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

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

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

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

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

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

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

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

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

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

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

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

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


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

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Research

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

REVOLUT SECURES BANKING LICENCE

Finextra - Finextra (2018-12-13)

Nick Storonsky, founder and CEO of Revolut says: “Our vision is that retail and business customers will be able to apply for a loan in just two minutes from within the app, and then have the money in their account almost instantly. We’ll remove the bureaucratic process and come in cheaper than traditional lenders.”


BANKS FACE STIFFER CAPITAL RULES TO BUFFER A DEBT-LED DOWNTURN

G&M - James Bradshaw (2018-12-13)

Canada’s banking regulator will require large banks to hold more capital to guard against looming risks to the economy, including high levels of household and corporate debt.


MACKENZIE FINANCIAL FACES $175-MILLION CLASS-ACTION LAWSUIT OVER ADVICE FEES

G&M - Clare O'Hara (2018-12-13)

A third investment fund manager may be held accountable for do-it-yourself investors being charged millions of dollars in fees for advice they are not receiving, according to a recent lawsuit filed against Mackenzie Financial Corp.


VANCOUVER ENTREPRENEUR WHOSE LAST BUSINESS WAS SOLD TO PAYPAL FOR $400-MILLION EXPANDS NEW FINTECH FOR BANKS

G&M - Josh O'Kane (2018-12-13)

A Vancouver entrepreneur whose previous business was acquired by PayPal Holdings Inc. for $400-million is set to announce a key partnership with JPMorgan Chase & Co. for her latest financial-technology venture.


LIFE INSURERS’ PROFITS: CHINA POISED TO SURPASS UNITED STATES

Insurance Journal - Hubert Roy (2018-12-13)

What countries will be most profitable for life insurers? United States still tops the list but China is nipping at its heels.


HOW CYBERCRIME AND COVERAGE TRANSFORMED IN 2018

Insurance Business - Alicja Grzadkowska (2018-12-13)

Cyber criminals were busy this year as they targeted public and private entities around the world, with the hacks of HSBC and Facebook most recently coming to light. As organisations rushed to patch the gaps in their security infrastructure and became more attuned to the risks that cyber incidents posed, hackers’ behaviours changed as well over the course of 2018 as they moved from using mass mailing, indiscriminate malware as their weapon of choice to relying on more targeted extortion efforts.


FOUR IN FIVE CUSTOMERS DON’T FEEL THEIR INSURER VALUES THEIR LOYALTY - STUDY

Insurance Business - Ryan Smith (2018-12-13)

Only one in five customers feels that their insurer values their business, according to a new study commissioned by customer benefits and loyalty firm Collinson.


IS 2019 THE YEAR OF HYPER-PERSONALIZED, OMNICHANNEL INSURANCE IN CANADA?

Canadian Underwriter - Jason Contant (2018-12-13)

Meeting consumers where they already are by moving towards an omnichannel strategy is one of the trends that will reshape the Canadian insurance industry in 2019, a market intelligence agency predicts.


NISSAN AND RENAULT FACE LEADERSHIP CRISIS AFTER C.E.O. IS JAILED

NY Times - Jack Ewing, Motoko Rich and Liz Alderman (2018-12-13)

During the nearly two decades he dominated the alliance of Renault and Nissan, Carlos Ghosn achieved something of a miracle in the auto world. He managed to get the French and Japanese companies to act as one entity so both could prosper in an industry where scale is everything.


SOARING HOUSEHOLD DEBT LEAVES VANCOUVER, TORONTO HOMEOWNERS VULNERABLE TO HIGHER RATES, CMHC WARNS

G&M - Rachel Youglai (2018-12-13)

Soaring levels of household debt in Vancouver and Toronto have increased their vulnerability to higher interest rates, according to Canada’s federal housing agency.


RISING RATES, HIGH DEBT COULD LEAD TO FINANCIAL CRISIS IN CANADA, REPORT WARNS

G&M - Ian McGugan (2018-12-13)

Canada risks a financial crisis within three years as rising interest rates collide with already lofty levels of indebtedness, a Citigroup report warns.


CANADA’S HAUNTING INCOME DIVIDE, STARK NUMBER BY STARK NUMBER

G&M - Michael Babad (2018-12-13)

New findings from Statistics Canada underscore our haunting income divide.


CHINESE DETENTIONS RAISE FEARS OF CANADIAN BUSINESS CHILL, RETHINK OF TRAVEL PLANS

CBC - Pete Evans (2018-12-13)

Escalating fears of retaliation after Canada detained a high-ranking Chinese business executive have prompted some Canadian business leaders to think twice before going to China on business.


BIG BANKS TIGHTEN GRIP ON MORTGAGE MARKET AFTER RULE CHANGES STIFLE COMPETITION

FP - Matt Shuffham (2018-12-13)

Canada’s biggest banks are tightening their grip over the country’s $1.5 trillion (US$1.1 trillion) mortgage market as new rules designed to cut out risky lending make it harder for borrowers to switch lenders, with some analysts betting on more gains for the country’s biggest two banks.


MARIJUANA LEGALIZATION WILL BE THE ‘BIGGEST ECONOMIC SHIFT WE’LL SEE IN OUR LIFETIME’

Insurance Business - Alicja Grzadkowska (2018-12-13)

Despite what you might hear about cannabis culture and the negative stigma that still clouds this blossoming industry, professionals and entrepreneurs working in this space are just like those in any other sector as they try to break new ground and develop innovative solutions to meet market demand.


EUROPE’S CENTRAL BANK ENDS ONE OF THE BIGGEST MONEY-PRINTING PROGRAMS EVER

NY Times - Jack Ewing (2018-12-13)

One of the biggest money-printing programs of all time, a geyser of cash that may have prevented the collapse of the eurozone, will officially end in a few weeks in a slow-motion wrap-up that reflects lingering risks to the region.


CAN CRYPTOCURRENCIES SURVIVE THE START OF GOVERNMENT REGULATION?

NY Times - Peter Henning (2018-12-13)

The government has finally begun a crackdown on the market for cryptocurrencies and digital tokens. Does this spell the demise of digital currencies and the end of initial coin offerings?


U.S. SENATE HANDS TRUMP HISTORIC REBUKE ON SAUDI ARABIA

Reuters - Patricia Zengerle (2018-12-13)

The U.S. Senate delivered a rare double rebuke to President Donald Trump on Saudi Arabia on Thursday, voting to end U.S. military support for the war in Yemen and blame the Saudi crown prince for the murder of journalist Jamal Khashoggi.


GOLDMAN SACHS, JPMORGAN AND OTHERS BACK RISK MANAGEMENT STARTUP ACCESSFINTECH

Reuters - Anna Irrera (2018-12-13)

Israel-based AccessFintech has created a network that aggregates and helps resolve so-called business “exceptions”, or errors that financial institutions make when carrying out business activities and that require interventions to be resolved.


