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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: FSIM,Analytics and Research

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

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

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

Canadian Bank Industry Overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile Payments the Apple Pay Way  

banknews.tv/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 


Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

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


TD BANK INDUSTRY CONDUCT  

banknews.tv/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.


Book review: Back from the Brink  

banknews.tv/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.


Footnote 151  

banknews.tv/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 


SAVE THE CANADIAN ECONOMY NOW  

banknews.tv/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.


REASONS FINANCIAL SERVICE COMPANIES SHOULD CONSIDER GAMIFICATION  

banknews.tv/docs/Gamfin.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.


National Bank Special Report  

banknews.tv/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”


WILL CANADIAN BANKS CHARGE COMPANIES FOR DEPOSITS?  

banknews.tv/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.


Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

banknews.tv/docs/ctfsfinal.pdf

Mark Sibthorpe

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


FINANCE MINISTER SCORECARD AUGUST 26, 2015  

banknews.tv/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.


Xtreme Branch  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

banknews.tv/docs/nudge.pdf

Mark Sibthorpe

Whether he knew it or not, Tom Reid, a senior vice-president at Sun Life, made a case for the behavior modification concept ‘Nudging’ when he recently proposed auto-enrolling Canadians in his company’s pension plans. Sun life cover 1.2 million Canadians, about 60% of the eligible employees.
According to Reid,


CWB CAUSE FOR CONCERN  

banknews.tv/docs/cwbupdate.pdf

Mark Sibthorpe

In an earlier report BankNews.TV expressed concerns about CWB. Here are 5 charts that show cause:
1. First earnings drop in years;
2. Deposits dropping which will increase cost of funds in the future.


BNTV Overview  

banknews.tv/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

  • Analytics
  • Financial services industry monitor (FSIM) industry briefings and developments reports
  • Research


CHALLENGER BANKS NOT A THREAT TO BIG BANKS  

banknews.tv/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.


Gamification of financial data project  

banknews.tv/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.


THE IMPACT A RATE RISE WILL HAVE ON CANADIAN BANKS  

banknews.tv/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

This report looks at the issues facing Canadian banks in the event of a Bank Rate rise.  


FIFA: THE NEW GOLDENBALLS  

banknews.tv/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.


Scorecard Minister of Finance: JIm Flaherty  

banknews.tv/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.


Hot Money: real-estate  

banknews.tv/docs/hotmoney.pdf

Mark Sibthorpe

Canadian and London real estate, like Macau, may also be a convenient means for China’s elite to move money offshore; with the deleterious effect of driving up home values. Louise Shelley`s research concurs. In a published paper written for the National Defense University, Shelley argues that money laundering in real estate (MLRE) increases prices.


Currency Cheat Sheet: a guide for the rest of us  

banknews.tv/docs/currencycheatsheet.pdf

Mark Sibthorpe

Readers of this document will be presented with monetary policy issues and facts
that show the USD will likely remain the dominant reserve currency, despite
questionable Chinese practices, record US debt levels, and a shaky economy.


Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

banknews.tv/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.


Canadian Western Bank Competitive Forecast  

banknews.tv/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.


Liquid Canada: the tipping point  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

banknews.tv/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.


Cheap Oil Report  

banknews.tv/docs/co2.pdf

Cheap oil has pushed the Bank of Canada's governor, Stephen Poloz onto a slippery slope. For some background on this, take October 22nd, when Poloz bid farewell to forward guidance, resulting in yesterday's surprise rate cut. A cut that has enraged TD and other banks, which see this as eroding profits.
 


Canada's Economy, a strategic solution  

banknews.tv/docs/ces.pdf

This report explores Canada's strategies to compete globally. The report begins with an analyses of the housing market, because housing is the canary in the coal mine; explores what happens in the event of collapse; and analyses the underlying problem causing Canada to be uncompetitive.
 


Complete loyalty RFP  

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

banknews.tv/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Report on merchants extending financial services  

banknews.tv/docs/

Special report explaining why some merchants in the UK, U.S. and Canada are expanding their financial services. The paper discusses the structural and regulatory pressures facing merchants and explains the rational behind key decisions. This is an 8 page high level report
 


Guide to system selection  

banknews.tv/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.


News feed

BANK OF CANADA WARNS SPOILS OF INNOVATION IN HANDS OF A FEW ‘SUPERSTAR’ TECH GIANTS

G&M - Barrie McKenna (2018-08-08)

The Bank of Canada is calling for tougher regulation to thwart a growing concentration of the spoils of innovation in the hands of a clutch of "superstar" tech giants.


MAJOR FINANCIAL INSTITUTIONS SET UP THIRD-PARTY RISK MANAGEMENT COMPANY

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

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


NON-PERMANENT RESIDENTS IMPACTING CANADA’S MAJOR REAL ESTATE MARKETS

G&M - Janet McFarland (2018-03-07)

The growing numbers of non-permanent residents who are working or studying in Canada on temporary visas are having an impact on the real estate markets in major cities such as Vancouver and Toronto.


B.C. TO INTRODUCE AUTO INSURANCE PAY OUT LIMITS NEXT YEAR

Canadian Underwriter - CP (2018-03-06)

The British Columbia government will implement a $5,500 cap on pain and suffering for pay-outs to vehicle accident victims in a move to save $1 billion a year for the province’s public auto insurer.


QUEBEC BROKERS’ ASSOCIATION CALLS ONLINE INSURANCE SALES “A LOOMING DISASTER”

Insurance Journal - IIJ (2018-02-23)

A Quebec brokers association says that while it supports its provincial government’s efforts to modernize insurance legislation, it warns that allowing online insurance sales without representation could lead to “disastrous consequences for consumers.”


ONE QUARTER OF RETIRED CANADIANS LIVE WITH DEBT

Insurance Journal - IIJ (2018-02-23)

One-in-four retirees are living with debt, such as mortgages or unpaid credit cards, according to the Sun Life Financial Barometer, a national survey.


ROGERS INSURANCE RECOGNIZED AS ONE OF ALBERTA'S TOP EMPLOYERS

Insurance Business - Lyle Adriano (2018-02-23)

This is Rogers’ 11th award in the annual competition and 7th consecutive win.


AVIVA CANADA LOOKING INTO ELECTRONIC PAYMENTS STANDARD

Canadian Underwriter - Jason Contant (2018-02-23)

“Your large insurance companies… ought to be thinking about an ISO 20022 environment,” Ferrabee said in an interview with Canadian Underwriter. “How they are going to modify their systems? What vendors do they have, and are those vendors are ISO-enabled? They should start that process because it takes time. They should talk to their bank about when their bank is ready to accept those messages.”


CHINESE REGULATOR SEIZES ANBANG INSURANCE, OWNER OF WALDORF ASTORIA

WSJ - WSJ (2018-02-23)

China’s insurance regulatory agency took control of hard-charging, acquisitive Anbang Insurance, saying the action is needed to avoid a collapse of the firm following suspected illegal activity and the downfall of its once-highflying chairman.


WHY TOP-EARNING MEDICARE USERS WILL PAY MORE NEXT YEAR

WSJ - WSJ (2018-02-23)

A new tier of high-income Medicare recipients next year will have to pay a greater percentage of their medical costs, the latest move to shift more of the federal program’s tab onto the wealthiest beneficiaries.


HOW GARGANTUAN CAN PRIVATE EQUITY GET?

WSJ - WSJ (2018-02-23)

The biggest private-equity firms are in a fund-raising frenzy, but it will be increasingly hard to find the returns that have made them such money magnets.


HOW TO LIQUIDATE A FAILING BANK: DEALBOOK BRIEFING

NY Times - NY Times (2018-02-23)

The tweak aims to increase the likelihood that a failing bank would be forced into bankruptcy, rather than into a resolution process overseen by the government. The difference might seem insignificant, especially since the current regulatory procedures for winding down a bank, introduced by the Dodd-Frank Act of 2010, are stringent and mimic bankruptcy. But the Treasury Department believes that an actual bankruptcy would be preferable. It would make the process of restructuring a failed bank more evenhanded and predictable, according to the Treasury. In turn, investors in the big Wall Street firms, and anyone doing business with them, would become more aware of the losses they could suffer if those firms crashed.


FED OFFICIALS SAY ECONOMY IS READY FOR HIGHER RATES

NY Times - BINYAMIN APPELBAUM (2018-02-23)

The Fed has gained confidence the economy is strong enough to continue raising interest rates, according to the minutes of its most recent meeting.


U.S. BANK SEES ECONOMIC 'SUGAR RUSH' IN CANADA (WHICH MEANS HIGHER RATES THAN YOU MIGHT LIKE)

G&M - Michael Babad (2018-02-23)

Bank of America Merrill Lynch is suddenly more upbeat about Canada's economy, expecting a "sugar rush" from America's fiscal stimulus.


CUSTOMERS FUME AS BB&T AND TD BANK SUFFER MAJOR OUTAGES

Finextra - Finextra (2018-02-23)

BB&T took to Twitter on Thursday to confirm that its digital and phone banking, as well as ATM access, were down.


