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

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

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

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

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

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

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

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

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

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

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

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

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


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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.

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Research

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

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

Mark Sibthorpe

 


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

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

 

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

 

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

 


Update Argentina: a sign of the times  

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

Mark Sibthorpe

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


Summary of Canada's flood news, 2017 to present  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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?  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

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

Mark Sibthorpe


Merchants extend financial services  

www.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  

www.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  

www.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.  

www.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  

www.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  

www.banknews.tv/docs/Liquid.pdf

Mark Sibthorpe

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


Bank Fees  

www.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  

www.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  

www.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  

www.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  

www.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  

www.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  

www.banknews.tv/docs/gssnow.pdf

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


News feed

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

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

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


FIXED MORTGAGE RATES ARE DIVING. HERE’S WHERE TO GET THE BEST DEALS

G&M - Robert Mclister (2019-03-22)

This housing market has nine lives, and I’m not sure which one it’s on.


BUDGET'S REAL ESTATE TOP-UP COULD PUSH UP THE PRICE OF CHEAPER HOMES: DON PITTIS

CBC - Don Pittis (2019-03-22)

Drugs that you take to solve one problem often cause others. The same thing applies in government policy and there are few places it is more obvious than in housing.


'SITTING ON A DETAILED PROPOSAL': CECI REVEALS SCOTIABANK INTEREST IN ALBERTA'S ATB FINANCIAL

FP - Geoffrey Morgan (2019-03-22)

 Bank of Nova Scotia previously offered to buy, and may still be interested in, Alberta’s provincially owned ATB Financial, finance minister Joe Ceci said Thursday.


RBC HUNTS FOR BIGGER DEALS WITH U.S. INVESTMENT-BANKING PUSH

FP - Jenny Surane and Matthew Monks (2019-03-22)

After shuffling its top investment-banking brass and adding more than a dozen senior bankers in recent months, Royal Bank of Canada is looking to advise its U.S. corporate clients on bigger deals.


CANADA’S REAL CORRUPTION SCANDAL: HOW OTTAWA BUNGLED A FLAWED OECD CODE AND TRIGGERED THE SNC CRISIS

FP - Terence Corcoran (2019-03-22)

There would be no corruption in a perfect world. The global economy would be a clean zone, free of crooked politicians, bribing corporations, sleazy grifters and sophisticated influence peddlers trolling through the underworld economy, skimming cash from taxpayers, citizens and shareholders.


CAROLYN ROGERS ANNOUNCED AS THE NEXT SECRETARY GENERAL OF THE BASEL COMMITTEE ON BANKING SUPERVISION

OSFI - OSFI (2019-03-22)

Today the Basel Committee announced that Carolyn Rogers, Assistant Superintendent, Regulation Sector at the Office of the Superintendent of Financial Institutions (OSFI), has been selected to become the next Secretary General of the Basel Committee on Banking Supervision (BCBS) for an initial term of three years.


RBC ISHARES TO LAUNCH SIX ETFS FOCUSED ON SOCIALLY RESPONSIBLE INVESTMENTS

G&M - Clare O'Hara (2019-03-21)

RBC iShares, the country’s largest ETF provider, is debuting its first set of funds since Canada’s largest bank, Royal Bank of Canada, and BlackRock Inc. joined forces earlier this year.


FEDERAL BUDGET 2019: INTEREST-FREE MORTGAGE LOANS FOR NEW BUYERS UNLIKELY TO BOOST HOME SALES, EXPERTS SAY

G&M - Janet McFarland (2019-03-21)

The federal government’s new plan to offer Canadians interest-free mortgage loans in exchange for shared ownership in their homes is unlikely to provide a major boost to home sales in Canada because of constraints built into the program, housing experts say.


MUNICH RE PROFIT SOARS TO $3.49 BILLION

Insurance Business - Terry Gancuangco (2019-03-21)

There’s no hiding Munich Re’s delight as the reinsurance giant releases not only its strong financial results for 2018 but also its ambitious target for the next year.