OIL AND ARMS: HOW SAUDI ARABIA MAINTAINS ITS GRIP ON THE WEST

G&M - Rob Magazine (2018-12-12)

In the wake of the murder of journalist Jamal Khashoggi, and with the ongoing war in Yemen, activists are pushing the West to cut off weapons exports to Saudi Arabia, the world’s second-largest arms importer. But though the kingdom no longer wields near-unilateral control over global oil prices, its crude still accounts for 12.7% of global consumption. Cut off the weapons and you could jeopardize oil supply or destablize prices.


ACCUSED GROCERS, BREAD MAKERS REQUEST A DELAY ON CLASS-ACTION IN PRICE-FIXING CASE

G&M - Marina Strauss (2018-12-12)

A group of the country’s largest retailers and bread makers will ask an Ontario court on Wednesday to delay a class-action lawsuit that alleges they overcharged consumers by an estimated $5-billion over 15 years by artificially raising bread prices.


THE BIG SIX MADE $45.3-BILLION THIS YEAR. WHO’S SHINING BRIGHTEST?

G&M - David Berman (2018-12-12)

Fans of Canadian bank stocks will appreciate this number: $45.3-billion.


IMF WARNS STORMS CLOUDS GATHERING FOR GLOBAL ECONOMY

G&M - Marc Jones (2018-12-12)

One of the International Monetary Fund’s top officials warned on Tuesday that storm clouds were gathering over the global economy and that governments and central banks might not be well- equipped to cope.


WALL STREET IGNORED TROUBLE SIGNS FOR MONTHS. NOW IT SEES RISKS EVERYWHERE

NY Times - Matt Phillips (2018-12-12)

When a trade war broke out between the world’s two largest economies in June, investors barely blinked. After the Federal Reserve raised interest rates — often a reason for investors to sell stocks — the markets continued to climb. As some of the world’s largest economies began to slow down, U.S. markets largely shrugged it off.


SHEILA MURRAY TO RETIRE AS PRESIDENT OF CI FINANCIAL

Insurance Journal - IIJ (2018-12-12)

CI Financial Corp. announced Dec. 10 that its president, Sheila Murray, will retire effective March 31, 2019. She will remain a member of the board of directors of CI following her retirement.


NEW PRODUCTS IN HOURS, NOT MONTHS: WHY COLLABORATIVE SPACES WORK FOR THIS INSURER

Insurance Business - Alicja Grzadkowska (2018-12-12)

From digitally-powered insurance solutions to partnerships with insurtechs to community-focused hackathons, the Canadian insurance industry is stepping up its innovation game. As companies map out their future and decide what their innovation strategies will look like in the coming years, part of the transformation also often involves updating the very workspaces in which brokers and other insurance professionals work.


WHAT SMALL BUSINESS OWNERS THINK OF PRIVATE AUTO INSURANCE IN B.C.

Canadian Underwriter - Jason Contant (2018-12-12)

CFIB recently surveyed 1,015 small and medium-sized business owners in B.C., asking if the provincial government should allow private insurers to sell basic auto insurance. Almost three-quarters (73%) wanted the change, compared to 11% that opposed. Fifteen per cent were undecided and 1% had no interest.


THE HARD PART ABOUT MAKING ARTIFICIAL INTELLIGENCE WORK

Canadian Underwriter - Greg Mechbach (2018-12-12)

AI adoption among Canadian firms “has remained stagnant over the last four years,” Deloitte Canada suggested.


AUSTRALIAN MARKETS CATCH A COLD AS CHINA SNEEZES

WSJ - Joanne Chiu (2018-12-12)

The Australian stock market has suffered as Chinese growth slows and concerns about global economic health mount.


CAN TRUMP FIRE JEROME POWELL? IT’S A POLITICAL QUESTION

WSJ - Peter Conti-Brown (2018-12-12)

‘This is a challenging moment for central banking,” Federal Reserve Chairman Jerome Powell said shortly after his February appointment. He wasn’t kidding. Weeks later, President Trump launched the first in a series of broadsides against the Fed. In recent months Mr. Trump has called the central bank “crazy” and “a much bigger problem than China.”  


BUILDING RESILIENCE: OSFI SETS DOMESTIC STABILITY BUFFER LEVEL AT 1.75%

OSFI - OSFI (2018-12-12)

Recently, in discussing vulnerabilities in the global financial system, the Financial Stability Board remarkedthat financial supervisors like OSFI should “consider using the current window of opportunity to build resilience, particularly macroprudential buffers where appropriate.


CPPIB STANDING BY CHINESE INVESTMENT PLANS DESPITE TENSION AROUND HUAWEI EXECUTIVE’S ARREST

G&M - Euan Rocha (2018-12-12)

The Canada Pension Plan Investment Board (CPPIB), the country’s biggest public pension fund, plans to continue deploying capital in China, despite political tensions between the two nations, Chief Executive Mark Machin said on Wednesday.


GMP CAPITAL’S GLOBAL EXPANSION PETERS OUT WITH SALE OF U.S. DEBT DIVISION

G&M - Tim Kiladze (2018-12-12)

GMP Capital’s near-decade of international expansion is ending, with the independent dealer selling its U.S. fixed-income division.


TOTAL NUMBER OF NEW MORTGAGES SLUMPED IN SECOND QUARTER, SAYS CMHC

CBC - CP (2018-12-12)

Rising interest rates coupled with slower income and population growth helped temper demand for new mortgages in the second quarter, according to Canada Mortgage Housing Corp.


CANADA'S CONNECTION TO BERNIE MADOFF CONTINUES THROUGH THE COURTS A DECADE LATER

FP - Geoff Zochodne (2018-12-12)

It was around 12 years ago that the manager of three offshore investment funds — Fairfield Sentry, Fairfield Sigma and Fairfield Lambda — turned to a Canadian arm of PwC to look over the funds’ financial statements, switching the task from a PwC office in the Netherlands.


MARKETS CONCLUDE THE U.S. IS RISKIER THAN CHINA

Bloomberg - Matthew A. Winkler (2018-12-12)

Here’s another reason Donald Trump is “not at all happy with the Fed” and will continue to be frustrated by the world’s No. 2 economy. He is the first president to suffer the new normal of China becoming more creditworthy than the U.S. That’s right: America now pays more to borrow money than China does.


THERESA MAY WINS VOTE OF CONFIDENCE

BBC - BBC (2018-12-12)

Speaking in Downing Street, she vowed to deliver the Brexit "that people voted for".


US BANKS: WAIL STREET

WolfStreet - Wolf Richter (2018-12-12)

On Tuesday, the US KBW Bank index, which tracks the largest 24 US banks and serves as a benchmark for the banking sector, dropped 1.2%, the fifth day in a row of declines, to the lowest close since September 7, 2017.The index is now back where it had been on December 1, 2016. Two years of big gains gone up in smoke. The past five trading days looked like this:


SPAIN’S MID-SIZED BANKS IN MERGER TALKS

FT - Ian Mount (2018-12-12)

Shares in Spain’s Liberbank and Unicaja jumped sharply on Wednesday morning, after the two mid-sized lenders announced in regulatory filings that they had begun discussions about a possible merger.


