The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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4 Unexpected Ways The Low Loonie Is Impacting Canadians
– ratesupermarket.ca
The Canadian dollar has sunk to a multi-year low, now trading below 90 cents U.S. The weaker Loonie has traditionally been good news for our manufacturing sector and bad news for cross border shoppers, but there have been some unexpected side effects resulting from the most recent slide that are taking Canadians by surprise.
Big Bank Profits Are Up
Each quarter, banks have been reporting higher profits despite the lagging economy. This is because of their major operations outside of the country. A lower dollar means revenue generated from foreign investment increases. Banks such as TD, Scotiabank, BMO and RBC all have major foreign operations. The profits from these are able to offset any losses felt domestically. TD, CIBC, RBC and BMO all reported higher profits this week for the last quarter.
Travel Surcharges On Top Of Fares
Airlines have tacked a surcharge onto their fares due to the lower dollar. Air Canada and West Jet have both raised their ticket prices, saying the falling Loonie is making business operations more expensive…
Vietnam says bitcoin transactions are illegal, warns against investing in virtual currencies
– canadianbusiness.com
HANOI, Vietnam – Vietnam’s communist government said trading in bitcoin and other electronic currencies is illegal, and warned its citizens not to use or invest in them.
A central bank statement late Thursday didn’t spell out penalties for those who disobeyed the instruction, but it said that virtual currencies are linked to money laundering and other illegal activities.
The collapse of a major bitcoin exchange in Tokyo this week has drawn renewed attention to the currency.
Late last year, China banned its banks and payment systems from handling bitcoin. Thailand earlier put a blanket ban on its use.
Currencies like bitcoin are unnerving financial regulators in Asia and elsewhere because they are outside of their control. Established banks don’t like them because people can send the money around the world with any fees.
There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it’s unclear whether they have done any trading so far…
A central bank statement late Thursday didn’t spell out penalties for those who disobeyed the instruction, but it said that virtual currencies are linked to money laundering and other illegal activities.
The collapse of a major bitcoin exchange in Tokyo this week has drawn renewed attention to the currency.
Late last year, China banned its banks and payment systems from handling bitcoin. Thailand earlier put a blanket ban on its use.
Currencies like bitcoin are unnerving financial regulators in Asia and elsewhere because they are outside of their control. Established banks don’t like them because people can send the money around the world with any fees.
There are a few websites that claim to offer bitcoin in exchange for Vietnamese dong, but it’s unclear whether they have done any trading so far…
Big Canadian banks TD and CIBC, plus Maple Leaf Foods, George Weston and Valeant are among the stocks we’re watching Thursday.
As RRSP season closes and many Canadians prepare for tax time, a CBC Marketplace investigation reveals that financial advisers at some of Canada’s top banks and firms are giving consumers inaccurate, misleading and inappropriate advice.
4 Unexpected Ways The Low Loonie Is Impacting Canadians
– ratesupermarket.ca
The Canadian dollar has sunk to a multi-year low, now trading below 90 cents U.S. The weaker Loonie has traditionally been good news for our manufacturing sector and bad news for cross border shoppers, but there have been some unexpected side effects resulting from the most recent slide that are taking Canadians by surprise.
Big Bank Profits Are Up
Each quarter, banks have been reporting higher profits despite the lagging economy. This is because of their major operations outside of the country. A lower dollar means revenue generated from foreign investment increases. Banks such as TD, Scotiabank, BMO and RBC all have major foreign operations. The profits from these are able to offset any losses felt domestically. TD, CIBC, RBC and BMO all reported higher profits this week for the last quarter.
Travel Surcharges On Top Of Fares
Airlines have tacked a surcharge onto their fares due to the lower dollar. Air Canada and West Jet have both raised their ticket prices, saying the falling Loonie is making business operations more expensive…
