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☆ I gifted myself an adult gap year for my 30th birthday. I've never been this happy and I'm the most broke I've ever been.
▼ + stars: | 2024-05-12 | by ( Jane Zhang | ) www.businessinsider.com time to read: +8 min

I immigrated to Canada from Nigeria when I was 22 for my master's degree and started working right after graduating. I had thought about starting my own clothing brand for years, so I started working on ideas for that too. One of the biggest things I'm taking away from this sabbatical is realizing that a lot of things are not that serious. I've never been this happy, and I'm the most broke I've ever been. AdvertisementIf you took a sabbatical and would like to share your story, email Jane Zhang at janezhang@businessinsider.com.

Persons: Alma Rex, Ezonfade, —, I'm, would've, I'd, what's, I've, Jane Zhang Organizations: Service, YouTube, Google, Abbey Locations: Toronto, Canada, Nigeria, Caribbean, Europe, Punta Cana, janezhang@businessinsider.com

☆ An OpenAI rival says its new AI model is not only cheaper to run than GPT-4, but it's also more useful
▼ + stars: | 2024-05-09 | by ( Tom Carter | ) www.businessinsider.com time to read: +6 min

Read previewOpenAI rival Cohere has unveiled an updated AI model it says is more useful and cheaper to run than GPT-4. The AI startup says it is rolling out the ability to fine-tune its Command R AI model, allowing it to outperform larger models like GPT-4 in some use cases while costing up to fifteen times less to operate. Similarly, when analyzing financial data Command R was 6.2% more accurate than GPT-4 and 5.3% more accurate than Claude. AdvertisementCohere said that as Command R, which initially launched in March, is significantly smaller than the likes of GPT-4, it costs much less to run. Related storiesFine-tuning on the Command R model is available on Cohere's platform from Thursday, with availability on other platforms coming in the near future.

Persons: —, Cohere, Nick Frosst, Claude Opus, Claude, Mark Zuckerberg, Sam Altman, Altman, they're, Frosst, It's, Emad Mostaque, Mustafa Suleyman, We're Organizations: Service, Business, Amazon, GPT, Command, Meta, Intelligence, Stanford University, Cohere, Big Tech, Stability, Microsoft Locations: GPT, Toronto

☆ How a Jack Dorsey-backed bitcoin miner uses a volcano in Kenya to turn on the lights in rural homes
▼ + stars: | 2024-04-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +9 min

watch nowHELL'S GATE, Kenya — Two-and-a-half hours northwest of Nairobi by car, a small group of bitcoin miners set up shop at the site of an extinct volcano near Hell's Gate National Park. "That doesn't happen without the bitcoin miners and us being globally distributed." MacKenzie SigalosWherever the operation, bitcoin mining is a volatile business, because so much of the economics depends on the price of the cryptocurrency. Before getting into bitcoin mining, he and his two co-founders, Philip Walton and Janet Maingi, spent years building internet connectivity infrastructure in rural and urban Africa. Demand from bitcoin miners on these semi-stranded assets is making renewables in Africa economically viable.

Persons: Jack Dorsey's, MacKenzie Sigalos, Erik Hersman, Bitcoin, Gridless, Lake Naivasha, bitcoin, Adam Sullivan, Philip Walton, Janet Maingi, Michael Gottschalk, Nic Carter, Carter, Hersman, It's, it's Organizations: CNBC, Kenyan, Core, Deutsche Bank, Marathon, United Arab, Getty, Island Ventures, Miners, International Energy Agency Locations: Kenya, Nairobi, Lake Naivasha, Malawi, Zambia, Venezuela, Lebanon, Gate, Lake, U.S, Texas, Russia, China, America, Africa, Toronto, Argentina, Florida, United Arab Emirates, Paraguay, Hersman, Sudan, Iceland, El Salvador, Bhutan

☆ Credit scores decrease for the first time in a decade as more borrowers fall behind on payments
▼ + stars: | 2024-03-06 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Average nationwide credit scores bottomed out at 686 during the housing crisis more than a decade ago, when there was a sharp increase in foreclosures. That left many households sitting on a stockpile of cash that enabled some cardholders to keep their credit card balances in check. Generally speaking, the higher your credit score, the better off you are when it comes to getting a loan. Already, the average credit card charges over 20%, a record high, but borrowers with lower credit scores pay even more. "It's difficult in this current economy not to have a good credit score," Kaplan said.

