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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.

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

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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

THE REVENUE SQUEEZE IS ON FOR INCUMBENTS AS DIGITAL DISRUPTION BEGINS TO BITE

Finextra - Finextra (2018-10-17)

Accenture analysed more than 20,000 banking and payments institutions across seven markets to quantify the level of change and disruption in the global banking industry. The study found that the number of banking and payments institutions decreased by nearly 20% over a 12-year period - from 24,000 in 2005 to less than 19,300 in 2017. However, nearly one in six of current participants are what Accenture considers new entrants, arriving in the market after 2005. 


THE SMART THING A LOT OF INVESTORS ARE DOING WITH BOND FUNDS

G&M - Rob Carrick (2018-10-17)

A total of $835-million flowed into bond ETFs in August, while redemptions of bond mutual funds exceeded new investment by $405-million. September sales figures aren’t yet available for mutual funds, but ETF industry numbers show inflows of $652-million into bond funds.

 


MUNICH RE UNIT OFFLOADS BUSINESS

Insurance Business - Terry Gancuangco (2018-10-17)

Announcing the sale without disclosing the deal price, ERGO said it has signed a purchase agreement with buyer Rosgosstrakh. The latter will own 100% of ERGO Life Russia’s shares and will take over the entire firm’s workforce, client portfolio, and IT system


GOOGLE PARENT’S EQUITY FUND MAKES INVESTMENT IN APPLIED SYSTEMS

Insurance Business - Ryan Smith (2018-10-17)

Insurance software provider Applied Systems has announced an investment by CapitalG, Alphabet’s growth equity investment fund. Alphabet is also the parent company of Google. CapitalG’s investment will give Applied access to Google expertise in artificial intelligence, machine learning and digital marketing. Other CapitalG investments include SurveyMonkey, Lyft, Airbnb and Zscaler.


HOW INSURERS RESPOND TO PROPOSED BAN ON TERRITORIAL RATINGS

Canadian Underwriter - Greg Mechbach (2018-10-17)

Bill 42, the Ending Discrimination in Automobile Insurance Act, was tabled Monday for first reading.


WORLD STOCKS EXTEND RISE AFTER BLOCKBUSTER U.S. EARNINGS

Reuters - SUJATA RAO (2018-10-17)

While the dollar’s mini-bounce off two-week lows checked emerging-market gains, they were supported by easing tensions between Saudi Arabia and the United States, as well as signs that Turkey’s currency crisis had been laid to rest.


BOND TRADERS ARE PAID BIG TO DUMP U.S. TREASURIES AND GO ABROAD

Bloomberg - Katherine Greifield (2018-10-17)

By now, everyone knows Treasuries have been a lousy bet. But because of a quirk in the way currency markets work, there’s even less reason for investors to park their money in U.S. government bonds. Those with dollars to spare can lock in historically high returns in Europe and Japan, even though yields in the two markets are among the lowest in the developed world.


TORONTO CONDO PRICES HIT A NEW ALL-TIME HIGH, SALES DECLINE FURTHER

Better Dwelling - Kaitlin Last (2018-10-17)

The price of a condo hit a new all-time high across Greater Toronto. TREB reported the price of a typical condo reached $506,300 in September, up 10.11% from last year. The City of Toronto saw prices hit $535,600, up 11.5% from the same time last year. Beyond the new all-time high, there’s a lot to unpack for asset price nerds.


A COURT RULING KNOCKS ANOTHER HOLE IN SWISS BANKING SECRECY

Economist - Economist (2018-10-17)

Mr Elmer had leaked data from Julius Bär after being sacked by the Cayman Islands affiliate of the Zurich-based bank. The court, dismissing an appeal by prosecutors, ruled that because he was employed by the Cayman outfit, not its parent, he was not bound by Swiss secrecy law when he handed data to WikiLeaks in 2008. The 3-2 ruling followed a rare public debate among the judges, held in only 0.3% of supreme-court cases, underlining the national importance of the issue.


TRUDEAU REFUSES TO LET 'POLITICS SLIP INTO’ DECISION ON HUAWEI

G&M - Robert Fife (2018-10-16)

Prime Minister Justin Trudeau says Ottawa refuses to let “politics slip into" the decision to allow Huawei equipment into Canada’s next-generation mobile networks even as the U.S. and Australia have barred the Chinese telecom giant on grounds of national security.


CIBC, RBC, SCOTIABANK FACING FALLOUT FROM DEBT RESTRUCTURING IN BARBADOS

G&M - Tim Kiladze (2018-10-16)

A trio of Canadian banks is facing the fallout from a debt restructuring in Barbados that will slash the value of hundreds of millions of dollars worth of government paper they collectively own.


FIDELITY LAUNCHES NEW COMPANY FOR TRADING, STORING CRYPTOCURRENCIES

G&M - Anna Irrera (2018-10-16)

Fidelity Investments has launched a new company for its institutional clients that will trade and store digital assets such as bitcoin, the asset manager said on Monday.


TSX SLUMPS DESPITE POT STOCKS SOARING TOWARD LEGALIZATION

CBC - CP (2018-10-16)

"I think we're going to get this kind of tennis match between the ongoing anxiety of the selloff and probably the positive news of corporate earnings and that probably can keep the markets bouncing around," he said in an interview from San Francisco.


HOW THE BIGGEST POT STOCKS PLAN TO WIN IN WHAT IS ABOUT TO BECOME A 'BRUTAL' INDUSTRY

FP - Kristine Owram (2018-10-16)

"These have all been concept stocks and they’re going to actually have to be real companies in another few months, which I think a lot of guys are terrified about,” said Greg Taylor, who manages the Purpose Marijuana Opportunities Fund. Taylor prefers CannTrust Holdings Inc., Hexo Corp. and Organigram Holdings Inc., which he says trade at a “more realistic valuation” than some of their bigger peers.


MANULIFE FACES INVESTOR BACKLASH OVER FAILURE TO DISCLOSE SIDE ACCOUNTS COURT CASE

FP - Matt Scuffham (2018-10-16)

Canada’s biggest life insurer is under pressure from shareholders to explain why it failed to disclose details of an ongoing court case which came to light after a short-seller released a report detailing the litigation.


NEW LLOYD’S BOSS MOVES INTO THE HOTSEAT

Insurance Business - Terry Gancuangco (2018-10-16)

The new man in charge, John Neal (pictured), assumed office on October 15 – bringing with him over three decades of insurance industry experience. The former QBE group chief executive first worked at Crowe Underwriting Agency prior to spending time at the likes of Bankside Managing Agency and Ensign.


MARSH & MCLENNAN’S JLT ACQUISITION GETS US ANTITRUST NOD

Insurance Business - Terry Gancuangco (2018-10-16)

Marsh & McLennan Companies (MMC) now has one less thing to think about in its £4.3 billion (around CA$7.34 billion) takeover deal with Jardine Lloyd Thompson Group (JLT), having secured US antitrust approval from the Federal Trade Commission (FTC).


ACORD ANNOUNCES INSURTECH INNOVATION WINNERS

Insurance Business - Ryan Smith (2018-10-16)

The winners, selected during ACORD Connect 2018 in New Orleans last week, were Chisel and RozieAI. Both advanced through multiple rounds of live-pitch competition to defeat nearly 100 other contestants.


