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

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

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

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

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

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

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

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

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

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

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

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

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


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

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Research

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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

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

Mark Sibthorpe

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


Banking on Pot  

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

SBS

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


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile payments the Apple pay way  

banknews.tv/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD bank industry conduct  

banknews.tv/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

banknews.tv/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

banknews.tv/docs/footnote151.pdf

Mark Sibthorpe

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


Save the Canadian economy now  

banknews.tv/docs/helecopter-money.pdf

Mark Sibthorpe

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


Reasons financial service companies should consider gamification  

banknews.tv/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

banknews.tv/docs/NatBSpec.pdf

Mark Sibthorpe

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


Will Canadian banks charge companies for deposits?  

banknews.tv/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

banknews.tv/docs/ctfsfinal.pdf

Mark Sibthorpe

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


Finance minisiter scorecard August 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

banknews.tv/docs/nudge.pdf

Mark Sibthorpe

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


CWB cause for concern  

banknews.tv/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

banknews.tv/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


Challenger banks not a threat to big banks  

banknews.tv/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


The impact a rate rise will have for Canadian banks  

banknews.tv/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: the new goldenballs  

banknews.tv/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

banknews.tv/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

banknews.tv/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

banknews.tv/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

banknews.tv/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

banknews.tv/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

banknews.tv/docs/co2.pdf

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


Canada's Economy, a strategic solution  

banknews.tv/docs/ces.pdf

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


Complete loyalty RFP  

banknews.tv/docs/booksample.pdf

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


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

banknews.tv/docs/booksample.pdf

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


Report on merchants extending financial services  

banknews.tv/docs/

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


Guide to system selection  

banknews.tv/docs/gssnow.pdf

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


News feed

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.


HOW SERIALLY BAD PRIVATE-SECTOR ECONOMIC FORECASTS COULD HURT BILL MORNEAU’S FEDERAL BUDGET PLANS

G&M - Barrie McKenna (2019-03-18)

The federal budget lands Tuesday, and Canadians will be watching to see what fiscal treats Finance Minister Bill Morneau offers up as the Liberals look ahead to the October election.


DEUTSCHE, COMMERZBANK MERGER WOULD PUT 30,000 JOBS AT RISK, UNION SAYS

G&M - Kai Peaffenbach (2019-03-18)

A merger of Deutsche Bank and its rival Commerzbank could result in as many as 30,000 job cuts over the long term, a representative of German union Verdi who is a Deutsche supervisory board member told n-tv broadcaster.


CANADIANS’ NET WORTH DECLINES FOR FIRST TIME SINCE FINANCIAL CRISIS AS DEBT LOADS RISE TO RECORD

G&M - Tim Shufelt (2019-03-18)

Household finances in Canada unexpectedly deteriorated in the fourth quarter, as debt loads rose to record levels, interest and principal payments ate up more personal income, and total net worth declined year over year for the first time since the financial crisis.


TD BANK PREDICTS LOONIE MAY FALL TO 71 CENTS US AS CANADIAN DOLLAR'S OUTLOOK SHIFTS 'CONSIDERABLY'

CBC - Rajeshni Naidu-Ghelani (2019-03-18)

A strong start to the year for the Canadian dollar — rising 3.5 per cent against the greenback in the first two months after a nearly eight per cent drop in value last year — had many wondering if this was the year the loonie would stage a comeback.


MEET THE FINANCE FRAUDSTER WHO BLEW THE LID OFF THE COLLEGE ADMISSIONS SCANDAL

NY Post - Jennifer Levitz (2019-03-18)

With his back to the wall in an alleged pump-and-dump scheme, Los Angeles financier Morrie Tobin offered up a tip that would turn into the biggest college-admissions fraud the feds have ever prosecuted, according to The Wall Street Journal.


DEALBOOK BRIEFING: FINANCE TITANS INDICTED IN COLLEGE ADMISSIONS SCANDAL

NY Times - NY Times (2019-03-18)

Plenty of big financial figures were indicted: They include Bill McGlashan, the managing partner of TPG’s growth-investment arm; Gordon Caplan, the co-chairman of the law firm Willkie Farr & Gallagher; and Douglas Hodge, a former C.E.O. of the investment firm Pimco. The actresses Lori Loughlin and Felicity Huffman also face charges.


THIS WEEK’S TOP STORIES: CANADIAN REAL ESTATE SALES AND PRICES MAKE BIG DROPS, WHILE DEVELOPER DEBT HITS AN ALL-TIME HIGH

Better Dwelling - Better Dwelling (2019-03-18)

Canadian Real Estate Sales Print Worst February Since Before The Great Recession


U.S. FINTECH FIS TO BUY PAYMENT PROCESSOR WORLDPAY FOR ABOUT $35 BILLION

Reuters - Justin George Varghese (2019-03-18)

U.S. fintech group Fidelity National Information Services Inc (FIS) has agreed to buy payment processor Worldpay for about $35 billion, in the biggest deal to date in the booming payments industry.


CANADIAN DOLLAR COULD SINK TO RECORD LOW OF 62 CENTS AS ECONOMY SLIDES CLOSER TO

FP - Esteban Duarte (2019-03-18)

The Canadian dollar may sink back to its record low of 62 U.S. cents as the country retrenches from a consumer-spending boom into the face of a slowing global economy, said David Wolf at Fidelity Investments.


HOME BUYERS MORE FOCUSED ON STRESS TEST THAN RATES, BROKERS SAY

G&M - Guy Dixon (2019-03-18)

It happens every time, she says. The first thing Vancouver mortgage broker Patricia Collins gets asked when she sits down with clients is, “Can I pass the stress test?”


WHY HOUSEHOLD OVERSPENDING IS WORSE THAN THE FEDERAL DEFICIT

G&M - Rob Carrick (2019-03-17)

Just in time for the season of federal and provincial budgets comes a new line of thinking that deficits aren’t so bad after all.


FOUR REASONS WHY YOU MIGHT NOT GET THE GREAT MORTGAGE RATE YOU SAW ONLINE

G&M - Rob Carrick (2019-03-17)

The internet isn’t the friend it once was to people looking for the lowest mortgage rate.


CANADA'S INCOME TAX RATES HAVE BECOME UNCOMPETITIVE, AND THE ECONOMY WILL PAY THE PRICE

FP - Jamie Glombeck (2019-03-17)

According to the Institute’s analysis, Canadian workers across the income spectrum — and across the country — pay significantly higher personal income taxes than our U.S. counterparts. In fact, at incomes of $50,000, $150,000 and $300,000, among all 61 provinces and states in Canada and the U.S., the ten highest combined personal marginal income tax rates are in the ten Canadian provinces.


NINE BANKS WIN DISMISSAL OF CANADIAN RATE-RIGGING LAWSUIT IN U.S.

