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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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About BankNews TV: financial services industry monitor (FSIM), analytics and research

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.

Analytical information and financial information related to technogies that can change your business.

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Research

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

ALARMED BY RISING HOME PRICES, TORONTO RESIDENTS PUSH FOR SPECULATION TAX

G&M - Shane Dingman (2018-08-17)

Earlier this year in a “blink and you might miss it” moment, a plywood billboard was erected in Toronto’s Trinity Bellwoods park inscribed with two bold proclamations: “Gentrification Tax” was the opening shot, and “The real estate market is destroying this city” was the chaser.


WEALTHSIMPLE TO LAUNCH ZERO-COMMISSION STOCK-TRADING SERVICE — A FIRST IN CANADA

FP - CP (2018-08-17)

People will be able buy, sell and track stocks and exchange-traded funds through an app, which is currently in a private beta testing phase, with no account minimum or fees.


DRUG USE DRIVING CLAIMS GROWTH, SAYS STUDY

IIJ - Andrea Lubeck (2018-08-17)

Escalating drug use has fuelled 75 per cent of the claims growth within private drug insurance plans, a study by Innovative Medicines Canada concludes. The report finds that higher drug costs account for only 25 per cent of this increase.


IBC BACKS INSURANCE RECOMMENDATIONS OF SHARING ECONOMY GROUP

Insurance Business - Paolo Taruc (2018-08-17)

The Insurance Bureau of Canada says it welcomes the recommendations of the Québec government-initiated working group on the sharing economy (Groupe de travail sur l’économie collaborative).


BATTLING WITH CYBER CRIMINALS AS THEY BECOME EVEN MORE DANGEROUS

Insurance Business - Alicja Grzadkowska (2018-08-17)

The playing field between skilled nation-state cyber adversaries and their less experienced criminal counterparts is being levelled, according to the 2018 Global Threat Report from cybersecurity technology company CrowdStrike, in part because of the trickle-down effect that occurs when governments fund the development of sophisticated tech and over time, those tools make their way to the private sector, sometimes falling into the wrong hands.


SANTANDER USA RELEASED FROM 2015 FED ENFORCEMENT ACTION

WSJ - Lolita Clozel (2018-08-17)

The Federal Reserve on Thursday released Santander Holdings USA lnc. from oversight restrictions imposed in 2015, when the bank was sharply rebuked for failing to meet regulatory standards across several of its business operations.


SAUDI ARABIA’S PROBLEM ISN’T THE CANADA FIGHT, IT’S CAPITAL FLIGHT

Bloomberg - Karen E. Young (2018-08-17)

As Saudi Arabia raises the stakes in its dispute with Canada, the economic fallout could worsen an already serious issue for the kingdom: capital flight. Trade between the two countries is small, valued at roughly $4 billion, but the diplomatic dust-up has heightened the sense of risk in the Saudi investment climate, and is certain to scare even more capital away.


GOLDMAN SHAREHOLDERS CAN AGAIN PURSUE CLASS ACTION OVER CDOS

Bloomberg - Jonathan Stempel (2018-08-17)

A federal judge on Tuesday said Goldman Sachs Group Inc (GS.N) shareholders may again pursue class-action claims that the bank concealed conflicts of interest when creating risky subprime securities before the 2008 financial crisis.


TORONTO REAL ESTATE SALES LEAD CANADA FOR GROWTH, BC LEADS THE DECLINES

Better Dwelling - Daniel Wong (2018-08-17)

Real estate sales continue to fall across Canada. CREA reported 38,612 in July when seasonally adjusted, a 4.22% decline from last year. Unadjust, a.k.a. actual sales came in at 41,872 sales, down 1.71% from last year. Both numbers make this the worst July for real estate sales since 2012.


NEW ZEALAND BANS MOST FOREIGNERS FROM BUYING HOMES

G&M - Nick Perry (2018-08-16)

New Zealand has banned most foreigners from buying homes as it tries to tackle runaway housing prices.


RISING INTEREST RATES CREATING HEADWINDS FOR HOME CAPITAL GROUP

G&M - James Bradshaw (2018-08-16)

Home Capital Group Inc. is feeling the sting as rising interest rates make it more expensive to raise term deposits, putting pressure on a key source of funding as the alternative mortgage lender continues to recover from a liquidity crisis last year.


BANK OF MONTREAL LAUNCHES BLOCKCHAIN-BASED PILOT FOR FIXED-INCOME TRANSACTIONS

FP - CP (2018-08-16)

BMO Capital Markets says the fixed-income issuance transaction included the bank as the issuer and the Ontario Teachers’ Pension Plan as the buyer of $250 million of one-year floating rate deposit notes.


BANKS IN BETTER SHAPE TO ABSORB LOSSES FROM POSSIBLE HOUSING CRISIS: MOODY'S

FP - Barbara Schecter (2018-08-16)

banks — particularly in hot regions around Vancouver and Toronto — have boosted potential losses in the event of a U.S.-style housing crisis, according to the latest stress test by Moody’s Investors Service.


AVERAGE FAMILY PAID $37,058 IN TAXES LAST YEAR, SAYS FRASER INSTITUTE

Insurance Journal - IIJ (2018-08-16)

The study found that last year the average Canadian household paid $37,058 in taxes and $30,597 on housing, food and clothing combined.


CANADIAN INSURTECHS COMPETE FOR TOP SPOT IN GLOBAL INNOVATION COMPETITION

Insurance Business - Alicja Grzadkowska (2018-08-16)

The stage is set for a major insurtech competition as ACORD, the global standards-setting body for the insurance industry, has officially selected six finalists who will be fighting for the top of the podium during ACORD’s 2018 InsurTech Innovation Challenge (AIIC) at ACORD Connect in New Orleans this October.


HUB INTRODUCES NEW CANNABIS INSURANCE AND RISK SERVICES FOR CANADA

Canadian Underwriter - Jason Contant (2018-08-16)

The offering, under Hub’s agribusiness and farm specialty practice, is also available in the United States. It provides medical and recreational cannabis producers, distributors and retailers with protection and specialized solutions to reduce risks in all aspects of their business.


CANADA’S FOURTH-LARGEST LIABILITY INSURER IS LOOKING FOR FIRMS TO BUY

Canadian Underwriter - Greg Mechbach (2018-08-16)

AIG Insurance Company of Canada ranked fourth in the liability insurance market in Canada in 2017 behind Lloyd’s, Intact and Aviva, according to the Canadian Underwriter 2018 Stats Guide. AIG Canada ranked 19th in the Canadian property and casualty market, with only seven non-Canadian insurers ahead of AIG (Aviva, RSA, Travelers, Allstate, Chubb, Zurich and the Lloyd’s mark


NEW RULES LOOK TO MAKE INSURANCE CONTRACTS MORE TRANSPARENT FOR INVESTORS

WSJ - Michael Rapoport (2018-08-16)

Investors should see clearer and more up-to-date numbers about the financial health of U.S. life insurers under a long-planned set of changes to insurance accounting unveiled Wednesday, rule makers say.


GERMAN OPEN-BANKING START-UP RAISES $100M

FT - Olaf Storbeck (2018-08-16)

Deposit Solutions, a Hamburg-based open-banking start-up founded in 2011, has raised $100m in a financing round that values the company at more than $500m, highlighting investor confidence in Germany’s flourishing fintech scene.