Persons: Ethan Dornhelm, FICO, Dornhelm, Ann Kaplan, Kaplan Organizations: Consumers, Finance Locations: Toronto, Canada

☆ As AI creates more 6-figure, remote work opportunities, 'the upside is high, but so are the risks,' experts say
▼ + stars: | 2024-02-12 | by ( Morgan Smith | ) www.cnbc.com time to read: +6 min

Mark Kashef had long considered finance the most stable, lucrative field you could work in — until the release of ChatGPT. Kashef adds that, in the long term, he wouldn't be surprised if AI surpassed finance in terms of job opportunities and earning potential. AI brings new fears and opportunities for workersEconomists and HR experts say the future of the AI job market is bright — but its success isn't guaranteed. "If you look at the descriptions for AI job postings, many of the roles are still very exploratory, alluding to building or testing new products," Pollak says. Several industries outside of tech have demonstrated a clear, consistent interest in hiring for AI jobs, including retail, finance, health care and education, Pollak notes.

Persons: Mark Kashef, ChatGPT, Kashef, it's, wouldn't, —, Julia Pollak, Pollak, Trey Causey, Causey, Ryan Sutton, Robert Half Organizations: Ottawa, Queen's University, Companies, Meta, Netflix, Amazon, Business Locations: —, Kingston , Ontario, ODAIA, Toronto

The moon rises over the Toronto city skyline as seen from Milton, Ontario, Canada, January 23, 2016. REUTERS/Mark Blinch/File Photo Acquire Licensing RightsTORONTO, Dec 4 (Reuters) - Canadian banks had a mixed fourth quarter but a common theme underlining all the reports was the rise in bad loan provisions, signalling that lenders were strapping in for a shaky economy. Impaired loans related to residential mortgages, real estate and construction were also higher from the prior quarter, indicating that the banks were also being cautious when considering underwriting new loans. He noted that despite the mixed results, the banks reported healthy capital levels, giving investors assurance that the banks remain resilient. Reuters Graphics($1 = 1.3559 Canadian dollars)Reporting by Nivedita Balu in Toronto; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Mark Blinch, Verecan, Colin White, Dave McKay, Mike Archibald, Nivedita Balu, Mark Porter Organizations: REUTERS, Rights, Reuters, Bank of Canada, BOC, Royal Bank of Canada, CIBC, National Bank, Scotiabank, BMO, RBC, Reuters Graphics Reuters, AGF Investments, Reuters Graphics, Thomson Locations: Toronto, Milton , Ontario, Canada

TD said it would be challenging to meet its medium-term adjusted earnings growth target range of 7%-10% in the new fiscal year. It reported adjusted earnings of C$1.83 per share, 7 Canadian cents shy of estimates. RBC reported adjusted earnings of C$2.78 per share, comfortably beating expectations of C$2.62, according to LSEG data. CIBC also beat profit expectations as it set aside smaller-than-expected loan provisions and is slashing costs through a 5% reduction in its workforce, or about 2,400 jobs. The lender, Canada's fifth biggest, reported adjusted earnings of C$1.57 per share, compared with expectations of C$1.53.