G&M - Jonathan Stempel (2019-03-16)

A federal judge in Manhattan on Thursday dismissed a lawsuit by investors that accused nine large banks, including six from Canada, of conspiring to manipulate a Canadian rate benchmark to improve profits from derivatives trading.


IMPERIAL OIL DELAYS $2.6-BILLION PROJECT IN REBUKE TO ALBERTA OUTPUT CUTS

G&M - Jeffrey Jones (2019-03-16)

Imperial Oil Ltd. has turned up the heat on Alberta Premier Rachel Notley by delaying a $2.6-billion oil sands project in response to her government’s move to limit oil output as a way to rescue prices.


AVERAGE CANADIAN HOME SOLD IN FEBRUARY COST $468,350, DOWN 5.2% IN PAST YEAR

CBC - Pete Evans (2019-03-16)

"For aspiring home buyers being kept on the sidelines by the mortgage stress test, it's a bitter pill to swallow when policy makers say the policy is working as intended," CREA president Barb Sukkau said. "Fewer qualified buyers means sellers are affected too."


THE BREXIT PROCESS HEADS FOR EXTRA TIME

Economist - BNN Video Manulife Economist (2019-03-15)

The tightest vote came on an amendment proposed by Hilary Benn, a former Labour minister who is now chairman of the Commons Brexit committee. This would have confirmed the extension request but added a provision for MPs to take control of the agenda on March 20th to begin holding a series of indicative votes on their preferred Brexit options. The amendment was defeated by just 314 to 312 votes. That victory may owe something to a government promise to hold just such indicative votes in April if Mrs May’s deal still has not passed.


GLOBAL CITIES HOUSE-PRICE INDEX

Economist - Economist (2019-03-15)

a decade ago a housing bust in America nearly took down the world’s financial system. The cost of homes in most countries fell substantially afterwards. Ten years on, however, they have reached new highs in many places. The rise has been particularly pronounced in the world’s most desirable cities. In London and Sydney, prices have doubled; in Hong Kong they have trebled. 


LARGEST RETREAT OUTSIDE RECESSION

TERRANET - TERRANET (2019-03-15)

All five constituent markets in Western Canada have now joined the downtrend. For Calgary it was the eighth consecutive month without a rise, a cumulative decline of 3.2%, for Vancouver the seventh (a cumulative −3.9%), for Edmonton the sixth (−3.5%) and for Victoria the fifth (−2.5%). The index for Winnipeg has risen only once in the last five months (cumulative −1.9%). In central Canada, Hamilton has gone five months without a rise (cumulative −2.3%) and Ottawa-Gatineau has risen in only one of the last five months (cumulative −0.8%). The index for Montreal, in striking contrast, has declined only once in the last 11 months (cumulative gain 5.3%) and is the only constituent index that was up from six months earlier. For the composite index it was a fifth consecutive month without a rise, for a cumulative decline of 1.4%.


HK SUSPENDS UBS SPONSOR LICENSE, FINES IT AND OTHERS $100 MILLION FOR IPO FAILURES

Reuters - Alun John (2019-03-15)

UBS is the first major bank involved in stock listings to face such a suspension in the city. The $100.2 million in fines are the toughest actions yet taken by the regulator as part of its campaign against what it sees as shoddy listing standards.


MANY CANADIANS SAY THEY’LL HAVE TO TAP RRSPS, TAKE SECOND MORTGAGES, SELL ASSETS TO PAY DEBTS

G&M - Michael Babad (2019-03-14)

Many Canadians are in a bad way, saying they’ll have to sell assets and tap their RRSPs to juggle their debts this year.


BRITAIN’S HOUSE OF COMMONS CAREENS INTO CHAOS AS THERESA MAY STRUGGLES TO CONTROL BREXIT DEBATE

G&M - Doug Saunders (2019-03-14)

The scene in the British House of Commons on Wednesday, to use one image that easily came to mind, was an angry crew of engineers struggling to stop a runaway train as it hurtled toward a bridge they’d failed to build.


HOUSING AFFORDABILITY IS GETTING WORSE EVEN THOUGH PRICES ARE FALLING. HOW IS THAT POSSIBLE?

FP - Murtaza Haider (2019-03-14)

Recent housing market data and research reveal that affordability eroded in Canada even as prices have tumbled. The reason for this anomaly is that housing affordability only partially depends on prices. Regulatory changes also play a large role in determining housing affordability.


REGULATOR BANS AND HEAVILY FINES THREE INDIVIDUALS AND A COMPANY FOR MARKET MANIPULATION

Insurance Journal - IIJ (2019-03-14)

EHT Corporate Services S.A., formerly known as EuroHelvetia TrustCo. S.A. funded part of a 2011 marketing campaign that promoted a Nevada company called Kunekt, which had announced plans to enter the smartphone business. “Newsletters claimed that Kunekt was the ‘next Apple,’ even though it had $360,000 in assets and no proprietary technology,” said the regulator in a statement. With this campaign, the company reach a market capitalization of almost $180 million.


ALEC BLUNDELL APPOINTED EVP AND COO OF CO-OPERATORS LIFE AND TAKES HELM OF CUMIS

Insurance Journal - IIJ (2019-03-14)

Blundell is currently vice-president, individual insurance and chief actuary, Co-operators Life. In his new role, he replaces Kevin Daniel, who was appointed to the position of executive vice-president and chief client officer in December 2018.


PARTNERRE EXECUTIVE GOES AMID ORGANIZATIONAL SHAKEUP

Insurance Business - Gabriel Olano (2019-03-14)

Beginning April 01, PartnerRe’s international P&C business will be reorganized into three distinct regional units: Americas; Europe, Middle-East and Africa (EMEA); and Asia-Pacific. The leaders of the three units will all report directly to Clarke.


CLAIMSPRO STRENGTHENS ITS ALBERTA PRESENCE WITH THE ACQUISITION OF NEW WEST ADJUSTERS

Insurance Business - Press Release (2019-03-14)

New West Adjusters is an independent adjusting firm that has been providing claims services to the insurance industry throughout Alberta since 2004. With a very localized presence, partnering with NWA enables ClaimsPro to add more capacity to its talent base in Edmonton.


FOUR YEARS IN JAIL FOR DRIVER WHO WAS TEXTING BEFORE FATAL CRASH

Canadian Underwriter - Stephanie Marin (2019-03-14)

Martin Carrieres, 39, had exchanged more than 30 text messages while driving on a poorly lit road in March 2012.


WELLS FARGO PAID CEO TIMOTHY SLOAN $18.4 MILLION LAST YEAR, UP 5% FROM 2017

WSJ - Maria Armental (2019-03-14)

Wells Fargo & Co. Chief Executive Timothy Sloan received $18.4 million in compensation for 2018, including a $2 million incentive award, according to a securities filing on Wednesday.