RBC BOOSTS DIVIDEND AS EARNINGS BEAT MARKET EXPECTATIONS

G&M - JAMES BRADSHAW (2018-02-23)

Royal Bank of Canada hiked its dividend and reported better-than-expected profit despite absorbing a $178-million writedown to account for recent U.S. tax changes.


B.C. MEASURES TO CRACK DOWN ON SPECULATION COULD DRIVE FOREIGN BUYERS TO ONTARIO

G&M - Janet McFarland (2018-02-22)

New real estate measures in British Columbia could be an incentive for Ontario to match the moves or risk seeing more speculators turn their sights to Toronto as a more attractive investment location.


FEDERAL RESERVE SHOWS RISING CONFIDENCE IN INFLATION, ECONOMIC OUTLOOK

G&M - Lindsay Dunsmuir, Jason Lange (2018-02-22)

The Federal Reserve's rate-setting committee showed more confidence in the need to keep raising interest rates at its last policy meeting, with most believing that inflation would perk up.


PREMARKET: AS FED POINTS UPWARDS FOR RATES, WORLD STOCKS LURCH DOWNWARD

G&M - SUJATA RAO (2018-02-22)

World stocks tumbled to one-week lows on Thursday after the U.S. Fed confirmed it was on track to raise interest rates several times this year, sending bond yields to new multiyear highs.


CAISSE IS SOCKING AWAY ITS CASH FOR WHEN THE MARKET CORRECTION HITS

FP - Frederick Tomesco (2018-02-22)

Canada’s second-biggest public pension fund manager is ready to pounce if the stock market plunges.


POWER FINANCIAL INVESTS $65 MILLION IN WEALTHSIMPLE

Insurance Journal - IIJ (2018-02-22)

Wealthsimple, a robo-advice company, announced Feb. 21 that it has raised a $65 million investment from the Power Financial group of companies. This brings Power Financial’s total investment in Wealthsimple to $165 million


POLITICAL RISK RISING IN 2018 - MARSH

Insurance Business - Ryan Smith (2018-02-22)

Political risk is going to be a major concern for multinational businesses this year, according to a paper published Wednesday by Marsh. Tensions will be driven by events including the North Korean missile crisis, trade protectionism and the ongoing Brexit negotiations, Marsh said.


INSURERS APPLAUD QUEBEC’S TOUGHER STANCE ON DISTRACTED DRIVING

Canadian Underwriter - David Gambrill (2018-02-22)

Canadian property and casualty insurers are pleased that Quebec is proposing new distracted driving rules, including stronger penalties as a deterrent, as part of a larger package of proposals to beef up the province’s Highway Safety Act.


LAWSUIT ALLEGES METLIFE MISTAKE HELPED A WOMAN KEEP SETTLEMENT MONEY FROM HER DAUGHTER

WSJ - WSJ (2018-02-22)

A lawsuit related to medical malpractice is the latest example of an unexpected problem popping up at MetLife from decades-old business.


FDIC SUES 16 BANKS AS RECEIVER FOR FAILED PUERTO RICO BANK

WSJ - Lalita Clozel (2018-02-22)

The Federal Deposit Insurance Corp. on Tuesday sued 16 banks connected to the Libor rigging scandal as part of its effort to recover funds related to Doral Bank, a Puerto Rican institution that collapsed in 2015.


WHAT IT TAKES TO BE A WHISTLE-BLOWER: DEALBOOK BRIEFING

NY Times - NY Times (2018-02-22)

One of the complaints expressed by companies when the S.E.C. considered the whistle-blower rules was that they did not require employees to report information to management first. The incentive created by the Digital Realty ruling is straightforward: Don’t just tell your boss about possible violations; make a beeline to the S.E.C.’s front door, at least if you want protection from retaliation.


CIBC TOPS Q1 PROFIT EXPECTATIONS, HIKES DIVIDEND

CBC - CP (2018-02-22)

The Canadian Imperial Bank of Commerce set the tone for banks' earnings season with a dividend hike and better-than-expected first-quarter net income, helped by a boost in earnings in its U.S. division as it looks to expand south of the border amidst slowing mortgage growth at home.


LOBLAW WARNS OF CHALLENGES AHEAD AS WRITEDOWNS SEND FOURTH-QUARTER PROFIT TUMBLING

G&M - Marina Strauss (2018-02-22)

Grocery giant Loblaw Cos. Ltd. faces "exceptional external headwinds" in 2018 ranging from higher minimum wages in some provinces to the effects of generic drug reforms, Loblaw chief executive officer Galen G. Weston says.


FIRST NATIONAL BANK TO CEASE ISSUING NRA CREDIT CARDS

G&M - Grant Schulte (2018-02-22)

The United States' largest privately-owned bank holding company will stop producing credit cards for the National Rifle Association in response to customer feedback, a spokesman said on Thursday.


B.C.’S NDP BUDGET TAKES AIM AT REAL ESTATE MARKET

G&M - JUSTINE HUNTER (2018-02-21)

British Columbia's NDP government will introduce tax measures designed to push down the price of housing by targeting vacant homes owned by out-of-province investors.


PIPELINE CONSTRAINTS TO COST CANADIAN ECONOMY $10.7-BILLION IN 2018: SCOTIABANK

G&M - Ian Bickis (2018-02-21)

Delayed oil pipeline construction is causing a steep discount for Canadian crude prices that is costing the economy roughly $15.6-billion a year or about 0.75 per cent of GDP, according to Scotiabank.


HSBC REPORTS A 142 PER CENT PRE-TAX PROFIT JUMP

Reuters - Reuters Video (2018-02-21)

HSBC posted pre-tax profits of $17.2-billion on Tuesday, a 142 per cent jump helped by an absence of the restructuring costs that marred it results a year earlier


HSBC REPORTS A 142 PER CENT PRE-TAX PROFIT JUMP

Reuters - Reuters Video (2018-02-21)

HSBC posted pre-tax profits of $17.2-billion on Tuesday, a 142 per cent jump helped by an absence of the restructuring costs that marred it results a year earlier


ALL EYES ON MORTGAGE ORIGINATIONS AS BIG BANKS PREPARE TO REPORT RESULTS

FP - Geoff Zochodne (2018-02-21)

Canadian Imperial Bank of Commerce will serve as a bellwether of sorts for how stricter rules around uninsured mortgages are affecting Canada’s top banks when it releases first-quarter financial results on Thursday.


CANADIAN RESOURCE PLAYERS MEET THE U.S. HIGH-YIELD DEBT MARKET

FP - Barry Critcheley (2018-02-21)

The combination of Canadian natural resource companies and the U.S. high yield market seems as natural as a hand and a glove.


PROPOSED CAP TO LIMIT NUMBER OF PAYDAY LOAN OUTLETS IN HAMILTON CLEARS VOTE IN LATEST CRACKDOWN

FP - CP (2018-02-21)

A Hamilton councillor’s bid to cap the number of payday loan outlets in the city cleared another hurdle Tuesday when it was unanimously approved by the city’s planning committee.


IFIC INTRODUCES NEW FUND DATA COLLECTION AND REPORTING PLATFORM

Insurance Journal - IIJ (2018-02-21)

The Investment Funds Institute of Canada (IFIC) announced Feb. 20 the launch of its new cloud-based data collection and reporting platform for investment fund sales, assets and fund attributes.


CLIMATE-RELATED RISKS ARE ‘NEITHER STATIONARY NOR CYCLICAL’

Insurance Business - Bethan Moorcraft (2018-02-21)

Catastrophe-prone 2017 was a staunch reminder that we cannot ignore weather and climate-related risks. The economic impact of hurricanes Harvey, Irma and Maria, alongside two major wildfires in California and British Columbia, and a devastating earthquake in Mexico, was significant.


ONE WAY CAR REPAIRS MAY BECOME CHEAPER

Canadian Underwriter - Jason Contant (2018-02-21)

Vehicles with special materials such as high-strength steels, aluminum and carbon fibres are now contributing to an increase in severity potential and repair costs, but these costs may eventually decrease, Mitchell International said on Thursday.


“NO QUESTION” THAT AVIVA CANADA PLANS TO HIKE AUTO RATES: CEO

Canadian Underwriter - Greg Machbach (2018-02-21)

The cost of repairing vehicles with advanced technologies is one factor driving up claims costs, Somerville said. Another major factor is distracted driving.


INVESTORS AWAIT FED MINUTES FOR CLUES ON RATE RISES

WSJ - WSJ (2018-02-21)

The minutes for January could reveal how Fed officials expected the $1.5 trillion tax cut package to ripple through the economy and how that might alter their plans to raise interest rates this year.


FED'S HASTE MAKES CANADIAN DEBT A BETTER BET THAN TREASURIES

Bloomberg - Maciej Onoszko (2018-02-21)

Canadian government bonds are outperforming their U.S. counterparts by the most in seven months, an advantage that’s unlikely to disappear soon with the northern central bank in less of a rush to raise interest rates.


MORGAN STANLEY SAYS STOCK SLIDE WAS APPETIZER FOR REAL DEAL

Bloomberg - Chris Anstey (2018-02-21)

The U.S. stock market only had a taste of the potential damage from higher bond yields earlier this year, with the biggest test yet to come, according to Morgan Stanley.


