Home - banknews.tv

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

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

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

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

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

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

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

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

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


About

About BankNews TV: FSIM,Analytics and Research

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

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

Select financial data to upload:

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

Research

Canadian Bank Industry Overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

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


2014 Mobile Payments the Apple Pay Way  

banknews.tv/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

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


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

Mark Sibthorpe

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


TD BANK INDUSTRY CONDUCT  

banknews.tv/docs/tdind2.pdf

Mark Sibthorpe

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


Book review: Back from the Brink  

banknews.tv/docs/backbrink.pdf

Mark Sibthorpe

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


Footnote 151  

banknews.tv/docs/footnote151.pdf

Mark Sibthorpe

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


SAVE THE CANADIAN ECONOMY NOW  

banknews.tv/docs/helecopter-money.pdf

Mark Sibthorpe

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


REASONS FINANCIAL SERVICE COMPANIES SHOULD CONSIDER GAMIFICATION  

banknews.tv/docs/Gamfin.pdf

Mark Sibthorpe

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


National Bank Special Report  

banknews.tv/docs/NatBSpec.pdf

Mark Sibthorpe

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


WILL CANADIAN BANKS CHARGE COMPANIES FOR DEPOSITS?  

banknews.tv/docs/depgrowthimpact2.pdf

Mark Sibthorpe

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


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

banknews.tv/docs/ctfsfinal.pdf

Mark Sibthorpe

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


FINANCE MINISTER SCORECARD AUGUST 26, 2015  

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

Mark Sibthorpe

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


Xtreme Branch  

banknews.tv/docs/xbranch.pdf

Mark Sibthorpe

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


Canadian Nudge  

banknews.tv/docs/nudge.pdf

Mark Sibthorpe

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


CWB CAUSE FOR CONCERN  

banknews.tv/docs/cwbupdate.pdf

Mark Sibthorpe

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


BNTV Overview  

banknews.tv/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

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


CHALLENGER BANKS NOT A THREAT TO BIG BANKS  

banknews.tv/docs/challenger.pdf

Mark Sibthorpe

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


Gamification of financial data project  

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

Mark Sibthorpe

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


THE IMPACT A RATE RISE WILL HAVE ON CANADIAN BANKS  

banknews.tv/docs/irr-f.pdf

Mark Sibthorpe

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

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


FIFA: THE NEW GOLDENBALLS  

banknews.tv/docs/goldenballs.pdf

Mark Sibthorpe

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


Scorecard Minister of Finance: JIm Flaherty  

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

Mark Sibthorpe

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


Sample RFP for a Loyalty Program  

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

Mark Sibthorpe


Merchants extend financial services  

banknews.tv/docs/merchantfs.pdf

Mark Sibthorpe

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


Hot Money: real-estate  

banknews.tv/docs/hotmoney.pdf

Mark Sibthorpe

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


Currency Cheat Sheet: a guide for the rest of us  

banknews.tv/docs/currencycheatsheet.pdf

Mark Sibthorpe

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


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

banknews.tv/docs/gq4risk.pdf

Mark Sibthorpe

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


Canadian Western Bank Competitive Forecast  

banknews.tv/docs/cwbf.pdf

Mark Sibthorpe

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


Liquid Canada: the tipping point  

banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

banknews.tv/docs/Bank fees.pdf

Mark Sibthorpe

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


Cheap Oil Report  

banknews.tv/docs/co2.pdf

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


Canada's Economy, a strategic solution  

banknews.tv/docs/ces.pdf

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


Complete loyalty RFP  

banknews.tv/docs/booksample.pdf

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


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

banknews.tv/docs/booksample.pdf

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


Report on merchants extending financial services  

banknews.tv/docs/

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


Guide to system selection  

banknews.tv/docs/gssnow.pdf

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


News feed

MAJOR FINANCIAL INSTITUTIONS SET UP THIRD-PARTY RISK MANAGEMENT COMPANY

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

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


TD BANK RESULTS OUTSHONE BY SMALLER RIVAL CIBC

G&M - Matt Schuffham (2017-12-30)

Toronto-Dominion Bank reported fourth-quarter results that missed expectations amid lower revenue at its investment banking business, and was outshone by smaller rival Canadian Imperial Bank of Commerce , which posted forecast-busting numbers.


BANK OF CANADA RELEASES WHITE PAPER ON MERITS OF CREATING DIGITAL CURRENCY

G&M - Adrian Wilde (2017-12-30)

The Bank of Canada is considering the merits of establishing a digital currency as interest in cryptocurrencies like bitcoin reaches a fevered pitch.


IT'S 'BITCRAZY': SO TIPTOE THROUGH THE TULIPS WITH BITCOIN

G&M - Michael Babad (2017-12-12)

Some compare it to the dot-com phenomenon, others to the Dutch tulip bubble.


UBER SAYS 815,000 CANADIANS AFFECTED BY DATA BREACH AS INVESTIGATION LAUNCHED

G&M - CP (2017-12-12)

Uber Canada said late Monday that 815,000 Canadian riders and drivers may have been affected as part of its worldwide data breach announced in November.


WORST-CASE SCENARIO

G&M - Carol Toller, Tim Kiladze (2017-12-12)

Hockey was a rising star at TD Canada Trust when his daughter, Rosie, was born with a rare—and fatal—genetic disorder.


U.K. INFLATION HITS HIGHEST IN NEARLY SIX YEARS, PEAK SEEN SOON

G&M - William Schomberg (2017-12-12)

British inflation unexpectedly rose to its highest level in nearly six years in November, tightening the post-Brexit vote squeeze on households whose spending is the main driver of the country's economy.


WEST FACE FILES CLAIM AGAINST MORTGAGE LENDER HOME CAPITAL

FP - FP (2017-12-12)

West Face claim says 'investors who purchased common shares of Home Capital to close out a short position were excluded from compensation under settlement terms' of a class action suit


ZURICH REVEALS C$2.75 BILLION AUSTRALIAN INSURANCE DEAL

Insurance Business - Jordan Lynn (2017-12-12)

Zurich has acquired ANZ’s life insurance business in Australia for a total of AU$2.85bn (around C$2.75 billion), it has been announced.


IS CYBER INSURANCE PROMPTING MORE CYBERATTACKS?

Insurance Business - Paul Lucas (2017-12-12)

“We find it concerning that insurers sometimes pay ransoms to recover their customers’ data,” Corey Nachreiner, CTO at WatchGuard Technologies told The Enterprise Times. “While we understand the business decision, insurers currently have no long-term actuarial data for cyber incidents and ransomware. It is possible that paying ransoms will encourage this criminal business model and increase the number of incidents insurers have to handle or the cost of ransoms.”


HOW NORTH KOREA’S GLOBAL FINANCING WEB WORKS AROUND SANCTIONS

WSJ - WSJ (2017-12-12)

Researchers have identified a number of business transactions that they say show North Korea’s international financing web is more sophisticated than what was previously known.


SEC CHAIRMAN WARNS INVESTORS AGAINST BITCOIN

WSJ - WSJ (2017-12-12)

Wall Street’s top regulator on Monday raised alarms about the money flooding into bitcoin trading and other cryptocurrency markets, warning the red-hot corner of less-regulated finance is burning with risk for retail investors.


HSBC SAYS U.S. IS PREPARING TO DISMISS CRIMINAL CHARGES AGAINST IT

NY Times - NY Times (2017-12-12)

The bank said the Justice Department was expected to seek dismissal of a case related to money laundering as part of a so-called deferred prosecution agreement.


HSBC DRAWS LINE UNDER MEXICAN CARTEL CASE AFTER FIVE-YEARS ON PROBATION

Reuters - Reuters (2017-12-12)

HSBC drew a line under its punishment for lapses in anti-money laundering controls on Monday, saying the U.S. Department of Justice (DoJ) would end its deferred prosecution agreement, lifting the threat of further penalties.


FCA BRINGS IN NEW RULES FOR BANKS TO HELP CUSTOMERS TO SWITCH

FT - Caroline Binham (2017-12-12)

Lenders in the UK will be subject to sweeping new transparency rules that will allow consumers to compare how long it will take to open a current account, and how frequently a bank has reported security incidents.


ING LAUNCHES AI BOND TRADING TOOL KATANA

FT - FT (2017-12-12)

Technology will help Dutch bank’s traders to gather better prices faster


UNDS MANAGING $26TN PRESS GROUPS ON ENVIRONMENT

FT - Ed Crooks (2017-12-12)

Investors with more than $26tn under management have pledged to push 100 of the highest-emitting companies worldwide to do more to tackle the threat of climate change.


BRACE YOURSELVES, INVESTORS: WE'RE ABOUT TO EXPERIENCE THE STEEPEST RATE HIKES SINCE 2006

FP - David Goodman (2017-12-12)

Wall Street economists are telling investors to brace for the biggest tightening of monetary policy in more than a decade.


MORNEAU ADVISERS URGE SWEEPING CHANGES TO COPE WITH MASSIVE LOOMING TECHNOLOGICAL DISRUPTION

G&M - Bill Curry, Sean Silcoff (2017-12-11)

Canada is ill-prepared for the effects of widespread technological disruption reshaping the global economy, Finance Minister Bill Morneau's expert panel of economic advisers are warning in a set of reports scheduled for release this week.


WHY THE WORLD IS AGOG OVER CANADIAN HOME PRICES AND DEBT: A SPECIAL REPORT

G&M - Michael Babad (2017-12-11)

As for Toronto, the latest numbers are "further evidence that the market is shrugging off the recent policy-induced turbulence," said Toronto-Dominion Bank economist Rishi Sondhi.