WHY GOLDMAN SACHS IS INTERESTED IN A SMALL BIKE SHOP IN MEXICO

WSJ - Robbie Whelan (2019-03-14)

Fintech investors are flocking to Mexico to try to fill a gap in the country’s credit market: loans to young businesses looking to expand.


BARCLAYCARD OPENS UP TO ALIPAY

Finextra - Finextra (2019-03-14)

The new agreement will enable Barclays' entire network of 11,000 merchants to accept in-store Alipay payments without replacing their existing point-of-sale system. Barclaycard says it is already in discussions with around 70 clients interested in becoming early adopters.


TD SECURITIES PREDICTS BANK OF CANADA WILL KEEP KEY INTEREST RATE ON HOLD THROUGH 2020

G&M - CP (2019-03-14)

TD Securities is predicting the Bank of Canada will keep its key interest rate on hold through to the end of next year.


STATISTICS CANADA SAYS HOUSEHOLD DEBT GREW FASTER THAN INCOME IN FOURTH-QUARTER

CBC - CP (2019-03-14)

The amount Canadians owe relative to their income ticked higher in the fourth quarter of last year as the growth in debt slightly outpaced income growth, Statistics Canada said Thursday.


GROWING DEBT LOADS WEIGHING ON GROWTH, OPENING UP VULNERABILITIES, BANK OF CANADA DEPUTY WARNS

G&M - Andy Blatchford (2019-03-14)

The Bank of Canada’s senior deputy governor says an explosion of global debt over the last decade is a top concern that she argues is holding back economic growth and creating vulnerabilities in the world’s financial system.


DON’T LET 'BLOCKBUSTER' JOB NUMBERS FOOL YOU, CANADA IS ONE RUNG AWAY FROM RECESSIONDAV

FP - David Rosenberg (2019-03-14)

And that 56,000 headline number actually turns to a 131,000 decline once the 0.7 per cent shrinkage in hours worked is taken into account. In fact, this was the third straight decline in the hours worked in a row and, over this time, the workweek has dropped at a 4.2 per cent annual rate, something we have not seen happen since May 2009.


WHY CENTRAL BANKS — INCLUDING CANADA'S — ARE FINDING IT SO HARD TO GET INTEREST RATES BACK TO 'NORMAL' TERRITORY

FP - Theophilos Argitis (2019-03-14)

Central bankers have long been crafting analogies to explain what they do — think taking away the punch bowl. Few have been as devoted to the art as Stephen Poloz.


CONSUMER DEBT STABILIZING, BUT CANADIAN

FP - Geoff Zachodine (2019-03-14)

“Canadian consumers continue to repay their debts, but remain highly vulnerable to an employment shock, posing significant asset risk to banks in an adverse economic scenario,” says a report from the credit-rating agency, which is set to be released Thursday morning.


YOUR QUESTIONS ON THE COLLEGE ADMISSION SCANDAL, ANSWERED.

NY Times - NY Times (2019-03-14)

Federal prosecutors on Tuesday charged 50 people in a brazen scheme to secure spots at Yale, Stanford and other big-name schools in what they called the “largest college admissions scam ever prosecuted by the Department of Justice.” They have accused dozens of parents of paying millions of dollars in bribes to help their children get into the schools.


CANADIAN REAL ESTATE MAKES LARGEST FEBRUARY PRICE DECLINE OUTSIDE OF RECESSION

Better Dwelling - Daniel Wong (2019-03-13)

The C11, an aggregate of Canada’s 11 largest real estate market set a new record… just not a good one. Prices across Canada fell 0.4% in February, and are 1.87% higher than last year. 


‘A BLOCKBUSTER DECADE FOR U.S. EQUITIES SEEMS SET TO END’

G&M - Michael Babad (2019-03-13)

Capital Economics believes the U.S. stock market may well deliver investors far less over the next 10 years than it has in the “blockbuster” decade since the financial crisis.


MORE THAN THREE-QUARTERS OF CANADIANS NOW BANK ONLINE OR VIA APP, SURVEY SHOWS

G&M - CP (2019-03-13)

A new survey shows that more than three-quarters of Canadians now do their banking through digital channels, up from 68 per cent two years ago.


CANADA'S BIG 5 BANK CEOS PAY RISES 6.5% TO EARN $54M IN 2018

G&M - CP (2019-03-13)

The chief executives of Canada's five largest banks collectively earned roughly $63.2 million in total compensation during the 2018 financial year, up about 12 per cent from the previous year.


MAYBE IT'S REALLY TIME TO BREAK UP THE POST-INDUSTRIAL MONOPOLIES: DON PITTIS

CBC - Don Pittis (2019-03-13)

Who would have guessed that Rupert Murdoch, the billionaire conservative media mogul who helped make Fox News what it is today, would be on the same side as left-leaning Democratic Sen. Elizabeth Warren?


BROOKFIELD BUYS MOST OF OAKTREE IN $4.8 BILLION DEAL TO BUILD JUGGERNAUT TO RIVAL BLACKSTONE

FP - Joshua Franklin and Debroop Roy (2019-03-13)

Brookfield Asset Management Inc said on Wednesday it will buy most of Oaktree Capital Group LLC in a roughly US$4.8 billion deal, creating an alternative-asset manager that would rival industry leader Blackstone Group in size.


THE SHORT SELLER WHO SENT DOLLARAMA INTO A SPIN SEES CANADA AS LAND OF OPPORTUNITY FOR ACTIVISM

FP - Barbara Shecter (2019-03-13)

“We’re going to do more Canadian activism, definitely,” Axler told the Financial Post after speaking on a panel about activist investing at a Canadian Club event in Toronto.


MANY CANADIANS SAY THEY WILL LIQUIDATE ASSETS TO PAY DOWN DEBT IN 2019

Insurance Journal - IIJ (2019-03-13)

One-in-five Canadians with debt will need to liquidate assets (e.g. cash in their RRSPs, get a second mortgage or sell a vehicle) to help pay off or pay down their debt in 2019, according to The 2019 Household Debt Survey, conducted by Leger for the Financial Planning Standards Council (FPSC) and Credit Canada.


CALLIDUS INTERIM CEO PATRICK DALTON RESIGNS

G&M - Andrew Willis (2019-03-12)

The interim chief executive officer of alternative lender Callidus Capital Corp. has resigned without explanation, less than five months after signing on and weeks before the company is due to report year-end results.


CANADIAN BORROWERS WILL BE ‘ACCIDENT-PRONE’ THIS YEAR

G&M - Michael Babad (2019-03-12)

Some have already had accidents by defaulting on their loans, and their numbers are expected to rise.


OLD BANKS REAWAKEN AS PLACES TO SLEEP

G&M - David Israelson (2019-03-12)

In earlier days, the most opulent building in many towns was likely to be a bank. Today, many of those beautiful edifices are still standing, but rather than places for your money, they’re open for you to stay.


