Homeownership: The disappearing dream + MORE Oct 5th

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TORONTO – Phone passwords and security questions could soon become obsolete as financial institutions race to implement technology that can verify a client’s identity based on the characteristics of their voice.
After a successful pilot project last summer, Royal Bank (TSX:RBC) is rolling out “voice biometrics” technology that can identify clients who phone the bank’s call centres in a matter of seconds.
Customers will have to opt in to the service, which is being phased in over a three-month period and has been created by tech firm Nuance Communications.
RBC says it is the first Canadian company to implement technology that can create and identify a client’s “voiceprint,” which consists of more than 100 different characteristics such as the client’s pitch and accent, in the course of a regular conversation.
Manulife implemented similar technology for its banking clients and its retail advisers back in September, although users have to say a predetermined phrase — “At Manulife, my voice is my password” — in order for their voices to be verified…

WASHINGTON – Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to the lowest level on record.
The Treasury Department auctioned $21 billion in three-month bills at a discount rate of zero per cent, down from 0.015 per cent last week. Another $21 billion in six-month bills was auctioned at a discount rate of 0.065 per cent, down from 0.105 per cent last week.
Short-term rates have been at ultra-low levels for a number of years, reflecting efforts by the Federal Reserve to boost the economy by pushing borrowing rates down. The Fed’s key benchmark rate has been at a record low near zero since December 2008.
This week’s three-month rate of zero per cent means that the government was able to auction $21 billion in short-term securities to investors who were willing to loan money to the government for three months without getting any return on the investment. The 0.065 per cent rate for the six-month bill was the lowest since these bills averaged 0…

DOVER, Del. – The DuPont Co. has announced the sudden retirement of Ellen Kullman as chairwoman and CEO.
The company said Kullman, 59, will step down at the end of next week.
Edward Breen, a DuPont board member, will serve as Kullman’s interim replacement.
DuPont also downgraded its operating earnings outlook on Monday, saying it now expects operating earnings per share for the full year of about $2.75, compared with prior guidance of $3.10.
The company said the revised outlook primarily reflects continued strengthening of the U.S. dollar versus currencies in emerging markets, particularly in Brazil, and a further weakening of agricultural markets, primarily in Brazil.
The company now expects second-half operating earnings per share of about 40 cents, down from its prior guidance of 75 cents.
DuPont shares rallied in extended trading.
The post DuPont CEO Ellen Kullman retiring Oct. 16, board member Edward Breen to serve in interim post appeared first on Canadian Business – Your Source For Business News.

Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (13,552.20, up 212.46 points):
Canadian Oil Sands Ltd. (TSX:COS). Oil and gas. Up $3.41, or 55.09 per cent, to $9.60 on 29.2 million shares. Suncor Energy said it would make a hostile bid to take over Canadian Oil Sands Ltd., the largest partner in the massive Syncrude mine. Suncor is offering $4.3 billion in its own stock and would take on about $2.3 billion in COS debt, bringing the total price tag to $6.6 billion.
Rubicon Minerals Corp. (TSX:RMX). Miner. Down 33 cents, or 33 per cent, to 67 cents on 14.6 million shares.
Teck Resources Ltd. (TSX:TCK.B). Miner. Up 65 cents, or 9.64 per cent, to $7.39 on 9.8 million shares.
Suncor Energy Inc. (TSX:SU). Oil and gas. Down 77 cents, or 2.18 per cent, to $34.60 on 8.9 million shares.
First Quantum Minerals Ltd. (TSX:FM). Miner. Up 96 cents, or 18.36 per cent, to $6.19 on 8.2 million shares.
Penn West Petroleum Ltd. (TSX:PWT). Oil and gas. Up 19 cents, or 22…

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(Illustration by Sébastien Thibault)
In election 2015, one of the most hotly contested financial issues has been the proposed changes to the Home Buyers’ Plan—the federal program that lets first-time buyers borrow money from their RRSPs to purchase a house, without tax penalty. The Conservatives promise to increase the HBP limit from $25,000 to $35,000, while the Liberals pledge to relax HBP rules so it also becomes available to home buyers facing challenging circumstances—such as job relocation, the death of a spouse or divorce. But which initiative better serves Canadians?
The Liberals’ plan wouldn’t change the HBP maximum withdrawal limit of $25,000—and some call that a big mistake. “Over the years the Home Buyers’ Plan has failed to keep pace with rising home values,” says Randall McCauley, head of federal affairs for the Canadian Real Estate Association…