DOJ HIGHLIGHTS EXTENT OF WRONGDOING AT RBS

FT - Nicholas Megaw (2018-08-16)

When Royal Bank of Scotland was preparing to sell a package of US subprime mortgages in October 2007, staff were keen to reassure investors about the quality of the loans and the thoroughness of its due diligence. Inside the bank, however, people were worried. Underwriting standards, the US chief credit officer said, were “like quasi organised crime” and the loans were “total f***ing garbage”.


BEING IN DEBT SIMILAR TO A TOXIC RELATIONSHIP, SAYS NEW SURVEY

Insurance Journal - IIJ (2018-08-15)

A new national survey from Credit Canada has found that 47 per cent of Canadians with debt believe it has a negative impact on their lives, creating negative thoughts and actions similar to being in a toxic personal relationship.


MFDA BANS AND FINES HAROLD BACKER $2.7 MILLION

Insurance Journal - IIJ (2018-08-15)

An MFDA disciplinary hearing held on August 8 and 9, 2018 in Vancouver made the findings of misconduct against Backer including “between May 15, 2002 and November 17, 2015, he failed to repay or otherwise account for approximately $719,853.78 that he solicited from at least six clients and one individual to invest in a fictitious mutual fund.


DESJARDINS REPORTS EARNINGS RESULTS

Insurance Business - Paolo Taruc (2018-08-15)

Financial cooperative Desjardin posted surplus earnings of $677 million during the second quarter this year, as it realized gains from the creation of wealth management firm Aviso Wealth.


GOOGLE PARENT PUMPS $490 MILLION INTO INSURANCE START-UP

Insurance Business - Paolo Taruc (2018-08-15)

Health insurance start-up Oscar Health is getting a fresh round of funding from Google’s parent firm Alphabet. The conglomerate announced Tuesday it is investing a whopping $375 million (around CA$490 million) into the insurer following an initial $165 million (around CA$215 million) investment earlier this year.


INSURER’S QUOTE ON A HOME REBUILD LEADS TO LAWSUIT BETWEEN HOMEOWNER AND CONTRACTOR

Canadian Underwriter - Greg Mechbach (2018-08-15)

Aylward had hired a lawyer in 2013 to help her with the contract with the builder and also with her letter to TD Insurance advising her of her intent to hire builders. Several problems arose. First, TD would only reimburse her $657,209, which was about $44,000 less than the $701,730 quoted by the contractor. This was based on TD’s conclusion that a separate quote obtained from TD was the “most competitive” quote to rebuild Aylward’s home.


ONTARIO TO SELL POT ONLINE IN FALL, IN PRIVATE RETAIL STORES BY APRIL 2019

Canadian Underwriter - Shawn Jeffords (2018-08-15)

Recreational cannabis will be sold online in Ontario when legalized this fall and in private retail stores across the province early next year, the government announced Monday, reversing the previous administration’s plan to distribute cannabis through publicly owned outlets.


UK BANKS TO PUBLISH FINANCIAL COMPARISON DATA IN BID TO DRIVE UP SERVICE STANDARDS

Finextra - Finextra (2018-08-15)

The rules, set for introduction in November, have been introduced following an investigation by the Competition and Markets Authority into the UK's retail banking sector with the aim of helping to encourage customers to shop around and to drive up service standards across the board.


HOW INDIVIDUAL INSURERS HAVE RESPONDED TO CHALLENGES IN ONTARIO AUTO

Canadian Underwriter - Greg Mechbach (2018-08-15)

For its part, Gore Mutual is “not necessarily planning to decrease” its exposure to Ontario auto, wrote Paul Jackson, chief marketing and distribution officer for Cambridge, Ont.-based Gore Mutual, on Monday in an email.


WAITING TO SEE IF DECLINES IN REAL ESTATE SALES TRANSLATE INTO FALLING PRICES: DON PITTIS

CBC - Don Pittis (2018-08-15)

But now, after a decade of laughing in the face of repeated false warnings that a housing slump was imminent, most Canadians affected by real estate — in other words, just about all of us — have suddenly become a little more wary.


ROYAL BANK OF SCOTLAND PAYS $4.9-BILLION TO SETTLE U.S. CLAIMS OF CRISIS-ERA MISCONDUCT

G&M - Pete Schroeder (2018-08-15)

Royal Bank of Scotland will pay $4.9 billion to settle U.S. claims that it misled investors on residential mortgage-backed securities between 2005 and 2008, the U.S. Justice Department said on Tuesday.


ELON MUSK TWEETS ANOTHER SURPRISE, SAYING GOLDMAN AND SILVER LAKE ARE TESLA ADVISERS

WSJ - Liz Hoffman,Tim Higgins (2018-08-15)

Elon Musk again caught the financial world by surprise with an announcement on Twitter about his desire to take Tesla Inc. private, this time revealing a list of advisers before arrangements with all of them were completed.


SINKING TURKISH LIRA, INDIAN RUPEE FUEL FEARS OF CONTAGION

WSJ - Mike Bird (2018-08-15)

Sharp declines in the Turkish lira, Indian rupee and other currencies have raised the prospect of a self-reinforcing flight from riskier emerging markets.


CANADA’S BIG BANKS BETTER PREPARED TO WEATHER HOUSING SHOCK: MOODY’S

G&M - James Bradshaw (2018-08-15)

Canada’s largest banks are better prepared to weather a homegrown housing crisis than they were two years ago, even though total losses from soured mortgages would be larger, according to a new report.


CANADA’S HOUSING MARKET SCORES FIRST ANNUAL PRICE GAIN IN MONTHS

G&M - Michael Babad (2018-08-15)

Canada’s housing market is suddenly enjoying some stability.


CONSTELLATION BRANDS PUMPS $5-BILLION MORE INTO CANOPY TO FUEL GLOBAL GROWTH

G&M - Jeffrey Jones (2018-08-15)

Constellation Brands Inc., marketer of Corona beer and Kim Crawford wines, is pumping $5-billion into Canopy Growth Corp. to accelerate the Canadian cannabis company’s international expansion plans.


HOME CAPITAL PROFIT FALLS SHORT OF EXPECTATIONS

G&M - CP (2018-08-14)

Home Capital Group Inc. says it earned nearly $30 million in its most recent quarter, but fell just short of analyst estimates.


WARNING SIGNS GLOBAL ECONOMIC CHAOS COULD SPREAD TO CANADA: DON PITTIS

CBC - Don Pittis (2018-08-14)

Canada's latest job creation numbers out at the end of last week were astounding. The most recent figures for the country's economic growth, at an annual rate of 2.6 per cent, were better than almost anyone expected.


TURKISH LIRA LOSES ANOTHER 7% AS ECONOMIC CRISIS DEEPENS

CBC - CBC (2018-08-14)

The currency hit a record low of 7.23 per dollar late Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States, a NATO ally.


ECONOMISTS UP THEIR GAME AS BANK OF CANADA STOPS FORESHADOWING INTEREST-RATE DECISIONS

FP - Kevin Carmichael (2018-08-14)

There’s the yield curve, which shows short-term yields are about the same as longer-term ones, a relationship that tends to signal a recession. There’s Donald Trump. There’s a diplomatic spat between Canada and Saudi Arabia, which reportedly prompted the kingdom to sell off its maple-flavoured assets this week.