UK JURY FAILS TO REACH VERDICT IN INSIDER TRADING CASE

FT - - Jane Croft, Caroline Binham (2018-12-12)

A jury failed to reach a majority verdict in an insider trading case against a former UBS compliance officer and her day-trader friend accused of making £1.4m in profit using confidential deal tips.


SEARS CUSTOMERS TOLD BY SCOTIABANK TO CONTINUE PAYING FOR WORTHLESS EXTENDED WARRANTIES

CBC - YvonneColbert (2018-12-11)

Refuse to pay? Then you'll be getting a call from debt collectors.  


‘YOU'VE GOT NOWHERE TO HIDE’: RISING INTEREST RATES ARE WREAKING HAVOC ON FIXED-INCOME ETFS

FP - Victor Ferreirra (2018-12-11)

Canadians like to spend a lot of money on three things, according to Horizons ETFs vice-president Mark Noble: Housing, cellphone plans and fixed-income ETFs.


UBER SELECTS MORGAN STANLEY TO LEAD 2019 IPO

Bloomberg - Eric Newcomer (2018-12-11)

It’s another big win for Morgan Stanley banker Michael Grimes, who has become the go-to adviser for many of Silicon Valley’s largest IPOs.


REAL ESTATE SLOWDOWN TO COST TORONTO NEARLY $100-MILLION

G&M - Jeff Gray (2018-12-11)

Toronto’s cooling real-estate market is on track to cost its municipal government nearly $100-million in tax revenue – something critics of Mayor John Tory warn could force the city to choose between higher property-tax hikes or cuts to services in next year’s city budget.


CANADIAN DOLLAR DIPS AS OIL PRICES DECLINE, YIELD CURVE INVERTS

G&M - Reuters (2018-12-11)

The Canadian dollar edged lower against its U.S. counterpart on Monday as oil prices declined and the spread between Canada’s two- and five-year yields turned negative for the first time since September 2007.


DEEP LOSSES LEAVE BIG TECH WITH SMALL EARNINGS MULTIPLES

G&M - Noel Randewich (2018-12-11)

Deep losses in Amazon.com Inc., Apple Inc., Facebook Inc. and Alphabet Inc. have left the former tech favourites at their lowest earnings multiples in years, offering potential bargains to cold-blooded investors looking to buy stocks at a time of heightened fear.


THE STOCK MARKET BOOM NO ONE LOVED HAS BECOME THE BUST NO ONE UNDERSTANDS

G&M - Ian McGugan (2018-12-11)

The boom no one loved has become the bust no one understands.


ARTHUR J. GALLAGHER ACQUIRES ACCOMPASS

Insurance Journal - IIJ (2018-12-11)

U.S.-based brokerage, Arthur J. Gallagher & Co., has acquired Accompass Inc. of Toronto.


PRIVATE CARRIERS ‘CROWDED OUT’ OF CANADIAN TRADE CREDIT INSURANCE MARKET

Insurance Business - Bethan Moorcraft (2018-12-11)

“The export credit insurance market in Canada is very uncompetitive. Private carriers are up against a monolith government entity, which has created an un-level playing field with no advantage for Canadian companies,” said Dienesch. “Canadian companies are not exporting as much as they could be. Our export market share doesn’t seem to be growing very much beyond the United States, despite the fact that we’ve signed some new trade treaties.


WELLS FARGO WON'T BE ALLOWED TO GROW UNLESS PROBLEMS FIXED: FED'S POWELL

Reuters - Patrick Rucker (2018-12-11)

In February, the Fed ordered Wells Fargo to freeze its balance sheet, keeping its assets below $1.95 trillion, until it put new checks on senior managers and gave the board new powers to sniff out abuses.


TORONTO DETACHED REAL ESTATE SALES: WORST NOVEMBER SINCE THE GREAT RECESSION

Better Dwelling - Better Dwelling (2018-12-11)

The price of a typical detached home across Greater Toronto is little changed from last year. TREB reported the typical detached home price fell to $910,100 in November, down 0.28% from last year. The City of Toronto saw a benchmark of $1,111,000, up 2.1% from last year. Yes, even the city is looking at a real loss once the benchmarks are adjusted to inflation next year.


CANADA IS CAUGHT IN THE MIDDLE OF A CHINA-U.S. TECH WAR

G&M - Paul Evans (2018-12-11)

The case of Huawei CFO Meng Wanzhou – arrested in Vancouver on charges that her company contravened U.S. sanctions on Iran – is attracting global attention, and it has thrust Ottawa into a high-stakes policy challenge between China and the United States.


CANADIANS FILE CLASS-ACTION SUITS AGAINST MARRIOTT IN WAKE OF STARWOOD DATA BREACH

G&M - Tara Deschamps (2018-12-11)

Canadians who stayed at Marriott International Inc. and subsidiary Starwood Canada ULC hotels are taking legal action against the companies following a security breach.


CSIS CAUTIONS CANADIAN UNIVERSITIES ABOUT RESEARCH TIES WITH HUAWEI

G&M - Sean Silcoff (2018-12-10)

Canada’s spy agency is warning the country’s top universities to be cautious about their extensive research relationships with Huawei Technologies Co. Ltd. amid growing cyberintelligence concerns about the Chinese telecommunications equipment giant.


YOU CAN’T HANDLE THE TRUTH: A FEW VIEWS OF THE UGLY STOCK MARKET

G&M - Michael Babad (2018-12-10)

These are ugly days on global stock markets, leaving investors wondering if the seasonal strength that usually arrives this time of year will ever make an appearance.


WHAT CRISIS? CANADA’S BIG SIX BANKS BRUSH OFF OIL-PRICE CRASH

G&M - Tim Kiladze (2018-12-10)

Canada’s largest banks are brushing off the recent crash in domestic-crude prices, confident that their loan books are in solid shape.


U.K. TRADERS BRACE FOR PARLIAMENT’S BREXIT VOTE NEXT WEEK

G&M - Lawrence White, Ben Martin (2018-12-10)

As lawmakers gather in Britain’s Parliament on Tuesday to vote on the future of the country’s relationship with Europe, traders in London’s financial hub will be bracing for a potential burst of market turmoil that could affect the Brexit process itself.


OIL IS GOING CRAZY AFTER OPEC, RUSSIA AGREE TO SLASH 1.2 MILLION BARRELS A DAY

FP - Julia Payne (2018-12-10)

Oil prices jumped more than 5 per cent on Friday as OPEC and its Russia-led allies agreed to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.


BERNIE MADOFF’S LEGACY: WHISTLEBLOWER INC.

WSJ - Gregory Zuckerman, Dave Michaels (2018-12-10)

Ten years ago, Bernard Madoff’s multibillion-dollar Ponzi scheme, the biggest fraud in U.S. history, shocked the financial world. It soon emerged that a forensic accountant, Harry Markopolos, had been alerting regulators for years to Mr. Madoff’s fraud, but no one had listened. At Mr. Markopolos’s urging, the Securities and Exchange Commission...


