

The rapid growth of the electric vehicle industry may be drawing headlines, but when it comes to drawing major investments, the internal combustion engine remains on solid footing.


MERIDIAN CREDIT UNION CLEARS KEY HURDLE TO LAUNCHING NEW NATIONAL BANK

FP - Geoff Zochodne (2018-11-14)

The biggest credit union in Ontario has cleared a key hurdle in its path to opening a new national bank, which it is calling “motusbank.”


WALMART’S FLIPKART CEO STEPS DOWN IN WAKE OF MISCONDUCT ALLEGATION

WSJ - Newley Purnell, Sarah Nassauer (2018-11-14)

Walmart Inc. said the chief executive of Flipkart Group, its Indian e-commerce business, resigned following an independent investigation into a personal misconduct allegation.


NORTHERN CALIFORNIA WILDFIRE DEATH TOLL HITS RECORD 42, AS OFFICIALS EXPRESS FEAR IT COULD RISE EVEN HIGHER

G&M - Sharon Bernstein (2018-11-13)

Emergency teams searched on Monday for more than 200 people listed as missing in the deadliest northern California wildfire on record as officials voiced concerns the casualty toll will climb higher and crews battled for a fifth day to suppress the flames.


HOW LARGE SPECULATORS ARE FUELLING OIL’S RECORD-BREAKING LOSING STREAK

G&M - Scott Barlow (2018-11-13)

Crude prices declined for the eleventh day in a row Monday, extending a record for consecutive losses that’s getting painful for investors in the energy sector.


INSURANCE FEDERATION HAS A NEW PRESIDENT

Insurance Business - Terry Gancuangco (2018-11-13)

Recaredo Arias, director general of the Mexican Association of Insurance Companies, has moved up from his role as vice president of the Global Federation of Insurance Associations (GFIA).


WHAT IS TRADE CREDIT INSURANCE?

Insurance Business - Bethan Moorcraft (2018-11-13)

Accounts receivables typically represent more than 40% of a company’s assets, but one in 10 invoices become delinquent. Trade credit insurance can prevent bankruptcies, help companies manage credit, and even present opportunities for business expansion in the increasingly connected global marketplace.


CYBER ATTACKS SEEN AS TOP RISK BY CANADIAN BUSINESS EXECUTIVES

Insurance Journal - Kate McCaffrey (2018-11-13)

Cyber attacks rank number one among risks that concern business executives working in advanced economies and there is growing apprehension about the potential for national governance failures in emerging markets, say authors of a new study published by the World Economic Forum, in partnership with Zurich Insurance Group and Marsh & McLennan Companies.


LLOYD’S COVERHOLDER SELLS BOOK OF BUSINESS TO BROKERLINK

Canadian Underwriter - Jason Contant (2018-11-13)

“BrokerLink’s investment in technology to stay competitive and meet customer expectations was a key reason for the sale,” Towerhill Insurance Brokers, a Lloyd’s coverholder, said. Established in 2013, Towerhill provides both personal and commercial insurance, specializing in the latter.


GOLDMAN SACHS BANKERS 'CHEATED' MALAYSIA OVER 1MDB: PM MAHATHIR

Reuters - Reuters (2018-11-13)

The U.S. Department of Justice has said about $4.5 billion was misappropriated from 1MDB, including some money that Goldman Sachs helped raise, by high-level officials of the fund and their associates from 2009 through 2014.


CANADIAN OIL PAIN SPARKS CALL FOR GOVERNMENT-MANDATED OUTPUT CUTS

Bloomberg - Kevin Orland (2018-11-13)

The pipeline bottlenecks that have strangled Canadian crude prices have at least one major energy producer calling for oil-rich Alberta to mandate output reductions. Oil-sands producer Cenovus Energy Inc. says the province already has legislation on the books that would allow it to require all drillers to curtail output temporarily to alleviate the glut -- and it needs to use it.


SUMMARY OF REMARKS TO THE PROFESSIONAL RISK MANAGERS’ INTERNATIONAL ASSOCIATION (PRMIA)

OSFI - Ben Gully (2018-11-13)

  1. Culture and Conduct – the strong link between misconduct and other problematic behaviors at financial institutions and the resultant reputational and financial risks they represent.
  2. Third-party Ecosystem – the inceasing reliance of financial institution service delivery upon third-party providers poses risks from third party arrangements, including new forms of risk concentration.
  3. Information Security – advancements in information technology and digitization continue to challenge the ability of institutions to be resilient to cyber disruption.
  4. Advanced Analytics – the adoption of artificial intelligence and machine learning is challenging traditional approaches to model risk governance and risk management.


BRITISH PM MAY, EU AGREE ON BREXIT TEXT BUT NO GUARANTEE DEAL WILL SURVIVE

G&M - PAUL WALDIE (2018-11-13)

British Prime Minister Theresa May has reached a draft Brexit agreement with the European Union, but the proposed deal is already running into stiff opposition.


GLOBAL FUND MANAGER SURVEY HAS ‘OMINOUS’ IMPLICATIONS FOR INVESTORS

G&M - Scott Barlow (2018-11-13)

Oil markets looked to break their record string of 10 consecutive losing sessions Monday, until U.S. president Donald Trump chimed in and warned Saudi Arabia not to cut production. So 11 days it is, and with the commodity price down sharply Tuesday morning, 12 days of losses look likely.


WHAT CHINA TALKS ABOUT WHEN IT TALKS ABOUT STIMULUS

Economist - Economist (2018-11-13)

For China as a whole, the government’s decision in 2008 to rev up investment was also a dividing line. Growth rebounded, while it sputtered elsewhere. Before the crisis China had a 6% share of global GDP; today it is closer to 16%. Yet there was a big downside. The economy became much more reliant on debt.


NAUGHTY INVESTMENT BANKS WIN MORE IPO BUSINESS

Economist - Economist (2018-11-13)

Mr Roulet found that the more disapproval a bank earned—measured by the density of reproachful words in articles about it—the more fees it earned too. Specifically, it was likelier to oversee initial public offerings of American companies’ shares between 2007 and 2011. Of course, bigger banks attract more coverage; Mr Roulet controls for that, partly by using the density of critical words, not the total. And other factors also matter: the more shares a bank had placed in the past year, say, or the more “bookrunners” an ipo had, the better its chances of being hired.


DANSKE MONEY LAUNDERING SCANDAL IS 'TIP OF ICEBERG', WHISTLEBLOWER'S LAWYER SAYS

Reuters - Kristin Ridley, Simon Jessop (2018-11-13)

“If this is properly investigated, and the money followed all the way to the end - it all went to large, multinational Western financial institutions and either the U.S. government or other authorities have the ability to track down every transfer and any account,” he said, without providing evidence for the allegation.


