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Fairfax Financial companies face nearly $1bn in Q3 losses due to natural disasters + MORE Nov 3rd
TORONTO _ Fairfax Financial Holdings Ltd. (TSX:FFH) says hurricanes and other natural disasters in the latest quarter hit its portfolio companies with more than $1.2 billion in losses.
The Toronto-based company says the insurance industry in the third quarter saw some of the largest catastrophe loss.... More »
Taxes changes, new RRSP rules: Here’s what to watch out for in 2020 - Global News Dec 31st
Taxes changes, new RRSP rules: Here’s what to watch out for in 2020 Global NewsAre 2020's tax changes 'significant' or 'a wash'? CBC.caLower taxes, new RRSP rules and a digital-news credit among changes coming in 2020 The Globe and MailView full coverage on Google .... More »
Financial tips for University Students (and how to avoid an all-ramen diet) + MORE Oct 19th
Students cooking. (Maskot/Getty Images)
Students starting university experience a lot of firsts, including managing a household budget (even if he or she is the entire household). Here are nine student financial tips to help them manage their finances, get good value and minimize reckless spending..... More »
What newcomers need to know about investing in Canada Nov 15th
Canada is a beautiful, diverse country—maybe that’s why you immigrated here. But as a newcomer, you also need to know about the rising cost of living and the high income tax rate (up to a 54% marginal tax rate for high income earners). Today’s inflationary environment—with steep increases in.... More »
Is this frugal Toronto artist’s $70,000 in savings enough for her to buy a property in the U.S.? Jul 2nd
If Joy were to buy a house in the U.S., writes financial expert Jason Heath, it’s probably best she get a pre-approved a mortgage before house hunting..... More »
High-profile Chinese investor Xu Xiang detained in wake of stock bubble’s bursting
– canadianbusiness.com
BEIJING, China – High-profile Chinese investor Xu Xiang has been detained on suspicion of insider trading, the Public Security Ministry reported.
A brief statement issued Monday through the official Xinhua News Agency said Xu was suspected of illegally obtaining inside information about the stock market and manipulating prices.
His detention follows a massive decline in stock prices over the summer blamed largely on a government-promoted bubble that has led to a search for scapegoats.
Untethered from economic reality, Chinese stocks soared over the last year, with the Shanghai Composite Index rising 150 per cent in the year through mid-June.
On June 12, the bubble burst: Shanghai stocks have since tumbled, though they remain about 40 per cent above where they were a year ago.
Backtracking on a pledge to give market forces a greater say, the government tried to stop the freefall. It suspended trading in many companies, restricted the use of borrowed money for some trades and banned big investors from selling their stakes for six months…
A brief statement issued Monday through the official Xinhua News Agency said Xu was suspected of illegally obtaining inside information about the stock market and manipulating prices.
His detention follows a massive decline in stock prices over the summer blamed largely on a government-promoted bubble that has led to a search for scapegoats.
Untethered from economic reality, Chinese stocks soared over the last year, with the Shanghai Composite Index rising 150 per cent in the year through mid-June.
On June 12, the bubble burst: Shanghai stocks have since tumbled, though they remain about 40 per cent above where they were a year ago.
Backtracking on a pledge to give market forces a greater say, the government tried to stop the freefall. It suspended trading in many companies, restricted the use of borrowed money for some trades and banned big investors from selling their stakes for six months…
China manufacturing shows signs of stabilizing in October after period of contraction
– canadianbusiness.com
HONG KONG – The contraction in China’s manufacturing eased in October, while the expansion of service industries cooled, surveys show.
The Caixin manufacturing index, which is based on a survey of factory purchasing managers, rose to 48.3 last month from 47.2 in September. The purchasing managers’ index uses a 100-point scale on which numbers above 50 indicate expansion.
Factories reported a renewed increase in new export orders, which in turn helped soften the contractions in employment and output, resulting in the index’s slowest rate of decline in four months, Caixin said Monday.
“The slight upswing shows the manufacturing industry’s overall weakening has slowed down, indicating that the previous stimulating measures have begun to take effect,” said He Fan, chief economist at Caixin Insight Group.
China’s economy has slowed as Beijing tries to move the country away from an overreliance on exports and often-wasteful investment in housing, factories and infrastructure projects…
The Caixin manufacturing index, which is based on a survey of factory purchasing managers, rose to 48.3 last month from 47.2 in September. The purchasing managers’ index uses a 100-point scale on which numbers above 50 indicate expansion.
Factories reported a renewed increase in new export orders, which in turn helped soften the contractions in employment and output, resulting in the index’s slowest rate of decline in four months, Caixin said Monday.
“The slight upswing shows the manufacturing industry’s overall weakening has slowed down, indicating that the previous stimulating measures have begun to take effect,” said He Fan, chief economist at Caixin Insight Group.
China’s economy has slowed as Beijing tries to move the country away from an overreliance on exports and often-wasteful investment in housing, factories and infrastructure projects…
HSBC says 3Q profit surges by third as costs fall, no decision on headquarters move
– canadianbusiness.com
HONG KONG – HSBC Holdings reports that pre-tax profit has jumped by a third in the latest quarter as it paid out less in fines, settlements and British customer compensation.