Persons: Mark Blinch, Gabriel Dechaine, Kelvin Tran, Victor Dodig, Dave McKay, Niket, Balu, Arasu Kannagi Basil, Shinjini Ganguli, Kirsten Donovan, Mark Porter Organizations: Royal Bank of Canada, REUTERS, Canadian Imperial Bank of Commerce, RBC, National Bank, CIBC, TD Bank, Bank Nova Scotia, Bank of Montreal, Scotiabank, Tuesday, Thomson Locations: Toronto, dealmaking, PCLs, Canada, United States, U.S, Bengaluru

The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. It also disrupted Canada's prestigious Giller Prize Gala on Nov. 14, a literary award sponsored by Scotiabank. It claims in its petition that Scotiabank is the biggest foreign shareholder in Elbit, whose weapons were heavily used during Israel's 11-day operation in Gaza in May 2021. The email said Scotiabank was "not the biggest shareholder of Elbit, nor is it the biggest foreign shareholder of Elbit. Eko said it would not comment on the protests at Scotia branches and has not taken part in the protests.

Persons: Chris Wattie, Eko, unitholders, Angus Wong, Wong, Bezhalel Machlis, Nivedita Balu, Denny Thomas, David Gregorio Our Organizations: of Nova, REUTERS, Rights TORONTO, Bank of Nova, Elbit Systems, Scotiabank . Toronto Police, Scotiabank, Global Asset Management, Management, Vanguard Group, BlackRock Institutional Trust, Israel Ministry of Defence, Israel MOD, Thomson Locations: of Nova Scotia, Ottawa , Ontario, Canada, Bank of Nova Scotia, Israel, Elbit, Gaza, Toronto, Scotia

A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada December 13, 2021. The lender said earnings in the 2024 fiscal year to Oct. 31 would be impacted by "slowing economic growth across its markets and increasing regulatory capital requirements" but it would also benefit from interest-earning assets. "We expect a challenging environment will persist for consumers and businesses," Chief Risk Officer Phil Thomas told analysts, citing muted Canadian economic growth, continued inflationary pressures and uncertain prospects for rate cuts. Finance chief Raj Viswanathan said deposit and loan growth were also expected to moderate from 2023 levels, noting savings levels have started coming down in Canada with inflation at multi-year highs, leaving consumers with less cash in hand. Its efforts to streamline operations resulted in a restructuring charge of C$258 million, Scotiabank said.

Persons: Carlos Osorio, Phil Thomas, Raj Viswanathan, Mike Rizvanovic, Scott Thomson, Niket, Balu, Krishna Chandra Eluri, Tomasz Janowski Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Finance, Bank of Canada, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, Bengaluru, Toronto

While high interest rates have boosted the banks' lending margins, residential mortgages, auto loans and commercial real estate loans have slowed as consumers and businesses pulled back. With interest rates forecast to remain high, renewal of the mortgages will squeeze household budgets. Banks are also rethinking lending to industries sensitive to high interest rates, from condo development to office space. "We want to make sure we have some kind of confidence when a project is going to go ahead," said Victoria Girardo, Canadian Western Bank's (CWB.TO) VP in real estate lending. "That is creating liquidity issues across the real estate developer space.

Persons: Carlos Osorio, Ebrahim Poonawala, Mike Rizvanovic, Rizvanovic, Banks, Victoria Girardo, Nigel D'Souza, Nivedita Balu, Mark Porter Organizations: Bank of Montreal, REUTERS, Rights TORONTO, U.S, National Bank, Bank, Veritas Investment Research, Thomson Locations: Toronto , Ontario, Canada, Toronto

With the Canadian economy showing signs of a slowdown, money markets are pricing in the first interest rate cuts since March 2020 as soon as April, which would bring down mortgage costs. Still, more home buyers took out fixed-rate mortgages in September compared with a year ago, eschewing variable rate mortgages where the interest rate varies based on current market rates. Since then, the central bank has raised the key interest rate to a 22-year high of 5% in July. The share of fixed rate loans among five-year and three-year mortgages rose to 68% in August compared with 32% a year ago. In the first three weeks of November, 79% of mortgage seekers in Canada opted for a fixed mortgage, said Hanif Bayat, CEO of financial data firm Wowa Leads.