LCBO CHAIR ED CLARK TO STEP DOWN AT END OF AUGUST: ONTARIO GOVERNMENT

FP - CP (2018-08-14)

Ontario’s Progressive Conservative government says the chair of the Liquor Control Board of Ontario will step down at the end of the month after less than a year in the job.


LUSSIER DALE PARIZEAU ACQUIRES TRINOME CONSEILS

Insurance Journal - Hubert Roy (2018-08-14)

With this acquisition, Lussier Dale Parizeau’s volume has increased to $115 million in financial services. When including property and casualty insurance, the firm has $440 million in premiums. Following this acquisition, the firm will have close to 800 employees, including 540 certified representatives, working in 28 branches.


WHO SHOULD PROVIDE INDEMNITY FOR CONNECTED MEDICAL DEVICES?

Insurance Business - Bethan Moorcraft (2018-08-14)

Healthcare organizations are extremely vulnerable to cyber threats because of the valuable nature of the data they collect. Cyber criminals can generate more profit selling static healthcare information on the dark web that they can selling payment card information because the window of opportunity (before fraud is flagged and details are changed) is often much greater.  


CATASTROPHE MODELLING GETS GRANULAR TO HELP REINSURERS PINPOINT RISKS

Insurance Business - Alicja Grzadkowska (2018-08-14)

Over $90 million in storm damage in western provinces, more than 200 weather-related claims for one insurer after a series of tornadoes, a bill of $20 million for a public insurerbecause of a hailstorm – the list of costs tied to natural catastrophes in Canada keeps growing as storms, fires, and flooding wreak havoc from coast to coast.


CITIGROUP SHUFFLES CONSUMER LEADERSHIP

WSJ - Micah Maidenberg (2018-08-14)

Citigroup Inc. is making changes to its consumer-banking leadership, in a bid to deliver a more seamless approach to customers.


BANKS AND RETAILERS ARE TRACKING HOW YOU TYPE, SWIPE AND TAP

NY Times - Stacey Cowley (2018-08-14)

The way you press, scroll and type on a phone screen or keyboard can be as unique as your fingerprints or facial features. To fight fraud, a growing number of banks and merchants are tracking visitors’ physical movements as they use websites and apps.


TURKEY’S CHAOS COULD BE YOUR PROBLEM

NY Times - NY Times (2018-08-14)

The Turkish lira keeps sliding, and that could hurt all of us. U.S. stock futures were down this morning after declines in European and Asian markets. Perhaps even more worrying: Beijing weakened the renminbi against the dollar, a sign that other emerging markets’ currencies could be suffering.


BARCLAYS SHIFTING OWNERSHIP OF EUROPEAN BRANCHES TO IRISH UNIT AHEAD OF BREXIT: SOURCES

Reuters - Lawrence White (2018-08-14)

The move shows Barclays putting its Brexit contingency plans into action, in common with other banks which are not waiting for the outcome of negotiations over how financial services will operate after Britain leaves the EU in March.


CANADA’S BIGGEST BUILDER FACES ‘NEW LEVEL OF RISK’ IN SAUDI FEUD

Bloomberg - Frederic Tomesco (2018-08-14)

SNC is getting caught in the crossfire after the kingdom froze diplomatic ties and new business deals with Canada last week, following a call by Canadian Foreign Minister Chrystia Freeland for Saudi human rights activists to be released from prison. The flare-up spooked investors in Canada’s biggest construction company, which gets about 11 percent of sales in Saudi Arabia.


APPLE PAY GROWTH SET TO FUEL SMARTPHONE SALES

Finextra - Finextra (2018-08-14)

As the only digital wallet capable of supporting mobile, desktop, in-app, P2P, and POS transactions, Apple Pay is soaring ahead of its competitors in converting users to the mobile payment concept, believes Loup.


MARIJUANA STOCKS PLUMMET IN WAKE OF ONTARIO’S PRIVATE-SECTOR SALES DELAY

G&M - David Ebner (2018-08-14)

Shares of Canada’s cannabis companies fell sharply on Tuesday as investors reacted to news that Ontario will initially limit sales of the drug when it becomes legal on Oct. 17.


CALLIDUS CAPITAL’S NEWTON GLASSMAN TAKES MEDICAL LEAVE FROM CEO POST

G&M - Jeffrey Jones (2018-08-14)

Callidus Capital Corp. shares tumbled 15 per cent to a new low after the lending company said chief executive officer Newton Glassman is stepping aside to take a medical leave.


SCOTIABANK ACQUIRES BANCO DOMINICANO DEL PROGRESO IN THE DOMINICAN REPUBLIC

G&M - CP (2018-08-14)

Scotiabank says it has reached a deal to acquire Banco Dominicano del Progreso, a bank with operations in the Dominican Republic.


CANADIAN AUTHORITIES, BANKS ARE SCOURING OUR FINANCIAL TRANSACTIONS BY THE MILLIONS

G&M - Michael Babad (2018-08-13)

Canadian government and bank officials are snooping on a grand scale, scouring our financial transactions by the millions.


TD BANK VOICES CAUTION ABOUT AEROPLAN AFTER FAILED TAKEOVER BID

G&M - Tim Kiladze (2018-08-13)

Aeroplan credit-card customers are finding themselves caught in the middle of a corporate spat, with Toronto-Dominion Bank sending mixed messages to its clients about Aimia Inc., the company that runs the airline-loyalty program.


BANKS’ POST-BREXIT ‘FRAGMENTATION’ PLANS HOLD RISKS AND COSTS

G&M - SINEAD CRUISE AND PAMELA BARBAGLIA (2018-08-13)

Banks that move some of their business and staff out of London to cities scattered across Europe after Brexit could be taking on extra risks and costs without being sure of boosting revenues.


U.S. INFLATION PRESSURES MODESTLY RISE IN JULY; FED ON TRACK TO RAISE RATES

G&M - Lindsay Dunsmuir (2018-08-13)

U.S. consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures that keeps the U.S. Federal Reserve on track to gradually raise interest rates.


CPPIB HEAD SAYS U.S. INFLATION A POTENTIAL RISK, BUT THREAT OF OVERHEATED ECONOMY ANYTHING BUT IMMINENT

FP - Jesse Snyder (2018-08-13)

“The U.S. has been well supported by economic growth,” Machin said. “It has driven earnings growth. The fundamentals in the U.S. are still incredibly strong, and the question now is: how long can that go on?”


RISE PEOPLE AND COWAN INSURANCE GROUP ANNOUNCE PARTNERSHIP

Insurance Journal - IIJ (2018-08-13)

Rise People, a digital HR and payroll software platform, announced Aug. 9 a strategic partnership with Cowan Insurance Group aimed at delivering “a first-of-its-kind integrated human resources and insurance solution” for Canadian businesses.


FPSC PROPOSES TO INTRODUCE DUTY OF LOYALTY IN CODE OF ETHICS

Insurance Journal - IIJ (2018-08-13)

The Financial Planning Standards Council’s Standards Panel proposed on Aug 9 various amendments to the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning. Included among these proposals is the introduction of a “Duty of Loyalty” in the Code of Ethics to replace the existing “Client First” principle.


PROFITABILITY OF INSURANCE INDUSTRY UNDER SPOTLIGHT IN NEW REPORT

Insurance Business - Alicja Grzadkowska (2018-08-13)

The report card for the world insurance market is in, revealing a stable industry that nonetheless has room for improvement after a catastrophe-filled year. Swiss Re’s“World Insurance in 2017” report has found that the profitability of the industry’s life and non-life sectors remained under pressure, but premium growth is expected to improve in the coming years.


