Thursday , October 19 2017
Breaking News


Royal Bank of Canada shares join the $100 club, despite splitting four times

RBC logo is seen in Toronto financial district April 19, 2010. The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, which is measured by deposits, revenues, and market capitalization. The Canadian Press Images/Francis Vachon

OTTAWA: It may be just another number but Wednesday the share price of the Royal Bank of Canada, the country’s largest corporation with a market cap of $145 billion, reached a milestone: it traded above $100. In the same week, Onex Corp. also traded above $100 for the first time. Having two issuers crack the ton in the same week ... Read More »

CP Rail boosts profit on growth in freight revenues


OTTAWA: Canadian Pacific Railway Ltd. boosted its full-year profit forecast on Tuesday amid strong growth in freight revenues. Calgary-based CP, which reported third-quarter financial results after markets closed, said revenue increased by 3 per cent to $1.6-billion while diluted earnings per share rose by 50 per cent to $3.50. Net income was $510-million for the three months ending Sept. 30. ... Read More »

National Bank of Canada completes share repurchase program


MONTREAL: National Bank of Canada (the “Bank”) (NA) announces today the completion of its share repurchase program (the “Program”), as required by the conditions of the issuer bid exemption order issued to the Bank by the Ontario Securities Commission on October 4, 2017, in respect of the Program. Under the Program agreement, on a continuous basis between October 11, 2017 ... Read More »

Canadian small business lending rises in August

index rises

OTTAWA: Lending to Canadian small businesses rose in August on stronger demand in the construction and retail sectors, data showed on Monday, suggesting corporate spending could help sustain broader economic growth down the line. The PayNet Small Business Lending Index rose to 121.2 from a downwardly revised 120.8 in July. Medium-sized businesses saw a bigger pick up, with the index ... Read More »

Canadian dollar dips as NAFTA doubts offset oil rally


OTTAWA: The Canadian dollar edged lower against its U.S. counterpart on Friday as an uncertain outlook for the North American Free Trade Agreement offset higher oil prices. The Trump administration demanded that U.S.-made content account for half the value of the cars and trucks sold under the North American Free Trade Agreement, raising further doubts about any potential deal to ... Read More »

Sears Canada wants court’s permission to liquidate all remaining stores


OTTAWA: Sears Canada said Tuesday it plans to seek court approval to begin liquidation of all of its remaining stores and assets, a move that would see about 130 outlets close and put about 12,000 employees out of work. “Sears Canada, with the recommendation of its advisers and approval of the monitor, FTI Consulting Inc., is seeking an order to ... Read More »

Bank of Canada paper studies capital control motivations


OTTAWA: Emerging markets implement capital controls partly for mercantilist and partly macro-prudential ends, according to research published by the Bank of Canada. “The results provide clear evidence that capital controls policy in emerging markets has been systematic, and that it has responded to both macro-prudential and mercantilist motivations,” Gurnain Pasricha writes in the working paper. Read More »

Royal Bank of Canada getting somewhat favorable media coverage

RBC logo is seen in Toronto financial district April 19, 2010. The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, which is measured by deposits, revenues, and market capitalization. The Canadian Press Images/Francis Vachon

OTTAWA: Media headlines about Royal Bank Of Canada (NYSE:RY) (TSE:RY) have been trending somewhat positive on Monday, according to Accern Sentiment Analysis. The research firm rates the sentiment of media coverage by reviewing more than 20 million blog and news sources. Accern ranks coverage of public companies on a scale of -1 to 1, with scores closest to one being ... Read More »

Canada’s unemployment rate at rock bottom in September


OTTAWA: A surge in full-time work fuelled a 10th-straight month of net job gains to match the economy’s longest monthly streak since the financial crisis nine years ago, Statistics Canada said Friday. September’s unemployment rate stayed at a nine-year low of 6.2 per cent after country added 10,000 net new jobs, including 112,000 full-time positions. The rise in full-time work ... Read More »

Canada’s trade deficit widens as exports tumble


OTTAWA: Canada’s trade picture continued to deteriorate in August as exports dropped for a third straight month and the deficit unexpectedly widened. The trade deficit hit $3.4 billion, the fifth-highest on record, from $3 billion a month earlier (estimates were for a $2.6 billion trade gap). Exports fell 1 per cent and are down 11 per cent since hitting a ... Read More »

