Aug 12 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Telus Corp. is trying to add a 1.5 per cent processing fee for customers who use a credit card after a class action settlement cleared the way for merchants to add the surcharge starting this fall. In a letter to the Canadian Radio-television and Telecommunications Commission, the telecom giant says the surcharge is […]
Aug 11 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Unifor is calling for a national auto strategy, and a dedicated federal government ministry to lead it, at a time of "significant and uncertain change" in the industry amid the transition to electric vehicles. The recommendations are contained in Unifor's new auto policy released Thursday, a day after Canada's largest private-sector union elected […]
Aug 4 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Sun Life Financial Inc. has reached a deal to sell a U.K.-based division of the company to Phoenix Group Holdings PLC for about $385 million as part of a shift to make the company more nimble. The insurer said Thursday it will sell SLF of Canada U.K. Ltd., or Sun Life U.K., a […]
Aug 2 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — TD Bank Group is accelerating its international investment banking growth with a deal to buy New York-based Cowen Inc. for US$1.3 billion in cash. The bank said Tuesday that the deal will bolster its investment arm, TD Securities, by adding capabilities with global equity sales, trading and execution platforms as well as increased […]
Jul 31 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — The savings accounts of Canadians have sprung a leak. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one per cent, haven’t kept up. “They will lose […]
Jul 15 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — It used to be said that a penny saved was a penny earned, but rising prices helped push out the penny years ago, and with inflation now running at well over seven per cent, it’s eating into every nickel and dime. So while inflation is clearly happening, accurately capturing in a single number […]
Jun 30 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — The rate advantage city renters saw during the pandemic is fading, making it important for those without rent controls to plan ahead for potentially substantial increases. List prices for new rentals were up about 20 per cent in May for cities like Toronto, Vancouver and Calgary compared with a year earlier, data from […]
Jun 27 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Canadian banks looking to expand in the U.S. through acquisitions are facing increased scrutiny from regulators and politicians along with renewed attention on past disputes. Both TD Bank and BMO are working to close big deals there, TD with a US$13.4 billion deal for southeastern U.S.-focused First Horizon and BMO with a US$16.3 […]
Jun 12 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — The long wait for shorter wait times on resolving bank complaints is almost over as part of a raft of updates to banking regulations set to come into force. The reforms are contained in a new financial consumer protection framework that is meant to address gaps in the system, but despite being almost […]
Jun 9 2022 — Ian Bickis, The Canadian Press — The Canadian Press — High household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday. "We think the economy needs higher interest rates, and it can certainly handle higher interest rates," he told […]
Jun 2 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Royal Bank of Canada has become caught up in efforts by Texas to limit action by banks against gun manufacturers and fossil fuel companies as attention intensifies on the divisive issues. Texas passed laws last year that bar state contracts, including in its sizable municipal bond market, from going to banks and other […]
May 26 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — Canada's Big Five banks all sounded notes of caution in releasing results this week as pressure builds on the economy, though each pointed to somewhat different strategies in preparing for a potential recession. TD Bank was the only one not to raise its dividend in what it said was a move to preserve […]
May 26 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — CIBC reported Thursday that its revenue climbed in the second quarter compared with last year, but earnings dipped as both spending to power growth and provisions for potential future loan losses ate into profits at a time of increased uncertainty. "There's no doubt we're all in a very fluid environment," said chief executive […]
May 25 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — BMO and Scotiabank both reported higher loan growth and profits in the last quarter from a year ago and said commercial and consumer demand remains strong despite growing worries about the economy. The two banks, the first to report results for the second quarter that ran until the end of April, say that […]
May 25 2022 — Ian Bickis, The Canadian Press — The Canadian Press — TORONTO — BMO Financial Group said Wednesday that loan growth remained strong in the second quarter as businesses kept investing and residential mortgages were up, but that it is also ramping up its risk assessments as economic pressures including inflation grow. Central banks have been responding to rising prices by raising interest rates, leading to […]