SEC REVIVES FIGHT OVER INABILITY TO INSPECT CHINESE AUDITORS OF ALIBABA, BAIDU

WSJ - Dave Michaels, Michael Rapoport (2018-12-10)

American regulators resurrected a long-simmering fight over their inability to inspect audits of Chinese companies that are traded on U.S. stock exchanges, saying the situation prevents investors from getting information they need.


ASSUMPTION LIFE ANNOUNCES RETIREMENT OF PRESIDENT AND CEO AND NAMES SUCCESSOR

Insurance Journal - IIJ (2018-12-10)

Assumption Life announced Dec. 7 that its President and CEO, André Vincent, will be leaving his current position on Dec. 31, 2018. Effective Jan. 1, 2019, he will assume the role of senior advisor to the new President and CEO, until he officially retires on June 30, 2019. Sébastien Dupuis will become Assumption Life’s next president and CEO.


EQUITABLE BANK LAUNCHES LINE OF CREDIT BACKED BY LIFE-INSURANCE

Insurance Journal - Alain Theriault (2018-12-10)

A subsidiary of the Equitable Group (no link to Equitable Life Insurance), Equitable Bank announced on its website that customers can borrow up to 90% of the surrender value of their policy tax-free. This small Toronto-based bank that employs over 650 professionals has $26 billion in assets under management and specializes in loans and mortgage lines of credit, deposit services and commercial lending. 


WILDFIRE CLAIMS MAY TOP US$10 BILLION - AON

Insurance Business - Ryan Smith (2018-12-10)

Total insurance claims for wildfires in the US will likely exceed US$10 billion for the second year in a row, according to a new report.


STANDARD CHARTERED CUTS JOBS IN UAE RETAIL BANK: SOURCES

Reuters - Tom Arnold (2018-12-10)

Standard Chartered (STAN.L) is cutting jobs in its retail bank in the United Arab Emirates, in part as more customers move to digital services, people familiar with the matter told Reuters.


SPANISH BANKS RAIL AGAINST BIG TECH THREAT

Finextra - Finextra (2018-12-10)

Regulatory issues topped the agenda, with access to financial data expected to play a key role in the coming battle between Big Tech firms and banks. The introduction of PSD2 and the move to Open Banking is expected to upset the competitive advantage enjoyed by banks, with Big Tech firms ready to benefit from asymmetric regulation and extend their appeal to consumers.


BRITAIN’S THERESA MAY DELAYS KEY BREXIT VOTE

G&M - PAUL WALDIE (2018-12-10)

British Prime Minister Theresa May has postponed a critical vote in the House of Commons on her Brexit deal with the European Union as she tries to wring some last-minute concessions out of the EU.


INDIA’S CENTRAL BANK GOVERNOR RESIGNS AMID TENSE STAND-OFF

FT - Amy Kazmin (2018-12-10)

The head of India’s central bank abruptly resigned on Monday in the midst of a bruising battle with the prime minister over the institution’s independence and the future direction of the country’s financial sector.


DEUTSCHE BANK NEEDS A BOLD AND SWIFT RESTRUCTURING

FT - Editorial Board (2018-12-10)

Deutsche Bank’s chief executive insisted in a recent interview with the German tabloid Bild that Germany’s biggest bank was “not at risk of a takeover”. He was probably right. No prudent buyer would take on Deutsche Bank in its current state.


CORPORATE BONDS IN AN AGEING BUSINESS CYCLE

Economist - Economist (2018-12-10)

In the 1970s the junk-bond market was a dark underworld. It was the home of “fallen angels”, the bonds of investment-grade firms that had gone to seed. Most investors were too genteel to hold them. So they traded at hefty discounts to face value. Then Michael Milken, a junk-bond guru, came along with a new gospel. A portfolio of high-yield junk was a better bet than one of supposedly safer bonds. After all, an a-rated bond can only go in one direction—down.


IT COSTS A WHOLE LOT MORE TO USE A VARIABLE RATE MORTGAGE IN CANADA

Better Dwelling - Daniel Wong (2018-12-10)

Canadian real estate owners might be in for a surprise, if they have a variable rate mortgage. Bank of Canada (BoC) numbers show the estimated variable mortgage rate increased by more than a fifth The rise in rates leaves Canadians paying more to their banks, and making less of a dent on that debt pile.


A FAILURE OF ENFORCEMENT: WHY CHANGING THE LAW WON’T FIX ALL THAT AILS CANADIAN PRIVACY

G&M - Michael Geist (2018-12-07)

Canadian Privacy Commissioner Daniel Therrien renewed his call for an overhaul of Canada’s private-sector privacy legislation this week. Responding to a national data consultation launched by Innovation, Science and Economic Development Minister Navdeep Bains, Mr. Therrien recommended enacting a new law that would include stronger enforcement powers, meaningful consent standards and the extension of privacy regulations to political parties. While the need for a modernized privacy statute has been evident for some time, Canada’s privacy shortcomings are not limited to a decades-old legal framework struggling to keep pace with technological change.


HOW THE MIGHTY HAVE FALLEN: WHERE CANADA’S HOUSING MARKET NOW RANKS IN THE WORLD

G&M - Michael Babad (2018-12-07)

Canada has slipped again in a global ranking of housing markets, marking a steady decline since the heady days of 2016 and early 2017.


TARIFFS DRIVING PRICE INCREASES ACROSS U.S., FED SAYS

G&M - Reuters (2018-12-07)

Tariff-driven price increases have spread more broadly through the U.S. economy, though on balance inflation has risen at a modest pace in most parts of the country, the Federal Reserve said on Wednesday in its latest report on the economy.


SASK. CONSTRUCTION INDUSTRY LOSES 14,000 JOBS OVER 3 YEARS, ASSOCIATION SAYS

CBC - Jennifer Quesnel (2018-12-07)

"Where you used to have three or four companies that used to compete for a job, now there are 20," said Mark Cooper, president of the Saskatchewan Construction Association. "There's just less work."


DEUTSCHE BANK HIT BY NEW LAUNDERING REPORT; SHARES SLIDE AGAIN

Reuters - Andreas Framke (2018-12-07)

A Deutsche Bank spokesman declined to comment on the FT article. He said, however, that it was not Deutsche’s responsibility to vet Danske Bank’s customers and that business ties with the Danish bank had been cut in 2015.


INDONESIAN DYNASTIES SUE FOREIGN BANKS

FT - Don Weinland (2018-12-07)

Sued for defamation in a Jakarta court, executives at Raiffeisen Bank International were struck not only by the $86m claim but the vitriolic and personal language — from a company that had been one of the Austrian bank’s biggest clients.


FINANCIAL SERVICES EXPORTS TO EU FACE 59% FALL

FT - Delphine Strauss (2018-12-07)

Britain’s exports of financial services to the EU could fall by almost 60 per cent as a result of leaving the single market, marking a “sea change” in the services sector that drives the UK economy, according to new research by the Centre for European Reform.


CANADA’S MONEY SUPPLY POINTS TO AN ECONOMIC SLOWDOWN AROUND THE CORNER

Better Dwelling - Daniel Wong (2018-12-07)

One of Canada’s most important measures is showing choppy waters are ahead. Bank of Canada (BoC) numbers show the M1+, a measure of the money supply, continued to slow in October. The rate of growth is a leading indicator of economic growth, and is forecasting lean times ahead.