ECOMMERCEPAYPAL INVESTS $750M IN MERCADOLIBRE

Pymnts - Pymnts (2019-03-12)

Proceeds from the capital raises will be used to expand the company’s eCommerce platform, enhance logistics and to make investments that improve its position as a provider of financial technology and payments solutions.


THE 10-YEAR BULL MARKET: EVEN WARREN BUFFETT COULDN’T MATCH THE RETURNS OF CANADA’S BIG FIVE BANKS

G&M - Tim Shufelt (2019-03-12)

On Day 1 of the recovery from the worst bear market since the Great Depression, the big Canadian banks led the charge on the Toronto Stock Exchange.


CANADA LIFE RE TO REINSURE €5.5 BILLION OF LONGEVITY RISK IN EUROPE

Insurance Journal - Alain Theriault (2019-03-12)

Jeff Poulin, Global Head of Canada Life Reinsurance, said, “I am pleased to announce this significant reinsurance transaction, which highlights our strength in working effectively with VIVAT to structure a longevity risk solution to efficiently manage their overall risk. 


NAVISTAR CANADA ULC TRANSFERS PENSION RISK TO INDUSTRIAL ALLIANCE AND RBC INSURANCE

Insurance Journal - IIJ (2019-03-12)

Morneau Shepell notes that this deal follows an increasing trend of defined benefit plan sponsors transferring their pension risk to a third party.


STORM INSURANCE NABS EDMONTON-BASED INSURANCE BROKERAGE

Insurance Business - Lyle Adriano (2019-03-12)

Storm Insurance Holdings is set to acquire Edmonton-based insurance brokerage Sheppard Insurance Service and Risk Management.


BNP PARIBAS LUXEMBOURG BRINGS A TOUCH OF GENIUS TO MOBILE BANKING APP

Finextra - Finextra (2019-03-12)

Available by default in the BGL BNP Paribas mobile app, 'Genius' keeps track of customer spending and sends users personalised messages in the form of advice, alerts and recommendation on how to better manage their budget.


INTRODUCING THE NEW CHALLENGER BANK MODEL

Finextra - Finextra (2019-03-12)

Pat Patel, Global Content Director, Money20/20, speaks about how the role of incumbent challenger banks has evolved, whether European neobanks are a step ahead of those in Asia, what challenger banks in Asia are doing differently and what strategies they will be using in the future.


REINSURER ACQUIRED BY AIG PLANS FORAY INTO CANADIAN MARKET

FP - Geoff Zachodine (2019-03-12)

Bermuda-based Validus Reinsurance Ltd., whose parent company was bought by AIG for US$5.56 billion last year, is eyeing a Canadian branch, according to notices given in the Canada Gazette.


ROYAL BANK OF CANADA FORMS $7-BILLION REAL ESTATE PARTNERSHIP

FP - Reuters (2019-03-12)

The agreement was between RBC Global Asset Management Inc, pension fund manager British Columbia Investment Management Corp (BCI) and real estate developer QuadReal Property Group.


AMAZON, GOOGLE, FACEBOOK FORAYS INTO BANKING SEEN AS A THREAT BY RBC'S CEO

FP - Jenny Surane (2019-03-12)

The lender’s chief executive told investors on Tuesday that he’s increasingly worried about the so-called FANG companies — Facebook Inc., Amazon.com Inc., Netflix Inc. and Google parent Alphabet Inc. — getting into banking. 


BOEING SHARES TAKE ANOTHER DIVE AS MORE COUNTRIES GROUND 737 MAX 8 PLANES

CBC - Reuters (2019-03-12)

Boeing's stock took another beating on Tuesday as a raft of countries grounded its 737 MAX 8 aircraft, responding to a deadly crash in Ethiopia which has so far knocked $25 billion off the market value of the world's largest planemaker.


LYFT’S $864 MILLION INSURANCE UNIT SHOWS RIDE HAILING IS A RISKY BUSINESS

WSJ - TATYANA SHUMSKY (2019-03-12)

A three-paragraph section buried in Lyft Inc.’s nearly-800-page public offering document sums up the challenges of insuring unfamiliar risks born from newer business models.


DEUTSCHE BANK’S ARRANGED MARRIAGE GETS SHOVE FROM ECB

WSJ - PAUL J. DAVIES (2019-03-12)

Success is a mixture of being good and being lucky. Whatever you think about management at Deutsche Bank, luck isn’t on its side.


CANADA’S VENTURE-CAPITAL INVESTMENT FLATTENS AFTER YEARS OF GROWTH: REPORT

G&M - Josh O'Kane (2019-03-12)

Canadian venture-capital investment plateaued in 2018 with $3.7-billion flowing into Canadian startups and scale-ups, holding the country back from a fifth consecutive year of growth, according to the Canadian Venture Capital & Private Equity Association.


RBC GLOBAL ASSET MANAGEMENT STRIKES AGREEMENT WITH BCI, QUADREAL

G&M - James Bradshaw (2019-03-12)

Royal Bank of Canada has struck a joint venture with British Columbia Investment Management Corp. to launch a new fund catering to institutional clients with a growing appetite for investing in commercial real estate.


MASTERCARD ACQUIRING TORONTO-BASED FINTECH COMPANY ETHOCA

G&M - CP (2019-03-12)

Mastercard Inc. says it will acquire Toronto-based fintech Ethoca, which helps merchants and card issuers collaborate to identify and resolve fraud in digital commerce.


WONGA COMPENSATION CLAIMS FOUR TIMES HIGHER THAN THOUGHT

City A.M. - Jessica Clark (2019-03-12)

Payday loan consumers are able to claim money back if it is found they were approved for a loan they were unable to afford, according to Financial Conduct Authority regulation introduced in 2014.


WHY ‘JAPANIFICATION’ LOOMS FOR THE SLUGGISH EUROZONE

FT - John Plender (2019-03-12)

Confronted with slowing economic growth, uncertain politics and wobbly markets the European Central Bank reliably came to the rescue last week with new stimulus measures and a deferral of the start to any normalisation of interest rates.


CHANGING LIFE EXPECTANCY IS SET TO PROVIDE MORE UPSIDE TO GROUPS IN COMING YEARS SAVE

FT - Oliver Ralph (2019-03-12)

The UK’s life insurers have been showering their shareholders with an unexpected bounty over the past couple of weeks.


TD EXTENDS CEO BHARAT MASRANI’S PAY AGREEMENT, GIVES HIM HEFTY COMPENSATION BOOST

G&M - David Milstead (2019-03-11)

Toronto-Dominion Bank has extended the pay agreement for chief executive officer Bharat Masrani, giving him financial incentives to stick around until the end of 2023.