AUTOCANADA REPORTS SECOND QUARTER NET LOSS

Insurance Business - Paolo Taruc (2018-08-13)

Revenue was $880.6 million, down 1.6% compared with the second quarter of 2017. Finance and insurance generated $38.4 million revenue, a decrease of 2.4% from the same period in 2017. This accounted for 4.4% of the company’s total revenue and 25.5% of its gross profit, in line with 4.4% of revenue and up from 24.9% of gross profit in the second quarter of 2017.


AON DELVES INTO IMPACT OF JULY GLOBAL CATASTROPHES

Insurance Business - Terry Gancuangco (2018-08-13)

Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence, has released its Global Catastrophe Recap for July 2018 – describing the month as having seen worsening drought-related and wildfire conditions due to extended periods of below-average rainfall and above-average temperatures in multiple regions.


TURKISH DRAMA PUMMELS EMERGING MARKETS AROUND THE WORLD

WSJ - Saumya Vaishampayan and Mike Bird (2018-08-13)

Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition.


CHUBB’S CEO ON THE PROBLEM WITH GOVERNMENT FLOOD INSURANCE

WSJ - Leslie Scism (2018-08-13)

Last year, property insurers endured one of their worst years ever, with up to an estimated $144 billion owed to policyholders world-wide from disasters including major Atlantic Ocean hurricanes and California wildfires.


INVESTORS DUMP EUROPEAN BANKS EXPOSED TO TURKEY

WSJ - Patricia Kowsmann (2018-08-13)

European bank shares fell Friday as investors scoured markets for exposure to Turkey, where a sharp fall in the lira is raising concerns about Turkish lenders’ ability to repay their large foreign debts.


ONTARIO GOING DARK IN BOND MARKET SETS UP SLEW OF FALL SALES

Bloomberg - Maceij Onoszko (2018-08-13)

The province of Ontario hasn’t sold bonds since June 1, a few days ahead of an election that ended 15 years of Liberal Party rule. This 70-day drought is almost a month longer than the pause that followed Ontario’s prior change in 2003, according to National Bank of Canada. The result will be a flood of sales from Ontario in the fall that may weigh on performance, said Ryan Goulding, a fixed-income analyst at Vancouver-based asset manager Leith Wheeler Investment Counsel Ltd.


INSURANCE MARKET TURNS TO ELECTRONIC TRADING

FT - Oliver Ralph (2018-08-13)

The system, called PPL, was first introduced in 2016 but initial adoption was slow as underwriters and brokers stuck with the traditional paper-based trading process. In February Lloyd’s of London chief executive Inga Beale said that she would gradually force the market to use it, saying that the system would cut costs and improve efficiency.


BIG UK BANKS WADE BACK INTO WEALTH MANAGEMENT

FT - Nicholas Megaw and Kate Beioley (2018-08-13)

Britain’s big banks are usually the targets of market disrupters, rather than the ones doing the disrupting. But with the sector finally on the hunt for new areas of growth after years of restructuring and regulatory issues, companies in the financial advice and wealth management sector are gearing up for a fight.


ING ROLLS OUT CONTACT CENTRE PLATFORM ACROSS 12 COUNTRIES

Finextra - Finextra (2018-08-13)

The bank says that while its philosophy is that customers "should be able to do everything themselves digitally" it wants to provide a range of options: in branch, over chat, phone and via video.


NORWEGIAN BANKS CO-OPERATE ON ACCOUNT AGGREGATION PROGRAMME

Finextra - Finextra (2018-08-13)

"If Norwegian banking customers are already used to seeing their customer relationships across banks, the entry barrier for foreign players will be significantly higher," say the banks in a joint statement.


CANADIAN HOUSEHOLDS SEE BORROWING COSTS RISE TO HIGHEST LEVELS SINCE 2011

Better Dwelling - Daniel Wong (2018-08-13)

Considering the speed at which lender rates are climbing, it’s going to have a big impact on borrowing. For example, a mortgage borrower at today’s effective rate would qualify for ~7% less than one last year. That’s assuming the household made roughly the same income, and before stress testing. Households face a serious loss of leverage, which may be a good or bad thing. It depends on if you make money from households having more leverage or not.


EMERGING MARKETS-TURKEY CRISIS RIPS THROUGH EMERGING FX, SENDS STOCKS DOWN 1.8%

Reuters - Reuters (2018-08-13)

Turkey's local bond markets saw yields spike above 21 percent, while dollar-denominated bonds issued by the government and banks suffered a steep selloff. Istanbul's stock exchange halted trading in three of the country's leading banks after they tumbled more than 11 percent.


MONEYTREE VC REPORT

PWC - PWC (2018-08-13)

Financing to Canadian companies reached record highs.


HOME CAPITAL REPORTS SECOND QUARTER 2018 RESULTS

Home Capital - Press Release (2018-08-13)

“Our second quarter results were markedly improved with solid year-over-year earnings growth, taking into account last year’s liquidity event, and with a third straight quarter of mortgage origination volume growth,” said Yousry Bissada, President and Chief Executive Officer, Home Capital. “We are pleased with the progress our team has made on our journey to sustainably grow our business. Our core residential and commercial lending business continued to demonstrate resilience in the face of a challenging and competitive operating environment influenced by regulatory changes, rising interest rates and a softer Canadian housing market.”


HOW ECONOMICAL PLANS TO REMAIN INDEPENDENT AFTER DEMUTUALIZATION

Canadian Underwriter - Greg Machbach (2018-08-10)

If Economical Insurance becomes publicly-traded on the stock exchange, it could eventually be acquired, but company officials have no intention of making Economical an easy acquisition target.


CI FINANCIAL SLASHES DIVIDEND, UNVEILS $1-BILLION SHARE BUYBACK

G&M - Tim Shufelt (2018-08-10)

CI Financial Corp., one of the country’s largest investment managers, is slashing its dividend nearly in half in a move it said will improve flexibility amid intense competition across the Canadian wealth management industry.


RETAIL COUNCIL OF CANADA ‘UNDERWHELMED’ BY REDUCTION IN CREDIT CARD MERCHANT FEES

G&M - Andy Blatchford (2018-08-10)

Major credit card companies have struck an agreement with the federal government to trim the fees they charge to merchants in a move Ottawa hopes will provide a boost to small businesses.


MANULIFE REPORTS NET INCOME OF $1.3 BILLION FOR SECOND QUARTER

Insurance Journal - IIJ (2018-08-10)

"We delivered strong earnings in the second quarter, with double-digit core earnings growth across all our operating segments and solid net income, as we continued to execute on our five priorities and the bold ambition we set out at our recent Investor Day," said President & Chief Executive Officer Roy Gori.


SUN LIFE REPORTS Q2 NET INCOME OF $706 MILLION

Insurance Journal - IIJ (2018-08-10)

Sun Life Financial reported on Aug. 8 net income of $706 million for the second quarter of 2018, an increase from $574 million of net income reported for Q2 2017. Underlying net income for Q2 2018 was $729 million compared to $689 million for Q2 2017.


COWAN INSURANCE TO LAUNCH HR, PAYROLL AND INSURANCE SOLUTION IN CANADA

Insurance Business - Paolo Taruc (2018-08-10)

Cowan Insurance Group has partnered with a digital HR and payroll software platform to deliver an integrated human resources and insurance solution to Canadian businesses looking to streamline people management and fuel more fulfilling employee experiences.