MORTGAGE CRISIS IS LAURENTIAN BANK CEO’S BIGGEST TEST YET

G&M - Konrad Yakabuski (2017-12-11)

Playing catch-up with its much bigger peers has been the story of Laurentian Bank's life since it was founded 171 years ago as the Montreal City and District Savings Bank. Since taking over as chief executive officer two years ago, François Desjardins has seemed to be winning the race.


BANK OF CANADA NEEDS TO RETHINK ITS INFLATION STRATEGY

G&M - Jean-Paul Lam (2017-12-11)

Inflation in Canada, and in many countries, continues to undershoot its target despite strong economic growth and low unemployment. The persistently low inflation – especially this year – has stumped many central bank leaders, including Janet Yellen at the U.S. Federal Reserve.


MAKING THE CASE FOR THE SMALL BANKS TO HAVE THE SAME CAPITAL RULES AS THE BIG SIX

FP - Barry Critchley (2017-12-11)

At the best of times the issue of bank capital seems to be a minefield and a topic understood by few.


MAKING THE CASE FOR THE SMALL BANKS TO HAVE THE SAME CAPITAL RULES AS THE BIG SIX

FP - Barry Critchley (2017-12-11)

At the best of times the issue of bank capital seems to be a minefield and a topic understood by few.


LAURENTIAN DISCLOSES FLAWED MORTGAGES IN HOME CAPITAL ECHO

FP - FP (2017-12-11)

An audit "identified documentation issues and client misrepresentations" with some mortgages from its B2B Bank unit that were sold to a third-party firm, the lender said


BONUS POOLS SWELL TO $14.3 BILLION IN GOOD YEAR TO BE A CANADIAN BANKER

FP - FP (2017-12-11)

A record year in trading and investment banking boosts bonuses by the most in 4 years


MANULIFE ANNOUNCES JOHN CASSADAY AS VICE CHAIR AND NEXT CHAIR OF THE BOARD

Insurance Journal - IIJ (2017-12-11)

DeWolfe will retire from the Board in May 2018. Cassaday, as Vice Chair, will work with DeWolfe in managing the transition of the affairs of the Board until the annual meeting on May 3, 2018. Following this, Cassaday will take over as Chair of the Board, says the company.


CHARGES LAID AGAINST TAX PROTESTERS

Insurance Journal - IIJ (2017-12-11)

The Canada Revenue Agency (CRA) announced Dec. 7 that tax fraud charges were laid against four individuals belonging to a tax protester group.


CANADIAN TECH COMPANY PARTNERS WITH TRAVEL INSURER FOR TRIP-DISRUPTION APP

Insurance Business - Sam Boyer (2017-12-11)

An Ontario tech company has partnered with a travel insurer to provide a travel-disruption app for its customers.


LLOYD'S OUTLINES FUTURE AS BREXIT DEAL IS REACHED

Insurance Business - Terry Gangcuangco (2017-12-11)

While Lloyd’s of London welcomes the progress in the Brexit negotiations between the European Union and the UK government, there’s no stopping the insurance market from setting up its subsidiary in Brussels.


NEW INSURANCE ECOSYSTEM BORN IN 2017, STUDY FINDS

Insurance Business - Bethan Moorcraft (2017-12-11)

The divide among insurers on the topics of insurtech and digital investment continues to grow, according to a 2018 Outlook Report by Valen Analytics.


THE INSURANCE INDUSTRY’S CHALLENGE IN RECRUITING FORENSIC ENGINEERS

Canadian Underwriter - Greg Meckbach (2017-12-11)

The challenge for the property and casualty insurance industry in recruiting young engineers is that engineers generally want to make things instead of figuring out why things crashed or burned.


HSBC TO BE RELEASED FROM U.S. DEFERRED PROSECUTION AGREEMENT

WSJ - WSJ (2017-12-11)

HSBC is to be released from a controversial agreement that let it avoid U.S. criminal charges in 2012, after it was judged to have sufficiently improved its systems to keep out financial criminals.


WHAT DOES THE BREXIT DEAL MEAN FOR THE CITY OF LONDON AND WALL STREET BANKS?

WSJ - WSJ (2017-12-11)

The U.K. and the European Union Friday reached a deal on the opening terms in their Brexit negotiations. What does that mean for London’s finance industry?


TRUMP SAYS FINES AGAINST WELLS FARGO COULD BE INCREASED

Reuters - Reuters (2017-12-11)

President Donald Trump took aim at the third-largest U.S. bank on Friday, writing on Twitter that government fines and penalties against Wells Fargo & Co could be hiked amid an ongoing sales scandal. | Video


DEUTSCHE BANK CAN COPE WITH BASEL III OUTCOME: CFO IN PAPER DEC 08

Reuters - Reuters (2017-12-11)

Deutsche Bank is able to cope with the stricter capital rules on banks that were agreed this week, its finance chief told a German paper.


GREENPEACE URGES TD BANK BOYCOTT

BankNews.TV - Mark Sibthorpe (2017-12-11)

This report is not intended to discuss climate change but the financial


BRITAIN, EU STRIKE HISTORIC BREXIT DEAL, BUT TIME RUNS SHORT AS TALKS ENTER NEXT PHASE

G&M - PAUL WALDIE (2017-12-08)

British Prime Minister Theresa May has won a key victory in her quest to pull the U.K. out of the European Union, but the win could be short-lived as Brexit talks move into a difficult phase with time running short.


BAY STREET BONANZA: FIRMS RAISE $4.6-BILLION FROM SHARE SALES IN 10 DAYS

G&M - Tim Kiladze (2017-12-08)

A surprising flurry of share sales has opened the floodgates for Canadian companies yearning to raise cash, marking the end of a financing drought and reversing the fortunes for Bay Street underwriters behind these deals.


WATCHDOGS TO PROBE SURGE IN EQUITY TRADE ‘INTERNALIZATION’ AT BIG BANKS, DEALERS

FP - Barbara Shecter (2017-12-08)

Three Canadian market watchdogs are joining forces to scrutinize a recent rise in “internalization” of equity trading flow by large banks and dealers.


BITCOIN MINER NICEHASH REVEALS $60M HACK AS PRICE ROCKETS PAST $16,000 US

CBC - AP (2017-12-08)

The Slovenian-based bitcoin miner NiceHash says it is investigating a security breach and the possible theft of tens of millions of dollars' worth of bitcoins, as meanwhile the value of the virtual currency has soared to a new record high.


VOLKSWAGEN EXECUTIVE GETS 7 YEARS IN PRISON FOR EMISSIONS SCANDAL

CBC - CBC (2017-12-08)

Volkswagen senior manager Oliver Schmidt has been sentenced to seven years in a U.S. prison for concealing software that was used to evade pollution limits on nearly 600,000 diesel vehicles.


U.S. TRADE BODY RULES CANADIAN SOFTWOOD HURTS U.S. INDUSTRY

CBC - CBC (2017-12-08)

The U.S. International Trade Commission has unanimously voted that the American lumber industry has been harmed by Canadian softwood lumber imports.


REGULATORS CONCERNED ABOUT COMPLAINT HANDLING

Insurance Journal - IIJ (2017-12-08)

The Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC) and Mutual Fund Dealers Association of Canada (MFDA) released a joint notice on Dec. 7 that highlights concerns about some registered firms' complaint handling systems and their participation in Ombudsman for Banking Services and Investment’s (OBSI) dispute resolution process.


SUN LIFE GLOBAL INVESTMENTS APPOINTS NEW SUB-ADVISOR FOR INFRASTRUCTURE FUND

Insurance Journal - IIJ (2017-12-08)

Sun Life Global Investments has announced that Lazard Asset Management has been appointed sub-advisor for Sun Life Infrastructure Fund, formerly Sun Life Sentry Infrastructure Fund.


P&C PEOPLE: WHO’S LANDED WHERE?

Canadian Underwriter - CU (2017-12-08)

The Guarantee Company of North America has appointed Bev Wittmack and Dawn Tattle to its board of directors.


U.K., EU REACH AN AGREEMENT ON BREXIT DIVORCE TERMS

WSJ - WSJ (2017-12-08)

The U.K. and the European Union reached an agreement Friday on Brexit divorce terms after six months of tense talks, opening the way for negotiations to advance on a trade deal.


GLOBAL BANK BATTLE OVER BASEL III FINALLY CONCLUDES

WSJ - WSJ (2017-12-08)

Global finance officials on Thursday agreed on long-awaited banking rules that reach a compromise between opposing European and U.S. views about how to measure the riskiness of lenders.


ACTUALLY, HERE’S WHY STOCKS CAN KEEP GOING UP

WSJ - WSJ (2017-12-08)

The environment still looks more friendly for stocks than bonds. Global growth is broad and momentum appears good. Earnings have recovered and are forecast to rise further around the world in 2018.


HAROLD FORD JR. FIRED BY MORGAN STANLEY OVER INAPPROPRIATE ‘CONDUCT’

NY Times - Kate Kelly (2017-12-08)

Mr. Ford, a former congressman turned Wall Street rainmaker, was terminated by the financial services firm for behavior it said was “inconsistent with our values and in violation of our policies.”


