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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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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

HOW CAN INSURANCE BROKERS USE RATE COMPARISON SITES TO BOOST THEIR BOOKS OF BUSINESS?

Insurance Business - Bethan Moorcraft (2020-12-07)

Enter, rate comparison websites. They’re all the rage in the UK and the USA, where consumers use comparison sites to shop for insurance much like Canadians do when comparing travel costs on sites like Expedia and Trivago. But Canadians are slowly starting to catch on to the insurance comparison trend. They’re searching for and finding platforms like LowestRates.ca, which is enabling consumers to compare insurance premium prices across a number of product lines, primarily in auto and home insurance.


MANULIFE POSTS RECORD NET INCOME OF $4.8 BILLION FOR 2018

Insurance Journal - IIJ (2019-02-15)

For the fourth quarter of 2018, Manulife’s net income was $593 million, up from the $1.6 billion loss recorded in Q4 2017. Core earnings for Q4 2018 stood at $1.3 billion, compared to $1.2 billion for Q4 2017.


SUN LIFE FINANCIAL REPORTS NET INCOME OF $2.5 BILLION FOR 2018

Insurance Journal - IIJ (2019-02-15)

Underlying net income was $718 million in Q4 2018, compared to $641 in Q4 2017. For the year 2018, underlying net income stood at $2.9 billion, compared to $2.5 billion for 2017.


EQUITABLE LIFE POSTS NET EARNINGS OF $86.8 MILLION FOR 2018

Insurance Journal - IIJ (2019-02-15)

Equitable Life posted net earnings of $86.8 million in 2018. This is a decline from the insurer’s earnings of $106 million in 2017.


ALLIANZ JUMPS TO HIGHEST NET INCOME IN THE LAST 10 YEARS

Insurance Business - Terry Gancuangco (2019-02-15)

In 2018 the insurance group saw a 6.9% improvement in its net income from 2017’s €7.2 billion (around CA$10.80 billion) to last year’s €7.7 billion (around CA$11.55 billion). This total amount includes the €7.5 billion in net income attributable to shareholders, which grew 9.7% from €6.8 billion previously.


WHAT COULD HAVE HAPPENED TO ECONOMICAL IF IT HAD REJECTED DEMUTUALIZATION

Canadian Underwriter - Greg Meckbach (2019-02-15)

Mutual policyholders of Economical are scheduled to vote March 20 on a proposal to demutualize, the details of which are in a recently-released policyholder circular. As it stands, several more steps, including more policyholder votes and federal government approval, are needed before Economical could demutualize.


EU PARLIAMENT PASSES NEW RULES ON CROSS-BORDER PAYMENT CHARGES

Finextra - Finextra (2019-02-15)

Eva Maydell (EPP, BG), rapporteur, states: “150 million EU citizens and 6 million businesses living and operating in countries outside the Eurozone have been paying much higher charges for transferring euro than their Eurozone counterparts. This will no longer be the case and all Europeans will pay significantly lower charges, which will save them more than 1 billion euro annually. This is the second, small EU revolution after the abolishment of roaming fees.


ANT FINANCIAL SEALS WORLDFIRST TAKEOVER

Finextra - Finextra (2019-02-14)

Early reports of talks between the two firms in January suggested the takeover deal is worth about $700m. 


OH, THE THINGS THEY’RE SAYING ABOUT CANADA’S HOUSING MARKETS

G&M - Michael Babad (2019-02-14)

We'll get a broader picture Friday when the Canadian Real Estate Association releases its report on how sales and prices fared in January.


CANADIAN HOME PRICES FALL FOR FOURTH MONTH LED BY WEAKNESS IN B.C., ALBERTA

Reuters - Reuters (2019-02-14)

Canadian home prices fell in January for the fourth consecutive month led by weakness in major Western Canadian cities, data showed on Wednesday.


CANADIAN INSURERS MANULIFE, SUN LIFE REPORT HIGHER EARNINGS IN FOURTH QUARTER

G&M - Clare O'Hara (2019-02-14)

Two of Canada’s largest insurers reported earnings on Wednesday evening, with Sun Life Financial Inc. beating expectations and Manulife Financial Corp. falling a bit short.


CANACCORD GENUITY ACQUIRES BOUTIQUE U.S. DEALER FOR $60-MILLION

G&M - Andrew Willis (2019-02-14)

Canaccord Genuity Group Inc. expanded its U.S. investment banking platform on Wednesday by acquiring New York-based boutique advisory firm Petsky Prunier LLC for $60-million.


MORTGAGES FROM BIG BANKS CONSISTENTLY COST CANADIANS MORE, SAYS RATE COMPARISON SITE SOCIAL SHARING FACEBOOK TWITTER REDDIT LINKEDIN EMAIL

CBC - Rajeshni Naidu-Ghelani (2019-02-14)

The financial product comparison website said the lowest rates offered by the "Big Six" — Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Scotiabank, Canadian Imperial Bank of Commerce, and National Bank of Canada — were always more expensive than the lowest rates from smaller lenders.


AIG NARROWS LOSSES IN FOURTH QUARTER

WSJ - Leslie Scism (2019-02-14)

American International Group Inc.’s fourth-quarter loss narrowed as the insurance conglomerate benefited from the absence of a year-earlier tax adjustment, the company said in reporting its latest financial results Wednesday.


THE HOT TRADE IN THE HOUSING MARKET: SERVICING YOUR MORTGAGE

WSJ - Ben Eisen (2019-02-14)

The mortgage-market slowdown is stirring up interest in a humdrum segment of American home lending: the rights to the arcane task of handling monthly payments.


TERANET: CANADIAN REAL ESTATE PRICES FAIL TO RISE OVER PAST 5 MONTHS, FIRST-TIME SINCE 2013

Better Dwelling - Daniel Wong (2019-02-14)

The C11, an aggregate index of the country’s largest markets, made a slight decline in January. The price index fell 0.05% from the month before, but is still 2.18% higher than the same time last year. Prices are now 1% below their all-time peak reached in September 2018. NBC Senior Economist Marc Pinsonneault noted this is the fifth consecutive month without a rise, the longest run since March 2013.


THE DEMISE OF LIBOR: WHAT NEXT?

Bobsguide - Calypso (2019-02-14)

It was this practice along with the lack of transparency in linking rates to transactions and the subsequent significant reduction in volumes of interbank unsecured lending that ultimately led to a loss of confidence in Libor and plans to replace it.


JPMORGAN CREATES JPM COIN

Finextra - Finextra (2019-02-14)

The bank will begin trials in the coming months, using JPM Coin for a "tiny" fraction of the $6 trillion it moves for corporations every day.


THE U.S. EMV-ACCEPTING MERCHANT BASE GREW BY 400,000 LOCATIONS IN 2018

Digital Transactions - Jim Daly (2019-02-14)

In its latest report on the conversion of U.S. general-purpose payment cards from magnetic stripes to EMV chips, Visa says 3.1 million U.S. card-accepting merchant locations, or 68% of the total, could process EMV cards in December, up about 400,000 locations from 2.7 million a year earlier. The chip-card-accepting merchant base was little changed from September’s 67% rate, but well above the 59% rate in late 2017.


CHINESE INVESTMENT IN CANADA CUT BY NEARLY HALF AS DIPLOMATIC SPATS, CURRENCY CONTROLS TAKE TOLL

FP - Naomi Powell (2019-02-14)

The slump — evident in nearly all the sectors that traditionally attract interest from Chinese firms — is partially the result of capital controls imposed by Beijing in 2016 and 2017. China is attempting to stabilize its currency — down 10 per cent at its weakest point last year — by preventing money from fleeing the country via overseas investments.


