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
Greece's Achilles' Heel + MORE Apr 9th
The banks are bleeding billions in deposits while the Greek government stonewalls its creditors..... More »
European Central Bank to identify weak banks; step considered key to eurozone recovery + MORE Oct 10th
FRANKFURT – The European Central Bank says it will reveal the results of its much-awaited review of bank finances on Sunday, Oct. 26.
The exercise is an attempt to purge so-called zombie banks that are too troubled to make new loans and support the struggling eurozone economy.
The idea is that.... More »
The close: TSX falls as BMO earnings weigh on banks May 24th
S&P 500 closes at record following Fed minutes
.... More »
It’s Never Too Early to Think about Holiday Shopping Sep 23rd
While it may seem a bit early – especially if you’re still basking in the neverending summer heat in Southern Ontario – now is the time that retailers really start thinking about the holidays.
Whether looking at November’s Cyber Monday or the big Christmas push, smart merchants .... More »
Gunpowder horn believed owned by Alexander Hamilton is going up for auction Dec 27th
TRENTON, N.J. – A New Jersey dentist believes an engraved piece of cow horn that goes up for auction next month symbolizes the American dream for a man who was key to the founding of the United States and is now the focus of a blockbuster hip-hop Broadway musical.
A descendant, an arms apprais.... More »
Traders to focus on central banks, heavy slate of economic data this week
– canadianbusiness.com
TORONTO – Central banks will be the focus of investors this week as markets look to see what the Bank of Canada plans to do about hiking interest rates down the road.
On one level, there is no mystery about what the Canadian central bank won’t do and that is raise rates from one per cent, where they have been since September 2010.
“I still think it’s more than a year away before they actually do raise rates so we’re in a long holding period here,” said Doug Porter, chief economist at BMO Capital Markets.
Still, traders will carefully scan the bank’s announcement on Wednesday for clues about when the central bank might move.
Porter said it will be interesting to see if the central bank continues to flag concerns about low inflation being the number one concern, “given the fact that inflation has marched steadily higher.”
“Headline inflation at least is now right on target.”
Canada’s annual inflation rate climbed to its highest level in two years, reaching two per cent in April, largely driven by an unusually big jump in energy prices…
On one level, there is no mystery about what the Canadian central bank won’t do and that is raise rates from one per cent, where they have been since September 2010.
“I still think it’s more than a year away before they actually do raise rates so we’re in a long holding period here,” said Doug Porter, chief economist at BMO Capital Markets.
Still, traders will carefully scan the bank’s announcement on Wednesday for clues about when the central bank might move.
Porter said it will be interesting to see if the central bank continues to flag concerns about low inflation being the number one concern, “given the fact that inflation has marched steadily higher.”
“Headline inflation at least is now right on target.”
Canada’s annual inflation rate climbed to its highest level in two years, reaching two per cent in April, largely driven by an unusually big jump in energy prices…
Egypt stock market plunges, suspends trades following reports of new capital gains taxes
– canadianbusiness.com
CAIRO – Egypt’s stock market witnessed a sharp plunge Sunday that forced a temporary suspension of trading after reports of a newly proposed government tax on capital gains which experts said was hardly explained to investors.
The half-hour suspension on the first day of the trading week at the Egyptian Exchange failed to cool a frenzy of selling by investors. The EGX30 benchmark index closed 4.22 per cent lower, or at 7,894.73 points, continuing its slide after trading was suspended after the broader EGX100 index fell by 5 per cent.
Egyptian Finance Minister Hany Kadry Dimian announced the new tax on capital gains Thursday, fuelling the market slide. He said the government will impose a 10-per cent tax on net realized portfolio profits at the end of the year. Stock market profits are currently tax-free.
Wael Ziada, the head of research at EFG Hermes, one of the Middle East’s largest investment banks, said the proposed law wasn’t clearly explained or discussed, causing the “extreme reaction” in the market…
The half-hour suspension on the first day of the trading week at the Egyptian Exchange failed to cool a frenzy of selling by investors. The EGX30 benchmark index closed 4.22 per cent lower, or at 7,894.73 points, continuing its slide after trading was suspended after the broader EGX100 index fell by 5 per cent.
Egyptian Finance Minister Hany Kadry Dimian announced the new tax on capital gains Thursday, fuelling the market slide. He said the government will impose a 10-per cent tax on net realized portfolio profits at the end of the year. Stock market profits are currently tax-free.
Wael Ziada, the head of research at EFG Hermes, one of the Middle East’s largest investment banks, said the proposed law wasn’t clearly explained or discussed, causing the “extreme reaction” in the market…