ON VIRTUAL CASH YOU ARE ALONE, WARNS MARKETS AUTHORITY

Daily Nation - Charles Mwaniki, James Kariuki (2018-02-21)

The Capital Markets Authority has cautioned Kenyans on the dangers of participating in initial cryptocurrency coin offerings (ICOs) citing high risk of exposure to fraud.


TEMENOS TO CREATE FINANCIAL TECHNOLOGY POWERHOUSE AS FIDESSA AGREES TAKEOVER

Finextra - Finextra (2018-02-21)

Under the terms of the transaction, Fidessa shareholders will be entitled to receive £35.67 in cash for each Fidessa share, a 36.9% premium to the firm's closing price of £26.05 on 16 February. Shareholders will also be entitled to receive and retain a final dividend and a special dividend in respect of the year ended 31 December 2017 together amounting to 79.7 pence in aggregate per Fidessa share. 


US PROPOSES OVERHAUL OF ‘TOO BIG TO FAIL’ REGIME

FT - Barney Jopson (2018-02-21)

Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.


DEUTSCHE BöRSE LOOKS TO CAPTURE A QUARTER OF EURO CLEARING

FT - Olaf Storbeck (2018-02-21)

The new chief executive of Deutsche Börse has said he wants the Frankfurt exchange to win at least a quarter of the market for clearing euro interest rate swaps from London by 2019 and called on politicians for more support in its efforts. “It cannot be true that we are on the eve of Brexit but we don’t move euro clearing to continental Europe,”


JPMORGAN PLANS MASSIVE HQ TOWER IN NEW YORK’S PARK AVE

FT - Ben McLannahan (2018-02-21)

At 70 to 75 floors, it should be the tallest bank building in the country upon completion in 2024, topping Bank of America’s 55-floor tower a few streets away, on the north-west corner of Bryant Park.


ALIBABA’S RISKY GAME OF SOCIAL CREDIT

FT - John Gapper (2018-02-21)

When Ant Financial, the payments affiliate of the internet group Alibaba, goes public, its potential $120bn valuation could exceed that of Goldman Sachs.


U.S. TREASURY RECOMMENDS PRESERVING DODD-FRANK BANK RESOLUTION REGIME

Reuters - Pete Schroeder (2018-02-21)

The U.S. Treasury Department has recommended preserving powers created after the 2007-2009 financial crisis that allow regulators to step in and wind down a failing bank, in a win for big banks and overseas regulators who had lobbied for the United States to keep it.


QUEBEC PENSION FUND MANAGER CAISSE EARNS OVER 9% RETURN IN 2017

CBC - CP (2018-02-21)

Quebec's Caisse de depot pension fund manager says it earned a 9.3 per cent return in 2017, ending a three-year streak of decreasing returns.


U.K. BANK RBS TESTS 'DIGITAL HUMAN' TELLER TO HELP CUSTOMERS

CBC - Rajeshni Naidu-Ghelani (2018-02-21)

A subsidiary of British banking giant Royal Bank of Scotland (RBS) is running a pilot program using an artificial intelligence (AI) powered "digital human" to help customers with basic banking questions.


SUN LIFE’S NET INCOME DROPS 71 PER CENT IN THE FOURTH QUARTER

Insurance Journal - IIJ (2018-02-20)

Sun Life posted a return on equity of 4.1 per cent for Q4 2017, compared to 14.8 per cent for the same period a year earlier. For the year 2017, ROE stood at 10.7 per cent, down from 13.0 per cent for 2016.


STUDY: STRONG CORRELATION BETWEEN CANADIAN AUTO RATES AND THE SEASONS

Insurance Business - Lyle Adriano (2018-02-20)

A study conducted by an auto insurance comparison site suggests that rates tend to be cheaper during certain times of the year.


WOULD YOU HAND OVER HARD-EARNED ‘TREASURE’ DATA FOR AI?

Insurance Business - Bethan Moorcraft (2018-02-20)

Insurance brokers often spend years collecting data on clients. Imagine being asked to hand over that treasure chest of hard work, so that its security is out of your hands.


ASPEN DISCONTINUES UNDERWRITING PROPERTY INSURANCE AT ITS BERMUDA UNIT

Insurance Business - Lyle Adriano (2018-02-20)

In a statement, the company said that the move was a result of its considerable catastrophe losses in 2017. The Royal Gazette reported that the unit was closed last week, just a few days after the company reported losses for Q4 2017.


TEMENOS IN TALKS OVER £1.4 BILLION DEAL FOR FIDESSA

Finextra - Finextra (2018-02-20)

The news comes on the back of a strong set of results for both firms, riding the recent boom in technology spending by banks. Just last week Temenos reported strong double-digit growth in licencing deals, while Fidessa yesterday turned in a seven percent rise in revenues to £353.9 million. 


SURETY PROVIDERS’ ARGUMENT REJECTED BY SUPREME COURT OF CANADA

Canadian Underwriter - Greg Meckbach (2018-02-20)

An argument from a group of insurers and brokers – that construction contractors should not have a duty to inform subcontractors of the existence of a surety bond – has been rejected by the Supreme Court of Canada.


SOUTH KOREAN CRYPTOCURRENCY REGULATOR FOUND DEAD AT HOME

WSJ - Steven Russolillo (2018-02-20)

A South Korean official who guided Seoul’s regulatory clampdown on cryptocurrencies was found dead on Sunday, according to a government spokesman.


HSBC MISSES PROFIT TARGET AS BAD LOAN CHARGES WEIGH ON RESULTS

WSJ - WSJ (2018-02-20)

HSBC’s full-year profit missed analysts’ expectations after the bank was hit by the high-profile collapses of two borrowers in the U.K. and South Africa.


REINSURERS HIT BY CATASTROPHE LOSSES, RISING COMPETITION

WSJ - WSJ (2018-02-20)

Reinsurers are being hit by a one-two punch of soaring catastrophe losses and low renewal rates as insurers turn to other avenues to spread risk.


U.S. BANCORP HIT WITH $613M IN PENALTIES LINKED TO PAYDAY LENDER SCOTT TUCKER

USA Today - Kevin McCoy (2018-02-20)

The corporate parent of the nation's fifth-largest bank was hit with $613 million in penalties Thursday for disregarding suspicious transactions — including millions of dollars linked to a race car driver and payday lender Scott Tucker.


HOW BANKS COULD CONTROL GUN SALES IF WASHINGTON WON’T

NY Times - Andrew Ross Sorkin (2018-02-20)

For the past year, chief executives have often talked about the new sense of moral responsibility that corporations have to help their communities and confront social challenges even when Washington won’t.


HOW GOOD WERE THE PAYDAYS FOR BANK CHIEFS … AND SHAREHOLDERS?: DEALBOOK BRIEFING

NY Times - NY Times (2018-02-20)

The good times that returned to Wall Street after President Donald Trump got elected are now flowing into the pockets of the big banks’ C.E.Os:


REFINER GOES BELLY-UP AFTER BIG PAYOUTS TO CARLYLE GROUP

Reuters - Jarrett Renshaw (2018-02-20)

Throughout 2016 and 2017, a rail terminal built to accept crude oil for the largest East Coast refinery often sat idle, with few trains showing up to unload.


FORMER MINISTERS WARN OVER £500M DORMANT PENSIONS GRAB

FT - Josephine Cumbo (2018-02-20)

Plans to seize up to £500m of “dormant” pension and insurance assets and donate the proceeds to charity will require tough consumer safeguards, according to two former pensions ministers.


SMALL BUSINESSES LOOK TO SPECIALIST LENDERS FOR LOANS

FT - Martin Arnold (2018-02-20)

British small businesses are diversifying their sources of funding away from big banks, as a growing number turn to specialist asset-backed lenders, peer-to-peer finance sites, private equity and venture capital investors. Fewer small businesses are applying for loans than in the past five years and more of them fear that if they did they would be rejected, according to the latest report into small business finance by the British Business Bank, a government-backed development bank.


INDIA’S STATE-OWNED BANKS ENDURE A STRING OF BAD NEWS

Economist - Economist (2018-02-20)

This week woes linked to mismanagement at India’s three biggest partially state-owned lenders plunged the bankers back to their habitual gloom. On February 14th Punjab National Bank (PNB) announced it was investigating a fraud worth 114bn rupees, equivalent to about a third of its market capitalisation. A few days earlier the State Bank of India (SBI) unveiled its first quarterly loss since 1999. And Bank of Baroda has hastily announced the closure of its South African operation, accused of having shady business associations there.


THE DIGITAL UPSTARTS TAKING ON BRITAIN’S DOMINANT FEW BANKS

ALEXANDRA STEVENSON and MATTHEW GOLDSTEIN - Economist (2018-02-20)

CHRIS MATTHEWS joined Monzo last May. “A friend mentioned it over a curry. Everyone signed up at once. Nine or ten of us.” Mr Matthews, a structural engineer living in London, transfers money monthly from the big bank where his salary lands to the online upstart, for everyday expenses. Monzo’s smartphone app lets him track his spending precisely. He has found big banks’ security procedures frustrating, but he can block and reactivate his Monzo debit card with a tap on the app.