Persons: you've, Macklem, Sophie Tremblay, Hanif Bayat, Wowa, Carolyn Rogers, Rogers, Ryan Sims, William Coyle, Nivedita Balu, Denny Thomas, Deepa Babington Organizations: TORONTO, Bank, Bank of Canada, Montreal, NEW, National Bank analysts, BoC, The Mortgage Group Inc, Bank of, Thomson Locations: Canada, Niagara, Huntsville, Toronto

☆ I'm a single mom who quit social work to pursue copywriting. My business brought in 6 figures last year.
▼ + stars: | 2023-11-22 | by ( Ella Hopkins | ) www.businessinsider.com time to read: +6 min

I started writing Amazon descriptions as a side hustleNo one ever goes into social care for the money. I realized just that if I could spend 10 hours a day writing Amazon descriptions, it would be more lucrative than social work. I quit my jobI left social work in September 2015. The moment he knew my background in social work, he felt comfortable. They take on most of our social media and blogging work, and I focus on ghostwriting and book consulting.

Persons: Catherine Nikkel, I've, copywriting, I'd, he'd, We'd Organizations: Business, Facebook Locations: Toronto, Canada

REUTERS/Chris Helgren Acquire Licensing RightsNov 13 (Reuters) - Canada's Sun Life Financial (SLF.TO) on Monday reported better-than-expected quarterly profits, helped by growth at its wealth and asset management unit and higher fees. The insurer, however, reported a fall in underlying earnings hurt by weakness in the United States and fewer sales of personal health insurance. "The dental business reported middling results this quarter... short-term volatility is a part of this business, from a long-term perspective, the investment should be positive," Morningstar analyst Suryansh Sharma said. Sun Life said underlying earnings from its U.S. segment were down 19%. Underlying net income from wealth and asset management rose 9% to C$457 million.

Persons: Chris Helgren, Sunlife, Suryansh Sharma, Pritam Biswas, Shilpi Majumdar, Shounak Dasgupta, Lincoln Organizations: Sun, REUTERS, Morningstar, DentaQuest, Thomson Locations: Toronto , Ontario, Canada, United States, DentaQuest, U.S, Asia, Bengaluru

With the economy slowing and adding fewer jobs, banks are anticipating more consumers could default on credit-card payments and mortgages, hurting profits. "(Canadian banks) are running a little bit tighter in capital than they have in the past," said Adrienne Young, director of corporate credit research at Franklin Templeton Canada. "I don't see them having to go out and raise equity... I think the banks will use other tools in their toolbox before having to go and raise equity," said Maria Gabriella Khoury, analyst at credit-ratings agency Fitch. "They are doing that.. to make sure banks are holding more capital as we potentially head into a downturn," Colangelo said.

Persons: Banks, Adrienne Young, Maria Gabriella Khoury, Fitch, Robert Colangelo, Colangelo, Anthony Visano, Nivedita Balu, Rod Nickel Organizations: TORONTO, Franklin Templeton, " Bank of Nova, Scotiabank, BMO, Equity, DSB, Royal Bank of Canada, RBC, HSBC Canada, Kingwest, Thomson Locations: Franklin Templeton Canada, " Bank of Nova Scotia, U.S, Toronto

The Bank of Nova Scotia (Scotiabank) logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie Acquire Licensing RightsTORONTO, Nov 3 (Reuters) - The chief operating officer of Bank of Nova Scotia's (BNS.TO) Canadian banking unit, Kevin Teslyk, has left the company, according to an internal memo seen by Reuters, the latest in a series of management changes under CEO Scott Thomson. James Neate, president of corporate and investment banking and Shawn Rose, chief technology officer have also left Scotiabank, the memo said. Canadian banks, including Royal Bank of Canada (RY.TO), Bank of Montreal (BMO.TO), have announced job cuts due to higher costs forcing. Neate, who has held senior executive roles in retail banking, commercial banking and wealth management, among others, will leave the bank at the end of December, according to the memo.