RBS CEO SAYS U.S. SETTLEMENT COULD SLIP INTO NEXT YEAR: BLOOMBERG

Reuters - Emma Rumney (2017-12-08)

Royal Bank of Scotland’s (RBS.L) chances of reaching a deal this year with the U.S. Department of Justice over its mis-selling of toxic mortgage-backed securities are “diminishing”, its chief executive said in a Bloomberg TV interview.


THOUSANDS EVACUATE IN SOUTHERN CALIFORNIA AS WILDFIRES GROW

WSJ - Ian Lovett (2017-12-07)

A series of large fires across Southern California continued to grow Wednesday, leading to the closure of schools and a major freeway and forcing tens of thousands of people to flee their homes.


HSBC’S SECOND-LARGEST SHAREHOLDER IS NOW FROM CHINA

WSJ - Julie Steinberg (2017-12-07)

One of China’s biggest insurers has become the second-largest shareholder of HSBC Holdings PLC, but it won’t influence how the U.K.-based bank is run, HSBC’s departing Chief Executive Stuart Gulliver said Thursday.


ERNST & YOUNG PROMOTES KELLY GRIER TO RUN ITS U.S. BUSINESS

WSJ - WSJ (2017-12-07)

Ernst & Young LLP named Kelly Grier as its new chairman and managing partner Wednesday, making her the first woman to lead the giant accounting and professional-services firm in the U.S.


CITIGROUP FACES $20 BILLION HIT FROM TAX OVERHAUL

WSJ - WSJ (2017-12-07)

Citigroup finance chief John Gerspach said the bank is likely to take a hit of about $20 billion to profits under the tax plans recently passed by Congress.


ASIAN BANKING GOLD RUSH MIGHT YET PROVIDE A FEW NUGGETS

WSJ - WSJ (2017-12-07)

Asia has long been seen as the next big market for the world’s megabanks. But in the past three years, more U.S. and European players have abandoned Asia-wide ambitions.


ANALYSIS: RECENT RESERVE BANK PICKS BOOST CONSENSUS AT THE FED

WSJ - WSJ (2017-12-07)

The appointment of Thomas Barkin, a McKinsey & Co. executive, to lead the Federal Reserve Bank of Richmond reinforces a gradual shift among central bank officials away from dissenters and toward consensus.


COINBASE: THE HEART OF THE BITCOIN FRENZY

NY Times - Nathaniel Popper (2017-12-07)

Coinbase has been at the center of the speculative frenzy driving up the value of Bitcoin — which topped $13,000 on Wednesday — and similar currencies. While there are many Bitcoin exchanges around the world, Coinbase has been the dominant place that ordinary Americans go to buy and sell virtual currency. No company had made it simpler to sign up, link a bank account or debit card, and begin buying Bitcoin.


HSBC HAS 3-YEAR HEAD START ON FOREIGN INVESTMENT BANKING RIVALS IN CHINA: GULLIVER

Reuters - Jennifer Hughes (2017-12-07)

HSBC (HSBA.L) has a three-year head start on its foreign investment banking rivals in China because of the British bank’s unique position of having management control of its securities venture there, chief executive Stuart Gulliver said on Thursday.


CITIGROUP EXPECTS 'HIGH TEENS' PERCENTAGE FALL IN FOURTH-QUARTER MARKETS REVENUE

Reuters - David Henry (2017-12-07)

Citigroup Inc (C.N) expects its fourth-quarter markets revenue to be lower by a “high-teens” percentage from a year earlier, Chief Financial Officer John Gerspach said on Wednesday.


OSFI WELCOMES FINAL BASEL III REFORMS

OSFI - Press Release (2017-12-07)

The Office of the Superintendent of Financial Institutions (OSFI) welcomes today’s announcement that the final pieces of the Basel III reforms have been endorsed by the Group of Central Bank Governors and Heads of Supervision, the committee that oversees the Basel Committee on Banking Supervision. The announcement followed a meeting earlier today in Frankfurt, Germany, and caps an important period in the regulatory response to the financial crisis.


AFTER A THREE-MONTH DROUGHT, NOW COMES THE RATE-RESET DELUGE

FP - Barry Critchley (2017-12-07)

After almost three months without a rate-reset preferred share transaction, the market has given up $1.4 billion to eager issuers over the past week.


LAURENTIAN BANK CEO SAYS PROBLEMATIC MORTGAGES LARGELY INVOLVE MISFLAGGED LOANS

FP - CP (2017-12-07)

Laurentian Bank’s chief executive says the problems discovered with some of its mortgage portfolios sold to unidentified purchasers largely involved loans which were “misflagged” and it has not found any evidence of wilful wrongdoing.


FIRST NATIONS BOND DEAL BREAKS GROUND FOR INDIGENOUS CANADIANS, SETS STAGE FOR FUTURE BUSINESS PARTNERSHIPS

FP - Maceij Onoszko (2017-12-07)

It took three years to engineer a deal that turned Fort McKay and Mikisew Cree First Nations into owners of a 49 per cent stake in a Suncor Energy Inc. storage facility near the country’s oilsands region in Fort McMurray. The bond market was a crucial part of the solution, with investors buying $545 million (US$430 million) of 4.136 per cent bonds due in 2041 last month. It was the largest debt sale for an Indigenous group in Canada.


LAURENTIAN LOOKS TO CALM MARKETS OVER MORTGAGE ERRORS

G&M - James Bradshaw (2017-12-07)

Laurentian Bank of Canada is trying to calm jittery investors, suggesting shareholders overreacted when they sent its share price tumbling after the bank disclosed problems with some mortgages it issued.


BOC TAKES A ‘CAUTIOUS’ APPROACH TO RATE INCREASES

G&M - DAVID PARKINSON (2017-12-07)

"Cautious."


KINDER MORGAN SELLS SHARES TO HELP FUND TRANS MOUNTAIN PIPELINE PLAN

G&M - Jeff Lewis (2017-12-07)

Kinder Morgan Canada Ltd. is selling $200-million in shares even as the company dials back spending and warns of additional delays to its marquee Trans Mountain pipeline expansion.


BREXIT'S ECONOMIC IMPACT? U.K. HAS NEVER ASSESSED IT

CBC - AP (2017-12-07)

The U.K. official shepherding Britain's departure from the European Union acknowledged Wednesday that the government has made no formal assessments of the economic impact of leaving the 28-nation bloc.


ONLY ONE-THIRD OF EMPLOYERS HAVE FORMAL WELLNESS STRATEGY

Insurance Journal - IIJ (2017-12-07)

"Healthy workplaces consider employee well-being broadly and consider aspects of employees' physical, psychological, and social health," said Allison Cowan, director, Total Rewards and Workplace Health Research, The Conference Board of Canada, in a Dec. 5 announcement. "Investing in a comprehensive health and wellness program is an essential part of a healthy work environment and makes good business sense." 


EMPIRE LIFE AND SYMBILITY HEALTH TEAM UP ON PILOT PROGRAM

Insurance Journal - IIJ (2017-12-07)

The pilot program is aimed at assisting Symbility Health’s clients with cost containment and plan sustainability, stated the companies in a joint announcement.


PLANNING FOR A PUBLIC EMERGENCY? DON’T FOLLOW ONTARIO’S EXAMPLE

Canadian Underwriter - Greg Mackbach (2017-12-07)

The province’s severe weather plan has not been updated in 12 years, Ontario Auditor General Bonnie Lysyk observed in the report. Also, recent information on cyber-attacks and terrorism has not made its way into Ontario’s government disaster preparedness plan, and some provincial departments are not overseeing their plans to continue working during a disaster or emergency.


REGULATOR REMINDS PUBLIC INSURER OF SIX OUTSTANDING ORDERS

Canadian Underwriter - Jason Contant (2017-12-07)

Manitoba Public Insurance (MPI) is reviewing and intends to “fully comply” with outstanding directives in auto insurance and other matters issued by the province’s Public Utilities Board (PUB), an MPI spokesperson told Canadian Underwriter on Wednesday.


B.C. REQUIRING CASINOS TO TRACK HIGH-ROLLER SPENDING IN BID TO CRACK DOWN ON MONEY LAUNDERING

G&M - Justin Hunter (2017-12-06)

British Columbia's Attorney-General is bringing in new rules designed to crack the so-called Vancouver model of money laundering in its casinos that require high rollers to provide more information about where they got the money. It will also step up enforcement, with government regulators on site as part of its effort to end the free flow of illicit cash from international criminals.


STEPHEN POLOZ GETS WHAT HE WANTS AFTER 'HORROR STORY' BUT IT WON'T CHANGE HIS MIND TODAY

G&M - Michael Babad (2017-12-06)

Stephen Poloz is finally getting some of what he wants.


LAURENTIAN BANK AUDIT FINDS ‘CLIENT MISREPRESENTATIONS’ ON SOME MORTGAGES

G&M - Reuters (2017-12-06)

Canadian lender Laurentian Bank said an audit had found "documentation issues and client misrepresentations" on some mortgages it had sold to another company, triggering the worst one-day selloff in its shares since 2009.


BMO PROFIT DROPS ON HURRICANE CLAIMS AS BIG SIX WRAPS UP STRONG YEAR

G&M - James Bradshaw (2017-12-06)

It took a string of major hurricanes to dent Bank of Montreal's fourth-quarter earnings, capping an otherwise strong year that revealed few weaknesses in the Big Six banks' capacity to churn out greater profits.


CANADIAN BANKS PAYING OUT $14.3-BILLION IN BONUSES IN 2017

G&M - Doug Alexander (2017-12-06)

It's a good year to be a Canadian banker.