CANADIAN COURT RESERVES JUDGMENT ON DISPUTED MANULIFE POLICIES

G&M - Matt Scuffham (2019-02-14)

A court in the Canadian province of Saskatchewan on Thursday reserved its decision on whether claims by a hedge fund against insurer Manulife Financial Corp should be dismissed following a change of rules in the province.


REPORT ON SMALL BUSINESS NEWSLETTER: FINANCIAL TECH FIRMS HOPEFUL FEDERAL REFORMS WILL FORCE BANKS TO SHARE CLIENT DATA

G&M - Sarah Efron (2019-02-14)

Canadian financial technology companies are poised to benefit from potential changes to the banking system that would force competitors, such as the big banks, to share their clients’ financial transaction data at the customer’s request. Story


BIG HEDGE FUNDS DUMPED CHINA STOCKS, APPLE AS MARKET TUMBLED

Reuters - David Randall (2019-02-14)

Activist hedge fund Jana Partners sold out of its position in major Chinese e-commerce company Alibaba Group Holding Ltd and reduced its stake in Apple by approximately 175,000 shares, slicing its position in the company by 63 percent.


HSBC FOREX TRADING COSTS CUT SHARPLY BY BLOCKCHAIN - EXECUTIVE

Reuters - Tom Wilson (2019-02-14)

The HSBC platform is a rare example of blockchain technology being put to practical use by a major bank. Last month the London-based lender said it had processed FX trades worth $250 billion on the platform since February last year.


WARREN BUFFETT DOUBLES DOWN ON BIG BANKS AS BERKSHIRE TRIMS APPLE STAKE

Bloomberg - Katherine Chiglinsky, Ben Foldy (2019-02-14)

  • Berkshire spent the last half of the year snapping up more shares of banks and insurers, moves that made the company a major shareholder in four of the five largest U.S. banks. The Omaha, Nebraska-based conglomerate boosted its stake in JPMorgan Chase & Co. and Bank of America Corp. in the last three months of the year.


THE BANK OF CANADA MIGHT NOT BE DONE HIKING JUST YET

Bloomberg - Misyrlena Egkolfopoulou (2019-02-14)

Yet the BOC, which meets next on March 6, has given little evidence it plans to adopt a similar tack. In last month’s monetary policy report, officials made clear they view Canada as currently in the middle of a temporary slowdown that should abate in the coming months.


WILSON-RAYBOULD’S RESIGNATION PROMPTS TRUDEAU TO SAY SHE FAILED IN DUTY TO VOICE SNC CONCERNS

G&M - Robert Fife, Steven Chase (2019-02-13)

Jody Wilson-Raybould resigned from Justin Trudeau’s cabinet on Tuesday in a departure that fuels a growing political controversy over allegations that the Prime Minister’s Office put pressure on her while she was justice minister and attorney-general to shelve a corruption and fraud prosecution of Montreal construction giant SNC-Lavalin Group Inc.


GLOOMY CENTRAL BANKS FACE NEW DANGER OF ECONOMIC GOOD NEWS

CBC - Don Pittis (2019-02-13)

So what's the problem if everything goes well? The problem is that central bankers, led by the Fed's Powell, have effectively committed themselves to economic weakness.


ONE QUARTER OF CANADIANS DID NOT SAVE A PENNY IN 2018, SAYS POLL

Insurance Journal - IIJ (2019-02-13)

The poll, released Feb. 12, also showed that many Canadians are optimistic about their ability save in 2019. Fifty-two per cent of those surveyed said they definitely plan to save with 31 per cent expecting to save up to $10,000. Twenty-nine per cent of those surveyed claimed to already have more than $100,000 saved.


DOMINION LENDING CENTRES HIT WITH $800 MILLION CLAIM OVER INSURANCE

Insurance Business - IB (2019-02-13)

The claim refers to a product called Mortgage Protection Plan, a mortgage creditor insurance product underwritten by Manulife, formerly administered by Benesure Canada, and offered through Credit Security Insurance Agency (CSIA). The claim alleges that Benesure is an unlicensed insurer and that DLC is liable for distributing the MPP product through the DLC network.


WHY THE ‘BIG BANG’ OF INSURANCE BROKER CONSOLIDATION HAS NEVER HAPPENED

Insurance Business - Lauren Ingram (2019-02-13)

“Most of our clients have put steps in place two years ago, 18 months ago and have steps in place whether there’s a deal, no deal, and are ready to go,” Holderness said in an interview with Insurance Business.


WHY YOUR CLIENTS WILL BUY INSURANCE ONLY AFTER A DISASTER

Canadian Underwriter - Jason Contant (2019-02-13)

“People buy insurance after a disaster, by the way, not before, unless they are forced to buy it,” Kunreuther said. “Then they have it for a few years and say, ‘God, I’ve wasted all these premiums. Look at all the things I could have done with the money that I’ve spent on insurance. I’m going to cancel my policy.’”


EUROPE’S BIGGEST FUND MANAGER DOES MORE WITH LESS

Bloomberg - Mark Gilbert (2019-02-13)

Size alone wasn’t enough to shield Amundi SA from the market turmoil that prompted investors to pull money from the asset management industry as a whole in the fourth quarter. But bulk is helping Europe’s biggest fund manager weather the storm better than its competitors.


UK ECONOMY TO MAKE MODEST POST-BREXIT RECOVERY IF DEAL AGREED: ECONOMISTS

Reuters - Jonathan Cable (2019-02-13)

“If there’s a silver lining from the mounting signs that the uncertainty caused by Brexit is holding back GDP growth, it’s that the economy could enjoy a decent rebound if a Brexit deal is agreed,” said Paul Dales at Capital Economics.


NEW YORK FED: RECORD 7 MILLION AMERICANS ARE 90 DAYS BEHIND ON CAR PAYMENTS

Huffington Post - Sanjana karanth (2019-02-13)

“The substantial and growing number of distressed borrowers suggests that not all Americans have benefited from the strong labor market and warrants continued monitoring and analysis of this sector,” economists at the Fed said in an analysis of their consumer debt report.


ONTARIO SECURITIES COMMISSION SAYS IT’S LOOKING INTO CRYPTOCURRENCY EXCHANGE QUADRIGA

G&M - John Tilak, Matt Scuffham (2019-02-13)

“Given the potential harm to Ontario investors, we are looking into this matter and have already been in contact with the monitor,” the Ontario Securities Commission said in a statement e-mailed to Reuters.


WHY I’M NOT PUTTING MY RRSP CONTRIBUTION INTO EQUITY MARKETS ANY TIME SOON (AND THE OUTLOOK FOR UTILITY STOCKS AFTER THE BIG RALLY)

G&M - Scott Barlow (2019-02-13)

I made an RRSP contribution on Monday, but none of the money will be placed in equities until there’s more assurance that stock prices are low enough to reflect the rising risks of substantial loss of capital.


STARLING BANK SCORES £75 MILLION INVESTMENT

Finextra - Finextra (2019-02-13)

The UK challenger raised £60 million in a Series C funding round led by Guernsey-based Merian Global Investors, and a further £15 million from its sole existing investor, Harald McPike of Bahamas-based QuantRes. 


GLOBAL OIL SUPPLY TO SWAMP DEMAND IN 2019 DESPITE OUTPUT CUTS: IEA

G&M - Amanda Cooper (2019-02-13)

The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.


UK FINTECH INVESTMENT REACHES RECORD $3.3BN

BankingTech - Antony Peyton (2019-02-13)

According to a report from industry body Innovate Finance, growth private equity investment rose 57% to $1.6 billion, while venture capital (VC) dipped to $1.7 billion as the UK fintech sector enters a “new stage of its growth journey, ahead of its peers in Europe”.