BERLIN BACKS DEUTSCHE BANK MERGER DESPITE RISK OF SHORTFALL, SOURCES SAY

G&M - Tom Sims (2019-03-11)

Berlin is so worried about the health of Deutsche Bank that it pushed for a merger with rival Commerzbank even though it could open up a huge financial shortfall, a German official told Reuters.


‘$60 MILLION A QUARTER’: TRUMP’S TAX CUTS SAVED CANADIAN BANKS HUNDREDS OF MILLIONS IN FIRST YEAR

FP - Geoff Zachodine (2019-03-11)

Bank of Montreal’s chief financial officer, Tom Flynn, told the Financial Post last week that the contribution from lower U.S. taxes had been “in the zone” of US$100 million in incremental income for its fiscal 2018, which ended Oct. 31, 2018, as well as “a little under” US$30 million for the bank’s first quarter of 2019, which covered the three months ended Jan. 31.


SNC-LAVALIN LOSES COURT BID FOR SPECIAL AGREEMENT TO AVOID CRIMINAL PROSECUTION

CBC - CP (2019-03-11)

SNC-Lavalin has a lost a court bid to overturn the public prosecutor’s refusal to negotiate an agreement that would see the company avoid a criminal trial.


INSTITUTIONAL INVESTORS COMMIT TO VOTING FOR BOARD GENDER DIVERSITY

Insurance Journal - IIJ (2019-03-11)

"Canadian society is richly diverse but this is not currently reflected in the boardrooms of Canadian corporations,” said Brian Minns, Vice-President, Sustainable Investing, Addenda and Co-Chair of the Toronto Responsible Investing Working Group in a statement released on March 8 – International Women's Day. There has been progress but it has been slow, he underlined. “Even if half of the Canadian director replacement nominees were women, it would still take 30 years to reach gender parity," he said.


AMERICAN GIANT OUTLINES PLAN TO TURN AROUND STRUGGLING INSURANCE BUSINESS

Insurance Business - Lyle Adriano (2019-03-11)

The company sought to divest its insurance business a decade ago, but held on to policies that cover about 342,000 people. As a result, GE is expected to pay out over US$30 billion in claims over the next two decades, The Wall Street Journal reported.


LLOYD’S OF LONDON INTRODUCES GLOBAL OPERATIONS HEAD

Insurance Business - Terry Gancuangco (2019-03-11)

Lloyd’s of London Brexit programme director Hayley Spink, who has been instrumental in setting up the Brussels subsidiary, is taking on a new role.


WILDFIRE CATASTROPHE MODELS NEED IMPROVEMENT: REINSURER

Canadian Underwriter - Greg Meckbach (2019-03-11)

The world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause.


REGULATORS EYE ANOTHER REWRITE OF VOLCKER TRADING RESTRICTIONS

WSJ - Andrew Ackerman (2019-03-11)

What was supposed to be Volcker 2.0—a more industry-friendly version of postcrisis Wall Street trading restrictions—could be replaced with a third try by regulators.


TO LURE YOUNG TALENT, BANKS MIMIC TECH WORKSPACES

Reuters - Stine Jacobson (2019-03-11)

Hosting a fashion show is just one way companies like Nordea, the largest financial group in Nordic countries, are trying to attract twentysomething and thirtysomething employees.


POWELL SAYS FED POLICY IS APPROPRIATE, SEES NO HURRY TO CHANGE

Bloomberg - Jeanna Smialek (2019-03-11)

Federal Reserve Chairman Jerome Powell said interest rates can remain on hold as the U.S. central bank waits to see how conditions abroad evolve, signaling that there’s no clear time limit to the Fed’s current pause.


MASTERCARD DROPS EARTHPORT BID; TURNS ATTENTIONS TO TRANSFAST

Finextra - Finextra (2019-03-11)

Visa made a surprise £198 million bid for Earthport over the festive season, an offer which was recommended by the company's Board and put to shareholders. But Mastercard tried to gazump its rival with its own £233 million bid, forcing Visa to return with an improved £247 million package.


CANADIAN REAL ESTATE DEVELOPER DEBT HITS AN ALL-TIME HIGH

Better Dwelling - Daniel Wong (2019-03-11)

To appreciate how much money developers borrowed from banks, you need to look at past peaks. The 2008 peak was only 1.11% larger than the peak reached in the previous building boom in 1992. It wasn’t until 2013 when the current trend breached that level for good. In the most recent quarter of Q4 2018, we’re 72.3% higher than 2013 levels. It’s a lot of leverage for the peak cycle this time around.


SCOTIABANK CEO CALLS FOR NATIONAL ENERGY STRATEGY TO LURE FOREIGN CAPITAL BACK TO OIL SANDS

G&M - Jeffrey Jones (2019-03-11)

“We have to get big projects done. There has to be expedited treatment for some of these things in a fair, transparent way where environmental, regulatory – everything – is done in a transparent fashion,” Mr. Porter told reporters. “But we can’t take 10 and 12 years to do some of these projects. It just doesn’t work.”


BIG BANKS JOIN FORCES WITH MINI-HUBS FOR BUSINESS

FT - Nicholas Megaw (2019-03-11)

Three of Britain’s four largest banks have teamed up to launch jointly-run mini- branches for business customers amid rising concerns that branch closures and rising costs could make it too expensive for small companies to process cash. Lloyds Banking Group,


US FINANCIAL TRANSACTION TAX WOULD BURDEN SAVERS

FT - Kristen Wegner (2019-03-11)

As Democrats start positioning themselves for the 2020 US presidential campaign, it is clear that Wall Street is firmly in their sights.


UNDER-FIRE DIGITAL BANK REVOLUT BOLSTERS ITS GOVERNANCE

FT - Nicholas Megaw (2019-03-11)

Revolut has appointed Standard Life Aberdeen co-chief executive Martin Gilbert as an adviser and announced several other hires to boost regulatory compliance and governance efforts at the under-fire digital bank.


AVERAGE PRICE OF DETACHED HOUSES SOLD IN VANCOUVER PLUNGES 33 PER CENT, NEW DATA SHOW

G&M - Brent Jang (2019-03-08)

The average price of detached houses sold in Vancouver has plunged more than $1-million over a 16-month period, a 33-per-cent decline as the downturn in real estate deepens, newly released statistics show.


BANK OF CANADA ‘SURPRISED’ BY SUDDEN SLOWING ECONOMY, RETHINKING PLAN TO RAISE RATES: DEPUTY GOVERNOR

G&M - Barrie McKenna (2019-03-08)

The Bank of Canada acknowledges it’s “surprised” by how abruptly the economy is decelerating, particularly as Canadians curb their spending on such things as cars, home renovations and foreign vacations.