WEDNESDAY WILL BE A BIG DAY FOR CANADIAN RETAILERS. HERE'S WHAT TO EXPECT

G&M - Colin Cieszynski (2017-12-06)

Earnings season for Canadian retailers wraps up with a flourish on Wednesday, as four of the country's biggest remaining retailers – representing a broad spectrum of markets and product lines from the top to the bottom – are set to report results for their October quarter and give an update on the prospects for this year's holiday season.


SCOTIABANK SAYS BBVA ACCEPTS $2.2-BILLION OFFER TO BUY STAKE IN BBVA CHILE

FP - Reuters (2017-12-06)

Bank of Nova Scotia said on Tuesday that Banco Bilbao Vizcaya Argentaria S.A. (BBVA) has formally accepted its offer to buy the Spanish lender’s stake in BBVA Chile for about US$2.2 billion.


LAURENTIAN BANK AUDIT UNCOVERS $89M WORTH OF MORTGAGES WITH 'MISREPRESENTATIONS'

CBC - CBC (2017-12-06)

Laurentian Bank of Canada says it found "client misrepresentations" in $89 million worth of mortgages it sold to a third party earlier this year, and will as a result buy back the loans where it found documentation issues


OUTLOOK FOR CANADIAN LIFE INSURANCE SECTOR IS STABLE, SAYS FITCH

Insurance Journal - IIJ (2017-12-06)

Fitch revised the fundamental sector outlook to stable from negative “due to better than expected operating performance and a benign credit environment, which is expected to persist over the near term,” stated Fitch in an announcement issued Dec. 4. 


TITANS BATTLE FOR ETF MARKET SHARE

Insurance Journal - Alain Theriault (2017-12-06)

Exchange-traded funds are growing robustly. The two main suppliers of ETFs in Canada are locked in an epic battle for market share.


WHY THIEVES ARE TARGETING FORD F-SERIES SUPER TRUCKS

Canadian Underwriter - David Gambrill (2017-12-06)

Ford F-series Super Duty trucks dominated the Insurance Bureau of Canada (IBC)’s 2017 list of Top 10 stolen vehicles because they are perfect for both individuals committing ‘opportunistic’ crimes such as joyriding and for organized crime rings looking to sell parts on the black market.


BANK OF CANADA RELEASES DISCUSSION PAPER ON MERITS, RISKS OF DIGITAL CURRENCY

Canadian Underwriter - CP (2017-12-06)

In a research paper released by the central bank Thursday, report authors Walter Engert and Ben Fung said there are merits to creating a central bank digital currency as society starts to move away from cash, and the bank’s potential to reap profits off issuing that cash could be threatened.


CATASTROPHES LIKELY TO HAVE “MUTED” EFFECT ON CANADIAN REINSURANCE PRICING

Canadian Underwriter - Jason Contant (2017-12-06)

Reinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Researchpresident and CEO Joel Baker suggested Monday.


MUELLER SUBPOENAS DEUTSCHE BANK RECORDS RELATED TO TRUMP

WSJ - Jenny Strasburg (2017-12-06)

Deutsche Bank AG received a subpoena earlier in the fall from U.S. special counsel Robert Mueller’s office concerning people or entities affiliated with President Donald Trump, according to a person briefed on the matter.


DAVID ROCKEFELLER’S ROLODEX WAS THE STUFF OF LEGEND. HERE’S A FIRST PEEK.

WSJ - WSJ (2017-12-06)

Famed bank executive met with scores of titans, heads of state, monarchs and celebrities over 50 years, taking private notes on some 200,000 cards. “This is a man with a large, long reach.’’


JPMORGAN, BOFA SAY TRADING REVENUE TO FALL

WSJ - WSJ (2017-12-06)

Bank executives are flagging another tough quarter for trading as quiet markets yet again hurt a key Wall Street business.


UBS LOSES $228 MILLION BROKER TEAM TO INDEPENDENT RANKS

WSJ - WSJ (2017-12-06)

A team of brokers has left UBS for the independent ranks, just ahead of the firm’s exit from a pact that will make it more onerous for defections.


CONSUMER BUREAU’S NEW LEADER STEERS A SUDDEN REVERSAL

NY Times - Jessica Silver Greenberg (2017-12-06)

The defanging of a federal consumer watchdog agency began last week in a federal courthouse in San Francisco.


TAX PLAN CROWNS A BIG WINNER: TRUMP’S INDUSTRY

NY Times - Patricia Cohen (2017-12-06)

After a frenzy of congressional action to rewrite the tax code, salesclerks and chief executives are calculating their gains. Business was treated with the everyone’s-a-winner approach that ensures no summer camper goes home without a trophy.


ETF PROVIDERS BETTER BET THAN PRODUCTS THEY SELL

FT - Miles Johnson (2017-12-06)

Vast amounts of energy has been spent debating the merits of active stock picking versus low-cost tracker funds. The big news is that both sides have won, although possibly not quite in the way their advocates had envisaged.


TRUMP LAWYER DENIES DEUTSCHE BANK GOT SUBPOENA ON TRUMP ACCOUNTS

Reuters - Arno Schuetze, Karen Freifeld (2017-12-06)

A U.S. federal investigator probing alleged Russian interference in the 2016 U.S. presidential election asked Deutsche Bank (DBKGn.DE) for data on accounts held by President Donald Trump and his family, a person close to the matter said on Tuesday, but Trump’s lawyer denied any such subpoena had been issued.


JPMORGAN CFO SEES FOURTH-QUARTER MARKET REVENUE DOWN 15 PERCENT

Reuters - Reuters (2017-12-06)

Lake’s remarks were the first update from a major U.S. trading firm in the final month of the quarter and were in line with some Wall Street analysts’ estimates. Markets were especially active last year as investors changed positions around the U.S. election.


IOU FINANCIAL SURPASSES US$500 MILLION IN LOANS ORIGINATED

NewsWire.ca - Press Release (2017-12-06)

"$500 million in originations is a significant milestone that we are incredibly proud of, and a testament to our position in the industry.  As we continue to pursue opportunities to grow and expand our market share, we look forward to continuing to serve the working capital needs of hard-working North American merchants and small business owners," said Phil Marleau, CEO of IOU Financial.


INSURANCE ASSESSMENT FIRMS ALTERED, GHOSTWROTE ACCIDENT VICTIM REPORTS

G&M - Kathy Tomlinson (2017-12-05)

For Terry Blais, the ordeal of fighting for insurance coverage was worse than being hurt in a car accident. After his benefits were cut, he discovered how medical professionals and firms that provided assessments of his condition to his insurer made his injuries appear less serious than they really were.


TOUGHER MORTGAGE RULES COULD AFFECT UP TO 50,000 POTENTIAL HOME BUYERS A YEAR: REPORT

G&M - Janet McFarland (2017-12-05)

Tougher mortgage stress-testing rules could make it impossible for 40,000 to 50,000 Canadians to buy a home each year, driving down real estate sales and reducing the anticipated pace of new mortgage-lending growth, according to a new analysis.


HOW THE OSC UPHELD THE PUBLIC INTEREST IN ECO ORO CASE

G&M - Anita Anand (2017-12-05)

One recent case that consistently crops up among those interested in mergers and acquisitions is the Eco Oro decision, in which the Ontario Securities Commission exercised its public interest jurisdiction and ordered extraordinary relief in considering a proxy contest.


HOW ECHELON WEALTH PARTNER'S DOROTHY-ANNA ORSER IS READYING FOR A CORRECTION

G&M - Brenda Bouw (2017-12-05)

Ms. Orser, who is senior investment adviser at Orser Neuhaus at Echelon Wealth Partners, is holding about 20 per cent cash right now and has a buying list handy. While she has some "nervousness" about how frothy the markets are right now, she's bullish long term. Ms. Orser, who helps to manage $165-million in assets under management, targets a return of 8 per cent to 10 per cent and has seen average returns of about 15 per cent in her firm's moderate growth portfolio year-to-date. The Globe and Mail recently spoke with Ms. Orser about her outlook on the markets and the social media stock she let get away.


SCOTIABANK BID TO BUY SHARE OF CHILEAN BANK GETS GREEN LIGHT

G&M - CP (2017-12-05)

Scotiabank says its offer to buy a sizable stake in a Chilean bank for $2.9-billion has been accepted.


MANULIFE’S NEW REASON TO HOLD ONTO ITS U.S. LEGACY BUSINESS

G&M - Tim Kiladze (2017-12-05)

Because interest rates remain so low and profits are subdued, Manulife Financial Corp. has been debating what to do with certain parts of John Hancock, its struggling American business. Rumours of a sale or spin-off of Manulife's struggling units, particularly those that pay annuities, have swirled for a while.


MOODY'S FOR FIRST TIME WARNS CITIES TO ADDRESS CLIMATE CHANGE OR FACE CREDIT DOWNGRADES

FP - Christopher Flavelle (2017-12-05)

Coastal communities from Maine to California have been put on notice from one of the top credit rating agencies: Start preparing for climate change or risk losing access to cheap credit.


ONCE BITTEN TWICE SHY AS MARKETS WAIT FOR POLOZ INTEREST STATEMENT: DON PITTIS

CBC - Don Pittis (2017-12-05)

When predicting whether the Bank of Canada will adjust interest rates there has been a long-standing rule of thumb.


U.S. SEC FILES CHARGES AGAINST QUEBEC CRYPTOCURRENCY FIRM

CBC - CBC (2017-12-05)

The U.S. Securities and Exchange Commission has filed charges against a Quebec firm that deals in a cryptocurrency called PlexCoin.


