Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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CIBC’s exposure to mortgage market raises concerns + MORE Dec 2nd
TORONTO – CIBC’s exposure to the residential mortgage market has increased, raising concerns among some analysts who say it comes at a time when Canada’s real estate market is at risk of a correction.
But the bank said its loan delinquencies remain low and stable, including in the hot housing .... More »
Mortgage Rates to Rise by 2016: RBC + MORE Aug 26th
The Bank of Canada has chopped central rates twice this year to accommodate a slowing economy. Could we be in for another rate decrease in September’s announcement? A recent stock sell-off, global market upheaval and the sliding price of oil all point to the possibility. In the meantime, howe.... More »
European stocks, banks gain after Brexit deal defeat while U.K. shares lag Jan 16th
British shares lagged Europe slightly on Wednesday after Prime Minister Theresa May's resounding defeat in a parliamentary vote on her Brexit deal, but in the face of continuing political uncertainty investors focused on results and M&A news..... More »
Churning Credit Cards: The Pros and Cons + MORE Oct 4th
Churning credit cards is a sport of sorts among rewards collectors, allowing some to redeem points to claim hotels and flights for next to nothing. Sounds pretty appealing – but what exactly is churning?
Churning is when you apply for multiple credit cards just to get the big signup bonuses bein.... More »
The best GIC rates in Canada for 2024 Jun 3rd
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The best GIC rates in Canada
Find the best GIC rates in Canada. Plus, everything you need to know about how they work.
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MoneySense is an award-winning magazine,.... More »
Greek banks reopen as Tsipras eyes return to normal – Reuters Canada
– news.google.ca
Reuters CanadaGreek banks reopen as Tsipras eyes return to normalReuters CanadaATHENS (Reuters) – Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package …GREECE LATEST-Greek banks reopen as Tsipras eyes return to normalReutersGreek debt crisis: Banks reopen after three-week shutdownBBC NewsGreeks will find banks open, but restrictions still in placeTimes of IndiaLivemint -Irish Independentall 4,951 news articles »
Asian stocks mostly drift lower as market focus turns to outlook for interest rates
– canadianbusiness.com
BEIJING, China – Asian stocks mostly drifted lower Monday as investors put Greece’s debt crisis behind them to focus on the outlook for interest rates, corporate earnings and China’s economy.
KEEPING SCORE: The Shanghai Composite Index declined 0.4 per cent to 3,940.50 and Hong Kong’s Hang Seng shed 0.2 per cent to 25,354.70. Seoul’s Kospi was off 0.2 per cent at 2,071.87 and Bangkok, Taiwan and Manila also fell. Sydney’s S&P/ASX 200 added 0.1 per cent to 5,675.20 and Singapore and New Zealand also rose. Tokyo was closed for a holiday.
GREEK DEBT: Greece’s debt deal cleared a hurdle Friday when German lawmakers approved a third bailout plan. The European Union said it would get Athens enough money for it to keep making its debt payments. Greek Banks were scheduled to re-open Monday, though it was unclear whether capital controls would remain in place.
CHINA WOBBLES: Plunging stock markets appear to have stabilized at least temporarily following a massive government intervention…
KEEPING SCORE: The Shanghai Composite Index declined 0.4 per cent to 3,940.50 and Hong Kong’s Hang Seng shed 0.2 per cent to 25,354.70. Seoul’s Kospi was off 0.2 per cent at 2,071.87 and Bangkok, Taiwan and Manila also fell. Sydney’s S&P/ASX 200 added 0.1 per cent to 5,675.20 and Singapore and New Zealand also rose. Tokyo was closed for a holiday.
GREEK DEBT: Greece’s debt deal cleared a hurdle Friday when German lawmakers approved a third bailout plan. The European Union said it would get Athens enough money for it to keep making its debt payments. Greek Banks were scheduled to re-open Monday, though it was unclear whether capital controls would remain in place.
CHINA WOBBLES: Plunging stock markets appear to have stabilized at least temporarily following a massive government intervention…
Greek banks reopen as Tsipras eyes return to normal – Reuters Canada
– news.google.ca
Reuters CanadaGreek banks reopen as Tsipras eyes return to normalReuters CanadaATHENS (Reuters) – Greeks queued outside banks on Monday as they reopened three weeks after closing to stop the system collapsing under a flood of withdrawals, the first cautious sign of a return to normal after a deal to start talks on a new package …GREECE LATEST-Greek banks reopen as Tsipras eyes return to normalReutersGreek debt crisis: Banks reopen after three-week shutdownBBC NewsGreeks will find banks open, but restrictions still in placeTimes of IndiaLivemint -Irish Independentall 4,951 news articles »
Greek banks open, but transaction restrictions remain; prices on many goods and services rise
– canadianbusiness.com
ATHENS, Greece – Greeks will finally see their banks reopen at 8 a.m. local (0500 GMT) Monday morning, but many restrictions on transactions, including cash withdrawals, will remain.
Also, many goods and services will become more expensive as a result of a rise in Value Added Tax approved by Parliament last Thursday, among the first batch of austerity measures demanded by Greece’s creditors.
The parliament also agreed to deep reforms in the pension system including a gradual phasing out of all early retirement options.
In a decree published Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases…
Also, many goods and services will become more expensive as a result of a rise in Value Added Tax approved by Parliament last Thursday, among the first batch of austerity measures demanded by Greece’s creditors.
The parliament also agreed to deep reforms in the pension system including a gradual phasing out of all early retirement options.
In a decree published Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor who doesn’t withdraw cash on Monday can withdraw 120 euros ($130) on Tuesday, and so on, up to 420 euros ($455) a week.
Bank customers will still not be able to cash checks, only deposit them into their accounts, and will not be able to get cash abroad with their credit or cash cards, only make purchases…
After Five Years, Dodd-Frank Is a Failure
– online.wsj.com
The law has crushed small banks, restricted access to credit, and planted the seeds of financial instability.