MARKET VOLATILITY SEES AIG SWING TO A LOSS IN Q4

FT - Robert Armstrong (2019-02-13)

Poor results from its investment portfolio and unfavourable development of prior year insurance claims pushed American International Group’s fourth-quarter profits far below Wall Street expectations — even as the underlying performance of the general insurance business showed some improvement.


BOFA HAS SPENT $400M ON SHIFTING EMPLOYEES AND OPERATIONS TO DUBLIN AND PARIS 2 HOURS AGO SAVE

FT - Matthew Vincent (2019-02-13)

Bank of America appears to treat European staff very well.


REGIONS TAKE STRAIN FROM DUBLIN AS FINANCE SECTOR GROWS

FT - Arthur Beesley (2019-02-13)

With a population of 80,000, Galway is the largest urban centre on the western seaboard. But it is an intimate city with thriving arts and tourism sectors and villagey feel.


SNC-LAVALIN TO HALT BIDDING ON MINING PROJECTS AFTER SECOND PROFIT WARNING

G&M - Nicolas Van Praet (2019-02-12)

SNC-Lavalin Group Inc. has stopped bidding on mining work and reduced its profit expectations for the second time in two weeks after failing to resolve a dispute with a key customer in South America.


MORGAN STANLEY BUYING SOLIUM CAPITAL, SHRINKING FIELD OF BILLION-DOLLAR CANADIAN TECH COMPANIES

G&M - Jeffrey Jones (2019-02-12)

U.S. financial services giant Morgan Stanley is buying Calgary-based Solium Capital Inc. for $1.1-billion in the latest deal that will wrest a sizable technology player from Canadian control.


REGULATORS GRAPPLE WITH RAPID CHANGE IN THE FINANCIAL-SERVICES SECTOR

G&M - Barry Campbell (2019-02-12)

The speed and scope of change in the financial-services sector is unprecedented. Regulators are trying to wrap their minds around what’s happening. The future of cash, the need for bank intermediaries, the role of paper currencies, and fundamental notions of data privacy and bookkeeping are all in play.


WHO’S AFRAID OF OPEN BANKING?

G&M - Thorsten Koepple, Jeremy Kronick (2019-02-12)

When people today make transactions or undertake financial decisions, lots of data are generated within payment systems and internal records of financial institutions. The status quo in Canada squarely puts banks as the owners of such data.


BREXIT'S TOLL: U.K. ECONOMY AT WEAKEST SINCE FINANCIAL CRISIS

CBC - Reuters (2019-02-12)

The Office for National Statistics said the British economy grew by only 0.2 per cent during the fourth quarter, down from the 0.6 per cent tick recorded in the previous three-month period. Output actually fell in the month of December by 0.4 per cent from the month before.


PAUL KRUGMAN SAYS THE U.S. IS HEADED FOR A POSSIBLE RECESSION AND THE FED WON'T BE ABLE TO COMBAT IT

FP - Yousef Gamal El-Din and Alaa Shahine (2019-02-12)

“There seems to be an accumulation of smaller problems and the underlying backdrop is that we have no good policy response,” he said in a Bloomberg Television interview in Dubai.


HOW GERALD COTTEN BUILT QUADRIGA — AND CREATED THE ENSUING CRYPTO STORM

FP - Geoff Zachodine (2019-02-12)

Before his death made headlines worldwide, Gerald Cotten had just been a 30-year-old guy working in digital finance. And when Cotten, the founder of QuadrigaCX, which now owes more than $260 million in cash and cryptocurrency to thousands of people, first turned his focus to Bitcoin, he found there weren’t many ways to buy the cryptocurrency in Canada.


GREAT-WEST LIFECO ENDS 2018 ON AN UPSWING

Insurance Journal - Aurelia Morvan (2019-02-12)

Looking at the insurer’s Canadian sales operations, the results are not as strong. Net earnings were $310 million in Q4 2018, down from $338 million for the same quarter of 2017.


EDMUND F. MURPHY III APPOINTED PRESIDENT AND CEO OF GREAT-WEST LIFECO’S U.S. SUBSIDIARY

Insurance Journal - IIJ (2019-02-12)

"Ed's vision, insight and guidance has helped Empower grow into the second largest retirement services provider in the U.S.," said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. "With his strong track record of success, he is well-placed to serve the needs of our growing client base in the U.S."


AON UNVEILS COMPANY STALWART FOR GLOBAL CHIEF ROLE

Insurance Business - Terry Gancuangco (2019-02-12)

Assuming the Commercial Risk Solutions CEO role from Mike O’Connor – who was named Aon co-president last year – Lambrou will also retain his remit as the unit’s chief commercial officer and chief executive of global specialties. Currently he is based in the New York office.


MARSH TURNS TO SEC VET FOR CYBER ROLE

Insurance Business - Ryan Smith (2019-02-12)

Hetner has more than 20 years of experience in cybersecurity, risk management, and regulatory compliance. During his tenure with the SEC, Hetner also served as a member of the US Treasury Financial Banking Information Infrastructure Committee, where he provided leadership across a range of cybersecurity programs that impacted the financial services sector. Prior to his tenure there, Hetner served in several industry leadership roles, including as wealth and asset management cybersecurity practice leader at EY, global chief information security officer at GE Capital, and senior vice president of information security at Citigroup.


AXIS TURNS TO INDUSTRY VETERAN AS HEAD OF UNDERWRITING

Insurance Business - Ryan Smith (2019-02-12)

AXIS Capital Holdings has announced the appointment of Robert Quane as head of underwriting and portfolio optimization. In that role, Quane will be responsible for leading the company’s group underwriting function while working in partnership with its business segments, AXIS said.


WHY LEAKING SEWERS ARE CONTRIBUTING TO HIGHER FLOOD RISK

Canadian Underwriter - Jason Contant (2019-02-12)

One litre per second of clean water costs $80,000 a year to treat each and every year for the life of the sewer, which could be up to 75 years. Robinson said she is seeing more than 50 subdivisions in Ontario that are leaking unacceptable water into the sewer on Day 1; some 10 to 15 litres per second of clean water, a “conservative” estimate. For example, the total treatment cost of leaking new sewers in Ontario’s Halton Region alone is $475 million a year.


FEDERAL RESERVE’S BOWMAN CALLS FOR REFINED OVERSIGHT OF COMMUNITY BANKS

WSJ - Lalita Clozel (2019-02-12)

Federal Reserve governor Michelle Bowman called Monday for regulators to “develop and refine” how they supervise community banks “to fit the smaller size and less-complex risk profiles of these banks.”


WILSON-RAYBOULD RESIGNS FROM TRUDEAU CABINET IN WAKE OF SNC-LAVALIN CLAIMS

G&M - Robert Fife, Steven Chase (2019-02-12)

Jody Wilson-Raybould has resigned from Justin Trudeau’s cabinet in the midst of allegations that the Prime Minister’s Office tried to pressure her while she was justice minister to abandon a corruption and fraud prosecution of Montreal construction giant SNC-Lavalin.


FORMER FED CHAIR PAUL VOLCKER TAKES TRUMP TO TASK ON TAXES, TRADE

G&M - Jennifer Ablan (2019-02-12)

Former Federal Reserve Chairman Paul Volcker warned the Trump administration’s handling of domestic issues as well as trade talks with China is hurting the United States’ long-term prosperity.


RED FLAGS EMERGE AS AMERICANS' DEBT LOAD HITS ANOTHER RECORD

Reuters - Jonathan Spicer (2019-02-12)

The U.S. household debt and credit report, published Tuesday by the Federal Reserve Bank of New York, showed that the overall debt shouldered by Americans edged up to a record $13.5 trillion in the fourth quarter of 2018. It has risen consistently since 2013, when debt bottomed out after the last recession.