Persons: Chris Wattie, Kevin Teslyk, Scott Thomson, James Neate, Shawn Rose, Aris Bogdaneris, Dan Rees, Thomson, Mike Rizvanovic, Rose, Nivedita Balu, Kirsten Donovan, Louise Heavens Organizations: of Nova, REUTERS, Rights TORONTO, Bank of Nova, Reuters, Scotiabank, ING Group, Aris, Scotia, Royal Bank of Canada, Bank of Montreal, Thomson Locations: of Nova Scotia, Ottawa , Ontario, Canada, California, Toronto

Security cameras point towards pedestrians outside the Royal Bank of Canada (RBC) headquarters in Toronto, Ontario, Canada March 16, 2017. RBC, Canada's top lender, said in September that it had infused fresh capital into City National, without elaborating, as it struggled amid the U.S. regional banking crisis. Rizvanovic estimates roughly $7 billion of low-yielding debt securities were transferred from City National to RBC, and he said the return on invested capital should "improve meaningfully" following the move. Since RBC acquired it for $5.4 billion in cash and stock, City National has most recently received amounts between $450 million, $700 million and $600 million annually. The bank has previously said realized losses at City National will be eliminated at the RBC consolidated level.

Persons: Chris Helgren, Mike Rizvanovic, Kelly Coffey, Dave McKay, Nivedita Balu, Matthew Lewis Organizations: Royal Bank of Canada, REUTERS, Rights, National Bank, Los, City National, RBC, Reuters, Valley Bank, City, Thomson Locations: Toronto , Ontario, Canada, Los Angeles, United States, U.S, Santa Clara , California, Toronto

☆ This startup wants to help you continue to work from home — just not your own
▼ + stars: | 2023-10-19 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

The home-exchange startup Swapdesk is targeting remote workers who can temporarily trade places. It was the push he needed to start a business that helps remote workers find comfortable, quiet places to set up shop. AdvertisementAdvertisementThe benefit of Swapdesk, Boening said, is that trading a home is far less expensive than staying in a hotel or a short-term rental in a major city. Swapdesk, which is based in Toronto, is among the companies focusing on remote workers , particularly in areas like tech. Swapdesk's focus on serving remote workers comes as more CEOs have called employees back to the office , at least part of the time .

Persons: —, Allen Boening, Swapdesk, it's, Boening, Herman Miller, Ken, Rory Fairweather, Atlassian, they're, who's, Fairweather, Swapesk Organizations: Service, Amazon, Google, Microsoft Locations: London , New York, Paris, Toronto, New York City, Copenhagen, London

[1/2] A sign for The Bank of Nova Scotia, operating as Scotiabank, in Toronto, Ontario, Canada, Dec. 13, 2021. REUTERS/Carlos Osorio/File Photo Acquire Licensing RightsOct 18 (Reuters) - Bank of Nova Scotia (BNS.TO) on Wednesday announced plans to cut about 2,700 jobs globally - 3% of its workforce - and take a C$590 million ($430.94 million) charge in the fourth quarter, making it the latest Canadian bank to take cost-cutting steps in a challenging environment. Royal Bank of Canada (RY.TO) and Bank of Montreal (BMO.TO) similarly have cut hundreds of jobs in response to rising costs in a high interest rate environment. Scotiabank said the layoffs will result in a restructuring charge and severance provisions of about C$247 million. Analysts said the charge does not come as a surprise amid a review of is strategic direction.