SSQ INSURANCE RECEIVES MULTI-MILLION FINANCING FROM CDPQ

Insurance Business - Lyle Adriano (2018-12-07)

SSQ Insurance in Quebec has received financing of up to $150 million, in the form of a loan, from Caisse de dépôt et placement du Québec (CDPQ).


WHY A.M. BEST GAVE THE GLOBAL REINSURANCE SEGMENT A ‘NEGATIVE’ OUTLOOK

Insurance Business - David Gambrill (2018-12-07)

“That the glory days of a robust non-life pricing environment may not return is clear,” the ratings agency states in its Best’s Market Segment Report, released Wednesday. “Rates have stabilized, as the industry was reminded again in 2017 that almost $150 billion dollars of capital can disappear over a very short period of time.


CANADA ARRESTS HUAWEI’S GLOBAL CHIEF FINANCIAL OFFICER IN VANCOUVER

G&M - Robert Fife, Steven Chase (2018-12-06)

Canada has arrested the chief financial officer of China’s Huawei Technologies, who now faces extradition to the United States on suspicion she violated U.S. trade sanctions against Iran.


FACEBOOK GAVE RBC, OTHER COMPANIES PREFERENTIAL ACCESS TO USERS' DATA, DOCUMENTS SHOW

G&M - PAUL WALDIE (2018-12-06)

The head of a British Parliamentary investigation into Facebook has released hundreds of the social media giant’s internal e-mails, saying the company entered into contracts with a host of large firms, including the Royal Bank of Canada, that gave them special access to friends' user data.


HOW THE SEVERE SLUMP IN PRICES FOR ALBERTA CRUDE HAS CHANGED THE BANK OF CANADA’S THINKING

G&M - DAVID PARKINSON (2018-12-06)

There’s nothing quite like an oil market slump to turn Bank of Canada Governor Stephen Poloz’s thinking around. Or, maybe, to tie it in knots.


NATIONAL BANK BETS ON HOT QUEBEC ECONOMY TO BOOST PROFIT

G&M - Tim Kiladze (2018-12-06)

National Bank of Canada is touting its heavy exposure to Quebec amid a shifting national economic outlook, arguing that recent strength in its home province will be a boon to its bottom line in the near future.


BANK OF CANADA HOLDS KEY INTEREST RATE STEADY AT 1.75%

CBC - CBC (2018-12-06)

The central bank revealed Wednesday it will keep its benchmark interest rate — known as the target for the overnight rate — at 1.75 per cent. The bank raised its rate to that level in October, the fifth time since the summer of 2017 that it decided to hike.


OIL IS ONLY THE DARKEST OF THE CLOUDS OBSCURING BANK OF CANADA’S RATE PATH

FP - Kevin Carmichael (2018-12-06)

Negatives outweigh positives in the Bank of Canada’s new policy statement, a shift from October, when Governor Stephen Poloz and his deputies raised interest rates a quarter point. The biggest concern is oil, an important source of export income. Policy makers had been holding out hope that Canadian prices might recover somewhat. Now, they say the desperate situation in Alberta likely means the energy industry’s contribution to economic growth will be “materially weaker” than expected only a couple of months ago.


NATIONAL BANK HIKES DIVIDEND AS PROFIT RISES 8%

FP - CP (2018-12-06)

The Montreal-based bank says the profit amounted to $1.52 per share on a diluted basis and $1.53 per share after adjustments.


LIFE INSURERS SHOULD CUT THEIR DISTRIBUTION COSTS, SAYS MCKINSEY

FP - Hubert Roy (2018-12-06)

McKinsey & Company surveyed senior insurance executives who estimated that the industry needs to cut costs by 35% in the medium term. Analysts at McKinsey found that this is far from the current aspirations (10 to 15 per cent) of most cost-cutting programs.


AIG REVEALS Q4 CATASTROPHE LOSS OF UP TO $1.07 BILLION

Insurance Business - Bethan Moorcraft (2018-12-06)

American International Group (AIG) is the latest insurer to report feeling the heat from the California wildfires. The insurance giant has today announced catastrophe losses of US$750 million (CA$1.003 billion) to US$800 million (CA$1.07 billion) between September and November of 2018.


AVIVA CANADA REVEALS ONTARIO’S VERDICT ON FRAUDULENT CLAIMS

Insurance Business - Lyle Adriano (2018-12-06)

“Dishonest claimants and service providers continue to cheat consumers. We are seeing a troubling and egregious form of fraud that includes the fraudulent sale and issuing of auto policies,” said Aviva Canada president and CEO Colm Holmes.


HOW THESE PROPOSED LAWSUIT RULES COULD BENEFIT INSURERS

Canadian Underwriter - Greg Meckbach (2018-12-06)

Ontario has what it calls a “simplified procedure,” which is intended to make it simpler and cheaper to take lawsuits to court. The simplified procedure normally applies to lawsuits for less than $100,000.


WELLS FARGO FIRING DOZENS OF REGIONAL MANAGERS IN RETAIL-BANK CLEANUP

WSJ - Emily Glazer (2018-12-06)

Wells Fargo & Co. is firing around three dozen district managers for oversight failures related to a sales scandal that erupted in its retail bank more than two years ago, according to people familiar with the matter.


INVESTORS AREN’T BUYING BANK CHIEFS’ OPTIMISM

WSJ - Aaron Back (2018-12-06)

Bankers are often criticized for being out of touch with the real world. Often that is unfair, but on Tuesday, as the leaders of the nation’s three biggest banks told investors that the economy was great, investors were acting like the boom was over.


AIG NAMES NEW FINANCE CHIEF

WSJ - TATYANA SHUMSKY (2018-12-06)

American International Group Inc. on Tuesday named Mark Lyons chief financial officer, the latest executive appointment under new Chief Executive Brian Duperreault.


ONE PART OF THE U.S. YIELD CURVE JUST INVERTED; WHAT DOES THAT MEAN?

Reuters - Richard Leong (2018-12-06)

“The yield curve has sent a chill down investors’ spines in regard to the future outlook of the U.S. economy,” said Chad Morganlander, senior portfolio manager at Washington Crossing Advisors in New Jersey. “It’s the what-if scenario.”


BANK OF CANADA NAMES ECONOMICS PROFESSOR AS A NEW DEPUTY GOVERNOR

Reuters - Chris Wattie (2018-12-05)

Beaudry, who works at the University of British Columbia’s Vancouver School of Economics, replaces Sylvain Leduc, who quit in July 2018 after serving two years, the bank said in a statement.


WHY ARE CANADA’S OIL PATCH CEOS CHANGING THEIR MINDS ON CARBON PRICING

G&M - Chris Turner (2018-12-05)

If you’re used to hearing greenhouse gas pricing programs described as a “job-killing carbon tax," then it might surprise you to discover that the Business Council of Canada, whose members provide almost two million Canadians with jobs, was unqualified in its support for the federal government’s carbon price backstop when it was unveiled in October. “For many years,” the council announced in a press release, “we have advocated for carbon pricing as the most efficient means to contribute to achieving Canada’s climate change goals.”