CITIGROUP SEES SAUDI, UAE AS TOP MIDEAST MARKETS FOR DEALS THIS YEAR: EXECUTIVE

Reuters - Hadeel Al Sayegh (2019-02-12)

“I can see real interest awareness and potential demand for Saudi exposure,” Azevedo told Reuters on the sidelines of a conference in Abu Dhabi.


AUSTRALIAN SOVEREIGN FUND CRITICIZES NAB'S LEADERSHIP CHANGE

Reuters - Byron Kaye (2019-02-12)

“If the NAB was managing itself well ... the chairman would go first and then a new chairman or chairwoman would appoint the CEO,” Costello told reporters on a media call, referring to the resignations last week of NAB Chief Executive Andrew Thorburn and Chairman Ken Henry.


FORMER FINANCE MINISTER, AMBASSADOR AND BUSINESSMAN MICHAEL WILSON DIES AT 81

G&M - TIM KILADZE AND ERIC ANDREW-GEE (2019-02-11)

Michael Wilson, a former federal finance minister and stalwart of Canadian business who overcame personal tragedy in later life to become an advocate for mental-health support, has died at 81.


THE CURIOUS CASE ON TORONTO’S BAY STREET: $500,000 SUPER BOWL POT GOES MISSING

G&M - TIM KILADZE AND ANDREW WILLIS (2019-02-11)

Two days before the game, word started to spread: The pot had gone missing.


CYCLE CAPITAL HITS FIRST CLOSE OF WHAT IT’S HOPING WILL BE LARGEST CLEANTECH FUND IN CANADA

G&M - Sean Silcoff (2019-02-11)

Montreal-based Cycle Capital Management Inc. has raised more than $100-million for what it hopes will be Canada’s largest private sector venture capital fund in clean technology – giving a boost to a sector that still relies largely on government support.


CANADA NEEDS TO TOUGHEN SHORT SELLING RULES TO WEED OUT ABUSE, MARKET WATCHERS SAY

CBC - Pete Evans (2019-02-11)

Canada needs to crack down on a certain type of short selling because a growing number of bad apples are abusing the system for everyone, market watchers say.


TECHNOLOGY POISED TO DISRUPT CANADA'S MORTGAGE LENDING INDUSTRY, EXPERTS SAY

CBC - CP (2019-02-11)

Sometime in the near future, the majority of mortgage applications in Canada will be completed online or with a chatbot, mortgage expert Rob McLister predicts.


FACEBOOK FACES INVESTIGATION BY PRIVACY COMMISSIONER OVER RBC ACCESS

FP - Doug Alexander (2019-02-11)

The Office of the Privacy Commissioner of Canada is investigating complaints from individuals over Royal Bank’s “alleged role in receiving information from Facebook,” Privacy Commissioner Daniel Therrien said in Ottawa last week in a Standing Committee on Access to Information, Privacy and Ethics.


ITALY’S POPULIST GOVERNMENT TAKES AIM AT CENTRAL BANK

WSJ - Giovanni Legarano (2019-02-11)

Italy’s populist government launched an unprecedented attack on the country’s central bank over the weekend, saying its top brass should be replaced because it had failed to supervise effectively the country’s troubled banking sector.


CALIFORNIA HOMEOWNERS FACE HIGHER PRICES FOR A SCARCE COMMODITY: WILDFIRE INSURANCE

WSJ - Nicole Friedman (2019-02-11)

Californians who want to insure their homes against the next wildfire are paying a price for two years of record-breaking blazes.


FLIP-FLOP BY FED SCRAMBLES OUTLOOK FOR WORLD MARKETS

NY Times - Matt Phillips (2019-02-11)

Investors had been bracing for the Fed to keep raising interest rates and shrinking its vast portfolio of assets, the equivalent of tapping on the brakes of the United States economy. But this year, the central bank has signaled that it was backing off.


TRUMP TO SIGN EXECUTIVE ORDER PROMOTING ARTIFICIAL INTELLIGENCE

NY Times - Cade Metz (2019-02-11)

A.I. experts across industry, academia and government have long called on the Trump administration to make the development of artificial intelligence a major priority. Last spring, worried that the United States was not keeping pace with China and other countries, Jim Mattis, then the defense secretary, sent a memo to the White House imploring the president to create a national strategy on A.I.


CREDIT SUISSE INVESTMENT BANK WON'T SHRINK MORE: CHAIRMAN

Reuters - Reuters (2019-02-11)

Credit Suisse’s investment banking operation has been scaled back enough, Chairman Urs Rohner was quoted saying in a newspaper interview, underscoring the number two Swiss bank’s commitment to the business.


ECB CHIEF SAYS INSTANT PAYMENTS COULD BREAK VISA/MASTERCARD DUOPOLY

Finextra - Finextra (2019-02-11)

The ECB has for the past twelve years been seeking a mechanism to challenge the dominance of Visa and Mastercard in the European payments landscape. Interchange fee caps have brought a measure of control, but calls for banks to set up a rival third scheme to take on the might of the global giants and promote increased competition have so far fallen on deaf ears.


FINANCIAL TECH FIRMS HOPEFUL FEDERAL REFORMS WILL FORCE BANKS TO SHARE CLIENT DATA

G&M - Brenda Bouw (2019-02-10)

Canadian financial technology companies are poised to benefit from potential changes to the banking system that would force competitors, such as the big banks, to share their clients’ financial transaction data at the customer’s request.


EXPERT SEES DAY IN NEAR FUTURE WHERE MAJORITY OF MORTGAGES WILL BE COMPLETED ONLINE OR WITH A CHATBOT

G&M - Linda Nguyen (2019-02-10)

Sometime in the near future, the majority of mortgage applications in Canada will be completed online or with a chatbot, mortgage expert Rob McLister predicts.


SCOTIABANK STRIKES DEAL TO SELL BANKING, INSURANCE UNITS IN EL SALVADOR

G&M - James Bradshaw (2019-02-10)

Bank of Nova Scotia has struck a deal to sell its banking and insurance operations in El Salvador as the lender continues to concentrate its international footprint.


CI FINANCIAL REPORTS DROP IN FOURTH-QUARTER REVENUE

G&M - CP (2019-02-10)

CI Financial Corp. says it earned a fourth-quarter profit of $140.4 million as its revenue fell compared with the same period a year earlier.


CANADA’S BANKING REGULATOR RELAXES NEW DEPOSIT RULES AMID INDUSTRY OUTCRY

G&M - James Bradshaw (2019-02-09)

Canada’s banking regulator has softened a proposal to create stricter rules governing banks’ deposits, dropping a contentious provision aimed at online banking that had drawn criticism from the industry.


HOW A 30-YEAR AMORTIZATION WOULD AFFECT MORTGAGE PAYMENTS

G&M - Matt Lundy (2019-02-09)

The federal government is looking to make home-buying more affordable for millennials – and one potential solution would have a noticeable impact on mortgage payments.


FEDERAL GOVERNMENT INSURED SUNCOR’S MIDDLE EAST MISADVENTURES

G&M - Matthew McClearn (2019-02-08)

The federal government paid Calgary-based Suncor Energy as much as $600-million to compensate for Middle East oil and gas assets and income lost since the Arab Spring in 2011.


GREAT-WEST LIFE RAISES DIVIDEND, LOOKS AHEAD TO ‘ACQUISITION OPPORTUNITIES’

G&M - Armina Ligaya (2019-02-08)

Great-West Lifeco Inc. raised its dividend as it reported a fourth-quarter profit of $710-million, but fell short of expectations.