SALE OF INSURANCE OVER THE INTERNET: THE INDUSTRY IS SATISFIED WITH AMF’S DRAFT REGULATION

Insurance Journal - Andrea Lubeck (2018-10-16)

Although regulation proposed by Quebec regulator, the Autorité des marchés financiers, on the sale of insurance products over the Internet does not specify the products that can be offered on the Web, some industry stakeholders say they are satisfied with this first draft.


CANADIAN BUSINESSES SPENT $14B ON CYBERSECURITY IN 2017

Canadian Underwriter - CP (2018-10-16)

The StatCan survey finds that more than one in five companies said they were impacted by a cyberattack last year, with large businesses more than twice as likely as small ones to be apparent targets.


THREE MORE MAJOR BANK CEOS PULL OUT OF SAUDI CONFERENCE

WSJ - Margot Patrick, Jenny Strasburg (2018-10-16)

The heads of three major European banks, HSBC Holdings PLC, Credit Suisse Group AG and Standard Chartered PLC, pulled out of Saudi Arabia’s Financial Investment Initiative conference Tuesday, putting the event scheduled for next week in Riyadh further in doubt.


EUROPEAN FIRMS MULL MOVING FINANCIAL CONTRACTS AS BREXIT LOOMS

WSJ - Nina Trentmann (2018-10-16)

European companies could be forced to move financial instruments worth billions of euros as Britain prepares to leave the European Union. The process, known as repapering, might be required for syndicated loans, currency swaps and other derivatives taken out by EU-based corporates and booked through banks in the U.K.


MICROSOFT BRINGS MARKET DATA TO THE MASSES

Finextra - Finextra (2018-10-16)

Market moving news and financial data from Refinitiv, formerly the financial and risk business of Thomson Reuters, is to be embedded into a suite of Microsoft services, including Excel, MSN Money and Bing.


US PAYMENTS GIANTS STRUGGLE TO MEET INDIAN DATA STORAGE DEADLINE

Finextra - Finextra (2018-10-16)

According to the New York Times, the American firms have asked for more time to meet the new Reserve Bank of India data localisation rules, which were announced in April and came into force on Tuesday.


ROYAL BANK OF CANADA CEO ON EQUITY MARKETS CORRECTION, THE FED, NEW...

CNBC - CNBC Video (2018-10-16)

Dave McKay, Royal Bank of Canada CEO, joins 'Squawk Box' to discuss the state of the U.S. economy, quarterly earnings and concerns surrounding Saudi Arabia.


WALMART: US COMPS TO CONTINUE TO GROW 2.5-3%

CNBC - CNBC Video (2018-10-16)

CNBC's Courtney Reagan reports on Walmart's quarterly earnings.


FINK: LAST THING ANYONE WANTS FOR US-CHINA IS A 'FINANCIAL WAR'

CNBC - CNBC Video (2018-10-16)

Larry Fink, BlackRock CEO, joins 'Squawk Box' to discuss U.S.-China tensions and how it could impact business decisions.


SENATE BANKING COMMITTEE CALLS FOR ‘IMMEDIATE’ BUSINESS TAX CUTS TO ADDRESS COMPETITIVENESS CONCERNS

G&M - Bill Curry (2018-10-16)

The Senate banking committee is calling on Finance Minister Bill Morneau to announce immediate tax cuts for business and a longer-term royal commission on taxation to address concerns that Canada is now a less attractive place for investment in light of recent tax cuts in the United States.


SCRAPPING CAP-AND-TRADE WILL COST ONTARIO $3-BILLION IN LOST REVENUE: FINANCIAL WATCHDOG

G&M - Laura Stone (2018-10-16)

Ontario’s financial watchdog says the Progressive Conservative provincial government’s decision to cancel the cap-and-trade system will lead to a loss of $3-billion in revenue over the next four years.


TRUMP WIDENS CRITIQUE OF FEDERAL RESERVE, CALLS IT HIS ‘BIGGEST THREAT’

G&M - Reuters (2018-10-16)

U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public.


ONTARIO’S PC GOVERNMENT IS RIGHT TO OPPOSE BANS ON MUTUAL FUND TRAILER FEES

FP - John A. Adams (2018-10-16)

The issue at stake is whether or not consumers should have the choice to defer a sales charge for the service provided by their adviser when purchasing mutual funds — and avoid this charge entirely if they continue their investment for up to seven years (the deferred sales charge period). The regulators had proposed to ban this type of mutual fund sales compensation structure, which is called a Deferred Sales Charge (DSC).


'THE NEW HIP THING': BANKERS ARE LEAVING SECURE FINANCIAL-SERVICES CAREERS IN DROVES TO JOIN CANNABIS STARTUPS

FP - Video (2018-10-16)

Younger, less-experienced investment bankers are making the leap along with veterans seeking executive and board roles that may have eluded them in the past


JPMORGAN CEO, FORD MOTOR CHAIRMAN JOIN WORLD BUSINESS LEADERS IN SKIPPING BIG SAUDI ECONOMIC CONFERENCE

https://www.theglobeandmail.com/world/article-ford-motor-co-chairman-joins-world-business-journalism-leaders-in/ - Reuters (2018-10-15)

JP Morgan & Chase Co. Chief Executive Jamie Dimon and Ford Motor Co. Chairman Bill Ford canceled plans to attend a Saudi investor conference, the companies said on Sunday, the latest such high-profile announcements after the disappearance of Saudi journalist Jamal Khashoggi.


ONCE-MIGHTY SEARS COLLAPSES INTO CHAPTER 11 BANKRUPTCY PROTECTION

G&M - Reuters (2018-10-15)

Sears Holdings Corp. filed for Chapter 11 bankruptcy on Monday, throwing into doubt the future of the century-old retailer that once dominated U.S. malls but has withered in the age of internet shopping.


CANADA SENDS RUSH OF NEW EXPORTS TO CHINA AMID U.S. TRADE WAR

G&M - Nathan Vanderklippe (2018-10-15)

Canadian farmers and fishermen are sending big new shipments of wool, lobsters and canola oil to China, driving a rush of new exports to the world’s second-largest economy amid the disruptions to the flow of global goods caused by the U.S. trade war with Beijing.


CANADA FALLS FROM GRACE ON GLOBAL HOUSING MARKETS: WHAT NEW RANKINGS SHOW, AND WHAT COMES NEXT

G&M - Michael Babad (2018-10-15)

"Elsewhere, tax stamp duty (Vancouver, Toronto, Hong Kong) has led to slower growth at the luxury end of the market."


GUY CORMIER LOOKS TO SOLIDIFY DESJARDINS’S STRONGHOLD IN QUEBEC AND EXPAND ITS FOOTPRINT ACROSS THE COUNTRY

G&M - James Bradshaw (2018-10-15)

Guy Cormier is in a deal-making frame of mind, and he’s likely to be both buyer and seller as he looks to sharpen the focus of Desjardins Group.


THE BIG BANKS HAVE STARTED HIKING FIXED MORTGAGE RATES, BUT HOME BUYERS DON’T NEED TO PANIC

G&M - Robert Mclister (2018-10-15)

Fixed mortgage rates are hitting multiyear highs. But so far, qualifying for a mortgage isn’t getting much harder.


OILSANDS BITUMEN PRICES IN NEGATIVE TERRITORY, ANALYST CALCULATES

CBC - Matt Murphy (2018-10-15)

A financial analyst says prices being paid for Western Canadian oilsands bitumen have fallen so far that producers are losing money on every barrel sold into the spot market.