CANADIAN BANKS SET FOR STRONG RESULTS AS TRADE, HOUSING RISKS LOOM

G&M - James Bradshaw (2018-02-20)

Bullish expectations for Canada's banks are carrying into reporting season for the first fiscal quarter, dampened just a little by uncertainty over global trade and Canada's volatile housing markets.


KIWI'S MARKETPLACE LOANS SET FOR IMMINENT CANADIAN DEBUT

FP - Barry Critchley (2018-02-20)

The next stage in the development of Canada’s first credit fund that invests in marketplace loans — unsecured consumer and small business loans provided by online lending companies — is set to play out over the next month.


CANADIANS SHOULD BE WARY OF LOYALTY PROGRAMS — NOT ENTICED BY THEM

CBC - Kerry K. Taylor (2018-02-20)

Canadians love loyalty programs. Try shopping at any major store without being asked for your loyalty card or rewards app at checkout — you can't. There are Air Miles, Canadian Tire Rewards, Aeroplan, HBC Rewards. And now with the merging of two Loblaw Ltd. rewards programs — Shoppers Optimum and PC plus — into the new PC Optimum loyalty program, competition has increased not just for your money, but for your loyalty toward collecting points, too.


BASEL COMMITTEE OUTLINES DISRUPTIVE FINTECH SCENARIOS

Finextra - Finextra (2018-02-19)

The Committee paper assesses how technology-driven innovation in financial services may affect the banking industry and the activities of supervisors in the near to medium term.


CITIGROUP RAISES CEO CORBAT'S PAY 48 PERCENT TO $23 MILLION

Reuters - Staff (2018-02-19)

Citigroup Inc (C.N) raised Chief Executive Officer Michael Corbat’s annual compensation by 48 percent to $23 million for 2017, a year in which the bank made more money from operations but still fell short of earlier targets.


GOLDMAN SACHS AND MACQUARIE SEEN AS FRONT RUNNER IN HES TERMINALS SALE: SOURCES

Reuters - Dasha Afanasieva, Toby Sterling (2018-02-19)

Morgan Stanley (MS.N) is mandated to sell the asset, two sources, whose organizations had considered bidding for it, said. They added that the expectation Goldman Sachs and Macquarie would win put off some prospective bidders.


GLOBE INVESTIGATION INTO MONEY LAUNDERING IN B.C. REAL ESTATE WILL LEAD TO NEW RULES, AG SAYS

G&M - Kathy Tomlinson (2018-02-19)

B.C.'s top lawmaker says the province will bring in new, concrete measures to "close the loopholes" that allow lenders connected to the fentanyl trade to launder money by granting large cash loans and mortgages to Vancouver-area property owners.


CANADIANS CAN'T STOP USING THEIR HOMES AS PIGGY BANKS WITH LINE OF CREDIT DEBT JUMPING TO RECORD $230 BILLION

FP - Erik Hertzberg (2018-02-19)

Heloc balances jumped 7.2 per cent in December from a year earlier, the fastest annual growth since 2012, reaching a record $230 billion, the Office of the Superintendent of Financial Institutions reported Thursday. All other types of consumer debt such as personal loans, credit card balances, car loans and overdrafts climbed just 3.2 per cent over the same period, less than half the pace of heloc growth.


FED SEEN STEPPING UP PACE OF RATE HIKES, BLOOMBERG SURVEY SHOWS

FP - Shobhana Chandra (2018-02-19)

A growing number of economists expect the Federal Reserve to step up the pace of its interest-rate increases this year after congressional passage of a US$300 billion government spending package that is seen lifting U.S. economic growth and inflation.


WESTON FAMILY’S CHOICE PROPERTIES BUYING CANADIAN REIT FOR $3.9-BILLION

G&M - Rachelle Younglai, Marina Strauss (2018-02-16)

The family behind the Loblaw grocery empire has struck a $3.9-billion deal to create Canada's biggest real estate trust in a bid to expand beyond its core retail holdings amid a rapid shift in consumer habits.


O (MY GOD) CANADA: WE'RE RAIDING RRSPS. HOUSING'S DOWN. SMALL FIRMS ARE DOUR. (BUT THERE'S RISQUé FUN IN VANCOUVER)

G&M - Michael Babad (2018-02-16)

We're raiding our RRSPs.


BANK OF CANADA EXPLORING CLOSER TIES WITH OTTAWA TO COUNTER FUTURE ECONOMIC SLUMPS

G&M - Barrie McKenna (2018-02-16)

The Bank of Canada is exploring the idea of working more closely with Ottawa to co-ordinate interest-rate relief and government spending during economic slumps – a path some economists say could endanger the bank's independence.


FEDERAL GOVERNMENT NAMES WINNERS OF $950-MILLION ‘SUPERCLUSTER’ FUNDING

G&M - Sean Silcoff (2018-02-16)

The federal government unveiled the winners of its flagship innovation funding program on Thursday, committing $950-million to five industry consortiums drawn from hundreds of companies, research institutions and industry groups that don't typically collaborate but that Ottawa hopes will create economic growth by combining forces.


ENBRIDGE TO DOUBLE 2018 ASSET SALES, TARGETS ABOUT $8-BILLION: SOURCES

G&M - David French, John Talak (2018-02-16)

Enbridge Inc , Canada's biggest pipeline operator, plans to accelerate its divestment program by selling assets valued at about $8-billion in 2018, more than twice its initial sale target, according to people familiar with the situation.


HOME CAPITAL SPURS RECOVERY WITH INCREASED MORTGAGE LENDING, TOPPING ESTIMATES

G&M - James Bradshaw (2018-02-16)

Home Capital Group Inc. is increasing the pace at which it issues new home loans as the alternative mortgage lender seeks to rebuild its diminished business.


CANADIANS’ HIGH DEBT LEVELS COULD POSE CHALLENGE TO HOW BANK OF CANADA MANAGES POLICY, SAYS DEPUTY

FP - CP (2018-02-16)

A senior Bank of Canada official says the central bank is looking at how the high levels of household and public debt could pose a challenge to how it manages monetary policy.


82-YEAR-OLD GREAT-GRANDMOTHER TAKES ON BMO FOR SUSPECT LIFE INSURANCE ADVICE

CBC - Sophia Harris (2018-02-16)

A Quebec great-grandmother got money back and an apology from the bank after she was first led to believe she'd get nothing if she cancelled her life insurance policy. 


HIGHER INTEREST RATES WON'T 'BREAK CONSUMERS' BACKS,' SAYS CIBC

CBC - Rajeshni Naidu-Ghelani (2018-02-16)

Economists have long been sounding the alarm about the impact that higher interest rates in Canada will have on consumers, who are among the most indebted groups in the world.


INDUSTRIAL ALLIANCE REPORTS NET INCOME OF $132.8 MILLION IN FOURTH QUARTER

Insurance Journal - IIJ (2018-02-16)

Industrial Alliance Insurance and Financial Services Inc. has reported net income of $132.8 million for the fourth quarter of 2017, down 14 per cent compared to net income of $155.0 million for Q4 2016. For the year 2017, the company posted net income of $515.5 million, down four per cent from $537.2 million in 2016.


MICROSOFT AND MARSH HIGHLIGHT VITAL DETAILS ON CYBER RISK MANAGEMENT

Insurance Business - Paul Lucas (2018-02-16)

Cyber is no longer the “hot new product” in insurance circles – it’s now the new “must have” among businesses. For proof, look no further than a new global survey just released by broking giant Marsh and software heavyweight Microsoft.


ALLIANZ BUCKS INSURANCE INDUSTRY TREND WITH FULL YEAR 2017 RESULTS

Insurance Business - Paul Lucas (2018-02-16)

Anyone who has been keeping track of the wealth of insurance results that have been firing across news-desks over the last couple of weeks will be well aware of the impact insurers have faced from last year’s natural catastrophes. However, one insurance giant seems to have come through the period relatively unscathed – still managing to report a rise in total revenues and operating profit, while proposing a 5% dividend increase.


WHITE HOUSE SIDESTEPS IDAHO DISPUTE ON HEALTH INSURANCE

WSJ - WSJ (2018-02-16)

The White House is taking a wait-and-see approach to a contentious decision by Idaho regulators to allow the sale of health insurance plans that don’t comply with the Affordable Care Act, a top official said Thursday.


HEDGE FUNDS AND INVESTORS ADAPT TO NEW REALITIES: WSJ TAX WATCH

WSJ - WSJ (2018-02-16)

A loophole may be closing that favored hedge funds’ taxes, and worries about inflation and deficits are seen as helping fuel a bond selloff.


U.S. BANCORP FINED $613 MILLION FOR MONEY-LAUNDERING VIOLATIONS: DEALBOOK BRIEFING

NY Times - NY Times (2018-02-16)

U.S. Bancorp, based in Minneapolis, has long had a reputation for being one of the best-run large regional banks in the country. But because the bank’s anti-money laundering controls were inadequate, it failed to spot and investigate a large number of suspicious transactions, federal prosecutors for the Southern District of New York said on Thursday.