The bank, Europe’s largest by market value, on Monday posted $6.1 billion in profit for the July-September period, up 32 per cent from a year earlier.
Revenue slipped 4 per cent to $15.1 billion.
In June, the bank announced a major reorganization, including slashing tens of thousands of jobs and selling businesses to concentrate on fast-growing Asian economies.
It’s also considering moving headquarters out of London as part of the plan. The bank said in its report a decision would be made by year-end at the earliest.
HSBC is listed on the Hong Kong and London stock exchanges.
The post HSBC says 3Q profit surges by third as costs fall, no decision on headquarters move appeared first on Canadian Business – Your Source For Business News.
The bank, Europe’s largest by market value, on Monday posted $6.1 billion in profit for the July-September period, up 32 per cent from a year earlier.
Revenue slipped 4 per cent to $15.1 billion.
In June, the bank announced a major reorganization, including slashing tens of thousands of jobs and selling businesses to concentrate on fast-growing Asian economies.
It’s also considering moving headquarters out of London as part of the plan. The bank said in its report a decision would be made by year-end at the earliest.
HSBC is listed on the Hong Kong and London stock exchanges.
The post HSBC says 3Q profit surges by third as costs fall, no decision on headquarters move appeared first on Canadian Business – Your Source For Business News.
Asian stock markets retreat after lacklustre data on China, US economies
– canadianbusiness.com
TOKYO – Asian stock markets were mostly lower Monday after lacklustre economic data from the U.S. and China.
KEEPING SCORE: Japan’s Nikkei 225 fell 1.8 per cent to 18,743.83 and Hong Kong’s Hang Seng dropped 1.0 per cent to 22,420.89. The Shanghai Composite Index was 0.3 per cent lower at 3,371.61. Australia’s S&P/ASX 200 slipped 1.3 per cent to 5,169.50. South Korea’s Kospi edged 0.1 per cent higher to 2,030.72. Taiwan also was higher while markets in Southeast Asia were mixed.
ECONOMIC DATA: A monthly survey of factory managers in China showed conditions were still weak in October, though the outlook was the best in four months. The Caixin index rose to 48.3 from 47.2 in September. Figures under 50 reflect a contraction. But an interest rate cut announced last month by Beijing will likely ease any impact of the lacklustre data. In the U.S., consumer spending rose a feeble 0.1 per cent in September.
ANALYST VIEWPOINT: China “manufacturing activity remained in contraction, albeit stabilizing somewhat,” ANZ Research said in a commentary…
KEEPING SCORE: Japan’s Nikkei 225 fell 1.8 per cent to 18,743.83 and Hong Kong’s Hang Seng dropped 1.0 per cent to 22,420.89. The Shanghai Composite Index was 0.3 per cent lower at 3,371.61. Australia’s S&P/ASX 200 slipped 1.3 per cent to 5,169.50. South Korea’s Kospi edged 0.1 per cent higher to 2,030.72. Taiwan also was higher while markets in Southeast Asia were mixed.
ECONOMIC DATA: A monthly survey of factory managers in China showed conditions were still weak in October, though the outlook was the best in four months. The Caixin index rose to 48.3 from 47.2 in September. Figures under 50 reflect a contraction. But an interest rate cut announced last month by Beijing will likely ease any impact of the lacklustre data. In the U.S., consumer spending rose a feeble 0.1 per cent in September.
ANALYST VIEWPOINT: China “manufacturing activity remained in contraction, albeit stabilizing somewhat,” ANZ Research said in a commentary…
Commerzbank’s chairman of board of managing directors won’t extend contract after October 2016
– canadianbusiness.com
BERLIN – The chairman of the board of managing directors of Commerzbank, Martin Blessing, has said he will not extend his contract when it ends in October 2016.
In a statement by the Frankfurt-based bank Sunday, Blessing said he had decided that after 15 years with the bank “it is now time for me to embark on a new chapter in my professional life.”
In past years, Commerzbank was required to leave some lines of businesses under European Union rules to offset the anti-competitive effect of state aid it had received from the German government when it was bailed out in 2009.
Blessing said the bank had “overcome the major challenges of the financial crisis or will do so in the coming months.”
The post Commerzbank’s chairman of board of managing directors won’t extend contract after October 2016 appeared first on Canadian Business – Your Source For Business News.
In a statement by the Frankfurt-based bank Sunday, Blessing said he had decided that after 15 years with the bank “it is now time for me to embark on a new chapter in my professional life.”
In past years, Commerzbank was required to leave some lines of businesses under European Union rules to offset the anti-competitive effect of state aid it had received from the German government when it was bailed out in 2009.
Blessing said the bank had “overcome the major challenges of the financial crisis or will do so in the coming months.”
The post Commerzbank’s chairman of board of managing directors won’t extend contract after October 2016 appeared first on Canadian Business – Your Source For Business News.