'DAVOS IN THE DESERT' SUMMIT LOSES MEDIA, BUSINESS SUPPORT OVER MISSING JOURNALIST

CBC - Reuters (2018-10-15)

Turkish authorities say they have evidence Khashoggi was tortured and killed in the consulate. The Gulf kingdom has called allegations the writer may have been slain "baseless."


TD AIMING FOR 90% OF CUSTOMER TRANSACTIONS TO BE SELF-SERVE WITHIN THREE YEARS IN DIGITAL PUSH

FP - Doug Alexander (2018-10-15)

“Today in Canada we have 81 per cent of financial transactions done on a self-serve basis, which is digital and ATM,” Rizwan Khalfan, chief digital and payments officer at Canada’s largest lender, said in an interview. “We’re targeting 90 per cent.”


SHAREHOLDERS PRESSURE MANULIFE OVER UNDISCLOSED COURT CASE

Insurance Business - Lyle Adriano (2018-10-15)

The case involves universal life insurance policies underwritten by Aetna Life Insurance in 1997, which were acquired by Manulife in 2004. These policies were written when interest rates were much higher than they are now. The policies allow holders to invest their surplus funds in side accounts, with guaranteed interest rates of up to 4.0%


NOVA SCOTIA STRENGTHENS IIROC’S ENFORCEMENT POWERS

Insurance Journal - IIJ (2018-10-15)

“With the passage of Bill 67, Nova Scotia is the third province to give IIROC the full enforcement toolkit, joining Alberta and Quebec,” stated IIROC. Specifically, these legislative amendments provide IIROC with: the ability to enforce fine collection against individuals that engage in misconduct; authority to collect and present evidence during investigations and at disciplinary hearings; and protection from malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors.


THIRTY PER CENT OF CANADIANS DO NOT HAVE ENOUGH MONEY TO MEET THEIR NEEDS, SAYS SURVEY

Insurance Journal - IIJ (2018-10-15)

The survey found women and millennials are more likely to struggle with affordability. Seventy-three per cent of women find it challenging to save for retirement versus 65 per cent of men. Seventy-four per cent of women have difficulty saving for a major purchase, compared to 64 per cent of men.


BANK OF AMERICA IS MISSING OUT ON WALL STREET’S BOOM

WSJ - Rachel Louise Ensign, Liz Hoffman (2018-10-15)

Bank of America Corp.’s purchase of Merrill Lynch & Co., struck on the panic-filled 2008 weekend that Lehman Brothers failed, was supposed to make the lender a top-flight global investment bank.


SEC SUSPENDS FORMER BDO ACCOUNTANTS

WSJ - Michael Rapoport (2018-10-15)

Three former accountants for BDO USA LLP settled with Securities and Exchange Commission Friday and will be suspended from auditing public companies over alleged improprieties in an audit of insurer AmTrust Financial Services Inc.


THREE FORMER ACCOUNTANTS FOR BDO USA LLP SETTLED WITH SECURITIES AND EXCHANGE COMMISSION FRIDAY AND WILL BE SUSPENDED FROM AUDITING PUBLIC COMPANIES OVER ALLEGED IMPROPRIETIES IN AN AUDIT OF INSURER AMTRUST FINANCIAL SERVICES INC.

NY Times - Peter Eavis (2018-10-15)

The Trump administration now has to weigh some tough choices. It could take a hard-edge approach and impose penalties on Swift or the banks and people connected to the entity. But that could unsettle the major financial institutions that own and rely on Swift. The importance of the messaging service is hard to overstate. Swift connects more than 11,000 banks across more than 200 countries, and there is no other entity that could quickly step in and take its place.


OPTIMISM RUNNING HIGH IN CANADA’S BUSINESS COMMUNITY: BANK OF CANADA

G&M - Andy Blatchford (2018-10-15)

A new Bank of Canada poll suggested Monday that companies are optimistic about the year ahead – especially when it comes to sales growth, foreign demand and their investment plans.


IS IT TIME TO LOCK IN TO A FIXED-RATE MORTGAGE?

G&M - Diana Lawrence (2018-10-15)

As interest rates start to creep up, homeowners with variable-rate mortgages are wondering whether to lock in to a fixed-rate one.


BOFA’S RECORD PROFITS MARRED BY GROWTH CONCERNS

FT - Robert Armstrong (2018-10-15)

Net income in the third quarter rose by almost a third from the year before to $7.2bn.


AMAZON CASTS A LONG DARK SHADOW OVER BANKING

Finextra - Finextra (2018-10-12)

Bain is once again raising the spectre of the big banking bogeyman that is Amazon, pointing to research which suggests that 65% of Prime subscribers would be prepared to open a bank account with the e-commerce giant.


U.S. SENATORS URGE TRUDEAU TO BLOCK HUAWEI FROM 5G

G&M - Steven Chase (2018-10-12)

Two influential members of the U.S. Senate select intelligence committee have written Prime Minister Justin Trudeau, urging him to bar Chinese telecom equipment giant Huawei from Canada’s next-generation 5G mobile network on the grounds the Shenzhen-based firm represents a significant security risk.


THE OIL PATCH MISERY GETS EVEN WORSE: CANADIAN CRUDE HITS ANOTHER STUNNING RECORD LOW VS. U.S. BENCHMARK

G&M - Shawn McCarthy (2018-10-12)

The price of Western Canadian Select (WCS) crude fell to a record US$52.50 per barrel below the price of Northern American benchmark West Texas Intermediate in trading Thursday, according to Net Energy, Calgary-based oil traders whose records go back to early 2007.


AJ GALLAGHER ONLY BROKER ON BEST EMPLOYERS LIST

Insurance Business - Lyle Adriano (2018-10-12)

“We are very proud to be recognized by Forbes for what we think has been in our DNA since my grandfather started the business in 1927 - the best environment to attract top talent,” said Gallagher chairman, president and CEO J. Patrick Gallagher, Jr.


THOMAS MILLER FINALIZES DEAL FOR ZELLER ASSOCIATES

Insurance Business - Ryan Smith (2018-10-12)

International insurance services provider Thomas Miller has announced that it has completed its acquisition of the managing general agency and insurance services businesses of Zeller Associates.


HOW CANADA POST DISRUPTION COULD HELP THE INSURANCE INDUSTRY

Canadian Underwriter - Greg Mechbach (2018-10-12)

“If there is a postal disruption, it could be a good thing in terms of driving more consumers to electronic and online sources that insurance companies are offering,” Pete Karageorgos, IBC’s director of consumer and industry relations for Ontario, said Wednesday in an interview.


HURRICANE MICHAEL ON COURSE TOWARD NOVA SCOTIA

Canadian Underwriter - CP (2018-10-12)

Michael roared toward the Florida panhandle as a Category 4 hurricane Wednesday, with long-range forecasts predicting its remnants could dump heavy rains on Nova Scotia if it passes south of the province as expected.


CANADIAN BROKER NETWORK APPOINTS NEXT CHAIRMAN

Canadian Underwriter - David Gambrill (2018-10-12)

“We welcome Andrew Kemp as chairman whose industry experience and depth of knowledge of the marketplace will be of great value to CBN as we continue to grow and execute on our strategy,” says managing director Lorie Phair.


