The Globe and MailPope urges US and Cuba to push detente furtherThe Globe and MailPope Francis told former Cold War foes Cuba and the United States on Saturday to set an example for the world by deepening the recent rapprochement that he helped broker. His zucchetto skullcap flying off in the Caribbean breeze at the start of a nine …In Cuba, Pope delivers veiled critiqueCNNCubans Have Mixed Opinions on Effect of Visit by Pope FrancisNew York TimesThe Latest: Crowds leave after Pope enters Havana residenceWXIXThe Guardian -WKMG Orlandoall 5,143 news articles »

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In early 2005, Martha Stewart was sitting in a prison camp in West Virginia, serving out her five-month sentence for lying about the sale of a few thousand shares in a biotech company. At the same time bankers, analysts, traders and mortgage underwriters at some of America’s largest financial institutions were deep into a shell game that would nearly bankrupt the global economy three years later. Looking back, it’s an interesting juxtaposition, because as we know now, Stewart (and, for a little Canadian content, Conrad Black) would be among the last prominent American corporate executives to be sent to the slammer for financial crimes.
To jail or not to jail, or more precisely, to pursue criminal charges or to just leave white-collar cases up to civil courts—where the likely outcome is a fine and no admission of wrongdoing—was a question the U.S. government would face a lot in the wake of Wall Street’s implosion in 2008-09. With federal prosecution of white-collar crimes at a 30-year low, the answer has overwhelmingly been to take a pass…

Pope Francis told the former Cold War foes on Saturday to set an example for the world by deepening the recent rapprochement that he helped broker

This is shaping up to be a deeply unpleasant autumn for junior energy companies and the banks that lent them hundreds of millions of dollars. Banks and other lenders are about to start re-evaluating their energy loans. A Bay Street investment bank says there could be blood.

Reuters CanadaChina continued South China Sea reclamation despite halt claim: expertReuters CanadaWASHINGTON (Reuters) – China was carrying out land reclamation in contested waters of the South China Sea this month, more than four weeks after saying it had stopped such activity, a U.S. expert said on Tuesday, citing recent satellite images.SOUTH CHINA SEA WATCH: China Seen Building 3rd AirstripNew York TimesBeijing warns Australia over disputed South China Sea islandsThe Australian Financial Reviewall 255 news articles »

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We’re not wealthy but I’d say we’re getting more comfortable, financially.  Comfortable is far from early retirement though, a goal we are striving for.  I know a few folks who have achieved early retirement and financial freedom.  I’ve noticed a few things over the years from these individuals when it comes to their financial habits.  They certainly aren’t flashy with their money – at least those people I know.  They have goals for sure.  They are forward-thinking, about everything. Over the years I’ve watched, observed and learned from other people who are financially free.  Here are some things they seem to do much better than me.
1. They manage debt effectively
Wealthy people either seem to leverage debt as a tool or simply avoid servicing debt altogether.  By leveraging debt as a tool, they seem to fully understand their risks as they incur debt to build assets or generate cash flow from their investments…

Top-shelf customer service – and cash rebates for home buyers – are the linchpins of this paradigm-shattering business. But real-estate law makes providing incentives for employees and clients difficult

TORONTO – Sotheby’s International Realty Canada says turbulence on the Chinese stock market could send buyers from mainland China flocking to Canadian luxury real estate this fall.
The realtor predicts that sales of homes worth over $1 million will rise in Toronto and Vancouver, while Montreal’s luxury market should be balanced and Calgary’s will slow due to the effects of declining crude prices.
Sotheby’s says sales gains are expected to be highest in the over $4 million category in the Toronto and Vancouver areas this fall, although higher sales volumes are expected in the $1-million to $4-million range, as well.
The realtor lists increased demand from international investors alongside limited inventory, historically low interest rates and heightened consumer confidence as the factors expected to fuel sales growth in Canada’s two hottest real estate markets.
In Calgary — where the luxury real estate market turned down in the first half of the year due to lower oil prices and a dip in consumer confidence — sales likely will continue to decline…

U.S. authorities have secured a guilty plea in a first-of-its-kind criminal case against a Canadian man accused of manipulating stock prices through an illicit, high-speed trading strategy.

