TORONTO, Sept 30 (Reuters) – A recent systemwide stress test
confirmed Canadian banks could absorb the hit from a significant
downturn in the country’s booming housing market, the new head
of Canada’s banking regulator said on Tuesday.
Jeremy Rudin, who took the top job at Canada’s Office of the
Superintendent of Financial Institutions in June, said the
banking system must be strong enough to cope with the “inherent
uncertainty” of the future of the property market.
TORONTO, Sept 21 (Reuters) – Canada’s Conservative
government has no immediate plans for a shift in mortgage rules,
its finance minister said on Sunday, amid speculation
policymakers want banks to take more of the risk in mortgage
The federal government provides mortgage insurance through
Canada Mortgage and Housing Corp (CMHC) to qualified home buyers
who make a down payment of less than 20 percent. Canadian banks
rely on this government-backed insurance to reduce the risk on
their balance sheets.
TORONTO, Sept 16 (Reuters) – The Canadian government should
tighten lending rules further to discourage consumers from
taking on too much debt in an environment of low interest rates,
the outgoing chief executive of Toronto-Dominion Bank
said on Tuesday.
Ed Clark, who will step down as CEO of Canada’s No 2 lender
in November, said the central bank’s low interest rates were
appropriate given the economic outlook, but this meant the
federal government should use administrative measures to check a
jump in household debt that’s come amid a housing boom.
TORONTO, Sept 12 (Reuters) – The scourge of homelessness has
emerged as a major theme at this year’s Toronto film festival,
driven by performances from an unlikely trio: an Oscar-winning
actress, a well-known male sex symbol and a recently recovered
“Time Out of Mind” and “Shelter,” which had their world
premieres at the 11-day movie showcase, and “Heaven Knows What,”
which came to Toronto after a debut at the Venice festival, all
focus on characters who struggle with homelessness and addiction
on the streets of New York.
TORONTO (Reuters) – The two actors who portray Beach Boy Brian Wilson in a film about his troubled life say getting a deeper knowledge of the revered Californian songwriter’s music helped their performances nearly as much spending time with the man himself.
“Love and Mercy,” which had its world premiere at the Toronto International Film Festival on Sunday, stars Paul Dano and John Cusack as younger and older versions of Wilson, cutting between his creative peak in the 1960s and painful recovery from mental illness, addiction and abuse two decades later.
TORONTO, Sept 7 (Reuters) – Pink Floyd co-founder Roger
Waters says a new movie about his monumental, three-year
remounting of the band’s famous “The Wall” album should be seen
as a protest against the growing spread of armed conflict,
rather than just a concert documentary.
“Roger Waters: The Wall”, which had its world premiere on
Saturday at the Toronto International Film Festival, documents
the massive concerts that included pyrotechnics, animation, a
flying inflatable pig and an actual wall constructed on stage as
the show progressed.
TORONTO, Sept 3 (Reuters) – Manulife Financial Corp
said on Wednesday it has agreed to acquire the Canadian
operations of Standard Life Plc for about C$4 billion
($3.7 billion) in cash, in a deal that significantly expands the
insurer’s presence in Quebec.
The Toronto-based insurer said the transaction builds on an
already successful wealth and asset management partnership with
TORONTO, Aug 28 (Reuters) – Toronto-Dominion Bank
and Canadian Imperial Bank of Commerce reported higher
third-quarter earnings on Thursday, extending a trend of buoyant
capital markets boosting investment banking and trading profits
at the country’s big lenders.
Both banks posted earnings per share above estimates, though
CIBC shares fell 2.5 percent, even as TD’s stock outperformed
its Canadian peers.
TORONTO, Aug 28 (Reuters) – Toronto-Dominion Bank reported a
stronger-than-expected quarterly profit on Thursday, boosted by
gains at its core Canadian retail business and the impact of
buoyant capital markets on its investment banking and trading
Canada’s second-largest lender said its net income rose to
C$2.1 billion ($1.93 billion) or C$1.11 per share, in the third
quarter ended July 31, from C$1.52 billion, or 79 Canadian cents
a share, a year earlier.
TORONTO, Aug 27 (Reuters) – National Bank of Canada,
the country’s sixth-largest lender, reported a
stronger-than-expected profit on Wednesday, helped by a sharp
jump in earnings at its wealth management and financial markets
The Montreal-based bank said its net income rose to C$441
million ($404.59 million), or C$1.24 per share, in the third
quarter ended July 31 from C$402 million, or C$1.16 a share, a