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Canada’s banking regulator has temporarily seized the assets of Silicon Valley Bank’s lone Canadian branch after the financial institution collapsed. U.S. banking regulators were forced on Friday to urgently close the California-based institution after billions of dollars were withdrawn by fearful depositors, leading to a run on the bank, which …
Read More »Canada’s banks brace for possible wave of loan defaults. Why that matters – National
Earnings week for Canada’s biggest banks saw the country’s major lenders move in lockstep ahead of a projected economic downturn, with each putting more money away for a possible rise in credit losses. Experts say the more expensive cost of borrowing in Canada and the possibility of job losses could …
Read More »Canadian banks set to report Q1 earnings as slowdown expected ahead – National
Canadian bank stocks have been riding a wave of investor optimism so far this year, but analysts say the first-quarter results that start arriving later this week will be a reminder of the mixed economic picture ahead. On the positive side are the signs of easing inflation and job reports …
Read More »Ottawa food banks struggling to keep up with demand amid funding crunch – Ottawa
An Ottawa community organization says it is struggling to meet demand for its food program, and will need to cut back its services if it can’t secure more funding. With COVID-19 supports drying up and food prices skyrocketing, the Caldwell Family Centre is just one group pleading for more support …
Read More »More employed people turning to Toronto food banks amid record-high visits, new report says
More people who have jobs as their primary source of income are now turning to food banks as cost of living continues to climb and put pressure on food support programs, a new report finds. As food banks saw another record year of visits and new users, the strain on their resources …
Read More »Ottawa says it’s willing to hold big banks accountable for their climate pledges
High-ranking Liberals responsible for the government’s climate file say financial institutions will be held to their net-zero commitments — with regulations, if necessary. “Nothing is off the table,” said Natural Resources Minister Jonathan Wilkinson before a cabinet meeting Tuesday. “At the end of the day, we want to make sure Canadians …
Read More »Expect more rate hikes from central banks despite a growing chorus of criticism
If you listen to the right group of top economists representing business, labour and global finance, you might decide that central banks are crazy to keep on raising interest rates. But on Thursday, in the face of that chorus of criticism, Bank of Canada governor Tiff Macklem insisted that despite …
Read More »Risks of buy now, pay later; banks may be more apt to upsell racialized clients: CBC’s Marketplace cheat sheet
Miss something this week? Don’t panic. CBC’s Marketplace rounds up the consumer and health news you need. Want this in your inbox? Get the Marketplace newsletter every Friday. Many online shopping platforms now offer the ability to buy now, pay later. But is there more risk than meets the eye? A luxury bag might be …
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