What’s going on with the mbna Alaska Airlines MasterCard? + MORE Apr 28th

TORONTO — Home Capital Group Inc. shares regained some ground on Thursday after it secured a $2-billion credit line and said it’s exploring its strategic options, suggesting it could be up for sale.
The stock (TSX:HCG) rose nearly 34 per cent to close at $8.02 on the Toronto Stock Exchange after the mortgage lender said it hired RBC Capital Markets and BMO Capital Markets “to advise on further financing and strategic options.”
Toronto-based Home Capital lost more than half its value on Wednesday after it warned it would miss financial targets and was seeking the credit line to offset withdrawals from savings accounts at its Home Trust subsidiary.
Some savers pulled their deposits in the wake of allegations by Ontario’s securities regulator that the company, two former CEOs and the current CFO broke the law in their handling of a scandal involving falsified loan applications. The company has said the allegations are without merit and vowed to defend itself.
Home Capital said Home Trust expects to have a high-interest savings account balance of approximately $814 million on Thursday, after settlement of transactions Wednesday…

TORONTO — Slumping oil prices and an ongoing scandal involving a Canadian mortgage lender dragged down the Toronto Stock Exchange’s main index, which shed nearly 150 points.
The S&P/TSX composite index fell 143.07 points to 15,506.47 _ for a two-day loss of 238.72 points.
“The principal issue that’s overhanging the market is the Home Capital Group,” said Tim Morton, senior vice-president and portfolio manager at TD Wealth.
Staff at Ontario’s securities regulator recently alleged that Home Capital (TSX:HCG), two former chief executives and the current chief financial officer broke the law in their handling of a scandal involving falsified loan applications.
The company warned Wednesday that it would miss financial targets and was seeking a credit line, which it secured Thursday to the tune of $2 billion, to offset withdrawals from savings accounts at its subsidiary, Home Trust.
The lender’s shares plummeted nearly 65 per cent or $11.10 Wednesday…

(Shutterstock)
Premier Kathleen Wynne boasts balanced books in Ontario’s latest budget—and a host of items that will hit residents’ wallets. This year, the Liberals are packaging plenty of goodies that promise to benefit Ontarians’ bottom lines. Here’s a list of 18 to look out for:
1. No increase to personal or corporate income taxes.
2. A cut of 25%, on average, to household electricity bills, starting this summer. Low-income Ontarians and those living in eligible rural, remote or on-reserve First Nation communities would receive even bigger cuts.
3. Tobacco taxes will go up by $10 per carton of 200 cigarettes over a three-year period. That works to an immediate increase of $2 per carton, effective 12:01 a.m. on Friday, April 28, 2017.
4. The introduction of the Ontario Seniors’ Public Transit Tax Credit for those 65 or older. This amounts to a refundable benefit of 15% of eligible public transit costs, providing an average annual benefit of $130.

Ontario presents a balanced budget—for now

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Cruising the blue waters of the Caribbean, soaking in the sun … for free? Yes, you can. By using certain travel credit cards you can sail the blue seas at little or no cost

You may have noticed that as of April 26th the mbna Alaska Airlines MasterCard disappeared from the mbna website and even when you click on the link for the card from Alaska’s website you get the following:We talked to our contact at TB/mbna today for some clarification on what is happening.The card is not being discontinued. It is the third most popular card in the Canadian market in terms of an airline co-brand with membership somewhere in the five figure range. Less than Aeroplan and WestJet but definitely way more than other airline co-brand cards like British Airways and Cathay Pacific, so it has a strong following. When mbna reached out to us earlier to remove all links for the card they did ask if we have geo-targeting capabilities for the card in the future so we wanted that answered as well. What we learned from that is that this card will no longer be available to residents of Quebec. Why? Well the card is being changed slightly, it is going to have higher income requirements and a minimum spend requirement which does not meet Quebec laws apparently (not sure how other World Elite MC’s still work in Quebec)  Now for the rest of Canada to get the initial sign up bonus of 25,000 miles and your first year companion ticket you will have to reach a minimum spend of $1,000 on the card in the first 90 days of having it…