EUROPEAN CENTRAL BANK PUSHES OUT TIMING OF RATE HIKE, OFFERS NEW LOANS TO BANKS

G&M - Balaz Koranyi, Francesco Canepa (2019-03-08)

The European Central Bank changed tack on its tightening plan on Thursday, pushing out the timing of its first postcrisis rate hike until 2020 at the earliest and offering banks a new round of cheap loans to help revive the euro zone economy.


'THE BANK OF CANADA IS ON HOLD,' WITH LITTLE GOOD NEWS TO BE SEEN ON THE ECONOMIC FRONT

FP - Kevin Carmicael (2019-03-08)

“Although we figured the economy was in for a detour at the end of last year, that detour may wind up being longer than we had expected,” Patterson said at an event hosted by Hamilton Chamber of Commerce.


SCANDALS TURN COMPLIANCE STAFF INTO 'ROCK STARS' OF NORDIC BANKING

Reuters - Teis Jensen (2019-03-08)

Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region’s top banks Danske Bank, Nordea and Swedbank.


UK FRAUD OFFICE FAILED TO GET KEY QATAR DOCUMENTS FOR BARCLAYS TRIAL

Reuters - Kirstin Ridley (2019-03-08)

 Britain’s Serious Fraud Office (SFO) failed to take “reasonable and appropriate” steps to get key documents from Qatar’s U.S. lawyers before a fraud trial of four former Barclays executives, a London criminal court heard on Thursday.


WE NEED TO TALK ABOUT SENIORS GETTING INTO TROUBLE WITH HOME EQUITY LINES OF CREDIT

G&M - Rob Carrick (2019-03-07)

The most interesting debt story in this country right now just might be seniors getting themselves into trouble with home equity lines of credit.


SHELL COMPANY TIED TO RUSSIAN TAX FRAUD PAID BOMBARDIER TENS OF MILLIONS, DOCUMENTS SHOW

G&M - Mark Mackinnon (2019-03-07)

Leaked banking records show Canada’s Bombardier Inc. was paid tens of millions of dollars by a shell company that received money from the massive Russian tax fraud that cost accountant Sergei Magnitsky his life.


THE BANK OF CANADA TAKES A (TINY) STEP CLOSER TO A RATE CUT

G&M - DAVID PARKINSON (2019-03-07)

The Bank of Canada just declared a full halt to its upward march of interest rates. It’s not quite ready to bring rate cuts into the conversation – yet. But it doesn’t look like it would take much more economic weakness to nudge it there.


BOND YIELDS JUST BROKE BELOW A KEY SUPPORT LEVEL. HERE’S WHAT IT MEANS FOR CHOOSING BETWEEN FIXED AND VARIABLE MORTGAGE RATES

G&M - Robert Mclister (2019-03-07)

Choosing between a fixed- or floating-rate mortgage never boils down to just one thing. But when the rate difference between the two is tiny, people often make it that way.


LOSSES AT FUNDING CIRCLE JUMP 40%

FT - Nicholas Megaw (2019-03-07)

The company reported revenues of £141.9m, a 55 per cent year-on-year increase, as outlined in a trading update earlier this year. However, pre-tax losses climbed from £36.3m to £50.7m.


BROWDER FILES CRIMINAL COMPLAINT AGAINST SWEDBANK FOR LAUNDERING

BNN - Frances Schwartzkopff and Niklas Magnusson (2019-03-07)

Bill Browder, the investor who’s made a career of chasing money launderers, has filed a criminal complaint against Sweden’s oldest bank.


AVIVA APPOINTS MAURICE TULLOCH AS CHIEF EXECUTIVE OFFICER

Aviva - Press Release (2019-03-07)

Sir Adrian Montague, Chairman of Aviva, who has been acting in an executive capacity pending the appointment of a CEO, will revert to his role as non-executive Chairman on 4th March 2019.


ADVISORY COUNCIL MAKES PRELIMINARY RECOMMENDATIONS ON NATIONAL PHARMACARE

Insurance Journal - Donna Glasgow (2019-03-07)

The Advisory Council on the Implementation of National Pharmacare has delivered an interim report to the federal government. One of the Council’s three initial recommendations is to create a national drug agency to oversee pharmacare.


EQUIFAX REPORTS RISE IN CONSUMER DELINQUENCIES

Insurance Journal - IIJ (2019-03-07)

“As we expected, the worm is turning in the Canadian credit market,” said Bill Johnston, Vice President of Data & Analytics at Equifax Canada. “Bankruptcies are up 15 per cent in the last half of 2018 and the small increase in delinquency rates mask some underlying weakness. Rising delinquency is likely to become the norm in 2019.”


WOMEN WILL CONTROL ALMOST $4 TRILLION IN ASSETS BY 2028

Insurance Journal - IIJ (2019-03-07)

"Today 41 per cent of women (single, divorced, widows, and women responsible for investment decisions) control no less than $2.2 trillion of financial assets…That number is expected to rise quickly, as the cohort of women with stronger labour incomes and retirees grows. We estimate that by 2028, women will control just under $3.8 trillion or more than one-third of total financial assets and more than double that number if we include real estate assets," says the report.


CANADIAN BANKS HOLD LESS MORTGAGES THAN A YEAR BEFORE, FOR THE FIRST-TIME EVER

Better Dwelling - Daniel Wong (2019-03-07)

Canada’s largest banks are seeing the number of mortgages they hold decline for the first-time ever. They held 4,755,951 mortgages as of October, virtually a flat 0.01% decline from the month before. The decline works out to a 0.3% decline compared to the same month last year. The most recent three months of data is the first time the country’s largest banks held less than the year before.


BANK OF CANADA MAINTAINS OVERNIGHT RATE TARGET AT 1 ¾ PER CENT

BOC - Press Release (2019-03-07)

The Bank of Canada today maintained its target for the overnight rate at 1 ¾ per cent. The Bank Rate is correspondingly 2 per cent and the deposit rate is 1 ½ per cent.


HIT TO EQUITIES IN Q4 LEAVES BIGGEST CORPORATE PENSIONS FLAT FOR 2018

Benefits Pro - Nick Thornton (2019-03-07)

Sponsors of the 20 largest corporate pension funds entered the fourth quarter in 2018 poised for a banner year, as strong equity markets, rising interest rates, and billions in discretionary cash contributions pushed the aggregate funding level to 90 percent, a level not seen in a decade.


ANT FINANCIAL LAUNCHES CORE BANKING PRODUCT

Finextra - Finextra (2019-03-07)

It builds on Ant Financial's bPass (Business Platform as a Service) architecture, established to enable third party banks to benefit from the Chinese giant's tech know-how.


GERMAN FINTECH RAISIN BUYS BANK

Finextra - Finextra (2019-03-07)

The Raisin platform connects as many as 62 partner banks - including Belgium's biggest bank KBC, ICICI Bank UK and the German digital banking as a service platform solarisBank - with more than 160,000 Raisin customers from 31 different European countries, brokering more than $11 billion in deposits since inception.