THE BELLS AND WHISTLES OF THE RAILROAD INSURANCE MARKET

Insurance Business - Alicja Grzadkowska (2019-03-21)

The expansion of railroad systems in the 19th century is often credited as a key factor that drove industrialization and the opening up of new markets. Today, railroads continue to play an important role in the transportation of goods and people, though they haven’t escaped the risks that face many other businesses in the transportation sector and beyond.


CAA: MANY CANADIANS ARE WARY OF SELF-DRIVING CARS

Insurance Business - Lyle Adriano (2019-03-21)

A new research paper by the Canadian Automobile Association (CAA) reveals that while most Canadians remain cautious about self-driving car technology, many believe that the innovation will eventually become safer to use.


ECONOMICAL CLEARS MAJOR HURDLE TO DEMUTUALIZATION

Canadian Underwriter - Greg Mechbach (2019-03-21)

An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are necessary before Economical could demutualize, but the insurer described Tuesday’s vote in Kitchener, Ont. as a major milestone.


THE CHALLENGES IN NAVIGATING THE RIDESHARING INSURANCE MINEFIELD

Canadian Underwriter - Jason Contant (2019-03-21)

Despite using a wholly-owned captive insurance subsidiary and third-party insurance, ridesharing company Lyft Inc. cannot ensure its coverage will sustain all of its business risks and costs, the company acknowledged in a recent stock-listing prospectus of risk factors.


EURO-ZONE FISCAL POLICY IS EASING FOR THE FIRST TIME IN A DECADE

Economist - Economist (2019-03-21)

It is hard to defend yourself with one hand tied behind your back. Yet the euro area’s economy has been repeatedly asked to do just that. Whenever it is taking a beating, it has had to fight back with monetary policy alone. The European Central Bank (ecb) has cut rates to zero and below, bought bonds by the bucketload and lent super-cheaply to banks. Fiscal policy has been barely used—and has sometimes done more harm than good. Debt crises forced governments in the south of the bloc to tighten their belts; those in the north chose to do the same.


HOW TO BE A ROCK-STAR BOND INVESTOR

Economist - Economist (2019-03-21)

One night in 1965, Keith Richards woke up with a riff going around inside his head. He reached for his guitar, played the bare bones of a song into a cassette recorder and promptly fell asleep. Mick Jagger was soon scribbling lyrics by the swimming pool. Four days later, the Rolling Stones recorded “(I Can’t Get No) Satisfaction”.


41% OF BANKS MISSED PSD2 DEADLINE SAYS SURVEY

Finextra - Finextra (2019-03-21)

The statistics came from a survey of 442 European banks carried out by Swedish open banking platform Tink. While the majority of banks (59%) did comply with the measure, there was a still a significant minority that failed to do so.


POWER FINANCIAL REPORTS FOURTH-QUARTER PROFIT, RAISES DIVIDEND 5.2 PER CENT

G&M - CP (2019-03-21)

Power Financial Corp. announced a quarterly dividend increase Wednesday as it reported a fourth-quarter profit of $478 million.


DEUTSCHE BANK MERGER DISCUSSIONS PUT U.S. EMPLOYEES ON EDGE

G&M - Matt Schuffham (2019-03-21)

Deutsche Bank AG’s merger talks with Commerzbank AG have put its 10,000 U.S. workers on edge, three employees told Reuters, with some concerned a deal could pressure Deutsche to further shrink or even dispose of its U.S. businesses.


VANGUARD PLOTS NEXT DISRUPTION TO CANADIAN INVESTING: CUTTING THE COST OF ADVICE

G&M - Clare O'Hara (2019-03-21)

Vanguard Group Inc. last year introduced a breakthrough product that slashed the cost of a simple buy-and-hold balanced portfolio to a new low in Canada. Now, the exchange-traded fund giant is preparing for its next disruption: the cost of advice.