Sydney Morning HeraldLiberal Leadership: Malcolm Turnbull must bring women forwardSydney Morning HeraldProminent women have hailed the departure of former Prime Minister Tony Abbott as an opportunity to drastically improve the government's focus on women. Transfield chairman Diane Smith-Gander said reform had to have a much wider prism to include …Australia's Political Upset Raises Alarm Over InstabilityWall Street JournalMalcolm Turnbull defeats Tony Abbott to become Australia's new PM, as it happenedTelegraph.co.ukNationals finalise Coalition agreement with Turnbull, gain responsibility for …ABC OnlineThe Hindu -The Australian Financial Review -Firstpostall 2,976 news articles »

With launch of the IPO imminent, according to people familiar with the deal, PCs and NDP take hits at Liberals over unpopular privatization plan

The predictable effect of more regulation has arrived: Investment

is plummeting.

NEW YORK, N.Y. – Twelve major banks have tentatively agreed to pay $1.87 billion to settle allegations that they colluded to fix prices and lock out competitors in the market for insurance-like products widely traded before the financial crisis, according to a lawyer for investors.
The deal, if finalized, would be one of the largest U.S. anti-trust settlements, said Daniel Brockett, a lawyer representing a Los Angeles pension fund among other plaintiffs. He said the final terms need to be hammered out, and a judge would still need to approve the deal.
Bank of America, JPMorgan Chase, Citigroup and other banks met secretly to kill proposals that would put the trading of these insurance-like products onto an exchange through which they could be bought and sold like stocks and their prices made more transparent, according to a complaint filed in U.S District Court in New York. In keeping trading private in a “rigged” market, the banks cheated investors out of billions of dollars, the complaint alleges…

Karl Marx admirer triumphed on a message of promising to increase government investment though money-printing and renationalizing vast swathes of the economy.

Most investors prefer using ETFs that are bought and sold frequently. Although thinly traded ETFs are not always less liquid, experienced investors will tell you that they do tend to have wider bid-ask spreads. A healthy trading volume also suggests there’s a lot of interest in the ETF, which makes it less likely to be shut down.
You can get an idea of an ETF’s trading volume by looking at a quote from your discount brokerage or from free online services such as Google Finance. But you’re probably not getting the whole story: you may be surprised to learn that your ETFs are trading more often than you’ve been led to believe.
Here’s why: when you get a quote from these sources, chances are the data is coming only from the Toronto Stock Exchange. But although the TSX gets all the attention, it’s not the only ETF marketplace in Canada: there are several so-called alternative trading systems (ATS) that match buyers and sellers behind the scenes. These include Alpha, Chi-X, Omega, and many others—even some that aren’t named for a letter in the Greek alphabet…

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Welcome to some fine Weekend Reading friends.  Seems like the 40 Deg. C heat (with humidity) in Ottawa is now over for the summer but some good weather will remain I think for weeks to come.  Hopefully the weather and other things are just as pleasant in your part of the world.  Earlier this week I shared this retirement essay from a fan of my site, who is really enjoying retirement in style, and I shared my latest dividend income update on our long road to financial freedom.
Enjoy these articles from the week that was and I’ll be back next week with a review of a book I’ve been meaning to write about for some time.
All the best!
The Globe and Mail shared the story of this couple, aged 57 and 60, with over $2 million in assets and about $250,000 in mortgage liabilities.  Should this couple dig away at the mortgage and retire or grow their RRSPs?  If we were in that position killing debt and retiring at age 60 (or sooner) is easily our answer…

Finding a group of people to commit to the financial and other responsibilities of private sponsorship is just the start