CIBC SHUFFLES TOP RANKS TO BOLSTER U.S. BUSINESS

G&M - James Bradshaw (2019-03-07)

Mr. Richman had served as CEO of PrivateBancorp since 2007, and led the integration with CIBC to form CIBC Bank USA as its CEO. At the time, Mr. Richman's contract expected he would serve as CEO of the U.S. region for three-years, before transitioning to a chairman's role with the bank's U.S. board. He received a US$8.2-million deferred award as an incentive to retain him. But he now takes on the title of chair, U.S. region for CIBC Bank USA, more than a year earlier than expected.


ACCESS TO CASH SYSTEM ON VERGE OF COLLAPSE WARNS REPORT

Finextra - Finextra (2019-03-06)

The Access to Cash review prepared on behalf of the Link ATM network, concludes that digital payments don’t yet work for everyone and around eight million adults (17% of the population) would struggle to cope in a cashless society.


JPMORGAN BACKS AWAY FROM PRIVATE PRISON FINANCE

Reuters - David Henry (2019-03-06)

JPMorgan Chase & Co has decided to stop financing private operators of prisons and detention centers, which have become targets of protests over Trump administration immigration policies.


SUITS AND TIES NOW OPTIONAL, GOLDMAN SACHS HEDGES DRESS CODE

Reuters - Reuters (2019-03-06)

The new “firm wide flexible dress code” was announced in an internal memo, which said the shift was due to “the changing nature of workplaces generally in favor of a more casual environment.”


BANK OF CANADA SEES LONGER, DEEPER ECONOMIC SLUMP, CASTS DOUBTS ON FUTURE RATE HIKES

G&M - Barrie McKenna (2019-03-06)

A suddenly gloomier Bank of Canada is warning of a longer and deeper economic slump, raising serious doubts about its repeated promise to keep raising interest rates.


CANADA RACKS UP RECORD TRADE DEFICIT IN DECEMBER AS LOWER CRUDE PRICES PROMPT DROP IN EXPORTS

G&M - DAVID LJUNGGREN AND FERGAL SMITH (2019-03-06)

Canada racked up a record trade deficit in December as the value of exports slumped the most in more than a decade because of lower crude oil prices, boosting the case for the central bank to move cautiously on raising interest rates further.


‘THE WORM IS TURNING’: MORE CANADIANS ARE GOING BROKE, DEFAULTING ON THEIR DEBTS

G&M - Michael Babad (2019-03-06)

Two recent reports shed a troubling light on how Canadians are coping with their debts.


ECONOMIC HEADWINDS THREATEN TO DAMPEN OUTLOOK FOR CANADA'S BIG BANKS, ANALYSTS SAY

FP - Geoff Zochodne (2019-03-06)

Canada’s biggest banks could feel the pinch from a weakening domestic economy, but analysts say it is too early to determine how severe that impact might be.


THE SPARK SET TO IGNITE CANADA’S NEXT BIG CORPORATE CREDIT SHAKEOUT LOOMS AS COMPANIES PILE ON TOO MUCH DEBT

FP - Esteban Duarte (2019-03-06)

“We don’t know what the spark will be, but we do know — because history has a way of repeating itself — that at some point there will be a spark,” said Selfe, who was co-head of global technology, media and telecom banking at Royal Bank of Canada until 2004, during an interview at his office in Toronto. “Cheap loans, high leverage and an abundance of capital really for the last decade is the gasoline.


REGULATORS MOVE TO EASE CRISIS-ERA LEVERS OVER FINANCIAL FIRMS

WSJ - Andrew Ackerman, Gabriel T. Rubin (2019-03-06)

Regulators took steps on Wednesday to dial back scrutiny of big U.S. banks, asset managers and insurance companies, easing policies set up after the financial crisis.


MEGA-CONTRACTS FOR MEGA-CLIENTS DRIVE AON’S URGE TO MERGE

WSJ - PAUL J. DAVIES (2019-03-06)

To remain independent in corporate deal making, it helps to get your defense out early—especially when the unwanted suitor is proposing an all-share takeover.


IN A BLOW TO TRUMP, AMERICA’S TRADE DEFICIT HIT A RECORD $891 BILLION

NY Times - Jim Tankersley and Ana Swanson (2019-03-06)

America’s trade deficit with the rest of the world rose to its highest level in history last year as the United States imported more goods than ever, including a record amount from China, ballooning the deficit to $891.3 billion and delivering a setback to President Trump’s goal of narrowing that gap.


AMAZON, BERKSHIRE, JPMORGAN HEALTHCARE COMPANY TO BE CALLED HAVEN

Reuters - Reuters (2019-03-06)

Amazon.com Inc, Berkshire Hathaway Inc and JPMorgan Chase & Co on Wednesday said their joint healthcare company would be called Haven and will focus on better primary care access, simpler insurance benefits and more affordable prescription drugs for their employees.


JANE PHILPOTT RESIGNS, SAYING SHE HAS LOST CONFIDENCE IN LIBERAL CABINET OVER SNC-LAVALIN AFFAIR

G&M - Robert Fife, Steven Chase (2019-03-05)

The Liberal government lost a second high-profile cabinet minister on Monday when Jane Philpott abruptly resigned as Treasury Board president, citing “serious concerns” about the political pressure exerted on former attorney-general Jody Wilson-Raybould to abandon the criminal prosecution of SNC-Lavalin Group Inc.


TORONTO REAL ESTATE BOARD JOINS CALLS FOR OTTAWA TO MODIFY MORTGAGE STRESS TEST AMID FALLING HOME SALES

G&M - Janet McFarland (2019-03-05)

The association representing Toronto real estate agents has added its voice to calls for the federal government to modify its new mortgage qualification rule as home sales fell in February from an already weak level last year.


HEFTY BANKING FEES EXPECTED IF BARRICK SUCCEEDS IN HOSTILE BID FOR NEWMONT, ESTIMATES SHOW

G&M - Rachelle Younglai (2019-03-05)

Former Citigroup banker Michael Klein is set for another big cheque if Barrick Gold Corp. succeeds in its US$17.8-billion hostile bid for Newmont Mining Corp.


GRIMMER FAIRY TALES: THE ‘THREE BEARS’ OF CANADA’S ECONOMY

G&M - Michael Babad (2019-03-05)

Canada's economy is sputtering, weighed down by what economist Robert Kavcic refers to as its "Three Bears": Housing, business investment and consumer spending.


JEREMY RUDIN ANNOUNCES THE APPOINTMENT OF THE CHIEF ACTUARY AND HEAD OF THE OFFICE OF THE CHIEF ACTUARY

OSFI - OSFI (2019-03-05)

I am very pleased to announce the appointment of Assia Billig as Chief Actuary and head of the Office of the Chief Actuary (OCA) within the Office of Superintendent of Financial Institutions, effective April 15, 2019. Assia will succeed Jean-Claude Ménard, who will retire in mid-April after twenty years of service as Chief Actuary.