PROMINENT U.S. HEDGE FUND MANAGER BUILDS SHORT POSITION IN CANADIAN BANK STOCKS

G&M - Scott Barlow (2019-03-21)

“Steve Eisman, a portfolio manager at Neuberger Berman, is among a growing number of short-sellers taking positions in the likes of TD Bank and Royal Bank of Canada,… The moves come after property prices raced ahead of incomes for several years, boosted by loose lending, low interest rates and lax controls on foreign money. But new house prices in Canada slipped year on year in January for the first time since 2009 … “I’m calling for a simple normalisation of credit that hasn’t happened in 20 years,” Mr Eisman told the FT … He said the effects would hurt banks and the real estate sector, but would not be as intense as the financial crisis a decade ago in the US. “


BIG SHORT'S STEVE EISMAN IS NOW TARGETING CANADIAN BANKS

BNN - BNN Video (2019-03-21)

In an interview with The Financial Times, Steve Eisman, portfolio manager at Neuberger Berman, declined to name the banks he is shorting or the positions he has taken, but said that Canadian lenders are not “mentally prepared.”


FT - BIG SHORT'S STEVE EISMAN IS NOW TARGETING CANADIAN BANKS

FT - Save to myFT Richard Henderson and Lindsay Fortado (2019-03-21)

A fund manager made famous by the book The Big Short has refocused his sights on Canada, betting that a tottering housing market and a sluggish economy will bring trouble for the country’s biggest banks.


BILLIONS IN TORONTO REAL ESTATE BOUGHT ANONYMOUSLY, WITH FUNDS OF UNKNOWN ORIGIN

Better Dwelling - Stephen Punwasi (2019-03-21)

Looking to launder some cash? You might want to head over to Toronto, and use the real estate. 


JPM COIN IS THE WILDEST BIG BANK IDEA IN MANY YEARS

Bloomberg - Aaron Brown (2019-03-21)

I suspect a more important reason is the same one why sovereigns throughout history have issued their own currencies — it’s very profitable. JPMorgan promises to buy JPM Coin for $1, but it could sell them for more. Or it could create its own JPM Coins for spending or lending, without funding them with dollars. JPMorgan is not allowed to create dollars for spending, and if it does it for lending, it has to adhere to strict rules and set aside capital.


FEDERAL GOVERNMENT LOOKS TO QUASH TAX LOOPHOLE FOR ETFS IN NEW BUDGET

G&M - John Heinzl (2019-03-21)

The federal government is moving to close a loophole that allows investors in certain exchange-traded funds to defer taxes, but the main provider of the products says it’s too early to know what the eventual impact of the proposed legislation will be.


FEDERAL BUDGET 2019 HIGHLIGHTS: 10 THINGS YOU NEED TO KNOW

G&M - Matt Lundy, Tom Cardoso (2019-03-20)

The plan comes with a sizable price tag: New spending would total $22.8-billion over the next five fiscal years, and the government is projecting a $19.8-billion deficit for fiscal 2019-20 – slightly larger than projected in the fall economic update.


FEDERAL BUDGET 2019: OTTAWA TARGETS HOUSING AFFORDABILITY WITH ZERO-INTEREST LOANS, SUBSIDIES

G&M - Barrie McKenna (2019-03-20)

“Finding an affordable place to call home is not just a challenge. For too many hard-working Canadians, especially for young people, it feels like an impossibility,” Mr. Morneau said in his budget speech.


FEDERAL BUDGET 2019: LIBERALS RAISE STOCK OPTION TAXES ON HIGH-PAID EXECUTIVES

G&M - ANDREW WILLIS AND SEAN SILCOFF (2019-03-20)

The budget proposes that options recipients will keep getting preferential tax treatment – but only for the first $200,000 worth of shares underlying their options. For example, an employee who gets an option to buy 10,000 shares at $20 or less a share would only be taxed on 50 per cent of the gains. Startup employees will also continue to qualify for the old preferential treatment, even if they exceed the $200,000 level.