THE CLOSE: DOW PLUMMETS NEARLY 800 POINTS AMID RENEWED JITTERS OVER TRADE, ECONOMY

G&M - Staff (2018-12-05)

Stocks fell sharply on Wall Street Tuesday as traders worried that the U.S. and China made less progress than originally thought on defusing their dispute over trade and the U.S. bond market sent unsettling signs about economic growth.


BMO’S RECENT U.S. SUCCESS CLOUDED BY MORE COMPETITIVE LANDSCAPE

G&M - Tim Kiladze (2018-12-05)

Bank of Montreal’s personal and commercial banking profits surged in the United States over the past fiscal year, but the uncertainty of a repeat performance is clouding the lender’s outlook.


GLOBAL RANKING PUTS TORONTO’S FINANCIAL SECTOR THIRD IN EMPLOYMENT GROWTH

G&M - Alexandra Posadzki (2018-12-05)

Toronto’s financial-services sector has snagged third place in terms of its employment growth in recent years in a global ranking of financial centres.


MEET CANADA’S LUCKIEST FINANCE MINISTER

G&M - Konrad Yakabuski (2018-12-05)

Eat your heart out, Alberta and Ontario.


BANK OF CANADA EXPECTED TO HOLD ITS KEY LENDING RATE IN DECISION WEDNESDAY

CBC - Jacqueline Hansen (2018-12-05)

When the Bank of Canada last met, it raised its benchmark interest rate by a quarter point to 1.75 per cent. It was the fifth hike since last summer, further pushing up the cost of borrowing for Canadians. 


BMO HIKES DIVIDEND AFTER PROFIT RISES 38% IN 4TH QUARTER

CBC - CP (2018-12-05)

Canada's fourth-largest bank said Tuesday it will now pay a quarterly dividend of $1 per share, up four cents from its previous payment.


WHAT HAS TRUDEAU’S INFRASTRUCTURE BANK ACHIEVED? A RECYCLED LOAN AND MILLIONS IN EXPENSES

FP - Matt Jeneroux (2018-12-05)

No one knows whether the Canada Infrastructure Bank will be a success but one thing is for sure, it’s costing Canadians a lot of money — the $35 billion planned for it comes to at least $1,000 per person — and has yet to show it will provide taxpayers any value. At this point it’s safe to say that the Canada Infrastructure Bank has underdelivered just like the Liberal government has when it comes to completing infrastructure projects.


BANK STOCKS WERE BRUISED THE WORST IN THE SELL-OFF. HERE’S WHY.

NY Times - Stephen Grocer (2018-12-05)

Behind the slide was the fall in the yields on Treasury securities as bond prices have risen. Investors have been buying Treasuries in recent days as they increasingly wager that the Federal Reserve will slow its pace of rate increases in the new year.


CANADIAN HOUSEHOLD DEBT GROWTH HAS NEVER FALLEN THIS LOW OUTSIDE OF RECESSION

Better Dwelling - Daniel Wong (2018-12-05)

The balance of outstanding household credit reached a new record high. The balance hit $2.158 trillion in October, up 0.25% from the month before. The balance is now 3.5% higher than the same month last year, which sounds decent. However it’s unusually low for Canada’s debt driven economy.


DANSKE INVESTORS BANK ON MAERSK CLAN TO CHART COURSE THROUGH CRISIS

Reuters - Simon Jessop, Kirstin Ridley, Teis Jensen (2018-12-05)

Danske Bank’s top investors are looking to Denmark’s Maersk family to steer the country’s largest lender through the turmoil of a 200 billion euro ($227 billion) money laundering scandal.


UK INSURERS MUST DEAL WITH “LACK OF TRUST”

Bobsguide - Michael McCaw (2018-12-05)

“There’s a really bad industry relationship with customers currently,” he said. “The UK market is one of the most competitive in the world, so there’s so many different players and the issue’s compounded by commoditisation through price comparison sites etc. Everything is has always been about price.”


"ANTIQUATED” CHINESE BANKING NETWORK LOOKS FOR FOREIGN GUIDANCE

Bobsguide - Alex Hamilton (2018-12-05)

“If you visited the headquarters of an Alibaba or Huawei you wouldn’t know if you were visiting a Chinese, American or European company. But if you go into the headquarters of a bank, you feel like you’re in old-school communism.” says Stanley Chao, VP of All In Consulting and author of Selling to China.


AI, BIG TECH AND THE CLOUD WILL DAMAGE THE BANKING INDUSTRY IF NOT EMBRACED - CITIBANK

Finextra - Finextra (2018-12-05)

Citibank’s global head of bank research Ronit Ghose kicked off this year’s EMEA Media Summit by highlighting how artificial intelligence, Big Tech and core banking systems on the cloud will disrupt financial services.


HIGHER INTEREST RATES TAKE A BITE OUT OF CANADIAN AUTO SALES IN NOVEMBER

G&M - Reuters (2018-12-04)

Canada’s auto sales fell for the eighth straight month in November, as a rise in interest rates dampened demand for new cars.


MEN ON WALL STREET ARE SO SPOOKED BY THE #METOO MOVEMENT THEY'RE AVOIDING WOMEN AT ALL COSTS

FP - Gillian Tan and Katia Porzecanski (2018-12-04)

No more dinners with female colleagues. Don’t sit next to them on flights. Book hotel rooms on different floors. Avoid one-on-one meetings.


AON REVEALS KEY ISSUES FOR CANADIAN SMES

Insurance Business - Lyle Adriano (2018-12-04)

“It’s easy for SMEs to fall into the trap of thinking they are small enough to fly under the radar of cyber criminals, but this report makes the case that size – or lack of it – is no protection from attacks,” commented Aon executive vice-president and chief broking officer Rohan Dixon.


2019 OUTLOOK STABLE FOR CANADIAN LIFE INSURERS, SAYS FITCH

Insurance Journal - IIJ (2018-12-04)

"We expect Canadian life insurers to maintain their strong capital positions and for profitability metrics to exhibit a stable to improving trend supported by rising interest rates and generally benign credit markets," said Jamie Tucker, Director at Fitch Ratings in a report, 2019 Outlook: Canadian Life Insurance, published Nov. 28. "However, partially offsetting this is the protracted low interest rate environment, which remains a headwind. The sector remains vulnerable to an outsized market shock, which we view as inevitable due to global central bank tightening and global trade uncertainty."


DISPUTED CLAIM FROM $1.2-BILLION PONZI SCHEME GOES TO TRIAL IN ONTARIO

Canadian Underwriter - Greg Machbach (2018-12-04)

A $300 million professional liability insurance claim from a bank could be the subject of a court trial in Ontario.


BRAINARD: FED CLOSE TO FINALIZING DEAL ON TREASURY MARKET DATA COLLECTION

WSJ - Kate Davidson (2018-12-04)

The Federal Reserve is close to finalizing an agreement to start collecting Treasury market data from banks, Fed governor Lael Brainard said Monday.