OSC ANNOUNCES FINTECH ADVISORY COMMITTEE MEMBERS FOR 2019

OSC - OSC (2019-03-05)

OSC LaunchPad (www.osclaunchpad.ca) is the first dedicated team by a securities regulator in Canada to provide direct support to eligible fintech businesses in navigating the regulatory requirements.  OSC LaunchPad strives to keep regulation in step with digital innovation. 


CHRISTINE LAGARDE ON THE MARY POPPINS EFFECT AND THE VILLAINISATION OF BANKERS

Finextra - Finextra (2019-03-05)

Christine Lagarde, managing director of the International Monetary Fund, is pushing back at the characterisation of bankers as villains, pointing out that financial institutions help families buy homes and save for rainy days.


CATASTROPHE MODELS ARE EFFECTIVE RISK MANAGEMENT TOOLS, BUT REQUIRE AN OWNER’S MANUAL

Insurance Business - Alicja Grzadkowska (2019-03-05)

Today, insurance companies, in particular property and casualty insurers, are keen to know how individual weather events will affect their portfolios, though how climate changes over time is also of interest.


WAWANESA NAMES NEW VP OF BROKER DISTRIBUTION

Insurance Business - Lyle Adriano (2019-03-05)

Haigh most recently served as vice-president of business development. A release said that Haigh’s title change “demonstrates how Wawanesa is 100% committed to [its] Canadian broker network.”


WHICH COUNTRIES SAW THE BIGGEST SURGE IN CLAIMS PAYMENTS IN 2017?

Insurance Business - Bethan Moorcraft (2019-03-05)

There are multiple factors that could trigger a surge in insurance claims. The first might simply be growth in a marketplace. If the number of active policies in a country or a specific insurance sector increases, then the number of claims will likely rise in correlation. A second major factor is natural disasters. In 2017, a string of major catastrophes in several countries caused a huge surge in gross claims payments and the largest ever recorded level of insured losses from natural and man-made disasters.


MAURICE TULLOCH APPOINTED CEO OF AVIVA PLC

Canadian Underwriter - Jason Contant (2019-03-05)

Maurice Tulloch, the former president and CEO of Aviva Canada from 2009-13, has been appointed CEO of the London, U.K.-based Aviva plc, effective Monday.


HOW TO SAVE INSURERS $1.3 BILLION A YEAR ON CLAIMS ADMINISTRATION

Canadian Underwriter - Greg Meckbach (2019-03-05)

For auto claims, insurers are already using AI to make recommendations on whether damaged vehicles should be repaired or scrapped, said Nick Maynard, a senior analyst for Juniper Research Ltd., in an interview. “At the moment, a lot of these applications won’t be fully autonomous,” he said. “They will make a recommendation, and this will be analyzed by a trained appraiser or somebody at that insurer.”


CHINA BLOCKS CANOLA SHIPMENTS FROM CANADIAN COMPANY AMID WIDENING TENSIONS

G&M - Eric Atkins (2019-03-05)

China has halted canola imports from Winnipeg’s Richardson International Ltd. amid widening trade and diplomatic tensions between the two countries.


CHINA BLOCKS CANOLA SHIPMENTS FROM CANADIAN COMPANY AMID WIDENING TENSIONS

G&M - Eric Atkins (2019-03-05)

China has halted canola imports from Winnipeg’s Richardson International Ltd. amid widening trade and diplomatic tensions between the two countries.


SNC-LAVALIN SUES FORMER CEO OVER HOSPITAL BRIBERY SCANDAL

G&M - Christopher Reynolds (2019-03-05)

SNC-Lavalin Group Inc. is suing its former chief executive in connection with a bribery scandal around the construction of a $1.3-billion Montreal hospital as the beleaguered engineering and construction giant continues its effort to distance itself from its former leadership.


‘A REALITY CHECK’: HOUSING PRICES CONTINUE TO DROP IN VANCOUVER

G&M - Kerry Gold (2019-03-05)

Vancouver housing prices continue to decline, throwing cold water on the speculative buying activity of recent years.


News feed

MAYBE IT'S REALLY TIME TO BREAK UP THE POST-INDUSTRIAL MONOPOLIES: DON PITTIS

CBC - Don Pittis (2019-03-13)

Who would have guessed that Rupert Murdoch, the billionaire conservative media mogul who helped make Fox News what it is today, would be on the same side as left-leaning Democratic Sen. Elizabeth Warren?


INTRODUCING THE NEW CHALLENGER BANK MODEL

Finextra - Finextra (2019-03-12)

Pat Patel, Global Content Director, Money20/20, speaks about how the role of incumbent challenger banks has evolved, whether European neobanks are a step ahead of those in Asia, what challenger banks in Asia are doing differently and what strategies they will be using in the future.


FSIM briefings and developments reports


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HOME BUYERS MORE FOCUSED ON STRESS TEST THAN RATES, BROKERS SAY

It happens every time, she says. The first thing Vancouver mortgage broker Patricia Collins gets asked when she sits down with clients is, “Can I pass the stress test?”

“The first question used to be about rates,” but now, “the topic has been replaced by the scary stress test.”

Regardless of your view on whether the latest stress test is helping or hurting home buyers (by making sure they can handle a two-percentage-point uptick in interest rates), and whether it is sufficiently curbing some of the excesses of the housing prices in the hottest markets (chiefly, Toronto and Vancouver), it has clearly changed the conversation on the street, or at least in mortgage brokers’ offices.

Under the new stress test introduced at the start of 2018 by the country’s banking regulator, a home buyer qualifying for a new, uninsured mortgage (in other words, who has made a down payment of 20 per cent or more) must be able to afford a mortgage with an interest rate that is two percentage points higher than the actual rate – or the five-year benchmark rate from the Bank of Canada, whichever is higher. So, if the interest rate on a typical five-year fixed mortgage is, say, 3.74 per cent a year, the home buyer would have to be able to afford 5.74 per cent in order to qualify (even though the home buyer would still only have to pay 3.74 once approved). For insured mortgages, the rules are a little different.Open this photo in gallery

 


CANADIAN DOLLAR COULD SINK TO RECORD LOW OF 62 CENTS AS ECONOMY SLIDES CLOSER TO

The Canadian dollar may sink back to its record low of 62 U.S. cents as the country retrenches from a consumer-spending boom into the face of a slowing global economy, said David Wolf at Fidelity Investments.


U.S. FINTECH FIS TO BUY PAYMENT PROCESSOR WORLDPAY FOR ABOUT $35 BILLION

U.S. fintech group Fidelity National Information Services Inc (FIS) has agreed to buy payment processor Worldpay for about $35 billion, in the biggest deal to date in the booming payments industry.



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