Persons: Carlos Osorio, Scott Thomson, Darko Mihelic, Jaiveer Singh, Balu, Will Dunham, Shilpi Majumdar, Jonathan Oatis Organizations: The Bank of, Scotiabank, REUTERS, Bank of Nova, Wednesday, Royal Bank of Canada, Bank of Montreal, China's, China's Bank of Xi'an, Analysts, RBC Capital, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, China's Bank, Bengaluru, Toronto

☆ Barclays appoints Geoffrey Belsher as new Canada CEO
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

Barclays Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 13 (Reuters) - Barclays (BARC.L) on Friday named investment banking veteran Geoffrey Belsher as chairman and country chief executive officer for Canada, effective Oct. 16. Belsher has previously held senior role in Canadian Imperial Bank of Commerce (CM.TO). He was also the president of Canadian operations of Barclays Capital and its predecessor Lehman Brothers Canada, according to the company's statement. Belsher would be based in Toronto and report to CEO of Americas Richard Haworth and the global co-heads of investment banking Cathal Deasy and Taylor Wright.

Persons: Dado Ruvic, Geoffrey Belsher, Belsher, Richard Haworth, Cathal Deasy, Taylor Wright, Bruce Rothney, Pritam Biswas, Shilpi Majumdar Organizations: Barclays Bank, REUTERS, Barclays, Canadian Imperial Bank of Commerce, Barclays Capital, Lehman Brothers Canada, Citigroup, Jefferies Financial, Reuters, Thomson Locations: Canada, Toronto, U.S, Bengaluru

REUTERS/Carlos Osorio Acquire Licensing RightsTORONTO, Oct 10 (Reuters) - Bank of Nova Scotia (BNS.TO) and Sun Life Financial's (SLF.TO) asset-management division are partnering to tap into the demand from wealthy Canadians looking to invest in private credit, the firms said on Tuesday. The move comes as private credit becomes one of the fastest growing and most attractive private asset classes, forecast to grow to $2.3 trillion in assets globally by 2027, according to Preqin data. The private credit market is less mature in Canada than in the U.S. and Europe but is slowly gaining attention. In a recent survey taken out by Canadian firm Ninepoint Partners, nearly two-thirds of financial advisors said they expect to increase their client or model portfolios' exposure to private credit in the next 12 months. Scotiabank Global Wealth Management is the third-largest business of its kind in Canada with C$631 billion of assets globally, while SLC Management manages $361 billion in assets.

Persons: Carlos Osorio, Glen Gowland, Nivedita Balu, Marguerita Choy Organizations: The Bank of, Scotiabank, REUTERS, Rights, Bank of Nova, SLC Management, Sun, Wealth Management, Ninepoint Partners, Scotiabank Global Wealth Management, Thomson Locations: The Bank of Nova Scotia, Toronto , Ontario, Canada, Bank of Nova Scotia, Sun, U.S, Europe, Toronto

In Canada, homeowners can take out five-year mortgages, unlike in the U.S. where customers can snag a 30-year mortgage. In some cases, renewed home loan rates could reach 7%, which would push up the average Canadian mortgage by at least a few hundred dollars per month, mortgage brokers estimate. Canadians are already struggling to repay their debts amid high costs of living and rising interest rates. "This dramatic rise in bond yields means that when the computer chugs along and sets up the rates for next week, they will be using higher rates based on these high bond yields," Toronto-based mortgage broker Ron Butler said. He suggests that the spike in bond yields over the past month could on average add C$600 in monthly payments.

Persons: Lars Hagberg, Daniel Vyner, Wowa, Ron Butler, Justin Trudeau's, Hanif Bayat, Butler, Nivedita Balu, Fergal Smith, Denny Thomas, Josie Kao Organizations: REUTERS, Rights, Capital, Bank of, Canada Mortgage, Housing Corp, Bank of Canada, Mortgage Professionals Canada, Thomson Locations: Ottawa , Ontario, Canada, U.S, Toronto

The jobless rate stayed at 5.5% for a third consecutive month, Statistics Canada said. Wage growth is also beating market expectations," said Michael Greenberg, a portfolio manager for Franklin Templeton Investment Solutions. "Despite the aggressive rate hikes by the Bank of Canada, clearly demand remains strong and companies continue to hire. Money markets increased bets for a rate increase later this month after the jobs figures were published. With September's robust gains, the economy is averaging 30,000 monthly employment growth this year, up from 25,000 a month earlier.