LONG-TERM CARE INSURANCE POLICIES WEIGH DOWN GE AND OTHER COMPANIES

WSJ - Tatyana Shumsky, Ezequiel Minaya (2018-12-04)

GE’s skyrocketing liability is but only one example of an industrywide lapse in judgment when assessing the future cost of such care, industry experts said. Prudential Financial Inc., which stopped issuing long-term care insurance in 2012, recorded a $1.5 billion charge related to its portfolio in the second quarter. Genworth Financial Inc., which is among the roughly dozen companies still offering this type of insurance, has incurred more than $3 billion in losses stemming from these plans.


AS FED SAYS ON TRACK, NARROWING YIELD CURVE COULD COMPLICATE DEBATE

Reuters - Howard Schneider, Ann Saphir (2018-12-04)

The gap in interest rates between 2-year US2YT=RR and 10-year US10YT=RR Treasury securities narrowed to its smallest in more than a decade, dipping below 0.15 percentage point.


CANADIAN MORTGAGE CREDIT GROWTH FALLS TO ONE OF THE LOWEST LEVELS IN HISTORY

Better Dwelling - Daniel Wong (2018-12-04)

The balance of outstanding mortgage credit hit a record high in Canada. The balance reached $1.53 trillion in October, up 0.24% from the month before. That works out to an increase of $47.4 billion, or 3.2% higher than last year. The increase, while it seems like a lot, is actually very low growth for Canada.


SYDNEY HOUSING DOWNTURN TO ECLIPSE 1989 RECESSION

News.com.au - Frank Chung (2018-12-04)

In Sydney, the most expensive quarter has lost 9.3 per cent over the past year, compared with 5.7 per cent in the bottom quarter. In Melbourne, the top quarter has fallen 9.9 per cent while the bottom quarter has risen 1.7 per cent.


STATISTICS CANADA SUSPENDS CREDIT SEARCHES, DELAYS PLAN TO OBTAIN BANKING RECORDS

G&M - Bill Curry (2018-12-03)

Statistics Canada is suspending its practice of obtaining personal credit records from TransUnion and has written to Canada’s banks to delay its plan to obtain the banking details of 500,000 Canadian households.


WHAT THIS $600-MILLION VALUE FUND MANAGER HAS BEEN BUYING, SELLING AND THINKING ABOUT MARKETS

G&M - Brenda Bouw (2018-12-03)

Himalaya Jain started preparing his portfolio for a potential market downtown in the spring, selling down equities and adding some alternative investments as a hedge. “Over the summer, we started to become more cautious because of some of the risks that were starting to mount, chief among those were [rising] interest rates,” says the portfolio manager and wealth adviser at the Rosedale Group, a division of Scotia Wealth Management.


FAILED B.C. MONEY-LAUNDERING CASE SHOWS ‘SNOW-WASHING’ IS THRIVING IN CANADA

G&M - Barrie McKenna (2018-12-03)

When RCMP raided the offices of Silver International Investments Inc. in Richmond, B.C., they found a $2-million stash of $20 bills, along with records pointing to a much bigger operation. Law-enforcement officials would eventually conclude that the company was part of an alleged scheme to launder hundreds of millions of dollars a year in dirty money from China through various casinos in the province, including the nearby River Rock Casino.


OTTAWA OPENS DOOR TO CHINA’S SESAME CREDIT FOR VISA SEEKERS’ CREDIT SCORES

G&M - Nathan Vanderklippe (2018-12-03)

In China, a country where societal trust is low and companies struggle to know who is reliable, Ant Financial has, for several years, offered an answer. For those willing to sign up, Ant Financial, a company spun out of digital giant Alibaba, will scour online purchase records, lending histories and even friend networks to produce a credit score that can be used as a badge of trustworthiness among peers and vendors alike.


SCOTIABANK NAMES NEW HEADS OF GLOBAL BANKING AND MARKETS IN LATEST SENIOR STAFF SHUFFLE

G&M - Alexandra Posadzki (2018-12-03)

Bank of Nova Scotia is reworking the top ranks of its capital-markets team, while also shuffling senior executives within its Canadian banking division.


DEUTSCHE BANK CHIEF CHRISTIAN SEWING DISMISSES TAKEOVER SPECULATION

G&M - Christoph Steitz (2018-12-03)

Deutsche Bank is not at risk of a takeover, its chief executive told a German weekly paper after its shares fell to a record low on Friday in the wake of a two-day raid related to money laundering allegations.


FUND MANAGER BRENHAM CAPITAL TO CLOSE AS SINKING ENERGY STOCKS TAKE TOLL

G&M - LAWRENCE DELEVINGNE AND DEVIKA KRISHNA KUMAR (2018-12-03)

Brenham Capital Management LP, an energy equities fund manager with about $800-million in assets under management, will shut after two years of losses, its founder said in a letter to investors on Friday.


TRUDEAU, TRUMP AND PENA NIETO TO SIGN NEW USMCA TRADE AGREEMENT IN ARGENTINA FACEBOOK TWITTER REDDIT LINKEDIN EMAIL

CBC - CBC (2018-12-03)

Prime Minister Justin Trudeau, U.S. President Donald Trump and Mexican President Enrique Pena Nieto will sign the new United States-Mexico-Canada-Agreement on continental trade in Argentina Friday morning.


LOONIE'S DIP BELOW 75 CENTS PROVES SHORT-LIVED — AND THERE MIGHT BE MORE GOOD NEWS ON THE WAY

FP - Victor Ferreirra (2018-12-03)

The Canadian dollar briefly slipped below 75 cents against the U.S. dollar for the first time since June on Wednesday before rapidly gaining more than half a cent after the U.S. Federal Reserve struck a dovish tone on interest rates.


CANADIAN REGULATORS PUT SHORT SELLERS ON NOTICE OVER ABUSIVE PRACTICES

FP - Barbara Schecter (2018-12-03)

Canada’s securities watchdogs are teaming up to determine whether and how much “abusive” short selling is taking place in the country’s capital markets.


IBC ISSUES WARNING FOLLOWING SOUTHERN ALASKA QUAKE

Insurance Business - Lyle Adriano (2018-12-03)

Specifically, the bureau offered a reminder that Canada’s west coast is at “significant” earthquake risk, and that everyone living in the area should be prepared for disaster.


INSURANCE BUSINESS AWARDS WINNERS REVEALED

Insurance Business - Alicja Grzadkowska (2018-12-03)

During an evening filled with gowns and tuxes, victory speeches and high spirits, hundreds of leaders from the world of insurance came together and waited with bated breath to find out who would be this year’s honourees. The winners included DSB Claims, winner of the Winmar Award for Excellence in Claims Service, whose leader reflected on why the Oscars-style event is an important tradition for the industry.