THOMSON REUTERS CHAIR SOUGHT BETTER TERMS FOR FINANCIAL UNIT: WSJ

Reuters - Reuters (2018-02-16)

Thomson Reuters Corp (TRI.TO) (TRI.N) Chairman David Thomson urged the company’s board of directors to seek better terms for its $17 billion sale of a large chunk of its business to Blackstone Group LP (BX.N), the Wall Street Journal reported on Thursday, citing people close to the deal.


VIRGIN MONEY CREATES RARE FEMALE TOP TEAM WITH NEW HIRE

Reuters - Noor Zainab Hussain, Esha Vaish (2018-02-16)

Virgin Money had said in October it was in talks to hire Dorner, who will join Jayne-Anne Gadhia who is the first female CEO of a listed British bank.


CANADIAN DOLLAR POPS 1¢ IN A DAY AS MARKETS KISS 'IMMENSELY UNLOVED' GREENBACK GOODBYE

G&M - Michael Babad (2018-02-15)

The Canadian dollar is sitting comfortably above 80 US cents this morning, bouncing by more than a penny from Wednesday's low point as the "immensely unloved" greenback faltered.


HOW NEW MORTGAGE RULES HAMMER INDEBTED HOUSEHOLDS

G&M - Rob Carrick (2018-02-15)

The Toronto housing market's rotten January has thrown a scare into veteran mortgage broker John Cocomile.


SUN LIFE TO ADD MEDICAL-MARIJUANA COVERAGE TO GROUP BENEFITS PLANS

G&M - Clare O'Hara (2018-02-15)

Sun Life Assurance Co. of Canada will become the first major insurance company to add medical marijuana to its group benefits plans for Canadian companies, a pivotal move in the insurance industry that will help ease the financial burden for medical-marijuana users, and a sign of the growing acceptance of cannabis in the Canadian workplace.


OIL PRICE DROP NOT JUST A BLIP: WHY THIS CRUDE ROUT MAY BE FAR FROM OVER

FP - Dmitry Zhdannikov (2018-02-15)

As OPEC watches a near 15 per cent drop in the oil price in three weeks, important indicators in the physical crude market are flashing signals that the decline might be far from over.


PROVINCES BRUSH OFF MARKET JITTERS AS COMPANIES PASS ON BOND ISSUANCE

FP - Maciej Onoszko (2018-02-15)

Canadian provinces and government-related issuers took a serene approach to the recent turmoil in global markets, carrying on with bond issuance even as companies have stayed away from the primary market.


CRA RAIDS LOCATIONS IN TORONTO, CALGARY AND WEST VANCOUVER IN PANAMA PAPERS PROBE

CBC - Zach Dubinsky (2018-02-15)

It's the first time the revenue agency has publicly disclosed details of any of the "several criminal investigations" it has long said it is conducting based on the Panama Papers leak, and could be a sign the CRA is preparing to bring rare criminal charges against people hiding money offshore.


BILLIONS AT STAKE AS BANKS, ENERGY REGULATOR HEAD TO SUPREME COURT

CBC - Kyle Bakx, Tony Seskus (2018-02-15)

The Supreme Court of Canada will hear a case this week that could determine whether toxic industrial sites across the country are cleaned up when a company goes bankrupt.


EQUITABLE LIFE ANNOUNCES RECORD FINANCIAL RESULTS

Insurance Journal.com - IIJ (2018-02-15)

In particular, the mutual insurer posted record earnings of $106 million. This is an increase of 33 per cent over last year's net income of $80 million, for a return on policyholders' equity of 16.8 per cent. This increase was driven by “business growth, investment gains and positive claims experience,” says the company.


IBC INTRODUCES NEW INSTRUCTIONAL WATER DAMAGE TOOL

Insurance Business - Lyle Adriano (2018-02-15)

The bureau has added an interactive water damage test on its Infoinsurance.ca website, which allows visitors to try their knowledge of insurance coverage. Guests can compare how they did against others who took the tests and even share the results on social media.


HOW BRITISH COLUMBIA WILL HANDLE AUTO ACCIDENT BENEFIT DISPUTES

Canadian Underwriter - Greg Meckbach (2018-02-15)

A new dispute resolution system for auto insurance in British Columbia will probably focus both on first-party accident benefit disputes and resolving claims from minor injuries, but the details have yet to be worked out, a spokesperson for the province’s Ministry of the Attorney General said.


WELLS FARGO CUSTOMER-REPAYMENT EFFORTS QUESTIONED

WSJ - WSJ (2018-02-15)

Wells Fargo’s botched efforts to repay customers hurt by improper fees on car loans and home mortgages are coming under congressional scrutiny.


CREDIT SUISSE IS FINALLY FINDING ITS SWEET SPOT

WSJ - WSJ (2018-02-15)

Credit Suisse is getting its house in order. Cost cuts give it a good base to benefit from private-equity deal making and any further pickup in action among its superwealthy clients.


FANNIE MAE TO REQUIRE $3.7 BILLION GOVERNMENT CASH INFUSION

WSJ - WSJ (2018-02-15)

Fannie Mae reported a net loss of $6.5 billion for the fourth quarter, the result of a one-time accounting charge triggered by the reduction in corporate tax rates.


GOLDMAN CEO ON THE RETURN OF VOLATILITY: ‘NOT WHETHER, BUT WHEN’

WSJ - Liz Hoffman (2018-02-15)

Goldman Sachs Group Inc. CEO said it’s a question of “not whether, but when” volatility will return in full swing to the financial markets. That would be welcome news to his firm’s traders, who have struggled lately. “Central banks around the world have been buying everything in sight, which is a blanket on volatility,” 


HERE’S AN IDEA FOR GOLDMAN: BUY BANK OF NEW YORK MELLON

NY Times - Antony Currie (2018-02-15)

There’s a potentially ideal merger partner for the $104 billion Goldman Sachs. The Wall Street firm’s chief executive, Lloyd C. Blankfein, told shareholders on Tuesday that it was already having some success turning around its stumbling fixed-income, currency and commodities trading unit. But buying $56 billion Bank of New York Mellon could be a better fix — if only the asset-management and custody specialist weren’t in a different league.


CHARLIE MUNGER URGES REGULATORS TO EASE OFF WELLS FARGO, BLASTS BITCOIN

Reuters - Jonathan Stempel (2018-02-15)

Charlie Munger, the longtime business partner of fellow billionaire Warren Buffett, said on Wednesday it is time for regulators to “let up” on Wells Fargo & Co (WFC.N), which will end up “better off” as it corrects a series of mistakes in how it treated banking customer.


XE.COM EXPLAINS THEIR BIG DATA AND AI STRATEGY.

BankNews.TV - Mark Sibthorpe (2018-02-15)

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.


TMX RULES ON U.S.-EXPOSED MARIJUANA LISTINGS HURTING INDUSTRY, INSIDERS SAY

FP - Mark Rendell (2018-02-14)

That’s despite a green light given by the Canadian Securities Administrators last week, who increased disclosure requirements but left it up to individual exchanges to decide whether or not to list U.S.-exposed cannabis companies.


JUDGE ORDERS CIBC'S ENRON-RELATED TAX FIGHT WITH CRA TO GO TO TRIAL IN 2019

FP - Geoff Zochodne (2018-02-14)

The case stems from CIBC’s 2005 decision to settle two lawsuits it faced over its dealings with the infamous U.S. energy company, which filed for bankruptcy in 2001.


AIMIA INVESTOR MAY PUSH FOR BOARD, MANAGEMENT CHANGES OR SALE OF COMPANY

FP - Scott Deveau, Allison McNeely (2018-02-14)

Mittleman Brothers has taken a stake in Aimia Inc. and says it may push for changes to the Canadian loyalty-card provider’s management or board as well as seek a sale of all or part of the company.


CANADIAN BANKS WARN ABOUT NEGATIVE FALLOUT FROM U.S. TAX REFORMS

CBC - Rajeshni Naidu-Ghelani (2018-02-14)

Two of Canada's big banks are sounding the alarm over the negative impact that Canada's economy will see as a result of new tax reform measures in the U.S. under the Trump administration.


IIROC SANCTIONS NATIONAL BANK EVP

Insurance Journal - Kate McCaffrey (2018-02-14)

Sean St-John, NBF executive vice president, managing director and co-head of fixed income was fined $90,000 plus costs of $10,000.


SUN LIFE MAKES DIGITAL COACH “ELLA” AVAILABLE TO ALL CANADIANS

Insurance Journal - IIJ (2018-02-14)

Sun Life's digital coach “Ella” introduced last fall, is now accessible to all Canadians, announced the insurer Feb. 13. Individuals can use the bilingual, interactive coach for help finding local healthcare practitioners via Google Assistant.


CCIR DEVELOPING GUIDANCE ON FAIR TREATMENT OF INSURANCE CUSTOMERS

Insurance Journal - Patrick Dery (2018-02-14)

The Canadian Council of Insurance Regulators (CCIR) announced Feb. 12 that it is developing guidance for the insurance industry that will set out regulators' expectations on insurance business conduct and fair treatment of customers. These guidelines will be for both insurers and intermediaries.


