TORONTO, April 10 (Reuters) – Technology companies pose a
competitive threat to established lenders, the head of Royal
Bank of Canada said on Friday, adding he was keen to
work with start-ups to improve the company’s mobile offerings.
RBC Chief Executive David McKay said he was positioning
Canada’s largest bank to compete with technology firms that have
expanded into the money-moving business but don’t “bear the
financial and social costs of a deposit taking organization, nor
the obligations of financial regulation.”
TORONTO, March 9 (Reuters) – Canadian housing starts plunged
to their weakest level since 2009 in February, a drop blamed
partly on severe winter weather that nonetheless added to fears
Canada’s post-recession housing boom will stall this year.
A report from the Canadian Mortgage and Housing Corp (CMHC)
showed the seasonally adjusted annualized rate of housing starts
fell to 156,276 units last month from a downwardly revised
187,025 in January. That fell short of the 180,000 economists
TORONTO, March 8 (Reuters) – A Canadian National Railway Co
train carrying crude oil that derailed near the
northern Ontario community of Gogama early on Saturday is still
on fire, the company said late on Sunday.
The derailment is CN’s second in the region in just three
days and third in less than a month. It was the latest in a
series of North American derailments involving trains hauling
crude oil, raising concerns about rail safety.
TORONTO (Reuters) – A Canadian soldier was killed on Friday in a friendly fire incident in Iraq, Canada’s defense department said on Saturday, in the first fatality for the country during its current military mission there.
Three other Canadian soldiers were injured.
The special forces soldiers were mistakenly engaged by Iraqi Kurdish forces following their return to an observation post behind the front lines, the defense department said in a statement.
TORONTO, March 7 (Reuters) – A Canadian National Railway Co
train carrying crude oil has derailed near the Northern
Ontario community of Gogama, with the crew reporting a fire but
no injuries, the company said on Saturday.
A preliminary assessment indicated a bridge over a waterway
had been damaged and a number of tank cars were in the waterway
after the derailment, Canadian National’s second in the region
in just three days and third in less than a month.
TORONTO, Feb 26 (Reuters) – Canadian Imperial Bank of
Commerce, the country’s No 5 lender, reported
better-than-expected first-quarter earnings on Thursday, helped
by strong growth in its wholesale banking business, and
unexpectedly raised its dividend.
Excluding items, CIBC earned C$2.36 ($2) per share in the
quarter ended Jan. 31, topping the average analyst estimate of
C$2.27, according to Thomson Reuters I/B/E/S.
TORONTO, Feb 26 (Reuters) – Toronto-Dominion Bank
, Canada’s second-largest lender, reported a slightly
higher profit on Thursday in line with expectations, as gains at
its retail division offset weakness in wholesale banking.
TD Bank’s net income rose to C$2.06 billion ($1.66 billion),
or C$1.09 per share in the first quarter ended Jan. 31, from
C$2.04 billion, or C$1.07 per share, a year earlier.
TORONTO, Feb 25 (Reuters) – National Bank of Canada,
the country’s sixth-largest lender, reported a
stronger-than-expected profit on Wednesday, helped by gains at
its financial markets division.
The Montreal-based lender said net income rose to C$415
million ($334 million), or C$1.16 per share, in the first
quarter ended Jan. 31 from C$405 million, or C$1.15 per share, a
TORONTO (Reuters) – Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz), the country’s top lender, posted a better-than-expected quarterly profit on Wednesday, driven by significant gains in its personal and commercial banking and capital markets businesses.
The results boosted its stock and, combined with stronger-than-expected earnings from National Bank of Canada (NA.TO: Quote, Profile, Research, Stock Buzz), improved sentiment toward Canadian banks in general. Investors had sold off the sector on Tuesday after Bank of Montreal (BMO.TO: Quote, Profile, Research, Stock Buzz) reported weaker-than-expected results.
LONDON, Ontario, Feb 24 (Reuters) – The Bank of Canada’s
surprise rate cut last month bought the central bank time to see
how the economy responds to a plunge in oil prices, Governor
Stephen Poloz said on Tuesday in the bank’s last pronouncement
before its March 4 rate decision.
Poloz did not refer to next week’s announcement, saying only
that the Jan. 21 cut was intended to take out insurance both
against too-low inflation and against financial instability
posed by high household debt. “The sudden drop in global oil
prices has increased both risks,” he said in a speech.