A $1.7 TRILLION FUND MANAGER JOINS CRITICS OF ENERGY POLICY

Bloomberg - Michael Bellusci (2018-11-13)

“Capital Group’s energy investments are increasingly shifting to other jurisdictions and that is likely to continue without strong government action,” Peers wrote in a letter dated Oct. 19. “I hope that your government will be even more proactive in securing market access which will assure the competitiveness of Canadian energy companies.


DON’T PANIC OVER LOBLAW’S 20% ONE-DAY PLUNGE

G&M - John Heinzl (2018-11-12)

I was alarmed to see that my Loblaw Cos. Ltd. (L) shares took a steep dive on Nov. 2, but I am even more confused as to why the drop doesn’t show up on GlobeInvestor.com charts. What caused the decline and why doesn’t your website show it?


CANADA’S BANKS DOING FEWER DEALS, DRAINING BONUS POOL

G&M - Andrew Willis (2018-11-12)

Canada’s banks closed the books on their financial year at the end of October, and when it comes to deal-making in their capital markets divisions, 2018 goes down as a year to forget.


FINTECH STARTUP THAT BASES LOANS ON ARTIFICIAL INTELLIGENCE ASSESSMENT HELPING MANY SMALL BUSINESSES

G&M - Christopher Reynolds (2018-11-12)

Finding no help from the main banks, she found Lendified Inc., a fintech startup that offers loans to small businesses based on artificial intelligence-powered screening assessments.


CANADA PENSION PLAN EYES CHINESE ASSETS AS TRADE TENSIONS HIT VALUATIONS

FP - Reuters (2018-11-12)

The Canada Pension Plan Investment Board (CPPIB), the country’s biggest public pension fund, could benefit from trade tensions between the United States and China by buying Chinese assets at knock-down prices, Chief Executive Mark Machin said on Friday.


CAA ENTERS AGREEMENT TO PURCHASE ECHELON INSURANCE

Insurance Business - Lyle Adriano (2018-11-12)

The holdings company has agreed to sell the subsidiary (incorporated under the Insurance Companies Act), and the unregulated warranty business it held, to CAA for $175 million, payable in cash.


HUB SNAPS UP EDMONTON-BASED COMMERCIAL LINES INSURER

Insurance Business - Lyle Adriano (2018-11-12)

Hub International has acquired the assets of Kuokoa in Edmonton, Alberta, continuing a buying spree it started earlier this month.


SAAQ TO HONOUR VETERANS WITH NEW LICENCE PLATES

Insurance Business - Lyle Adriano (2018-11-12)

The Société de l’assurance automobile du Québec (SAAQ) has been authorized by provincial minister of transport François Bonnardel to create and issue new licence plates for Quebec’s 60,000 veterans.


2018 TO BE WORST YEAR IN A DECADE FOR INSURERS

Insurance Business - Lyle Adriano (2018-11-12)

During Q3 2018, the US was beset by the destructive Hurricanes Florence and Michael, which together caused more than $31 billion in economic damages. The quarter also saw wildfires erupt in some parts of the country. California – in particular – continues to suffer its worst fire season on state record, having experienced 32 wildfires in Q3 2018 alone.


GALLAGHER SWOOPS FOR MERIDIAN ONE

Insurance Business - IB (2018-11-12)

Meridian One, founded in 1986, serves more than 600 professional and trade associations across the United States and Canada. The member benefits Meridian provides include insurance programs, discounts (on travel, office equipment and supplies), appliances, audio and web conferencing, shipping, and vehicle rentals.


NEW YORK CITY RAIDS CONDO BUILDING IN CRACKDOWN ON AIRBNB RENTALS

WSJ - Josh Barbanel (2018-11-12)

A team of New York City law-enforcement officers swarmed a Manhattan condominium last month, issuing 27 notices of violations for illegal hotel use in one of the largest crackdowns on short-term rentals such as those listed on Airbnb.


U.S. ON A COURSE TO SPEND MORE ON DEBT THAN DEFENSE

WSJ - ate Davidson, Daniel Kruger (2018-11-12)

In the past decade, U.S. debt held by the public has risen to $15.9 trillion from $5.1 trillion, but financing all of that debt hasn’t been a problem. Low inflation and strong global demand for safe U.S. Treasury bonds held the government’s interest costs down.


SAUDIS CLOSE TO CROWN PRINCE DISCUSSED KILLING OTHER ENEMIES A YEAR BEFORE KHASHOGGI’S DEATH

NY Times - Mark Mazzetti, Ronen Bergman and David D. Kirkpatrick (2018-11-12)

Top Saudi intelligence officials close to Crown Prince Mohammed bin Salman asked a small group of businessmen last year about using private companies to assassinate Iranian enemies of the kingdom, according to three people familiar with the discussions.


UBS CAN AFFORD A LEGAL BRAWL WITH THE JUSTICE DEPARTMENT

NY Times - Christopher Thompson (2018-11-12)

The Swiss bank has been accused of defrauding investors by selling residential mortgage-backed securities during the run up to the 2008 financial crisis. The Department of Justice said in a complaint filed with the federal court in Brooklyn that the bank misled investors about the quality of more than $41 billion of subprime and other risky mortgage loans backing 40 securities offerings in 2006 and 2007.


MOBILE-ONLY CHALLENGER STARLING ARRIVES ON THE HIGH STREET

Finextra - Finextra (2018-11-12)

The mobile-only bank says the arrangement enables the challenger to provide banking services across the Post Office's 11,500 branches nationwide and at 1500 rural 'banking deserts', where remote communites are left with no access to a bank branch.


SUPPORTING FINTECHS IN ENGAGING WITH FINANCIAL INSTITUTIONS – GUIDE

Fintech Delivery Panel - UK Banks (2018-11-12)

This PAS was sponsored by the Fintech Delivery Panel (FDP). Its development was facilitated by BSI Standards Limited and it was published under license from the British Standards Institution.


CONTRADICTORY SIGNALS ON FREE TRADE WITH CHINA REFLECT COMPLICATIONS FOR CANADA

G&M - Nathan Vanderklippe (2018-11-12)

Days after the federal government said Canada was focused on making “sector by sector” trade deals with China, another federal delegation has come to Beijing to say Ottawa still hopes for a sweeping comprehensive free-trade agreement.


DOW FALLS OVER 400 POINTS AS APPLE DROPS

G&M (2018-11-12)

The U.S. dollar surged on Monday to its highest point in 16 months against a basket of currencies and world stocks fell broadly amid concern about political risks in Europe, while U.S. and European technology shares were hammered.


GE SEEKS URGENT ASSET SALES TO CUT COMPANY’S HEAVY DEBT LOAD, CEO SAYS

G&M - Alwyn Scott (2018-11-12)

General Electric Co. is pursuing asset sales with “urgency” to reduce its high debt and is unsure when its ailing power business will hit bottom, chief executive Larry Culp said in a television interview on Monday, sending the company’s shares down as much as 10 per cent.