CANADA'S ANTI-MONEY LAUNDERING AGENCY COMPLETES REVIEW, CLEARING WAY TO ISSUE FINES AGAIN

CBC - CP (2019-02-08)

Canada's anti-money laundering agency has completed its internal review of its penalty system, ending a nearly three-year period of limbo and clearing the way for the organization to start issuing fines again.


CMHC SAYS HOUSING MARKET STILL HIGHLY VULNERABLE DESPITE SLIGHT PRICE DROP

CBC - CBC (2019-02-08)

The Canada Mortgage and Housing Corporation (CMHC) says the housing market is still showing a high degree of vulnerability for the 10th straight quarter, despite some indications of price correction.


GREAT-WEST LIFECO RAISES DIVIDEND BUT PROFIT FALLS SHORT OF ESTIMATES

FP - CP (2019-02-08)

During its latest quarter the Winnipeg-based insurer saw strong performance from its European arm, but weaker contributions from its Canada and U.S. divisions.


MERIDIAN GETS READY TO LAUNCH FULL-SERVICE DIGITAL BANK

Insurance Journal - IIJ (2019-02-08)

Meridian, Ontario's largest credit union, and the third largest in Canada, is set to launch a full-service digital bank in the spring at which members will have a say on ideas for new products and features.


MORE CLASS ACTION LAWSUITS FILED AGAINST DISCOUNT BROKERS

Insurance Journal - IIJ (2019-02-08)

The lawyers allege investors paid trailing commissions to discount brokers “through which the mutual funds were sold or held, and that these payments were improper because the investors in these mutual funds received no value (such as professional investment advice) for the trailing commissions paid.”


EQUISOFT ACQUIRES AGEMAN SOLUTIONS

Insurance Journal - IIJ (2019-02-08)

AGEman is a Montreal-based digital provider known for its agency management systems designed for the Canadian distribution market. The system allows insurance distributors to manage all aspects of their insurance sales process. It can connect any Canadian agency with Canadian carriers through CITS protocol.


IBC PRESIDENT: "WE HAVE A LONG WAY TO GO IN CANADA" WHEN IT COMES TO INSURANCE

Insurance Business - Lyle Adriano (2019-02-08)

“Comparing the first nine months of 2018 results to the same period in 2017, we saw deteriorating conditions in the P&C market,” Forgeron said. “Combined loss ratio increased – from just over 99% in 2017 to 102%.”


WHAT THE INDUSTRY LEARNED FROM THE COSTLIEST CATASTROPHE OF 2018

Canadian Underwriter - Jason Contant (2019-02-08)

“I’m not sure people truly understand the impact [of the event],” Ron Biggs, national claims director of RSA Insurance Group, said Tuesday at the CatIQ Connect conference in Toronto. “From a claims volume, it is the largest catastrophe event our insurance company has had in their hundred years in Canada. Not from a dollars perspective, but from a claims volume or intake perspective.”


WHY IT’S TAKING SO LONG FOR A CANADIAN NATIONAL FLOOD PROGRAM

Canadian Underwriter - David Gambrill (2019-02-08)

IBC has been chairing an advisory group on the financial risk of flood and developing some options for high-risk properties. In a January meeting in Edmonton, the group presented to ministers responsible some options for how they can go forward and construct a high-risk pool. The hope is to put an active proposal together to present to whichever party wins the federal election.


DEUTSCHE BANK, COMMERZBANK MERGER TALK 'SPECULATION': GERMAN FINANCE MINISTER

Reuters - Huw Jones, Marc Jones (2019-02-08)

German Finance Minister Olaf Scholz said on Friday he was in talks with banks about their future and called reports of a merger of Deutsche Bank and Commerzbank “speculation”.


AUSTRALIA'S BRUISED BIG BANKS OFFERED RESPITE IN INQUIRY WASH-UP

Reuters - Jonathan Barrett, Paulina Duran (2019-02-08)

After a year of bruising interrogation, Australia’s oligopoly banking system has emerged from a government-appointed inquiry with reputations tarnished and some top executives removed - but also an unexpected opportunity to rebuild.


TECH GIANT ADOBE BRINGS COST-CUTTING ID VERIFICATION TO KYC

Bobsguide - David Beach (2019-02-08)

“Our customers tell us they can achieve huge time and cost savings, reduce error rate and calls to contact centres and deliver a service that is really appreciated by the customers, by giving them what they want ultimately - a loan or mortgage - much faster,” said Mark Greenaway, head of Northern Europe, core enterprise, Adobe Sign, on the sidelines of the firm’s conference this week in London.


VISA FENDS OF MASTERCARD WITH NEW OFFER FOR EARTHPORT

Finextra - Finextra (2019-02-08)

Visa has pushed up its first offer of £198 million to £247 million, shading the £233 million bid tabled by Mastercard last week.


DIGITAL STATES: CRYPTOCURRENCY RULES AND REGULATIONS ACROSS THE US

Bobsguide - Alex Hamilton (2019-02-08)

The US handles almost a quarter (22.6%) of all bitcoin volumes, according to coin.dance statistics, yet regulators across the country’s 50 states have different rulings on the legality and usage of virtual currencies.


MAS PROPOSES TIGHTER RULES ON BANK OUTSOURCING

Finextra - Finextra (2019-02-08)

The Monetary Authority of Singapore is consulting on new proposals to expand its regulatory oversight of bank outsourcing arrangements.


PMO PRESSED WILSON-RAYBOULD TO ABANDON PROSECUTION OF SNC-LAVALIN

G&M - Robert Fife, Steven Chase (2019-02-07)

Prime Minister Justin Trudeau’s office attempted to press Jody Wilson-Raybould when she was justice minister to intervene in the corruption and fraud prosecution of Montreal engineering and construction giant SNC-Lavalin Group Inc., sources say, but she refused to ask federal prosecutors to make a deal with the company that could prevent a costly trial.


ECONOMISTS QUESTION SEVERITY OF CANADA’S MORTGAGE STRESS TESTS

G&M - Michael Babad (2019-02-07)

At least two Bay Street economists are raising fresh questions about the severity of Canada’s year-old mortgage-qualification stress tests.


NATIONAL BANK WARNS OSFI’S PROPOSED DEPOSIT RULES COULD CUT LENDERS’ PROFITS

G&M - James Bradshaw (2019-02-07)

Stricter rules on deposits proposed by Canada’s banking regulator could drag down profits at alternative mortgage lenders next year, according to an analysis by National Bank Financial Inc.


OSFI OFFICIAL DEFENDS REGULATOR’S STRESS TEST AMID CRITICISM

G&M - James Bradshaw (2019-02-07)

A senior official from Canada’s banking regulator defended a stress test on new mortgages against an array of criticisms, arguing it has improved lending standards across the industry.


CANNABIS INDUSTRY TO BE WORTH JUST $5 BILLION BY 2021 AMID FLAT ROLLOUT, HIGH COSTS

FP - Vanmala Subramaniam (2019-02-07)

Between mid-October and the end of 2018, total cannabis sales in Canada, in both the medical and adult-use markets was approximately $210 million due primarily to product shortfall from licensed producers, and a major drop in demand from medical consumers of cannabis.


HIGH DISCOUNT RATES COULD LEAVE PENSION FUNDS WITH 'INSUFFICIENT ASSETS TO MEET OBLIGATIONS': C.D. HOWE

FP - Barbara Shecter (2019-02-07)

Canadian public pension plans need more regulation, particularly when it comes to setting a key calculation used to determine the assets they need to have on hand to meet future liabilities, because the high rates being used by many plans increases the probability that the plans will have “insufficient assets” to meet their obligations, according to a new paper from the C.D. Howe Institute.


