Canada county Canadian CIBC RBC Recession Canada county Canadian

Canada’s banks are guarding against bad loans. What this means for your money

Reading now: 670
globalnews.ca

Nestled in the balance sheets of Canada’s biggest banks are fears that the economy is set for a rough patch that could see more Canadians defaulting on their loans.

While some experts say the country’s banks are just “being prudent,” they say that move signals choppy waters ahead for Canadians with outstanding loans as interest rates continue to put pressure on household budgets.

Canada’s five biggest banks — RBC, Scotiabank, CIBC, BMO and TD Bank — moved in lockstep this past week to increase their loan loss provisionsas they reported second-quarter earnings.

All except for CIBC missed earnings expectations in the period. Loan loss provisions, or provisions for credit losses, are essentially money that banks set aside in case the loans they’ve given out to clients go sour.

Read more on globalnews.ca
The website covid-19.rehab is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

Scientist accused of developing Syria’s chemical weapons program traced to Edmonton - globalnews.ca - Canada - Syria
globalnews.ca
52%
803
Scientist accused of developing Syria’s chemical weapons program traced to Edmonton
sarin into the rebel-held Ghouta district of Damascus.As the chemical clouds spread, residents began to froth at the mouth. Fluid oozed from their eyes and noses as they convulsed and suffocated.The Ghouta gas attack killed up to 1,400 people, many of them children, and was the latest display of the horrors of chemical warfare.Ten years later, Global News has traced a scientist accused of helping Syria develop its chemical weapons program to an Edmonton suburb.De-classified Canadian government documents allege that Ahmad Haytham Alyafi made a “significant contribution to the manufacturing of chemical weapons.”From 1974 to 1994, the chemical engineer worked at the military-run centre that produces chemical weapons for the Syrian regime, federal officials wrote in the documents.Alyafi “set up a plant he knew would manufacture chemical weapons; he therefore contributed significantly to their production,” according to the documents, which call his role “indispensable.”But when rescue workers were collecting bodies in Ghouta a decade ago, Alyafi was living in a 2,500-square-foot home on a cul-de-sac in Edmonton’s west end, the records show.“Mom and dad have been living with us at our house in Edmonton since the spring of 2013,” Alyafi’s son wrote in a 2019 letter sponsoring his parents for permanent residence in Canada.“My dad picks up the kids from school daily and they spend time with them on homework after school time,” wrote the son, who works in the Alberta construction industry.Immigration records from 2019 list the Syrian scientist as “currently residing in Canada.” The address he used was a four-bedroom home in Edmonton’s Glastonbury neighbourhood.Whether he remained in Edmonton was unclear.
Michael White - Edmonton man Michael White, convicted of killing pregnant wife, gets full parole - globalnews.ca - Canada
globalnews.ca
58%
569
Edmonton man Michael White, convicted of killing pregnant wife, gets full parole
Parole Board of Canada granted Michael White full parole in late May.“Given your assessed low risk, employment stability and your demonstrated abilities to live a law-abiding lifestyle the board does not find that your risk would be undue on an expanded form of conditional release,” the board said in a written decision.“Therefore, full parole is granted.”White was convicted in 2006 of second-degree murder and offering an indignity to a dead body in the death of his wife.Liana White was four months pregnant with the couple’s second child when she was fatally stabbed in July 2005.She was reported missing after her SUV was discovered in a park near the White home in northwest Edmonton.In the days that followed, White held a high-profile news conference outside the family’s home on Warwick Crescent in the Dunluce neighbourhood and organized searches for her body.It was during one of those searches that White and Liana’s mother found her badly decomposed body in a ditch near St. Albert.The parole board noted that Michael White had disposed of his wife’s body and “cleaned up” evidence from his crime.During his trial, police tesified officers who had been following White saw him retrieve two garbage bags from an area on the city’s outskirts two days after his wife’s disappearance; he later putting them out for garbage pickup.Investigators instead collected the bags and found they contained clothing, paper towels and latex gloves that had Liana White’s blood on them, as well as a broken lamp and other items.
Jim Kenney - Christopher Columbus - George Floyd - Group sues Philadelphia mayor, officials over Columbus statue removal efforts - fox29.com - Usa - Italy - city Philadelphia - Columbus
fox29.com
93%
903
Group sues Philadelphia mayor, officials over Columbus statue removal efforts
PHILADELPHIA - A group that fought in court to keep a statue of Christopher Columbus in a south Philadelphia park and to have a wooden box covering it removed has now filed suit against Mayor Jim Kenney and members of the city's historical commission over their roles in the effort to remove the statue.The Philadelphia Inquirer reports that the Friends of Marconi Plaza allege in the complaint filed late last month that officials conspired to abuse the legal process in trying to remove the 146-year-old statue from Marconi Plaza after it became the scene of tense standoffs during demonstrations and unrest over racial injustice in the summer of 2020.RELATED COVERAGE: Judge rules Christopher Columbus statue can remain in South PhiladelphiaGeorge Bochetto, the lead attorney for the group, said he sees the suit as holding government officials accountable."Frankly, it’s shocking what took place here, and it’s a shocking disregard for their responsibilities," Bochetto said.Representatives of the mayor and the historical commission declined comment last week on the lawsuit.The 1876 statue was presented to the city by the Italian American community to commemorate the nation’s centennial. Many Italian Americans have embraced the 15th century explorer — once hailed as the discoverer of America — as a cultural hero and emblem of the city’s deep Italian heritage.
Bank of Canada’s rate decision looms. Will the hot economy push it to hike? - globalnews.ca - Canada
globalnews.ca
74%
735
Bank of Canada’s rate decision looms. Will the hot economy push it to hike?
Bank of Canada’s interest rate pause is set for its toughest challenge yet on Wednesday as policymakers weigh whether another hike is needed to quell a resilient economy and push inflation down further.While money markets and some economists say that another hike is in the cards for this week’s interest rate decision, those who spoke to Global News argue the central bank is better off waiting to move off the sidelines and signalling a possible increase later this summer.The Bank of Canada’s rate hike campaign has been on a “conditional pause” since March, following eight consecutive increases that raised the central bank’s policy rate to 4.5 per cent, up from the lows of 0.25 per cent seen through much of the pandemic.The central bank said it could remain on pause as long as data continued to show the economy was cooling enough to bring inflation back down to its two per cent target, which has been forecast to reach in 2024.The rate increases to date have raised the cost of borrowing for Canadians and their banks in an effort to cool the economy and take some of the steam out of inflation, which reached 40-plus-year highs in 2022.Inflation has declined significantly, though Statistics Canada’s headline reading ticked back up slightly to 4.4 per cent in the latest consumer price index report for April from March’s 4.3 per cent.The economy, meanwhile, has proved hotter than the Bank of Canada’s estimates: gross domestic product (GDP) was higher than forecast in the first quarter of the year, and expectations of a pronounced slowdown haven’t yet materialized.Avery Shenfeld, chief economist at CIBC Capital Markets, tells Global News that the economy can only run unchecked for so long before a flurry of spending drives prices
DMCA