The key element of the proposal is that employees of “large, mature companies” receiving anything more than $200,000 in underlying shares would have gains on the options over and above the threshold fully taxed when they exercise them. “The government does not believe that employee stock options should be used as a tax-preferred method of compensation” for executives of such companies, the budget stated.


BOND MARKET SENDS SCARY SIGNAL ABOUT WHERE CANADA’S ECONOMY IS HEADING VS. THE U.S.

G&M - Ian McGugan (2019-03-20)

The bond market is telling an ugly story about how Canada’s economic outlook compares with that of the United States – one of the ugliest stories in three decades, in fact.


BANK ON FIXED-VARIABLE SPREAD AT YOUR OWN PERIL

G&M - Robert Mclister (2019-03-20)

This tight spread reflects market expectations of a dismal economy. Canada’s GDP contracted in December for the third time in four months. That’s not the type of performance that justifies higher rates. At this point, further monetary policy tightening could throw us right into recession.


FEDERAL BUDGET 2019: THE LIBERALS’ MORTGAGE PLAN IS BAD NEWS FOR THE ECONOMY – AND IT MIGHT NOT EVEN HELP HOME BUYERS

G&M - DAVID PARKINSON (2019-03-20)

The announced housing-affordability plan, which will have Crown agency Canada Mortgage and Housing Corp. provide up to 10-per-cent funding of mortgages for first-time buyers, is a can’t-lose political proposition for a government that hangs its hat on supporting the middle class (and expects that support to be returned at the ballot box). For most Canadians, owning a home is the surest evidence that you have attained true middle-classness. It’s especially compelling for the masses of suburban voters – not only those frustrated by the difficulties of buying a home, but their parents, too, who have become the country’s most powerful voting block and will almost certainly determine the outcome of next fall’s election. And the cost is virtually nothing – it’s essentially a system of interest-free loans from CMHC that are repaid when the homes are eventually resold.


BUYING A HOME? CMHC COULD SOON KICK IN 10% OF THE COST — FOR A PRICE

CBC - Pete Evans (2019-03-20)

The budget offers the program, known as the First Time Home Buyer Incentive, as a way to help with housing affordability. The government is earmarking $1.25 billion over three years for something it's calling a "shared equity mortgage."


CANADA'S BIGGEST PENSION FUND CONSIDERS OPENING ITS FIRST OFFICE IN CHINA

FP - Vinci Chan (2019-03-20)

Canada Pension Plan Investment Board, which manages around $368.5 billion (US$277 billion), is considering opening its first office in China as it seeks greater exposure to the world’s second-largest economy.


RAYMOND JAMES CFO RETIRING AFTER 32-YEAR RUN

WSJ - TATYANA SHUMSKY (2019-03-20)

America’s longest-serving finance chief is stepping down. Jeff Julien, CFO at brokerage Raymond James Financial Inc., is ending his tenure after more than three decades in the role.


NOW PLAYING 00:03 / 05:35 3/19/2019 3:16PM INTEREST RATES, THE FED AND INFLATION: WSJ GLOSSARY

WSJ - Video (2019-03-20)

Inflation is among the most powerful forces in financial markets, but too much or too little can send the economy spiraling. Here's how it works, and how the Fed works to regulate it. Photo composite: Dom Amatore for The Wall Street Journal


HSBC PROMOTES 1300 STAFF AS INVESTMENT BANK OVERHAUL GATHERS PACE: MEMO

Reuters - Sinead Cruise (2019-03-20)

HSBC is stepping up a root-and-branch overhaul of its global banking and markets division, naming 83 new managing directors in a 1,300-strong promotions spree aimed at revitalizing its investment banking franchise.