NEW DETAILS ON AMAZON, BERKSHIRE HATHAWAY, JPMORGAN HEALTH VENTURE EMERGE IN COURT BATTLE

WSJ - Jon Kamp and Biography, Anna Wilde Mathews (2019-02-07)

Health giant UnitedHealth Group Inc. went to court Wednesday to try to stop a former executive from working for a company it sees as a competitor, the health-care venture launched last year by Amazon.com Inc., Berkshire Hathaway Inc. and JPMorgan Chase & Co.


ACTIVIST STEPS UP PUSH FOR BARCLAYS BOARD SEAT

WSJ - Margot Patrick (2019-02-07)

Activist investor Edward Bramson stepped up a campaign for strategy change at Barclays PLC by applying for a shareholder vote to put him on the bank’s board.


NATWEST DATA COO: ’OVERHYPED’ AI MUST WORK FOR CUSTOMERS

Finextra - Finextra (2019-02-07)

Despite innovation being proven to effectively transform financial services, Hollands has “often found that AI is a massively overhyped term. It is a collection of capabilities, so if you think about it in its simplest form, it’s machine learning, its robotics and to some extent, it is chatbots.”


CONSUMER SPENDING ON TRACK FOR WORST YEAR IN DECADE, SAYS NATIONAL BANK

CBC - Rajeshni Naidu-Ghelani (2019-02-06)

"Part of the loss of momentum can be attributed to a softening housing market, which is not only restraining resales and home prices, but also hurting consumption spending via fading housing wealth effects," Krishen Rangasamy, senior economist at National Bank, says in the report. 


MORE DEBT NOT THE ANSWER: WATCHDOG SAYS CONTENTIOUS MORTGAGE STRESS TEST IS SAFETY BUFFER FOR BANKS AND BORROWERS

FP - Geoff Zachodine (2019-02-06)

“The stress test is, quite simply, a safety buffer that ensures a borrower doesn’t stretch their borrowing capacity to its maximum, and leave no room to absorb unforeseen events,” said Carolyn Rogers, assistant superintendent at the Office of the Superintendent of Financial Institutions.


DEALBOOK BRIEFING: A WORLD BANK CRITIC COULD BECOME ITS LEADER

NY Times - David Malpas (2019-02-06)

President Trump plans to nominate David Malpass, the under secretary of the Treasury for international affairs, to head the World Bank, according to administration officials. He’s likely to land the gig. “The nomination must be ratified by the bank’s board,” writes Peter Baker of the NYT, “but by tradition, the United States, the largest shareholder, has long named its president.” Mr. Trump is expected to announce his pick tomorrow.


CREDIT SUISSE WARNS OF HIGHER TAX RATE UNDER NEW U.S. RULES

Reuters - Reuters (2019-02-06)

Credit Suisse expects a higher tax rate for 2018 than previously forecast, saying on Wednesday it expects to be hit by U.S. tax provisions aimed at preventing companies from shifting profits abroad.


HSBC CUTS DOZENS OF INVESTMENT BANKING JOBS: SOURCE

Reuters - Sinead Cruise (2019-02-06)

The cuts follow several weeks of performance reviews and planning for 2019 by the bank’s senior management team, which was recently joined by former Royal Bank of Scotland executive Ewen Stevenson as its new chief financial officer.


MORNEAU TO MEET ECONOMISTS AHEAD OF PRE-ELECTION BUDGET

G&M - Bill Curry (2019-02-06)

Finance Minister Bill Morneau will meet with private-sector economists later this month for a final check-in on the state of the Canadian economy before he delivers the Liberal government’s pre-election budget.


JUDGE GIVES ERNST & YOUNG LAPTOP THAT MAY HOLD KEY TO MISSING $180-MILLION IN QUADRIGA CASE

G&M - Jessica Leeder (2019-02-06)

When Gerald Cotten died suddenly in December, he may have taken $180-million in cryptocurrency with him. Nobody – not even his widow – knows where the money is.


CAISSE SUSPENDS EXECUTIVE MARTINE GAUDREAULT OVER PARTNER’S ALLEGED LINKS TO ORGANIZED CRIME

G&M - Nicolas Van Praet (2019-02-06)

The Caisse said it has launched an internal probe into the case, overseen by an outside lawyer. The lawyer’s findings will be made public, the pension fund said.


OSFI SEEKS STRICTER BANK DEPOSIT RULES

G&M - James Bradshaw (2019-02-05)

Canada’s banking regulator is proposing tougher rules governing deposits sourced online or from third-party brokers, in a move that would make banks more stable in times of stress but could also put some smaller lenders at a competitive disadvantage. Home Capital’s near-death experience “somewhat unnerved the regulator and depositors," said David Taylor, president and chief executive of VersaBank, based in London, Ont. “So I think that was the trigger in Canada to have a real hard look at the liquidity situation of the [financial institutions].”


RRSPS VS. UPSTART TFSAS: THE OLD STANDBY STILL HAS ITS PLACE

G&M - Adam Stanley (2019-02-05)

One of the most popular queries investment advisors get these days from both young and older investors is whether a TFSA or RRSP is the best way to save money for retirement.


'BOND KING' BILL GROSS TO RETIRE FROM JANUS CAPITAL

CBC - AP (2019-02-05)

William H. Gross, the colourful bond investor who once controlled the world's largest mutual fund, is closing his professional career of more than 40 years and retiring to focus on managing his personal assets and private charitable foundation.


OSFI UNDER PRESSURE BY BANKS, INDUSTRY LOBBYISTS TO EASE MORTGAGE STRESS TEST: SOURCES

FP - Matt Scuffham (2019-02-05)

Canada’s main financial regulator is coming under increasing pressure from banks and mortgage industry lobbyists to ease a stress test designed to cut out risky lending, but the regulator is expected to hold off on changing the rules, three sources with direct knowledge of the matter told Reuters.


MERIDIAN CREDIT UNION EYES SPRING LAUNCH FOR NEW DIGITAL BANK

FP - Geoff Zochodne (2019-02-05)

The head of Ontario’s biggest credit union says they are targeting an April launch for their new digital bank, which the company says has been given the “official go-ahead” to commence and carry on business from Canada’s federal banking regulator.


OSC INVITES ONTARIO BUSINESSES TO TAKE PART IN FINANCIAL INNOVATION PROJECT

Insurance Journal - Insurance Journal (2019-02-05)

The Ontario Securities Commission (OSC) announced Jan. 31 that it is inviting eligible innovative Ontario businesses to apply to participate in a pilot project to test financial products, services and business models across international borders.


LLOYD’S APPOINTS NEW FINANCE CHIEF

Insurance Business - Ryan Smith (2019-02-05)

Lloyd’s of London has appointed Burkhard Keese as its finance chief. The appointment takes effect April 01.


CRA: INFORMATION OF THOUSANDS OF CANADIANS HAS BEEN “ACCESSED INAPPROPRIATELY”

Insurance Business - Lyle Adriano (2019-02-05)

In total, some 41,361 Canadians were affected by illegal snooping by the employees. However, CRA determined that 37,502 of those people were at “low risk of injury” due to the incident and were thus not notified that their privacy had been breached.


OPPORTUNITIES AND OBSTACLES IN SPECIALTY INSURANCE AS THE MARKET HARDENS

Insurance Business - Alicja Grzadkowska (2019-02-05)

Opportunities in Canada’s specialty insurance space are plentiful, but they don’t come without their challenges. The legislative changes that came into effect in 2018 helped to lift certain lines of business, though other conditions in the marketplace have weighed down the other side of the scale


THE “PERFECT STORM” CONDITIONS FOR COMMERCIAL RATE INCREASES

Canadian Underwriter - Jason Contant (2019-02-05)

The past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way.