WHY COMMERCIAL PROPERTY CLAIMS COULD SKYROCKET AFTER POT LEGALIZATION

Canadian Underwriter - David Gambrill (2018-10-12)

“I see there being more property loss-type claims coming out of these large [marijuana-growing] facilities, particularly the greenhouse facilities,” Aaron Murray, partner at Beard Winter LLP, told Canadian Underwriterrecently. “They’ve got thousands of square feet.”


WORLD SHARES BOUNCE AFTER ROUT, SET FOR WORST WEEK SINCE FEBRUARY

Reuters - Ritvik Carvalho (2018-10-12)

After a partial recovery in Asian shares overnight, European stocks opened higher, with the pan-European STOXX 600 up 0.9 percent on the day. [.EU]


RESCUERS SEARCH FOR SURVIVORS OF FLORIDA COMMUNITIES DEMOLISHED BY MICHAEL

Reuters - Devika Krishna Kumar (2018-10-12)

Rescuers searched for survivors on Friday after one of the most powerful hurricanes in U.S. history slammed into the Florida Panhandle and killed at least seven people.


2019 LIFE INSURANCE CAPITAL ADEQUACY TEST (LICAT)

OSFI - OSFI (2018-10-11)

After completing a public consultation process, OSFI is issuing the final version of the 2019 LICAT guideline. In addition to minor edits and clarifications, key changes made to the guideline include:


HURRICANE MICHAEL CAUSES EXTENSIVE DAMAGE IN FLORIDA PANHANDLE AFTER MAKING LANDFALL AS CATEGORY 4 STORM

G&M - JAY REEVES AND BRENDAN FARRINGTON (2018-10-11)

Supercharged by abnormally warm waters of the Gulf of Mexico, the Category 4 storm crashed ashore in the early afternoon near Mexico Beach, a tourist town about midway along the Panhandle, a 200-mile (320-kilometre) stretch of white-sand beach resorts, fishing towns and military bases. After it ravaged the Panhandle, Michael entered south Georgia as a Category 3 hurricane – the most powerful in recorded history for that part of the neighbouring state.


TRUMP CALLS STOCK MARKET SELL-OFF ‘A CORRECTION,’ SAYS FEDERAL RESERVE HAS GONE ‘CRAZY’

G&M - Jeff Mason (2018-10-11)

U.S. President Donald Trump said that Wednesday’s stock market sell-off was in fact a long-awaited “correction,” and that the Federal Reserve, which has been raising U.S. interest rates, had gone “crazy.”


DOW PLUNGES OVER 800 POINTS, TSX FALLS OVER 300, AS INVESTORS FRET ABOUT WHAT MAY COME NEXT

G&M - David Berman (2018-10-11)

Wall Street suffered its worst day in eight months on Wednesday, and the TSX didn’t do much better, suggesting that the new North American trade agreement and the parade of upbeat U.S. economic reports have taken a back seat to what investors fear is coming next: Rising borrowing costs and squeezed profit margins.


TWO BANK OF MONTREAL EXECUTIVES RETIRING NEXT YEAR, CAUSING SHUFFLE AT UPPER RANKS

G&M - G&M (2018-10-11)

Two top executives at the Bank of Montreal are retiring next year, creating an opportunity for chief executive Darryl White to refashion the bank’s upper ranks roughly a year into his tenure.


LARGE NUMBER OF CANADIAN CANNABIS COMPANIES FAILING AT FINANCIAL REPORTING, WATCHDOG SAYS

FP - Barbara Schecter (2018-10-11)

The watchdogs in Ontario, British Columbia, Alberta and Quebec found that 100 per cent of 21 licenced cannabis producers — among a group of 70 industry operators reviewed — “needed to improve their fair value and fair value related disclosures.”


POWER CORP. SUBSIDIARY'S SAGARD CREDIT PARTNERS FUND PUSHES PAST US$500M TARGET

FP - Barbara Shecter (2018-10-11)

Sagard Credit Partners, a fund launched by a subsidiary of Power Corp. last December, has surpassed its target size of US$500 million before the end of its first year.


OSFI TO TAKE NEW MEASURES TO ADDRESS EQUITY-BASED MORTGAGE LOANS

FP - Geoff Zochodne (2018-10-11)

A federal regulator says it will have to take further action to address mortgage approvals by Canadian banks that still depend too much on the amount of equity in a home, and not enough on whether loans can actually be paid back.


TODD LAWRENCE APPOINTED PRESIDENT & CEO OF IVARI AS DOUGLAS BROOKS RETIRES

Insurance Journal - IIJ (2018-10-11)

Lawrence has more than 25 years of experience in the financial industry. “Throughout his career, he has led a number of large and complex businesses including insurance, reinsurance, mortgages, personal lending, and deposits,” said the company in a statement. He joined ivari in 2017. His appointment completes a year-long transition period.


TRAVELERS SECURES MAJOR TIE-UP WITH AMAZON IN THE US

Insurance Business - Bethan Moorcraft (2018-10-11)

Travelers customers in dedicated US states will have access to the smart home kits at discounted prices, in an effort to protect homeowners from some of the most common causes of loss. The kits include: security cameras, water sensors, motion detectors, a wireless smart home hub that connects a wide range of smart devices and an Amazon Echo Dot. Furthermore, eligible Travelers home insurance customers will get a discount on their policy with the purchase of a smart home kit.


NEW ALLIANZ HEAD OF GLOBAL LIABILITY HAS CANADIAN ROOTS

Canadian Underwriter - Greg Mechbach (2018-10-11)

Ciara Brady, who previously worked in Toronto for both Swiss Re and Chubb, becomes head of global liability for Allianz Global Corporate and Specialty effective Jan. 1, AGCS announced Tuesday.


GLOBAL MARKETS TUMBLE, LED BY TECH STOCKS

WSJ - WSJ (2018-10-11)

The Dow Jones Industrial Average plunged more than 800 points, as investors accelerated their retreat from technology stocks, and Asian markets opened sharply lower.


SEARS INVESTORS FEAR BANKRUPTCY IS NEAR

NY Times - Michael J. De La Merced (2018-10-11)

Shares of Sears are tumbling after The Wall Street Journal, citing unnamed sources, reported that the embattled retailer is preparing to file for bankruptcy protection as soon as this week.


CBI CALLS FOR FRESH REGULATORY APPROACH TO HELP BANKS DEAL WITH TECH REVOLUTION

Finextra - Finextra (2018-10-11)

With over 1.1 million people working in the industry across every region of the UK, the financial sector contributes 11% of total Government tax receipts. But if the sector is to thrive in a new era of technological innovation, it needs a helping hand from Government and regulators, says the business lobby group. 


CARD FRAUD AT EU PAYMENT TERMINALS HITS LOWEST LEVEL FOR 13 YEARS

Finextra - Finextra (2018-10-11)

Figures released by the European Association for Secure Transactions (East) show total losses of €107 million for the first six months of 2018 - a 43% drop - primarily as a result of a 19% dip in card skimming scams (down from €118 million to €104 million).


A PORTABLE RETIREMENT SAVINGS ACCOUNT FOR EVERY NEWBORN

Benefits Pro - Nick Thornton (2018-10-11)

Congressman Jim Himes, D-CT, has introduced legislation that would establish a portable retirement savings account for every newborn American assigned a Social Security number.


IOU FINANCIAL INC. SURPASSES US$600M IN LOANS ORIGINATED

CNW - CNW - Press Release (2018-10-11)

IOU FINANCIAL INC. ("IOU Financial" or "the Company") (TSXV: IOU), a leading online lender to small businesses (IOUFinancial.com), announces today that it has funded more than US$600 million in financing to thousands of merchants and small businesses across the United States and Canada since December 2009.