CANADIAN CEOS RECOGNIZED AS TOP INSURERS IN REGION

Insurance Business - Lyle Adriano (2018-02-14)

Manulife Quebec president and CEO Richard Payette was among those named as one of the Top Five Personal Insurers and Top 25 in Quebec by Finance et Investissement.


SOCIAL MEDIA: MORE NECESSARY THAN EVER FOR THE INSURANCE BUSINESS

Insurance Business - Chris Davies (2018-02-14)

A good social media presence has been described as “tremendous value …  that gives an organization a greater competitive advantage and [is] an easy medium to engage in conversations with current and prospective clients.” A recent survey revealed that 79.5% of brokerages use social media to generate leads and sales – meaning that the other 20.5% are at a severe disadvantage.


OUTDATED LAWS DISALLOW INSURERS FROM OFFERING DIGITAL INSURANCE SOLUTIONS: IBC

Canadian Underwriter - CU (2018-02-14)

Ontario’s Insurance Act and its regulations prevent insurers from doing business and communicating with their customers through digital or mobile platforms, the Insurance Bureau of Canada (IBC) noted on Monday.


BUSINESSES CHALLENGE IRS BID TO START ENFORCING INSURANCE MANDATE

WSJ - WSJ (2018-02-14)

Businesses are pushing back on the Internal Revenue Service’s decision to begin enforcing the Affordable Care Act’s employer insurance mandate, challenging penalties that run into the millions and asserting the agency is wrong to impose the fines


WHY PRIVATE EQUITY RISKS TRIPPING ON ITS OWN SUCCESS

WSJ - WSJ (2018-02-14)

The past decade has seen a flood of capital into hard-to-see, less liquid assets, transforming the scale and scope of the private-equity firms managing this money.


HIGH-SPEED TRADERS PROFIT FROM RETURN OF LOOPHOLE AT CME

WSJ - Alexander Osipovich (2018-02-14)

Five years ago, the world’s largest exchange operator vowed to fix a flaw in its systems that allowed high-speed traders to infer the direction of the futures market a fraction of a second before everyone else.


HOW ARTIFICIAL INTELLIGENCE IS EDGING ITS WAY INTO OUR LIVES

NY Times - NY Times (2018-02-14)

Artificial intelligence is here — and it’s bringing new possibilities, while also raising questions. Do these gadgets and services really behave as advertised? How will they evolve in the years ahead? How quickly will they overhaul the way we live and change the way we do business?


CREDIT SUISSE PLAYS A DANGEROUS GAME WITH MARKET HURRICANE

Bloomberg - Edward Evans (2018-02-14)

Be careful what you wish for. Banks had long been begging for volatility to return. This month, they got it in spades as the rout in global stock markets sent a jolt through trading floors from London to New York.


OTTAWA ORDERS NATIONAL-SECURITY REVIEW OF AECON SALE TO CHINESE STATE-OWNED FIRM

G&M - Robert Fife, Steven Chase (2018-02-13)

The Trudeau cabinet has issued a special order to prolong Ottawa's scrutiny of a $1.5-billion takeover of Canadian infrastructure giant Aecon Group Inc. by a Chinese state-owned firm, invoking a section of law used when the federal government believes an investment "could be injurious to national security."


PAYDAY LOANS A GROWING PART OF PERSONAL INSOLVENCIES IN ONTARIO

G&M - Janet McFarland (2018-02-13)

Payday loans were a growing factor in personal insolvencies in Ontario for the sixth consecutive year in 2017, despite recent provincial regulatory changes to curb borrowing rates and improve disclosures by lenders.


NATIONAL BANK EXECUTIVE FINED OVER DEAL TO GAIN UNFAIR ACCESS TO NEW BOND ISSUE

G&M - James Bradshaw (2018-02-13)

A Canadian regulator has fined a senior executive at National Bank Financial Inc. $90,000 after he struck a pact with a client to gain unfair access to a company's newly issued bonds.


WHAT THE WELLS FARGO CRACKDOWN SIGNALS TO CORPORATE AMERICA

G&M - Peter J. Henning (2018-02-13)

The Federal Reserve imposed penalties on Wells Fargo the other week after a cascade of problems surfaced over the past two years, ranging from opening dummy accounts in the names of customers to forcing borrowers to take out unnecessary automobile insurance.


WEALTH-HUNGRY SCOTIABANK TO BUY INVESTMENT MANAGER JARISLOWSKY FRASER FOR $950M

FP - Geoff Zochodne (2018-02-13)

Bank of Nova Scotia has made good on recent hints of interest in additional institutional and wealth management assets by announcing a deal on Monday to buy independent investment firm Jarislowsky Fraser for approximately $950 million. 


SLUMPING LOONIE GOT YOU DOWN? DON’T WORRY, EXPERTS SAY IT’S NOT GOT MUCH FURTHER TO FALL

FP - David Hodges (2018-02-13)

The plunge in global stock markets over the past week has dragged down the Canadian dollar and oil prices, but some market observers see signs the loonie’s fortunes will change this year even as the Canadian dollar continued its slide Monday.


SEARS PENSIONERS TRY TO RECOUP MISSING MONEY BY GOING AFTER BILLIONS PAID TO SHAREHOLDERS

CBC - Sophia Harris (2018-02-13)

Sears Canada pensioners are heading to court to try to recoup close to $300 million they say is missing from their pension fund following the retailer's demise.


AGAINST THE ODDS: WHY CUSTOMERS OFTEN LOSE IN BATTLES WITH BANKS

CBC - Rosa Marchiteli (2018-02-13)

Banking customers with complaints about lost deposits face an uphill battle, according to a consumer advocate who says those looking for help resolving problems are left dealing with a complaints system that wears people down and most often finds in favour of the banks.


M&A INTEREST CLIMBING AMONG REINSURERS FOR 2018

Insurance Business - Ryan Smith (2018-02-13)

Mergers and acquisitions could be on the rise among reinsurers in 2018, propelled by continued competitive pressures, the effects of the US tax overhaul and 2017 catastrophe losses.


RCMP: INSURERS WILL NOT BE PROSECUTED FOR NEGOTIATING WITH KIDNAPPERS

Insurance Business - Lyle Adriano (2018-02-13)

RCMP assistant commissioner for national security James Malizia was discussing how the force handles kidnapping and hostage-taking crises during a meeting of the Senate national security and defence committee earlier this week, The Canadian Press reported.


AVIVA VENTURES BACKS RV-SHARING MARKETPLACE

Insurance Business - Lyle Adriano (2018-02-13)

Aviva’s investment arm has led a Series B funding for a promising company that leverages the sharing economy model to rent out outdoor recreational vehicles.


CHINESE BANKS HAD AN ‘ABSOLUTELY MONSTROUS’ MONTH FOR NEW LOANS

WSJ - Lingling Wei (2018-02-13)

Chinese banks logged a record amount of new loans in January, as the government’s effort to contain financial risks caused a shift toward traditional lending from murkier forms of financing.


U.S. TREASURY BONDS WEAKEN AS GLOBAL STOCKS RALLY

WSJ - WSJ (2018-02-13)

U.S. government bond prices resumed their recent slide Monday, falling as major stock indexes from Europe to Asia rebounded from a global rout.


DEUTSCHE BANK’S U.S. HEAD OF GLOBAL TRANSACTION BANKING IS LEAVING

WSJ - WSJ (2018-02-13)

Deutsche Bank’s U.S. head of global transaction banking, Paul Saltzman, is leaving in March, according to an internal memo from the head of the unit, which provides trade financing and manages cash for companies and governments.


DEUTSCHE BANK TO PAY $4.4 MILLION OVER TRADERS WHO MISLED ON BONDS

WSJ - Dave Michaels (2018-02-13)

Deutsche Bank AG agreed to pay more than $4.4 million to settle regulatory claims that it failed to supervise traders who misled customers about the price of commercial mortgage bonds.


HISTORY SUGGESTS STRONG ECONOMY CAN WARD OFF BEAR MARKET

Reuters - Lweis Krauskopf (2018-02-13)

That is the read of stock market strategists and other market watchers looking at past pullbacks of at least 10 percent on the S&P 500 .SPX and whether the benchmark index is likely to extend its decline to 20 percent, or bear market territory.


CANADA’S LEAD NAFTA NEGOTIATOR CRITICIZES U.S. PROPOSAL AS FREELAND HEADS TO WASHINGTON

G&M - Steven Chase, Barrie McKenna, Adrian Morrow (2018-02-13)

Canada's lead NAFTA negotiator is taking public aim at American bargaining positions, saying the proposal for government procurement is the "worst offer ever" made by the United States at the trade table.


CSE LOOKS TO SETTLE TRADES QUICKLY, CHEAPLY WITH BLOCKCHAIN PLATFORM

G&M - Christina Pellegrini (2018-02-13)

The Canadian Securities Exchange (CSE), whose profile has soared amid a frenzy in marijuana stocks, says it wants to operate a new platform powered by blockchain that, in theory, will clear and settle stock trades instantly.