EXCLUSIVE: BRITAIN'S FINANCIAL HEARTLAND UNBOWED AS BREXIT RISKS DEEPEN

Reuters - Andrew Macaskill (2019-02-05)

Britain’s financial services industry has emerged largely unscathed so far from the build-up to Brexit, with about 2,000 roles expected to have moved or been created overseas even as the risk of a disorderly exit grows, a new Reuters survey showed.


LOOSE MONEY ERA LEAVES TRAIL OF U.S. CORPORATE DEBT JUNKIES

Reuters - Jessica DiNapoli, Kate Duguid, Joshua Franklin (2019-02-05)

The number of companies struggling with their debt obligations is hovering near record highs. Some 17 percent of publicly-traded U.S. companies had trouble making debt interest payments at the end of last year, up from less than 10 percent in 2010 and off from a high of over 20 percent in 2016, according to the Institute of International Finance Inc, a trade group for financial institutions.


CONSUMERS ARE BUMMED, BUSINESSES ARE BUMMED, DAVID ROSENBERG IS BUMMED

G&M - Michael Babad (2019-02-05)

Indeed, it said, the survey done between Jan. 4 and 19 showed that even though consumers expect their personal finances and job prospects to get better in the next six months, the details of its findings “are far from positive.”

 


CANADIAN CASE IS ANOTHER WARNING ABOUT THE MURKY WORLD OF CRYPTOCURRENCY: DON PITTIS

CBC - Don Pittis (2019-02-05)

Canadians who have lost about $200 million escaping the control of "fiat currency," backed by governments, and market regulation are now asking for help from the authorities to try to get their money back.


MORTGAGE GROWTH, THE BREAD AND BUTTER OF CANADIAN BANKS, HAS SHRUNK TO 17-YEAR LOW

FP - Doug Alexander (2019-02-05)

“The bread-and-butter of profitability for Canadian banks — is going to have a little less butter on the bread,” said Craig Fehr, investment strategist at Edward Jones & Co., whose firm oversees $30.8 billion in Canada. “That is, in many cases, the largest and most profitable and steady of the businesses that these banks operate.”


GERMAN MINISTER CALLS FOR FUND TO BLOCK FOREIGN TAKEOVERS

FT - Guy Chazan (2019-02-05)

The proposal is part of a new industrial strategy designed to create “national and European champions” that are better able to compete with tech giants in the US and Asia, and to build up German competence in critical new technologies such as artificial intelligence and electric vehicles.


UK REGULATOR URGES TOUGH REGIME FOR PENSION SUPERFUNDS

FT - Oliver Ralph (2019-02-05)

The new breed of so-called pension superfunds should be subject to tough rules that would limit the profits outside investors could extract, the UK’s financial regulator has said.


JPMORGAN CALLS FOR DISMISSAL OF NIGERIA’S $875M CORRUPTION LAWSUIT

FT - Anji Rival (2019-02-05)

JPMorgan Chase has urged a London court to dismiss a lawsuit brought by the Nigerian government that argues the US bank facilitated the misappropriation of state funds amounting to $875m. The lender said it received sufficient approvals from Nigerian authorities before proceeding with the transfer of funds from a government account it managed to accounts controlled by Dan Etete, a former Nigerian official convicted of money laundering.


TARGET EXPANDS ITS 1 PERCENT BACK LOYALTY PROGRAM, TARGET CIRCLE, TO MORE U.S. MARKETS

Techchrunch - Sarah Parez (2019-02-05)

Starting today, Target is opening up access to the beta to six other major U.S. markets, including Charlotte, Denver, Indianapolis, Kansas City and Phoenix. This will allow the retailer to test the program on a much larger scale with millions more shoppers.


AN INCREASINGLY CASHLESS WORLD IS FORCING BANKS TO IMPROVE THE PENALTY BOX AMBIANCE OF THEIR BRANCHES

G&M - Rob Carrick (2019-02-04)

The declining use of cash in our society could be the best thing to happen to branch banking.


SCOTIABANK’S MD DEAL MEETS RESISTANCE FROM DOCTORS

G&M - Clare O'Hara (2019-02-04)

Among the swag Paul Healey received on his first day of medical school was a backpack with the logo of a financial company he’d never heard of: MD Physician Services.


AFTER WORKING IN VENTURE CAPITAL, I VOWED TO BUILD MY COMPANY WITHOUT OUTSIDE INVESTORS

G&M - Gasim Mohammad (2019-02-04)

VCs typically have high expectations of growth from the companies they invest in. After all, they want to capture entire markets and aim for big exits. This is why venture capital is typically deployed in stages, where investors use performance incentives in the initial round of financing to force portfolio companies to hit certain growth milestones. If portfolio companies fail to achieve their milestones, it can become difficult or economically pointless for founders to pursue subsequent rounds of funding – usually owing to a lack of investor interest or the prospect of high ownership dilution. The pressure associated with continuing to be able to raise VC money forces many venture-backed startups to prioritize growth over profitability, which sometimes takes their cash burn to unsustainable levels.


TRUDEAU'S HOUSING STRATEGY IS VINTAGE HARPER — IT WAS A BAD IDEA THEN, AND IT'S A BAD IDEA NOW

FP - Kevin Carmicael (2019-02-04)

Justin Trudeau wants his fans (and leftish voters) to think he’s nothing like Stephen Harper. Stylistically, that’s true. And the current prime minister is as nonchalant about deficits as his predecessor was obsessed by them.


BOND RALLY SUGGESTS THE STOCK MARKET HONEYMOON IS ON BORROWED TIME

WSJ - Akane Otani (2019-02-04)

U.S. stocks and bonds are rallying together, an atypical pattern that some investors worry suggests the January rebound in equities is fated to run up against a painful reversal.


WELLS FARGO BREAKS DOWN INTERNAL AUDIT SILOS TO FEND OFF SCANDALS

WSJ - Kristin Broughton (2019-02-04)

Alterations withing the company's auditing division, are part of a broader effort to improve risk managment at Wells Fargo.


AUSTRALIA VOWS TO CLEAN UP FINANCIAL SECTOR AFTER LANDMARK MISCONDUCT INQUIRY

Reuters - Jonathan Barrett, Swati Pandey (2019-02-04)

 Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice.


CANADA'S AUDITOR GENERAL MICHAEL FERGUSON DIES OF CANCER

Bloomberg - Chris Fournier, Kristine Owram (2019-02-04)

“Over the past seven years, Mike has led our organization with compassion for everyone, and he was convinced of the great value of this office’s work,” Sylvain Ricard, assistant auditor general, and Andrew Hayes, senior general counsel, said in a statement tweeted by CTV. “His impact on us all, and his service to Canadians, will be felt for many years to come.”


TRUMP SOUGHT A LOAN DURING THE 2016 CAMPAIGN. DEUTSCHE BANK SAID NO.

NY Times - David Enrich, Jesse Drucker and Ben Protess (2019-02-03)

Donald J. Trump was burning through cash.


ECONOMICAL IPO TO VALUE INSURANCE COMPANY AT UP TO $1.9-BILLION

G&M - Andrew Willis (2019-02-02)

Following in the footsteps of Canada’s largest insurers, 148-year-old Economical Mutual Insurance Co. is moving forward with an initial public offering that is expected to value the Waterloo, Ont.-based company at up to $1.9-billion.


CONSUMER DEBT LEVELS IN FOCUS AS BANK OF CANADA WEIGHS RATE HIKES: WILKINS

G&M - Reuters (2019-02-02)

The Bank of Canada is considering the effect that higher interest rates would have on the country’s highly indebted populace as it ponders whether to raise rates, Senior Deputy Governor Carolyn Wilkins said on Friday.


