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
Bank of Canada Keeps Rate Steady at 1.25%… But Increase is Imminent + MORE Apr 18th
As widely expected, the Bank of Canada decided to keep its key interest rate at 1.25 per cent. This is the second announcement in a row where interest rates have been kept steady this year, after Bank of Canada Governor Stephen Poloz kicked off 2018 with a quarter-point hike.
New forecasts from the.... More »
The best 5-year variable mortgage rates in Canada + MORE May 1st
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The best 5-year variable mortgage rates in Canada
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Here's what's open and closed over Easter weekend in Toronto and the GTA Apr 16th
Shopping malls, banks and grocery stores have varied operating hours over the long weekend..... More »
Getting a new reading on Canada's Jekyll-and-Hyde economy: Don Pittis + MORE May 24th
As the Bank of Canada offers its update on the economy and Canada's biggest commercial banks release results, here are five reasons why some economists say Canada's economy has turned gloomy again..... More »
Will GIC rates keep going up in 2024? Dec 23rd
As Canadians are painfully aware, Canada’s inflation has stubbornly persisted above the Bank of Canada’s (BoC) target rate of 2%. In response, the BoC has repeatedly raised the benchmark interest rate—which sets the pace for banks’ prime rates—since early 2022. While no one can predict wit.... More »
Dubai developer Limitless to repay $564 million in debt, most of it to banks
– canadianbusiness.com
DUBAI, United Arab Emirates – An indebted Dubai real estate developer says it will repay more than half a billion dollars in money owed to banks and trade creditors as part of its financial restructuring.
The state-controlled company, Limitless, said Monday that more than 90 per cent of the $564 million it will repay will go toward its bank debt, which represents 42 per cent of the company’s total debt of $1.2 billion. The company says it sold land in Saudi Arabia to help fund repayment.
Limitless says it is negotiating with banks to agree on new terms for the remaining debt payment, including an extension until December 2018. Limitless says that nearly all the banks have agreed to the revised terms.
The company was hard hit during the emirate’s 2009 financial crisis, which saw property prices plunge.
The post Dubai developer Limitless to repay $564 million in debt, most of it to banks appeared first on Canadian Business – Your Source For Business News.
The state-controlled company, Limitless, said Monday that more than 90 per cent of the $564 million it will repay will go toward its bank debt, which represents 42 per cent of the company’s total debt of $1.2 billion. The company says it sold land in Saudi Arabia to help fund repayment.
Limitless says it is negotiating with banks to agree on new terms for the remaining debt payment, including an extension until December 2018. Limitless says that nearly all the banks have agreed to the revised terms.
The company was hard hit during the emirate’s 2009 financial crisis, which saw property prices plunge.
The post Dubai developer Limitless to repay $564 million in debt, most of it to banks appeared first on Canadian Business – Your Source For Business News.
Free transport in Athens until banks re-open
– canoe.ca
Public transport will be free in Athens for a week to ease difficulties created by the closure of the banks and a rush on petrol stations, Transport Minister Christos Spirtzis said Monday.
What you need to know about what’s ahead for Greece
– macleans.ca
People line up at an ATM outside a Piraeus bank branch in Athens, Monday, June 29, 2015. Anxious Greeks lined up at ATMs as they gradually began dispensing cash again on the first day of capital controls imposed in a dramatic twist in Greece’s five-year financial saga. Banks will remain shut until next Monday, and a daily limit of 60 euros ($67) has been placed on cash withdrawals from ATMs. (AP Photo/Thanassis Stavrakis)FRANKFURT — Greece has entered the twilight zone.
Out of money, cut off by its creditors, its banks shut, the struggling country will vote Sunday on whether to accept painful cutbacks in return for desperately needed financing.
Between now and then Greece remains suspended between collapse and an uncertain rescue, between membership in the 19-member euro club and the possibility of a humiliating exit.
A look at what’s ahead:
What is the next deadline for Greece?
On Tuesday, the main part of Greece’s bailout deal expires. With no agreement to release the last 7…
Ahead of referendum, Greeks hit by closed banks, warnings from eurozone
– canadianbusiness.com
ATHENS, Greece – Anxious pensioners swarmed closed bank branches Monday and long lines snaked outside ATMs as Greeks endured the first day of serious controls on their daily economic lives ahead of a July 5 referendum that could determine whether the country has to ditch the euro currency and return to the drachma.
As strict capital controls took root following Prime Minister Alexis Tsipras’ surprise weekend decision to call a referendum on international creditors’ latest economic proposals, Greece’s population tried to fathom the sheer scale of the impact on their day-to-day existence.
Following a breakdown in talks between Greece and its creditors, the country is in the midst of the one of the most acute financial crises seen anywhere in the world in years. It’s running out of time to get the money it needs to stave off bankruptcy.
That has stoked fears of a crippling bank run, a messy Greek debt default and an exit from the euro. As a result, the country’s government imposed strict capital controls, none more onerous than a daily allowance of a measly 60 euros ($67) at the ATM…
As strict capital controls took root following Prime Minister Alexis Tsipras’ surprise weekend decision to call a referendum on international creditors’ latest economic proposals, Greece’s population tried to fathom the sheer scale of the impact on their day-to-day existence.
Following a breakdown in talks between Greece and its creditors, the country is in the midst of the one of the most acute financial crises seen anywhere in the world in years. It’s running out of time to get the money it needs to stave off bankruptcy.
That has stoked fears of a crippling bank run, a messy Greek debt default and an exit from the euro. As a result, the country’s government imposed strict capital controls, none more onerous than a daily allowance of a measly 60 euros ($67) at the ATM…
Travelling to Greece? Bring cash and cards
– moneysense.ca
Customers queue in front of the National Bank to use ATM to withdraw cash on June 28, 2015 in Athens, Greece. (Photo by Milos Bicanski/Getty Images)—Updated on Monday, June 29 at 5:35 p.m.—
The government of Canada is advising visitors to Greece to bring enough cash to cover unexpected to travel expenses in the wake of the country’s deepening financial crisis that took a dramatic turn Sunday.
Authorities in Greece announced yesterday that all banks in the country will be closed from June 29 to July 7, 2015 and capital controls, including maximum €60 daily ATM cash withdrawals, have been imposed on locals until further notice. The decision came after the European Central Bank (ECB) said it would not boost the amount of emergency loans to keep Greek banks afloat. Banks in the country are not expected to reopen until after a national referendum that will ask voters to accept or reject the latest bailout measures offered to Greece by the ECB, the European Union and the International Monetary Fund…