ALIBABA NETS RECORD $30.7-BILLION IN SALES ON SINGLES’ DAY, BUT EVENT’S ANNUAL GROWTH RATE PLUNGES

G&M - Cate Cadell (2018-11-12)

Chinese e-commerce giant Alibaba Group Holding Ltd cashed a record 213.5 billion yuan ($30.7-billion) in sales on Sunday during its 24-hour online retail frenzy Singles’ Day, but the event’s annual growth dropped to its slowest rate.


'I WAS BEGINNING TO LOSE HOPE': WOMAN BATTLES BANK FOR 2 YEARS FOR INFORMATION ON HER OWN ACCOUNT

CBC - Rosa Marchitelli (2018-11-12)

An Edmonton woman who spent two years battling her bank for information about her own account is defying a confidentiality agreement to go public about what happened, in a bid to shed light on a highly secretive system she says is stacked against the customer.


ECONOMIC COST OF CANADIAN OIL PRICE DISCOUNTS COUNTED IN BILLIONS OF DOLLARS

CBC - Dan Healing (2018-11-12)

Imagine producing a bumper crop of a product in high demand around the globe, only to learn you must settle for a discounted price because there's no easy way to get your product to market.


APPLE IS GETTING POUNDED TODAY AND IT’S DRAGGING MARKETS DOWN WITH IT

FP - Sruth Shankar (2018-11-12)

Apple shares fell 4.4 per cent to US$195.40, their lowest since July 27, after Lumentum Holdings Inc, the main supplier for Face ID technology, and screen maker Japan Display Inc cut their forecasts.


MAWER INVESTMENT MANAGEMENT HIRES SCOTIABANK TO EXPLORE OPTIONS, INCLUDING A SALE

FP - Frederic Tomesco (2018-11-12)

“Given recent activity in the industry, Mawer has engaged an adviser to obtain more information on the options available to the firm as part of our strategic planning process,” Michael Mezei, Mawer’s president, said in an emailed statement Sunday. “No decision has been made to change firm ownership. Our focus remains on delivering excellent long-term investment results for our clients.”


A NEW COMMISSIONER AT AMERICA’S MAIN SECURITIES REGULATOR CAUSES A BUZZ

Economist - Economist (2018-11-12)

For all the talk about deregulation under President Donald Trump, when it comes to the financial industry the word used by many is “tailoring”—meaning trimming the loose threads of tangled rules, rather than unpicking them. An exception is Hester Peirce, who in January became one of the five commissioners at the Securities and Exchange Commission (sec), America’s most important financial regulator. Since her appointment she has given a series of speeches with a polite tone and blunt message about the downsides of government intervention.


INDIA’S BANKING SYSTEM IS FLIRTING WITH A LEHMAN MOMENT

Economist - Economist (2018-11-12)

When narendra modi was elected prime minister of India in 2014, his plan was to revive its gdp growth rate back to the near-double-digit figures seen in the mid-2000s. Few would have guessed that the biggest threat to that goal was the financial industry. For several years state-run banks have failed to get to grips with a $100bn mountain of dud loans. Now panic has seized parts of the privately run system. One bank boss says the situation is as bad as the Asian crisis of 1998 or the global crash of 2008


ONLINE LENDING: US FINTECHS GAIN FROM BEHAVING MORE LIKE BANKS

FT - Ben McLannahan (2018-11-12)

When Noah Breslow rang the opening bell at the New York Stock Exchange in the week before Christmas 2014, it was a high point — perhaps the high point — for the fledgling online lending industry.


BANKS FIND A USE FOR BLOCKCHAIN: CROSS BORDER PAYMENTS

FT - Laura Noonan (2018-11-12)

"Certainly from a size of ecosystem perspective and starting to do something in production, having [so many] banks [participate] and some of the world’s biggest banks is a big deal,” says David Treat, head of Accenture’s capital markets blockchain practice. 


CPPIB HEAD RAISES RED FLAGS ABOUT LOW-QUALITY BONDS

G&M - David Milstead (2018-11-10)

The head of the Canada Pension Plan Investment Board is sounding a note of concern as high demand for corporate debt has created lower-quality bonds that are riskier for investors in the event of an economic downturn.


RUSSIAN STATE BANK SECRETLY FINANCED ROSNEFT SALE AFTER FOREIGN BUYERS BAULKED

G&M - TATIANA VORONOVA, OKSANA KOBZEVA AND DMITRY ZHDANNIKOV (2018-11-10)

It was billed as the deal that proved Russia remained open for business.


A BIG SHORT IS GROWING IN ITALIAN DEBT

G&M - ABHINAV RAMNARAYAN AND SAIKAT CHATTERJEE (2018-11-10)

A surge of interest in Italian bond futures may be a sign of a substantial short position building up in the derivatives market as tensions rise over budget negotiations between Rome and Brussels.


VOLATILE MARKETS, HIGHER YIELDS JUST 'WELCOME SYMPTOMS OF NORMALIZATION': STEPHEN POLOZ ANSWERS CRITICS

FP - Reuters (2018-11-10)

Market volatility, a stronger U.S. dollar and higher yields for long-term bonds are signs that markets are becoming more normal, rather than an indication of trouble, Bank of Canada Governor Stephen Poloz said on Monday.


BANKS WEIGH LEGAL ACTION TO BLOCK STATSCAN’S PLAN TO OBTAIN CONSUMER RECORDS

G&M - Bill Curry (2018-11-09)

Canada’s banks are considering legal action to prevent Statistics Canada from obtaining their clients’ banking records without consent as the federal agency faced criticism from several fronts Thursday during a special Senate hearing.


MANULIFE, SUN LIFE FACE LONG SLOG TO WIN OVER INVESTORS

G&M - Tim Kiladze (2018-11-09)

After a decade spent enduring interest rates so low they were almost unimaginable, life insurers should finally be able to exhale. The global economy is on the upswing and rates are finally rising.


FINANCIAL AID PROGRAMS SHOULD BE FOR STUDENTS, NOT CORPORATIONS

G&M - Clark Savolaine (2018-11-09)

Greece has had about 10 finance ministers since the Great Recession in 2008. The story goes that one of them ordered a fresh line-by-line audit to determine how much spending exceeded revenue. When the revised spending figure came back significantly higher than expected, the minister exclaimed, “Why wasn’t all of this spending included in earlier estimates?” Unmoved, the closest civil servant replied, “Well, no one ever asked us to add it all up before.”


STATSCAN'S PLAN TO HARVEST PRIVATE BANKING INFO ON HOLD, PENDING INVESTIGATION

CBC - CP (2018-11-09)

The country's chief statistician says his agency's controversial plan to harvest individuals' banking information is on hold until the privacy commissioner completes an investigation into widespread concerns about the project.