National Bank of Canada announces specific share repurchase program


MONTREAL: National Bank of Canada (the “Bank”) (NA) announces today that it will repurchase common shares under a specific share repurchase program (the “Program”). The Bank entered into an agreement (the “Agreement”) with a third party to repurchase common shares through daily purchases that will take place between October 10, 2017 and December 31, 2017 subject to a maximum of ... Read More »

Bank of Canada deputy sees new firm creation boosting growth


OTTAWA: Canada’s economy will continue to expand at an above-potential pace, but may be entering a “virtuous circle of growth” that could delay the onset of inflationary pressures, a key central bank official said. Bank of Canada Deputy Governor Sylvain Leduc said recent encouraging signs include a significant increase in productivity since mid-2016, and an economy that should continue to ... Read More »

Canada’s Home Capital cuts 10% of workforce


OTTAWA: Canada’s biggest non-bank mortgage lender Home Capital Group Inc said on Monday it had reduced its workforce by about 10 percent since the second quarter and reaffirmed its expectation to achieve about CUS$15 million (US$12 million) in future savings. The company, which had initiated a cost-savings program in February, had 816 active employees as of June 30. (http://bit.ly/2xbelOF) Home ... Read More »

Canada’s proposed tax changes will stifle investment in early-stage startups


OTTAWA: I am a lifelong entrepreneur, small business owner, and investor. Not once in my 40-year career of making my own way have I ever complained about the Canadian tax system. I have always felt that it was such a privilege to live in this great country that I was more than happy to pay an outsized share of the ... Read More »

Royal Bank of Canada using blockchain for U.S./Canada payments

RBC logo is seen in Toronto financial district April 19, 2010. The Royal Bank of Canada (in French, Banque Royale du Canada, and commonly RBC in either language) is the largest financial institution in Canada, which is measured by deposits, revenues, and market capitalization. The Canadian Press Images/Francis Vachon

TORONTO: Royal Bank of Canada (RY.TO) is experimenting with blockchain to help move payments between its U.S. and Canadian banks, one of the bank’s senior executives told Reuters on Thursday. Martin Wildberger, RBC’s executive vice president for innovation and technology, said use of distributed ledger technology, or DLT, would improve the speed of payments, reduce complexity and lower costs. The ... Read More »

Canadian chamber not backing down on fight against tax changes


OTTAWA: Finance Minister Bill Morneau failed to reassure members of the Canadian Chamber of Commerce that his tax reforms won’t hurt their businesses, says Perrin Beatty, the group’s CEO and president. Beatty said Morneau’s speech to the business group at its annual meeting in Fredericton over the weekend had “just the opposite effect” and the chamber is not backing down ... Read More »

Canada’s annual inflation rose less-than-expected in August


OTTAWA: For the 24 hours to 23:00 GMT, the USD rose 0.06% against the CAD and closed at 1.2337 on Friday. The Canadian Dollar lost ground, after Canada’s consumer price index (CPI) advanced less-than-anticipated by 1.4% on an annual basis in August, compare to market expectations for a rise of 1.5%. In the prior month, the CPI had gained 1.2%. ... Read More »

Canada’s annual inflation rate rose to 1.4% in August

inflation - 1

OTTAWA: The country’s annual inflation rate continued to accelerate last month with a boost from higher costs for gasoline, hotels and airline tickets. The new inflation reading Friday of 1.4 per cent brought the data point closer to the Bank of Canada’s ideal target of two per cent and supported the bank’s predictions that recent softness was mostly temporary. The ... Read More »

Canada July wholesale trade unexpectedly rose, gains across sectors


OTTAWA: The value of Canadian wholesale trade unexpectedly jumped in July, making for the biggest increase in six months as gains were seen across several sectors, including building materials and food, data from Statistics Canada showed on Thursday. The 1.5 percent increase exceeded economists’ forecasts for a decline of 0.9 percent and was the biggest increase since January. June’s figures ... Read More »

Canada-EU trade enters new era as CETA comes into force

enhance trade relations

OTTAWA: Canadian companies have much greater access to one of the world’s largest markets starting Thursday, as a major trade deal between Canada and the European Union enters into force. Known as the Comprehensive Economic and Trade Agreement, or CETA, the deal clears barriers to trade for Canada’s largest trading partner after the United States. As of Thursday, over 98 ... Read More »