INDUSTRY TURNING TO HIGHER RISK DEVELOPMENTS IN PRIME LOCATIONS

Insurance Business - Bethan Moorcraft (2017-12-05)

Major cities in Canada are already heavily developed places – and the construction boom is only going to build them up further.


MARIJUANA DRIVING DEATHS: THE NEW HIGHWAY SCOURGE?

Canadian Underwriter - CU (2017-12-05)

Marijuana is trending to be an even bigger killer on the roads than alcohol, according to stats on fatal driving accidents between 2000 and 2014.


MASTERCARD UNVEILS NEW $4 BILLION SHARE-REPURCHASE PLAN

WSJ - WSJ (2017-12-05)

Mastercard’s board approved a new $4 billion share-repurchase plan and raised its quarterly dividend to 25 cents a share.


U.S. ACCUSES CHINESE BANKS, BUT TREADS LIGHTLY

WSJ - WSJ (2017-12-05)

The Trump administration is struggling with how to pressure North Korea’s top ally and patron—China—without alienating an economic powerhouse that is arguably the best hope to slow its rogue nuclear-weapons program.


HARTFORD TO SELL LIFE INSURANCE BUSINESS HIT BY FINANCIAL CRISIS

WSJ - WSJ (2017-12-05)

Hartford Financial said it would sell an annuities operation that it has been winding down since 2012 to a group of investors, helping close the door on a painful chapter in the firm’s 207-year history.


MCKINSEY EXECUTIVE BARKIN EXPECTED TO LEAD RICHMOND FED

WSJ - WSJ (2017-12-05)

The Federal Reserve Bank of Richmond is expected to pick Thomas Barkin, a senior executive at McKinsey, to serve as its next president.


TRUDEAU’S BEIJING SCRAMBLE IS CANADA’S LATEST TRADE STUMBLE

Bloomberg - Chris Fournier, Josh Wingrove (2017-12-05)

Prime Minister Justin Trudeau’s latest trip to China was preceded by a slew of signals that the countries would launch free-trade talks. Canadian lawmakers said flatly that was the goal; exploratory talks had just wrapped; Canada released a public consultation teeing things up; and Trudeau’s trade chief, Francois-Philippe Champagne, spoke about the allure of the Chinese market -- while also warning no decision had been made.


THE BILLION BARRELS THAT MAKE OR BREAK OIL MARKET

Bloomberg - Liam Denning (2017-12-05)

There are a billion barrels of oil simultaneously buoying the market and hanging over it like a giant storm-cloud.


BREXIT TALKS STALL OVER HOW TO HANDLE IRISH BORDER

CBC - CBC (2017-12-05)

Britain and the European Union were close to an agreement over their Brexit divorce on Monday, until talks fell apart over the issue of the Irish border.


TARGET LAUNCHES MOBILE WALLET

Finextra - Finextra (2017-12-05)

The firm has added a wallet feature to it Android and iOS apps. Customers with Target-branded REDcard credit and debit cards can add them to the wallet and then pay at the checkout by scanning a QR code. 


THREAT OF CANADIAN FINANCIAL CRISIS EASES (BUT DON'T TAKE THAT TO THE BANK)

G&M - Michael Babad (2017-12-04)

Canada has finally dipped below a key level on an early-warning indicator reported by the Bank for International Settlements, a body made up of the world's central banks.


POWER PUZZLE

G&M - Jacqueline Nelson, Andrew Willis (2017-12-04)

On a cold November Monday morning, two top executives from Power Corp. of Canada sat down in the Royal Bank of Canada's gold-windowed south tower in Toronto to begin a day of Bay Street's equivalent of speed dating.


NATIONAL BANK ENDS FISCAL YEAR WITH STRONG FOURTH QUARTER

National Bank - James Bradshaw (2017-12-04)

National Bank of Canada capped off a better fiscal year with strong fourth-quarter profit as the Montreal-based lender enters a new phase of an aggressive plan to redefine itself.


LIBERALS RETHINK EXPANDING HOME BUYERS' PLAN OVER FEARS IT WILL FURTHER FUEL HOT HOUSING MARKET

FP - Andy Blatchford (2017-12-04)

The federal Liberals are having second thoughts about a 2015 campaign promise out of concern that expanding the popular Home Buyers’ Plan would throw fuel on overheated housing markets.


CHINA'S US$8 TRILLION DOMESTIC EQUITY MARKET FLYING ONTO THE INVESTOR RADAR

FP - Barry Critchley (2017-12-04)

On the eve of Prime Minister Justin Trudeau’s four-day visit to China, New York-based money manager Alliance Bernstein held a series of seminars across Canada this week on investment opportunities in the world’s second-largest economy.


WATCHDOG IGNORED WARNINGS ON MORTGAGE INVESTMENTS THAT PUT SMALL INVESTORS AT RISK

FP - Matt Scuffham (2017-12-04)

In June 2014, regulators were investigating syndicated mortgages linked to Fortress Real Developments, a major force in Canada’s multibillion-dollar market for the risky investments.


METRO SELLS $1.2 BILLION OF BONDS TO FINANCE JEAN COUTU BUY

FP - Miciaj Onoszko (2017-12-04)

Canadian grocer Metro Inc. priced $1.2 billion (US$934 million) of bonds in a three-tranche sale to partly finance the $4.5 billion purchase of pharmacy chain Jean Coutu Group Inc.


TD BANK EARNINGS OUTSHONE BY SMALLER RIVAL CIBC

FP - Matt Shuffham (2017-12-04)

Toronto-Dominion Bank reported fourth-quarter results that missed expectations amid lower revenue at its investment banking business, and was outshone by smaller rival Canadian Imperial Bank of Commerce, which posted forecast-busting numbers.


HOW MUCH IS INSURANCE PAYING FOR WORLD’S COSTLIEST NATURAL DISASTERS?

Insurance Business - Bethan Moorcraft (2017-12-04)

The global (re)insurance industry remains in overdrive after a string of natural catastrophes caused significant losses in quick succession.


MCDOUGALL INSURANCE MERGES OPERATIONS WITH MINK INSURANCE SERVICES

Insurance Business - Lyle Adriano (2017-12-04)

McDougall Insurance and Financial has successfully merged with the Midland, Ontario-based Mink Insurance Services.


ANOTHER DAY, ANOTHER NOTABLE BREACH: THIS TIME IT'S A PAYPAL FIRM

Insurance Business - Terry Gangcuangco (2017-12-04)

Just three days ago we told you about a landmark case being brought against technology giant Google for its alleged unlawful ‘harvesting’ of personal information from Apple iPhone users. Now it has been revealed that personally identifiable information for approximately 1.6 million customers of TIO Networks – a payment processor acquired by PayPal barely five months ago – may have been compromised.


PROVINCE’S RIDESHARING LAW REQUIRES MINIMUM POLICY LIMIT

Canadian Underwriter - CU (2017-12-04)

Saskatchewan has introduced legislation allowing for ridesharing services to operate in the province, with an interesting insurance twist.


BANKS BUILD LINE OF DEFENSE FOR DOOMSDAY CYBERATTACK

WSJ - WSJ (2017-12-04)

U.S. banks have quietly launched a doomsday project they hope will prevent a run on the financial system should one of them suffer a debilitating cyberattack.


THE 92-YEAR-OLD WOMAN WHO IS STILL SHAKING UP WALL STREET

WSJ - WSJ (2017-12-04)

At 92, law professor Tamar Frankel is still going strong. She works five days a week, teaches two courses and is unfazed that the U.S. government plans to delay implementing key parts of the fiduciary rule that she has influenced.


CVS BIDS $69 BILLION FOR AETNA AMID HEALTH CARE CHANGES

AP - Tom Murphy, David Koenig (2017-12-04)

Drugstore operator CVS is making a $69 billion offer for insurer Aetna as it tries to position itself as a one-stop shop for Americans’ health care needs with prescription drugs, clinics and insurance plans to cover those goods and services.


SFL CENTRES TO BE REORGANIZED BY THE END OF THE YEAR

Insurance Journal - Alain Theriault (2017-12-01)

The strategy of consolidating Desjardins Group’s SFL centres in Quebec is moving ahead. Negotiations are currently being conducted across the entire distribution network in each region of Quebec.


SASKATCHEWAN PROPOSES BILL FOR RIDE-HAILING SERVICES IN THE PROVINCE

Insurance Business - Lyle Adriano (2017-12-01)

The Vehicles for Hire Act outlines several requirements that ride-hailing app drivers would have to fulfill, such as undergoing mandatory criminal record checks and obtaining a Class 4 driver’s licence. The bill also requires ride-hailing companies to prove that they have a minimum of $1 million in liability insurance, and that every vehicle used must be insured.


WHAT OSFI EXPECTS INSURERS TO KNOW ABOUT REINSURANCE

Canadian Underwriter - Jason Contant (2017-12-01)

Reinsurance is a tool used extensively by FRIs to manage insurance risks and sometimes capital. However, the use of reinsurance exposes an FRI to other risks such as counterparty credit risks and legal risks.


AUSTRALIA FINANCIAL SCANDALS FORCE INDUSTRY PROBE

WSJ - WSJ (2017-12-01)

Following a string of industry scandals, Australian Prime Minister Malcolm Turnbull said a royal commission will conduct a one-year inquiry into the nation’s banks, financial-services firms, insurers and pension funds.