AMAZON AND GOOGLE ‘THE NEXT GENERATION’ OF INSURANCE COMPETITION IN CANADA

Insurance Business - Bethan Moorcroft (2018-12-03)

In January 2018, Amazon announced a major tie-up with Warren Buffett’s Berkshire Hathaway and the New York bank JPMorgan Chase, to create a new healthcare company that would help its US employees find quality care “at a reasonable cost.”  Fast forward nine months and the tech firm entered the Indian insurance market with a life, health, and general insurance product. 


GREAT-WEST APPOINTS TWO VETERANS IN SENIOR ROLES

Insurance Business - Duffie Osental (2018-12-03)

Great-West Life recently strengthened its senior management team with the appointment of two industry veterans in key roles.


IFRS 17: “A STEP BACKWARD FOR CANADA,” SAYS DENIS RICARD

Insurance Journal - Alain Castonguay (2018-12-03)

Denis Ricard, president and CEO of iA Financial Group, says the coming into force of the new IFRS 17 accounting standards does not represent progress for Canadian insurers.


WILL THE ENTIRE INSURANCE INDUSTRY SOON MOVE TO APIS?

Canadian Underwriter - Jason Contant (2018-12-03)

Canada’s P&C industry will eventually move to using API (application programming interface) in its entirety, predicts the CEO of a technology company that helps brokers automate their workflows.


MARRIOTT’S STARWOOD MISSED CHANCE TO DETECT HUGE DATA BREACH YEARS EARLIER, CYBERSECURITY SPECIALISTS SAY

WSJ - Robert McMillan (2018-12-03)

Marriott International Inc. says it responded quickly when it learned in recent weeks of a colossal theft of customer data. But cybersecurity specialists say the company missed a significant chance to halt the breach years earlier.


LOOKING FOR BREXIT GUIDANCE? INVESTORS PASS OVER BANK OF ENGLAND’S CARNEY

WSJ - Avantika Chilkoti (2018-12-03)

Investors are frantically trying to predict the economic fallout from the U.K.’s exit from the European Union. One person they don’t seem to be listening to: Bank of England Gov. Mark Carney.


OIL’S ROUT IS MAKING JUNK BOND INVESTORS (MORE) NERVOUS

NY Times - Stephen Grocer (2018-12-03)

The average yield on risky company bonds — measured by the BofA Merrill Lynch U.S. High Yield index — has climbed to 7.3 percent. Yields rise when bond prices fall.


APHRIA SHARES PLUNGE AS SHORT-SELLER REPORT QUESTIONS RECENT DEAL

G&M - Christina Pellegrini (2018-12-03)

Shares of Aphria Inc. plummeted Monday morning after a short-seller’s report raised questions about one of its recent deals.


BOFE-LED ISO 20022 CONSULTATION GETS INDUSTRY THUMBS UP

Finextra - Finextra (2018-11-30)

A Bank of England-led consultation on adoption of ISO 20022 has found widespread backing for the introduction of a Common Credit Message (CCM), which aims to harmonise messaging across the UK’s main interbank payment systems.


‘EXEMPT MARKET’ SEES SURGE IN INVESTMENTS, BUT MOSTLY FROM BIG MONEY, OSC REPORT FINDS

G&M - David Milstead (2018-11-30)

An explosion of capital has been raised under a series of rule changes that were thought to make it easier for small companies and retail investors to connect − but big companies and sophisticated investors are taking up the bulk of the market.


‘A FAILED, SECOND-TIER CANADIAN POLITICIAN’: MARK CARNEY’S DIRE BREXIT WARNINGS EARN THE WRATH OF BRITISH POLITICIANS

G&M - PAUL WALDIE (2018-11-30)

Mark Carney rarely shies away from expressing strong opinions, but the Governor of the Bank of England is facing a backlash over a blunt Brexit analysis that has led to calls that he’s hysterical, incompetent and a “failed, second-tier Canadian politician.”


FRANKFURT PROSECUTOR SAYS DEUTSCHE BANK RAID CONTINUES FOR SECOND DAY

Reuters - Tom Sims, Hans Seidenstuecker (2018-11-30)

A police raid of Deutsche Bank’s (DBKGn.DE) headquarters in Frankfurt and other offices continued for a second day on Friday over money laundering allegations linked to the Panama Papers, a spokeswoman for the Frankfurt prosecutor’s office said.


CANADA’S CENTRAL BANK IS GETTING READY TO PROVIDE MORTGAGE LIQUIDITY

Better Dwelling - Daniel Wong (2018-11-30)

Canada’s central bank is buying assets from federally owned companies, guaranteed by the federal government, with money they’re authorized to print by the federal government, secured with assets by the federal government… and it won’t have an impact on monetary policy. We’ll take that statement at face value today, and move onto more important things like “what are CMBs?”


CARD DETAILS AT RISK IN MASSIVE MARRIOTT DATA BREACH

Finextra - Finextra (2018-11-30)

The details of millions of payment cards may have been exposed in a hack on hotel giant Marriott affecting 500 million guests.


CANADA’S MONEY SUPPLY PRINTS ANOTHER OMINOUS SIGNAL FOR THE HOUSING CYCLE

Better Dwelling - Daniel Wong (2018-11-30)

Canadian real estate prices are in for some more bad news, if you think credit and prices are related. Bank of Canada (BoC) numbers show the M2++ was still falling quickly in September. The quick declines follow a long period of growth, indicating the end of the business cycle. The end of the business cycle means the end of the housing cycle.


News feed

OIL IS GOING CRAZY AFTER OPEC, RUSSIA AGREE TO SLASH 1.2 MILLION BARRELS A DAY

FP - Julia Payne (2018-12-10)

Oil prices jumped more than 5 per cent on Friday as OPEC and its Russia-led allies agreed to slash oil production by more than the market had expected despite pressure from U.S. President Donald Trump to reduce the price of crude.


CORPORATE BONDS IN AN AGEING BUSINESS CYCLE

Economist - Economist (2018-12-10)

In the 1970s the junk-bond market was a dark underworld. It was the home of “fallen angels”, the bonds of investment-grade firms that had gone to seed. Most investors were too genteel to hold them. So they traded at hefty discounts to face value. Then Michael Milken, a junk-bond guru, came along with a new gospel. A portfolio of high-yield junk was a better bet than one of supposedly safer bonds. After all, an a-rated bond can only go in one direction—down.


FSIM briefings and developments reports


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GOLDMAN SACHS, JPMORGAN AND OTHERS BACK RISK MANAGEMENT STARTUP ACCESSFINTECH

Israel-based AccessFintech has created a network that aggregates and helps resolve so-called business “exceptions”, or errors that financial institutions make when carrying out business activities and that require interventions to be resolved.


U.S. SENATE HANDS TRUMP HISTORIC REBUKE ON SAUDI ARABIA

The U.S. Senate delivered a rare double rebuke to President Donald Trump on Saudi Arabia on Thursday, voting to end U.S. military support for the war in Yemen and blame the Saudi crown prince for the murder of journalist Jamal Khashoggi.


CAN CRYPTOCURRENCIES SURVIVE THE START OF GOVERNMENT REGULATION?

The government has finally begun a crackdown on the market for cryptocurrencies and digital tokens. Does this spell the demise of digital currencies and the end of initial coin offerings?



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