REGULATOR OPENS DOOR TO WHOLE NEW FUND CATEGORY: ‘LIQUID ALTS’

FP - Barbara Schecter (2018-10-11)

Canadian regulators have put final rules in place that will allow retail investors to put their money into funds that share many attributes of a hedge fund— such as employing leverage and short-selling, and investing in illiquid investments.


WHY MILLENNIALS ARE SKIPPING OUT ON PRIMARY CARE

Benefits Pro - Sandra G. Boodman (2018-10-11)

“The whole ‘going to the doctor’ phenomenon is something that’s fading away from our generation,” said Brown, who now lives in Daly City outside San Francisco. “It means getting in a car [and] going to a waiting room.” In his view, urgent care, which costs him about $40 per visit, is more convenient — “like speed dating. Services are rendered in a quick manner.”


CHINA PRESSES CANADA TO RESUME STALLED TRADE TALKS

G&M - Nathan Vanderklippe (2018-10-11)

“China is opposed to all sorts of protectionism and to double-standard practices under all kinds of names,” he said in paraphrased remarks reported by China’s central Xinhua News Agency. “Any attempts that aim to sabotage China’s modernization plan will fail.”


SNC SHARES SAG AMID CORRUPTION PROBE, INCREASING TAKEOVER RISK

G&M - Nicolas Van Praet (2018-10-11)

SNC-Lavalin Group Inc. risks becoming a takeover target if its stock continues to trade at depressed values while its corruption case winds through the courts, analysts say.


GLOBE EDITORIAL: WHY ARE CANADIAN GOVERNMENTS FUNDING AMERICAN TECH INNOVATION?

G&M - G&M (2018-10-11)

There is a well-documented shortage of tech talent around the globe, and Canada is no exception. This country is expected to have more than 200,000 unfilled high-skilled tech jobs by 2020, according to the Information and Communications Technology Council, and fast-growing Canadian startups are already challenged to fill computer-engineering and data-science positions.


WALL STREET EXTENDS SLIDE AS NASDAQ FLIRTS WITH CORRECTION

G&M - G&M (2018-10-11)

Wall Street indexes extended their decline on Thursday as volatility spiked and investors shunned risky investments, and Nasdaq looked like it could confirm a correction.


GOLD SURGES AS SHARE SELL-OFF SPARKS FLIGHT TO SAFETY

G&M - G&M (2018-10-11)

Gold prices on Thursday jumped over 2 percent to more than a two-month high as tumbling global stock markets sent investors rushing to the safe-haven asset.


US STOCKS FALL SHARPLY AS TRUMP BLAMES ‘OUT OF CONTROL’ FED

FT - Robin Wigglesworth, Demetri Sevastopulo (2018-10-11)

Global stock markets headed toward the worst week in more than six months as investors spooked by rising interest rates sold equities worldwide. President Donald Trump blamed an “out of control” US Federal Reserve for the downturn.


IMF READIES FOR DANGER SIGNALS IN EMERGING MARKETS

FT - James Politi (2018-10-11)

With Asian equity markets tumbling on Thursday morning, Christine Lagarde, the head of the IMF, used her pulpit at a Balinese beachside conference centre to deliver some marching orders to economic policymakers in emerging markets. 


WILL CHINA’S STIMULUS PROVE A BOON FOR EMERGING MARKETS?

FT - Emma Dunklay (2018-10-11)

A five-day national holiday meant Chinese stocks simply delayed experiencing the ructions that hit global markets last week. The CSI, an index of big Chinese companies listed on the mainland, tumbled more than 4 per cent on Monday.


EM STOCKS FACE STEEPEST SELL-OFF SINCE MARCH

FT - Jonathan Wheatley (2018-10-11)

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of


THE NEXT RECESSION

Economist - Economist (2018-10-11)

JUST a year ago the world was enjoying a synchronised economic acceleration. In 2017 growth rose in every big advanced economy except Britain, and in most emerging ones. Global trade was surging and America booming; China’s slide into deflation had been quelled; even the euro zone was thriving. In 2018 the story is very different. This week stockmarkets tumbled across the globe as investors worried, for the second time this year, about slowing growth and the effects of tighter American monetary policy. Those fears are well-founded.


ANALYST: BITCOIN NEEDS BLESSING FROM SEC TO RALLY, MARKET DESPERATE

CCN - CCN (2018-10-11)

“Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency. I think that the SEC [Securities and Exchange Commission] seeking a public opinion about the Bitcoin ETF [exchange-traded fund] is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape.” Aslam said.


SEARCH AND RESCUE BEGINS AMID RUINS OF FLORIDA COAST

NY Times - Richard Fausset (2018-10-11)

Search-and-rescue teams rushed on Thursday to reach communities that Hurricane Michael leveled, hoping to find survivors of the powerful storm after its rampage through the Florida Panhandle and beyond left buildings collapsed and splintered, hospitals damaged, roads and water systems compromised and more than a million homes and businesses without electricity.


SOUTH AFRICAN FINANCE MINISTER QUITS CABINET OVER GUPTA LINKS

G&M - Geoffrey York (2018-10-10)

In the latest flare-up of a widening corruption scandal, South Africa’s finance minister has resigned from his cabinet post for failing to disclose his meetings with the controversial Gupta business family.


TRUMP SAYS FEDERAL RESERVE RAISING INTEREST RATES TOO FAST

G&M - Reuters (2018-10-10)

U.S. President Donald Trump on Tuesday again criticized the Federal Reserve, telling reporters the central bank is going too fast in raising rates when inflation is minimal and government data points to a strong economy.


ARGENTINE PESO EXTENDS RALLY, BUT CENTRAL BANK DEBT WORRIES ECONOMISTS

G&M - Reuters (2018-10-10)

Argentina’s currency extended its week-long rally on Tuesday and investors swarmed over peso-denominated debt offered by the central bank at nose-bleed-high interest rates, even as economists voiced concern over the bank’s growing indebtedness.


ITALIAN BOND YIELDS SCALE NEW HIGHS AS ECONOMY MINISTER FAILS TO REASSURE INVESTORS

G&M - VIRGINIA FURNESS, DHARA RANASINGHE AND ABHINAV RAMNARAYAN (2018-10-10)

Italian government-bond yields rose to new highs on Tuesday after Economy Minister Giovanni Tria’s address to parliament on the government’s budget plans did little to reassure nervous investors.


CMHC SAYS ANNUAL PACE OF HOUSING STARTS SLOWED IN SEPTEMBER

CBC - CP (2018-10-10)

The annual pace of Canadian housing starts fell to their lowest level in nearly two years in September.


IMF DOWNGRADES GLOBAL GROWTH, STANDS PAT ON CANADA

FP - Victor Ferreirra (2018-10-10)

The International Monetary Fund downgraded its outlook for global growth on Tuesday, but its forecast for Canada remained unchanged, in part, economists said, because of the USMCA trade deal.


OTTAWA MAY BE EYEING NEW RULES TO PROTECT BANK, TELECOM CONSUMERS

FP - Geoff Zochodne (2018-10-10)

With a year to go before Canadians head back to the polls, there are signs the Trudeau government is mulling new measures intended to protect consumers in their dealings with banks and telecommunications companies.