HERE’S THE CREDIT CARD THAT’S GATHERING DUST IN YOUR WALLET

WSJ - WSJ (2017-12-01)

Long a staple, credit cards offered by giant retailers like Sears and Macy’s are losing out as retailers shut locations and consumers flock to shopping at online rivals like Amazon.


THE RETURN OF THE REPO: A MARKET’S POSTCRISIS COMEBACK

WSJ - Jon Sindreu (2017-12-01)

An obscure but vital corner of financial markets that was at the center of the financial crisis is making a comeback.


U.S. ARMS PULL UP PROFITS AT CIBC, TD

G&M - James Bradshaw (2017-12-01)

Rising earnings from U.S. banking operations played a major part in boosting fourth-quarter profits at two of Canada's largest banks – but investors rewarded one lender and punished the other.


NORDEA BANK’S 6,000 JOB CUTS ARE JUST THE BEGINNING, UNION SAYS

Bloomberg - Hanna Holkkala, Frances Schwartzkopff (2017-12-01)

One of Sweden’s main financial-worker unions says the job cuts announced in October by Nordea Bank AB are just the beginning of a transformation that’s about to hit the whole industry as more financial firms come to rely on digital solutions.


NATIONAL BANK BOOSTS DIVIDEND AS QUARTERLY PROFIT JUMPS

G&M - James Bradshaw (2017-12-01)

National Bank of Canada raised its dividend as it reported stronger fourth-quarter profit driven by gains in personal and commercial banking as well as wealth management.


CANADA SLIPS IN PROSPERITY RANKING AS BANK SERVICES DEEMED COSTLY, AND IT'S HARD TO GET AHEAD

G&M - Michael Babad (2017-11-30)

Canada is one of the world's most prosperous countries, but we're slipping in an annual ranking because we think we pay too much for financial services and believe hard work won't necessarily get us ahead.


TOUGHER STRESS-TESTING HITS CMHC MORTGAGE INSURANCE VOLUMES

G&M - Janet MdFarland (2017-11-30)

Canada Mortgage and Housing Corp. saw its mortgage insurance business continue to shrink in recent months as a result of tougher new qualification rules and declining home sales in the Toronto area.


CANADIANS RUSH TO GET MORTGAGES AHEAD OF TOUGHER TESTS IN NEW YEAR

FP - Matt Scuffham (2017-11-30)

Royal Bank of Canada had seen increased demand for mortgages ahead of tougher tests for borrowers being introduced in January, a top executive said after the bank reported better-than-expected quarterly earnings.


RECENTLY AMALGAMATED VERSABANK POSTS STRONG RESULTS, PLUS A DIVIDEND

FP - Barry Critchley (2017-11-30)

Royal Bank of Canada wasn’t the only chartered bank to report its fourth quarter and annual results on Wednesday.


MACQUARIE-BACKED CANADIAN WASTE MANAGEMENT FIRM GFL PLANS $1-BILLION IPO: SOURCES

FP - John Tilak and Stephen Lacey (2017-11-30)

Private equity-backed Canadian waste management company GFL Environmental Inc is seeking to raise as much as $1 billion (US$778 million) in an initial public offering that could be filed as early as the first quarter, people familiar with the situation told Reuters on Wednesday.


YELLEN SETS TABLE FOR DECEMBER RATE HIKE IN POSSIBLE FINAL SPEE

CBC - AP (2017-11-30)

Federal Reserve Chair Janet Yellen said Wednesday that the U.S. economy has gained strength this year and that will keep the Fed on track to gradually increasing its key policy rate.


ALMOST HALF OF NEW, YOUNG HOMEOWNERS HAVE DOWN PAYMENTS OF LESS THAN 20%

CBC - CBC (2017-11-30)

Almost half of new, young homeowners put down less than 20 per cent down on their homes, something that could make them vulnerable to economic shocks down the line.


U.S. ANNUITY SALES PLUNGE IN THIRD QUARTER

Insurance Journal - IIJ (2017-11-30)

Total U.S. annuity sales stood at $46.8 billion in Q3 2017. This is a decline of 13 per cent compared to the same quarter last year, according to LIMRA Secure Retirement Institute’s Third Quarter 2017 U.S. Retail Annuity Sales Survey.


RBC GROUP CHIEF RISK OFFICER RETIRES

Insurance Business - Lyle Adriano (2017-11-30)

Royal Bank of Canada (RBC) has announced that its group chief risk officer, Mark Hughes, will retire.


WHEN ARE CATASTROPHE THREATS GOING TO IMPACT PROPERTY PRICES?

Insurance Business - Ryan Smith (2017-11-30)

“What’s most intriguing is that the really big cities continue to grow and thrive in risky places, and that’s because their economic advantages outweigh the risks,” Barnes told The Financial Times.


CARBON NANOTUBES: THE NEXT ASBESTOS RISK?

Canadian Underwriter - CU (2017-11-30)

Carbon nanotubes (CNTs) could represent the next asbestos risk in the future, and CNTs should be regulated and monitored to mitigate the risks associated with their use, A.M. Best says in its Nov. 29, 2017 special report on asbestos and environmental losses.


AUSTRALIA TO INVESTIGATE FINANCIAL INDUSTRY

WSJ - WSJ (2017-11-30)

Following a string of industry scandals, Australian Prime Minister Malcolm Turnbull said a royal commission will conduct a one-year inquiry into the nation’s banks, financial-services firms, insurers and pension funds.


TRUMP TO NAME THOMAS E. WORKMAN TO FINANCIAL STABILITY OVERSIGHT COUNCIL

WSJ - WSJ (2017-11-30)

President Donald Trump plans to name a long-time New York life-insurance executive to fill a slot on the Financial Stability Oversight Council, as his administration continues to reshape regulation of financial firms.


BANK OF KOREA CALLS TIME ON RECORD LOW RATE

WSJ - WSJ (2017-11-30)

South Korea became the first major Asian economy to raise its main policy rate since the Federal Reserve started increasing U.S. rates two years ago, the latest sign of a global move away from crisis-era stimulus measures.


THE MANY REASONS TO BE CAUTIOUS ABOUT BITCOIN

FT - Jean Tirole (2017-11-30)

The current craze for cryptocurrencies seems boundless. The dollar value of bitcoin has been multiplied by 10 since the beginning of the year, and by 30,000 since January 1 2011.


ONTARIO REGULATOR IGNORED WARNINGS ON RISKY MORTGAGE INVESTMENTS

G&M - Matt Schuffham (2017-11-30)

In June 2014, regulators were investigating syndicated mortgages linked to Fortress Real Developments, a major force in Canada's multibillion-dollar market for the risky investments.


HIGHER RATES, COOLING ECONOMY MAY LEAD TO UPTICK IN CREDIT CARD DEFAULTS: TRANSUNION

G&M - Ryan Remiorz (2017-11-30)

Expectations of higher interest rates in 2018 and a slight cooling off of the Canadian economy may see more consumers defaulting on credit card loans next year, a report by TransUnion Canada says.


VISA CLAIMS UK INTERCHANGE VICTORY

Finextra - Finextra (2017-11-30)

Visa is looking to play nice with UK retailers after scoring a High Court victory in a long-running battle over interchange fees.


CANADIAN DOLLAR COULD PLUNGE TO 72.5¢ ON NAFTA 'CRASH-OUT'

G&M - Michael Babad (2017-11-29)

Analysts say the death of NAFTA would send the Canadian dollar reeling.


RBC QUARTERLY PROFIT JUMPS 12 PER CENT, BEATS EXPECTATIONS

G&M - CP (2017-11-29)

Royal Bank of Canada is reporting fourth-quarter net income of $2.84-billion, up 12 per cent from $2.54-billion a year ago.


RBC QUARTERLY PROFIT JUMPS 12 PER CENT, BEATS EXPECTATIONS

G&M - CP (2017-11-29)

Royal Bank of Canada is reporting fourth-quarter net income of $2.84-billion, up 12 per cent from $2.54-billion a year ago.


NEW MORTGAGE RULES COULD DISQUALIFY 10% OF BUYERS WITH BIG DOWN PAYMENTS: BANK OF CANADA

G&M - Barrie McKenna (2017-11-29)

New rules coming in January could disqualify up to 10 per cent of prospective home buyers who have down payments of 20 per cent or more, the Bank of Canada says.


WHY SCOTIABANK’S CEO IS BETTING ON A $2.9-BILLION CHILEAN TAKEOVER

G&M - Tim Kiladze (2017-11-29)

Brian Porter repeats something so frequently it's almost an incantation.


RISING INTEREST RATES AMID HIGH HOUSEHOLD DEBT BIGGEST RISK TO CANADIAN ECONOMY: BOC

FP - FP (2017-11-29)

Elevated housing prices and household debts remain the single-biggest vulnerability in the Canadian economy, according to the latest Bank of Canada report, despite signs that financial risks are beginning to ease. 


INERTIA IS NOT THE WAY FOR THE BANKS TO BUILD LONG TERM CUSTOMER RETENTION

FP - Barry Critchley (2017-11-29)

For instance, about 60 per cent of respondents had “complete trust” in the banks’ ability to keep their money and personal information safe, but only about 41 per cent had complete trust when it came offering sound personal and financial advice. A mere 35 per cent had complete trust when it came to being charged a fair price for products and services.