TORONTO INSURANCE COUNCIL REVEALS "THE D/X INITIATIVE"

Canadian Underwriter - Paolo Taruc (2018-08-10)

Dubbed “The D/X Initiative”, the proof-of concept  (POC) is specifically focused on a first notice of loss based on the nationally-endorsed IBAC digital exchange (D/X) principles, said The D/X Initiative Chair, Brenda Rose. “It uses established CSIO data standards without any ‘middleware’ or data translation layer.”


REGULATOR ALLOWS ADJUSTER TO CO-OWN A MOVING COMPANY THAT SELLS TO INSURERS

Canadian Underwriter - David Gambrill (2018-08-10)

The business model of the moving company, Action Contents Inc., is to provide professional moving and storage services to policyholders at a reasonable cost in circumstances when restoration is not required.


AS CHINESE INVESTORS PANIC OVER DUBIOUS PRODUCTS, AUTHORITIES QUASH PROTESTS

NY Times - Cao Li, Alexandra Stevenson and Sui-Lee Wee (2018-08-10)

In recent years, millions of ordinary investors across China have plowed their savings into online financial products that promised big profits with little risk. But the sudden collapse of hundreds of these peer-to-peer lenders in recent months has prompted a panic, leaving many investors with little information and little way to get their money back.


U.S. CURBS ON RUSSIAN BANKS WOULD BE ACT OF ECONOMIC WAR: PM

Reuters - Reuters (2018-08-10)

The United States announced a new round of sanctions on Wednesday targeting Russia that pushed the rouble to two-year lows and sparked a wider sell-off over fears Russia was locked in a spiral of never-ending sanctions.


STOCKS FALL WITH EURO ON TURKEY CONTAGION CONCERN: MARKETS WRAP

Reuters - Yakob Peterseil (2018-08-10)

European stocks declined by the most in a week, following shares lower in Asia, after a news report stoked concern Turkey’s problems are spilling over into the euro zone. The common currency sank, while the dollar advanced alongside Treasuries.


RIYADH’S MEASURES FAIL TO DISRUPT CANADIAN MARKETS

G&M - NIALL MCGEE, JEFFREY JONES SHAWN MCCARTHY (2018-08-09)

Saudi Arabia’s escalating efforts to make Canada pay for its criticisms of Saudi human rights have sent only a mild ripple through Canada’s markets and business community, as the thin economic ties between the two countries are expected to limit the damage from the diplomatic spat.


GMP CAPITAL CUTS STAFF AMID SLOWING ENERGY FINANCINGS

G&M - ALEXANDRA POSADZKI JEFFREY JONES NIALL MCGEE (2018-08-09)

GMP Capital Inc. is trimming staff at its Canadian capital markets business amid a slowdown in merger and acquisition activity and equity-raising by energy companies.


MANULIFE AND SUN LIFE BEAT EARNINGS FORECASTS, BOOSTED BY ASIAN BUSINESS

G&M - Matt Scuffham (2018-08-09)

Two of Canada’s biggest insurance companies on Wednesday reported second-quarter earnings which beat market expectations, benefiting in part from strong growth in Asia.


TD IN TALKS TO EXPAND BANKING PARTNERSHIP WITH BLUE JAYS: SOURCES

G&M - James Bradshaw (2018-08-09)

Toronto-Dominion Bank and the Toronto Blue Jays are in the final stages of talks to expand a sponsorship deal that would secure TD’s status as the official bank of the baseball club.


OSC NO-CONTEST SETTLEMENT POLICY IS AN EFFICIENT, APPROPRIATE TOOL – NO CONTEST

G&M - James Turner (2018-08-09)

There has been some criticism recently of the Ontario Securities Commission’s use of no-contest settlements. It has been suggested that it may be time to revisit their use as a policy matter. There is also concern that no-contest settlements are not sufficiently transparent, and may not serve as an effective deterrent to future transgressions.


AIG INTRODUCES NEW CHIEF EXECUTIVE FOR EUROPE

Insurance Journal - Terry Gancuangco (2018-08-09)

American International Group is banking on a familiar face to head one of two entities it has established in response to the UK’s departure from the European Union.


THE EMOTIONAL TOLL OF WILDFIRES ON BROKERS AND THEIR CLIENTS

Insurance Business - Alicja Grzadkowska (2018-08-09)

As wildfires become an ever-present threat across parts of Canada, brokers working in at-risk areas are becoming more entrenched in the recovery process and getting clients back on their feet, besides being threatened themselves as brokerage offices are forced to evacuate when flames draw closer.


BANKERS BULLISH ON TRANS MOUNTAIN DESPITE UNCERTAINTIES

G&M - Shawn McCarthy (2018-08-08)

Bankers for Kinder Morgan Canada Ltd. said the pipeline expansion project will still be profitable, even if the costs rise by 25 per cent – to more than $9-billion – and the completion is delayed by a year.

In a shareholders' circular released on Tuesday, the company includes a “fairness report” from TD Securities Inc. on the $4.5-billion deal in which the federal government will purchase the existing Trans Mountain pipeline from Alberta and Vancouver, as well as the expansion project.


IT’S TIME TO PUT A PRICE ON THE RISK OF MINING DISASTERS

G&M - Christopher Ragan (2018-08-08)

Four years ago, the Mount Polley disaster reminded us that mining comes with risks. On Aug. 4, 2014, a tailings dam at Imperial Metals’ Mount Polley copper and gold mine ruptured, spilling 24 million cubic metres of water and tailings into several lakes and rivers in British Columbia’s Interior. It was the largest tailings-dam rupture in Canadian history.


ITALIAN BANK UNICREDIT EXPECTED TO REACH IRAN AGREEMENT WITH U.S. BY END OF YEAR

G&M - Milan Tigam (2018-08-08)

In 2011, UniCredit was subpoenaed by the New York county authorities over a series of past operations involving Iranian companies.


AIMIA ADDS AIR TRANSAT AND FLAIR AIRLINES TO ITS LIST OF NEW AEROPLAN PARTNERS

G&M - Christopher Reynolds (2018-08-08)

Partnership agreements between Aimia Inc. and two more Canadian airlines have taken flight, slated to take effect after the Montreal-based company’s current agreement with Air Canada ends in July 2020.


HUNDREDS OF WELLS FARGO CUSTOMERS FORCED OUT OF THEIR HOMES DUE TO COMPUTER GLITCH

Finextra - Finextra (2018-08-08)

"This error in the modification tool caused an automated miscalculation of attorneys’ fees that were included for purposes of determining whether a customer qualified for a mortgage loan modification," says the bank. "As a result of this error, approximately 625 customers were incorrectly denied a loan modification or were not offered a modification in cases where they would have otherwise qualified."


AFTER KROGER STRIKES BACK AT VISA, BATTLE OVER CREDIT-CARD FEES MAY ONLY GET WORSE

MarketWatch - Maria Lamagna (2018-08-08)

If you have a Visa credit card, be careful next time you go to Kroger: It might get declined. And the same could start happening at more stores.


CELLPHONE TRACKING HAS BEEN USED IN AT LEAST 1 CANADIAN MALL, FORMER EMPLOYEE SAYS

CBC - Anais Haydari (2018-08-08)

A former employee of Cadillac Fairview told CBC News he was aware of at least one of the company's Canadian shopping centres that had a system installed to track cellphone movement throughout the mall to collect market research data.