INDUSTRY REACTS TO C.D. HOWE REPORT ON INSURANCE TAXES

Insurance Journal - Alain Theriault (2018-10-10)

The Insurance Bureau of Canada (IBC) and the Canadian Life and Health Insurance Association (CLHIA) endorse a recent report by the C.D. Howe Institute that calls for an end to provincial taxes on insurance premiums.


UNLOCKING POTENTIAL FOR BROKERS IN CANADA’S BURGEONING CANNABIS INDUSTRY

Insurance Business - Bethan Moorcraft (2018-10-10)

Brand new risks always come with opportunities for insurance brokers. With that in mind, Canadian brokers should be jumping for joy at the potential for new business once recreational-use cannabis is legalized on October 17.


QBE NORTH AMERICA PROMOTES TWO NEW BUSINESS LEADERS

Insurance Business - Lyle Adriano (2018-10-10)

QBE North America has appointed two executives to each lead the company’s transactional liability and financial institutions businesses.


HOW TO TAKE BETTER ADVANTAGE OF DATA SCIENCE

Canadian Underwriter - Jason Contant (2018-10-10)

Corporate leaders are becoming convinced of the wide-ranging impact that effective data collection can have on the bottom line, and insurance companies and brokerages are no exception.


J.P. MORGAN FIRES BROKER ACCUSED OF EXCESSIVE AND UNAUTHORIZED TRADING

NY Times - Tara Siegel Bernard (2018-10-10)

J. P. Morgan Securities said this week that it had fired a broker accused of making unauthorized trades in a customer’s account — and reaping fees that were 10 times the typical amount — three months after settling with the customer and several weeks after The New York Times reported on the dispute.


U.S. INVESTIGATING POSSIBLE STANCHART IRAN BREACHES AFTER 2012 DEAL: CEO

Reuters - Lawrence White (2018-10-10)

U.S. authorities are investigating whether Standard Chartered (STAN.L) breached Iran-related compliance rules as recently as 2013, a year after it settled with them over earlier allegations of breaches and pledged to improve internal controls.


THE BIG HACK: HOW CHINA USED A TINY CHIP TO INFILTRATE U.S. COMPANIES

Bloomberg - Jordan Robertson (2018-10-10)


BITCOIN MINERS HIT $4.7B IN REVENUE THIS YEAR, BUT IT’S BECOMING UNPROFITABLE

NextWeb - David Cannellis (2018-10-10)

A sustainably high hash rate and increase adoption has meant Bitcoin mining revenue has surpassed last years numbers by $1.7 billion. Still, the world’s largest mining pools are barely making a profit from mining Bitcoin – at best.


OPEN BANKING CONCERNS ARISE FOR PAYMENTS PROVIDERS

Bobsguide - Rebekah Turnstead (2018-10-10)

Rachna Ahlawat, EVP and co-founder of Ondot Systems, expressed concerns about how Open Banking could take the one click payment process to something more cumbersome for consumers at this week’s PayExpo conference, in central London.


WELLS FARGO TAKES CONTROL TOWER PFM NATIONWIDE

Fintech - Fintech (2018-10-10)

Designed to provide a digital footprint of consumer's financial lives, the Control Tower app enables users to view a list of their recurring payments and track where their debit or credit card or account information is shared with certain third-party financial companies in a single, centralised location.


INTRODUCING THE AUSTRALIAN OPEN BANKING INITIATIVE

Finextra - Video (2018-10-10)

Jerry Norton, Vice President and Global Head of Banking for CGI, talks about how the Australian Open Banking Initiative is coming into effect in July 2019 and what this means, whether there are any differences in the way Australia is applying open Banking to what is happening in Europe and the UK, and what Australian banks should be doing now to assure success.


MNUCHIN WARNS CHINA ON CURRENCY DEVALUATIONS

FT - Sam Flemming (2018-10-10)

The US Treasury secretary has warned China not to engage in competitive devaluations of the renminbi as the two countries spar over their economic relations and engage in an escalating trade war.


GUGGENHEIM SECURITIES: WALL ST AND THE RISK OF HUGE INCENTIVES

FT - Sujeet Indap and James Fontanella-Khan (2018-10-10)

During the financial crisis a decade ago, big banks were brought to their knees by reckless traders who made outsized bets on complex mortgage securities. For the dealmakers in other parts of these financial groups, who specialised in advising companies on mergers and acquisitions, this created an additional problem.


AVIVA OUSTS CHIEF IN PUSH FOR ‘NEW LEADERSHIP’

FT - Emma Powell (2018-10-10)

Aviva has pushed Mark Wilson out as chief executive after almost six years, citing a need for “new leadership” as investor and boardroom discontent simmers over its strategy and underperforming share price.


VANCOUVER CRYPTO EXCHANGE, CIBC CLASH OVER FROZEN ACCOUNTS

G&M - Alexandra Posadzki (2018-10-09)

Canada’s largest cryptocurrency exchange is blaming a legal action by a major bank for delays some customers are experiencing while cashing out funds.


ALPHABET SHUTS GOOGLE+ SOCIAL SITE AFTER USER DATA EXPOSED

G&M - ARJUN PANCHADAR AND MUNSIF VENGATTIL (2018-10-09)

Google will shut down the consumer version of its social network Google+ after announcing data from up to 500,000 users may have been exposed to external developers by a bug that was present for more than two years in its systems.


DANSKE BANK SHARES HIT FOUR-YEAR LOW ON MONEY-LAUNDERING SCANDAL AND MIRROR-TRADE REPORT

G&M - JACOB GRONHOLT-PEDERSEN (2018-10-09)

Danske Bank’s deepening money laundering scandal dragged its shares to a four-year low on Friday, as Denmark’s biggest bank sought to calm investors over the impact of a U.S. criminal investigation into its Estonian branch.


IMF CUTS WORLD ECONOMIC GROWTH FORECASTS FOR 2018 AND 2019

CBC - Reuters (2018-10-09)

The International Monetary Fund has cut its global economic growth forecasts for 2018 and 2019, saying that trade policy tensions and the imposition of import tariffs were taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.


FOLLOWING SAINT JOHN OIL REFINERY BLAST AND FIRE, IRVING OIL TO FOCUS ON CAUSE

CBC - Bobbi-Jean MacKinnon, Elizabeth Fraser (2018-10-09)

WorkSafeNB, the Department of Environment and Emergency Measures Organization (EMO) officials will try to "understand what happened" and decide on next steps, said Irving Oil's chief refining and supply officer Kevin Scott.


MANULIFE REFUTES CONCLUSIONS OF A REPORT THAT PREDICTS A FINANCIAL FIASCO

Insurance Journal - IIJ (2018-10-09)

Manulife Financial rejects the conclusions of a report by the short selling firm Muddy Watersthat claim that the insurer has recently concluded a trial that “could significantly damage its earnings, capital, creditworthiness, business, and solvency – per its own expert’s sworn affidavit.”


AVIVA CEO MARK WILSON IN SHOCK EXIT

Insurance Business - Terry Gangcuangco (2018-10-09)

In an announcement this morning, the UK’s largest insurer revealed that its board and Wilson have agreed on the departure. The now ex-CEO, however, will remain with the group until April 2019 and ensure an orderly transition.


HURRICANE FLORENCE COSTS REACH 11 FIGURES

Insurance Business - Lyle Adriano (2018-10-09)

The top-end estimate of property damage related to Hurricane Florence came in at around US$45 billion, according to Moody’s Analytics.