Persons: Carlos Osorio, Michael Greenberg, Greenberg, Derek Holt, Holt, haven't, they've, we're, Statscan, Ismail Shakil, Nivedita Balu, Steve Scherer, Fergal Smith, Dale Smith, Mark Porter Organizations: Queen, West, REUTERS, Rights OTTAWA, Statistics, Reuters, Franklin Templeton Investment Solutions, Bank of Canada, Scotiabank, Thomson Locations: Toronto Ontario, Canada, Statistics Canada, U.S, Ottawa

India is by far Canada's largest source of global students in the country's fast-growing international education business, making up for roughly 40% of study permit holders. International students contribute over C$20 billion ($14.6 billion) to the Canadian economy each year. Reuters spoke to more than a dozen universities and consultants in Canada and India who said they were taking measures to reassure students. Last week, Canadian Immigration Minister Marc Miller described international students "an asset that is very lucrative". In Punjab's Amritsar, home to the Golden Temple, one of the holiest sites in Sikhism, over 5,000 students moved to Canada last year.

Persons: Justin Trudeau, Hardeep Singh Nijjar, We've, Joseph Wong, Ashok Kumar Bhatia, John Tibbits, Tibbits, Marc Miller, Rhonda Lenton, Jiwan Sharma, Melanie Joly, Gurbakhshish Singh, Nivedita Balu, Wa, Manoj Kumar, Denny Thomas, Josie Kao Organizations: Canada's, Canadian, Reuters, University of Toronto, Reuters Graphics, Association of Consultants, Overseas Studies, Conestoga, York, Taxi, Thomson Locations: India's, Vancouver , British Columbia, Canada, TORONTO, AMRITSAR, India, New Delhi, British Columbia, Kitchener , Ontario, Punjab, Punjab's Amritsar, Ottawa, Amritsar, Wa Lone, Toronto

[1/2] 3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsTORONTO, Sept 19 (Reuters) - Oracle (ORCL.N) is ready to cater to Canadian banks for their open banking needs and provide tools as needed when the country make its available, a financial services executive with the cloud computing giant said. "We are open banking ready," Sonny Singh, executive vice president of Oracle Financial Services said in an interview. Oracle's suite of financial products - used in 140 countries, billing and managing $500 billion in revenue - includes purpose-built products for financial services from financial crime, compliance applications and risk management. Oracle already counts some Canadian banks as clients for one or many of its services, that includes cloud to enterprise applications.

Persons: Dado Ruvic, Sonny Singh, Singh, Nivedita Balu, Marguerita Choy Organizations: Oracle, REUTERS, Rights, Oracle Financial Services, SIBOS, Amazon Web Services, Google, Thomson Locations: Canada, Toronto, Australia, Britain

[1/2] 3D printed clouds and figurines are seen in front of the Oracle cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsCompanies Oracle Corp FollowTORONTO, Sept 19 (Reuters) - Oracle (ORCL.N) is ready to cater to Canadian banks for their open banking needs and provide tools as needed when the country make its available, a financial services executive with the cloud computing giant said. "We are open banking ready," Sonny Singh, executive vice president of Oracle Financial Services said in an interview. Oracle's suite of financial products - used in 140 countries, billing and managing $500 billion in revenue - includes purpose-built products for financial services from financial crime, compliance applications and risk management. Oracle already counts some Canadian banks as clients for one or many of its services, that includes cloud to enterprise applications.

Persons: Dado Ruvic, Sonny Singh, Singh, Nivedita Balu, Marguerita Choy Organizations: Oracle, REUTERS, Oracle Corp, Oracle Financial Services, SIBOS, Thomson Locations: Canada, Toronto, Australia, Britain

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