ZURICH NAMES NEW CANADA CEO

Insurance Business - Alicja Grzadkowska (2018-08-08)

“Saad’s knowledge of Zurich and our people, his proven ability to foster valuable relationships with customers and brokers, and his drive for innovation and execution will continue to position our important Canadian business to deliver top-tier performance,” said Savio. “I am pleased to welcome Saad to the North America senior team.”


HARD PERIOD FOR AVIVA CANADA NOT FINISHED YET, BUT THERE ARE SIGNS OF LIFE - CEO

Insurance Business - Alicja Grzadkowska (2018-08-08)

Aviva Canada’s half-year results might not paint the rosiest picture – the company reported an operating loss of around CA$22 million – but compared to the CA$42.5 million loss that hit the company during the second half of 2017, there are signs that a rebound is underway after a difficult time that saw profits decline and a revolving C-suite door that wouldn’t stop spinning.


ECONOMICAL REPORTS $25.1 MILLION NET LOSS FOR SECOND QUARTER

Insurance Business - Paolo Taruc (2018-08-08)

“Unfortunately, like many in the industry, we were heavily impacted by severe weather events in Ontario and Quebec, relating to wind, ice, and rain during the second quarter. We incurred catastrophe losses of $48.2 million, which were substantially higher than historic levels, for this time of year, and the $14.3 million incurred in the same quarter a year ago,” said CEO and president Rowan Saunders in a statement.


AIG BOSS ON THE COMPANY’S "SENSE OF URGENCY"

Insurance Business - Terry Gancuangco (2018-08-08)

We all know by now that AIG – which is currently worth about a fifth of its ‘glory days’ value of US$240 billion – posted an US$89 million loss in underwriting income for its general insurance business in the second quarter. Chief executive Brian Duperreault, however, remains optimistic as they scramble towards recovery.    


CANADA’S FIFTH-LARGEST BROKERAGE EXPANDS WITH ADDITION OF PAISLEY-MANOR

Canadian Underwriter - Jason Contant (2018-08-08)

Independent commercial insurance brokerage Paisley-Manor will continue to operate under its current management team, Navacord said in an Aug. 1 press release announcing the merger. Established in 1955, Paisley-Manor has been serving more than four generations of clients across many industry sectors, including real estate, construction, institutional, educational and charitable organizations, retail and manufacturing.


TRAVELERS’ LONGTIME CFO JAY BENET TO EXIT

WSJ - Ezequiel Minaya (2018-08-08)

Travelers Cos. on Tuesday said veteran executive Jay Benet would step down as chief financial officer Sept. 1.


ITALY’S UNICREDIT HAS STOPPED ADVERTISING ON FACEBOOK

WSJ - Giovanni Legorano, Deepa Seetharaman (2018-08-08)

Italy’s largest bank, UniCredit SpA, stopped advertising on Facebook Inc. in March, citing what it said was unethical behavior by the social-media giant related to a scandal involving data firm Cambridge Analytica.


PRUDENTIAL MAKING ‘GOOD PROGRESS’ ON UK SPIN-OFF WHILE PROFITS EDGE UP

FT - Oliver Ralph (2018-08-08)

The company announced in March that it would separate its UK operation — called M&G Prudential — from the rest of the group, which is focused on Asia and the US.


ABN AMRO TO CUT JOBS AS IT RETREATS TO DUTCH MARKET

FT - Martin Arnold (2018-08-08)

ABN Amro plans to cut 250 jobs in its corporate and investment bank, its worst performing unit, as the majority state-owned Dutch bank continues to shrink back to its domestic market.


VISA INVESTS IN B2B FINANCING OUTFIT BEHALF

Finextra - Finextra (2018-08-08)

Shahar Friedman, acting general manager for Visa in Israel, says: "Small businesses are the backbone of the global economy, and Visa is committed to enabling new payment experiences for these important customers. This partnership is a result of a close collaboration between the Visa Innovation Studio Tel Aviv and the dynamic Israeli start-up ecosystem to bring the power of the VisaNet global network to promising young companies in Israel such as Behalf."


AS DIGITAL MOMENTUM GROWS, CBA REMAINS WEDDED TO THE BRANCH

Finextra - Finextra (2018-08-08)

While more than 6.5 million Australians use the bank's mobile app and five million log on every day, CBA chief Matt Comyn affirmed that the branch network and call centre would continue to remain relevant in providing a well-rounded proposition for customers.


LIBOR ALTERNATIVES (AND THE CONCERNS THEY RAISE)

Bobsguide - Edwing Boadu (2018-08-08)

Regulators in all major financial centres have already started publishing alternate reference rates, such as SOFR in the US, Sonia in the UK, Saron in Switzerland and Tonar in Japan. Finally, UK’s FCA announced, in the summer of 2017, that it will no longer require banks to submit rates required to calculate Libor after 2021.


ROUBLE SLIDES TOWARDS TWO-YEAR LOW ON U.S. SANCTIONS 'BILL FROM HELL'

Reuters - Andrey Ostroukh (2018-08-08)

The rouble slid towards its lowest level in nearly two years on Wednesday and investors sold off bonds and stocks after the Kommersant daily published what it said was the full text of a draft U.S. law detailing possible penalties against Russia.


WORLD SHARES HOLD AT ONE-WEEK HIGH, STERLING'S SLIDE GATHERS PACE

Reuters - Sujata Rao (2018-08-08)

Robust U.S. earnings and expectations of additional stimulus from Beijing supported world shares at one-week highs on Wednesday but a selloff in Britain’s pound gathered steam over mounting concerns for the country’s outlook.


CHINA, GERMANY DEFEND BUSINESS WITH IRAN IN FACE OF U.S. THREATS

Reuters - Reuters (2018-08-08)

China and Germany defended their business ties with Iran on Wednesday in the face of President Donald Trump’s warning that any companies trading with the Islamic Republic would be barred from the United States.


SUN LIFE SEES CANADA PENSION DEALS REACHING $3.9 BILLION IN 2018

Bloomberg - Natalie Wong and Katherine Chiglinsky (2018-08-08)

Sun Life Financial Inc., one of Canada’s biggest life insurers, sees the country’s pension risk-transfer market growing to as much as C$5 billion ($3.9 billion) this year as more companies look to divest retirement plans.


MORTGAGE DELINQUENCIES ARE FLATLINING IN TORONTO AND VANCOUVER SHOWS CMHC DATA

Better Dwelling - Daniel Wong (2018-08-08)

Delinquent mortgages for Toronto and Vancouver real estate have assumed a holding pattern. Canada Mortgage and Housing Corporation (CMHC) numbers have given us a little more insight on mortgage payments. The country’s most expensive markets are seeing late payments for large mortgages bottom. That is, they’ve been refusing to go lower. In Montreal, where sales are rising, the ratio of late payments continued to fall across the board. Let’s make some sense of this.


SAMSUNG TO INVEST $22B IN NEW GROWTH AREAS INCLUDING AI

Pymnts - Pymnts (2018-08-08)

According to a report in Reuters citing Samsung Electronics, the company will invest in artificial intelligence, 5G, technology for the automotive market and biopharmaceuticals. Reuters noted this marks the first time Samsung has been specific about investment areas and implies it is placing more emphasis than in the past on new businesses. It also highlights the fact that its core smartphone and chip businesses are starting to weaken. The report noted the $22 billion investment is part of a larger three-year plan that is aimed at creating new jobs and finding new revenue streams. “The total investment size is not surprising. But Samsung can be more active in M&As to do better at AI or 5G when Lee is fully back to his business,” Greg Roh, an analyst at Hyundai Motor Securities, told Reuters in an interview.