YOU HAVE NO ‘CHOICE’ BUT TO CHECK YOUR ACB

G&M - John Heinzl (2019-02-02)

A reader named Peter recently contacted me with a problem: While reviewing his discount brokerage records, he noticed that the “average cost” for his Choice Properties Real Estate Investment Trust units was $19.12.


LOW VALUATIONS AREN’T A GOOD ENOUGH REASON TO BET BIG ON BANK STOCKS

G&M - David Berman (2019-02-02)

Canadian bank stocks have rebounded over the past six weeks after touching their lowest valuations since the financial crisis. But an enduring recovery rests on profit and revenue growth over the year ahead, and the outlook here is murky at best.


RON JOYCE, BILLIONAIRE WHO BROUGHT TIM HORTONS COFFEE TO THE MASSES, DEAD AT 88

CBC - Frances Willick (2019-02-02)

Ron Joyce, the Nova Scotia native who made Tim Hortons coffee and doughnuts a staple of Canadian diets and created a billion-dollar empire, has died. He was 88.


COSTCO FINED $7.2M FOR ACCEPTING ILLEGAL KICKBACKS

CBC - Timothy Sawa (2019-02-02)

The Ontario government has fined Costco more than $7 million after an investigation into allegations the bulk food giant asked for illegal kickbacks from a generic drug manufacturer.


'RESISTANCE IS FUTILE' IN SLOW MARCH TO OPEN BANKING IN CANADA

FP - Kevin Carmicael (2019-02-02)

But the central bank observed something in the fall survey that appeared to come out of nowhere. Thirteen per cent of the respondents said open banking — an approach to financial regulation that requires banks to share their clients’ banking information with other service providers if asked to do so — would transform the industry over the next three years.


BANKRUPT COMPANIES CAN’T AVOID OIL WELL CLEANUPS, TOP COURT SAYS

G&M - Jeff Lewis (2019-02-01)

Canada’s top court has ruled that companies can’t walk away from their obligations to clean up oil wells, with those environmental responsibilities trumping payment to creditors if they go bankrupt.


ITALY IS BACK IN RECESSION, AND GERMANY MIGHT NOT BE FAR BEHIND

G&M - Eric Reguly (2019-02-01)

Italy is back in recession, its third since the 2008 financial crisis, and the rest of Europe is slowing down, too, as Brexit, the gilets jaunes protests in France and the global tariff wars put pressure on the economy.


CANADA’S TOP TRAVEL REWARD CREDIT CARD HAS A COOL TWIST

G&M - Rob Carrick (2019-02-01)

The Number One travel rewards credit card in Canada is the American Express Cobalt Card, according to RewardsCanada. What makes this choice interesting is that this is not a card designed to appeal to high earning, frequent flying executives and professionals.


DISAPPOINTING WAGE GAINS CAN PARTLY BE BLAMED ON OIL SLUMP, BUT THERE'S MORE TO IT THAN THAT: BOC'S WILKINS

FP - Andy Blatchford (2019-02-01)

A top Bank of Canada official says the lingering effects of the 2014 oil-price crash should take some of the blame for the country’s disappointing wage gains — but she argues it’s just one of many reasons.


EQUITABLE BANK MOVING CLOSER TO OPENING NEW TRUST COMPANY THIS YEAR

FP - Geoff Zachodine (2019-02-01)

The group behind Equitable Bank is hoping to open a trust company later this year that the lender says would help diversify its business and sources of funding.


TIME IS RUNNING OUT FOR DEUTSCHE BANK TO TURN AROUND ON ITS OWN: SOURCES

Reuters - Reuters (2019-02-01)

Bank executives, analysts, government officials and some investors thought until some months ago that both banks had more time to turn around independently, but that opinion has recently changed, one of the people said.


U.S. FUNDS WITH $100 BILLION EXPLORE LOANS TO CANADIAN POT FIRMS

Bloomberg - Kristine Owram and Paula Sambo (2019-02-01)

Large U.S. funds are exploring lending to Canadian cannabis companies as a way to gain expertise in the burgeoning market ahead of potential U.S. legalization, according to an investment banker who’s been holding weekly calls with the firms.


US FEDERAL RESERVE: EXUBERANCE FOR CANADIAN REAL ESTATE PLUMMETS, BUT STILL ELEVATED

Better Dwelling - Daniel Wong (2019-02-01)

The exuberance index is the US Federal Reserve’s “smoking gun” indicator for bubbles. The indicator captures “explosive dynamics,” which is a smart-y pants way of saying, “a fast rise in price.” Sudden moves in prices are typically the result of emotion, and are a detachment from fundamentals.


ANALYSTS KEEPING WATCHFUL EYE ON CORPORATE BORROWING

G&M - James Bradshaw (2019-02-01)

Commercial lending has been an increasingly important source of new revenue for the banks as rising interest rates and stricter mortgage rules have led to slower growth in consumer borrowing. Last year, commercial lending by the Big Six banks rose by an average of 10.7 per cent, the largest increase since 2012, according to data from Scotia Capital Inc.


News feed

THE DEMISE OF LIBOR: WHAT NEXT?

Bobsguide - Calypso (2019-02-14)

It was this practice along with the lack of transparency in linking rates to transactions and the subsequent significant reduction in volumes of interbank unsecured lending that ultimately led to a loss of confidence in Libor and plans to replace it.


BIG HEDGE FUNDS DUMPED CHINA STOCKS, APPLE AS MARKET TUMBLED

Reuters - David Randall (2019-02-14)

Activist hedge fund Jana Partners sold out of its position in major Chinese e-commerce company Alibaba Group Holding Ltd and reduced its stake in Apple by approximately 175,000 shares, slicing its position in the company by 63 percent.


GLOBAL OIL SUPPLY TO SWAMP DEMAND IN 2019 DESPITE OUTPUT CUTS: IEA

G&M - Amanda Cooper (2019-02-13)

The global oil market will struggle this year to absorb fast-growing crude supply from outside OPEC, even with the group’s production cuts and U.S. sanctions on Venezuela and Iran, the International Energy Agency said in a report on Wednesday.


TECH GIANT ADOBE BRINGS COST-CUTTING ID VERIFICATION TO KYC

Bobsguide - David Beach (2019-02-08)

“Our customers tell us they can achieve huge time and cost savings, reduce error rate and calls to contact centres and deliver a service that is really appreciated by the customers, by giving them what they want ultimately - a loan or mortgage - much faster,” said Mark Greenaway, head of Northern Europe, core enterprise, Adobe Sign, on the sidelines of the firm’s conference this week in London.


FSIM briefings and developments reports


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EU PARLIAMENT PASSES NEW RULES ON CROSS-BORDER PAYMENT CHARGES

Eva Maydell (EPP, BG), rapporteur, states: “150 million EU citizens and 6 million businesses living and operating in countries outside the Eurozone have been paying much higher charges for transferring euro than their Eurozone counterparts. This will no longer be the case and all Europeans will pay significantly lower charges, which will save them more than 1 billion euro annually. This is the second, small EU revolution after the abolishment of roaming fees.


WHAT COULD HAVE HAPPENED TO ECONOMICAL IF IT HAD REJECTED DEMUTUALIZATION

Mutual policyholders of Economical are scheduled to vote March 20 on a proposal to demutualize, the details of which are in a recently-released policyholder circular. As it stands, several more steps, including more policyholder votes and federal government approval, are needed before Economical could demutualize.


ALLIANZ JUMPS TO HIGHEST NET INCOME IN THE LAST 10 YEARS

In 2018 the insurance group saw a 6.9% improvement in its net income from 2017’s €7.2 billion (around CA$10.80 billion) to last year’s €7.7 billion (around CA$11.55 billion). This total amount includes the €7.5 billion in net income attributable to shareholders, which grew 9.7% from €6.8 billion previously.



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