SCOTIABANK Q4 PROFIT UP, SUBMITS $2.9-BILLION OFFER FOR CHILEAN BANK

G&M - CP (2017-11-29)

The Bank of Nova Scotia is aiming to double its market share in Chile with a $2.9-billion offer to buy a majority stake in a Chilean bank, a move which comes as the Canadian lender posted a modest profit gain in its latest quarter.


REGULATION ECONOMIC RISKS MANAGEABLE IF NAFTA ENDS

Insurance Journal - IIJ (2017-11-29)

The termination of the North American Free Trade Agreement (NAFTA) would have a negative, but manageable impact on the Canadian and US economy, says a new report from BMO Economics released Nov. 27.


LLOYD'S OF LONDON UNDERWRITERS RECEIVE FINE FOR UNLICENSED PROGRAM

Insurance Business - Terry Gancuangco (2017-11-29)

A total of $1.47 million in fines – that’s what parties including Tokio Marine Kiln Syndicates Limited and Beazley Furlonge Limited have agreed to pay for their participation in the sale of insurance that the New York State Department of Financial Services (DFS) described as not having met the city’s standards.


WELLS FARGO TO DEPART INSURANCE BUSINESS

Insurance Business - Lyle Adriano (2017-11-29)

Wells Fargo has announced that it will exit the personal insurance business, following allegations of a sales scandal that has put the financial company in hot water.


CALLING ALL DATA SCIENTISTS: CANADA’S P&C INDUSTRY WANTS YOU

Canadian Underwriter - David Gambrill (2017-11-29)

“I think there’s a lot of talk in the marketplace that this talent is really needed, but finding that talent is extremely difficult,” says Antonella Leone, talent and acquisitions partner at DGA Careers. “The need is there and companies are moving faster than the actual academic institutes are producing these people.


WELLS FARGO IS DUBBED A REPEAT OFFENDER AND FACES NEW WRATH FROM ITS REGULATOR

WSJ - WSJ (2017-11-29)

A federal regulator has advised Wells Fargo’s board that it is weighing a formal enforcement action against the bank over improprieties in its auto insurance and mortgage operations.


LSE CEO STEPS DOWN AS EXCHANGE BATTLES WITH ACTIVIST INVESTOR

WSJ - WSJ (2017-11-29)

London Stock Exchange Chief Executive Xavier Rolet is leaving immediately and its chairman is stepping down in 2019, as the exchange operator moves to defuse an escalating battle over management succession with activist investor TCI Fund Management.


PREPAID HEALTH CARE IS NOT TRUE INSURANCE

WSJ - WSJ (2017-11-29)

Once the incorrect term “insurance” is dropped and we consistently use the term health “plan,” we may be able to have an honest debate.


POWELL SUGGESTS FED IS LIKELY TO RAISE RATES IN DECEMBER

WSJ - Kate Davidson (2017-11-29)

Federal Reserve governor Jerome Powell signaled Tuesday he would stick to the same monetary-policy course his predecessor charted if he is confirmed as the central bank’s next leader, likely raising short-term interest rates in December and lifting them gradually higher in the next two years.


HOW TAX BILLS WOULD REWARD COMPANIES THAT MOVED MONEY OFFSHORE

NY Times - Jesse Drucker (2017-11-29)

Over the past few decades, some of the largest companies in the United States made a big bet: By stashing hundreds of billions of dollars of profits offshore, they could slash their taxes and bolster their profits.


SEEKING STABLE INCOME, JAPAN'S NOMURA RETURNS TO PRIVATE EQUITY

Reuters - Reuters (2017-11-29)

Nomura Holdings Inc is returning to private equity - a move that comes as it seeks more stable income through consulting services and as Japanese firms increasingly look to divest non-core businesses as part of restructuring plans.


GOLDMAN SACHS AMONG BIDDERS FOR SCOTIABANK'S METALS UNIT: SOURCES

Reuters - Peter Hobson (2017-11-29)

Goldman Sachs Group (GS.N) is among around five bidders for ScotiaMocatta, the metals trading arm of Canada’s Bank of Nova Scotia (BNS.TO), for which it is seeking up to $1 billion, sources with knowledge of the matter told Reuters.


BLACKROCK TO BUY ASSET MANAGEMENT UNIT OF MEXICO'S CITIBANAMEX

Reuters - Jennifer Ablan (2017-11-29)

BlackRock Inc (BLK.N) on Tuesday said it had agreed to buy the asset management business of Mexico’s Citibanamex, a subsidiary of Citigroup Inc (C.N), in a sign of the growth potential the world’s largest asset management sees in the country.


VERSABANK REPORTS FOURTH QUARTER 2017 RESULTS WITH A 46% INCREASE IN CORE CASH EARNINGS OVER THE SAME QUARTER LAST YEAR

Business Wire - Business Wire (2017-11-29)

VersaBank, (“VB” or the “Bank”), (TSX:VB), today reported net income of $2.8 million for the quarter, up 49% over the same period last year. The Bank’s core cash earnings was $4.7 million for the quarter, up 46% over the same quarter last year.


BOOMERS’ GOLDEN YEARS ARE LIKELY TO LOSE THEIR LUSTRE

G&M - Linda Nazareth (2017-11-29)

Economist and author Linda Nazareth is the Senior Fellow for Economics and Population Change at the Macdonald-Laurier Institute. Her fourth book, Work Is Not a Place: Reimagining Our Lives and Our Organizations in the Post-Jobs Economy, will be published in 2018.


CANADIAN REAL ESTATE IS PRICEY, HERE’S HOW MUCH YOU HAVE TO EARN TO BUY A HOME

Better Dwelling - Kaitlin Last (2017-11-29)

Vancouver and Toronto real estate is well out of the reach of many, but is that the case around the country? Numbers from the Canadian Real Estate Association(CREA) show a huge variance on the cost of a typical home across Canada. We wanted to see what this variance means for incomes. So we crunched some numbers, like we always do. Here’s how much you need to earn in order to carry a mortgage in Canada’s largest cities.


CHANGES TO GUIDELINE A – CAPITAL ADEQUACY REQUIREMENTS (CAR)

OSFI - OSFI (2017-11-29)

OSFI is releasing the final version of the CAR Guideline for implementation in Q1 2018Footnote1. The revisions relate primarily to the capital treatment of allowances as a result of the adoption of IFRS 9 by deposit-taking institutions in 2018. The final changes to CAR to implement the regulatory capital adjustments for holdings of instruments (other than regulatory capital instruments) issued by G-SIBs and Canadian D-SIBs, to meet their Total Loss Absorbing Capacity (TLAC) requirements, will be issued at a later date.


THE NORDIC FINANCIAL ECOSYSTEM

Finextra - Finextra Video (2017-11-29)

Matthew Argent, Founder & CEO, Stockholm Fintech, talks at NextGen Banking Nordics about the genesis of the fintech hub in the Nordics, expansion of business to Helsinki and Oslo, and what is so special about the Nordic financial ecosystem.


$11,000: BONKERS BITCOIN BUBBLE KEEPS INFLATING

Finextra - Finextra (2017-11-29)

As widely predicted, having hit the $9000 mark over the weekend, by 01.45 GMT bitcoin broke the psychological $10,000 point.


GOLDMAN WARNS THAT STOCKS ARE AT THEIR HIGHEST VALUATIONS SINCE 1900 — AND THAT MEANS PAIN IS COMING

FP - Christopher Anstey (2017-11-29)

A prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs Group Inc.


OSC REPORT FINDS MANY MILLENNIALS ARE SAVING BUT NOT INVESTING

Insurance Journal - IIJ (2017-11-28)

Research released Nov. 27 by the Ontario Securities Commission (OSC) found that while four in five Ontario millennials (age 18-36) are saving, only half are investing.


OSC REPORT FINDS MANY MILLENNIALS ARE SAVING BUT NOT INVESTING

Insurance Journal - IIJ (2017-11-28)

Research released Nov. 27 by the Ontario Securities Commission (OSC) found that while four in five Ontario millennials (age 18-36) are saving, only half are investing.


MANULIFE AFFIRMS ITS COMMITMENT TO MONTREAL WITH NEW DOWNTOWN OFFICE

Insurance Business - Lyle Adriano (2017-11-28)

Manulife is touting its new downtown Montreal office as a sign that it is committed to both the city and the province.


AVIVA FRAUD REPORT 2017: “CRASH, CASH AND BACKLASH”

Insurance Business - Aviva (2017-11-28)

Canadians from coast to coast are deeply concerned about the amount of money that cheaters are draining out of the auto insurance system. They want to fight fraud to lower the premiums paid by honest drivers, a new report finds. “Crash, Cash and Backlash: Aviva Fraud Report 2017” was issued today by Aviva Canada as the first in a series of annual reports on insurance fraud, an issue that plagues honest Canadians everywhere. While


CHUBB REVEALS DEAL WITH CHINESE PARTNER

Insurance Business - Gabriel Olano (2017-11-28)

International re/insurer Chubb has signed a strategic cooperation agreement with PICC Property & Casualty Company in support of the Chinese government’s economic initiatives.


MPP SEEKS “ACCIDENT FORGIVENESS” FOR PUBLIC EMERGENCY CLAIMS

Canadian Underwriter - Greg Mackbach (2017-11-28)

With Bill 179, politicians are looking for a type of “accident forgiveness” for a homeowner, Pete Karageorgos IBC’sdirector of consumer and industry relations for Ontario, said in an interview Monday


WHAT’S KEEPING RISK MANAGERS UP AT NIGHT?

