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Kingston fire destroys Cabot Academy elementary school - CBC Aug 15th
Kingston fire destroys Cabot Academy elementary school CBCDesperate C.B.N. residents question where firefighting assets go, and why CBCEvacuation Order Lifted for Paddy’s Pond Industrial Area VOCMEvacuation order lifted for St. John’s suburb; wildfire destroys N..... More »
MoneySense Toolkit: The mortgage refinance calculator Mar 31st
Depending on your circumstances, refinancing your mortgage can be a smart financial choice. However, while refinancing can lead to substantial savings, it can also come with steep costs. That’s when a mortgage refinance calculator can come in. It gives you a quick breakdown of the financial pr.... More »
North American markets stop major slide as oil prices and loonie gain ground + MORE Jan 31st
TORONTO _ North American stocks markets pulled back from their recent significant losses, as oil prices gained ground and the U.S. Federal Reserve said it was leaving its key interest rate unchanged.
The Toronto Stock Exchange’s S&P/TSX composite index edged back 3.84 points to 15,951.67, .... More »
Rates are going down—is now a good time to buy a house in Canada? Jun 6th
Real estate market analysts say the Bank of Canada’s much anticipated decision to lower its key interest rate could be the sign that many would-be homebuyers have been waiting for to make their move. The central bank announced the quarter-percentage-point cut on Wednesday, its first in more than f.... More »
Here’s how ‘workaholic’ Lauren can put her savings to work toward buying her dream house Jun 18th
To buy a house in the next five years, writes financial expert Jason Heath, Lauren should direct-transfer some of her maxed-out RRSP cash into the new tax-sheltered First Home Savings Account..... More »
Restructuring charges drag down CIBC’s Q4 profit to $778 million
– canadianbusiness.com
TORONTO – CIBC (TSX:CM) reports its net income for the fourth quarter was $778 million, a 2.8 per cent decline from the same time last year due to higher restructuring costs at the corporate level.
The bank’s profit for the three months ended Oct. 31 amounted to $1.93 per CIBC common share — or $2.36 per share after excluding $161 million in restructuring expenses after taxes.
Revenue increased to nearly $3.5 billion from about $3.2 billion in the comparable period last year, up 8.4 per cent, with all three main portions of the business contributing to the increase.
CIBC’s retail and business banking operations accounted for most of the overall fourth quarter profit: $655 million — up $53 million from the same time last year.
The bank’s wealth management arm also increased its profit to $123 million from $119 million and its capital markets operations grew net income to $209 million from $136 million.
The decline in overall fourth-quarter profit was at the corporate level, where the loss grew to $209 million from $46 million…
The bank’s profit for the three months ended Oct. 31 amounted to $1.93 per CIBC common share — or $2.36 per share after excluding $161 million in restructuring expenses after taxes.
Revenue increased to nearly $3.5 billion from about $3.2 billion in the comparable period last year, up 8.4 per cent, with all three main portions of the business contributing to the increase.
CIBC’s retail and business banking operations accounted for most of the overall fourth quarter profit: $655 million — up $53 million from the same time last year.
The bank’s wealth management arm also increased its profit to $123 million from $119 million and its capital markets operations grew net income to $209 million from $136 million.
The decline in overall fourth-quarter profit was at the corporate level, where the loss grew to $209 million from $46 million…
Restructuring charges drag down CIBC’s profit; boosts dividend
– theglobeandmail.com
Restructuring charges, which totalled $161-million after taxes
Facebook CEO Mark Zuckerberg is shaking up yet another sector — the charity world — with his surprise announcement that he and his wife will devote the bulk of their wealth, or about US$45 billion, to philanthropic works.
The Latest: European Central Bank cuts rate, to unveil more stimulus at news conference
– canadianbusiness.com
FRANKFURT – The latest developments on the day the European Central Bank is expected to announce a further stimulus for the 19-country eurozone economy. All times local:
1:50 p.m.
The European Central Bank has announced a cut in one of its key interest rates in an attempt to stimulate lending and help a modest economic recovery.
The bank reduced the rate on deposits from commercial banks from minus 0.2 per cent to minus 0.3 per cent. The negative rate is intended to push banks to lend excess cash by imposing a penalty for leaving it at the central bank’s super-safe deposit facility.
The rate cut is also seen as likely to weigh on the euro’s exchange rate against other currencies. That would help exporters and thus support the modest recovery in the 19 countries that use the euro as their currency.
The ECB also said it will announce further measures at a news conference later by President Mario Draghi.
___
12:35 p.m.
With investors predicting a bold package of stimulus measures from the European Central Bank later, there is a risk that it fails to meet expectations and that could see the day’s stock market gains evaporate and the euro rise…
1:50 p.m.
The European Central Bank has announced a cut in one of its key interest rates in an attempt to stimulate lending and help a modest economic recovery.
The bank reduced the rate on deposits from commercial banks from minus 0.2 per cent to minus 0.3 per cent. The negative rate is intended to push banks to lend excess cash by imposing a penalty for leaving it at the central bank’s super-safe deposit facility.
The rate cut is also seen as likely to weigh on the euro’s exchange rate against other currencies. That would help exporters and thus support the modest recovery in the 19 countries that use the euro as their currency.
The ECB also said it will announce further measures at a news conference later by President Mario Draghi.
___
12:35 p.m.
With investors predicting a bold package of stimulus measures from the European Central Bank later, there is a risk that it fails to meet expectations and that could see the day’s stock market gains evaporate and the euro rise…
TD Bank’s quarterly profit rises to $1.84 billion, up 5.3 per cent
– canadianbusiness.com
TORONTO – Toronto-Dominion Bank (TSX:TD) earned $1.84 billion of net income in its financial fourth quarter, a 5.3 per cent increase from last year despite higher restructuring costs as part of the company’s long-term efforts to improve efficiency.
The profit amounted to 96 cents per share or $1.14 per share on an adjusted basis, after excluding $243 million of after-tax restructuring charges and other items. A year earlier, net income was 91 cents per share and adjusted earnings were 98 cents per share.
Revenue for the three-month period increased to $8.05 billion, up eight per cent from last year.
TD’s Canadian retail banking arm accounted for $1.5 billion of profit, which was up 15 per cent before adjustments and 10 per cent after adjustments.
The bank says its Canadian retail operations experienced higher loan, deposit and wealth asset volumes, strong credit performance, higher insurance earnings and good expense management.
TD’s U.S. retail banking operations grew net income to $486 million, an increase of 14 per cent that included the positive impact of Canada’s weaker dollar…
The profit amounted to 96 cents per share or $1.14 per share on an adjusted basis, after excluding $243 million of after-tax restructuring charges and other items. A year earlier, net income was 91 cents per share and adjusted earnings were 98 cents per share.
Revenue for the three-month period increased to $8.05 billion, up eight per cent from last year.
TD’s Canadian retail banking arm accounted for $1.5 billion of profit, which was up 15 per cent before adjustments and 10 per cent after adjustments.
The bank says its Canadian retail operations experienced higher loan, deposit and wealth asset volumes, strong credit performance, higher insurance earnings and good expense management.
TD’s U.S. retail banking operations grew net income to $486 million, an increase of 14 per cent that included the positive impact of Canada’s weaker dollar…