LENDINGCLUB REPORTS RECORD REVENUE, ORIGINATIONS IN Q2

Pymnts - Pymnts (2018-08-08)

“We had a great quarter, record revenue on the back of record originations — and with the success of some of our early cost management initiatives, we’re starting to see flow through to the bottom line. So, I’m happy to say that our core business is firing on all cylinders,” CEO Scott Sanborn told investors on yesterday’s call.


SENIOR CITIZENS GET SUPPORT FROM FINANCIAL TECHNOLOGY

Bloomberg - Emma Kinerary (2018-08-08)

When Betty McKennon, 83, needs to deposit a check, she walks down the hall of her retirement complex in Freehold, N.J., to the OceanFirst machine. It looks similar to an ATM, but if she needs assistance, she presses a button to start a video chat. Kevin Williams pops up on the screen to assist. He’s at his desk 30 miles away in Toms River, N.J., but McKennon knows him by name. He’s her neighborhood teller, even though they’ve never met in person.


TRUMP ADMINISTRATION CUTS STAFF AT FINANCIAL MARKETS WATCHDOG: SOURCE

Reuters - Pete Schroeder (2018-08-08)

The Trump administration moved on Wednesday to shrink a government agency tasked with identifying looming financial risks, notifying around 40 staff members they would be laid off, according to a person familiar with the changes.


SAUDI ARABIA RULES OUT MEDIATION IN CANADA ROW, TRUDEAU STANDS FIRM

Reuters - Aziz El Yaakoubi, Davide Barbuscia 5 MIN READ (2018-08-08)

Saudi Arabia said on Wednesday there was no room for mediation in the kingdom’s deepening diplomatic dispute with Canada over human rights, adding that Ottawa knew what it needed to do to “fix its big mistake”.


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

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

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


AIMIA INVESTOR BACKS BOARD IN REJECTING AIR CANADA BID

G&M - Tim Kiladze (2018-08-07)

The largest shareholder of Aimia Inc. has fired back at Air Canada and its three financial partners, calling their recent takeover bid for the Aeroplan loyalty program “blatantly inadequate” and arguing that the business is worth between $1-billion and $2-billion.


TRUSTEE OF BANKRUPT ENERGY FIRM SUES PERPETUAL ENERGY TO VOID TWO-YEAR-OLD ASSET SALE

G&M - JEFFREY JONES AND JEFF LEWIS (2018-08-07)

The trustee of an insolvent natural gas producer is suing Perpetual Energy Inc., a company controlled by the wealthy Riddell family, in an unprecedented attempt to have a two-year-old asset sale voided on the grounds that Perpetual and its chief executive officer knew the transaction would sink the buyer.


FACEBOOK ASKING U.S. BANKS FOR CUSTOMERS' FINANCIAL INFO: REPORT

G&M - Reuters (2018-08-07)

Facebook Inc has asked large U.S. banks to share detailed financial information about their customers, as part of an effort to offer new services to users, The Wall Street Journal reported on Monday, citing people familiar with the matter.


HOW LIFE INSURANCE CAN HELP PAY FOR A CHILD’S EDUCATION

G&M - Tim Cestnick (2018-08-07)

I’ve got two kids attending university this fall. Our oldest son will be living off-campus in an apartment that can only be described politely, based on its odour, as objectionable. My wife thinks it’s even more concerning that he doesn’t seem to care. I told her: “Carolyn, young men are a species that are happy to wear wrinkled clothing lying on the floor if it isn’t walking itself to the laundry room. You think they care about the look and smell of their living quarters?” Despite the condition of the place, I can attest to how expensive the rent is every month. Add the cost of tuition, books, food and transportation, and it can make for a very expensive four years.


CANADA’S GREAT POT BOOM COULD BE HEADED FOR A GIANT BUST – FOR INVESTORS AND CONSUMERS

G&M - John Daly (2018-08-07)

The ragged, century-old storefronts that stretch along Broadview Avenue in Toronto’s eastern Chinatown have long been a shopping mecca for fresh meat, fish and vegetables. In the past couple of years, they’ve become a retail hub for another kind of produce: cannabis.


BANK OF JAPAN’S ARCHITECT OF ‘SHOCK AND AWE’ PLOTS RETREAT FROM STIMULUS PROGRAM

G&M - Leika Kihara (2018-08-07)

More than five years into a radical plan to boost the world’s third-biggest economy, the Bank of Japan sent a message of quiet surrender last week, admitting it couldn’t stoke inflation and walking back steps intended to do so.


GEORGIAN PARTNERS CLOSES LARGEST INDEPENDENT VC FUND IN CANADIAN HISTORY

G&M - Sean Silcoff (2018-08-07)

Georgian Partners has raised the largest independent venture capital fund in Canadian history, closing its fourth fund after reaching its US$550-million target.


'IT'S GOING TO BE HARD': SEARS PENSION PAYMENTS CUT BY 30% THIS WEEK

CBC - Sophia Harris (2018-08-07)

Many Sears Canada retirees found it hard to take this week when they got their first reduced pension payment — chopped by 30 per cent.


NO-DEAL BREXIT RISK 'UNCOMFORTABLY HIGH,' BANK OF ENGLAND'S CARNEY SAYS

CBC - Reuters (2018-08-07)

Britain faces an "uncomfortably high" risk of leaving the European Union with no deal, comments that drove sterling to an 11-day low against the dollar, Bank of England governor Mark Carney said Friday.


AUSTRALIA’S BIG BANKS HAVE STRANGLEHOLD ON CONSUMERS, GOVERNMENT SAYS

FP - Damien Cave (2018-08-07)

Australia’s four biggest banks have used their dominant position to exploit customers, deliver inferior products, charge exorbitant fees and block competition, according to a new government report calling for more competition and integrity in the industry.


DEALMAKERS 2018: WHY POLOZ — NOT JUST TRUMP — WILL BE DRIVING DEAL FLOW ON BAY STREET

FP - Yadullah Hussain (2018-08-07)

Corporate Canada’s financing decisions in the first half of the year were partly influenced by U.S. President Donald Trump’s outbursts, but they were also driven by the level-headed, low-key pronouncements of the Bank of Canada governor Stephen Poloz.


DENMARK LAUNCHES CRIMINAL PROBE OF DANSKE BANK

WSJ - Adam Clark and Samuel Rubenfeld (2018-08-07)

Denmark’s public prosecutor for special economic crime has begun a criminal investigation against Danske Bank A/S for potential money-laundering offenses.


TEST YOUR SMARTS ON...INSURANCE

WSJ - Cheryl Winokur Munk (2018-08-07)

For many consumers, insurance is a confusing maze of possibilities.


BC REGULATOR ALLEGES PONZI SCHEME

Insurance Journal - IIJ (2018-08-07)

The Executive Director of the BCSC alleges that between Feb. 2015 and March 2016, Bezzasso raised approximately $5 million from investors through Bezzaz and Nexus. “He told investors the companies would generate monthly returns from various investments and products, after he knew or ought to have known that they would not generate sufficient returns to pay investors as promised. By February 2015, Bezzasso was operating a Ponzi scheme, with existing investors being paid out of funds that came from new investors,” alleges the regulator.