Canadian Underwriter - Jason Contant (2017-11-28)

Darius Delon, a consultant and president of Risk Management 101, told Canadian Underwriter Monday what he sees as the top concerns for risk managers. 


FLOOD INSURANCE COMPARISON US VERSUS CANADA

BankNews.TV - Mark Sibthorpe (2017-11-28)

A comparison between the US overland flood structure between Canada and the US; regulators, government and private insurance are examined in this 4 minute video.


WHAT’S THE HOURLY WAGE OF AN INSURANCE PROFESSIONAL?

Canadian Underwriter - David Gambrill (2017-11-28)

Ontario’s recent minimum wage hike up to $15 per hour ruffled a few feathers within the business community, but the new legislation didn’t raise much of a fuss within the property and casualty (P&C) insurance sector.


POWELL TO FACE QUESTIONS ON DIRECTION OF FED POLICY AT SENATE HEARING

WSJ - Kate Davidson (2017-11-28)

The Senate Banking Committee is to hold a hearing Tuesday on the nomination of Federal Reserve governor Jerome Powell to be the next leader of the U.S. central bank. 


JUDGE BLOCKS PENNSYLVANIA’S DEMAND FOR $200 MILLION FROM INSURER

WSJ - WSJ (2017-11-28)

Lawmakers had sought the cash from the state-created medical malpractice insurer of last resort and threatened to shut the association down if it failed to comply by Dec. 1.


AFTER WILDFIRES, NORTHERN CALIFORNIA FACES A LONG ROAD TO REBUILDING

WSJ - WSJ (2017-11-28)

The aftermath of the Northern California wildfires is laying bare the state’s multilayered housing crisis, as thousands who lost their homes navigate the complexities of rebuilding in one of the nation’s most expensive housing markets.


DISCREET TECHNOCRAT TIPPED TO BE MEXICO’S RULING PARTY PRESIDENTIAL CANDIDATE

WSJ - Juan Montes (2017-11-28)

José Antonio Meade resigned as Mexico’s finance minister on Monday and said he hoped to become the candidate of the ruling Institutional Revolutionary Party in next year’s presidential election, a nomination he is expected to capture with the support of President Enrique Peña Nieto.


CASTING WALL STREET AS VICTIM, TRUMP LEADS DEREGULATORY CHARGE

NY Times - Matthew Goldstein (2017-11-28)

A decade after the financial crisis, bank regulators are starting to ease up and lawmakers are considering paring back on restrictions.


SOFTBANK OFFERS TO BUY UBER AT 30 PERCENT DISCOUNT

NY Times - NY Times (2017-11-28)

Japan's SoftBank Group is offering to purchase shares of Uber at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion.


BOE'S CARNEY 'MYSTIFIED' BY CEO SPAT AT LONDON STOCK EXCHANGE

Reuters - Reuters (2017-11-28)

Bank of England Governor Mark Carney said he was “mystified” by the row over the departure of London Stock Exchange Chief Executive Xavier Rolet given that a succession plan had been decided.


ENDING NAFTA WOULD HURT GROWTH, COMPETITIVENESS OF UNITED STATES, CANADA: REPORT

Reuters - Nick Carey (2017-11-28)

Douglas Porter, chief economist of BMO Financial Group and one of the report’s authors, said that while the three North American economies would adjust to a new reality, a shift in low-wage work to Mexico enabled by NAFTA had made them collectively more competitive on the global stage.


SCOTIABANK BIDS $2.9-BILLION TO BUY BBVA’S CHILEAN BANKING INTEREST

G&M - CP (2017-11-28)

Scotiabank says it has submitted an offer to buy a majority stake in a Chilean bank for $2.9-billion.


SCOTIABANK BIDS $2.9-BILLION TO BUY BBVA’S CHILEAN BANKING INTEREST

G&M - CP (2017-11-28)

Scotiabank says it has submitted an offer to buy a majority stake in a Chilean bank for $2.9-billion.


THE PROMISE OF OPEN BANKING

Finextra - Finextra (2017-11-28)

Gunnar Berger, Head of Open Banking, Nordea, talks at NextGen Banking Nordics about whether we will notice any difference in January 2018 around PSD2, what success in open banking will look like for banks, and how can they measure it, and whether customers will really benefit from open banking.


THE PROMISE OF OPEN BANKING

Finextra - Finextra (2017-11-28)

Gunnar Berger, Head of Open Banking, Nordea, talks at NextGen Banking Nordics about whether we will notice any difference in January 2018 around PSD2, what success in open banking will look like for banks, and how can they measure it, and whether customers will really benefit from open banking.


HOME CAPITAL SAYS WEST FACE IS CLAIMING $70 MILLION IN DAMAGES, ALLEGING MISREPRESENTATION

FP - Reuters (2017-11-28)

Canadian mortgage lender Home Capital Group Inc said on Tuesday that West Face Long Term Opportunities Global Master LP had sent it a draft statement alleging misrepresentation and claiming $70 million in damages.


News feed

U.K. INFLATION HITS HIGHEST IN NEARLY SIX YEARS, PEAK SEEN SOON

G&M - William Schomberg (2017-12-12)

British inflation unexpectedly rose to its highest level in nearly six years in November, tightening the post-Brexit vote squeeze on households whose spending is the main driver of the country's economy.


UNDS MANAGING $26TN PRESS GROUPS ON ENVIRONMENT

FT - Ed Crooks (2017-12-12)

Investors with more than $26tn under management have pledged to push 100 of the highest-emitting companies worldwide to do more to tackle the threat of climate change.


BITCOIN MINER NICEHASH REVEALS $60M HACK AS PRICE ROCKETS PAST $16,000 US

CBC - AP (2017-12-08)

The Slovenian-based bitcoin miner NiceHash says it is investigating a security breach and the possible theft of tens of millions of dollars' worth of bitcoins, as meanwhile the value of the virtual currency has soared to a new record high.


GLOBAL BANK BATTLE OVER BASEL III FINALLY CONCLUDES

WSJ - WSJ (2017-12-08)

Global finance officials on Thursday agreed on long-awaited banking rules that reach a compromise between opposing European and U.S. views about how to measure the riskiness of lenders.


ACTUALLY, HERE’S WHY STOCKS CAN KEEP GOING UP

WSJ - WSJ (2017-12-08)

The environment still looks more friendly for stocks than bonds. Global growth is broad and momentum appears good. Earnings have recovered and are forecast to rise further around the world in 2018.


THE BILLION BARRELS THAT MAKE OR BREAK OIL MARKET

Bloomberg - Liam Denning (2017-12-05)

There are a billion barrels of oil simultaneously buoying the market and hanging over it like a giant storm-cloud.


HOW MUCH IS INSURANCE PAYING FOR WORLD’S COSTLIEST NATURAL DISASTERS?

Insurance Business - Bethan Moorcraft (2017-12-04)

The global (re)insurance industry remains in overdrive after a string of natural catastrophes caused significant losses in quick succession.


THE MANY REASONS TO BE CAUTIOUS ABOUT BITCOIN

FT - Jean Tirole (2017-11-30)

The current craze for cryptocurrencies seems boundless. The dollar value of bitcoin has been multiplied by 10 since the beginning of the year, and by 30,000 since January 1 2011.


$11,000: BONKERS BITCOIN BUBBLE KEEPS INFLATING

Finextra - Finextra (2017-11-29)

As widely predicted, having hit the $9000 mark over the weekend, by 01.45 GMT bitcoin broke the psychological $10,000 point.


GOLDMAN WARNS THAT STOCKS ARE AT THEIR HIGHEST VALUATIONS SINCE 1900 — AND THAT MEANS PAIN IS COMING

FP - Christopher Anstey (2017-11-29)

A prolonged bull market across stocks, bonds and credit has left a measure of average valuation at the highest since 1900, a condition that at some point is going to translate into pain for investors, according to Goldman Sachs Group Inc.


FSIM Briefings and Developments reports


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

Select Category Enter a Search Term Select Date  

BRACE YOURSELVES, INVESTORS: WE'RE ABOUT TO EXPERIENCE THE STEEPEST RATE HIKES SINCE 2006

Wall Street economists are telling investors to brace for the biggest tightening of monetary policy in more than a decade.


UNDS MANAGING $26TN PRESS GROUPS ON ENVIRONMENT

Investors with more than $26tn under management have pledged to push 100 of the highest-emitting companies worldwide to do more to tackle the threat of climate change.
About 225 institutions, led by funds including HSBC Global Asset Management and Calpers, the California state employees’ pension system, have joined the Climate Action 100+ initiative, intended to co-ordinate pressure on companies to cut greenhouse gas emissions, and improve disclosure and oversight of climate-related risks. The companies being targeted include fossil fuel producers such as ExxonMobil, Royal Dutch Shell and Coal India, but also groups linked to greenhouse gas emissions when their products are made or used, including Toyota, United Technologies and Korea Electric Power. Together, the 100 companies are linked to about two-thirds of all emissions from industry worldwide, according to CDP, the charity that runs a system for businesses to report their environmental impacts. The funds involved, which also include Pimco, Amundi and Legal & General Asset Management, control significant proportions of the shares in the 100 high-emitting companies. At Exxon, they are likely to control about 25 per cent of the shares, according to Anne Simpson, investment director for sustainability at Calpers. The initiative is expected to bring in more large investors over the coming months.


ING LAUNCHES AI BOND TRADING TOOL KATANA

Technology will help Dutch bank’s traders to gather better prices faster



Analytics

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

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

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