Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
Latest News
Is Your Debt Above Average? + MORE Mar 18th
Household debt levels are a hot topic this week, as new numbers reveal they are higher than ever across the nation – a key concern for our central bank, and the fuel behind Canada’s too-hot-to-touch housing markets. And it’s not just mortgages – a recent study finds credit card bal.... More »
Is an all-weather portfolio the answer to the shortage of “safe” investments? + MORE Oct 27th
For retirees and near retirees, it can sometimes seem like there’s no such thing as a “safe” investment—especially now. Even bonds and bond funds, typically considered the safest of investment—suffered losses in 2021, as interest rates were poised to rise. Now that central banks have said .... More »
When Banks Bailed Out the Government Aug 4th
Citigroup is ‘too big to fail.’ Its predecessor was once responsible enough to weather a panic..... More »
The best GIC rates in Canada for 2024 + MORE May 29th
Investing
The best GIC rates in Canada for 2024
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
Find the best rate
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Interest rates: From lower for longer, to low for no longer + MORE Jun 14th
Carolyn Wilkins. (Photograph by Erin Schaff)
Inflation is coming.
Ha-ha! You don’t believe me, do you? I can hardly blame you. Economists used to talk about prices as if they were barely domesticated animals: loosen the tether, and they will will take off on you. Those economists now look like fo.... More »
Bangladesh loses $100 million, allegedly to Chinese hackers
– canadianbusiness.com
NEW DELHI – The Bangladesh central bank says it is working to recover some $100 million allegedly stolen by Chinese hackers from an account at the Federal Reserve Bank of New York.
Authorities have given few details about how the money disappeared. But Finance Minister A.M.A. Muhith says authorities are considering suing the U.S. bank over the money’s apparent transfer to accounts in the Philippines.
Muhith said the U.S. bank has “no way to avoid their responsibility.”
The New York Fed put out a brief statement through its Twitter account on Monday, saying “Regarding hacking reports, there is no evidence of attempts to penetrate Federal Reserve systems & no evidence Fed systems were compromised.” Offices of the bank, one of 12 U.S. federal banks across America, were closed at night and officials were not immediately reachable for further comment.
The Bangladesh Bank said it managed to recover some of the funds, but gave no details. It has also tracked down those still missing and is working with the anti-money laundering agency in the Philippines, which has been ordered by a court in the country to freeze the accounts while the issue is being investigated…
Authorities have given few details about how the money disappeared. But Finance Minister A.M.A. Muhith says authorities are considering suing the U.S. bank over the money’s apparent transfer to accounts in the Philippines.
Muhith said the U.S. bank has “no way to avoid their responsibility.”
The New York Fed put out a brief statement through its Twitter account on Monday, saying “Regarding hacking reports, there is no evidence of attempts to penetrate Federal Reserve systems & no evidence Fed systems were compromised.” Offices of the bank, one of 12 U.S. federal banks across America, were closed at night and officials were not immediately reachable for further comment.
The Bangladesh Bank said it managed to recover some of the funds, but gave no details. It has also tracked down those still missing and is working with the anti-money laundering agency in the Philippines, which has been ordered by a court in the country to freeze the accounts while the issue is being investigated…
923 accounts at Andorra bank suspected of money laundering
– canadianbusiness.com
MADRID – The tiny European state of Andorra says a study shows one of its banks had 923 accounts suspected of money laundering.
Andorra seized Banca Privada d’Andorra last year after it was accused by the U.S. of helping groups from China, Russia and Venezuela launder money.
The study by consultants PwC said the 923 accounts represented three per cent of the 29,200 customers and about 1 billion euros ($1.1 billion) in business volume, or 19 per cent of its total.
Andorran financial authorities say that based on the report released late Tuesday, more than 90 per cent of BPA’s clients are fit to be transferred to the newly-created Vall bank.
They said BPA senior management and majority shareholders remain under investigation.
Located between Spain and France, Andorra has 85,000 residents.
The post 923 accounts at Andorra bank suspected of money laundering appeared first on Canadian Business – Your Source For Business News.
Andorra seized Banca Privada d’Andorra last year after it was accused by the U.S. of helping groups from China, Russia and Venezuela launder money.
The study by consultants PwC said the 923 accounts represented three per cent of the 29,200 customers and about 1 billion euros ($1.1 billion) in business volume, or 19 per cent of its total.
Andorran financial authorities say that based on the report released late Tuesday, more than 90 per cent of BPA’s clients are fit to be transferred to the newly-created Vall bank.
They said BPA senior management and majority shareholders remain under investigation.
Located between Spain and France, Andorra has 85,000 residents.
The post 923 accounts at Andorra bank suspected of money laundering appeared first on Canadian Business – Your Source For Business News.
Do BoC rates impact you? 10 questions answered
– moneysense.ca
(Gary Waters/Getty Images)Eight times a year, the Bank of Canada sets its key interest rate. This is a fancy way of saying it establishes an overnight target interest which is then used by banks to set the prime rate. This prime rate establishes how much it will cost to borrow, whether it’s a mortgage, a car loan or any other type of loan or debt.
Leading up to these routine announcements, there’s typically a flurry of commentary as experts weigh in on what a change—or even keeping with the status quo—could mean for the Canadian economy.
Question 1: Why does the Bank of Canada change rates?
Despite all the attention mortgage rates get during Bank of Canada (BoC) rate announcements, our central bank’s focus is on the overall monetary policy of the nation. Monetary policy is tht term that refers to the measures taken by the BoC to influence the economy by regulating the amount of money in circulation. In other words, it’s how the BoC tries to control the amount of money that flows in and out of Canada’s economy (both nationally and internationally)…