THE CANADIAN GOVERNMENT LAUNCHES PREDATORY FIRST-TIME BUYER MORTGAGE SCHEME

Better Dwelling - Stephen Punwasi (2019-03-20)

The Government of Canada is using taxpayer money to invest in real estate at near peak valuations. The Department of Finance revealed the 2019 Budget yesterday, including new housing measures. Most notable is the First-Time Home Buyer Incentive, which allows the CMHC, Canada’s national housing agency, to become an investor in your real estate. On the surface, it seems like it may provide a boost to the market, and is a generous gift to first-time buyers. The program’s timing however, makes it a predatory loan scheme that will do more harm than good. How you ask? Let us count the ways.


CELINA CAESAR-CHAVANNES QUITS LIBERAL CAUCUS, WILL SIT AS INDEPENDENT MP

G&M - CP (2019-03-20)

he Whitby, Ont., MP has been a vocal supporter of Jody Wilson-Raybould and Jane Philpott – two cabinet ministers who resigned over the SNC-Lavalin affair.


HALF OF CANADIANS SAY THEY’RE STRUGGLING TO MEET DAILY EXPENSES: OECD

G&M - Michael Babad (2019-03-20)

Canadians are most worried about “making ends meet” and, further down the road, financial security when they’re old, an OECD survey shows.


WHY ANOTHER FINANCIAL CRISIS IS ‘INEVITABLE’

G&M - Scott Barlow (2019-03-20)

The Financial Times’ Martin Wolf published “Why further financial crises are inevitable” on Tuesday, and, although it’s behind the FT’s paywall (there are free clicks available for those willing to register with them) , it’s too good to ignore here,


U.S. FEDERAL RESERVE HOLDS INTEREST RATES STEADY

CBC - AP (2019-03-20)

The Fed announced that it was keeping its benchmark rate — which can influence everything from mortgages to credit cards to home equity lines of credit — in a range of 2.25 per cent to 2.5 per cent. It also said it will stop shrinking its bond portfolio in September, a step that should help hold down long-term interest rates.


EU REGULATORS FINE GOOGLE $1.68B US FOR ABUSING ONLINE ADS MARKET

CBC - AP (2019-03-20)

European Union regulators hit Google with a $1.68-billion US fine on Wednesday for abusing its dominant role in online advertising.


LLOYDS CHIEF’S PENSION CUT CRITICISED AS ‘OBSCENE’ BY UNIONS

FT - David Crow, Nicholas Megaw and Jennifer Thompson (2019-03-20)

Lloyds Banking Group has tried to quell an escalating row over its chief executive’s pay by cutting his pension payments for this year by about £3,000, a move that was denounced as an “obscene piece of symbolism” by a staff union.


MANULIFE WINS COURT BATTLE AS HEDGE-FUND CLAIMS DISMISSED AGAINST LIFE INSURERS

G&M - Clare O'Hara (2019-03-19)

A Saskatchewan court has dismissed lawsuits against several Canadian life insurers that claimed certain insurance products could be used as investment accounts that provided guaranteed returns to their policy-holders.


MOST INSURANCE CUSTOMERS WOULD SHARE MORE DATA FOR BETTER DEALS - REPORT

Insurance Business - Ryan Smith (2019-03-19)

Nearly 60% of consumers would be willing to share significant personal information with their bank and insurer in return for lower prices on products and services, according to a new report from Accenture.


CONFIRMED: CO-INSURER FOR ETHIOPIAN AIRLINES

Insurance Business - Terry Gancuangco (2019-03-19)

A week after it was revealed that Chubb is the lead underwriter for Ethiopian Airlines’ insurance coverage, it has now emerged that Swiss Re is a co-insurer.


IBC: WE’RE FIGHTING ‘PROLIFIC FRAUD’ IN CANADA

Insurance Business - Bethan Moorcraft (2019-03-19)

Medical services fraud is a huge problem in Canada. Every year, many Canadians fall victim to fraudulent schemes wherein they’re overcharged for medical services, receive and are billed for unnecessary medical procedures, or are simply unknowingly provided and billed for uncovered medical procedures.


