Editor-in-Charge, Canadian Economics and Markets News
Jeffrey's Feed
Jun 17, 2015

Investors too relaxed on ‘Grexit’ risk, some fund managers warn

NEW YORK (Reuters) – Tom Sowanick, a three-decade veteran of the investment business, returned from a trip to Greece this week with a “very sobering view” of its debt crisis: he now expects the country to default on its obligations and leave the euro zone.

The founder of New Jersey-based Ahilio Investment Advisors is among a minority of U.S. investors who expect the current tensions between Greece and its creditors to result in a so-called “Grexit”, and who are preparing for a potentially major hit to European and U.S. markets.

Jun 4, 2015

Bieber pleads guilty to assault, careless driving in Canada

TORONTO (Reuters) – Justin Bieber pleaded guilty to assault and careless driving charges in connection with a collision and altercation with a photographer near his Canadian hometown, his lawyer confirmed on Thursday.

The 21-year-old singer, who appeared at the hearing via video link from Los Angeles, received an absolute discharge on the assault charge and a C$750 ($600.00) fine for the careless driving charge. He was also required to pay a C$100 victim surcharge.

Apr 10, 2015

RBC CEO says tech firms pose threat, eyes start-up partnerships

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.”

Mar 9, 2015

Canadian housing starts plunge in Feb to weakest since 2009

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
had expected.

Mar 8, 2015

Derailed Canadian National crude train still burning

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.

Mar 8, 2015

Canada says soldier killed by friendly fire in Iraq

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.

Mar 7, 2015

Canadian Nat’l crude oil train derailed in Ontario, fire reported

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.

Feb 26, 2015

Canadian lender CIBC profit beats estimates, eyes U.S. deals

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.

Feb 26, 2015

TD Bank posts firmer profit in line with expectations

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.

Feb 25, 2015

Nat’l Bank of Canada profit boosted by markets, buy backs eyed

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
year earlier.

    • About Jeffrey

      "I am based in Toronto and lead a five-person team covering Canadian financial markets, the economy and central bank policy. I joined Reuters in 1996, starting in Toronto and later moving to London and Hong Kong. In that time I've covered stock, bond and currency markets, banking, fund management, the technology, media and telecom sectors, as well as general, political and entertainment news."
    • Follow Jeffrey