CREDIT-CARD ISSUERS NOT THE BARGAIN THEY APPEAR TO BE

WSJ - Aaron Back (2018-10-09)

A great environment for America’s credit-card lenders isn’t tempting investors. There are good reasons for that. Rising interest rates mean credit-card companies could earn more.


BANKS BRACE FOR THE DOWNSIDE OF HIGHER RATES

WSJ - Ben Eisen, Christina Rexrode (2018-10-09)

Banks have enjoyed a profit boost from rising interest rates over the past couple of years. But now those higher rates could turn into a drag. Higher rates enable banks to charge more on loans. But they also can hit the banks’ 


JPMORGAN CHASE SETTLES ALLEGATIONS IT VIOLATED U.S. SANCTIONS

WSJ - Samuel Rubenfeld (2018-10-09)

JPMorgan Chase Bank NA agreed to pay $5.3 million to settle allegations it violated various U.S. sanctions programs.


WESTERN UNION MAKES DIGITAL PUSH AMID FIERCE COMPETITION FOR MONEY TRANSFERS

WSJ - Ezequiel Minaya (2018-10-09)

Western Union Co. WU -0.83% is aggressively expanding its digital services as the money-transfer giant tries to keep pace with competitors vying for international transfers.


THE S.E.C. DUSTS OFF A NEVER-USED CYBER ENFORCEMENT TOOL

NY Times - Craig Newman (2018-10-09)

Five years ago, the Securities and Exchange Commission adopted a rule requiring investment firms to pay attention to identity theft. It never enforced it — until late last month.


SOVEREIGN WEALTH FUNDS EMBRACE THEIR GROWING AMBITIONS

NY Times - Michael J. De La Merced (2018-10-09)

When Lucid Motors, an electric carmaker, announced that it had raised $1 billion in financing last month, the transaction appeared at first blush to be just another Silicon Valley megaround.


VOLKSWAGEN SET TO HIRE FOUR BANKS FOR TRUCK UNIT IPO: SOURCES

Reuters - Edward Taylor (2018-10-09)

Volkswagen (VOWG.DE) is close to hiring Citigroup (C.N), Deutsche Bank (DBKGn.DE), Goldman Sachs (GS.N) and JP Morgan (JPM.N) to help with the potential stock market listing of its truck unit Traton, two people familiar with the matter told Reuters on Monday.


A DECADE OF U.S. ECONOMIC SLUGGISHNESS MAY HAVE JUST SNAPPED BACK TO NORMAL

Reuters - Howard Schneider (2018-10-09)

For a solid decade after the collapse of Lehman Brothers touched off a global financial crisis, there was good reason to think the U.S. economy remained broken, from skepticism about the health of the labor market to tepid economic growth and the moribund rate of interest paid on U.S. Treasury bonds.


CIRCLE PLANS TO BUILD TOKEN MARKETPLACE WITH ACQUISITION OF SEEDINVEST

Finextra - Finextra (2018-10-06)

SeedInvest is currently registered with the SEC and Finra as a broker-dealer, and ranked by Inc. Magazine as the fourth fastest-growing financial services company in the United States. The company has helped hundreds of startups raise capital online and has built a network of over 200,000 investors.


OVER $1 TRILLION FLOWED THROUGH ESTONIA BETWEEN 2008 AND 2015, DWARFING DANSKE BANK MONEY LAUNDERING SCANDAL

FP - Ott Ommelas (2018-10-05)

Danske Bank A/S has become almost synonymous in Denmark with laundering. But there are growing signs that it only represents a small slice of Europe’s dirty money machine.


MERCER AND MORNINGSTAR FORM DIGITAL ALLIANCE

Insurance Journal - IIJ (2018-10-05)

Global consulting leader Mercer and independent investment research firm Morningstar have joined together to provide investors and advisors with a single global digital platform for institutional investment manager data, performance analytics and qualitative research.


REPORT ASKS PROVINCES TO RETHINK THE GROWING TAXES ON INSURANCE PREMIUMS

Insurance Journal - IIJ (2018-10-05)

The report, authored by Alex Laurin and Farah Omran, finds that premium-based taxes increase the price of insurance products and lower the demand for them.


HURRICANES AND RETIREMENTS ROCK THE BOAT IN THE MARINE INSURANCE MARKET

Insurance Business - Alicja Grzadkowska (2018-10-05)

“The yacht insurance market right now is very unstable. There’s no question that climate change, the impact of Irma last year, [which] was the highlight storm, but there were other storms, has really put demand on capacity,” said Paul Mendham, president of Navis Marine Insurance Brokers.


ALL YOU NEED TO KNOW ABOUT THE UK LEAVING THE EU

BBC - Alex Hunt & Brian Wheeler (2018-10-05)

It is a word that is used as a shorthand way of saying the UK leaving the EU - merging the words Britain and exit to get Brexit, in the same way as a possible Greek exit from the euro was dubbed Grexit in the past. Further reading: The rise of the word Brexit


OSFI ANNUAL REPORT

OSFI - OSFI (2018-10-05)

There are no shortages of issues that keep OSFI and its counterparts up at night. These range from cyber security and cryptocurrencies to trade protectionism and other geopolitical concerns. While we cannot predict exactly when the next crisis will be or what it will entail, we must remain vigilant.


INVESTMENT BANKS REAP REWARDS WITH $2.8-BILLION IN CANNABIS EQUITY DEALS

G&M - Alexandra Posadzki (2018-10-04)

Canada’s burgeoning cannabis sector is helping to fill the gap created by a slowdown in capital raising by energy and mining companies.


USE A PRIVATE MEDICAL CLINIC? IT MIGHT BOOST YOUR LIFE INSURANCE PREMIUMS

G&M - G&M (2018-10-04)

If you use a private medical clinic − like Medcan, Medisys or the Cleveland Clinic − it may cost you more for life insurance. In some cases, it may cause a postponed decision or an outright decline by an insurance carrier. This may not seem significant to some individuals, but for business owners, this can have a huge impact on how you go about setting up shareholder agreements, buy-sell arrangements, key-person arrangements, permanent life policies, split dollar critical illness or other wealth, succession planning and tax-planning strategies that involve the use of life insurance or other related products.


AT MIDDAY: ENERGY, MARIJUANA PRODUCERS PUSH TSX HIGHER

G&M - G&M (2018-10-04)

Canada’s main stock index edged up on Wednesday, after the energy sector reversed course and as the healthcare sector got a boost from cannabis producers.


THE GAP BETWEEN CANADIAN AND AMERICAN PRICES IS WIDER THAN EVER

CBC - Kyle Bakx (2018-10-04)

The main problem is a backlog of oil in Alberta. Here are the three reasons why that's happened.


CONCERNS RAISED OVER SUN LIFE INVESTOR REMEDIATION PLAN FOLLOWING MUTUAL FUND SETTLEMENT

FP - Barbara Shecter (2018-10-04)

This past December, Sun Life Financial Investments Services Inc., a division of insurance giant Sun Life Financial Inc., entered a settlement agreement with the Mutual Fund Dealers Association of Canada to resolve a number of issues the regulator had discovered during a compliance examination in 2015.


TD AMERITRADE INVESTS IN CRYPTOCURRENCY EXCHANGE ERISX

FP - Reuters (2018-10-04)

TD Ameritrade clients can already trade bitcoin futures over the CBOE Futures Exchange. ErisX will allow clients to potentially trade other cryptocurrency futures, such as Etherium and Litecoin, said J.B. Mackenzie, TD Ameritrade’s managing director of futures and foreign exchange.