JAPAN POSTS LONGEST GROWTH STREAK SINCE 1980S BUBBLE ECONOMY

G&M - Stanley White (2018-02-13)

Japan's economy posted its longest continuous expansion since the 1980s boom as fourth quarter growth was boosted by consumer spending, and moved Prime Minister Shinzo Abe's revival plan another step closer to vanquishing decades of stagnation.


FEDS TO UNVEIL WINNERS OF $950-MILLION ‘SUPERCLUSTER’ FUNDING

G&M - Andy Blatchford (2018-02-13)

The Trudeau government is poised to unveil the winners of a competition to form technology "superclusters" – a title that will guarantee the victors a piece of up to $950-million in federal funding.


GAINING BUPKIS: CANADIANS GRAPPLE WITH STOCKS-HOUSING DOUBLE WHAMMY

G&M - Michael Babad (2018-02-12)

Canada's economy may be solid, and unemployment below 6 per cent.


RBI INVESTORS TO ASSESS IMPACT OF TIM HORTONS’ PUBLIC RELATIONS TROUBLES

G&M - Marina Strauss (2018-02-12)

The parent company of Tim Hortons Inc. is grappling with unhappy franchise owners and a public-relations debacle over how some franchisees responded to Ontario's higher minimum wage. Investors this week will get a chance to assess any potential damage.


WHY THE CANADIAN STOCK MARKET IS PERFORMING SO POORLY COMPARED TO THE U.S. MARKET

CBC - Peter Armstrong (2018-02-12)

The week's gut wrenching volatility on stock markets tell us two important things. First, that over a year or more, most stocks are still performing incredibly well. Second, that Canada's stock market looks awful when compared to U.S. benchmarks like the Dow Jones or the S&P 500.


GREAT-WEST LIFECO POSTS Q4 NET EARNINGS OF $392 MILLION, 2017 NET EARNINGS OF $2.1 BILLION

Insurance Journal - IIJ (2018-02-12)

Great-West Lifeco Inc. announced on Feb. 8 net earnings of $392 million for the fourth quarter of 2017 compared to $676 million for the same quarter of 2016. 


RRSP CONTRIBUTIONS ARE NOT A FINANCIAL PRIORITY FOR MANY CANADIANS

Insurance Journal - IIJ (2018-02-12)

Thirty-six per cent of Canadians are not planning to contribute to their Registered Retirement Savings Plans (RRSPs) this year, with 40 per cent saying they do not have enough money to contribute, says a study by BMO Financial Group released this week.


INSURING THE WINTER OLYMPICS

Insurance Business - Alicja Grzadkowska (2018-02-12)

Before crowds could gather in PyeongChang for the opening ceremonies of the Winter Olympics, design professionals and contractors created the ice rinks, ski jumps, and bobsled tracks on which athletes compete.


NON-PROFIT HELPS AUTO INSURERS BATTLE FRAUD WITH DATA ANALYTICS

Insurance Business - Lyle Adriano (2018-02-12)

Data analytics is a powerful tool in the fight against fraud, and the Canadian auto insurance industry has a powerful ally in that regard.


ECONOMICAL POLICYHOLDERS REACH DEMUTUALIZATION AGREEMENT IN PRINCIPLE

Canadian Underwriter - Greg Mackbach (2018-02-12)

Economical Insurance appears to be a step closer to demutualization, but a conversion proposal has been held over until June 30, Economical said Thursday.


WHAT INVESTORS NEED TO KNOW ABOUT THE NEW TAX LAW

WSJ - Theo Francis (2018-02-12)

For Washington, the federal tax overhaul is done. For companies around the globe, it is only beginning. And for investors, it’s time to understand just how the changes are sweeping through the companies and industries in their portfolios


EQUIFAX HACK MIGHT BE WORSE THAN YOU THINK

WSJ - ANNAMARIA ANDRIOTIS (2018-02-12)

Hackers in the Equifax Inc. breach accessed more of consumers’ personal information than the company disclosed publicly last year.


THE ERA OF FISCAL AUSTERITY IS OVER. HERE’S WHAT BIG DEFICITS MEAN FOR THE ECONOMY.

NY Times - Neil Irwin (2018-02-12)

The last seven weeks amount to a sea change in United States economic policy. The era of fiscal austerity is over, and the era of big deficits is back. The trillion dollar question is how it will affect the economy.


THE STOCK MARKET IS WORRIED ABOUT INFLATION. SHOULD IT BE?

NY Times - Neil Irwin (2018-02-12)

To the degree the recent wild swings in the stock market are rooted in economic fundamentals, these are the fundamentals to fear: that the already strong economy may overheat, inflation may spike, and the Federal Reserve may then raise interest rates more aggressively to try to combat that higher inflation.


RBC HAS BEEN INVOLVED WITH THE CANADIAN OLYMPIC MOVEMENT SINCE 1947 AND IS PROUD TO BE THE LONGEST-STANDING CORPORATE SUPPORTER OF CANADA’S OLYMPIC TEAM.

Olympic.ca - RBC (2018-02-12)

RBC was a National Partner of the Vancouver 2010 Winter Games, a presenting partner of the Vancouver 2010 Olympic and Paralympic Torch Relays, and is committed to supporting the Canadian Olympic Team through the Sochi 2014 and Rio 2016 Olympic Games.


BARCLAYS BANK UNIT CHARGED BY SFO OVER 2008 QATAR LOAN DEAL

Bloomberg - Franz Wild, Stephen Morris (2018-02-12)

Barclays Plc’s operating unit faces a new criminal charge in relation to the lender’s controversial 12 billion-pound ($16.6 billion) fundraising at the height of the financial crisis a decade ago.


STOCKS BOUNCE BACK WITH S&P FUTURES; DOLLAR FALLS: MARKETS WRAP

Bloomberg - Eddie Van Der Walt (2018-02-12)

Investors got a reprieve from the rout in stocks and the highest volatility spike since 2015, with equities advancing in Europe and Asia. The dollar and Treasuries fell amid concern President Donald Trump’s budget proposal will drop his party’s goal to balance the budget in 10 years.


TORONTO DETACHED REAL ESTATE PRICES FALL BELOW INFLATION, INVENTORY JUMPS OVER 195%

Better Dwelling - Kaitlin Last (2018-02-12)

The benchmark price, which is the typical price of detached home, is slightly higher. TREB reported a Greater Toronto benchmark of $907,100 in January, a 0.25% increase compared to last year. The benchmark in the City of Toronto is now $1,080,800, a 0.37% increase compared to the same time last year. Both of these numbers are up, but it’s also worth noting these are both well below inflation. Slowing or negative growth is needed to correct last year’s market frenzy.


THIS WEEK’S TOP STORIES: CANADIAN MORTGAGE GROWTH IS DECELERATING, AND TORONTO REAL ESTATE GETS FIRST MEDIAN PRICE DECLINE SINCE 2009

Better Dwelling - Better Dwelling (2018-02-12)

Canadian mortgage debt is still growing, but is slowing down quickly. Total outstanding mortgage credit is $1.51 trillion as of December, a 5.54% increase compared to last year. The healthy sounding rate of growth is the slowest it’s been since December 2014. The slowing growth is actually a big red flag, that investors should be watching closely.


NEMA AND PCMA MERGE, ENSURING A STRONGER UNIFIED VOICE FOR THE PRIVATE CAPITAL MARKETS IN CANADA

PCMA - PCMA (2018-02-12)

Calgary and Toronto (February 9th, 2018) – The Private Capital Markets Association of Canada (PCMA) and the National Exempt Market Association (NEMA) are pleased to announce their merger, thereby strengthening the private capital and exempt markets industry and making the new entity the largest private capital markets community in Canada.  


HOW INVESTORS CAN CONFRONT VOLATILITY AS WILD MARKET SWINGS SHATTER CALM

G&M - Ian McGugan (2018-02-10)

The vicious stock-market decline of the past week has sent volatility gauges soaring. People are now following every twitch of the VIX index – a measure of expected market turbulence – the way they once tracked hot stocks or cryptocurrencies.


CPPIB’S CHIEF CALLS FOR LONG-TERM THINKING AS MARKETS REMAIN UNSTEADY

G&M - Jacqueline Nelson (2018-02-10)

The past weeks' faltering public-equity markets and surge in volatility have yet to filter through to the Canada Pension Plan Investment Board's financial results, but the fund says little is changing as a result of the agitation.


SAVAGED STOCKS HEAD FOR WORST WEEK SINCE 2011

G&M - Marc Jones (2018-02-09)

A 4 per cent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.


SAVAGED STOCKS HEAD FOR WORST WEEK SINCE 2011

G&M - Marc Jones (2018-02-09)

A 4 per cent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.


BANK OF CANADA WARNS OF THREAT FROM BIG DATA

G&M - Barrie McKenna (2018-02-09)

The Bank of Canada is calling for tougher regulation to stop the spoils of innovation from being concentrated in the hands of a clutch of superstar tech giants.