'THEY CHEW UP A LOT OF CASH': INVESTORS CAST DOUBT OVER BOMBARDIER'S TURNAROUND STRATEGY

FP - Naomi Powell (2018-11-09)

Bombardier’s ongoing turnaround was dogged Thursday by old worries about the firm’s balance sheet as a lower cash flow projection cast doubt over the debt-strapped firm’s prospects. Bombardier announced plans to cut 5,000 jobs — including 2,500 in Quebec and 500 in Ontario — and to sell both its turboprop unit and a training business as it continues to strive for a future in trains and luxury jets. The company also unexpectedly altered its cash flow guidance, suggesting it will only break even in 2018 after the proceeds of a $625 million land sale are included. Though the previous goal was to break even without this injection, Bombardier chief executive Alain Bellemare cited a need for working capital at the company’s rail business for altering the target.


MANULIFE SHARES CLIMB 7 PER CENT AS CEO SCORNS HEDGE FUND'S CLAIMS AS 'COMMERCIALLY ABSURD'

FP - Doug Alexander (2018-11-09)

Manulife Financial Corp. Chief Executive Officer Roy Gori said a hedge fund’s claim that the firm should be compelled to take unlimited deposits is “commercially absurd.”


AIG CLOSES ACQUISITION OF GLATFELTER

Insurance Business - Lyle Adriano (2018-11-09)

The transaction was first announced in September. According to AIG, the acquisition is a key element in its strategy to reposition its general insurance business.


MANULIFE’S THIRD QUARTER NET INCOME GROWS TO $1.6 BILLION

Insurance Journal - IIJ (2018-11-09)

The company says the increase in net income “primarily reflects an increase of $454 million in core earnings which was driven by business growth, improved claims experience and the non-recurrence of two items which netted to a $130 million charge in 3Q17.”


WHY CYBER CRIMINALS MAY BE TARGETTING THIS CANADIAN BANK

Canadian Underwriter - Armina Lagaya (2018-11-09)

The Canadian Imperial Bank of Commerce is one of the most commonly targeted brands used by cyberthieves in phishing attacks across North America, with a more than 600 per cent surge in fake email attempts in the third quarter, according to analysis by an email security firm.


FED HOLDS RATES STEADY, SIGNALS MORE RATE INCREASES AHEAD

WSJ - Nick Timiraos (2018-11-09)

The Federal Reserve held short-term interest rates steady Thursday and offered a mostly upbeat assessment of the U.S. economy, suggesting another rate increase is likely by year-end.


BANKS’ ANSWER TO VOLATILE ITALIAN DEBT: ACCOUNTING CHANGES

WSJ - PAUL J. DAVIES (2018-11-09)

Italian banks are building defenses against their government’s budgetary game of chicken with markets and the European Union’s financial police.


BREAKINGVIEWS WHAT TO EXPECT FROM EUROPE’S NEW BANK COP

NY Times - Christopher Thompson and Lisa Jucca (2018-11-09)

Lenders shouldn’t expect much help with their bad debts from Europe’s new senior financial watchdog.


CANADA’S NATIONAL HOUSING AGENCY IS FORECASTING AN 11% DROP IN BUYING POWER

Better Dwelling - Better Dwelling (2018-11-09)

The CMHC is forecasting mortgage rates will rise, consistent with interest rates “normalizing.” Analysts have a high forecast of 5.6% in 2018, 6.2% in 2019, and 6.5% in 2020. Currently, the 5 year posted BoC rate is only 5.34%, meaning a huge reduction in buying power is coming. The numbers seem small, but the 21.72% increase in rates from today to 2020 will have a serious impact on buying power.


MONEYGRAM PAYS $125 MILLION TO SETTLE GLOBAL FRAUD ALLEGATIONS

Finextra - Finextra (2018-11-09)

"Some of the chain’s locations had fraud rates as high as fifty percent of the money transfer activity," says the FTC. "When it did take disciplinary action, MoneyGram focused on lower-volume, 'mom and pop' agents with high levels of fraud, while treating large chain agents differently"


UK RETAILERS WIN APPEAL COURT RULING OVER ATM CHARGES

Finextra - Finextra (2018-11-09)

The dispute began after a decision in 2013 to charge separate business rates on cashpoints, which are classed as “non-rateable machinery” and had not previously affected retailers’ overall rates bills.


THE ROYAL BRITISH LEGION BRINGS CONTACTLESS DONATIONS TO FUNDRAISING PUB QUIZZES

Finextra - Finextra (2018-11-09)

This year, the charity has teamed up with payments firm Thyngs for its pub quiz pack, which includes six cards that use NFC and QR code technology to enable donations with a tap of a smartphone.


SUPREME COURT ENDORSES LEGISLATION CREATING NATIONAL SECURITIES REGULATOR

G&M - Sean Fine (2018-11-09)

The Supreme Court of Canada endorsed legislation creating a unified, pan-Canadian securities regulator, in a unanimous ruling Friday morning.


FRANCE’S MACRON CALLS FOR ‘EUROPEAN ARMY’ TO COUNTER US, CHINA, RUSSIA

American Military News - Laura Widener (2018-11-09)

“We will not protect the Europeans unless we decide to have a true European army,” Macron said during an interview on French radio, The Wall Street Journal reported Tuesday.


AMERICAN EXPRESS WINS APPROVAL TO ENTER CHINESE PAYMENT CARD MARKET

Finextra - Finextra (2018-11-09)

The card scheme has formed a joint-venture with China's LianLian to build a network business that will enable charges on American Express branded cards to be cleared and settled domestically by the joint-venture. 


A QUIET RULE CHANGE WILL MAKE IT TOUGHER FOR CANADIANS WITH A HELOC TO GET A SECOND MORTGAGE

G&M - Robert Mclister (2018-11-08)

Canada’s No. 1 player in HELOCs, Toronto-Dominion Bank, just changed a key policy on Tuesday.


OTTAWA APPOINTS BOARD FOR TRANS MOUNTAIN LED BY FORMER BMO CHIEF EXECUTIVE

G&M - Tim Kiladze (2018-11-08)

The federal government has assembled a team of blue-chip business leaders to form Trans Mountain Corp.'s board of directors, a move the CEO says will help deal with criticism resulting from Ottawa’s takeover of the pipeline company and its expansion plans.


MANULIFE FINANCIAL’S THIRD-QUARTER EARNINGS BEAT MARKET EXPECTATIONS

G&M - Reuters (2018-11-08)

Canada’s biggest insurer Manulife Financial Corp. on Wednesday posted third-quarter profit that surpassed market expectations, helped by a strong performance from its Asian business and cost savings.


UBS EXPECTS TO BE SUED BY U.S. JUSTICE DEPT. OVER CRISIS-ERA MORTGAGE SECURITIES

G&M - Karen Freifeld (2018-11-08)

UBS Group AG, Switzerland’s largest bank, said it expects to be sued by the U.S. Department of Justice as early as Thursday on civil charges related to the sale of mortgage-backed securities in the run-up to the 2008 global financial crisis, according to a company statement.


SUN LIFE REPORTS RISE IN THIRD-QUARTER EARNINGS, SURPASSES MARKET EXPECTATIONS

G&M - Reuters (2018-11-08)

Sun Life reported earnings per share, excluding onetime items, of $1.20 in the third quarter, compared with $1.05 a year ago. Analysts had on average forecast earnings of $1.17, according to IBES data from Refinitiv.