WHERE CAN SMALLER INSURERS AND BROKERS GET STARTED WHEN IT COMES TO AI?

Insurance Business - Lucy Hook (2018-08-07)

AI and machine learning are big buzzwords today – but it can be difficult to know where to begin when it comes to harnessing the technology within your business.


AIG NAMES INDUSTRY VETERAN FOR THREE SENIOR ROLES

Insurance Business - Paolo Taruc (2018-08-07)

Global insurer AIG has appointed industry veteran Jonathan Wismer to the triple roles of senior vice president, deputy chief financial officer, and chief accounting officer, effective immediately. 


News feed

CANADIAN INSURTECHS COMPETE FOR TOP SPOT IN GLOBAL INNOVATION COMPETITION

Insurance Business - Alicja Grzadkowska (2018-08-16)

The stage is set for a major insurtech competition as ACORD, the global standards-setting body for the insurance industry, has officially selected six finalists who will be fighting for the top of the podium during ACORD’s 2018 InsurTech Innovation Challenge (AIIC) at ACORD Connect in New Orleans this October.


GERMAN OPEN-BANKING START-UP RAISES $100M

FT - Olaf Storbeck (2018-08-16)

Deposit Solutions, a Hamburg-based open-banking start-up founded in 2011, has raised $100m in a financing round that values the company at more than $500m, highlighting investor confidence in Germany’s flourishing fintech scene.


TURKISH LIRA LOSES ANOTHER 7% AS ECONOMIC CRISIS DEEPENS

CBC - CBC (2018-08-14)

The currency hit a record low of 7.23 per dollar late Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States, a NATO ally.


BANKS AND RETAILERS ARE TRACKING HOW YOU TYPE, SWIPE AND TAP

NY Times - Stacey Cowley (2018-08-14)

The way you press, scroll and type on a phone screen or keyboard can be as unique as your fingerprints or facial features. To fight fraud, a growing number of banks and merchants are tracking visitors’ physical movements as they use websites and apps.


TURKEY’S CHAOS COULD BE YOUR PROBLEM

NY Times - NY Times (2018-08-14)

The Turkish lira keeps sliding, and that could hurt all of us. U.S. stock futures were down this morning after declines in European and Asian markets. Perhaps even more worrying: Beijing weakened the renminbi against the dollar, a sign that other emerging markets’ currencies could be suffering.


RISE PEOPLE AND COWAN INSURANCE GROUP ANNOUNCE PARTNERSHIP

Insurance Journal - IIJ (2018-08-13)

Rise People, a digital HR and payroll software platform, announced Aug. 9 a strategic partnership with Cowan Insurance Group aimed at delivering “a first-of-its-kind integrated human resources and insurance solution” for Canadian businesses.


TURKISH DRAMA PUMMELS EMERGING MARKETS AROUND THE WORLD

WSJ - Saumya Vaishampayan and Mike Bird (2018-08-13)

Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition.


INSURANCE MARKET TURNS TO ELECTRONIC TRADING

FT - Oliver Ralph (2018-08-13)

The system, called PPL, was first introduced in 2016 but initial adoption was slow as underwriters and brokers stuck with the traditional paper-based trading process. In February Lloyd’s of London chief executive Inga Beale said that she would gradually force the market to use it, saying that the system would cut costs and improve efficiency.


ING ROLLS OUT CONTACT CENTRE PLATFORM ACROSS 12 COUNTRIES

Finextra - Finextra (2018-08-13)

The bank says that while its philosophy is that customers "should be able to do everything themselves digitally" it wants to provide a range of options: in branch, over chat, phone and via video.


NORWEGIAN BANKS CO-OPERATE ON ACCOUNT AGGREGATION PROGRAMME

Finextra - Finextra (2018-08-13)

"If Norwegian banking customers are already used to seeing their customer relationships across banks, the entry barrier for foreign players will be significantly higher," say the banks in a joint statement.


EMERGING MARKETS-TURKEY CRISIS RIPS THROUGH EMERGING FX, SENDS STOCKS DOWN 1.8%

Reuters - Reuters (2018-08-13)

Turkey's local bond markets saw yields spike above 21 percent, while dollar-denominated bonds issued by the government and banks suffered a steep selloff. Istanbul's stock exchange halted trading in three of the country's leading banks after they tumbled more than 11 percent.


CELLPHONE TRACKING HAS BEEN USED IN AT LEAST 1 CANADIAN MALL, FORMER EMPLOYEE SAYS

CBC - Anais Haydari (2018-08-08)

A former employee of Cadillac Fairview told CBC News he was aware of at least one of the company's Canadian shopping centres that had a system installed to track cellphone movement throughout the mall to collect market research data.


LIBOR ALTERNATIVES (AND THE CONCERNS THEY RAISE)

Bobsguide - Edwing Boadu (2018-08-08)

Regulators in all major financial centres have already started publishing alternate reference rates, such as SOFR in the US, Sonia in the UK, Saron in Switzerland and Tonar in Japan. Finally, UK’s FCA announced, in the summer of 2017, that it will no longer require banks to submit rates required to calculate Libor after 2021.


SAMSUNG TO INVEST $22B IN NEW GROWTH AREAS INCLUDING AI

Pymnts - Pymnts (2018-08-08)

According to a report in Reuters citing Samsung Electronics, the company will invest in artificial intelligence, 5G, technology for the automotive market and biopharmaceuticals. Reuters noted this marks the first time Samsung has been specific about investment areas and implies it is placing more emphasis than in the past on new businesses. It also highlights the fact that its core smartphone and chip businesses are starting to weaken. The report noted the $22 billion investment is part of a larger three-year plan that is aimed at creating new jobs and finding new revenue streams. “The total investment size is not surprising. But Samsung can be more active in M&As to do better at AI or 5G when Lee is fully back to his business,” Greg Roh, an analyst at Hyundai Motor Securities, told Reuters in an interview.


WHERE CAN SMALLER INSURERS AND BROKERS GET STARTED WHEN IT COMES TO AI?

Insurance Business - Lucy Hook (2018-08-07)

AI and machine learning are big buzzwords today – but it can be difficult to know where to begin when it comes to harnessing the technology within your business.


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TORONTO REAL ESTATE SALES LEAD CANADA FOR GROWTH, BC LEADS THE DECLINES

Real estate sales continue to fall across Canada. CREA reported 38,612 in July when seasonally adjusted, a 4.22% decline from last year. Unadjust, a.k.a. actual sales came in at 41,872 sales, down 1.71% from last year. Both numbers make this the worst July for real estate sales since 2012.


GOLDMAN SHAREHOLDERS CAN AGAIN PURSUE CLASS ACTION OVER CDOS

A federal judge on Tuesday said Goldman Sachs Group Inc (GS.N) shareholders may again pursue class-action claims that the bank concealed conflicts of interest when creating risky subprime securities before the 2008 financial crisis.


SAUDI ARABIAS PROBLEM ISNT THE CANADA FIGHT, ITS CAPITAL FLIGHT

As Saudi Arabia raises the stakes in its dispute with Canada, the economic fallout could worsen an already serious issue for the kingdom: capital flight. Trade between the two countries is small, valued at roughly $4 billion, but the diplomatic dust-up has heightened the sense of risk in the Saudi investment climate, and is certain to scare even more capital away.



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