VENEZUELA’S CRISIS IMPERILS CITGO, ITS AMERICAN ‘CASH COW’

NY Times - CLIFFORD KRAUSS (2018-10-04)


DANSKE BANK FACES U.S. CRIMINAL INQUIRY OVER SUSPICIOUS ESTONIAN ACCOUNTS

Reuters - Teis Jensen (2018-10-04)

Danske Bank (DANSKE.CO) is being investigated by the U.S. Department of Justice over a 200 billion euro ($230 billion) money laundering scandal involving its Estonian branch, confirming long-held investor fears.


BOND SLUMP GOES GLOBAL; DOLLAR GAINS, STOCKS DROP: MARKETS WRAP

Bloomberg - Samuel Potter (2018-10-04)

A bond selloff that sent benchmark U.S. Treasury yields to the highest since 2011 spread into Asia and Europe on Thursday, spurring more gains for the dollar and triggering widespread declines in equities.


JPMORGAN CUTS CHINA STOCKS ON RISKS OF FULL-BLOWN TRADE WAR

Bloomberg - Ben Bartenstein (2018-10-04)

The likelihood of a “full-blown trade war" next year between the world’s two largest economies made JPMorgan Chase & Co. the latest brokerage to drop its bullish call on Chinese stocks.


INDONESIA'S WEAK CURRENCY A SOURCE OF STRENGTH, WORLD BANK SAYS

Bloomberg - Karl Lester M Yap (2018-10-04)

“With a flexible exchange rate now, moderate devaluation makes imports more expensive, exports cheaper, and the dollar value of profit transfers lower,” Rodrigo Chaves, the bank’s country director for Indonesia and Timor-Leste, said in a statement on Wednesday. “These elements reduce the current-account deficit automatically.”


HOW HIGH CAN BOND YIELDS CLIMB BEFORE STOCK INVESTORS WORRY?

Bloomberg - Matthew Burgess (2018-10-04)

U.S. stock investors are showing signs of being less jittery than their Asian peers as a rout in Treasuries deepens.


KASHECHEWAN FIRST NATION SUES TORONTO ARCHITECT AND ASSOCIATES TO RECOUP $11-MILLION EARMARKED FOR FLOOD REBUILDING

G&M - Gloria Galloway (2018-10-04)

On April 22 or 23 of 2014, says the statement of claim, Ms. Kirkland gained access to the loan money and “began dispersing millions of dollars to herself and the defendants and others.”


AT MIDDAY: DOW DROPS OVER 200 POINTS AS WALL STREET SUCCUMBS TO SOARING BOND YIELDS

G&M - G&M (2018-10-04)

A sell-off in U.S. Treasuries pushed yields to multi-year peaks on Thursday as robust economic data and hawkish speeches by Federal Reserve officials stoked concerns about inflation, weighing on stock markets globally.


SHORT-SELLER MUDDY WATERS TAKES AIM AT MANULIFE FINANCIAL, RELYING ON UNIQUE COURT CASE

G&M - Tim Kiladze (2018-10-04)

A well-known American short-seller is betting against Manulife Financial Corp., arguing that a lawsuit the insurer faces could put it at risk of significant financial damage.


HSBC LAUNCHES FORAY INTO DIGITAL ADVISERS IN CANADA

G&M - Clare O'Hara (2018-10-04)

HSBC is joining the Canadian banks' robo-adviser revolution.


BANK OF CANADA STUDYING ISSUES AROUND A CENTRAL BANK DIGITAL CURRENCY

Canadian Underwriter - CP (2018-10-03)

“Differences in the regulatory treatment of these products for controlling money laundering and terrorist financing are a particularly pressing concern,” he said.


A ‘LESSEE’ IS NOT NECESSARILY THE PERSON WHO PAID FOR THE RENTED VEHICLE

Canadian Underwriter - David Gambrill (2018-10-03)

A “lessee” under Ontario’s Insurance Act is the person whom the rental company would sue to enforce the rental contract, a court reaffirmed Monday.


GE’S $500,000,000,000 MARKET WIPEOUT IS LIKE ERASING FACEBOOK

Bloomberg - Rick Clough (2018-10-03)

GE’s fall from that mid-2000 heyday -- the legendary Jack Welch was nearing the end of his tenure then -- has come in fits and starts. The 9/11 terrorist attack badly hurt its jet-engine and insurance businesses, for instance. But the last couple years have been particularly brutal.


WHEN IT COMES TO RATES, WHAT ARE CENTRAL BANKS GOING TO DO NEXT?

Bloomberg - Bloomberg (2018-10-03)

Global central banks are gradually withdrawing easy monetary policy a decade since they began racing to the rescue of a world economy skidding into recession. This report looks at current and projected rates from a variety of countries in developed and emerging markets.


THE BIG CHILL: A FIVE-YEAR HOUSE PRICE FORECAST FOR 33 CANADIAN CITIES

G&M - Michael Babad (2018-10-03)

New forecasts suggest it’s “time for slower price growth” in Canadian housing markets.


News feed

IMF READIES FOR DANGER SIGNALS IN EMERGING MARKETS

FT - James Politi (2018-10-11)

With Asian equity markets tumbling on Thursday morning, Christine Lagarde, the head of the IMF, used her pulpit at a Balinese beachside conference centre to deliver some marching orders to economic policymakers in emerging markets. 


EM STOCKS FACE STEEPEST SELL-OFF SINCE MARCH

FT - Jonathan Wheatley (2018-10-11)

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of


THE NEXT RECESSION

Economist - Economist (2018-10-11)

JUST a year ago the world was enjoying a synchronised economic acceleration. In 2017 growth rose in every big advanced economy except Britain, and in most emerging ones. Global trade was surging and America booming; China’s slide into deflation had been quelled; even the euro zone was thriving. In 2018 the story is very different. This week stockmarkets tumbled across the globe as investors worried, for the second time this year, about slowing growth and the effects of tighter American monetary policy. Those fears are well-founded.


FSIM briefings and developments reports


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A COURT RULING KNOCKS ANOTHER HOLE IN SWISS BANKING SECRECY

Mr Elmer had leaked data from Julius Bär after being sacked by the Cayman Islands affiliate of the Zurich-based bank. The court, dismissing an appeal by prosecutors, ruled that because he was employed by the Cayman outfit, not its parent, he was not bound by Swiss secrecy law when he handed data to WikiLeaks in 2008. The 3-2 ruling followed a rare public debate among the judges, held in only 0.3% of supreme-court cases, underlining the national importance of the issue.


TORONTO CONDO PRICES HIT A NEW ALL-TIME HIGH, SALES DECLINE FURTHER

The price of a condo hit a new all-time high across Greater Toronto. TREB reported the price of a typical condo reached $506,300 in September, up 10.11% from last year. The City of Toronto saw prices hit $535,600, up 11.5% from the same time last year. Beyond the new all-time high, there’s a lot to unpack for asset price nerds.


BOND TRADERS ARE PAID BIG TO DUMP U.S. TREASURIES AND GO ABROAD

By now, everyone knows Treasuries have been a lousy bet. But because of a quirk in the way currency markets work, there’s even less reason for investors to park their money in U.S. government bonds. Those with dollars to spare can lock in historically high returns in Europe and Japan, even though yields in the two markets are among the lowest in the developed world.



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