OIL TUMBLES NEARLY 20% FROM OCTOBER HIGH – BUT ANALYSTS EXPECT A RECOVERY

CBC - Rajeshni Naidu-Ghelani (2018-11-08)

Just a few weeks ago, there was talk about oil hitting $100 US a barrel after crude prices hit a four-year high in October.


HOME CAPITAL STOCK SOARS AFTER PROFIT BEATS EXPECTATIONS

FP - CP (2018-11-08)

Shares of Home Capital Group surged as much as 25 per cent after the alternative mortgage lender beat profit expectations for the third quarter.


BEAZLEY CONFIRMS BUSINESS CLOSURE AS IT ANNOUNCES FINANCIAL RESULTS

Insurance Business - Paul Lucas (2018-11-08)

There will be reasons to celebrate in Beazley’s global offices today as the firm announces double digit GWP growth over the first nine months – but that has been offset somewhat by the confirmation of the closure of one business line.


HSBC SLAPPED BY MAJOR DATA BREACH

Insurance Business - Terry Gancuangco (2018-11-08)

In response to the cyber incident, which took place between October 04 and 14, the banking giant suspended access to prevent further unauthorized entry; contacted affected clients to assist them in changing their online banking credentials; and enhanced its authentication process to add another layer of security.


LLOYD’S OF LONDON BROKERS ‘AT THE MERCY OF INTERNATIONAL POLITICS’ AS BREXIT LOOMS

Insurance Business - Alicja Grzadkowska (2018-11-08)

“Until such time that we’re in a position to have agreed on a deal, the chances of us leaving on March 29 with no deal remain possible, likely – it’s difficult to put an actual measure on it, but there is certainly still a chance that we’ll leave without a deal,” said Christopher Croft, chief executive of the London & International Insurance Brokers' Association (LIIBA), which represents the interests of Lloyd’s insurance and reinsurance brokers operating in both London and international markets.


B.C. REGULATOR ALLEGES $47 MILLION FRAUD BY INSURANCE GROUP’S LEADERS

Insurance Journal - IIJ (2018-11-08)

The BCSC alleges that Aik Guan "Frankie" Lim and Scott Thomas Low, the directors and founders of FS Financial Strategies Inc. and related companies in the FS insurance group, “dishonestly raised over $47 million between 2012 and 2017 by failing to disclose to investors that the company wasn't profitable, its financial situation was deteriorating, and it survived by raising money from investors to cover its expenses.”


TIME TO PLAY DEFENCE, SAYS ECONOMIST

Insurance Journal - Susan Yellin (2018-11-08)

“It’s time to play defence,” Sebastien Lavoie told the annual meeting of the Independent Financial Brokers of Canada (IFB) in Toronto.


INSURANCE WITHOUT THE CARRIER COMING SOON

Canadian Underwriter - Greg Mechbach (2018-11-08)

In a white paper, Black Insurance describes its business model as one in which it would provide insurance capacity to brokers, agents and managing general agents, using blockchain as the “main platform to get rid of centralized insurance companies.”


SUCCESSFUL TEST OF REAL-TIME DATA EXCHANGE ON FIRST NOTICE OF LOSS

Canadian Underwriter - David Gambrill (2018-11-08)

Commercial brokerages and carriers have confirmed in a test case scenario that they can successfully exchange claims data from a first notice of loss (FNOL) form electronically, beginning and ending in the broker management system (BMS).


WHY THE GOOGLE WALKOUT WAS A WATERSHED MOMENT IN TECH

NY Times - Farhad Manjoo (2018-11-08)

For a few hours last Thursday, just about everything at Google ground to a halt. At 11 a.m. local time in a movement that rolled like an angry and jubilant tide around the globe, more than 20,000 employees walked out to protest the company’s long history of protecting executives accused of sexual harassment.


BDC’S FRANçOIS LECAVALIER JOINS CANADA INFRASTRUCTURE BANK

PE HUB - Kirk Falconer (2018-11-08)

Lecavalier has nearly 30 years of experience leading infrastructure and private equity projects in Canada and Europe. He joins CIB from Business Development Bank of Canada (BDC), where he was a senior vice president and oversaw the $600 million Cleantech Scale Up Initiative.


BANK STOCKS DO FINE IN DAY AFTER MIDTERMS

Seeking Alpha - Liz Kiesche (2018-11-08)

Though some worry that the Democrat-controlled House of Representatives will scrutinize banks more than the Republicans, bank stocks, for the most part, are up.


IN SETBACK FOR TRUMP, DEMOCRATS SEIZE U.S. HOUSE CONTROL

Reuters - John Whitesides (2018-11-07)

Democrats rode a wave of dissatisfaction with President Donald Trump to win control of the U.S. House of Representatives on Tuesday, giving them the opportunity to block Trump’s agenda and open his administration to intense scrutiny.


GOLDMAN SACHS CEO: I FEEL HORRIBLE EX-BANKERS BROKE LAW IN 1MDB CASE

Reuters - John Geddie (2018-11-07)

Goldman Sachs Chief Executive David Solomon said on Wednesday he felt “horrible” that two former employees “blatantly broke the law” in their dealings with Malaysian state fund 1Malaysia Development Berhad.


WELLS FARGO SAYS INTERNAL ERROR CAUSED MORE HOME FORECLOSURES THAN EXPECTED

Reuters - Reuters (2018-11-07)

Wells Fargo & Co (WFC.N) said on Tuesday an internal underwriting error had caused it to reject home loan modifications, resulting in the bank foreclosing more homes than expected.


FOR DONALD TRUMP, MIDTERM RESULTS WILL BE A REASON TO DOUBLE DOWN ON HIS NATIONALIST AGENDA

G&M - John Ibbitson (2018-11-07)

Despite the Democrats winning the House of Representatives and scoring impressive gains in races for state governor, U.S. President Donald Trump will nonetheless claim a moral victory, likely making the next two years even more tumultuous than the last.


IA FINANCIAL KEEN ON TAPPING CANADA’S WEALTH SEGMENT WHILE INCREASING ITS U.S. PRESENCE

G&M - Clare O'Hara (2018-11-07)

Industrial Alliance Insurance and Financial Services Inc. is on the hunt for acquisitions as it plots more growth in Canada’s wealth-management industry, while also pursuing targeted expansion in niche insurance markets in the United States.


CMHC EXPECTS HOUSING STARTS AND SALES TO SLIDE OVER NEXT 2 YEARS

CBC - CP (2018-11-07)

Canada Mortgage and Housing Corp. says the country's real estate market is expected to moderate over the next two years as the growth in housing prices begins to slow to be more in line with economic fundamentals.


'THEY'VE DUPED ALL OF US': AMAZON'S MULTIPLE HQ2S MOVE IT CLOSER TO ITS DESTINY AS THE EVERYTHING COMPANY

FP - David Streitfield (2018-11-07)

Amazon’s critics were apoplectic at what they called a bait and switch.