HOW THE BIG 5 BANKS INSURE THEIR DIRECTORS’ LIABILITY

Canadian Underwriter - Greg Mechbach (2019-03-19)

The Canadian Imperial Bank of Commerce said its D&O policy protects its directors and officers where the bank does not, or is not, permitted to indemnify those directors and officers. It has a limit of $300 million per claim, CIBC said in its management information circular released March 13. CIBC’s annual premium is about $1.5 million.


TRUMP ADMINISTRATION PLANS FLOOD INSURANCE OVERHAUL

WSJ - Lalita Clozel (2019-03-19)

The Trump administration said Monday it plans to overhaul government-subsidized flood insurance, in a sweeping proposal that could raise rates on more expensive properties and those in higher-risk areas.


HOUSE DEMOCRATS POLITICIZE BANKING

WSJ - Megan Keller (2019-03-19)

With only a House majority, Democrats are unable to enact legislation—but that doesn’t mean they’re powerless. Under the leadership of Chairman Maxine Waters, the Financial Services Committee has used its oversight powers to go after politically disfavored industries. 


A MAR-A-LAGO WEEKEND AND AN ACT OF GOD: TRUMP’S HISTORY WITH DEUTSCHE BANK

WSJ - David Enrich (2019-03-19)


TRUMP AND DEUTSCHE BANK: $2 BILLION IN LOANS, A WARY BOARD AND COLORFUL BANKERS

NY Times - David Enrich (2019-03-19)


DEUTSCHE BANK MERGER TALKS WITH COMMERZBANK RAISE JOB FEARS, LIFT SHARES

Reuters - Andreas Framke, Tom Sims (2019-03-19)

Deutsche Bank and Commerzbank faced concerns from workers unions, Chancellor Angela Merkel’s office and top shareholders on Monday after confirming merger talks.


GERMAN LAWMAKERS CHALLENGE DEPUTY FINANCE MINISTER'S GOLDMAN LINK IN BANK MERGER

Reuters - John O'Donnell, Arno Schuetze (2019-03-19)

German lawmakers on Monday criticized deputy finance minister Joerg Kukies and Goldman Sachs, alleging a conflict of interest in the U.S. investment bank advising state-backed Commerzbank on a possible merger with Deutsche Bank.


STANDARD LIFE ABERDEEN WINS 100 BILLION STG MANDATE DISPUTE AGAINST LLOYDS

Reuters - Reuters (2019-03-19)

Standard Life Aberdeen has won a legal battle to stop Lloyds Banking Group from terminating a 100 billion pounds ($132.75 billion) investment management contract three years early, in a move that could cost the bank hundreds of millions of pounds in additional fees.


ECB BANK SUPERVISOR REJECTS ‘NATIONAL CHAMPION’ DEALS

FT - Clare Jones (2019-03-19)

The eurozone’s top financial supervisor has criticised the idea of creating national or European champions to compete with global rivals, potentially putting the European Central Bank on a collision course with Berlin’s efforts to protect its banking industry via a merger of Germany’s two biggest lenders..


IS NO-DEAL BREXIT STILL POSSIBLE NEXT WEEK?

FT - James Blitz (2019-03-19)

It looks pretty certain that Theresa May won’t bring her third meaningful vote (MV3) to the Commons this week.


BARCLAYS MAKES CASE TO REBUFF ACTIVIST INVESTOR

FT - David Crow (2019-03-19)

Barclays, the UK bank under attack from activist investor Edward Bramson, published its most detailed explanation of why it thinks investors should vote against his attempt to force his way on to the board at the lender’s annual meeting.


SAINSBURY’S AND ASDA PROMISE £1BN IN PRICE CUTS AFTER MERGER

FT - Myles McCormick (2019-03-19)

J Sainsbury and Asda on Tuesday said they would deliver £1bn worth of lower prices within three years if they are allowed to merge, in bid to allay the concerns of the Competition and Markets Authority about their planned £7bn tie-up.