RBC ONLINE BROKERAGE CLIENTS UNABLE TO MAKE TRADES JUST AS DOW SHEDS 1,000 POINTS

G&M - Clare O'Hara (2018-02-09)

Royal Bank of Canada is once again in the hot seat with investors after its online brokerage platform – RBC Direct Investing – experienced technical difficulties that prevented clients from making trades just as markets were plummeting and the Dow index headed toward a loss of more than 1,000 points.


THOMSON REUTERS BEATS PROFIT FORECAST, MISSES ON REVENUE

CBC - CBC (2018-02-09)

Last week, U.S. private equity firm Blackstone Group LP announced a $20-billion deal to buy a 55 per cent stake in Thomson Reuters' Financial and Risk business, which provides news and analytics to financial services companies. That deal is expected to close in the second half of 2018.


MANULIFE POSTS LOSS OF $1.6 BILLION IN FOURTH QUARTER, NET INCOME OF $2.1 BILLION FOR 2017

Insurance Journal - IIJ (2018-02-09)

Manulife announced on Feb. 7 a fourth quarter 2017 net loss of $1.6 billion. Net income for the year 2017 stood at $2.1 billion compared with $2.9 billion in 2016.


THE CO-OPERATORS REVEALS CFO'S RETIREMENT

Insurance Business - Lyle Adriano (2018-02-09)

Current executive vice-president of finance and chief financial officer Bruce West’s retirement comes into effect June 01, 2018.


AIG REVEALS CA$8.38 BILLION LOSS

Insurance Business - Terry Gangcuangco (2018-02-09)

Largely due to recent tax reform in the US, as well as the California wildfires, American International Group (AIG) was hit with a net loss of US$6.66 billion (around CA$8.38 billion) in the fourth quarter of 2017.


CHINA SUFFERS AS THE WORLD FOLLOWS WALL STREET’S SLUMP

NY Times - Alexandra Stevenson (2018-02-09)

Chinese stocks were among the biggest casualties in a broad sell-off across Asia that followed Thursday’s rout in the United States. European markets were also down in morning trading, though by less drastic levels.


EX-CREDIT SUISSE ADVISER SENTENCED TO FIVE YEARS FOR "CLEVER FRAUD"

Reuters - Stephanaie Nebehay, Brenna Hughes Neghaiwi (2018-02-09)

“The former relationship manager demonstrated a high degree of criminal energy, violating internal controls and rules as well as Swiss law and concealing his criminal activities from Credit Suisse colleagues,” the bank said in January.


News feed

HSBC REPORTS A 142 PER CENT PRE-TAX PROFIT JUMP

Reuters - Reuters Video (2018-02-21)

HSBC posted pre-tax profits of $17.2-billion on Tuesday, a 142 per cent jump helped by an absence of the restructuring costs that marred it results a year earlier


HSBC REPORTS A 142 PER CENT PRE-TAX PROFIT JUMP

Reuters - Reuters Video (2018-02-21)

HSBC posted pre-tax profits of $17.2-billion on Tuesday, a 142 per cent jump helped by an absence of the restructuring costs that marred it results a year earlier


HSBC MISSES PROFIT TARGET AS BAD LOAN CHARGES WEIGH ON RESULTS

WSJ - WSJ (2018-02-20)

HSBC’s full-year profit missed analysts’ expectations after the bank was hit by the high-profile collapses of two borrowers in the U.K. and South Africa.


REINSURERS HIT BY CATASTROPHE LOSSES, RISING COMPETITION

WSJ - WSJ (2018-02-20)

Reinsurers are being hit by a one-two punch of soaring catastrophe losses and low renewal rates as insurers turn to other avenues to spread risk.


WHY PRIVATE EQUITY RISKS TRIPPING ON ITS OWN SUCCESS

WSJ - WSJ (2018-02-14)

The past decade has seen a flood of capital into hard-to-see, less liquid assets, transforming the scale and scope of the private-equity firms managing this money.


HOW ARTIFICIAL INTELLIGENCE IS EDGING ITS WAY INTO OUR LIVES

NY Times - NY Times (2018-02-14)

Artificial intelligence is here — and it’s bringing new possibilities, while also raising questions. Do these gadgets and services really behave as advertised? How will they evolve in the years ahead? How quickly will they overhaul the way we live and change the way we do business?


CREDIT SUISSE PLAYS A DANGEROUS GAME WITH MARKET HURRICANE

Bloomberg - Edward Evans (2018-02-14)

Be careful what you wish for. Banks had long been begging for volatility to return. This month, they got it in spades as the rout in global stock markets sent a jolt through trading floors from London to New York.


STOCKS BOUNCE BACK WITH S&P FUTURES; DOLLAR FALLS: MARKETS WRAP

Bloomberg - Eddie Van Der Walt (2018-02-12)

Investors got a reprieve from the rout in stocks and the highest volatility spike since 2015, with equities advancing in Europe and Asia. The dollar and Treasuries fell amid concern President Donald Trump’s budget proposal will drop his party’s goal to balance the budget in 10 years.


SAVAGED STOCKS HEAD FOR WORST WEEK SINCE 2011

G&M - Marc Jones (2018-02-09)

A 4 per cent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.


SAVAGED STOCKS HEAD FOR WORST WEEK SINCE 2011

G&M - Marc Jones (2018-02-09)

A 4 per cent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis.


FSIM Briefings and Developments reports


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RBC BOOSTS DIVIDEND AS EARNINGS BEAT MARKET EXPECTATIONS

Royal Bank of Canada hiked its dividend and reported better-than-expected profit despite absorbing a $178-million writedown to account for recent U.S. tax changes.

Canada's largest bank by market capitalization is the second major lender to surpass analysts' expectations for profitability, after Canadian Imperial Bank of Commerce set an optimistic tone for the sector's fiscal first-quarter reporting season with robust results on Thursday.

For the three months that ended Jan. 31, RBC's profit was flat at $3-billion, and earnings per share was $2.01, compared with $1.97 a share in the same quarter last year.

 

Adjusted to exclude the benefits of a $212-million gain from RBC's share of the sale of payment processor Moneris Solutions Corp.'s U.S. operations, RBC earned $2.05 per share. Analysts polled by Bloomberg LP had expected adjusted earnings per share of $1.99.

RBC increased its quarterly dividend by three cents to 94 cents a share, and revenue of $10.83-billion climbed 12 per cent from $9.65-billion a year ago.

"Supported by rising interest rates and equity markets, we generated strong revenue growth," chief executive officer Dave McKay told analysts on a Friday conference call. "We're really happy with our [first-quarter] performance and the momentum we have."

The sting from RBC's one-time $178-million writedown – which comes mostly from adjustments to an accounting measure known as deferred tax assets – promises to be short-lived. The bank is already enjoying a lift in profit from lower taxes, and chief financial officer Rod Bolger predicted that the sweeping U.S. tax cuts will boost RBC's annual earnings by about $250-million.

One of the primary beneficiaries will be Los Angeles-based City National Bank, which RBC acquired in 2015. In the first quarter, City National contributed US$114-million in profit to RBC's results, an increase of 97 per cent from the same quarter a year earlier. City National's loans also grew by 14 per cent.


CUSTOMERS FUME AS BB&T AND TD BANK SUFFER MAJOR OUTAGES

BB&T took to Twitter on Thursday to confirm that its digital and phone banking, as well as ATM access, were down.


U.S. BANK SEES ECONOMIC 'SUGAR RUSH' IN CANADA (WHICH MEANS HIGHER RATES THAN YOU MIGHT LIKE)

Bank of America Merrill Lynch is suddenly more upbeat about Canada's economy, expecting a "sugar rush" from America's fiscal stimulus.

And what its forecast could mean is a bump in interest rates that's greater than we might be expecting.

The new projection isn't a huge difference, but every basis point counts. And its call for Canadian economic growth this year is better than some others expect.

 

Carlos Capistran, the bank's Canada and Mexico economist, said in a report this week that he now expects Canada's economy to expand by 2.5 per cent this year, up from an earlier forecast of just 2.2 per cent, though still shy of what is believed to have been growth of 3 per cent in 2017.

He also revised his projection for annual inflation to 2 per cent, from his earlier 1.9 per cent, his forecast for unemployment to just 4.9 per cent, from his previous 5 per cent, and his expectation for Bank of Canada rate hikes to four from three.

That would bring the central bank's benchmark overnight rate to 2 per cent.

"The U.S. economy is getting pumped with stimulus this year," Mr. Capistran said in his report, titled "Sugar rush from U.S. fiscal candy".

"First came a reduction and now an increase in expenditure."

Bank of America economists have revised their projection for U.S. economic growth this year to 2.9 per cent, compared to an earlier 2.4 per cent, and they expect the Federal Reserve to bump up its key rate three times, and possibly four.

"Stronger economic growth in the U.S. will increase the demand for Canadian goods and services, providing a boost to GDP growth," Mr. Capistran said.

"An increase in U.S. corporate investment, U.S. household consumption, and U.S. government expenditure will reduce savings in the U.S., which in turn will increase the U.S. current account deficit," he added.



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