LEGISLATION WOULD BAN BANKS FROM USING TERM ‘OMBUDSMAN’ FOR NON-INDEPENDENT COMPLAINT RESOLUTION

FP - Geoff Zochodne (2018-11-07)

The federal government is proposing to stop Canada’s big banks from using the term “ombudsman” to describe the people and procedures they employ to deal with complaints.


IBC: ATLANTIC WINDSTORM HAS LEFT THOUSANDS WITHOUT POWER

Insurance Business - Lyle Adriano (2018-11-07)

Following a windstorm event that brought heavy rain and wind to the Atlantic provinces over the weekend, the Insurance Bureau of Canada (IBC) has issued a statement reaching out to homeowners who have been affected by the weather event.


AXA REVEALS ACROSS-THE-BOARD GROWTH FOR FIRST NINE MONTHS

Insurance Business - Terry Gancuangco (2018-11-07)

“Notably, we recorded a strong top line growth in our preferred segments with the continued dynamism of our health, protection, and P&C commercial lines businesses,” he said. “In September, we closed the XL Group acquisition, a key milestone in our transformation journey.”


HUB INTERNATIONAL ACQUIRES PROTEUS

Insurance Journal - IIJ (2018-11-07)

Based in Toronto, Proteus offers specialized pension plan governance and investment consulting to corporate plan sponsors, not-for-profit organizations, trusteed plans, public plans, foundations and endowments. Terms of the transaction were not disclosed.


WHY THIS MARINE CARGO CLAIM ENDED UP IN CANADIAN COURT

Canadian Underwriter - Greg Meckbach (2018-11-07)

Can a marine cargo policy cover damage to goods when they are transported thousands of kilometres by truck?


CANADIAN PAYMENTS AND CHANGES IN THE MARKET

Finextra - Finextra (2018-11-07)

Ainsley Ward, Strategic Payment Architect CGI Canada, speaks at Sibos 2018 in Sydney about whether transformation in the Financial Services compares to changes in the telecom market, what changes we are likely to see in the market from a customer perspective, and whats driving modernisation.


CANADIAN REAL ESTATE SALES LIKELY TO DROP FURTHER AS MONEY GROWTH SLOWS

Better Dwelling - Daniel Wong (2018-11-07)

Canada is being confronted with higher interest rates, and it’s really turning into a drag on growth. Bank of Canada (BoC) numbers show the M1+, a broad measure of money, is seeing significantly lower growth this year. The slowing growth is a sign of economic slowdown, often resulting in slowing sales of assets that require large financing – like a house or car.


AMERICAN COMMUNITY BANKS FORM FINTECH ALLIANCE

Finextra - Finextra (2018-11-07)

The Alliance, which is being managed by Fintech Forge, is designed to help smaller banks pool their resources in the quest to stay relevant in the digital age. 


TRUMP SAYS HE WON’T WORK WITH DEMOCRATS IF THEY INVESTIGATE HIS ADMINISTRATION

G&M - STEVE HOLLAND AND JEFF MASON (2018-11-07)

Trump was buoyed by victories that added to the Republican majority in the U.S. Senate, telling reporters at the White House that the gains outweighed the Democrats’ takeover of the House. He added that he was willing to work with Democrats on key priorities but felt any investigations of his administration would hurt prospects for bipartisanship.

“They can play that game, but we can play it better,” Trump said of the possibility of Democratic investigations. “All you’re going to do is end up in back and forth and back and forth, and two years is going to go up and we won’t have done a thing.”


THE CASE FOR 30-YEAR MORTGAGES AS A FINANCIAL STRESS RELIEVER FOR NEW BUYERS

G&M - Rob Carrick (2018-11-07)

The No. 1 question to ask about your next mortgage is not whether you got the lowest possible interest rate, or how fast you’ll pay it off. Instead, ask yourself this: How much stress will your mortgage cause you in the years ahead? If the lowest rate mortgage fries your nerves, it’s arguably not the best deal.


4,500 ONTARIO CANNABIS USERS HAVE PERSONAL DATA STOLEN

CBC - Muiral Draaisma (2018-11-07)

The Ontario Cannabis Store says a data breach through Canada Post has affected information from 4,500 customers.


WELLS FARGO EXECUTIVES KNEW AUTO INSURANCE PROGRAM WAS FLAWED: LAWSUIT

Reuters - Patrick Rucker (2018-11-07)

Several executives, including then-General Counsel James Strother and chief auditor David Julian, were among the bank officials briefed in 2012 about possible flaws in the auto insurance program that was ended in 2016, according to parts of a class-action lawsuit that were unsealed on Monday.


2018 U.S. MIDTERM ELECTION: WHAT COULD HAPPEN, WHAT’S AT STAKE AND WHY DO THEY MATTER? A GUIDE

G&M - Tamsin McMahon (2018-11-06)

U.S. President Donald Trump’s name may not be on the ballot when voters go to the polls on Tuesday. But the Nov. 6 midterm elections will certainly be a referendum on Mr. Trump’s unconventional first two years in office.


BOC’S POLOZ DEFENDS CENTRAL BANK INDEPENDENCE AGAINST POLITICAL ATTACKS

G&M - PAUL WALDIE (2018-11-06)

Bank of Canada Governor Stephen Poloz has offered a vigorous defence of the independence of central banks, calling it a “bastion of stability” and taking a not-too-subtle shot at U.S. President Donald Trump, who has been highly critical of the U.S. Federal Reserve.


ANGELA MERKEL DID NOT SAVE THE EURO, SHE JUST BANDAGED IT UP

G&M - Eric Reguly (2018-11-06)

On the day before the opening of the London Olympics in July, 2012, Mario Draghi, the newish president of the European Central Bank, popped into London to say a few words at the Global Investment Conference at Lancaster House. I was there, expecting him to say nothing important on the eve of the greatest sporting event the city had ever hosted.


HIDDEN CAMERA REVEALS HOW BANK EMPLOYEES MISLEAD AND UPSELL ON PRICEY CREDIT CARD INSURANCE

CBC - Eric Szeto (2018-11-06)

Marketplace hidden camera investigation is raising questions about how bank employees are selling a pricey and controversial product marketed to help with credit card payments if you lose your job or get sick.


HUB SWOOPS FOR TORONTO AGENCY

Insurance Business - Ryan Smith (2018-11-06)

In the latest in a string of Canadian acquisitions, Hub International Limited has announced its swoop for Toronto-based Proteus Performance Management. Terms of the transaction were not disclosed.


REGULATORS IN THE PROCESS OF BEING INSPECTED BY THE INTERNATIONAL MONETARY FUND

Insurance Journal - Hubert Roy (2018-11-06)

“We view this assessment by the IMF as an important and necessary exercise because if the AMF performs well in international assessments, this indirectly confirms the robustness of the institutions and the markets that we oversee,” Théberge says. “In addition, the regulator’s good reputation contributes indirectly to reinforcing confidence among retail and institutional investors, along with different actors in the financial and economic ecosystem.” 