FEDERAL BUDGET 2019: LIBERALS UNVEIL $23-BILLION IN NEW SPENDING AIMED AT SENIORS AND YOUNG CANADIANS

G&M - Bill Curry (2019-03-19)

In a nod to the populist movements that have roiled Western democracies, the finance minister told the House of Commons that many Canadians are anxious about their futures. His budget targets millennials who have a tough time breaking into the job market or purchasing a home in key markets like Toronto and Vancouver; workers who worry about the impact of new technology, and families who face the high cost of pharmaceuticals.


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

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

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


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

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

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


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

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

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


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

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

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


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

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

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


DEALBOOK BRIEFING: FINANCE TITANS INDICTED IN COLLEGE ADMISSIONS SCANDAL

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

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


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

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

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


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

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

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


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

FP - Esteban Duarte (2019-03-18)

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


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

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

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


WHY HOUSEHOLD OVERSPENDING IS WORSE THAN THE FEDERAL DEFICIT

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

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


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

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

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


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

FP - Jamie Glombeck (2019-03-17)

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


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

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

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


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

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

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


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

CBC - Pete Evans (2019-03-16)

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


THE BREXIT PROCESS HEADS FOR EXTRA TIME

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

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


GLOBAL CITIES HOUSE-PRICE INDEX

Economist - Economist (2019-03-15)

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


LARGEST RETREAT OUTSIDE RECESSION

TERRANET - TERRANET (2019-03-15)

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


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

Reuters - Alun John (2019-03-15)

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


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

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

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


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

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

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


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

FP - Murtaza Haider (2019-03-14)

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


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

Insurance Journal - IIJ (2019-03-14)

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


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

Insurance Journal - IIJ (2019-03-14)

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


PARTNERRE EXECUTIVE GOES AMID ORGANIZATIONAL SHAKEUP

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

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


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

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

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


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

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

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


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

WSJ - Maria Armental (2019-03-14)

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


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

WSJ - Robbie Whelan (2019-03-14)

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


BARCLAYCARD OPENS UP TO ALIPAY

Finextra - Finextra (2019-03-14)

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


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

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

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


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

CBC - CP (2019-03-14)

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


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

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

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


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

FP - David Rosenberg (2019-03-14)

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


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

FP - Theophilos Argitis (2019-03-14)

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


CONSUMER DEBT STABILIZING, BUT CANADIAN

FP - Geoff Zachodine (2019-03-14)

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


YOUR QUESTIONS ON THE COLLEGE ADMISSION SCANDAL, ANSWERED.

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

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


CANADIAN REAL ESTATE MAKES LARGEST FEBRUARY PRICE DECLINE OUTSIDE OF RECESSION

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

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


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

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

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


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

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

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


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

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

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


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

CBC - Don Pittis (2019-03-13)

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


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

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

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


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

FP - Barbara Shecter (2019-03-13)

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


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

Insurance Journal - IIJ (2019-03-13)

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


CALLIDUS INTERIM CEO PATRICK DALTON RESIGNS

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

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


CANADIAN BORROWERS WILL BE ‘ACCIDENT-PRONE’ THIS YEAR

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

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


OLD BANKS REAWAKEN AS PLACES TO SLEEP

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

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


ECOMMERCEPAYPAL INVESTS $750M IN MERCADOLIBRE

Pymnts - Pymnts (2019-03-12)

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


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

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

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


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

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

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


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

Insurance Journal - IIJ (2019-03-12)

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


STORM INSURANCE NABS EDMONTON-BASED INSURANCE BROKERAGE

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

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


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

Finextra - Finextra (2019-03-12)

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


INTRODUCING THE NEW CHALLENGER BANK MODEL

Finextra - Finextra (2019-03-12)

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


REINSURER ACQUIRED BY AIG PLANS FORAY INTO CANADIAN MARKET

FP - Geoff Zachodine (2019-03-12)

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


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

FP - Reuters (2019-03-12)

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


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

FP - Jenny Surane (2019-03-12)

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


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

CBC - Reuters (2019-03-12)