NAVACORD CONTINUES TO EXPAND ITS CONSTRUCTION PRACTICE WITH LATEST PARTNERSHIP

Canadian Underwriter - Jason Contant (2018-11-06)

Founded in 2011, Markham, Ont.-based Westmount Guarantee provides Tarion bonds (developers’ surety), condominium deposit insurance and surety products for residential projects across Ontario. Devoted exclusively to the condominium market, its leadership team consists of president Jim Emanoilidis and vice president Brian Argue.


SEARS, LENDERS NEARING LARGER BANKRUPTCY FINANCING DEAL WITHOUT LAMPERT

WSJ - Lillian Rizzo, Suzanne Kapner (2018-11-06)

Sears Holdings Corp. is wrapping up an expanded bankruptcy financing package that will keep it afloat past the holiday season as it looks to sell its most profitable stores and other assets.


CITIGROUP TO KEEP CHAIRMAN, CEO ROLES SEPARATE

WSJ - Telis Demos (2018-11-06)

Citigroup Inc. is keeping chairman and chief executive roles separate. The bank’s board on Monday said it has selected director John Dugan as chairman.


DETAILED COVERAGE OF ELECTION

NY Times - NY Times (2018-11-06)

Find detailed region by region coverage. 


SOFTBANK CHIEF WON’T SHUN SAUDI ARABIA DESPITE KILLING

NY Times - Michael J. de la Merced and Sui-Lee Wee (2018-11-06)

The chief executive of the SoftBank Group of Japan denounced the killing of a prominent dissident in a Saudi consulate in Turkey — but said he would not cut ties with the Saudi Arabian government.


SEVEN VENTURE-CAPITAL FIRMS RECEIVE TOTAL OF $50-MILLION FROM OTTAWA

G&M - Sean Silcoff (2018-11-05)

The federal government is giving $50-million in total to seven Canadian “alternative” venture-capital firms to back domestic technology startups, favouring established small-scale financiers and entrepreneurs with an investing track record over unproven investors.


CIBC, BMO DON’T EXPECT TO MAKE CREDIT REDUCTIONS TO ENERGY SECTOR

G&M - Alexandra Posadzki (2018-11-05)

Two of Canada’s largest investment banks say they don’t expect to meaningfully cut credit to the energy sector despite the widening gap between Canadian and U.S. benchmark oil.


CANADIAN TIRE TELLS WIFE OF AILING CUSTOMER TO PAY HIS $18,000 DEBT, DESPITE CREDIT CARD INSURANCE

CBC - Erica Johnson (2018-11-05)

"My husband paid for Credit Protector insurance all these years in case something bad should happen," says his 72-year old wife, Jolante Graves.


RCMP VICTIMIZED BY $100,000 CREDIT CARD CLONING SCAM

CBC - Elizabeth Thompson (2018-11-05)

The Royal Canadian Mounted Police has changed the way it handles credit cards for gasoline purchases after it fell victim to organized criminals and the fraud went undetected for months.


LOWE’S TO CLOSE 31 STORES IN CANADA AMID RESTRUCTURING

G&M - Alan Diaz (2018-11-05)

Lowe’s Companies Inc. says it plans to close 31 Canadian stores and other locations as part of a plan to focus on its most profitable operations.


BOC’S POLOZ SAYS GLOBAL ECONOMY AT STAGE WHERE STIMULUS CAN BE ‘STEADILY WITHDRAWN’

G&M - Andy Blatchford (2018-11-05)

The governor of the Bank of Canada says after a decade of low-interest rates around the world the global economy has reached stronger footing where stimulus can be “steadily withdrawn.”


TORONTO’S HOME SALES CLIMB IN OCTOBER AND NEW LISTINGS FALL, TIGHTENING MARKET

G&M - Janet McFarland (2018-11-05)

Toronto home sales climbed in October as new listings fell, pushing prices higher and signalling the city's real estate market is tightening.


EX-WALL STREET BANKER'S INSIDER TRADING CONVICTION OVERTURNED

Reuters - Jonathan Stempel (2018-11-05)

In a 2-1 decision, the 2nd U.S. Circuit Court of Appeals said Sean Stewart, who worked at JPMorgan Chase & Co (JPM.N) and Perella Weinberg Partners, should have been allowed to challenge a crucial piece of evidence, a recorded conversation between his father and a friend who was cooperating with prosecutors.


GOLDMAN SACHS, MEGA-M&A PURVEYOR, LOOKS FOR SMALLER DEALS

Reuters - Joshua Franklin (2018-11-05)

The top echelons of Goldman Sachs Group Inc’s investment bank hosted a dinner over the summer with the representatives of almost 20 private equity firms at Manhattan’s Legacy Records restaurant.


EXCLUSIVE: SEARS NEARS BANKRUPTCY FINANCING DEAL WITHOUT LAMPERT'S HEDGE FUND - SOURCES

Reuters - Mike Spencer (2018-11-05)

The deal, which may come as soon as this week, could provide enough money for the beleaguered U.S. retailer to keep its shelves stocked during the holiday shopping season and retain sufficient support from creditors and vendors to emerge from bankruptcy proceedings.


TECH SLUMP DRAGS ON U.S. STOCKS AS CRUDE ADVANCES: MARKETS WRAP

Bloomberg - VILDANA HAJRIC (2018-11-05)

Technology shares slumped after a report Apple Inc. won’t boost iPhone production, with the Nasdaq 100 Index pacing declines among major equity benchmarks. Oil gained for the first time in a week.


LLOYDS TO CREATE THOUSANDS OF JOBS IN DIGITISATION DRIVE

Finextra - Finextra (2018-11-05)

Lloyds Banking Group is axing 6000 jobs but creating 8000 new ones as part of a multi-billion pound technology investment programme, according to reports.


STRONG GROWTH DATA OBSCURE A PROBABLE SLOWDOWN TO COME

Economist - Economist (2018-11-05)

Yet a closer inspection offers more support for a pessimistic view. Consider two components of growth: investment and trade. Non-residential investment was disappointingly weak in the third quarter, particularly given the economy’s broader strength. Just 12% of 116 businesses recently surveyed by the National Association of Business Economics reported that they had increased their investments in response to the tax cut. Investments take time to plan and the data are noisy. But Mr Trump’s tax cut was supposed to lead to a sustained investment bonanza. There are few signs of that so far.


WAGE GROWTH DECLINES AGAIN DESPITE ROBUST LABOUR MARKET, STATISTICS CANADA SAYS

G&M - Rachelle Younglai (2018-11-04)

Despite signs suggesting Canada’s labour market is robust, wage growth continued to slow last month.


MANULIFE REVEALS THREE TRANSACTIONS TO RELEASE $1 BILLION

Insurance Business - Lyle Adriano (2018-11-04)

The company has revealed that its subsidiaries have entered agreements with “highly rated counterparts” to reinsure about $8 billion of policy liabilities related to legacy US group pay-out annuities to Jackson National Life Insurance, another $4 billion of policy liabilities related to legacy US individual pay-out annuities to RGA Reinsurance, and the mortality and lapse risk on about $1 billion of policy liabilities related to Canadian legacy universal life insurance business to RGA Life Reinsurance Company of Canada.


THE CO-OPERATORS WELCOMES FRUIT GROWER COOPERATIVE AS NEW MEMBER

Insurance Business - Lyle Adriano (2018-11-04)

The Co-operators says it is proud to welcome its newest member organization: Scotian Gold Cooperative – a grower-owned tree fruit co-operative based in Nova Scotia.


EMPIRE LIFE’S NET INCOME DECLINES IN Q3 2018

Insurance Journal - IIJ (2018-11-04)

Empire Life has reported net income of $35.2 million for the third quarter of 2018, down from $39.1 million for the same quarter last year.


DIRECT DAMAGE COVERAGE AVAILABLE FOR CANNABIS PRODUCT MOVEMENT

Canadian Underwriter - Jason Contant (2018-11-04)

A United States-based underwriter of marine cargo coverage has entered the Canadian cannabis market with a product that provides direct damage coverage to goods moving through the supply chain.


WHAT’S NEXT FOR FAIRFAX IN THE LLOYD’S MARKET

Canadian Underwriter - Greg Machbach (2018-11-04)

“We are going to be buying out the remainder of the minority interest in Brit over the next couple of years and Eurolife as well, maybe even sooner,” Rivett said in reply to a question from an investment banking analyst. Eurolife is a Greek insurer that writes both life and non-life.


HEDGE FUNDS ARE LESS BULLISH ON OIL—ENERGY JOURNAL

WSJ - Neanda Salvaterra (2018-11-04)

Hedge funds are treading more carefully on the oil scene.


EMERGING MARKETS BECOME MORE ABLE TO WITHSTAND A CRISIS

FT - Jonathan Wheatley, James Kynge (2018-11-04)

The frequency of crises in emerging market economies has declined from eight to 10 per year in the 1980s and 1990s to two to four per year more recently as the finances of developing nations have become more robust and sophisticated.


GE CAPITAL CALLS TIME ON COMMERCIAL PAPER BORROWING

FT - Ed Crooks (2018-11-04)

General Electric’s financial services division is giving up on using commercial paper, in a landmark moment for a business that was once the largest borrower in the market.


CANADA’S CDPQ TAKES ‘SURGICAL’ VIEW ON UK ASSETS

FT - Janvier Espinoza (2018-11-04)

A large investor in Heathrow airport, Heathrow Express and Eurostar has said it is taking a more “surgical” approach to buying UK assets in light of what it expects to be a “bumpy” Brexit.


CLASS OF 2015: EUROPEAN BANK CHIEFS STRUGGLE TO DELIVER

FT - David Crow (2018-11-04)

In 2015, as Europe’s banking sector tried to rebuild following the ravages of the financial crisis, four of the region’s largest financial institutions handed the reins to relative outsiders. 


News feed

GLOBAL ECONOMY SHOWS STRAIN AS U.S. STEAMS AHEAD

WSJ - William Boton, Josh Zumbrun (2018-11-15)

The global economy has hit a soft patch, putting the U.S.’s robust growth at risk should the slowdown persist.


EMERGING MARKETS BECOME MORE ABLE TO WITHSTAND A CRISIS

FT - Jonathan Wheatley, James Kynge (2018-11-04)

The frequency of crises in emerging market economies has declined from eight to 10 per year in the 1980s and 1990s to two to four per year more recently as the finances of developing nations have become more robust and sophisticated.


FSIM briefings and developments reports


Guests have access to limited data set. Free trial users have data access but this message displayed until subscription paid.
Displayed data is for demo purposes. To login or subscribe for full access, click here.

Select Category Enter a Search Term Select Date  

UK LOSES TWO-THIRDS OF BANK BRANCHES IN 30 YEARS

The UK has lost two-thirds of its bank branches in the past 30 years, sparking warnings that communities were losing access to mainstream financial services. New research by Which?, the consumer group, found there were 7,586 bank branches today, compared with 20,583 in 1988.
The decline has left one in five people more than three kilometres away from their nearest branch and almost one in 10 more than five kilometres away from one, it said. Sparsely populated areas of Scotland have been hit hardest by closures. But the south-west and east of England have also been disproportionately affected by the decline, Which? said. Banks have been closing branches because people are increasingly banking online, resulting in fewer branch visits. Previous research by UK Finance, the banking industry’s trade association, found banks received a daily average of 104 visits in 2017, down from 140 in 2012 — a 26 per cent fall. “We can’t stop tech disrupting traditional models of banking,” said Gareth Shaw, Which? money expert. “But this is happening at such a pace, we are concerned some people are being disenfranchised and excluded from accessing finance.” UK Finance said this week: “Bank branches play an important role in the life of local communities and decisions to close them are never taken lightly.”


THE GHOST OF CHRISTMAS PAST HAUNTS THE HIGH STREET

Figures this week showed over 18 per cent of the UK’s total retail spend happens online. Price transparency is one reason I prefer it — but the biggest attraction is the time savings it unlocks.
Whether you’re buying presents, clothes or groceries, it is so much more convenient if your shopping comes to you. This shift in consumer behaviour is now entrenched in the valuations of commercial property companies. Real estate investment trusts (Reits) that own shopping centres are being punished, whereas those that own logistics parks and warehouses — the infrastructure supporting online purchases and deliveries — are booming. Segro — the whizzy name for what used to be the Slough Estates Group — is the chief beneficiary of shoppers’ changing habits. Shares in this Reit trade at a 5 per cent premium to net asset value (the book value of its property assets, minus debt and other net liabilities) as investors think online shopping has much further to go. By contrast, the share prices of some Reits with exposure to bricks-and-mortar shopping centres and retail parks trade at discounts of more than 40 per cent. With so many retailers in trouble, investors increasingly expect shop rents and asset values to fall. Two Reit majors took the knife to retail valuations this week, though the exercise was more akin to scraping a pat of butter than slicing the leg off a turkey. LandSec, whose assets include a stake in the gigantic Bluewater shopping centre in Kent, took a 3 per cent writedown on its retail portfolio, and British Land, which owns half of Sheffield’s Meadowhall, took a 4.5 per cent hit. These Reits trade on discounts of 37 and 32 per cent, respectively.


BUSINESS HAS GOT BEHIND DRAFT DIVORCE DEAL WITH EU: UK PM MAY'S SPOKESWOMAN

A Brexit divorce deal brokered by Prime Minister Theresa May has received strong support from Britain’s business community, her spokeswoman said on Friday.



Analytics

Guests have access to limited data set. Free trial users have data access but this message displayed until subscription paid.

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

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