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


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

WSJ - TATYANA SHUMSKY (2019-03-12)

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


DEUTSCHE BANK’S ARRANGED MARRIAGE GETS SHOVE FROM ECB

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

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


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

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

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


RBC GLOBAL ASSET MANAGEMENT STRIKES AGREEMENT WITH BCI, QUADREAL

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

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


MASTERCARD ACQUIRING TORONTO-BASED FINTECH COMPANY ETHOCA

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

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


WONGA COMPENSATION CLAIMS FOUR TIMES HIGHER THAN THOUGHT

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

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


WHY ‘JAPANIFICATION’ LOOMS FOR THE SLUGGISH EUROZONE

FT - John Plender (2019-03-12)

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


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

FT - Oliver Ralph (2019-03-12)

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


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

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

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


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

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

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


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

FP - Geoff Zachodine (2019-03-11)

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


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

CBC - CP (2019-03-11)

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


INSTITUTIONAL INVESTORS COMMIT TO VOTING FOR BOARD GENDER DIVERSITY

Insurance Journal - IIJ (2019-03-11)

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


AMERICAN GIANT OUTLINES PLAN TO TURN AROUND STRUGGLING INSURANCE BUSINESS

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

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


LLOYD’S OF LONDON INTRODUCES GLOBAL OPERATIONS HEAD

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

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


WILDFIRE CATASTROPHE MODELS NEED IMPROVEMENT: REINSURER

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

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


REGULATORS EYE ANOTHER REWRITE OF VOLCKER TRADING RESTRICTIONS

WSJ - Andrew Ackerman (2019-03-11)

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


TO LURE YOUNG TALENT, BANKS MIMIC TECH WORKSPACES

Reuters - Stine Jacobson (2019-03-11)

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


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

Bloomberg - Jeanna Smialek (2019-03-11)

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


MASTERCARD DROPS EARTHPORT BID; TURNS ATTENTIONS TO TRANSFAST

Finextra - Finextra (2019-03-11)

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


CANADIAN REAL ESTATE DEVELOPER DEBT HITS AN ALL-TIME HIGH

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

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


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

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

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


BIG BANKS JOIN FORCES WITH MINI-HUBS FOR BUSINESS

FT - Nicholas Megaw (2019-03-11)

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


US FINANCIAL TRANSACTION TAX WOULD BURDEN SAVERS

FT - Kristen Wegner (2019-03-11)

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


UNDER-FIRE DIGITAL BANK REVOLUT BOLSTERS ITS GOVERNANCE

FT - Nicholas Megaw (2019-03-11)

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


News feed

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

CBC - Don Pittis (2019-03-13)

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


INTRODUCING THE NEW CHALLENGER BANK MODEL

Finextra - Finextra (2019-03-12)

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


FSIM briefings and developments reports


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CAROLYN ROGERS ANNOUNCED AS THE NEXT SECRETARY GENERAL OF THE BASEL COMMITTEE ON BANKING SUPERVISION

Today the Basel Committee announced that Carolyn Rogers, Assistant Superintendent, Regulation Sector at the Office of the Superintendent of Financial Institutions (OSFI), has been selected to become the next Secretary General of the Basel Committee on Banking Supervision (BCBS) for an initial term of three years.


CANADAS REAL CORRUPTION SCANDAL: HOW OTTAWA BUNGLED A FLAWED OECD CODE AND TRIGGERED THE SNC CRISIS

There would be no corruption in a perfect world. The global economy would be a clean zone, free of crooked politicians, bribing corporations, sleazy grifters and sophisticated influence peddlers trolling through the underworld economy, skimming cash from taxpayers, citizens and shareholders.


RBC HUNTS FOR BIGGER DEALS WITH U.S. INVESTMENT-BANKING PUSH

After shuffling its top investment-banking brass and adding more than a dozen senior bankers in recent months, Royal Bank of Canada is looking to advise its U.S. corporate clients on bigger deals.



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